Seminario de Negocios 2017

El propósito del seminario es convertirse en el lugar donde presentar nuevas investigaciones así como también ser un foro para aumentar el conocimiento mutuo entre los miembros del profesorado. Planeamos 1 hora de exposición, seguido por 30 minutos de preguntas y de una discusión más informal.

                  Tel.: 5169 7301


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Jueves 02 de noviembre, 13h I Sala Principal, 3er piso
Gabriel Martos Venturini

Brexit: ¿era obvio el resultado mirando los datos de las encuestas?

Desenredando la opinión pública con estimadores no paramétricos de la evolución de los sentimientos en favor y en contra del Brexit.


Abstract
 On 23 June 2016 the UK held a referendum so to decide whether to stay or leave the European Union. The uncertainty surrounding the outcome of this referendum had major consequences in terms of public policy, investment decisions, and currency markets. We discuss some subtleties entailed in smoothing and disentangling poll data at the light of the problem of tracking the dynamics of the intention to Brexit, and propose a multivariate singular spectrum analysis method that produces trendlines on the unit simplex. The trendline yield via multivariate singular spectrum analysis is shown to bear a resemblance with that of local polynomial smoothing, and singular spectrum analysis presents the nice feature of disentangling directly the dynamics into components that can be interpreted as changes in public opinion or sampling error. Merits and disadvantages of some different approaches to obtain smooth trendlines on the unit simplex are contrasted, both in terms of local polynomial smoothing and of multivariate singular spectrum analysis.

Gabriel Martos Venturini
 Investigador posdoctoral del Conicet. Trabaja en la Facultad de Ciencias Exactas y Naturales (UBA). Sus líneas de investigación están centradas en el desarrollo de métodos estadísticos para el análisis de datos de alta dimensión y datos funcionales. Se desempeña como consultor estadístico y científico de datos independiente para empresas y organismos públicos desde el 2009.


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Jueves 05 de octubre, 13h I Sala Principal, 3er piso
Jaqueline Pels

Aplicando la conceptualización de mercado del Service Dominant Logic a los consumidores de bajos ingresos en mercados emergentes


Abstract

 This chapter argues in favour of the suitability of service-dominant (S-D) logic for informing midrange theory, and uses the low income consumer market in emerging markets as an example.

 We argue that markets are a complex phenomenon and that midrange theories (of the market) that draw on mainstream microeconomics provide only a partial picture. We advocate for the adoption of a market conceptualization that draws on S-D logic, because it is able to show a bigger picture. Our choice of the LIC-EM case as illustration was driven by the fact that the current state-of- the-art in its literature allowed to illustrate our argument effectively. An S-D logic-grounded conceptualization provides a novel understanding of (inclusive) service ecosystems and their actors – vendors, customers and family systems – along with the role of non-market actors in their efforts to design new institutionalized solutions through resource integration.

Jaqueline Pels

Jaqueline Pels is professor of marketing at the University Torcuato Di Tella Business School, Buenos Aires, Argentina. Her research experience is in the areas of inclusive business, emerging economies, marketing theory, and relationship and networking marketing. She is Director of the Inclusive Business Think Tank (ENI-DiTella). Her publications have appeared in leading international journals including Journal of the Academy of Marketing Science, Marketing Theory, Journal of Business and Industrial Marketing, European Journal of Marketing, Journal of Relationship Marketing, amongst others. She has served on the Editorial Boards of the Journal of Marketing, Marketing Theory, Journal of Business and Industrial Marketing, amongst others.


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Jueves 07 de septiembre, 13h I Sala Principal, 3er piso
Ernesto Schargrodsky

Crimen y violencia: Desensibilización en víctimas al observar hechos criminales


Abstract
 We study desensitization to crime in a lab experiment by showing footage of criminal acts to a group of subjects, some of whom have been previously victimized. We measure biological markers of stress and behavioral indices of cognitive control before and after treated participants watch a series of real, crime-related videos (while the control group watches non-crime-related videos). Not previously victimized participants exposed to the treatment video show significant changes in cortisol level, heart rate, and measures of cognitive control. Instead, previously victimized individuals who are exposed to the treatment video show biological markers and cognitive performance comparable to those measured in individuals exposed to the control video. These results suggest a phenomenon of desensitization or habituation of victims to crime exposure.

Ernesto Schargrodsky
 Ernesto recibió su Doctorado en Economía de Harvard University en 1998. Es actualmente el rector de la Universidad Torcuato Di Tella y fue previamente decano de la Escuela de Negocios. Ha sido profesor visitante en Stanford e investigador visitante en Harvard. Entre otros temas, sus estudios analizan el efecto del otorgamiento de títulos de propiedad de la tierra en áreas marginales, el impacto de la presencia policial sobre el crimen, el efecto de la utilización de sistemas de monitoreo electrónico de detenidos sobre la reincidencia criminal, el efecto de la privatización de las empresas de agua sobre la mortalidad infantil, el análisis del apoyo a las privatizaciones en la opinión pública, el impacto del servicio militar obligatorio sobre el delito y la relación entre salarios de los funcionarios públicos y corrupción. 

Sus trabajos han sido publicados en el American Economic Review, Journal of Political Economy, Quarterly Journal of Economics, American Economic Journal: Applied Economics, Journal of Law and Economics, Journal of Public Economics y Journal of Development Economics y han sido discutidos en The Economist, Financial Times y Wall Street Journal, entre otros. Obtuvo el Premio Bernardo Houssay 2009 del Ministerio de Ciencia y Tecnología, el Premio Consagración de la Academia Nacional de Ciencias Económicas y el Premio Bernardo Houssay 2005 – Investigador Joven del Ministerio de Educación. Ha recibido becas y subsidios para investigación de Harvard, Stanford, Banco Interamericano de Desarrollo, Banco Mundial, Naciones Unidas, Corporación Andina de Fomento, Fundación Tinker, PREAL, CONICET, Global Development Network, Ronald Coase Institute, Lincoln Institute y FONCYT. 

Ha realizado trabajos de consultoría para Telefónica de Argentina, Movicom, Münchener Rück, CICOMRA, NERA, Banco Río, Procuradoría General del Estado de Ecuador, Procuración General del Tesoro, Ministerio de Economía y Comisión Nacional de Defensa de la Competencia.

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Martes 29 de agosto, 13h I Sala 5, 4to piso
Jorge Guzmán

Migrando por un sueño: El rol de la geografía en la productividad de startups y la migración como estrategia de negocios


Abstract

Startups benefit from a ‘home’ locational advantage due to the entrepreneurial networks and close relationship to parent firms. But if the home advantage is the only locational consideration, then startup migration should be rare and negative value. Building on recent research in entrepreneurial migration (Guzman, 2017) this paper shows the benefits of migration are positive for high growth startups in the United States, particularly to Silicon Valley. Startups migration is driven by a series of short and long term considerations related to firm performance—such as the quality of founding and destination ecosystems, the cost of R&D inputs, the cost of migration, and quality of living considerations (such as snowy weather) in each region. Using a machine learning approach, I find the performance of migrant startups is higher than non-migrant startups born in the same time and place that look strikingly similar at the time of founding. This benefit of migration is most meaningful for migrants to Silicon Valley. Relative to a baseline of 1.6%, migration to Silicon Valley leads to a 6% increase in the likelihood that a firm achieves an equity growth outcome (IPO or acquisition), as well as increasing patenting, commercialization, VC financing, and sales. This result is confirmed with two instrumental variable estimates using distance to Silicon Valley and snowy weather as an instruments. The benefits of migration, however, are not homogeneous across firms, and are sensitive to the year of migration and choice of destination location within Silicon Valley. Taken together, these findings suggest the choice of location can provide meaningful differences in the performance of high growth startups.

Jorge Guzmán

Jorge Guzmán es investigador afiliado de MIT Innovation Innitiative, el National Bureau of Economic Research, y fue profesor de MBA en MIT Sloan. Su investigación se basa en entender el proceso de emprendimiento desde una perspectiva macroeconómica, regional y de estrategia de empresas. Jorge tiene un Ph.D. de MIT Sloan en innovación y emprendimiento, un MBA de MIT Sloan, y una Licenciatura en Ingeniería Electrónica del Tec de Monterrey.


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Miércoles 02 de agosto, 13h I Sala 5, 4to piso
Matías Cattaneo

Two-Step Estimation and Inference with Possibly Many Included Covariates


 Abstract

We study the implications of including many covariates in a first-step estimate entering a twostep estimation procedure. We find that a first order bias emerges when the number of included covariates is “large” relative to the sample size, rendering standard inference procedures invalid.
We show that the jackknife is able to estimate this “many covariates” bias consistently, thereby delivering a new fully automatic bias-corrected two-step point estimator. The jackknife also consistently estimates the standard error of the original two-step point estimator (prior jackknife bias-correction). For inference, we develop a valid post-bias-correction bootstrap approximation that accounts for the additional variability introduced by the jackknife bias-correction. We
find that the jackknife bias-corrected point estimator and the bootstrap post-bias-correction inference perform excellent in simulations, offering important improvements over conventional two-step point estimators and inference procedures, which are not robust to including many covariates. We apply our results to an array of distinct treatment effect and policy evaluation settings. In particular, we discuss in detail Marginal Treatment Effect (MTE) and Local Average Response unction (LARF) estimation in instrumental variables settings: our results are the first to offer valid estimation and inference when many nstruments/covariates are included in non-linear settings with heterogeneous treatment effects.

Matias Cattaneo
Professor of Economics and Professor of Statistics at the University of Michigan. He received his M.A. in Statistics and Ph.D. in Economics in 2008 from the University of California at Berkeley. He joined the faculty of the University of Michigan as an Assistant Professor of Economics in the Fall of 2008. His main area of expertise is Econometric Theory and Applied Econometrics. His research focuses on the development of robust and data-driven econometric procedures, with applications to causal inference and program evaluation in applied economics. Matias’ theoretical work developed new alternative asymptotic approximations for semiparametric estimators and inference procedures, results that he has applied to specific problems of treatment effect estimation in observational settings such as selection-on-observables models and regression discontinuity designs. His work has appeared in Econometrica, Journal of the American Statistical Association, Journal of Econometrics, Journal of Business and Economic Statistics, Stochastic Processes and their Applications, and Econometric Theory, among other outlets. Matias currently serves as an Associate Editor for five different journals in Economics, Statistics and other disciplines, including at the Journal of the American Statistical Association and Review of Economics and Statistics.



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Viernes 21 de julio, 13h I Sala Principal
Erica Salvaj

Es mejor permanecer juntos.  Multinacionales y grupos de negocios locales en tiempos de transiciones económicas y políticas. El caso de Chile.


Abstract
This paper studies two interrelated questions. First, why did business groups in emerging markets thrive and prevailed after pro-market reforms were implemented in their countries? And, second, what type of adaptation strategies can multinational corporations develop in order to be competitive in economies dominated by business groups? By conducting an archive-based historical network analysis of business groups in Chile during a period of major economic and political transitions, we maintain that business groups were created in periods of protectionism as a way to navigate economies with strong state participation, inefficient markets, and trade barriers. In this process, these groups endogenously generated an economy with market imperfections resulting from the dominance of these business groups. This means that the transition towards more open markets did not necessarily create more competitive environments and that elites in emerging economies are not willing to abandon the advantages of having links between their businesses. Multinationals entering this economy adapted by becoming business groups themselves and creating links with other business groups. As a result, strategies devised as means to reduce market imperfections created new imperfections benefitting both the business groups and the multinationals.


Erica Salvaj

Erica Salvaj es académica e investigadora del área de Dirección General y Estrategia en la Universidad del Desarrollo (UDD), Chile y es académica e investigadora visitante en la Universidad Torcuato Di Tella, Argentina

Antes  de  unirse  a  la  UDD,  la  Dra.  Salvaj  fue  académica  de  ESE  Business  School  en  Santiago,  de  la Universidad Pompeu Fabra y de EADA en Barcelona.  Actualmente Erica Salvaj es directora académica de  Educación  Ejecutiva  de  la  Facultad  de  Economía  y  Negocios de  UDD.   Adicionalmente,  imparte  el curso de Liderazgo y cambio organizacional en el MBA-UDD y en diversos programas ejecutivos con un enfoque en las necesidades de los emprendedores y líderes innovadores.  La Dra. Salvaj obtuvo una Maestría en Gestión de Ciencia y Tecnología de la Universidad Carlos III de Madrid,  completó  su  PhD.  en  Administración  de  Empresas  en  IESE  Business  School,  Barcelona  y  fue GCEE Fellow en Babson College, Massachusetts.

Las principales áreas de investigación de la Dra. Salvaj son estrategia, liderazgo, cambio organizacional, redes sociales, poder e influencia, negocios internacionales y gobierno corporativo, con un interés especial en América Latina.  Erica Salvaj es autora de capítulos de libros, artículos académicos y aplicados sobre gestión de empresas.  Ha publicado en  prestigiosas revistas como  Harvard  Business  Review,  Corporate Governance: an International Review, Harvard Deusto Business Review, Business History, Enterprise and Society,  Business History  Review, Academy of  Management Proceedings, PlosOne and  IESE  Insights, entre otros.  Además, contribuye con periódicos tales como El Mercurio (Chile) y Estrategia (Chile).

Para  llevar  a  cabo  su investigación,  Erica  Salvaj,  ha  recibido  becas  de  investigación  de  la  Universidad Carlos III de Madrid, IESE Business School-Universidad de Navarra, Comisión Nacional de Investigación Científica  y  Tecnológica  de  Chile  (CONICYT),  la  Agencia  de  Promoción  Científica  y  Tecnológica  de Argentina (CONICET), además de organizaciones privadas en Argentina y España.

La  Dra.  Salvaj  presenta  habitualmente  sus  investigaciones  en  conferencias  internacionales.  Ella  es  una participante  frecuente  de  la  Annual  Academy  of  Management  Meetings,  miembro  de  la  Iberoamerican Academy of Management y del European Group of Organizational Studies (EGOS). Su trabajo ha sido reconocido por la Latin American and European Meeting on Organization  Studies Colloquium (LAEMOS) con el premio de mejor artículo en Buenos Aires en 2010 y recientemente su trabajo ha sido nominado por la International Management Division at the Academy of Management, Vancouver 2015 como mejor artículo en el área de Gobierno Corporativo Internacional. 

La  Dra.  Salvaj  ha  proporcionado  servicios  de  consultoría  en  liderazgo,  gestión  de  poder  e  influencia, planificación estratégica, cambio organizativo y redes sociales a empresas en diversos sectores tales como electricidad, minería, medios y publicidad, salud, agroindustria, alimentos, belleza, bienes de consumo y de software en diversos países en América Latina

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Jueves 1 de junio, 13h I Sala Principal
Guillermo Armelini Wilde

Ventas cruzadas a través de la recomendación: Cómo las relaciones entre vendedores y sus recomendaciones generan éxito en la venta


Abstract

Cross-selling offers two key benefits from a customer value perspective: It increases customers’ margins and retention rates. In many industries salespeople are key for fostering effective cross-buying behavior among customers because they usually know their customers in depth and understand what they need.

The aim of this paper is to study conditions under which salespeople’s recommendations to other sales reps in different business unit drives cross-selling behavior of their customers. Using a rich  set of recommendations and outcomes among 252 sales reps across different business units of a financial group, this study shows that the effectiveness of recommendations depends on the sequential order of product consumption across business units, similarity (demographic and behavioral) among sales reps, and normative pressure. On the contrary, neither incentives nor the expertise of the recommendation sender increase the likelihood of success. These findings have several managerial implications and some limitations.

Guillermo Armelini Wilde

Guillermo Armelini Wilde es Contador Público Nacional de la Facultad de Ciencias Económicas de la Universidad Nacional del Litoral y MBA (Master in Business Administration) por ESIC Madrid.  En el año 2009 obtuvo el grado de Doctor en Dirección de Empresas (Ph.D) en el IESE de Barcelona, Universidad de Navarra.  Actualmente es Profesor del ESE Business School, la Escuela de Negocios de Postgrado de la Universidad de los Andes, en Santiago de Chile, donde enseña y realiza investigación en temas de Dirección Comercial. Es además Director del Área de Dirección Comercial. También es profesor visitante en varias escuelas de negocios: Universidad Torcuato Di Tella (Argentina), PAD (Universidad de Piura) en Perú, Inalde (Universidad de la Sabana) en Colombia, IDE en Ecuador y el IEEM (Universidad de Montevideo) en Uruguay.

El profesor Armelini ha publicado varios artículos en journals académicos internacionales sobre sus temas de interés en investigación: marketing entre consumidores, contagio social y valoración de clientes. Asimismo, cuenta con un importante número de casos y notas técnicas que utiliza en el ámbito docente. Además de su actividad académica, el profesor Armelini desarrolla actividades de asesoría empresarial a empresas grandes y medianas en planificación comercial, gestión y valoración de clientes, y en gestión de experiencias con clientes. Es, adicionalmente, conferencista habitual en asociaciones gremiales empresarias, en programas cerrados de empresas y en otros ámbitos.


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Viernes 5 de mayo, 13h I Sala Principal
Matías Braun

Desigualdad, finanzas y crecimiento


Abstract
This paper investigates the relationship between income inequality, financial development and economic growth from both a theoretical and an empirical perspective. The paper introduces a simple model in which the effect of inequality on growth depends on the degree of development of the domestic financial market. The model predicts that greater inequality reduces growth in economies with low levels of financial development, but that this effect is attenuated in economies with more developed systems. Using a panel dataset that covers a large number of countries over the past four decades, the paper shows robust empirical evidence consistent with the main prediction of the model. The model also predicts that individuals in economies with developed markets have higher tolerance to inequality; we provide evidence for this as well through values surveys and voting behavior. Overall, the paper’s major findings highlight that some of the pernicious effects of inequality can be attenuated by improving access to credit.

Matías Braun

Ph.D. in Economics, Harvard University. Ingeniero Comercial, Universidad Católica de Chile. Desde 2005 es profesor titular de la Escuela de Negocios de la Unversidad Adolfo Ibáñez donde es también head del Área de Finanzas y director del Ph.D. en Finanzas. Realiza investigación en temas diversos, como finanzas corporativas internacionales, crecimiento y ciclo económico, economía del desarrollo, economía política y voto, desigualdad, historia económica y de los negocios, empresas familiares, hedge funds y finanzas conductuales, entre otros. Ha publicado su trabajo en los principales journals en el área de finanzas, como el Journal of Finance y el Review of Financial Studies y ha presentado su investigación en las más prestigiosas universidades norteamericanas y en el American Economic Association Meetings. Ha recibido varias distinciones académicas como el premio al mejor investigador de la Universidad Adolfo Ibáñez, el Term-time Research Award de Harvard University, Bradley Fellowship y el premio al mejor egresado de Ingeniería Comercial de la Universidad Católica de Chile. Ha sido académico visitante en Federal Reserve Bank of Boston y Oxford University, y consultor e investigador para el Harvard Center for International Development, National Bureau of Economic Research y el Banco Interamericano de Desarrollo. Dicta clases de finanzas corporativas, inversiones e instituciones financieras en diferentes programas de grado y posgrado en Chile, Estados Unidos, Brasil, Perú y Argentina. Hasta hace poco, paralelamente a su trabajo en la universidad y por 10 años, fue socio y estratega jefe de Credicorp Capital (ex IMTrust), banco de inversión con operaciones en Chile, Perú y Colombia. En dicha posición, y a cargo de un equipo de 12 personas, colideró el diseño del sistema de administración de activos y manejo de patrimonio, ayudando a administrar aproximadamente US$ 10.000 millones.
Anteriormente, fue economista jefe en un conglomerado chileno.


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Jueves 20 de abril, 13h | Sala Principal
Joaquín Navajas


The role of confidence and social interactions on collective decision-making

Abstract

A group of individuals (e.g. a panel or a jury) needs to make a collective decision under uncertainty. What is the best strategy to harness their collective knowledge? Should they discuss their decision and try to identify the most reliable sources of information? Or should they remain as independent as possible and aggregate their uninfluenced opinions? A vast and diverse literature (from behavioural ecology to social psychology and economics) would argue that social influence could cause informational cascades, which may in turn reduce the diversity of beliefs and impair the so-called “wisdom of the crowd”. According to this prevailing view, the key to collective accuracy is to preserve the independence of opinions within a group. Contrary to this intuitive idea, I will discuss conditions wherein face-to-face communication can bring large benefits to a group. First, I will focus on the important role played by the feeling of confidence in our choices. I will show evidence that humans communicate uncertainty in idiosyncratic ways, giving different weights to normative and heuristic probabilistic quantities. Then, I will discuss the findings of a massive behavioural experiment were we found that deliberation in small interacting groups can bring large benefits to collective decision-making. For example, in our data, averaging 4 consensus decisions made in groups of 5 people outperformed the wisdom of thousands of independent individuals. This novel insight could be applied to develop new structured communication techniques (e.g., Delphi methods). Finally, I will discuss possible directions to expand these lines of research in the near future.

Joaquín Navajas

Joaquín Navajas es Licenciado en Física por la Universidad de Buenos Aires y PhD en Neurociencias por la Universidad de Leicester (UK). Desde 2014, es investigador postdoctoral en el Crowd Cognition Group de University College London (UK), donde estudia la confianza en toma de decisiones tanto a nivel individual como colectivo. Joaquín ha publicado y revisado artículos en varios journals de psicología, neurociencia y ciencias del comportamiento. Obtuvo el premio ICT Pioneers, un reconocimiento a los candidatos doctorales más destacados en el Reino Unido y fue reconocido por La Nación como uno de los 35 jóvenes argentinos referentes sub-35.


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Jueves 30 de marzo, 13h | Sala Principal
María Fabiana Penas


Debtor protection, credit redistribution, and income inequality

Abstract

A debtor-friendly personal bankruptcy regime reallocates credit by reducing its availability, particularly for low-asset individuals. We show that increasing the amount of asset protection in bankruptcy leads to higher income inequality. The rise in inequality is amplified in industries with high credit needs and is triggered by an increased income gap among self-employed individuals. We also find an increase in income inequality among salaried workers, which is explained by a drop in the wages and working hours of unskilled workers. Debtor protection thus creates an imbalance in economic opportunities among business owners that reduces the aggregate demand for unskilled labor.

 María Fabiana Penas

María Fabiana Penas is an Associate Professor of Finance at Universidad Torcuato Di Tella. Her research interests include small business finance, financial intermediation, and corporate finance. She has published in the Journal of Financial Economics, Management Science, Review of Financial Studies, and the Review of Finance among other journals. Before moving back to Buenos Aires, she was an Associate Professor of Finance at Tilburg University. She also held positions as Economist at the Central Bank of Argentina and at the Field Office of the World Bank in Buenos Aires. She earned a Bachelor´s degree from the University of Buenos Aires, and a doctorate in Economics from the University of Maryland.