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La Ley del Mercado de Valores: Análisis de sus Posibles Consecuencias sobre las Corporaciones en Colombia

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Roberto Fortich ()

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Abstract

La Ley 964 de 2005 modifica la regulación del manejo, el aprovechamiento y la inversión de los recursos que hacen parte del mercado de valores colombiano. En este trabajo se busca llamar la atención sobre las posibles consecuencias que esta ley puede traer sobre las corporaciones en Colombia. Se analizan algunas reformas anteriores del mercado y, separadamente, se describe la configuración de propiedad de las corporaciones colombianas a la luz de ciertos enfoques metodológicos desarrollados en los últimos años (incluyendo la agenda de investigación de La Porta, López-de-Silanes, Shleifer y Vishny). Se concluye que, dadas las particularidades del mercado colombiano, la nueva Ley del Mercado de Valores puede favorecer el crecimiento de los fondos de inversión extranjera decididos a incluir a Colombia en su portafolio, pero también puede llegar a transformar el esquema de incentivos de las corporaciones colombianas. ************************************************************************************************************ Law 964 of 2005 modifies the existent regulation on the management and investment of resources associated with the Colombian stock exchange. This paper makes notice on some possible effects derived from this law that might affect corporations in Colombia. Several previous reforms of the market are studied, preceded by a description of the configuration of property among Colombian corporations on the basis of recent methodological approaches (including La Porta, López-de-Silanes, Shleifer, and Vishny’s research agenda). We conclude that given the particularities of the Colombian market, the new Stock Exchange Law may favor the growth of foreign investment funds with a Colombian portfolio, but it could also alter the incentive schemes by which corporations operate in Colombia.

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Paper provided by UNIVERSIDAD DEL ROSARIO - FACULTAD DE ECONOMÍA in its series BORRADORES DE INVESTIGACIÓN with number 003037.

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Length: 24
Date of creation: 01 Dec 2005
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Handle: RePEc:col:000091:003037

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  1. Luis H. Gutiérrez & Carlos Pombo, 2005. "Corporate Valuation and Governance: Evidence from Colombia," RES Working Papers 3216, Inter-American Development Bank, Research Department. [Downloadable!]
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  2. Luis H. Gutiérrez & Carlos Pombo & Rodrigo Taborda, 2005. "Ownership and Control in Colombian Corporations," RES Working Papers 3220, Inter-American Development Bank, Research Department. [Downloadable!]
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  3. Erik Berglof & Ernst-Ludwig von Thadden, 1999. "The Changing Corporate Governance Paradigm: Implications for Transition and Developing Countries," William Davidson Institute Working Papers Series 263, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
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  4. Tirole, Jean, 2001. "Corporate Governance," Econometrica, Econometric Society, vol. 69(1), pages 1-35, January.
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  5. Claessens, Stijn & Djankov, Simeon & Lang, Larry H. P., 2000. "The separation of ownership and control in East Asian Corporations," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 81-112. [Downloadable!] (restricted)
  6. Michael Pollitt & Ian Jones, 2003. "Understanding How Issues in Corporate Governance Develop: Cadbury Report to Higgs Review," ESRC Centre for Business Research - Working Papers wp277, ESRC Centre for Business Research. [Downloadable!]
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  7. Dr. Peter Kenning & Hilke Plassmann, 2004. "NeuroEconomics," Experimental 0412005, EconWPA. [Downloadable!]
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