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This paper studies the reaction of share prices in the Chilean securities market at the sectoral level to the arrival of COVID-19 in the country. The following question is answered: Did the Chilean market act efficiently before the arrival of COVID-19? To answer this question, an event study using a 10-day investment return window was applied to the industrial sectors that make up the IPSA (Selective Stock Price Index). To obtain the abnormal returns (AR) and cumulative abnormal returns (CAR) for the event window, three models were used: (1) adjusted average return, (2) adjusted market return, and (3) the market model. The results of the study show an overreaction to market losses, except in the utilities industry, causing greater losses after the event, which shows that information is slow to be incorporated in the previous stage and suggests that the prices of the assets do not reflect all the information available in the market. A significant finding is that the Chilean stock market responded inefficiently in the face of the arrival of the pandemic. This information is useful for investors in the formation of portfolios and/or investment strategies with a view to the long term This research received support from the Family Business Chair of the University de Lleida.

The aim of this study is to analyse whether the great shock occasioned by the financial crisis and the reaction from national governments have compromised the process of financial integration in the EU. This question is important because banking union is a cornerstone of the European integration process. We estimated the evolution of cost and profit efficiency in the enlarged EU during the period from 2000 to 2013 using Bayesian frontier stochastic models (SFA), and analysed the convergence among countries using the beta and sigma convergence tests. Our results show that the outbreak of the financial crisis interrupted the convergence and gave rise to a new divergence process. These results suggest that major reforms in European banking should be adopted by EU regulators in order to strengthen financial integration.

El objetivo del estudio es analizar la existencia de un proceso de convergencia en materia de eficiencia bancaria en costes entre los nuevos miembros de la UE y los paises de la UE-15. Para ello se estiman los niveles de eficiencia de una muestra de 27 paises europeos en el periodo 2000–2008 y se analiza su convergencia β y σ. La estimacion de dichos niveles se lleva a cabo mediante tecnicas bayesianas de estimacion y comparacion de modelos aplicadas a diversos modelos de frontera estocastica (SFA) aplicados a datos de panel no balanceado. Los modelos comparados difieren en las hipotesis sobre la frontera y la distribucion de los terminos de eficiencia, todo lo cual dota al estudio realizado de un mayor grado de robustez. Los resultados obtenidos ponen de manifiesto la existencia de un proceso de convergencia en la UE ampliada. Ademas, mediante un modelo de ajuste parcial se observa que, si bien los niveles de eficiencia han tendido a aumentar con la integracion europea, dicha convergencia no se produce h...

While much has been studied regarding the wine industry in Spain and France, little has been studied in developing countries. The aim of this work is to study the characteristics of dynamic wine firms in Chile. This paper presents qualitative research and reports six cases of wine companies, where several variables are analyzed according to Barringer, Jones and Neubaum framework. These variables include prior experience, founders' knowledge regarding large company management, the use of strategic-planning systems and the use of new technology in the majority of its production. The results of this research could prove insightful for wine entrepreneurs looking to enhance their growth, based on greater differentiation and innovation, and not only on being competitive in pricing. RESUMEN Mientras mucho se ha estudiado sobre la industria vitivinícola en España y en Francia, poco se ha estudiado en países en desarrollo. El objetivo de este trabajo es estudiar las características de emprendimientos vitivinícolas dinámicos en Chile. El trabajo presenta un estudio cualitativo y reporta seis casos de estudio, donde una serie de variables son analizadas según el modelo de Barringer, Jones y Neubaum. Entre estas variables destacan: experiencia previa, conocimiento de fundadores en gestión de grandes negocios, uso de sistemas de planificación estratégica y uso de nuevas tecnologías en la mayor parte de su producción. Los resultados de este trabajo podrían ser interesantes para emprendedores vitivinícolas que buscan potenciar su crecimiento con diferenciación e innovación, y no solo compitiendo en costo. RESUMO Enquanto muito se tem estudado sobre a indústria vitivinícola na Espanha e na França, pouco tem sido estudado em países em desenvolvimento. O objetivo deste trabalho é estudar as características de empreendimentos vitivinícolas dinâmicos no Chile. O trabalho apresenta um estudo qualitativo e relata seis casos de estudo em que um número de variáveis são analisadas de acordo com o modelo de Barringer, Jones e Neubaum. Essas variáveis são: a experiência anterior, o conhecimento dos fundadores na gestão de grandes empresas, a utilização de sistemas de planejamento estratégico e a utilização de novas tecnologias na maior parte de sua produção. Os resultados deste trabalho podem ser interessantes para os empresários vitivinícolas que procuram melhorar o seu crescimento com a diferenciação e inovação, e não apenas competir em custo.

This paper analyses the financial impact of the enlargement of the European Union (EU) to include 10 new Central and Eastern European Nations (CEEN) on firms’ business and financial structures. To this end, we employ quantitative analytic techniques and financial ratios. In this context, we hope to discover whether firms in the new EU member States tend to converge with business in the Europe of the 15 in terms of the structure of firms’ financial statements. We examine the extent to which the increasing integration of the former may foster the convergence of productive structures. The methodology followed consists of an analysis of the evolution of 12 financial ratios in a sample of firms obtained from the AMADEUS data base. To that end, we perform a Dynamic Factor Analysis that identifies the determining factors of the joint evolution of deviations in the financial ratios with respect to the average value of firms in the EU-15. This analysis allows us to analyse the convergence in each of the CEEN nations with respect to the EU-15.

El presente trabajo tiene por objetivo analizar si durante el periodo de transicion, previo a la incorporacion a la Union Europea se ha producido un acercamiento de las estructuras economico financieras de las empresas de los nuevos estados miembros respecto a los de la Europa de los quince (EUR15). La metodologia aplicada consiste en un analisis factorial dinamico sobre una muestra de empresas obtenida de la base AMADEUS, que nos permite obtener los factores determinantes de la evolucion conjunta de las variables a partir del calculo de la distancia entre las puntuaciones factoriales. Al fi nal hemos identificado tres factores: Rentabilidad Vs Coste de la Deuda, Productividad y Endeudamiento, pero tan solo en el primero se observa cierta convergencia. Por paises, en Eslovenia se produce la mayor convergencia respecto a EUR-15 impulsada por la entrada de capital ajeno, mientras que los mas divergentes son Lituania y Hungria resaltando en ambos su bajo endeudamiento.

PurposeThe purpose of this paper is to examine the relevance of accounting variables to explain the evolution of a company's share price; and more specifically, we analyse the influence of cash flow and book value on the evolution of the share price, taking into account certain covariates which have traditionally been regarded as helping explain this effect.Design/methodology/approachA hierarchical Bayesian model is used to analyse the relevance of the accounting figures considered by the markets.FindingsThe empirical results obtained show that the firm size and the speed of asset turnover are a company's most relevant features, which is indirectly consistent with the theory of company life cycles.Originality/valueThe empirical results obtained are of value to support the validity of company life cycle theory.

El trabajo presenta un analisis exploratorio usando el criterio BIC para diferenciar empresas entre grupos que establecen relaciones entre el precio de las acciones y variables de informacion contable como el Cash Flow y el Valor Patrimonial en Libros. Los grupos obtenidos son analizados sobre medidas caracteristicas como tamano, politica de dividendos y de inversion, rentabilidad y rotacion de activos con el fin de extraer las diferencias de las empresas existentes en cada uno de dichos grupos. Los resultados empiricos obtenidos son consistentes con la teoria del ciclo de vida de la empresa. En particular, el valor de mercado de las empresas pequenas tiende a estar mas influido por el Cash Flow mientras que el de las empresas grandes tiende a estarlo por el valor en libros.

The aim of this study is to analyze how European integration and, especially, changes in ownership, has affected banking efficiency in Central and Eastern European countries which have recently experimented this process more intensely. Using a stochastic frontier approach, applied to panel data, we have estimated bank efficiency levels in a sample of 189 banks from 12 countries during the period 2000 to 2008 and we have analyzed the influence of some bank characteristics on these efficiency levels. The results show that European integration has significantly improved the cost efficiency of banks in these countries, but profit efficiency has significantly decreased. We have found very small differences between different ownership types and only a very small impact of foreign ownership on cost efficiency, showing that the entry of foreign ownership is not enough to explain the significant variations in banking efficiency after the accession.

This paper is devoted to an analysis of financial ratio adjustment in European financial statements. To that end, we use an hierarchical model based on the partial adjustment model. This model allows us to distinguish between adjustments that are due to external shocks and which affect all countries, on the one hand, and those resulting from internal shocks which affect the relative position of one country with respect to the rest, on the other. In addition to estimating the average adjustment coefficients of each ratio, we locate those countries that have a behaviour which is significantly different from the rest. We find that, in general, the evolution of the ratios analysed is mainly determined by their adjustments to external shocks, with the ratios related to the profit and loss account demonstrating a greater sensitivity to all types of shocks. By contrast, the debt ratios show the least sensitivity. When considered on a country-by-country basis, the most significant differences appear in the result...

Firms are managed on the basis of relationships between mutually involved groups, not only because of market forces, but also due to the influence that each group can exert over distribution decisions at a given moment in time. On the basis of a value added statement, it is possible to analyse the ability a firm has to reward all agents and to consider how the residual income is to be distributed. In this paper we set out to establish the tensions that arise between productive agents in the distribution of generated wealth. We carry out a time analysis of the movements between relationships that provide information on the distribution of that wealth, using data drawn from the Spanish Transport Equipment Manufacturing Industry. We propose a new multivariate dynamic linear model that is capable of analysing the joint evolution of the value added distribution ratios, with our particular objective being to throw light on the factors underlying this evolution. This analysis results in one single factor that explains 92.88 per cent of the total variation present in the residuals of the model.

The results of recent macroeconomic studies have consistently reflected economic convergence among the Economic and Monetary Union (EMU) countries. In this paper, we propose to analyse financial measures to discover whether or not the business structures of the EMU countries have grown any closer together. The study is based on a non‐linear principal components analysis in order to achieve a double objective. In the first place, the aim is to find out which factors have been significant for the joint evolution of financial variables over a ten‐year period (1990 to 1999). In the second place, it is to examine the performance of firms in each of the EMU countries in order to assess business convergence between them. The results of the study indicate high levels of convergence in the profitability vs. leverage dimension, while structural differences between countries in the labour productivity vs. sales efficiency dimension have hindered convergence in business practices.