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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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.