Business Economics, Finance and Management Science
Prof. Felipe Aldunate

Assistant Professor of Finance
Ph.D Stanford Graduate School of Business

Prof. Raicho Bojilov

Assistant Professor of Strategy
Ph.D. Columbia University

Prof. David Buchuk

Adjunct Assistant Professor of Finance
Ph.D. University of Houston

Prof. Alvaro Bustos

Associate Professor of Strategy
Ph.D. Princeton University

Prof. Andrés Elberg

Assistant Professor of Marketing
Ph. D. University of California, Berkeley

Prof. Borja Larraín

Associate Professor of Finance
Ph.D. Harvard University

Prof. Mauricio Larraín

Assistant Professor of Finance
Ph.D. University of California, Berkeley

Prof. Gastón Llanes

Associate Professor of Strategy
Ph.D. Carlos III University of Madrid

Prof. Ricardo Montoya

Associate Professor of Marketing
Ph.D. Columbia University

Prof. Carlos Parra

Assistant Professor of Finance
Ph.D. University of Texas at Austin

Prof. Joaquín Poblete

Associate Professor of Strategy
Ph.D. Northwestern University

Prof. Bernardo Quiroga

Assistant Professor of Operations and Management Science
Ph.D. The Pennsylvania State University

Prof. Cristian Ramírez

Assistant Professor of Strategy
Ph.D. University of California, Los Angeles

Prof. Francisco Ruiz-Aliseda

Associate Professor of Strategy
Ph.D. Northwestern University

Prof. Gustavo Saraiva

Assistant Professor of Strategy
Ph.D. University of Maryland-College Park

Prof. Consuelo Silva

Assistant Professor of Finance
Ph.D. Tilburg University

Prof. Jorge Tarziján

Professor of Strategy
Ph.D. Northwestern University

Prof. José Tessada

Associate Professor of Finance
Ph.D. Massachusetts Institute of Technology

Prof. Marcela Valenzuela

Assistant Professor of Finance
Ph.D. London School of Economics

Prof. Vincent Van Kervel

Assistant Professor of Finance
Ph.D. Tilburg University

Prof. Eduardo Walker

Professor of Finance
Ph.D. University of California, Berkeley

Selected Publications

Aldunate, Felipe; González, Felipe; Prem, Mounu; Urzúa, Francisco (forthcoming)
Privatization and Business Groups: Evidence from the Chicago Boys in Chile
Explorations in Economic History

Larraín, Mauricio; Calomiris, Charles; Schmukler, Sergio (forthcoming)
Capital Inflows, Equity Issuance Activity, and Corporate Investment
Journal of Financial Intermediation

Montoya, Ricardo; Musalem, Andres; Meissner, Martin; Huber, Joel (forthcoming) 
Components of Attentional Effort for Repeated Tasks
Journal of Behavioral Decision Making

Quiroga, Bernardo F.; Moritz, Brent B.; Guide Jr., V. Daniel R. (forthcoming)
The Role of Transparency in Procurement: Revealed versus Concealed Scoring Rules in Sealed Bid A + B Auctions
Journal of Operations Management

Tarziján, Jorge; Brahm, Francisco; Parmigiani, Anne (forthcoming)
Can Firms Be Both Broad and Deep? Exploring Interdependencies between Horizontal and Vertical Firm Scope
Journal of Management

Tarziján, Jorge; Murcia, María José; Panwar, Rajat (forthcoming)
Socially Responsible Firms Outsource Less
Business & Society

Llanes, Gastón; Poblete, Joaquín (2020)
Technology Choice and Coalition Formation in Standards Wars
Journal of Industrial Economics, 68:2, 270-297

Valenzuela, Marcela; James, Kevin (2020)
The Efficient IPO Market Hypothesis: Theory and Evidence
Journal of Financial and Quantitative Analysis, 1-30

Aldunate, Felipe (2019)
Deposit Insurance, Bank Risk Taking, and Failures: Evidence from Early Twentieth-Century State Deposit Insurance Systems
Review of Corporate Finance Studies, 8:2, 260-301 (Winner of the RCFS Best Paper Award, 2020)

Bojilov, Raicho; Bar, Tavis; Munasinghe, Lalith (2019) 
Referrals and Search Efficiency: Who Learns What and When?
Journal of Labor Economics, 37:4, 1267-1300

Bustos, Alvaro; Bravo-Hurtado, Pablo (2019)
Explaining Difference in the Quantity of Cases Heard by Courts of Last Resort
American Law and Economics Review, 21:2, 346-393

Elberg, Andrés; Gardete, Pedro; Macera, Rosario; Noton, Carlos (2019)
Dynamic Effects of Price Promotions: Field Evidence, Consumer Search and Supply-Side Implications
Quantitative Marketing and Economics, 17:1, 1-58

Larraín, Borja; Sertsios, Giorgo; Urzúa, Francisco (2019) 
The Effects of Losing Business Group Affiliation
Review of Financial Studies, 32:8, 3036-3074

Llanes, Gastón (2019)
Competitive Strategy for Open and User Innovation
Journal of Economics & Management Strategy, 28:2, 280-297

Llanes, Gastón (2019)
Ex-Ante Agreements and FRAND Commitments in a Repeated Game of Standard-Setting Organizations
Review of Industrial Organization, 54:1, 159-174

Montoya, Ricardo; Gonzalez, Carlos (2019) 
A Hidden Markov Model to Detect On-Shelf Out-of-Stocks
Manufacturing and Service Operations Management, 21:4, 932-948

Montoya, Ricardo; Flores, Constanza (2019) 
Buying Free Rewards: The Impact of a Points-Plus-Cash Promotion on Purchase and Reward Redemption
Marketing Letters, 30, 107-118

Quiroga, Bernardo F.; Moritz, Brent; Ovchinnikov, Anton (2019)
Behavioral Ordering, Competition and Profits: An Experimental Investigation
Production and Operations Management, 28:9, 2242-2258

Ruiz-Aliseda, Francisco (2019)
Experimenting to Learn about Demand in Duopoly with Forward-Looking Consumers
Journal of Industrial Economics, 67:2, 279-327

Silva Buston, Consuelo (2019)
Systemic Risk and Competition Revisited
Journal of Banking and Finance, 101:2019, 188-205

Tessada, José; Lafortune, Jeanne; Lewis, Ethan (2019)
People and Machines: A Look at the Evolving Relationships between Capital and Skill Manufacturing 1860-1930 Using Immigration Shocks
Review of Economics and Statistics, 101:1, 30-43

Van Kervel, Vincent; Menkveld, Albert (2019)
High-Frequency Trading around Large Institutional Investors
Journal of Finance, 74:3, 1091-1137

Aldunate, Felipe (2018) 
Firm Competition and CEO Turnover: Evidence from US Railroad Deregulation
Financial Management, 47-2, 451-476

Elberg, Andrés; Noton, Carlos (2018)
Are Supermarkets Squeezing Small Suppliers? Evidence from Negotiated Wholesale Prices
Economic Journal, 128:610, 1304-1330

Larraín, Borja; Tessada, José; Da, Zhi; Sialm, Clemens (2018)
Destabilizing Financial Advice: Evidence from Pension Fund Reallocations
Review of Financial Studies, 31:10, 3720-3755

Llanes, Gastón; Escobar, Juan (2018)
Cooperation Dynamics in Repeated Games of Adverse Selection
Journal of Economic Theory, 176, 408-443

Montoya, Ricardo; Goic, Marcel; Alvarez, Rodolfo (2018) 
The Effect of House Ads on Multichannel Sales
Journal of Interactive Marketing, 42, 32-45

Poblete, Joaquín; Brahm, Francisco (2018)
Incentives and Ratcheting in a Multiproduct Firm: A Field Experiment
Management Science, 64:10, 4552-4571

Quiroga, Bernardo F.; Lonati, Sirio; Zehnder, Christian; Antonakis, John (2018)
On doing relevant and rigorous experiments: Review and recommendations Journal of Operations Management, 64:2018, 19-40

Ramírez, Cristian; Tarziján, Jorge (2018) 
Stakeholder Value Appropriation: The Case of Labor in the Worldwide Mining Industry
Strategic Management Journal, 39:5, 1496-1525

Ruiz-Aliseda, Francisco; Montez, Joao; Ryall, Michael (2018)
Competitive Intensity and its Two-Sided Effect on the Boundaries of Firm Performance
Management Science, 64:6, 2716-2733

Tarziján, Jorge; Snihur, Yulia (2018)
Managing Complexity in a Multi-Business-Model Organization
Long Range Planning, 51:1, 50-63

Tessada, José; Lafortune, Jeanne; Riutort, Julio (2018) 
Role Models of Individual Consulting: The Impact of Personalizing Micro-Entrepreneurship Training
American Economic Journal: Applied Economics, 10:4, 222-245

Valenzuela, Marcela; Danielsson, Jon; Zer, Ilknur (2018)
Learning from History: Volatility and Financial Crises
Review of Financial Studies, 31: 2774-2805

Larraín, Borja; Tapia, Matías; Urzúa, Francisco (2017) 
Investor Protection and Corporate Control
Journal of Corporate Finance, 47:December, 174-190

Larraín, Borja; Tessada, José; Muñoz, Daniel (2017)
Asset Fire Sales in Equity Markets: Evidence from a Quasi-Natural Experiment
Journal of Financial Intermediation, 30:April, 71-85

Larraín, Mauricio; Stumpner, Sebastian (2017) 
Capital Account Liberalization and Aggregate Productivity: The Role of Firm Capital Allocation
Journal of Finance, 72:4, 1825–1858

Larraín, Mauricio; Calomiris, Charles W.; Liberti, José M.; Sturgess, Jason D. (2017)
How Collateral Laws Shape Lending and Sectorial Activity
Journal of Financial Economics, 123:1, 163–188

Montoya, Ricardo; Maldonado, Sebastian; Lopez, Julio (2017) 
Simultaneous Preference Estimation and Heterogeneity Control for Choice-Based Conjoint via Support Vector Machines
Journal of the Operational Research Society, 68:1, 1323-1334

Montoya, Ricardo; Maldonado, Sebastian; Lopez, Julio (2017) 
Embedded Heterogeneous Feature Selection for Conjoint Analysis: A SVM Approach Using L1 Penalty
Applied Intelligence, 46, 775-787

Poblete, Joaquín; Spulber, Daniel (2017)
Managing Innovation: Optimal Incentive Contracts for Delegated R&D with Double Moral Hazard
European Economic Review, 95:June, 38-61

Tarziján, Jorge; Brahm, Francisco; Singer, Marcos (2017) 
The Impact of Frictions in Routine Execution on Economies of Scope
Strategic Management Journal, 38:10, 2121–2142

Valenzuela, Marcela; Bernales, Alejandro; Chen, Louisa (2017)
Learning and Forecasts about Option Returns through the Volatility Risk Premium
Journal of Economics Dynamics & Control 82: 312-330

Elberg, Andrés (2016)
Sticky Prices and Deviations from the Law of One Price: Evidence from Mexican Micro-Price Data
Journal of International Economics, Vol. 98, pp. 191-203

Larraín, Borja; Urzua, Francisco (2016) 
Do Business Groups Change with Market Development?
Journal of Economics & Management Strategy, 25:3, 750-784

Larraín, Borja; Chen, Long; Da, Zhi (2016) 
What Moves Investment Growth?
Journal of Money, Credit and Banking, 48:8, 1613-1653

Larraín, Mauricio; Campello, Murillo (2016)
Enlarging the Contracting Space: Collateral Menus, Access to Credit, and Economic Activity
Review of Financial Studies, 29:2, 349-383

Montoya, Ricardo; Correa, Jose; Thraves, Charles (2016) 
Contingent Preannounced Pricing Policies with Strategic Consumers
Operations Research, 64(1), 251-272

Ruiz-Aliseda, Francisco; Henry, Emeric (2016)
Keeping Secrets: The Economics of Access Deterrence
American Economic Journal: Microeconomics, 8:3, 95-118

Ruiz-Aliseda, Francisco (2016)
When Do Switching Costs Make Markets More or Less Competitive?
International Journal of Industrial Organization, 47, 121–151

Ruiz-Aliseda, Francisco (2016)
Preemptive Investments under Uncertainty, Credibility and First Mover Advantages
International Journal of Industrial Organization, 44, 123-137

Ruiz-Aliseda, Francisco; Mantovani, Andrea (2016)
Equilibrium Innovation Ecosystems: The Dark Side of Collaborating with Complementors
Management Science, 62:2, 534-549

Silva Buston, Consuelo (2016)
Active Risk Management and Banking Stability
Journal of Banking and Finance, 73: S203-2015.

Tarziján, Jorge; Brahm, Francisco (2016)
Toward an integrated theory of the firm: The interplay between internal organization and vertical integration
Strategic Management Journal, 37:12, 2481–2502

Tarziján, Jorge; Brahm, Francisco (2016)
Relational Contracts and Collaboration in the Supply Chain: Impact of Expected Future Business Volume on the Make‐or‐Buy Decision
Journal of Supply Chain Management, 52:3, 48–67

Valenzuela, Marcela; Danielsson, Jon; James, Kevin; Zer, Ilknur (2016)
Can we Prove a Bank Guilty of Creating Systemic Risk? A Minority Report
Journal of Money, Credit and Banking, 48: 795-812

Valenzuela, Marcela; Danielsson, Jon; James, Kevin; Zer, Ilknur (2016)
Model Risk of Risk Models
Journal of Financial Stability, 23: 79-91

Bustos, Alvaro; Jacobi, Tonja (2015)
A theory of Justices´ Retirement
American Law and Economics Review, 17:2, 529-565

Bustos, Alvaro; Jacobi, Tonja (2015) 
Communicating Judicial Retirement
International Review of Law and Economics, 43: 107-118

Larraín, Mauricio (2015)
Capital Account Opening and Wage Inequality
Review of Financial Studies, 28:6, 1555-587

Llanes, Gastón; Casadesus-Masanell, Ramon (2015)
Investment Incentives in Proprietary and Open-Source Two-Sided Platforms
Journal of Economics & Management Strategy, 24:2, 306-324

Montoya, Ricardo; Maldonado, Sebastian; Weber, Richard (2015) 
Advanced Conjoint Analysis Using Feature Selection via Support Vector Machines
European Journal of Operational Research, 241, 564-574

Poblete, Joaquín (2015)
Profit-Sharing and Market Structure
International Journal of Industrial Organization, 39:March, 10-18

Quiroga, Bernardo F.; Ovchinnikov, Anton; Moritz, Brent (2015)
How to Compete Against a Behavioral Newsvendor
Production and Operations Management, 24:11, 1783-1793

Tarziján, Jorge; Brahm, Francisco (2015)
Does Complexity and Prior Interactions Affect Project Procurement? Evidence from Mining Mega-Projects
International Journal of Project Management, 33:8, 1851-1862

Tessada, José; Lafortune, Jeanne; Covarrubias, Matias (2015) 
Who Comes and Why? Determinants of Immigrants’ Skill Levels in Early XX Century United States
Journal of Demographic Economics, 81:1, 115-155

Tessada, José; Lafortune, Jeanne; González, Carolina (2015) 
More Hands, More Power? The impact of Immigration on Farming and Technology Choices in US Agriculture in Early 20th Century
Journal of International Economics, 97:2, 339-358

Valenzuela, Marcela; Fryzlewicz, Piotr, Rheinlander, Thorsten; Zer, Ilknur (2015)
Relative Liquidity and Future Volatility
Journal of Financial Markets, 24: 25-48

Van Kervel, Vincent; Degryse, Hans; de Jong, Frank (2015) 
The Impact of Dark Trading and Visible Fragmentation on Market Quality
The Review of Finance, 19:4, 1587-1622

Van Kervel, Vincent (2015)
Competition for Order Flow with Fast and Slow Traders
The Review of Financial Studies, 28:7, 2094-2127

Buchuk, David; Larraín, Borja; Muñoz, Francisco; Urzua, Francisco (2014)
The Internal Capital Markets of Business Groups: Evidence from Intra-Group Loans
Journal of Financial Economics, 112:2, 190-212

Bustos, Alvaro; Jacobi, Tonja (2014) 
Strategic Judicial Preference Revelation
Journal of Law and Economics, 57:1, 113-137

Elberg, Andrés (2014)
Heterogeneous Price Dynamics, Synchronization and Retail Chains: Evidence from Scanner Data
Emerging Markets Finance and Trade, 50:6, 137-153

Llanes, Gastón; Poblete, Joaquín (2014)
Ex Ante Agreements in Standard Setting and Pool Formation
Journal of Economics & Management Strategy, 23:1, 50-67

Silva Buston, Consuelo; Norden, Lars; Wagner, Wolf (2014)
Financial Innovation and Bank Behavior:  Evidence from Credit Markets
Journal of Economic Dynamics and Control, 43: 130-145.

Tarziján, Jorge; Brahm, Francisco (2014)
Subcontracting in project-based firms: Do you follow the same pattern across your different projects?
International Journal of Project Management, 32:6, 995-1006

Tarziján, Jorge; Brahm, Francisco (2014) 
Transactional Hazards, Institutional Change, and Capabilities: Integrating Theories of the Firm
Strategic Management Journal, 35:2, 224-245