scholarly journals Are the Financial Markets Sensitive to Hydrological Risk? Evidence from the Bovespa

Water ◽  
2020 ◽  
Vol 12 (11) ◽  
pp. 3011
Author(s):  
José Manuel Feria-Domínguez ◽  
Pilar Paneque ◽  
Fanny de la Piedra
Keyword(s):  
Climate Change ◽  
Financial Markets ◽  
Latin American ◽  
Abnormal Returns ◽  
Perishable Products ◽  
Study Analysis ◽  
Food Sector ◽  
Change Impact ◽  
Latin American Countries ◽  
Sample Versus

This research analyzes the BOVESPA stock market response to the worst drought occurred in the last 100 years in Brazil. For this purpose, we conducted a standard event study analysis in order to assess the financial response to such hydrological risk on a sample of seven Brazilian agri-food firms. We found statistically significant negative cumulative average abnormal returns (CAARs) around the drought official announcement for different event windows used. Particularly, the highest impact was obtained for the narrowest temporary window, five days around the event disclosure. Moreover, we also found the drought announcement affects even more negatively those companies that sell perishable products, five out of seven in our sample, versus those selling nonperishable ones by running a two-sample t-test on CAARs. This study brings awareness to the climate change impact into the emerging financial markets and the risk faced by shareholders when investing in the agri-food sector, not only in Brazil but also in other Latin American countries, due to the increasing probability to suffer from droughts.

Society, Environment, Vulnerability, and Climate Change in Latin America

2016 ◽  
Vol 43 (4) ◽  
pp. 29-42
Author(s):  
Jorge Rojas Hernández
Keyword(s):  
Climate Change ◽  
Political Parties ◽  
Latin American ◽  
Added Value ◽  
Adaptation To Climate Change ◽  
Level Of Education ◽  
Environmental Deterioration ◽  
America Latina ◽  
Latin American Countries

Historically, Latin American social development has been diverse and heterogeneous. It depends on the use of natural resources (with greater or less added value and productive diversity), the influence of social movements, the role of political parties, the level of education, and the prevailing culture. Inequality and social exclusion are still prevalent in most Latin American countries. Poverty and environmental deterioration tend to be correlated. Therefore strategies for mitigation of and adaptation to climate change must consider measures for overcoming poverty and reducing inequality. El desarrollo social en América Latina es históricamente muy diverso y heterogéneo. Depende del uso de los recursos naturales — con mayor o menor valor agregado y diversidad productiva —, de la influencia de los movimientos sociales, del papel de los partidos políticos, del nivel educacional alcanzado y del tipo de cultura imperante en las diferentes sociedades. Aún persiste la desigualdad y altos índices de exclusión social en la mayoría de los países latinoamericanos. Pobreza y deterioro del medio ambiente suelen correlacionarse. Los pobres por lo general viven en territorios degradados y vulnerables. Las estrategias de mitigación y adaptación al cambio climático deben, en consecuencia, contemplar medidas de superación de la pobreza y disminución de los niveles de desigualdad social y ambiental.

scholarly journals Institutional Design and Elite Support for Climate Policies: Evidence from Latin American Countries

2019 ◽  
Author(s):  
Danilo Freire ◽  
Umberto Guarnier Mignozzetti ◽  
David Skarbek
Keyword(s):  
Climate Change ◽  
Latin American ◽  
Institutional Design ◽  
Local Level ◽  
Climate Mitigation ◽  
Local Climate ◽  
Climate Policies ◽  
Local Climate Change ◽  
Local Courts ◽  
Latin American Countries

Which institutional features do Latin American elites favor for local climate change policies? Climate change mitigation requires active local level implementation, but it remains unclear which institutional arrangements maximize support for environmental rules. In this paper, we run a conjoint experiment with elite members of 10 Latin American countries and ask respondents to evaluate institutional designs drawn from a pool of 5,500 possible local climate governance arrangements. We find that Latin American elites prefer international organizations to formulate climate policies, support imposing increasing fines on violators, and favor renewing agreements every five years. We also find that elites support both international institutions and local courts to mediate conflicts, but they distrust non-governmental organizations and reject informal norms as a means of conflict resolution. Our results identify possible challenges in crafting local climate mitigation policies and offer new insights about how to integrate local and international levels in environmental agreements.

scholarly journals Terrorism and Latin-American Stocks Markets

2019 ◽  
Vol 14 (PNEA) ◽  
pp. 583-599
Author(s):  
Nicolás S. Magner ◽  
Cinthia K. Roa
Keyword(s):  
Latin American ◽  
Capital Market ◽  
Abnormal Returns ◽  
Market Model ◽  
Terrorist Attacks ◽  
Wide Range ◽  
The Us ◽  
Latin American Countries ◽  
Terrorist Events ◽  
The Capital Market

This paper investigates the effects of major terrorist attacks of the last 20 years on a set of stocks listed at Latin-American stock markets. Utilizing the capital market model, we calculate abnormal returns during the day of the terror attacks for 115 stocks listed in 6 Latin-American countries. In this sense, we appreciate different reaction between countries, where Brazil, Peru, and Chile have a significant market reaction of terrorism. These results promote international diversification and the use of this loss to avoid significant capital losses. However, the results are limited by the validity of the capital market model. This paper has important implications for international investors and their investment risk management strategies. Despite the frequency of terrorist events, this is the first work that addresses a wide range of these in Latin American countries. The main conclusion is that there is a negative effect of terrorist events on Latin American markets, but this effect is mixed; there is a negative and significant impact of the US terrorist attacks and a weak and non-significant effect when the attacks occur outside the US.

scholarly journals Institutional Design and Elite Support for Climate Policies: Evidence from Latin American Countries

2020 ◽  
pp. 1-13
Author(s):  
Danilo Freire ◽  
Umberto Mignozzetti ◽  
David Skarbek
Keyword(s):  
Climate Change ◽  
Latin American ◽  
Institutional Design ◽  
Local Level ◽  
Climate Mitigation ◽  
Local Climate ◽  
Climate Policies ◽  
Local Climate Change ◽  
Local Courts ◽  
Latin American Countries

Abstract Which institutional features do Latin American elites favor for local climate change policies? Climate change mitigation requires active local-level implementation, but it remains unclear which institutional arrangements maximize support for environmental rules. In this paper, we run a conjoint experiment with elite members of 10 Latin American countries and ask respondents to evaluate institutional designs drawn from a pool of 5,500 possible local climate governance arrangements. We find that Latin American elites prefer international organizations to formulate climate policies, support imposing increasing fines on violators, and favor renewing agreements every 5 years. We also find that elites support both international institutions and local courts to mediate conflicts, but they distrust non-governmental organizations and reject informal norms as a means of conflict resolution. Our results identify possible challenges in crafting local climate mitigation policies and offer new insights about how to integrate local and international levels in environmental agreements.

Climate change initiatives in Mexico: a review

2018 ◽  
Vol 29 (6) ◽  
pp. 1042-1058 ◽  
Author(s):  
Jorge Alejandro Silva Rodríguez de San Miguel
Keyword(s):  
Climate Change ◽  
Latin American ◽  
Design Methodology ◽  
Short Term ◽  
Change Initiatives ◽  
Content Type ◽  
Mexican Government ◽  
The Subject ◽  
Latin American Countries ◽  
Selection Of

Purpose The purpose of this paper is to analyse the measures taken by the Mexican Government in relation to the country’s climate change and its management to improve it. Design/methodology/approach Much of the information which has guided this review was sourced from official documents referred to the climate change initiatives in Mexico, especially technical reports and working papers. The selection of literature was considered based on its recency, academic importance and veracity. The studies selected mainly ranged from 2001 to 2017. Findings This review finds that further research is required to assess Mexico’s climate change efforts objectively, which will help to ascertain if the nation’s plans and commitment are as ambitious and strong as the country claims. Research limitations/implications Most of the literature considered in this review was sourced from official documents and has not been subject to extensive academic peer review to guarantee that national decision and policy making are based on reliable scientific knowledge. Originality/value Mexico is one of the first countries to introduce a law dedicated to climate change, and its inclusion of short-term climate pollutants in its National Climate Change Strategy makes it more ambitious than that of many other Latin American countries. However, literature on the subject is limited and fragmented.

scholarly journals Nuevos acuerdos regionales de comercio en Latinoamérica y disposición a negociar: El caso de la agricultura

2011 ◽  
Vol 6 (12) ◽  
pp. 15
Author(s):  
Alberto Valdés ◽  
William Foster
Keyword(s):  
Latin American ◽  
Regional Integration ◽  
Free Trade Agreements ◽  
Trade Policies ◽  
Food Sector ◽  
Multilateral Trade ◽  
Trade Blocs ◽  
Agricultural Protectionism ◽  
American Agriculture ◽  
Latin American Countries

<span>This article analyses past trade trends and agricultural protectionism in Latin American agriculture, by examining observed changes in Latin American agriculture and trade policies over the last 20 years that have led to what the authors call the«New Open Regionalism». It also discussed the conflicting interests and various trading positions taken up by Latin American countries in multilateral trade talks, as a result of the strong heterogeneity between net agricultural exporters and importers. The authors show that the repeated failure of the Doha round of trade talks opens the door for bilateral or sub-regional free trade agreements, concluding with the prediction that regional integration in Latin America will come about as a result of agreements between various sub-regional trade blocs. The weakness of internal demand makes the development of the region’s agri-food sector highly dependent on exports, the growth of which is one of the main economic drivers in these countries, particularly net exporters. In addressing the issue of the distribution of profits from trade liberalization, the authors propose a variety of schemes that have already proved their effectiveness in countries such as Mexico, Turkey, Brazil, Colombia, Nicaragua and Honduras.</span>

Test Use in Spain, Portugal and Latin American Countries

1999 ◽  
Vol 15 (2) ◽  
pp. 151-157 ◽  
Author(s):  
José Muñiz ◽  
Gerardo Prieto ◽  
Leandro Almeida ◽  
Dave Bartram
Keyword(s):  
Latin American ◽  
Ad Hoc ◽  
Task Force ◽  
Test Construction ◽  
European Federation ◽  
Psychometric Characteristics ◽  
Testing Practices ◽  
Professional Psychologists ◽  
Test Use ◽  
Latin American Countries

Summary: The two main sources of errors in educational and psychological evaluation are the lack of adequate technical and psychometric characteristics of the tests, and especially the failure to properly implement the testing process. The main goal of the present research is to study the situation of test construction and test use in the Spanish-speaking (Spain and Latin American countries) and Portuguese-speaking (Portugal and Brazil) countries. The data were collected using a questionnaire constructed by the European Federation of Professional Psychologists Association (EFPPA) Task Force on Tests and Testing, under the direction of D. Bartram . In addition to the questionnaire, other ad hoc data were also gathered. Four main areas of psychological testing were investigated: Educational, Clinical, Forensic and Work. Key persons were identified in each country in order to provide reliable information. The main results are presented, and some measures that could be taken in order to improve the current testing practices in the countries surveyed are discussed. As most of the tests used in these countries were originally developed in other cultures, a problem that appears to be especially relevant is the translation and adaptation of tests.

Test movement in Ibero-Latin American countries

2010 ◽  
Author(s):  
Solange Muglia Wechsler ◽  
Maria Perez Solis ◽  
Conceicao Ferreira ◽  
Isabel Magno ◽  
Norma Contini ◽  
...  
Keyword(s):  
Latin American ◽  
Latin American Countries
Sign in / Sign up

Export Citation Format

Share Document