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Ítem Idiosyncratic volatility and stock returns: Evidence from the MILA(Elsevier Ltd, 2016-05-01) Cardona, EmilioThis paper examines the association between idiosyncratic volatility and stock returns in the MILA from 2001 to 2014. Based on portfolio strategies that rely on one- or two-way sorts, we find that idiosyncratic risk is not a predictor of returns in the whole period or during high or low volatility months in the integrated market. We confirm the lack of an idiosyncratic volatility effect in a multivariate setting conducting errors-in-variables-free panel regressions. Overall, unsystematic risk is not a priced factor in the MILA, in line with predictions of several pricing models and recent literature in the U.S. market. © 2016 Elsevier B.V.Ítem Understanding Decisions to Internationalize by Small and Medium-sized Firms Located in an Emerging Market(Gabler Verlag, 2009-01-01) Molina Mogollón, HenryWe examined perceptions differentiating key Colombian decisionmakers in 168 SMEs who decided to either internationalize or remain domestic. An integrative model compares managerial perceptions of competitive, macro-environmental and neo-institutional factors. • Foreign MNEs in the home market significantly differentiated decisions to internationalize, as well as the presence of internationalizing domestic competitors, anticipated product acceptance, and internationalizing suppliers. • The lack of findings for some institutional and macro-environmental factors may reflect important contextual features of the Colombian business environment. © 2009 Gabler-Verlag.