Knowledge that Transforms

Identify the level of labor incidents and highlight the benefits for industrial organizations of having a management system for industrial safety and occupational health in the work of industrial companies in the city of Quito.In the study carried out by the industrial companies of the city of Quito, not all meet the requirement of having a safety and health management system at work for their employees, although it is a legal requirement, so only 13% comply with this requirement in its entirety, the other 87% partially comply, enduring labor and financial risks, a drop in productivity, and demotivation of employees.This study exposes the benefits of having an industrial safety and occupational health system in all the industrial companies of Quito, developing a safety manual, and that all companies have the Health and Safety Organization Chart, to reduce occupational hazards. (Tesis: R. Molina; 2016)

ABSTRACT We document that governments whose local currency debt provides them with greater hedging benefits actually borrow more in foreign currency. We introduce two features into a government's debt portfolio choice problem to explain this finding: risk‐averse lenders and lack of monetary policy commitment. A government without commitment chooses excessively countercyclical inflation ex post, which leads risk‐averse lenders to require a risk premium ex ante. This makes local currency debt too expensive from the government's perspective and thereby discourages the government from borrowing in its own currency.

ABSTRACT When central banks adjust interest rates, the opportunity cost of lending in local currency changes, but—absent frictions—there is no spillover effect to lending in other currencies. However, when equity capital is limited, global banks must benchmark domestic and foreign lending opportunities. We show that, in equilibrium, the marginal return on foreign lending is affected by the interest rate differential, with lower domestic rates leading to an increase in local lending, at the expense of a reduction in foreign lending. We test our prediction in the context of changes in interest rates in six major currency areas.

ABSTRACT We test whether the display of information causally affects investor behavior in a high‐stakes trading environment. Using investor‐level brokerage data from China and a natural experiment, we estimate the impact of a shock that increased the salience of a stock's purchase price but did not change the investor's information set. We employ a difference‐in‐differences approach and find that the salience shock causally increased the disposition effect by 17%. We use microdata to document substantial heterogeneity across investors in the treatment effect. A previously documented trading pattern, the “rank effect,” explains heterogeneity in the change in the disposition effect.