Andres Rivas - Academia.edu (original) (raw)

Papers by Andres Rivas

Research paper thumbnail of Increasing Impact of Spain on the Equity Markets of Brazil, Chile and Mexico During the Neoliberal Reforms of the 1990s

International Journal of Social Sciences and Economic Review

Purpose: The article examines stock index price responses in Brazil, Chile, and Mexico to those i... more Purpose: The article examines stock index price responses in Brazil, Chile, and Mexico to those in the US, Spain, and four European countries during three sub-periods surrounding the neoliberal reforms of the 1990s: 1988 to 1994, 1995 to 1998, and 1999 to 2004. Design/methodology/approach: The methodology is empirical and uses time series analysis, in particular impulse response functions (IRFs) derived using vector autoregression (VAR) models. Main Findings: It finds that equity markets became more interconnected as countries opened to international trade and capital flows and that there was an increasing impact of Spain on Latin American equity markets. Stronger economic linkages (more trade and foreign direct investment) between Spain and these countries, especially in Brazil, seem to explain increased equity market interconnectedness. Research limitations/implications: The study limitations are, in general, the same that apply to the VAR methodology, and in particular, to missin...

Research paper thumbnail of The Comparative Efficiency of "Grupo" and Foreign Controlled Banks in Latin America

GLOBAL BUSINESS & FINANCE REVIEW, 2005

Bank efficiency studies in Latin America document that foreign banks are more efficient than loca... more Bank efficiency studies in Latin America document that foreign banks are more efficient than local banks, but they do not isolate the performance ofbanks that are a part ofbusiness groups ("Grupos "). We investigate the efficiency o f Grupos as compared to foreign banks and find that in the more economically free market o f Chile, Grupo banks are more efficient but find no significant difference in the less economically freemarketsofBrazilandMexico. Weattributeourfindingstoagencyissues,whichaffectbothforeignand Grupo banks causing inefficient resource usage in less economically free markets. In more economically free markets, we attribute differences to increased availability ofcapital.

Research paper thumbnail of 1 The Effect of Mergers and Acquisitions on the Risk of Latin American Banks

The purpose of this study is to asses the effect of bank mergers and acquisitions on the risk of ... more The purpose of this study is to asses the effect of bank mergers and acquisitions on the risk of Latin American banks. Overall, we find that Latin American banks did not experience significant changes in risk due to mergers and acquisitions. In addition, our findings suggest that neither large or small bank mergers nor cross-border or domestic bank mergers affect the risks of Latin American banks.

Research paper thumbnail of Restauración de sellos de plomo y sus ataduras

Archivo Secreto Revista Cultural De Toledo, 2008

Research paper thumbnail of An Empirical Analysis of the Use of Derivatives by Banks InBrazil, Chile, and Mexico

The purpose of this study is to investigate the financial characteristics that might influence th... more The purpose of this study is to investigate the financial characteristics that might influence the use of derivatives by banks in Latin America. We find that in Latin America banks using derivatives, compared to nonuser banks, are associated with riskier capital structures. Additionally, we find that onbalance sheet activities such as liquidity is not a substitute for derivatives and that derivatives are not being used to coordinate interest-rate risk and credit risk management strategies. These results identifying a derivative user bank as a weak capitalized bank, which does not seek to hedge unwanted risk, argue the need for any additional restrictions on derivatives activities. Latin American policy makers need to address the possible speculative behavior of banks in Latin America, otherwise they risk having an unstable and detrimental banking system.

Research paper thumbnail of Does The Use Of Derivatives Increase Bank Efficiency? Evidence From Latin American Banks

International Business & Economics Research Journal (IBER), 2011

This study investigates whether the use of derivatives by banks in Latin America affect their eff... more This study investigates whether the use of derivatives by banks in Latin America affect their efficiency. Overall, and in line with theory, the results indicate that the use of derivatives increases the efficiency of Latin American banks. Additionally, we find that as Latin American banks get larger their efficiency levels increases. Lastly, the results show that regulatory and institutional constraints negatively affect the efficiency of Latin American banks.

Research paper thumbnail of The Increasing Impact of Spain on the Equity Markets of Brazil, Chile and Mexico

SSRN Electronic Journal, 2007

Page 1. Electronic copy of this paper is available at: http://ssrn.com/abstract=870324 The Increa... more Page 1. Electronic copy of this paper is available at: http://ssrn.com/abstract=870324 The Increasing Impact of Spain on the Equity Markets of Brazil, Chile and Mexico Andrés Rivas * Texas A&M International University Rahul Verma University of Houston, Downtown ...

Research paper thumbnail of ARE EUROPEAN STOCK MARKETS INFLUENCING LATIN AMERICAN STOCK MARKETS. Análisis Económico, Segundo Cuatrimestre, año/Vol. XXI, Número …

Análisis …

Análisis Económico. Universidad Autónoma Metropolitana - Azcapotzalco. analeco@correo.azc.uam.mx.... more Análisis Económico. Universidad Autónoma Metropolitana - Azcapotzalco. analeco@correo.azc.uam.mx. ISSN (Versión impresa): 0185-3937. MÉXICO. 2006. Andrés Rivas / Antonio Rodríguez / Pedro H. Albuquerque. ARE EUROPEAN ...

Research paper thumbnail of Do European Stock Markets Affect Latin American Stock Markets?

Finance, 2005

Page 1. Do European Stock Markets Affect Latin American Stock Markets? Andrés Rivas* Texas A&... more Page 1. Do European Stock Markets Affect Latin American Stock Markets? Andrés Rivas* Texas A&M International University Rahul Verma University of Houston, Downtown Antonio Rodriguez Texas A&M International University ...

Research paper thumbnail of International transmission mechanism of stock market movements: evidence from emerging equity markets

Journal of Forecasting, 2000

Research paper thumbnail of Increasing Impact of Spain on the Equity Markets of Brazil, Chile and Mexico During the Neoliberal Reforms of the 1990s

International Journal of Social Sciences and Economic Review

Purpose: The article examines stock index price responses in Brazil, Chile, and Mexico to those i... more Purpose: The article examines stock index price responses in Brazil, Chile, and Mexico to those in the US, Spain, and four European countries during three sub-periods surrounding the neoliberal reforms of the 1990s: 1988 to 1994, 1995 to 1998, and 1999 to 2004. Design/methodology/approach: The methodology is empirical and uses time series analysis, in particular impulse response functions (IRFs) derived using vector autoregression (VAR) models. Main Findings: It finds that equity markets became more interconnected as countries opened to international trade and capital flows and that there was an increasing impact of Spain on Latin American equity markets. Stronger economic linkages (more trade and foreign direct investment) between Spain and these countries, especially in Brazil, seem to explain increased equity market interconnectedness. Research limitations/implications: The study limitations are, in general, the same that apply to the VAR methodology, and in particular, to missin...

Research paper thumbnail of The Comparative Efficiency of "Grupo" and Foreign Controlled Banks in Latin America

GLOBAL BUSINESS & FINANCE REVIEW, 2005

Bank efficiency studies in Latin America document that foreign banks are more efficient than loca... more Bank efficiency studies in Latin America document that foreign banks are more efficient than local banks, but they do not isolate the performance ofbanks that are a part ofbusiness groups ("Grupos "). We investigate the efficiency o f Grupos as compared to foreign banks and find that in the more economically free market o f Chile, Grupo banks are more efficient but find no significant difference in the less economically freemarketsofBrazilandMexico. Weattributeourfindingstoagencyissues,whichaffectbothforeignand Grupo banks causing inefficient resource usage in less economically free markets. In more economically free markets, we attribute differences to increased availability ofcapital.

Research paper thumbnail of 1 The Effect of Mergers and Acquisitions on the Risk of Latin American Banks

The purpose of this study is to asses the effect of bank mergers and acquisitions on the risk of ... more The purpose of this study is to asses the effect of bank mergers and acquisitions on the risk of Latin American banks. Overall, we find that Latin American banks did not experience significant changes in risk due to mergers and acquisitions. In addition, our findings suggest that neither large or small bank mergers nor cross-border or domestic bank mergers affect the risks of Latin American banks.

Research paper thumbnail of Restauración de sellos de plomo y sus ataduras

Archivo Secreto Revista Cultural De Toledo, 2008

Research paper thumbnail of An Empirical Analysis of the Use of Derivatives by Banks InBrazil, Chile, and Mexico

The purpose of this study is to investigate the financial characteristics that might influence th... more The purpose of this study is to investigate the financial characteristics that might influence the use of derivatives by banks in Latin America. We find that in Latin America banks using derivatives, compared to nonuser banks, are associated with riskier capital structures. Additionally, we find that onbalance sheet activities such as liquidity is not a substitute for derivatives and that derivatives are not being used to coordinate interest-rate risk and credit risk management strategies. These results identifying a derivative user bank as a weak capitalized bank, which does not seek to hedge unwanted risk, argue the need for any additional restrictions on derivatives activities. Latin American policy makers need to address the possible speculative behavior of banks in Latin America, otherwise they risk having an unstable and detrimental banking system.

Research paper thumbnail of Does The Use Of Derivatives Increase Bank Efficiency? Evidence From Latin American Banks

International Business & Economics Research Journal (IBER), 2011

This study investigates whether the use of derivatives by banks in Latin America affect their eff... more This study investigates whether the use of derivatives by banks in Latin America affect their efficiency. Overall, and in line with theory, the results indicate that the use of derivatives increases the efficiency of Latin American banks. Additionally, we find that as Latin American banks get larger their efficiency levels increases. Lastly, the results show that regulatory and institutional constraints negatively affect the efficiency of Latin American banks.

Research paper thumbnail of The Increasing Impact of Spain on the Equity Markets of Brazil, Chile and Mexico

SSRN Electronic Journal, 2007

Page 1. Electronic copy of this paper is available at: http://ssrn.com/abstract=870324 The Increa... more Page 1. Electronic copy of this paper is available at: http://ssrn.com/abstract=870324 The Increasing Impact of Spain on the Equity Markets of Brazil, Chile and Mexico Andrés Rivas * Texas A&M International University Rahul Verma University of Houston, Downtown ...

Research paper thumbnail of ARE EUROPEAN STOCK MARKETS INFLUENCING LATIN AMERICAN STOCK MARKETS. Análisis Económico, Segundo Cuatrimestre, año/Vol. XXI, Número …

Análisis …

Análisis Económico. Universidad Autónoma Metropolitana - Azcapotzalco. analeco@correo.azc.uam.mx.... more Análisis Económico. Universidad Autónoma Metropolitana - Azcapotzalco. analeco@correo.azc.uam.mx. ISSN (Versión impresa): 0185-3937. MÉXICO. 2006. Andrés Rivas / Antonio Rodríguez / Pedro H. Albuquerque. ARE EUROPEAN ...

Research paper thumbnail of Do European Stock Markets Affect Latin American Stock Markets?

Finance, 2005

Page 1. Do European Stock Markets Affect Latin American Stock Markets? Andrés Rivas* Texas A&... more Page 1. Do European Stock Markets Affect Latin American Stock Markets? Andrés Rivas* Texas A&M International University Rahul Verma University of Houston, Downtown Antonio Rodriguez Texas A&M International University ...

Research paper thumbnail of International transmission mechanism of stock market movements: evidence from emerging equity markets

Journal of Forecasting, 2000