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Publications

by members of

Instituto de Estudios Superiores de Administración (IESA)

IESA School of Management

These are publications listed in RePEc written by members of the above institution who are registered with the RePEc Author Service. Thus this compiles the works all those currently affiliated with this institution, not those affilated at the time of publication. List of registered members. Register yourself. Citation analysis. This page is updated in the first days of each month.
| Working papers | Journal articles | Books | Chapters |

Working papers

2026

  1. Miguel Ángel Santos & Adan Silverio-Murillo & Jose Balmori-de-la-Miyar & Abel Rodríguez, 2026, "Crime Impacts of El Salvador’s Crackdown Policy," Working Paper Series of the School of Government and Public Transformation, School of Governement and Public Transformation, number 20, Jun.

2025

  1. Henryk Gzyl & Silvia Mayoral, 2025, "Determining a credit transition matrix from cumulative default probabilities," Papers, arXiv.org, number 2503.14646, Mar.
  2. Argimiro Arratia & Henryk Gzyl, 2025, "Portfolio optimization in incomplete markets and price constraints determined by maximum entropy in the mean," Papers, arXiv.org, number 2507.07053, Jul.
  3. Sebastián Bustos & Miguel Ángel Santos, 2025, "Beneficiation vs. Knowledge-based: Dead ends and steppingstones to productive diversification," Working Paper Series of the School of Government and Public Transformation, School of Governement and Public Transformation, number 13, Oct.

2024

  1. Fernando Gómez-Zaldívar & Hermilo Cortés & Víctor Espinoza & José Morales-Arilla & Miguel Ángel Santos, 2024, "La Complejidad Económica de El Salvador: Usando proximidades tecnológicas para identificar oportunidades de diversificación productiva," Working Paper Series of the School of Government and Public Transformation, School of Governement and Public Transformation, number 1, Jun.
  2. Miguel Ángel Santos & Helena García & María Angélica Trujillo, 2024, "Diagnóstico de Crecimiento de El Salvador: Del fin de la violencia al desarrollo sostenible," Working Paper Series of the School of Government and Public Transformation, School of Governement and Public Transformation, number 2, Jun.

2023

  1. Bailey Klinger & Miguel Angel Santos & Camilla Arroyo & Ekaterina Vashkinskaya, 2023, "Growth Diagnostics and Competitiveness Study of the Manufacturing Sector in Tanzania," CID Working Papers, Center for International Development at Harvard University, number 152a, Jun.
  2. Ricardo Hausmann & Miguel Angel Santos & Jorge Tudela Pye & Frank Muci & Yang Li & Fernando Miralles-Wilhelm & Ana Grisanti & Jessie Lu, 2023, "Looking for Virtue in Remoteness: Policy Recommendations for Sustainable and Inclusive Growth in the Peruvian Amazonia," CID Working Papers, Center for International Development at Harvard University, number 388a, Apr.

2022

  1. Ricardo Hausmann & Miguel Angel Santos & Frank Muci & Jorge Tudela Pye & Ana Grisanti & Jessie Lu, 2022, "Overcoming Remoteness in the Peruvian Amazonia: A Growth Diagnostic of Loreto," CID Working Papers, Center for International Development at Harvard University, number 387, Oct.
  2. Douglas Barrios & Frank Muci & Jessie Lu & Jorge Tudela Pye & Miguel Angel Santos & Nikita Taniparti & Ricardo Hausmann, 2022, "A Growth Diagnostic of Namibia," CID Working Papers, Center for International Development at Harvard University, number 405, Feb.
  3. Ricardo Hausmann & Miguel Angel Santos & Douglas Barrios & Nikita Taniparti & Jorge Tudela Pye & Jessie Lu, 2022, "The Economic Complexity of Namibia: A Roadmap for Productive Diversification," CID Working Papers, Center for International Development at Harvard University, number 410, Mar.

2021

  1. Pagliacci, Carolina, 2021, "The supply and demand-side impacts of uncertainty shocks. Evidence on advanced and emerging economies," MPRA Paper, University Library of Munich, Germany, number 108739, Mar.
  2. Farah Hani & Miguel Angel Santos, 2021, "Diagnosing Human Capital as a Binding Constraint to Growth: Tests, Symptoms and Prescriptions," CID Working Papers, Center for International Development at Harvard University, number 144a, Jul.
  3. Ana Grisanti & Jorge Tudela Pye & Miguel Angel Santos & Ricardo Hausmann & Yang Li, 2021, "Loreto’s Hidden Wealth: Economic Complexity Analysis and Productive Diversification Opportunities," CID Working Papers, Center for International Development at Harvard University, number 386a, Mar.
  4. Corrado Macchiarelli & Ricardo Hausmann & Miguel Angel Santos & Renato Giacon, 2021, "What Economic Complexity Theory Can Tell us about the EU's Pandemic Recovery and Resilience Plans," National Institute of Economic and Social Research (NIESR) Policy Papers, National Institute of Economic and Social Research, number 28, Sep.

2020

  1. Pedro Cadenas & Henryk Gzyl & Hyun Woong Park, 2020, "How dark is the dark side of diversification?," Papers, arXiv.org, number 2012.12154, Dec.
  2. Ricardo Hausmann & Douglas Barrios & Daniela Muhaj & Sehar Noor & Carolina Ines Pan & Miguel Angel Santos & Jorge Tapia & Bruno Zuccolo, 2020, "Emerging Cities as Independent Engines of Growth: The Case of Buenos Aires," CID Working Papers, Center for International Development at Harvard University, number 385, Oct.
  3. Ricardo Hausmann & Miguel Angel Santos & Jorge Tudela Pye & Yang Li & Ana Grisanti, 2020, "La Riqueza Escondida de Loreto: Análisis de Complejidad Económica y Oportunidades de Diversificación Productiva," CID Working Papers, Center for International Development at Harvard University, number 386, Oct.
  4. Ricardo Hausmann & Miguel Angel Santos & Jorge Tudela Pye & Frank Muci & Yang Li & Fernando Miralles-Wilhelm & Ana Grisanti & Jessie Lu, 2020, "Buscando virtudes en la lejanía: Recomendaciones de política para promover el crecimiento inclusivo y sostenible en Loreto, Peru," CID Working Papers, Center for International Development at Harvard University, number 388, Dec.

2019

  1. Ricardo Hausmann & Tim O'Brien & Miguel Angel Santos & Ana Grisanti & Jorge Tapia, 2019, "Jordan: The Elements of a Growth Strategy," CID Working Papers, Center for International Development at Harvard University, number 346, Feb.
  2. Semiray Kasoolu & Ricardo Hausmann & Tim O'Brien & Miguel Angel Santos, 2019, "Female Labor in Jordan: A Systematic Approach to the Exclusion Puzzle," CID Working Papers, Center for International Development at Harvard University, number 365, Oct.
  3. Ricardo Hausmann & Patricio Goldstein & Ana Grisanti & Tim O'Brien & Jorge Tapia & Miguel Angel Santos, 2019, "A Roadmap for Investment Promotion and Export Diversification: The Case for Jordan," CID Working Papers, Center for International Development at Harvard University, number 374, Dec.

2018

  1. Henryk Gzyl & Alfredo Rios, 2018, "Which portfolio is better? A discussion of several possible comparison criteria," Papers, arXiv.org, number 1805.06345, May, revised Jun 2022.
  2. Ricardo Hausmann & Carlo Pietrobelli & Miguel Angel Santos, 2018, "Place-specific Determinants of Income Gaps: New Sub-National Evidence from Chiapas, Mexico," CID Working Papers, Center for International Development at Harvard University, number 343, Jul.
  3. Douglas Barrios & Ana Grisanti & Jose Ramon Morales Arilla & Juan Obach & Johanna Ramos & Jorge Tapia & Miguel Angel Santos, 2018, "There is a Future after Cars: Economic Growth Analysis for Hermosillo," CID Working Papers, Center for International Development at Harvard University, number 96a, Dec.
  4. Bahar, Dany & Molina, Carlos A. & Santos, Miguel Angel, 2018, "Fool's gold: the impact of Venezuelan currency devaluations on multinational stock prices," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library, number 123056, Oct.

2017

  1. Dany Bahar & Miguel Angel Santos & Carlos Alberto Molina, 2017, "Fool’s Gold: Currency Devaluations and Stock Prices of Multinational Companies Operating in Venezuela," CID Working Papers, Center for International Development at Harvard University, number 83a, May.
  2. Chirinos-Leañez, Ana María & Pagliacci, Carolina, 2017, "Credit Supply in Venezuela: A Non-Conventional Bank Lending Channel?," IDB Publications (Working Papers), Inter-American Development Bank, number 8256, Apr, DOI: http://dx.doi.org/10.18235/0011796.
  3. Guarata, Nora & Pagliacci, Carolina, 2017, "Understanding Financial Fluctuations and Their Relation to Macroeconomic Stability," IDB Publications (Working Papers), Inter-American Development Bank, number 8332, May, DOI: http://dx.doi.org/10.18235/0011801.
  4. Juan Obach & Miguel Angel Santos & Ricardo Hausmann, 2017, "Appraising the Economic Potential of Panama Policy Recommendations for Sustainable and Inclusive Growth," CID Working Papers, Center for International Development at Harvard University, number 334, May.

2016

  1. Carolina Pagliacci, 2016, "Are We Ignoring Supply Shocks? A Proposal for Monitoring Cyclical Fluctuations," Documentos de Investigación - Research Papers, CEMLA, number 21, Apr.
  2. Fernandez, Leon & Pagliacci, Carolina, 2016, "The markup and aggregate fluctuations in Venezuela. Testing distributional shocks," MPRA Paper, University Library of Munich, Germany, number 106538, Aug.
  3. Pagliacci, Carolina & Peña, Jennifer, 2016, "Riesgos sistémicos en el mercado interbancario en Venezuela: 2004-2014
    [Systemic risk in the Venezuelan interbank market: 2004-2014]    ," MPRA Paper, University Library of Munich, Germany, number 106548, Jun.
  4. Ricardo Hausmann & Timothy Cheston & Miguel Angel Santos & Carlo Pietrobelli, 2016, "Towards a Prosperous and Productive Chiapas: Institutions, Policies, and Public-Private Dialog to Promote Inclusive Growth," CID Working Papers, Center for International Development at Harvard University, number 317, Mar.
  5. Ricardo Hausmann & Jose Ramon Morales Arilla & Miguel Angel Santos, 2016, "Panama beyond the Canal: Using Technological Proximities to Identify Opportunities for Productive Diversification," CID Working Papers, Center for International Development at Harvard University, number 324, Oct.
  6. Ricardo Hausmann & Luis Espinoza & Miguel Angel Santos, 2016, "Shifting Gears: A Growth Diagnostic of Panama," CID Working Papers, Center for International Development at Harvard University, number 325, Oct.
  7. Ricardo Hausmann & Juan Obach & Miguel Angel Santos, 2016, "Special Economic Zones in Panama: Technology Spillovers from a Labor Market Perspective," CID Working Papers, Center for International Development at Harvard University, number 326, Oct.
  8. Dany Bahar & Miguel Angel Santos, 2016, "One More Resource Curse: Dutch Disease and Export Concentration," CID Working Papers, Center for International Development at Harvard University, number 68, May.
  9. Hausmann, Ricardo & Morales, Jose Ramon & Santos, Miguel Angel, 2016, "Economic Complexity in Panama: Assessing Opportunities for Productive Diversification," Working Paper Series, Harvard University, John F. Kennedy School of Government, number rwp16-046, Oct.

2015

  1. Carmen Reinhart & Miguel Angel Santos, 2015, "From Financial Repression to External Distress: The Case of Venezuela," CID Working Papers, Center for International Development at Harvard University, number 293, Apr.
  2. Dan Levy & Ricardo Hausmann & Miguel Angel Santos & Luis Espinoza & Miguel Flores, 2015, "Why is Chiapas Poor?," CID Working Papers, Center for International Development at Harvard University, number 300, Jul.
  3. Ricardo Hausmann & Timothy Cheston & Miguel Angel Santos, 2015, "La Complejidad Economica de Chiapas; Analisis de Capacidades y Posibilidades de Diversificacion Productiva," CID Working Papers, Center for International Development at Harvard University, number 302, Sep.
  4. Ricardo Hausmann & Luis Espinoza & Miguel Angel Santos, 2015, "Diagnostico de Crecimiento de Chiapas: La Trampa de la Baja Productividad," CID Working Papers, Center for International Development at Harvard University, number 304, Oct.
  5. Ricardo Hausmann & Luis Espinoza & Miguel Angel Santos, 2015, "Chiapas Growth Diagnostic: The Trap of Low Productivity," CID Working Papers, Center for International Development at Harvard University, number 340en, Oct.
  6. Miguel Angel Santos, 2015, "The Right Fit for the Wrong Reasons: Real Business Cycle in an Oil-Dependent Economy," CID Working Papers, Center for International Development at Harvard University, number 64, Sep.
  7. Miguel Angel Santos & Silvio Dal Buoni & Celeste Lusetti & Elisabeth Garriga, 2015, "Piloto de Crecimiento Inclusivo en comunidades indígenas de Chiapas (Cruztón, Chamula)," CID Working Papers, Center for International Development at Harvard University, number 65, Nov.

2014

  1. González, Maximiliano & Garay, Urbi & Rosso, John, 2014, "The cost of equity in emerging markets: The case of Latin America," Galeras. Working Papers Series, Universidad de Los Andes. Facultad de Administración. School of Management, number 038, Feb.
  2. Erika Gomes-Gonc{c}alves & Henryk Gzyl & Silvia Mayoral, 2014, "Two maxentropic approaches to determine the probability density of compound risk losses," Papers, arXiv.org, number 1411.5625, Nov, revised Nov 2014.
  3. Pagliacci, Carolina, 2014, "Latin American Performance to External Shocks: What Has Really Been Sweat?," MPRA Paper, University Library of Munich, Germany, number 57816, Jul.

2013

  1. Pablo, Eduardo & González, Maximiliano & Garay, Urbi, 2013, "Cultural distance and its effect on cross-border entry mode: Latin American evidence," Galeras. Working Papers Series, Universidad de Los Andes. Facultad de Administración. School of Management, number 036, Oct.
  2. Carvallo, Oscar & Pagliacci, Carolina, 2013, "Macroeconomic Shocks, Housing Market and Banks’ Performance in Venezuela," MPRA Paper, University Library of Munich, Germany, number 58711, revised Jul 2014.

2012

  1. González, Maximiliano & Garay, Urbi, 2012, "Market Segmentation: Venezuelan ADRs," Galeras. Working Papers Series, Universidad de Los Andes. Facultad de Administración. School of Management, number 035, Aug.

2010

  1. González, Maximiliano & Molina, Carlos & Pablo, Eduardo, 2010, "Dividend Policy and Ownership Structure in Latin America," Galeras. Working Papers Series, Universidad de Los Andes. Facultad de Administración. School of Management, number 029, Oct.
  2. González, Maximiliano & Garay, Urbi, 2010, "Internet-Based Corporate Disclosure and Market Value: Evidence from Latin America," Galeras. Working Papers Series, Universidad de Los Andes. Facultad de Administración. School of Management, number 028, Oct.
  3. Scandizzo, Pasquale & Pagliacci, Carolina, 2010, "Foreign Reserve Management in an Oil Economy: Macroeconomic Risk as a Real Option," MPRA Paper, University Library of Munich, Germany, number 106539, Jun.
  4. Moreno, María Antonia & Pagliacci, Carolina, 2010, "Análisis de Riesgo Macro-financiero para Venezuela
    [Macro-financial risk for Venezuela]    ," MPRA Paper, University Library of Munich, Germany, number 106552, Jul.

2009

  1. Abel Rodriguez & Henryk Gzyl & German Molina & Enrique ter Horst, 2009, "Stochastic Volatility Models Including Open, Close, High and Low Prices," Papers, arXiv.org, number 0901.1315, Jan.
  2. Barraez, Daniel & Pagliacci, Carolina, 2009, "A Markov-Switching Model of Inflation: Looking at the future during uncertain times," MPRA Paper, University Library of Munich, Germany, number 106550, Aug.

2008

  1. Céspedes, Jacelly & González, Maximiliano & Molina, Carlos, 2008, "Ownership Concentration and the Determinants of Capital Structure in Latin America," Galeras. Working Papers Series, Universidad de Los Andes. Facultad de Administración. School of Management, number 020, Oct.
  2. Nuñez, Belkys & Pagliacci, Carolina, 2008, "El Diseño de la Política Petrolera en Venezuela: un enfoque de economía política
    [The design of the oil policy in Venezuela: a political economy approach]    ," MPRA Paper, University Library of Munich, Germany, number 106551, Mar.
  3. Abel Rodriguez & Enrique ter Horst, 2008, "Measuring expectations in options markets: An application to the SP500 index," Papers, arXiv.org, number 0901.0033, Dec.

2007

  1. Henryk Gzyl & Silvia Mayoral, 2007, "Determination of Risk Pricing Measures from Market Prices of Risk," Faculty Working Papers, School of Economics and Business Administration, University of Navarra, number 03/07, Jun.

2006

  1. Henryk Gzyl & Enrique ter Horst & Samuel Malone, 2006, "Towards a Bayesian framework for option pricing," Papers, arXiv.org, number cs/0610053, Oct.
  2. Henryk, Gzyl & Silvia, Mayoral, 2006, "On a relationship between distorted and spectral risk measures," MPRA Paper, University Library of Munich, Germany, number 916, Nov.
  3. Pagliacci, Carolina, 2006, "The Venezuelan Overnight Fund Market: Understanding a Credit Constraint Limit Order Market," MPRA Paper, University Library of Munich, Germany, number 106541, Oct.

2005

  1. Urbi Garay & Maximiliano González, 2005, "Rotación de presidentes ejecutivos y directores en Venezuela," Research Department Publications, Inter-American Development Bank, Research Department, number 3215, Nov.
  2. Urbi Garay & Maximiliano González, 2005, "CEO and Director Turnover in Venezuela," Research Department Publications, Inter-American Development Bank, Research Department, number 3214, Nov.

2004

  1. Pagliacci, Carolina & Ruda, Mario, 2004, "¿Tienen Efectos las Acciones de Política Monetaria? Un análisis de Intencionalidad
    [Do monetary policy actions have an effect? An intentionality analysis]    ," MPRA Paper, University Library of Munich, Germany, number 106674, Nov.

Journal articles

2026

  1. Arratia, Argimiro & Daou, Mahmoud El & Gzyl, Henryk, 2026, "Classification by separating hypersurfaces: An entropic approach," Physica A: Statistical Mechanics and its Applications, Elsevier, volume 685, issue C, DOI: 10.1016/j.physa.2026.131280.
  2. Henryk Gzyl & Silvia Mayoral, 2026, "Determining a Credit Transition Matrix from Cumulative Default Probabilities. An Entropy Minimization Approach," Computational Economics, Springer;Society for Computational Economics, volume 68, issue 2, pages 1539-1555, August, DOI: 10.1007/s10614-025-11108-7.

2025

  1. Argimiro Arratia & Henryk Gzyl, 2025, "An Entropic Approach to Constrained Linear Regression," Mathematics, MDPI, volume 13, issue 3, pages 1-11, January.
  2. Victor de la Peña & Henryk Gzyl & Silvia Mayoral & Haolin Zou & Demissie Alemayehu, 2025, "Prediction and estimation of random variables with infinite mean or variance," Communications in Statistics - Theory and Methods, Taylor & Francis Journals, volume 54, issue 1, pages 115-129, January, DOI: 10.1080/03610926.2024.2303976.
  3. Jui‐Chuan Della Chang & Dennis W. Jansen & Carolina Pagliacci, 2025, "International evidence on the cost channel of monetary policy," Economic Inquiry, Western Economic Association International, volume 63, issue 4, pages 1127-1146, October, DOI: 10.1111/ecin.70014.

2024

  1. Henryk Gzyl & Silvia Mayoral, 2024, "Joint probabilities under expected value constraints, transportation problems, maximum entropy in the mean," Statistica Neerlandica, Netherlands Society for Statistics and Operations Research, volume 78, issue 1, pages 228-243, February, DOI: 10.1111/stan.12314.
  2. Argimiro Arratia & Henryk Gzyl & Silvia Mayoral, 2024, "How to Keep Your Portfolio Close in Risk and Diversification to a Desired Benchmark," Computational Economics, Springer;Society for Computational Economics, volume 64, issue 3, pages 1489-1505, September, DOI: 10.1007/s10614-023-10485-1.
  3. Jesús Marcano & Karla Sánchez & José Manuel Puente, 2024, "¿Los consejos fiscales inciden sobre la gestión de las finanzas públicas nacionales? Un estudio cuasiexperimental con datos de panel," Revista Desarrollo y Sociedad, Universidad de los Andes,Facultad de Economía, CEDE, volume 96, issue 4, pages 91-119.
  4. Carolina Pagliacci, 2024, "Cash shortages and consumption during Venezuela’s hyperinflation," Applied Economics Letters, Taylor & Francis Journals, volume 31, issue 10, pages 948-952, June, DOI: 10.1080/13504851.2022.2156467.
  5. Carolina Pagliacci, 2024, "Comparing the inflationary impacts of uncertainty between advanced and emerging economies," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, volume 17, issue 3, pages 402-421, September, DOI: 10.1080/17520843.2023.2195738.

2023

  1. Chang, Jui-Chuan Della & Jansen, Dennis W. & Pagliacci, Carolina, 2023, "Inflation and real GDP growth in the U.S.—Demand or supply driven?," Economics Letters, Elsevier, volume 231, issue C, DOI: 10.1016/j.econlet.2023.111274.

2022

  1. Pedro Cadenas & Henryk Gzyl, 2022, "The Effects of Securitization for Managing Banking Risk Using Alternative Tranching Schemes," JRFM, MDPI, volume 15, issue 10, pages 1-25, September.
  2. Argimiro Arratia & Henryk Gzyl & Silvia Mayoral, 2022, "Tracking a Well Diversified Portfolio with Maximum Entropy in the Mean," Mathematics, MDPI, volume 10, issue 4, pages 1-14, February.
  3. Henryk Gzyl, 2022, "Prediction in Riemannian metrics derived from divergence functions," Communications in Statistics - Theory and Methods, Taylor & Francis Journals, volume 51, issue 2, pages 552-568, January, DOI: 10.1080/03610926.2020.1752384.

2021

  1. Gzyl, Henryk, 2021, "Harmonic oscillators, waves and Gaussian processes," Statistics & Probability Letters, Elsevier, volume 172, issue C, DOI: 10.1016/j.spl.2021.109043.
  2. Gzyl, Henryk, 2021, "Forced harmonic oscillators, waves on a forced string and changes of measure," Statistics & Probability Letters, Elsevier, volume 179, issue C, DOI: 10.1016/j.spl.2021.109232.
  3. Pedro E. Cadenas & Henryk Gzyl & Hyun Woong Park, 2021, "How dark is the dark side of diversification?," Journal of Risk Finance, Emerald Group Publishing Limited, volume 22, issue 1, pages 44-55, May, DOI: 10.1108/JRF-07-2020-0161.
  4. Pedro Cadenas & Henryk Gzyl, 2021, "Diversification Can Control Probability of Default or Risk, but Not Both," JRFM, MDPI, volume 14, issue 2, pages 1-10, February.
  5. Henryk Gzyl, 2021, "Construction of contingency tables by maximum entropy in the mean," Communications in Statistics - Theory and Methods, Taylor & Francis Journals, volume 50, issue 20, pages 4778-4786, September, DOI: 10.1080/03610926.2020.1723639.
  6. Antonios K. Alexandridis & Henryk Gzyl & Enrique ter Horst & German Molina, 2021, "Extracting pricing densities for weather derivatives using the maximum entropy method," Journal of the Operational Research Society, Taylor & Francis Journals, volume 72, issue 11, pages 2412-2428, November, DOI: 10.1080/01605682.2020.1796532.
  7. Hausmann, Ricardo & Pietrobelli, Carlo & Santos, Miguel Angel, 2021, "Place-specific determinants of income gaps: New sub-national evidence from Mexico," Journal of Business Research, Elsevier, volume 131, issue C, pages 782-792, DOI: 10.1016/j.jbusres.2021.01.003.

2020

  1. Argimiro Arratia & Henryk Gzyl, 2020, "Portfolio Optimization in Incomplete Markets and Price Constraints Determined by Maximum Entropy in the Mean," Computational Economics, Springer;Society for Computational Economics, volume 56, issue 4, pages 929-952, December, DOI: 10.1007/s10614-019-09954-3.
  2. Pagliacci, Carolina, 2020, "Financial constraints and inflation in Latin America: The impacts of bond financing and depreciations on supply inflation," Economic Analysis and Policy, Elsevier, volume 68, issue C, pages 379-397, DOI: 10.1016/j.eap.2020.10.006.

2019

  1. Garay, Urbi & González, Maximiliano & Rosso, John, 2019, "Country and industry effects in corporate bond spreads in emerging markets," Journal of Business Research, Elsevier, volume 102, issue C, pages 191-200, DOI: 10.1016/j.jbusres.2017.09.021.
  2. Gzyl, Henryk & ter Horst, Enrique & Molina, Germán, 2019, "A model-free, non-parametric method for density determination, with application to asset returns," Physica A: Statistical Mechanics and its Applications, Elsevier, volume 517, issue C, pages 210-221, DOI: 10.1016/j.physa.2018.11.011.
  3. Gzyl, Henryk, 2019, "Hitting spheres with Brownian motion revisited," Statistics & Probability Letters, Elsevier, volume 155, issue C, pages 1-1, DOI: 10.1016/j.spl.2019.108565.
  4. Laura H. Gunn & Henryk Gzyl & Enrique ter Horst & Miller Janny Ariza & German Molina, 2019, "Maximum entropy in the mean methods in propensity score matching for interval and noisy data," Communications in Statistics - Theory and Methods, Taylor & Francis Journals, volume 48, issue 18, pages 4581-4597, September, DOI: 10.1080/03610926.2018.1497656.
  5. Pagliacci, Carolina, 2019, "Dynamic credit convergence in CARD: The spreading of common shocks," The North American Journal of Economics and Finance, Elsevier, volume 50, issue C, DOI: 10.1016/j.najef.2019.101030.
  6. Carolina Pagliacci, 2019, "Are we ignoring supply shocks? A proposal for monitoring cyclical fluctuations," Empirical Economics, Springer, volume 56, issue 2, pages 445-467, February, DOI: 10.1007/s00181-017-1371-x.

2018

  1. Gomes-Gonçalves, Erika & Gzyl, Henryk & Mayoral, Silvia, 2018, "Calibration of short rate term structure models from bid–ask coupon bond prices," Physica A: Statistical Mechanics and its Applications, Elsevier, volume 492, issue C, pages 1456-1472, DOI: 10.1016/j.physa.2017.11.073.
  2. Miguel Angel Santos & Dany Bahar & Carlos A. Molina, 2018, "Fool’s Gold: The Impact of Venezuelan Currency Devaluations on Multinational Stock Prices," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, volume 0, issue Fall 2018, pages 93-128.
  3. Bahar, Dany & Santos, Miguel A., 2018, "One more resource curse: Dutch disease and export concentration," Journal of Development Economics, Elsevier, volume 132, issue C, pages 102-114, DOI: 10.1016/j.jdeveco.2018.01.002.

2017

  1. Urbi Garay & Manuel Hern�ndez & Carlos Rivillo, 2017, "Variables microeconómicas de los fondos de fondos de cobertura (FFC) y su desempeno durante la crisis financiera global 2008-2009," Revista Finanzas y Politica Economica, Universidad Católica de Colombia, volume 9, issue 2, pages 373-396.
  2. Gzyl, H. & Milev, M. & Tagliani, A., 2017, "Discontinuous payoff option pricing by Mellin transform: A probabilistic approach," Finance Research Letters, Elsevier, volume 20, issue C, pages 281-288, DOI: 10.1016/j.frl.2016.10.011.
  3. Gonzalez, Maximiliano & Molina, Carlos A. & Pablo, Eduardo & Rosso, John W., 2017, "The effect of ownership concentration and composition on dividends: Evidence from Latin America," Emerging Markets Review, Elsevier, volume 30, issue C, pages 1-18, DOI: 10.1016/j.ememar.2016.08.018.

2016

  1. Urbi Garay & Enrique Ter Horst & German Molina & Abel Rodriguez, 2016, "Bayesian Nonparametric Measurement of Factor Betas and Clustering with Application to Hedge Fund Returns," Econometrics, MDPI, volume 4, issue 1, pages 1-23, March.
  2. Gomes-Gonçalves, Erika & Gzyl, Henryk & Mayoral, Silvia, 2016, "Loss data analysis: Analysis of the sample dependence in density reconstruction by maxentropic methods," Insurance: Mathematics and Economics, Elsevier, volume 71, issue C, pages 145-153, DOI: 10.1016/j.insmatheco.2016.08.007.
  3. Gzyl, Henryk & Mayoral, Silvia, 2016, "Determination of zero-coupon and spot rates from treasury data by maximum entropy methods," Physica A: Statistical Mechanics and its Applications, Elsevier, volume 456, issue C, pages 38-50, DOI: 10.1016/j.physa.2016.02.066.
  4. Gzyl, H. & Tagliani, A., 2016, "Recovering a distribution from its translated fractional moments," Statistics & Probability Letters, Elsevier, volume 118, issue C, pages 171-176, DOI: 10.1016/j.spl.2016.06.024.
  5. Henryk Gzyl, 2016, "Sample Dependence in the Maximum Entropy Solution to the Generalized Moment Problem," Journal of Probability and Statistics, Hindawi, volume 2016, pages 1-5, December, DOI: 10.1155/2016/8629049.
  6. Carvallo, Oscar & Pagliacci, Carolina, 2016, "Macroeconomic shocks, bank stability and the housing market in Venezuela," Emerging Markets Review, Elsevier, volume 26, issue C, pages 174-196, DOI: 10.1016/j.ememar.2015.12.002.
  7. Miguel Santos, 2016, "The Right Fit for the Wrong Reasons: Real Business Cycle in an Oil-dependent Economy," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., volume 53, issue 1, pages 61-94, December.
  8. Carmen M. Reinhart & Miguel Angel Santos, 2016, "From Financial Repression to External Distress: The Case of Venezuela," Emerging Markets Finance and Trade, Taylor & Francis Journals, volume 52, issue 2, pages 255-284, February, DOI: 10.1080/1540496X.2015.1105614.

2015

  1. Gzyl, Henryk & Novi Inverardi, Pierluigi & Tagliani, Aldo, 2015, "Entropy and density approximation from Laplace transforms," Applied Mathematics and Computation, Elsevier, volume 265, issue C, pages 225-236, DOI: 10.1016/j.amc.2015.05.020.
  2. Gomes-Gonçalves, Erika & Gzyl, Henryk & Mayoral, Silvia, 2015, "Two maxentropic approaches to determine the probability density of compound risk losses," Insurance: Mathematics and Economics, Elsevier, volume 62, issue C, pages 42-53, DOI: 10.1016/j.insmatheco.2015.03.001.
  3. Gomes-Gonçalves, Erika & Gzyl, Henryk & Mayoral, Silvia, 2015, "Maxentropic approach to decompound aggregate risk losses," Insurance: Mathematics and Economics, Elsevier, volume 64, issue C, pages 326-336, DOI: 10.1016/j.insmatheco.2015.07.003.
  4. Gzyl, Henryk & ter Horst, Enrique & Villasana, Minaya, 2015, "Numerical determination of hitting time distributions from their Laplace transforms: One dimensional diffusions," Physica A: Statistical Mechanics and its Applications, Elsevier, volume 419, issue C, pages 594-602, DOI: 10.1016/j.physa.2014.10.005.
  5. Gzyl, Henryk & ter Horst, Enrique & Molina, German, 2015, "A spectral measure estimation problem in rheology," Physica A: Statistical Mechanics and its Applications, Elsevier, volume 434, issue C, pages 129-133, DOI: 10.1016/j.physa.2015.04.010.
  6. Gzyl, Henryk & ter Horst, Enrique & Molina, German, 2015, "Application of the method of maximum entropy in the mean to classification problems," Physica A: Statistical Mechanics and its Applications, Elsevier, volume 437, issue C, pages 101-108, DOI: 10.1016/j.physa.2015.05.105.
  7. Chirinos-Leañez & Carolina Pagliacci, 2015, "Macroeconomic shocks and the forward yield curve: how important is monetary policy?," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, volume 8, issue 3, pages 201-223, November, DOI: 10.1080/17520843.2015.1049640.

2014

  1. Garay, Urbi & Molina, Carlos A., 2014, "The public bond offering of Petróleos de Venezuela S.A," Journal of Business Research, Elsevier, volume 67, issue 4, pages 582-590, DOI: 10.1016/j.jbusres.2013.11.019.
  2. Contreras, Víctor & Garay, Urbi & Santos, Miguel Angel & Betancourt, Cosme, 2014, "Expropriation risk and housing prices: Evidence from an emerging market," Journal of Business Research, Elsevier, volume 67, issue 5, pages 935-942, DOI: 10.1016/j.jbusres.2013.07.013.
  3. Henryk Gzyl & Pier Luigi Novi Inverardi & Aldo Tagliani, 2014, "Fractional Moments and Maximum Entropy: Geometric Meaning," Communications in Statistics - Theory and Methods, Taylor & Francis Journals, volume 43, issue 17, pages 3596-3601, September, DOI: 10.1080/03610926.2012.705212.
  4. Ana Maria A. Chirinos L. & Carolina Pagliacci, 2014, "The Venezuelan Financial System. What Compromises its Performance?," Revista de Analisis Economico – Economic Analysis Review, Universidad Alberto Hurtado/School of Economics and Business, volume 29, issue 2, pages 47-74, October.

2013

  1. Garay, Urbi & González, Maximiliano & Guzmán, Alexander & Trujillo, María Andrea, 2013, "Internet-based corporate disclosure and market value: Evidence from Latin America," Emerging Markets Review, Elsevier, volume 17, issue C, pages 150-168, DOI: 10.1016/j.ememar.2013.09.002.
  2. Gzyl, Henryk & Novi-Inverardi, Pier-Luigi & Tagliani, Aldo, 2013, "Determination of the probability of ultimate ruin by maximum entropy applied to fractional moments," Insurance: Mathematics and Economics, Elsevier, volume 53, issue 2, pages 457-463, DOI: 10.1016/j.insmatheco.2013.07.011.
  3. Bárcenas, Luis Arturo. & Chirinos, Ana María. & Pagliacci, Carolina., 2013, "Trasmisión de choques macroeconómicos en Venezuela. Un enfoque estructural del modelo factorial," El Trimestre Económico, Fondo de Cultura Económica, volume 80, issue 320, pages 903-942, octubre-d, DOI: http://dx.doi.org/10.20430/ete.v80i.

2012

  1. Henryk Gzyl & Silvia Mayoral, 2012, "Determination of the Probability Distribution Measures from Market Option Prices Using the Method of Maximum Entropy in the Mean," Applied Mathematical Finance, Taylor & Francis Journals, volume 19, issue 4, pages 299-312, August, DOI: 10.1080/1350486X.2011.621354.
  2. Enrique Ter Horst & Abel Rodriguez & Henryk Gzyl & German Molina, 2012, "Stochastic volatility models including open, close, high and low prices," Quantitative Finance, Taylor & Francis Journals, volume 12, issue 2, pages 199-212, May, DOI: 10.1080/14697688.2010.492233.
  3. Carlos A. Molina & Lorenzo A. Preve, 2012, "An Empirical Analysis of the Effect of Financial Distress on Trade Credit," Financial Management, Financial Management Association International, volume 41, issue 1, pages 187-205, March, DOI: j.1755-053X.2012.01182.x.

2010

  1. Gzyl, Henryk & Mayoral, Silvia, 2010, "A method for determining risk aversion functions from uncertain market prices of risk," Insurance: Mathematics and Economics, Elsevier, volume 47, issue 1, pages 84-89, August.
  2. Céspedes, Jacelly & González, Maximiliano & Molina, Carlos A., 2010, "Ownership and capital structure in Latin America," Journal of Business Research, Elsevier, volume 63, issue 3, pages 248-254, March.

2009

  1. Henryk Gzyl & Enrique Ter Horst, 2009, "Recovering Decay Rates from Noisy Measurements with Maximum Entropy in the Mean," Journal of Probability and Statistics, Hindawi, volume 2009, pages 1-13, June, DOI: 10.1155/2009/563281.
  2. Henryk Gzyl & German Molina & Enrique ter Horst, 2009, "Assessment and propagation of input uncertainty in tree‐based option pricing models," Applied Stochastic Models in Business and Industry, John Wiley & Sons, volume 25, issue 3, pages 275-308, May, DOI: 10.1002/asmb.736.
  3. Carlos A. Molina & Lorenzo A. Preve, 2009, "Trade Receivables Policy of Distressed Firms and Its Effect on the Costs of Financial Distress," Financial Management, Financial Management Association International, volume 38, issue 3, pages 663-686, September, DOI: 10.1111/j.1755-053X.2009.01051.x.
  4. Samuel Malone & Abel Rodriguez & Enrique ter Horst, 2009, "What executives should know about structural credit risk models and their limitations: a primer with examples," Journal of Financial Transformation, Capco Institute, volume 27, pages 58-62.

2008

  1. Urbi Garay & Maximiliano González, 2008, "Corporate Governance and Firm Value: The Case of Venezuela," Corporate Governance: An International Review, Wiley Blackwell, volume 16, issue 3, pages 194-209, May, DOI: 10.1111/j.1467-8683.2008.00680.x.
  2. Gzyl, Henryk & Mayoral, Silvia, 2008, "Determination of risk pricing measures from market prices of risk," Insurance: Mathematics and Economics, Elsevier, volume 43, issue 3, pages 437-443, December.
  3. de la Pena, Victor & Gzyl, Henryk & McDonald, Patrick, 2008, "Inverse problems for random walks on trees: Network tomography," Statistics & Probability Letters, Elsevier, volume 78, issue 18, pages 3176-3183, December.
  4. Henryk Gzyl & Enrique ter Horst & Samuel W. Malone, 2008, "Bayesian parameter inference for models of the Black and Scholes type," Applied Stochastic Models in Business and Industry, John Wiley & Sons, volume 24, issue 6, pages 507-524, November, DOI: 10.1002/asmb.709.
  5. Daniel Barráez & Carolina Pagliacci, 2008, "Identificación de segmentos de precios en el mercado de fondos overnigth usando modelos ocultos de Markov," Monetaria, CEMLA, volume 0, issue 3, pages 339-359, julio-sep.

2007

  1. Urbi Garay & Maximiliano González & Carlos A. Molina, 2007, "Firm Performance and CEO Reputation Costs: New Evidence from the Venezuelan Banking Crisis," Emerging Markets Finance and Trade, Taylor & Francis Journals, volume 43, issue 3, pages 16-33, June.

2005

  1. Andres Almazan & Carlos A. Molina, 2005, "Intra‐Industry Capital Structure Dispersion," Journal of Economics & Management Strategy, Wiley Blackwell, volume 14, issue 2, pages 263-297, June, DOI: 10.1111/j.1530-9134.2005.00042.x.
  2. Carlos A. Molina, 2005, "Are Firms Underleveraged? An Examination of the Effect of Leverage on Default Probabilities," Journal of Finance, American Finance Association, volume 60, issue 3, pages 1427-1459, June, DOI: 10.1111/j.1540-6261.2005.00766.x.

2003

  1. Thomas Moeller & Carlos A. Molina, 2003, "Survival and Default of Original Issue High-Yield Bonds," Financial Management, Financial Management Association, volume 32, issue 1, Spring.

2002

  1. Henryk Gzyl & Noam Zeev, 2002, "Probabilistic Approach to an Image Reconstruction Problem," Methodology and Computing in Applied Probability, Springer, volume 4, issue 3, pages 279-290, September, DOI: 10.1023/A:1022589902558.
  2. Molina, Carlos A., 2002, "Predicting bank failures using a hazard model: the Venezuelan banking crisis," Emerging Markets Review, Elsevier, volume 3, issue 1, pages 31-50, March.

2000

  1. Henryk Gzyl, 2000, "Maxentropic construction of risk neutral measures: discrete market models," Applied Mathematical Finance, Taylor & Francis Journals, volume 7, issue 4, pages 229-239, DOI: 10.1080/13504860110061699.

1990

  1. Gzyl, Henryk, 1990, "Diffusions on some submanifolds of euclidean spaces," Statistics & Probability Letters, Elsevier, volume 10, issue 4, pages 317-319, September.

1987

  1. Gzyl, Henryk, 1987, "Characterization of vector valued, gaussian, stationary, markov processes," Statistics & Probability Letters, Elsevier, volume 6, issue 1, pages 17-19, September.

1981

  1. Betz, Cristina & Gzyl, Henryk, 1981, "Remarks on the equation dXt = a(Xt)dBt," Stochastic Processes and their Applications, Elsevier, volume 11, issue 3, pages 313-315, August.

Books

2025

  1. Santos,Miguel Angel & Fortunato,Andres, 2025, "Public-Private Dialogs to Spur Export-led Growth," Cambridge Books, Cambridge University Press, number 9781009396134.

2021

  1. Santos,Miguel Angel & Hani,Farah, 2021, "Diagnosing Human Capital as a Binding Constraint to Growth," Cambridge Books, Cambridge University Press, number 9781108971591.

2007

  1. Bebczuk, Ricardo N. & Da Silva, André L. Carvalhal & Chong, Alberto E. & Cruces, Juan José & Garay, Urbi & González, Maximiliano & Gutiérrez, Luis H. & Kawamura, Enrique & Leal, Ricardo P. C. & Lefort, 2007, "Investor Protection and Corporate Governance: Firm-level Evidence across Latin America," IDB Publications (Books), Inter-American Development Bank, number 354, ISBN: ARRAY(0xa9f82d08), DOI: http://dx.doi.org/10.18235/0014111.

2005

  1. Ricardo Baeza-Yates & Joseph Glaz & Henryk Gzyl & Jürgen Hüsler & José Luis Palacios (ed.), 2005, "Recent Advances in Applied Probability," Springer Books, Springer, number 978-0-387-23394-9, ISBN: ARRAY(0x70235f10), DOI: 10.1007/b101429.

Chapters

2018

  1. Erika Gomes-Gonçalves & Henryk Gzyl & Silvia Mayoral, 2018, "Loss Data Analysis with Maximum Entropy," Springer Books, Springer, in: Marco Corazza & María Durbán & Aurea Grané & Cira Perna & Marilena Sibillo, "Mathematical and Statistical Methods for Actuarial Sciences and Finance", DOI: 10.1007/978-3-319-89824-7_70.

2017

  1. Óscar Carvallo Valencia & Carolina Pagliacci & Ana María Chirinos, 2017, "¿Qué determina los precios del mercado inmobiliario en Venezuela? Una historia sobre renta petrolera y fragilidad financiera?," Investigación Conjunta-Joint Research, Centro de Estudios Monetarios Latinoamericanos, CEMLA, chapter 5, in: Gerardo Licandro & Jorge Ponce, "Precios de activos internos, fundamentos globales y estabilidad financiera".

2007

  1. Carolina Pagliacci & Elizabeth Ochoa, 2007, "Macroeconomic Risk Evaluation of International Reserves in Venezuela," Palgrave Macmillan Books, Palgrave Macmillan, chapter 13, in: Philip Arestis & Gennaro Zezza, "Advances in Monetary Policy and Macroeconomics", DOI: 10.1057/9780230800762_13.

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