Template-Type: ReDIF-Article 1.0 Author-name: Juan Benjamin Duarte Duarte Author-name: Katherine Julieth Sierra Suarez Author-name: Juan Manuel Mascarenas Perez-Inigo Title: EVALUATION OF LONG-TERM MEMORY IN COLOMBIAN STOCK MARKET BY HURST COEFFICIENT, EVALUACION DE LA MEMORIA DE LARGO PLAZO DEL MERCADO BURSATIL COLOMBIANO MEDIANTE EL COEFICIENTE DE HURST Abstract: The efficient market hypothesis states that financial asset returns follow a random walk and depend on the information made available to the market instantly, therefore they can not be predicted. On the other hand, the Fractal market hypothesis says that prices depend of each behavior investor and his investment horizon, producing chaotic behavior in the markets. This paper tests the existence of chaotic behavior in major financial series of the Colombian stock market using the Hurst coefficient, whose estimation can be affected by autocorrelation. Therefore, the first part of the methodology focuses on removing the autocorrelations by ARIMA and GARCH filters, while the second part corresponds to the detectection of behavior by calculating the Hurst coefficient. The results reveal that the Colombian financial assets are persistent. Classification-JEL: C01, C22, D52, G14 Keywords: Chaos Theory, EMH, FMH, GARCH, ARIMA Journal: Revista Internacional Administraction and Finanzas Pages: 1-10 Volume: 7 Issue: 4 Year: 2014 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v7n4-2014/RIAF-V7N4-2014-1.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:7:y:2014:i:4:p:1-10 Template-Type: ReDIF-Article 1.0 Author-name: Renato Balbontin Title: OVERSEAS PERFORMANCE OF CHILEAN PENSION FUNDS,DESEMPENO DE LOS FONDOS DE PENSIONES CHILENOS EN EL EXTRANJERO Abstract: Considering the cycle of high volatility generated as a result of the 2008 financial crisis, we analyze the performance of Chilean Pension Funds by means of Jensen´s measure, Sharpe´s ratio and Treynor´s ratio. Comparisons are made on a monthly basis from September 2007 to August 2012. We conclude that pension funds had a similar performance to the MSCI-ACWI global index, but failed to deliver a premium per unit of risk above the average yield of U.S. Treasury bonds. By breaking down the total risk of the pension funds into their systematic and idiosyncratic components, we confirm the difficulty involved in eliminating unsystematic risk. Our findings suggest that the restrictions imposed by Chilean law allowed the funds to reach return levels similar to an active global portfolio, albeit with a substantial increase in overall risk. Classification-JEL: C01, C12, C20, G15, G23, G32 Keywords: Diversification, Return, Volatility, Risk, Systematic, Idiosyncratic Journal: Revista Internacional Administraction and Finanzas Pages: 11-25 Volume: 7 Issue: 4 Year: 2014 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v7n4-2014/RIAF-V7N4-2014-2.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:7:y:2014:i:4:p:11-25 Template-Type: ReDIF-Article 1.0 Author-name: Jose Rodrigo Catica Barbosa Author-name: Mercedes Parra Alviz Author-name: Oscar Hernan Lopez Montoya Title: CHALLENGES OF THE COLOMBIAN BANKING SYSTEM IN ORDER TO IMPROVE THE FINANCIAL DEEPENING, RETOS DE LA BANCA COLOMBIANA PARA MEJORAR LA PROFUNDIZACION FINANCIERA Abstract: This article analyzes basic reasons why the Colombian banking system has not reached true levels of welfare for the population of the country. The paper also describes diverse challenges that Colombian banks face in order to improve their level of financial deepening. The main analysis is developed from banking statistics or financial infiltration in Colombia for 2010 and 2011. The primary objective of the study is to describe challenges that the Colombian banking system must face to improve the reach levels of banking services. The importance is evident in cost of services, poor image of the banking system, poor care and poor access to the banking services, complaints indicators and the description of several factors that limit the access of different products and services to the Colombian population. Banks continue to regard these concerns as mere myths. Classification-JEL: G20, G14, G18, G21 Keywords: Myths, Financial Deepening, Foreign Investment, Intermediation, Welfare Journal: Revista Internacional Administraction and Finanzas Pages: 27-37 Volume: 7 Issue: 4 Year: 2014 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v7n4-2014/RIAF-V7N4-2014-3.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:7:y:2014:i:4:p:27-37 Template-Type: ReDIF-Article 1.0 Author-name: Maria del Carmen Armenteros Acosta Author-name: Manuel Medina Elizondo Author-name: Victor Manuel Molina Morejon Author-name: Gabriela Margarita Reyna Garcia Title: INTERACTION WITHIN A REGIONAL INNOVATION SYSTEM: EMPIRICAL STUDY OF INNOVATION AND COLLABORATION IN THE CONTEXT OF THE LAGUNA REGION OF COAHUILA,INTERACCION EN EL SISTEMA REGIONAL DE INNOVACION: ESTUDIO EMPIRICO DE LA INNOVACION Y COLABORACION EN EL CONTEXTO DE REGION LAGUNERA DE COAHUILA Abstract: Regional studies of innovation undertaken by the OECD and IDB in the Latin American context, substantiate the need for measuring the dynamics of innovation as an interactive process, as a complex and systemic phenomenon. This process involves measuring, inputs and results, partnerships and cooperation between staff of Regional Innovation Systems (NIS). The objective of this project is to describe the activities of innovation and collaborative interactions that occur within the SRI, Laguna district level of Coahuila, in Micro, Small and Medium Enterprises (SMEs). The empirical research was conducted through structured interviews with a random sample of 54 innovative enterprises. Information processing was done through descriptive statistics and nonparametric contrasting. The results involve identification of innovation activities in different ways, analysis of efforts and capacities of MSMEs to manage innovation; collaborative characterization and the effect on its business performance. Classification-JEL: 032 Keywords: Innovation, Regional System of Innovation, collaboration Journal: Revista Internacional Administraction and Finanzas Pages: 39-62 Volume: 7 Issue: 4 Year: 2014 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v7n4-2014/RIAF-V7N4-2014-4.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:7:y:2014:i:4:p:39-62 Template-Type: ReDIF-Article 1.0 Author-name: Mario Rene Chan Magana Author-name: Nery del Socorro Escalante May Title: BIOETHICS: A GUIDE TO SOCIAL RESPONSIBILITY OF STUDENTS AMERICAN BUSINESS SCHOOL,BIOETICA: UNA ORIENTACION HACIA LA RESPONSABILIDAD SOCIAL EMPRESARIAL DE LOS ESTUDIANTES LATINOAMERICANOS DE ESCUELAS DE NEGOCIOS Abstract: The objective of this study was to validate the measurement instrument developed in Palau and Rivera Lopez-Cruz (2010) in Latin America. The study found that bioethical reasoning can contribute to understanding and solving many ethical conflicts in the field of business. The relationship between corporate social responsibility and bioethical reasoning was examined based on conceptual models. The study developed a reliable quantitative scale for both constructs from a sample of Puerto Rican students The results identified major bioethical principles and identified the characteristics that companies must have to be considered successful, socially responsible and the effect of bioethical principles to achieve it. Classification-JEL: I20 Keywords: Bioethics, Corporate Social Responsibility, Gender Journal: Revista Internacional Administraction and Finanzas Pages: 63-78 Volume: 7 Issue: 4 Year: 2014 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v7n4-2014/RIAF-V7N4-2014-5.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:7:y:2014:i:4:p:63-78 Template-Type: ReDIF-Article 1.0 Author-name: Rafaela Martinez Mendez Author-name: Maria Antonieta Monserrat Vera Munoz Author-name: Jose Gerardo Serafin Vera Munoz Title: ORGANIZATIONAL CULTURE AND EFFECTIVENESS IN SMALL CONSTRUCTION BUSINESSES IN PUEBLA, MEXICO,CULTURA ORGANIZACIONAL Y EFECTIVIDAD EN LAS PEQUENAS EMPRESAS CONSTRUCTORAS DE PUEBLA, MEXICO Abstract: This research analyzes types of organizational culture and its relationship with organizational effectiveness in small construction businesses in Puebla. To characterize the organizational culture, we consider some aspects that were measured through a questionnaire based on a Likert´s scale to 91administrative workers of the same companies. The objective was to identify the type of organizational culture that prevails in small construction companies in Puebla. The research questions are; What type of organizational culture is related to small construction businesses in Puebla?: What is their influence in organizational effectiveness? We found that the regression model explains a 67.1% of variation in effectiveness, however, there is no statistical evidence of omitted variables (2,255 constant test). Classification-JEL: L7, L74, M1, M14 Keywords: Organizational Culture, Organizational Effectiveness, Small Business Journal: Revista Internacional Administraction and Finanzas Pages: 79-92 Volume: 7 Issue: 4 Year: 2014 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v7n4-2014/RIAF-V7N4-2014-6.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:7:y:2014:i:4:p:79-92 Template-Type: ReDIF-Article 1.0 Author-name: Yolanda Mejia de Leon Author-name: Maria de la Luz Rodriguez Garza Author-name: Alicia Hernandez Bonilla Title: STRATEGIC IMPORTANCE OF CAPITAL INTELLECTUAL IN MANUFACTURING OF SOUTHEAST REGION COAHUILA STATE, MEXICO, IMPORTANCIA ESTRATEGICA DEL CAPITAL INTELECTUAL EN LA INDUSTRIA MANUFACTURERA DE LA REGION SURESTE DEL ESTADO DE COAHUILA, MEXICO Abstract: During Mexico's economic crises of the last century the economy experienced reduced salaries, benefits and training, triggering inefficiency, lack of motivation and job insecurity, and first measure skills and knowledge. In the XXI century organizations face a challenge in terms of evaluating intellectual capital. This research carried out at the beginning of 2012, arises because in the Southeast region of the state of Coahuila (Saltillo, Ramos Arizpe, and Arteaga Parras) are a large number of developing manufacturing firms, in which management knowledge and application of new technologies is difficult. This makes them less competitive and less successful. We propose improvements to processes used in the management of knowledge to generate skilled manpower and increasing rates of effectiveness. A questionnaire was applied in three blocks. The results indicate that employees are experts in their work, are highly trained in industrial safety and ecology, is a compensated innovative staff, promotes and invests in knowledge management and research & development, and enjoys a reputation for quality management and innovation. Classification-JEL: M59 Keywords: Intellectual Capital, Knowledge Management, Innovation and Technological Development Journal: Revista Internacional Administraction and Finanzas Pages: 93-106 Volume: 7 Issue: 4 Year: 2014 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v7n4-2014/RIAF-V7N4-2014-7.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:7:y:2014:i:4:p:93-106 Template-Type: ReDIF-Article 1.0 Author-name: Beatriz Eugenia Agudelo Orrego Author-name: Leopoldo Vasquez Arana Title: LEADERSHIP AS THE DYNAMIZING AGENT OF SOCIAL EQUITY,EL LIDERAZGO COMO EJE DINAMIZADOR DE LA EQUIDAD SOCIAL Abstract: The Leadership course taught in programs of the Economics and Administrative Sciences Schools Universidad Autonoma de Occidente in Cali Colombia, intends to help students develop an integrated project in the academic period. They apply topics covered in class and put into practice their innate skills or skills they have as leaders, almost simultaneously articulating theory with practice. The objective of this research is to present the highest impact projects worked by students between 2006 and 2011 in the city of Cali and the surrounding area, with vulnerable populations such as low-income young athletes, orphans, single mothers, low-income youth who attend school and pregnant teenage girls. The idea of working with this population emerges from concern of how the rationale of a university and the training process contribute to social equity and creating opportunities for disadvantaged people, being an agent of growth and country development. Classification-JEL: M12, M53 Keywords: Leadership, Influence, Social Intervention, Learning Journal: Revista Internacional Administraction and Finanzas Pages: 107-126 Volume: 7 Issue: 4 Year: 2014 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v7n4-2014/RIAF-V7N4-2014-8.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:7:y:2014:i:4:p:107-126