Planeación Financiera

Abstract Purpose. Focusing on the Brazilian equity mutual fund industry, this study analyzes whether including the investor sentiment index in asset pricing models is important for explaining fund alpha. Design/methodology/approach. The investor sentiment index and risk factors in the Fama and French (1993) and Carhart (1997) models were estimated, the risk-adjusted performance of a sample […]

Abstract Purpose. This article explores the effects of monetary policy rates and interest rate structures on bank profitability. Design/methodology/approach. We studied 65 Indian commercial banks over time, including economic cycles, consolidation and the Great Financial Crisis. We categorized commercial banks by ownership (public, private or foreign) and predicted how they will react to monetary policy

Abstract Purpose. The literature on the potential benefits of art investing has yet to consider the effects of categorizing world regional art markets (e.g. Latin American art) by artistic styles or movements (e.g. Latin American surrealism, Latin American conceptual art, etc.). We propose that such categorization should be carried out and analyze the Latin American

Abstract Purpose. This paper studies the determinants of the debt maturity of Mexican-listed companies by analysing the effects on the extensive (issuing or liquidating debt) and the intensive (debt maturity renegotiation) margins. Design/methodology/approach. This study, using a Tobit model for panel data and measuring maturity as a time variable, shows that size, liquidity and leverage,

Abstract Purpose. This study investigates the influence of trading mechanisms on cross-market integration between stocks and corporate bonds on the Tel Aviv Stock Exchange (TASE) during the COVID-19 crisis. Unlike the worldwide practice of trading corporate bonds on an over-the-counter (OTC) market, TASE uses a limit-order-book (LOB) for both stocks and bonds, potentially creating unique

Abstract Purpose. The goal is to investigate the relationship between financial performance and environmental, social and governance (ESG) indicators and disclosures for a sample of Latin American firms. Design/methodology/approach. Dynamic panel data regressions are used to analyze a sample of 114 companies listed on the Latin American Integrated Market, MILA (Chile, Colombia, Mexico and Peru)

Abstract Purpose. The purpose of this study is to investigate the impact of behavioral biases on investment decisions through a serial mediation of overconfidence and disposition effects. Design/methodology/approach. The authors assess the behavioral biases affecting the investment decisions of life insurance policyholders through the serial mediation of overconfidence and disposition effects using a structured questionnaire.

Abstract Purpose. Literature on psychology highlights four traits that shape an amoral and antisocial personality: Machiavellianism, narcissism, psychopathy and sadism. Together, these personality traits form the Dark Tetrad. In this study, the standard intertemporal utility maximization model is reassessed from the point of view of a representative economic agent endowed with the Dark Tetrad personality

Abstract Purpose. This study aims to explore the asymmetric effects of macroeconomic factors on the profitability of large-cap companies in an emerging country like Colombia, using the Morgan Stanley Capital International (MSCI) Colombia index as the basis. Design/methodology/approach. We employ a combination of singular spectrum analysis (SSA) and principal component analysis (PCA) to identify and

Abstract Purpose. This paper aims to determine causal relationships between the level of productive credit, real deposits and money demand – all of them in real terms – and Gross National Product between 2006 and 2020. Design/methodology/approach. The vector autoregressive technique (VAR) was used, where data from real macroeconomic aggregates published by the Central Bank