A value investing strategy consists of purchasing stocks relatively undervalued to their fundamental values and selling those relatively overvalued. Finding this kind of companies has been one of the most challenging goals for investors throughout the history. The main objective of this paper is to test the value factor, but not limited to the traditional Price-To-Book ratio, but exploring diverse alternatives constructed on different metrics in order to determine if it possible to obtain excess returns relative to the traditional one.

This paper analyzes the behavior of the Argentine hamburger market during the period 2013-2018, to see if an important merger that occurred by the end of 2015 (the BRF/MRP merger) had any discernable market-power or efficiency effects. To do this, we run an econometric demand-and-supply model, and we find that there is an appreciable cost reduction that more than counterbalances the price increases induced by the merger. This implies that total consumers’ surplus may have grown as a consequence of the merger.

Unlike passive management, where investors almost do not buy and sell securities, active management involves a set of trading rules that govern investment decisions regarding mainly market timing. In this paper, we take the basics of active management and the two fund separation approach, to exploit the fact that an investor can switch between the market portfolio and the risk free asset according to the perceived state of the nature.

Matrices, their products, linear systems, and the underlying geometric ideas are presented in an intuitive and practical way for economics students and other students of the social sciences. Python Jupyter notebooks are used to present examples that enforce the geometric ideas.

This paper reviews the most recent empirical literature that assesses efficiency in higher education. We analyze 76 studies ranging from 1997 to 2018 and classify them according to the methodologies applied and to the definitions used to describe the outputs, inputs, quality and the context variables. We find that 72 percent of the empirical studies use non-parametric approaches. The most recent studies use panel data. The degrees completed are the most frequently used output variable, and only 9 papers include quality variables.

Una señal representa la evolución de una magnitud física a través del tiempo. El modo en que esa función temporal cambia, aporta información y puede contener determinados patrones. El conocimiento del momento en que tiene lugar un patrón previamente especificado, es de suma importancia para muchas aplicaciones. Se analiza cómo aplicar la teoría de la información y los conceptos de convolución y correlación de señales, para determinar en qué momento tiene lugar un determinado evento dentro de una señal dada.

Este ensayo pone en discusión como académicos de distintos campos han caracterizado el consumo como temática motivadora de movimientos sociales, culturales, y políticos en América Latina. Comenta sobre el rol del consumo en el desarrollo económico, la importancia de la publicidad, la comparación del consumo con la participación política, y el contenido y repertorio de los movimientos del consumidor.

In the context of restrictive immigration regimes and nationalist-populist politics, the international humanitarian obligation to consider migrants’ claims for political asylum presents states with especially difficult challenges related to “vetting” and “monitoring” migrants. Given that these conditions are unlikely to end any time soon, some authors have suggested solutions to information asymmetries that might lead to effective and more humane outcomes to asylum and refugee crises.

El presente informe desarrolla algunas dimensiones de la política exterior de la Argentina hacia las Malvinas durante la presidencia de Carlos Menem. Las dimensiones a explicar son: el restablecimiento de las relaciones bilaterales con el Reino Unido; Los fundamentos de la nueva política exterior hacia el Archipiélago; La visita del presidente Menem a Londres y la evaluación general de la política. Esto son temas importantes pero quedan otros que se trataran en futuros documentos.

Estudiamos la evolución reciente de la prestación y regulación de servicios de infraestructura en Argentina. Nos concentramos tras un análisis global del proceso, en cuatro servicios domiciliarios: electricidad, gas natural de red, telecomunicaciones y agua y saneamiento. Mostramos los cambios de enfoque y el fracaso de sucesivas políticas de signos contrarios.