SciELO - Scientific Electronic Library Online

vol.30 número52Satisfacción laboral y estilos de liderazgo en instituciones públicas y privadas de educación en ChileSimulación Modelo VAR IPP-IPC índice de autoresíndice de materiabúsqueda de artículos
Home Pagelista alfabética de revistas  

Servicios Personalizados



Links relacionados

  • En proceso de indezaciónCitado por Google
  • No hay articulos similaresSimilares en SciELO
  • En proceso de indezaciónSimilares en Google


Cuadernos de Administración (Universidad del Valle)

versión impresa ISSN 0120-4645


URIBE GIL, Jorge M.  y  MOSQUERA LOPEZ, Stephanía. Effects of the MILA in the efficiency of the colombian, peruvian, and chilean stock market portfolios. cuad.adm. [online]. 2014, vol.30, n.52, pp.75-83. ISSN 0120-4645.

This work explored the effect in terms of portfolio efficiency (in means and variance) of the implementation of the Latin American Integrated Market (MILA, for the term in Spanish). The analysis was based on the construction of a Sharpe ratio with monthly frequency, with daily data, for the stock indexes from the three countries involved (Chile, Peru, and Colombia), with special emphasis on the results found for the Colombian market. It was found that the agreement has yet to produce a structural change in the series that measures the evolution of the stock market in Colombia, which during the study period has only presented a endogenous structural break, associated to the change in posture in the monetary policy by the Bank of the Republic (Central Bank) for the first quarter of 2006. The Chilean and Peruvian stock markets did not show that the agreement produced a structural change in the series of the Sharpe ratios. The results found for the three countries may be because the MILA is still an incipient market and because transaction volumes are low

Palabras clave : efficiency of the colombian portfolio; MILA; endogenous structural break; sharpe r.

        · resumen en Español | Francés     · texto en Inglés     · Inglés ( pdf )