masterThesis
El legado de la corrupción sobre la volatilidad en el mercado de valores
Fecha
2017Autor
Paz Paz, Nicolás
Institución
Resumen
Volatility in the securities markets negatively affects investors and the economy in general, deteriorating the welfare of society -- One factor that has been ignored to explain it, despite its relevance, is the effect of the corruption of the country where the company was established -- The objective of this paper is to evaluate the effect of corruption, considering the volatility of the actions as a representation of the risk -- To do so, a relevant database of 3,028 companies of the main stock indexes of the world was constructed, with information of financial indicators to December of 2016 -- Using econometric techniques, such as ordinary least squares and instrumental variables, a significant and positive relationship between corruption and volatility was identified -- The results show that the effect of corruption on the stock market is not negligible, and that it should be seriously considered when conducting stock market analysis and volatility