Bajo una hipótesis de simplicidad, los cambios sociales y tecnológicos podrán ser identificados anticipadamente. Habrá tiempo para entenderlos, tomarlos en cuenta y evitar o corregir desvíos. La estrategia podrá ser planteada como un acto formal, mecanicista, deliberado. Pero a veces, los ambientes no son simples, se los supone como tales esperando que reaccionen de forma previsible. Bajo el contexto de complejidad, volatilidad, incertidumbre y ambigüedad, las reacciones reduccionistas, mecánicas y determinísticas, pueden presentar dificultades.

El propósito del ensayo es sistematizar, en la tradición de Friedman y Schwartz (1963), el análisis de dos recientes coyunturas monetarias: la crisis de las hipotecas sub-prime (EEUU 2008-2011) y la corrida contra las Lebac (Argentina 2018-2019). Ambos casos son un buen ejemplo de la capacidad de desestabilización de fuerzas monetarias básicas, tales como cambios de la velocidad de circulación y el multiplicador monetario. En el primero, destacamos la agresiva política de la Reserva Federal como prestamista de última instancia.

¿Cuál ha sido la evolución del mercado mundial de vinos en las últimas décadas en materia de producción, comercio internacional, precios y consumo? ¿Qué ha ocurrido con Argentina en ese período? Se responden estas preguntas categorizando los países y analizando estadísticas compiladas por FAO desde 1961.

Este trabajo analiza el potencial que tiene para el aprendizaje de alumnos de programas de MBA, la elaboración de un trabajo monográfico de libre elección. Se presentan algunos de los desafíos que enfrentan los programas de MBA, y se contrastan las características de formas de “aprendizaje pasivo” basado en clases convencionales, con las de “aprendizaje activo” donde el alumno toma mayor iniciativa. Se detallan algunas de las dificultades experimentadas por los alumnos en completar un ejercicio monográfico.

The return dynamics of Argentina's main stock index, the SP Mer.Val., show a high level of volatility, signaling a higher degree of downside risk. To hedge against that specific risk, investors could buy put options. However, the Argentinean capital markets lacks variety of hedging contracts. The basic availability of put options depends on the possibility of short selling the underlying security, i.e. transfer risk to a third party, something not properly developed in the domestic market.

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.