Business Economics and Finance

The Business Economics and Finance Group conducts research on Applied Economics, Management and Finance, using the tools of Economic theory and Econometrics.


Álvaro Bustos

PhD Princeton University
Borja Larraín

PhD Harvard University
Eduardo Walker

PhD University of California at Berkeley
Gastón Llanes

PhD Carlos III University of Madrid
Joaquín Poblete

PhD Northwestern University
Jorge Tarziján

PhD Northwestern University
José Tessada

PhD Massachusetts Institute of Technology
Julio Riutort

PhD University of Texas at Austin
Rosario Macera

PhD University of California at Berkeley

Selected Publications
  • Brahm, Francisco and Jorge Tarzijan (forthcoming), “Transactional Hazards, Institutional Change, and Capabilities: Integrating the Theories of the Firm,” Strategic Management Journal.
  • Brahm, Francisco and Jorge Tarzijan (forthcoming), "Boundary Choice Interdependency: Evidence from the Construction Industry," Industrial and Corporate Change.
  • Casadesus-Masanell, Ramon and Gaston Llanes (forthcoming), "Investment Incentives in Open-Source and Proprietary Two-Sided Platforms," Journal of Economics and Management Strategy.
  • Donelli, Marcelo, Borja Larraín and Felipe Varas (forthcoming), “Ownership Dynamics with Large Shareholders: An Empirical Analysis," Journal of Financial and Quantitative Analysis.
  • Llanes, Gaston and Joaquin Poblete (forthcoming), "Ex-Ante Agreements in Standard Setting And Patent-Pool Formation," Journal of Economics and Management Strategy.
  • Larraín, Borja and Felipe Varas (2013), “Equity Issues and Return Volatility," Review of Finance, 17(2), pp. 767-808.
  • Larraín, Borja and Francisco Urzua  (2013),  “Controlling Shareholders and Market Timing in Share Issuance,” Journal of Financial Economics, 109(3), pp. 661-681.
  • Llanes, Gaston and Ramiro de Elejalde (2013), "Industry Equilibrium with Open-Source and Proprietary Firms," International Journal of Industrial Organization, 31(1) 36-49.
  • Tarzijan, Jorge (2013), "The emergence of world-class companies in Chile: Analysis of cases and a framework to analyze integration decisions," Journal of Business Research 66, pp. 1728-1735.
  • Brahm, Francisco and Jorge Tarzijan (2012), "The impact of complexity and managerial diseconomies on hierarchical governance," Journal of Economic Behavior and Organization 84, 586– 599. 2012.
  • Gallejo, Francisco and Borja Larraín (2012), “CEO Compensation and Large Shareholders: Evidence from Emerging Markets," Journal of Comparative Economics, 40 (4), pp. 621-642.
  • Gallego, Francisco and José Tessada (2012), “Sudden Stops, Financial Frictions, and Labor Market Flows: Evidence from Latin America,"Journal of Development Economics, 97(2), pp. 257-268.
  • Llanes, Gaston and Stefano Trento (2012), "Patent Policy, Patent Pools, and the Accumulation of Claims in Sequential Innovation," Economic Theory, 50(3) 703-725.
  • Poblete, Joaquin and Daniel Spulber (2012) "The form of incentive contracts: Agency with moral hazard, risk neutrality and limited liability"  Rand Journal of Economics, 43, pp 215-234.
  • Casadesus-Masanell, Ramon and Gaston Llanes (2011), "Mixed Source," Management Science, 57(7) 1212-1230.
  • Cortés, Patricia and José Tessada (2011), “Low-Skilled Immigration and the Labor Supply of Highly Skilled Women," American Economic Journal: Applied Economics, 3(3), pp. 88-123, July 2011.
  • Larraín, Borja (2011), “World Betas, Consumption Growth, and Financial Integration," Journal of International Money and Finance, 30(6), pp. 999-1018.
  • Ramirez, Christian and Jorge Tarzijan (2011), "Firm, industry and corporation effects revisited: A mixed multi-level analysis for Chilean companies," Applied Economic Letters, Volume 18, Issue 1 , pages 95 – 100.
  • Varas, Felipe and Eduardo Walker (2011), “Optimal Close-to-Home Biases in Asset Allocation," Journal of Business Research, Volume 64, Issue 3, March 2011, p. 328-337.
  • Avraham, Ronen and Bustos, Alvaro E. (2010) “The Unexpected Effects of Caps on Non-Economic Damages,” International Review of Law and Economics. 30 (4): 291-305.
  • Larraín, Borja (2010), “Stock Market Development and Cross-Country Differences in Relative Prices” Review of Economics and Statistics, 92 (4), pp. 784-797.
  • Braun, Matías and Borja Larraín (2009), “Do IPOs Affect the Prices of Other Stocks? Evidence from Emerging Markets," Review of Financial Studies, April 2009, 22(4), pp. 1505-1544.
  • Brahm, Francisco, L. F. Daiber, and Jorge Tarzijan (2008), "Determinants of Entrepreneurial Profitability and its Persistence:  The Case of Chile versus US.," Journal of Business Research. Vol. 61, Number 6, June, pp. 599-608.
  • Larraín, Borja and Motohiro Yogo (2008), “Does Firm Value Move Too Much to be Justified by Subsequent Changes in Cash Flow?,"  Journal of Financial Economics, January 2008, 87(1), pp. 200-226.
  • Walker, Eduardo (2008) “Strategic Currency Hedging and Global Portfolio Investments Upside Down," Journal of Business Research, vol. 61(6), p. 657-668.
  • Larrain, Mauricio and Joaquin Poblete (2007) "Age-differentiated minimum wages in developing countries"  Journal of Development Economics 84 (2). pp. 777-797
  • Lefort, Fernando and Eduardo Walker (2007) “Do Markets Penalize Agency Conflicts between Controlling and Minority Shareholders? Evidence from Chile," The Developing Economies, Volume 45, Number 3 (September), p. 283-314.
  • Larraín, Borja (2006) Do Banks Affect the Level and Composition of Industrial Volatility?," Journal of Finance, August 2006, 61(4), pp. 1897-1925.
  • Braun, Matias and Borja Larraín (2005) “Finance and the Business Cycle: International, Inter-Industry Evidence” Journal of Finance, June 2005, 60(3), pp. 1097-1128.
  • Bustos, Alvaro E., Galetovic, Alexander and Engel, Eduardo M.R.A. (2004) “Could Higher Taxes Increase the Long-Run Demand for Capital?: Theory and Evidence for Chile," Journal of Development Economics, 73 (2): 675-695.