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Ítem Tax shields in Colombia and their effect on leverage and investments(Universidad Icesi, 2014-08-29) Benavides Franco, JuliánInvestment tax incentives may reduce firm leverage if there is indeed an optimal leverage. To test this hypothesis this article assembles a panel database of non-listed Colombian firms from 1995 to 2012, to study the determinants of leverage and investment and the effect of 863 Act of 2003 (An investment tax incentive law) on this firm policy. The results support the hypothesis of a reduction of financial leverage, and the existence of an optimum level of financial leverage, with the advent of the 863 Act, but are less conclusive with respect to an increase in the investment levels. The effect of explanatory variables of financial leverage, according to the theories of financial structure, is unequivocally reduced, as expected, during the life of 863 Act.Ítem Tax shields in Colombia and their effect on leverage and investments(Emerald, 2014-08-01) Benavides Franco, JuliánThe is article studies the determin ing factors of leverage and investment for Colombian companies between 1995 and 2009. Regarding leverage we test ed the predictions of the t rade - o ff and p ecking o rder t heories, particularly the impact of tax incentives and interest rates. We f ou nd that leverage decreased after enacting the tax incentive of 2003 and tha t interest rate s increase leverage. We d id not find any strong evidence of greater investment as a result of tax incentives.Ítem Optimal Portfolio allocation for latin American stock indices(Pontificia Universidad Javeriana, 2010-01-01) Berggrun Preciado, LuisThis article uses four methods to derive optimal portfolios comprising inves - tments in the seven most representative stock exchanges in Latin America from 2001 to 2006 and it studies their composition and stability through time. The first method uses a historical variance – covariance matrix and the second one em - ploys a semi-variance – semi-covariance matrix. The third method consists of an exponentially weighted moving average and the fourth and last method applies resampling. From a practical point of view, this result is significant because less rebalancing can mean greater potential savings. The article further analyzes the performance of optimal portfolios as compared to equally weighted portfolios. The results of applying the Sharpe ratio in the out-of-sample period provided no evi - dence of statistically significant differences between optimal portfolios and equally weighted portfolios. However, some evidence is provided in favor of resampling as the returns obtained in the out-of-sample period showed stochastic dominance over the returns of the portfolios estimated using more traditional methodologie