Arbitraje limitado bajo fondeo basado en desempeño.

En escenarios donde el pesimismo incrementa, los arbitrajistas afectan los precios al inducir una recuperación en la demanda por un activo riesgoso (efecto demanda) o por su capacidad para transferir recursos a escenarios donde la liquidez escasea (efecto liquidez). Si el efecto liquidez está activo...

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Autores:
Melo, Jimmy
Tipo de recurso:
Review article
Fecha de publicación:
2015
Institución:
Universidad Católica de Colombia
Repositorio:
RIUCaC - Repositorio U. Católica
Idioma:
spa
OAI Identifier:
oai:repository.ucatolica.edu.co:10983/29350
Acceso en línea:
https://hdl.handle.net/10983/29350
https://doi.org/10.14718/revfinanzpolitecon.2016.8.1.9
Palabra clave:
Behavioural finance
Limited arbitrage
Noise-trader risk
Emergency sales
Liquidity
Finanzas del comportamiento
Arbitraje limitado
Noise-trader risk
Ventas de emergencia
Liquidez
Finanças do comportamento
Arbitragem limitada
Noise-trader risk
Vendas de emergência
Liquidez
Rights
openAccess
License
Jimmy Melo - 2016
id UCATOLICA2_9b3164e16f2c5014d3e16af4d8a147a1
oai_identifier_str oai:repository.ucatolica.edu.co:10983/29350
network_acronym_str UCATOLICA2
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dc.title.spa.fl_str_mv Arbitraje limitado bajo fondeo basado en desempeño.
dc.title.translated.eng.fl_str_mv Limited arbitrage under performance-based funding.
title Arbitraje limitado bajo fondeo basado en desempeño.
spellingShingle Arbitraje limitado bajo fondeo basado en desempeño.
Behavioural finance
Limited arbitrage
Noise-trader risk
Emergency sales
Liquidity
Finanzas del comportamiento
Arbitraje limitado
Noise-trader risk
Ventas de emergencia
Liquidez
Finanças do comportamento
Arbitragem limitada
Noise-trader risk
Vendas de emergência
Liquidez
title_short Arbitraje limitado bajo fondeo basado en desempeño.
title_full Arbitraje limitado bajo fondeo basado en desempeño.
title_fullStr Arbitraje limitado bajo fondeo basado en desempeño.
title_full_unstemmed Arbitraje limitado bajo fondeo basado en desempeño.
title_sort Arbitraje limitado bajo fondeo basado en desempeño.
dc.creator.fl_str_mv Melo, Jimmy
dc.contributor.author.spa.fl_str_mv Melo, Jimmy
dc.subject.eng.fl_str_mv Behavioural finance
Limited arbitrage
Noise-trader risk
Emergency sales
Liquidity
topic Behavioural finance
Limited arbitrage
Noise-trader risk
Emergency sales
Liquidity
Finanzas del comportamiento
Arbitraje limitado
Noise-trader risk
Ventas de emergencia
Liquidez
Finanças do comportamento
Arbitragem limitada
Noise-trader risk
Vendas de emergência
Liquidez
dc.subject.spa.fl_str_mv Finanzas del comportamiento
Arbitraje limitado
Noise-trader risk
Ventas de emergencia
Liquidez
Finanças do comportamento
Arbitragem limitada
Noise-trader risk
Vendas de emergência
Liquidez
description En escenarios donde el pesimismo incrementa, los arbitrajistas afectan los precios al inducir una recuperación en la demanda por un activo riesgoso (efecto demanda) o por su capacidad para transferir recursos a escenarios donde la liquidez escasea (efecto liquidez). Si el efecto liquidez está activo, los arbitrajistas responden a oleadas de pesimismo e incrementan su posición corta o reducen el monto invertido en el activo riesgoso hoy. En consecuencia, permiten que el precio caiga en el presente, con lo cual se estabilizan las pérdidas en el caso de agudización del pesimismo en el futuro. El efecto liquidez es menor cuando los inversionistas son aversos al riesgo o cuando existen restricciones a las ventas en corto, lo cual se traduce en volatilidad de los precios futuros.
publishDate 2015
dc.date.issued.none.fl_str_mv 2015-01-01
dc.date.accessioned.none.fl_str_mv 2016-01-01 00:00:00
2023-01-23T16:14:33Z
dc.date.available.none.fl_str_mv 2016-01-01 00:00:00
2023-01-23T16:14:33Z
dc.type.spa.fl_str_mv Artículo de revista
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dc.type.local.eng.fl_str_mv Journal article
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dc.relation.citationedition.spa.fl_str_mv Núm. 1 , Año 2016
dc.relation.citationendpage.none.fl_str_mv 187
dc.relation.citationissue.spa.fl_str_mv 1
dc.relation.citationstartpage.none.fl_str_mv 165
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dc.relation.ispartofjournal.spa.fl_str_mv Revista Finanzas y Política Económica
dc.relation.references.spa.fl_str_mv Allen, F. y Carlleti, E. (2008). The role of liquidity in financial crises. Federal Reserve of Kansas City Economic Policy Symposium: Maintaining Stability in a Changing Financial System, Jackson Hole, WY.
Aristóteles (1999). Politics. Kitchener, CA: Batoche Books.
Aspara, Jaakko. (2010). The spill-over of product evaluations to stock investment decisions: an experiment with finnish individual investors. Aalto University School of Economics.
Barberis, N. y Richard, T. (2003). A survey of behavioral finance. En G. Constantinides, M. Harris y R. Stulz (Eds.), Handbook of the Economics of Finance (pp. 1051-1121). AS: Elsevier Science B.V.
BBC News (2008). FSA introduces short-selling ban. Recuperado de http://news.bbc.co.uk/2/hi/business/7624012.stm
Beber, A. y Marco, P (2013). Short-selling bans around the world: evidence from the 2007?09 crisis. The Journal of Finance, 68(1), 343-381
Bloomber Businessweek (2007). Hedge fund fees: the pressure builds. Recuperado de http://www.businessweek.com/magazine/content/07_20/b4034053.htm
Bris, A, Goetzmann, W. y Zhu, N. (2007). Efficiency and the bear: short sales and markets around the world. Journal of Finance, 62, 1029-1079.
Brunnermeier, M. y Pedersen, L. (2009). Market liquidity and funding liquidity. Review of Financial Studies, 22(6), 2201-2238.
Campbell, J. y Kyle, A. (1993). Smart Money, noise Trading and Stock Price Behaviour.? Review of Economic Studies, 60(1), 1-34.
Chuang, H-M. y Lo, H. (2009). The Study of Limited Arbitrage in Financial Markets of Taiwan. International Research Journal of Finance and Economics, 31, 164-179
Collins, M. y Ferguson, A. (2008). Australia?s broking sector is crinching. Recuperado http://www.theaustralian.com.au/stockbrokers-feeling-the-squeeze/story-fna7dq6e-1111117638688
Congdon, W., Kling, J. y Mullainathan, S. (2011). Policy and Choice: Public Finance through the Lens of Behavioral Economics. Washington: Brookings Institution Press.
Coval, J. y Stafford, E. (2007). Asset Fire Sales (and Purchases) in Equity Markets. Journal of Financial Economics, 86(2), 479-512.
Cutler, D., Poterba, J. y Summers, L. (1989). What moves stock prices?: moves in stock prices reflect something other than news about fundamental values. The Journal of Portfolio Management, 15(3), 4-12.
D?Avolio, G.. (2002). The market for borrowing stock. Journal of Financial Economics, 66, 271-306.
Depkie, C, Nguyen, G. y Sarkar, S. (2006). Agency costs, executive compensation, bonding and monitoring: A stochastic frontier approach. Annual Meeting of American Economic Association (AEA). Boston, MA.
Dong, L. (2011). A Flow-Based Explanation for Return Predictability. http://personal.lse.ac.uk/loud/flows_20111230.pdf
Edwards, F. R. (1999). Hedge Funds and the Collapse of Long-Term Capital Management. Journal of Economic Perspectives, 13(2), 189-210
Ellul, A., Jotikasthira, C. y Lundblad, C. (2010). Regulatory pressure and fire sales in the corporate bond market. Recuperado de http://www2.lse.ac.uk/fmg/documents/events/conferences/2010/contagion/ellul.pdf
Expansión (2008). La CNMV también estrecha el cerco en las apuestas bajistas. Recuperado de September 22. http://www.expansion.com/2008/09/22/inversion/1167625.html
Fama, E. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance, 25(2), 383-417
Greenwood, R. y Thesmar, D. (2011). Stock Price Fragility? Journal of Finance Economics (artículo en prensa).
Gromb, D. y Vayanos, D. (2002). Equilibrium and Welfare in Markets with Financially Constrained arbitrageurs. Journal of Financial Economics, 66(2-3), 361-407.
Guttsman, J. (2011). WRAPUP 7-Europe curbs short-selling as credit markets swoon. Recuperado de http://www.reuters.com/article/2011/08/12/europe-banks-idUSLDE77A05U20110812
Jotikasthira, C., Lundblad, C. y Ramadorai, T. (2009). Asset Fire Sales and Purchases and the International Transmission of Financial Shocks. Centre for Economic Policy and Research Working Paper DP7595.
Klibanoff, P., Lamont, O. y Wizman, T. (1998). Investor Reaction to Salient News in Closed-End Country Funds. The Journal of Finance, 53(2), 673-699
Kirschbaum, E. y Marsh, S. (2010). Germany to permanently ban some short selling: BaFin. Recuperado de http://www.reuters.com/article/2010/05/28/us-germany-bafin-shortselling-idUSTRE64R2PF20100528
Lamont, O. y Thaler, T. (2003). Can the Market Add and Subtract? Mispricing in Tech Stock Carve-outs. Journal of Political Economy, 111(2), 227-268.
Long, B. et al. (1991). The Survival of noise traders in Financial Markets. The Journal of Business, 64(1), 1-19.
Lowenstein, R. (2001). When Genius Failed: The Rise and Fall of Long-Term Capital Management. New York, US: Random House Trade Paperbacks.
Mas-Collel, A., Whiston, M. y Green, J. (1995). Microeconomy Theory. Oxford: Oxford University Press.
Mitchell, M, Lasse, H. Pedersen y Pulvino, T. (2007). Slow moving capital. American Economic Review, 97(2), 215-220.
Mitchell, M. y Pulvino, T. (2010). Arbitrage Crashes and the Speed of Capital. Recuperado de http://ssrn.com/abstract=1628261.
Shiller, R. (2000). Irrational Exuberance. Nueva Jersey: Princeton University Press.
Shiller, R. (2008). Financial Markets: Lecture 14 Transcript. Recuperado de http://oyc.yale.edu/economics/econ-252-08
Shleifer, A. (2000). Inefficient Markets: An Introduction to Behavioral Finance. Oxford, UK: Oxford University Press.
Shleifer, A. y Summers, L. (1990). The noise trader Approach to Finance. Journal of Economic Perspectives, 4(2), 19-33.
Shleifer, A. y Vishny, R. (1990). Equilibrium short horizons of investors and firms. American Economic Review Papers and Proceedings, 80, 148-153.
Shleifer, A. y Vishny, R. (1992). Liquidation Values and Debt Capacity: A Market Equilibrium Approach. Journal of Finance, 47(4), 1343-1366.
Shleifer, A. y Vishny, R. (1997). The Limits of Arbitrage. Journal of Finance, 52(1), 35-55.
Shleifer, A. y Vishny, R. (2011). Fire Sales in Finance and Macroeconomics. Journal of Economic Perspectives, 25(1), 29-48.
Stein, J. (2009). Presidential Address: Sophisticated investors and Market Efficiency.? The Journal of Finance, 54(4), 1517-1548.
Tirole, J. (2012). Overcoming Adverse Selection: How Public Intervention Can Restore Market Functioning.? American Economic Review, 102(1), 29-59.
Wildi, M. (2008). Real-time signal extraction: beyond maximum likelihood principles. Nueva York: Springer.
Wurgler, J. y Zhuravskaya, E. (2002). Does arbitrage flatten demand curves for stocks? Journal of Business, 75, 583-608.
dc.rights.spa.fl_str_mv Jimmy Melo - 2016
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spelling Melo, Jimmy299e54e2-1742-4e56-9579-6b503ea777bd3002016-01-01 00:00:002023-01-23T16:14:33Z2016-01-01 00:00:002023-01-23T16:14:33Z2015-01-01En escenarios donde el pesimismo incrementa, los arbitrajistas afectan los precios al inducir una recuperación en la demanda por un activo riesgoso (efecto demanda) o por su capacidad para transferir recursos a escenarios donde la liquidez escasea (efecto liquidez). Si el efecto liquidez está activo, los arbitrajistas responden a oleadas de pesimismo e incrementan su posición corta o reducen el monto invertido en el activo riesgoso hoy. En consecuencia, permiten que el precio caiga en el presente, con lo cual se estabilizan las pérdidas en el caso de agudización del pesimismo en el futuro. El efecto liquidez es menor cuando los inversionistas son aversos al riesgo o cuando existen restricciones a las ventas en corto, lo cual se traduce en volatilidad de los precios futuros.In scenarios of increasing pessimism, arbitrageurs affect processes by inducing a recuperation in demand for a risky asset (demand effect) or as a result of their capacity to transfer resources to scenarios of scarce liquidity (the liquidity effect). If the liquidity effect is active, arbitrageurs respond to waves of pessimism and, as a consequence, increase their short positions or reduce the amount invested in the risky asset today. In this manner, they allow the price to fall in the present, thereby stabilizing losses if pessimism sharpens in the future. The liquidity effect is smaller when investors are risk-averse or when there are short-term restrictions on sales, a situation that translates into volatility in future prices.application/pdftext/html10.14718/revfinanzpolitecon.2016.8.1.92011-76632248-6046https://hdl.handle.net/10983/29350https://doi.org/10.14718/revfinanzpolitecon.2016.8.1.9spaUniversidad Católica de Colombiahttps://revfinypolecon.ucatolica.edu.co/article/download/933/980https://revfinypolecon.ucatolica.edu.co/article/download/933/2153Núm. 1 , Año 201618711658Revista Finanzas y Política EconómicaAllen, F. y Carlleti, E. (2008). The role of liquidity in financial crises. Federal Reserve of Kansas City Economic Policy Symposium: Maintaining Stability in a Changing Financial System, Jackson Hole, WY.Aristóteles (1999). Politics. Kitchener, CA: Batoche Books.Aspara, Jaakko. (2010). The spill-over of product evaluations to stock investment decisions: an experiment with finnish individual investors. Aalto University School of Economics.Barberis, N. y Richard, T. (2003). A survey of behavioral finance. En G. Constantinides, M. Harris y R. Stulz (Eds.), Handbook of the Economics of Finance (pp. 1051-1121). AS: Elsevier Science B.V.BBC News (2008). FSA introduces short-selling ban. Recuperado de http://news.bbc.co.uk/2/hi/business/7624012.stmBeber, A. y Marco, P (2013). Short-selling bans around the world: evidence from the 2007?09 crisis. The Journal of Finance, 68(1), 343-381Bloomber Businessweek (2007). Hedge fund fees: the pressure builds. Recuperado de http://www.businessweek.com/magazine/content/07_20/b4034053.htmBris, A, Goetzmann, W. y Zhu, N. (2007). Efficiency and the bear: short sales and markets around the world. Journal of Finance, 62, 1029-1079.Brunnermeier, M. y Pedersen, L. (2009). Market liquidity and funding liquidity. Review of Financial Studies, 22(6), 2201-2238.Campbell, J. y Kyle, A. (1993). Smart Money, noise Trading and Stock Price Behaviour.? Review of Economic Studies, 60(1), 1-34.Chuang, H-M. y Lo, H. (2009). The Study of Limited Arbitrage in Financial Markets of Taiwan. International Research Journal of Finance and Economics, 31, 164-179Collins, M. y Ferguson, A. (2008). Australia?s broking sector is crinching. Recuperado http://www.theaustralian.com.au/stockbrokers-feeling-the-squeeze/story-fna7dq6e-1111117638688Congdon, W., Kling, J. y Mullainathan, S. (2011). Policy and Choice: Public Finance through the Lens of Behavioral Economics. Washington: Brookings Institution Press.Coval, J. y Stafford, E. (2007). Asset Fire Sales (and Purchases) in Equity Markets. Journal of Financial Economics, 86(2), 479-512.Cutler, D., Poterba, J. y Summers, L. (1989). What moves stock prices?: moves in stock prices reflect something other than news about fundamental values. The Journal of Portfolio Management, 15(3), 4-12.D?Avolio, G.. (2002). The market for borrowing stock. Journal of Financial Economics, 66, 271-306.Depkie, C, Nguyen, G. y Sarkar, S. (2006). Agency costs, executive compensation, bonding and monitoring: A stochastic frontier approach. Annual Meeting of American Economic Association (AEA). Boston, MA.Dong, L. (2011). A Flow-Based Explanation for Return Predictability. http://personal.lse.ac.uk/loud/flows_20111230.pdfEdwards, F. R. (1999). Hedge Funds and the Collapse of Long-Term Capital Management. Journal of Economic Perspectives, 13(2), 189-210Ellul, A., Jotikasthira, C. y Lundblad, C. (2010). Regulatory pressure and fire sales in the corporate bond market. Recuperado de http://www2.lse.ac.uk/fmg/documents/events/conferences/2010/contagion/ellul.pdfExpansión (2008). La CNMV también estrecha el cerco en las apuestas bajistas. Recuperado de September 22. http://www.expansion.com/2008/09/22/inversion/1167625.htmlFama, E. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance, 25(2), 383-417Greenwood, R. y Thesmar, D. (2011). Stock Price Fragility? Journal of Finance Economics (artículo en prensa).Gromb, D. y Vayanos, D. (2002). Equilibrium and Welfare in Markets with Financially Constrained arbitrageurs. Journal of Financial Economics, 66(2-3), 361-407.Guttsman, J. (2011). WRAPUP 7-Europe curbs short-selling as credit markets swoon. Recuperado de http://www.reuters.com/article/2011/08/12/europe-banks-idUSLDE77A05U20110812Jotikasthira, C., Lundblad, C. y Ramadorai, T. (2009). Asset Fire Sales and Purchases and the International Transmission of Financial Shocks. Centre for Economic Policy and Research Working Paper DP7595.Klibanoff, P., Lamont, O. y Wizman, T. (1998). Investor Reaction to Salient News in Closed-End Country Funds. The Journal of Finance, 53(2), 673-699Kirschbaum, E. y Marsh, S. (2010). Germany to permanently ban some short selling: BaFin. Recuperado de http://www.reuters.com/article/2010/05/28/us-germany-bafin-shortselling-idUSTRE64R2PF20100528Lamont, O. y Thaler, T. (2003). Can the Market Add and Subtract? Mispricing in Tech Stock Carve-outs. Journal of Political Economy, 111(2), 227-268.Long, B. et al. (1991). The Survival of noise traders in Financial Markets. The Journal of Business, 64(1), 1-19.Lowenstein, R. (2001). When Genius Failed: The Rise and Fall of Long-Term Capital Management. New York, US: Random House Trade Paperbacks.Mas-Collel, A., Whiston, M. y Green, J. (1995). Microeconomy Theory. Oxford: Oxford University Press.Mitchell, M, Lasse, H. Pedersen y Pulvino, T. (2007). Slow moving capital. American Economic Review, 97(2), 215-220.Mitchell, M. y Pulvino, T. (2010). Arbitrage Crashes and the Speed of Capital. Recuperado de http://ssrn.com/abstract=1628261.Shiller, R. (2000). Irrational Exuberance. Nueva Jersey: Princeton University Press.Shiller, R. (2008). Financial Markets: Lecture 14 Transcript. Recuperado de http://oyc.yale.edu/economics/econ-252-08Shleifer, A. (2000). Inefficient Markets: An Introduction to Behavioral Finance. Oxford, UK: Oxford University Press.Shleifer, A. y Summers, L. (1990). The noise trader Approach to Finance. Journal of Economic Perspectives, 4(2), 19-33.Shleifer, A. y Vishny, R. (1990). Equilibrium short horizons of investors and firms. American Economic Review Papers and Proceedings, 80, 148-153.Shleifer, A. y Vishny, R. (1992). Liquidation Values and Debt Capacity: A Market Equilibrium Approach. Journal of Finance, 47(4), 1343-1366.Shleifer, A. y Vishny, R. (1997). The Limits of Arbitrage. Journal of Finance, 52(1), 35-55.Shleifer, A. y Vishny, R. (2011). Fire Sales in Finance and Macroeconomics. Journal of Economic Perspectives, 25(1), 29-48.Stein, J. (2009). Presidential Address: Sophisticated investors and Market Efficiency.? The Journal of Finance, 54(4), 1517-1548.Tirole, J. (2012). Overcoming Adverse Selection: How Public Intervention Can Restore Market Functioning.? American Economic Review, 102(1), 29-59.Wildi, M. (2008). Real-time signal extraction: beyond maximum likelihood principles. Nueva York: Springer.Wurgler, J. y Zhuravskaya, E. (2002). Does arbitrage flatten demand curves for stocks? Journal of Business, 75, 583-608.Jimmy Melo - 2016info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2https://creativecommons.org/licenses/by-nc-sa/4.0/https://revfinypolecon.ucatolica.edu.co/article/view/933Behavioural financeLimited arbitrageNoise-trader riskEmergency salesLiquidityFinanzas del comportamientoArbitraje limitadoNoise-trader riskVentas de emergenciaLiquidezFinanças do comportamentoArbitragem limitadaNoise-trader riskVendas de emergênciaLiquidezArbitraje limitado bajo fondeo basado en desempeño.Limited arbitrage under performance-based funding.Artículo de revistahttp://purl.org/coar/resource_type/c_dcae04bchttp://purl.org/coar/resource_type/c_2df8fbb1http://purl.org/coar/version/c_970fb48d4fbd8a85Textinfo:eu-repo/semantics/articleJournal articlehttp://purl.org/redcol/resource_type/ARTREVinfo:eu-repo/semantics/publishedVersionPublicationOREORE.xmltext/xml2470https://repository.ucatolica.edu.co/bitstreams/0bef42f5-151c-40ef-80fd-ddfdeae28210/downloadc5f9ddadf88d33ad7090a4e290ca4469MD5110983/29350oai:repository.ucatolica.edu.co:10983/293502023-03-24 15:45:22.216https://creativecommons.org/licenses/by-nc-sa/4.0/Jimmy Melo - 2016https://repository.ucatolica.edu.coRepositorio Institucional Universidad Católica de Colombia - RIUCaCbdigital@metabiblioteca.com