Eduardo Pablo

Minnesota State University Moorhead

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Maximiliano González

Universidad de Los Andes

Urbi Garay

Universidad de La Sabana

Alexander Guzmán

Colegio de Estudios Superiores de Administración

Sandra Constanza Gaitán Riaño

Universidad EAFIT

John Rosso

Pedagogical and Technological University of Colombia

María Andrea Trujillo Dávila

Colegio de Estudios Superiores de Administración

Carlos Molina

Universidad Católica del Norte

Cecilia Yépez

Daniel Berrettoni

Marina Fioravanti

Cooperative Institutions

Universidad de Los Andes

Universidad EAFIT

Institute of Advanced Studies in Administration

Colegio de Estudios Superiores de Administración

Tecnológico de Monterrey

Community of European Shipyards Associations

Tulane University

Inter-American Development Bank

Universidad de La Sabana

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Is board turnover driven by performance in family firms?

Research in International Business and Finance (2018)

Maximiliano González Alexander Guzmán Eduardo Pablo María Andrea Trujillo Dávila

Turnover

Family business

Sample (material)

Agency cost

10.1016/j.ribaf.2018.12.002

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Citations (24)

Determinants ofshareholders’ returnsfollowing announcements ofasset sales: Evidence fromLatin America

Juan Carlos Decoud Fernández Urbi Garay Eduardo Pablo

This paper analyzes the stock market price reactions to announcements of asset sales by firms in Latin America. The high level of uncertainty, as well as the high intra-country variation in uncertainty that has been documented for this region, offers us an ideal setting to test the hypothesis that economic and institutional variables may differ between companies that are selling assets and companies that are buying assets. We find that companies that sell assets in the region earn positive cumulative abnormal returns (CAR) during the announcement, ranging from a 1.31 percent return on the announcement day to a 3.50 percent CAR for the ten days before and ten days after the announcement. The average market reaction in Latin America is stronger than that found in developed markets. Furthermore, the vendor company tends to be located in a country that enjoys a better institutional environment than the purchasing company.

Stock (firearms)

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Determinants of cross-border M&As in Latin America

Journal of Business Research (2008)

Eduardo Pablo

Mergers and Acquisitions

Univariate

10.1016/j.jbusres.2008.10.004

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Citations (64)

Cross-Country Diversification through M&A Transactions in Latin America

Eduardo Pablo Luis Grau Cecilia Yépez

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Cultural Distance and its Effect on Cross-Border Entry Mode: Latin American Evidence

SSRN Electronic Journal (2011)

Eduardo Pablo

This paper studies if 'cultural distance' between two firms determines the entry mode of a foreign organization. We study two different modes of entering a market: cooperative agreements and acquisitions. We analyze a database that gathers 1,292 cooperative ventures and acquisitions in ten Latin American countries from 1998 to 2004. Evidence is consistent with firms selecting cooperative agreements over acquisitions the larger the cultural distance, particularly when we proxy cultural distance in two dimensions: individualism-collectivism and masculinity-femininity. Results hold when we run a logistic regression controlling for other variables among them, the Heritage Foundation Indexes, and a same-language dummy.

Mode (computer interface)

10.2139/ssrn.1928915

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Los lectores escriben: El libro en la sociedad actual

El libro español: revista mensual del Instituto Nacional del Libro Español (1974)

Eduardo Pablo

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Determinants of shareholders' returns following announcements of asset sales: Evidence from Latin America

Academia-revista Latinoamericana De Administracion (2010)

Juan C Fernández de Ávila Urbi Garay Eduardo Pablo

Este trabajo analiza la reaccion en el precio de mercado de las acciones de empresas que anuncian ventas de activos en Latinoamerica. Los elevados niveles de incertidumbre y su alta variabilidad entre los paises de la region ofrecen un ambiente ideal para realizar pruebas de la hipotesis de que variables de tipo economico e institucional pueden diferir entre las empresas que estan vendiendo activos y las que los estan comprando. Se obtuvo que las acciones de las empresas regionales que anuncian la venta de activos experimentan un rendimiento anormal acumulado (CAR) positivo alrededor del momento del anuncio, el cual fluctua entre 1,31% para el dia del anuncio y 3,50% para el periodo que va entre diez dias antes y diez dias despues del anuncio. La reaccion promedio en Latinoamerica es de mayor magnitud que la reaccion que ha sido documentada para eventos similares en paises desarrollados. Ademas, la empresa que vende activos tiende a estar localizada en un pais que goza de un mejor ambiente institucional que el correspondiente al pais de incorporacion de la empresa compradora

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Citations (4)

Cross-border diversification through M&As in Latin America

Journal of Business Research (2012)

Eduardo Pablo

Cross country

10.1016/j.jbusres.2012.04.009

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Citations (19)

Corporate Governance and Its Effect on Productivity under Different Business Environments: Evidence from Latin America

SSRN Electronic Journal (2017)

Sandra Constanza Gaitán Riaño Hernan Herrera-Echeverry Eduardo Pablo

We study the relationship between corporate governance and productivity in non-financial publicly traded firms based in Latin America. Using a sample of 670 firm-year observations during the period 2006-2014, we show that board size, gender diversity, institutional ownership, and the presence of independent directors, affect firms’ productivity. We find a statistically significant nonlinear relationship between board size and productivity. Institutional ownership has a positive effect on productivity. Board independence has a negative effect on productivity. However, when controlling for the country’s business friendliness and institutional ownership, the relationship between the level of board independence and productivity turns positive and statistically significant. Finally, a higher proportion of female directors relates negatively to productivity. This latter result adds to the puzzling mixed evidence about the effect of gender diversity on performance, in this case, on productivity.

10.2139/ssrn.3003627

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Does gender really matter in the boardroom? Evidence from closely held family firms

Review of Managerial Science (2018)

Maximiliano González Alexander Guzmán Eduardo Pablo María Andrea Trujillo Dávila

In this study, using a unique hand-collected sample of 523 closely held Colombian family firms and 5.094 firm-year observations, with 4907 board members, including 833 female board members, we show that female directors have a negative effect on firm performance. However, when we separate female directors into two groups, family female directors and outside female directors, we find that the latter has a positive and significant effect on firm performance. We further construct a human capital index after a detailed analysis of 15% of the total curriculum vitae of directors for those in our sample we were able to find. Although the subsample is not representative enough to make general claims for the whole sample due to data constraints, we shed some light about a potential gender bias in the development of the human capital of heirs and the corresponding impact of different levels of directors' education and experience on firms' financial performance.

Sample (material)

10.1007/s11846-018-0292-1

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Citations (63)