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A utilização da abordagem holística em administração: um estudo interpretativo das práticas gerenciais das empresas integrantes da Bolsa de Valores, mercadorias e futuros de São Paulo - BM&FBovespa - Brasil; Using the holistic approach in management: a interpretives study of managerial practices of 'novo mercado' members of securities, commodities and futures exchange of San Pablo - BM&FBovespa - Brazil

Marins, Crounel
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Tese de Doutorado Formato: application/pdf
Publicado em 10/04/2015 Português
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55.56%
Esta tese teve como objetivos identificar indícios de uma abordagem holística nas práticas gerenciais das empresas, contribuir para a construção de um modelo com características holísticas para orientar o delineamento de práticas gerenciais, e classificar as empresas pesquisadas quanto ao estágio de institucionalização da utilização de elementos da abordagem holística em suas práticas. O holismo, já conhecido na Antiguidade, teve um significado moderno dado pelo pensador e estadista sul-africano J. C. Smuts, através da obra Holism and Evolution, de 1926. Para ele, holismo é um fator que orienta a evolução de todo o Universo, com a formação de estruturas que só podem ser devidamente tratadas como totalidades, numa sequência que começa com a matéria e a vida, passando pela personalidade humana, até chegar às organizações supra-individuais e aos sistemas de valores humanos. Epistemologicamente, o holismo é contraposto ao reducionismo, quer seja nas Ciências Naturais (atomismo), quanto nas Ciências Sociais (individualismo). Após Smuts, vários autores trataram do holismo, com diferentes propósitos, entre eles Quine (1951), Weil (1991), Esfeld (2001) e Descombes (2014). Em relação à Administração...

Placing the 2006/08 Commodity Price Boom into Perspective

Baffes, John; Haniotis, Tassos
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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45.82%
The 2006-08 commodity price boom was one of the longest and broadest of the post-World War II period. Apart from strong and sustained economic growth, the recent boom was fueled by numerous factors, including low past investment in extractive commodities, weak dollar, fiscal expansion, and lax monetary policy in many countries, and investment fund activity. At the same time, the combination of adverse weather conditions, the diversion of some food commodities to the production of biofuels, and government policies (including export bans and prohibitive taxes) brought global stocks of many food commodities down to levels not seen since the early 1970s. This in turn accelerated the price increases that eventually led to the 2008 rally. The weakening and/or reversal of these factors coupled with the financial crisis that erupted in September 2008 and the subsequent global economic downturn, induced sharp price declines across most commodity sectors. Yet, the main price indices are still twice as high compared to their 2000 real levels...

South Africa - IOSCO Principles--Securities Markets : Detailed Assessment of Implementation

International Monetary Fund; World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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45.83%
This is an update of the International Organization of Securities Commissions (IOSCO) assessment that was performed in 2000 as part of the Financial Sector Assessment Program (FSAP) of South Africa. South Africa has made substantial progress in addressing the recommendations of the 2000 FSAP and is continuing to build upon these accomplishments. South Africa was one of the first countries to adopt the International Financial Reporting Standards promulgated by the International Accounting Standards Board. The Department of Trade and Industry (DTI) has the legal authority to register all companies in South Africa, including public companies and to set and enforce disclosure requirements and accounting standards. Significant amendments to the Companies Act dealing with this responsibility were enacted in 2007 and recently in 2009. DTI has not implemented the 2007 or 2009 amendments. Going forward, careful examination should be given to whether the authority and responsibility for these functions should continue in the DTI or be reassigned by Parliament to the Financial Services Board (FSB).

South Africa - Report on Observance of Standards and Codes : Banking Supervision, Insurance Supervision, and Securities Regulation

World Bank; International Monetary Fund
Fonte: Washington, DC Publicador: Washington, DC
Português
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This assessment found South Africa s regulatory system to be fundamentally sound and compliant with international standards. Banking supervision has been effective and has helped limit the impact on the financial sector of the global financial crisis. The assessment recommended that the bank registrar s remedial powers for addressing problems in banks should be strengthened and that a specific regulation for dealing with country and transfer risk be introduced.The FSB is also undertaking a study of the OTC market. Limited progress has been made by the Department of Trade and Industry (DTI) to implement significant amendments to the Companies Act that were enacted in 2007 and in 2009. If progress continues to lag, consideration should be given to reassigning responsibility for these functions to the Financial Services Board (FSB).

Middle East and North Africa Economic Developments and Prospects, 2008 : Regional Integration for Global Competitiveness

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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During 2007 the Middle East and North Africa Region (MENA) experienced average growth of 5.7 percent. This was the fifth year in a row in which the region grew at a rate higher than 5 percent, exceeding levels reached in the 1990s and early 2000s. This performance occurred in the context of an external environment marked by three major developments: a continued rise in the price of hydrocarbons, turbulence in international financial markets following the sharp drop in market valuations of U.S. mortgage- backed securities, and a sharp rise in the price of non- oil commodities, especially foodstuffs. These developments have affected the various MENA economies in different ways. On average, however, the region has done well, with respectable growth and comfortable external and fiscal balances. Similar performance, that is, average growth of about 5.6 percent, is expected over the next three years. Oil prices are expected to remain buoyant, leading to high levels of investment and remittance flows within the region. Food prices are also expected to remain high. Because most countries in the region subsidize food and energy, high food prices will lead to fiscal pressures for many governments. But such pressures are not expected to choke off economic growth. Global financial turbulence and a likely slowdown of growth in the Organisation for Economic Co- operation and Development (OECD) countries are expected to be offset by continued robust spending among oilexporting countries and vibrant expansion in China and India.

Pakistan : Issues Related to the Government Securities Market and Government Debt Management

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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The government of Pakistan borrows in the domestic market through a range of instruments, and this market is a critical source of funding for both shorter-term cash management and longer-term deficit-financing. The government has taken actions over the past 18 months that have enhanced the effectiveness of the market as a source of funding, as well as its efficiency. These include the movement toward more predictable, volume-based, market-determined pricing of government securities. Taking account of the dynamics of demand will be important as the government continues to develop its medium-term debt management strategy. Doing so will help identify potential constraints that may impede the implementation of the chosen strategy. Specific actions that the government is recommended to take include: a) reducing the number of tenors issued, b) consolidating the debt stock so as to improve liquidity in individual bonds, c) reducing time delays in auction processing, and d) developing and investor-relations function...

Payments and Securities Clearance and Settlement Systems in Bolivia

Centro de Estudios Monetarios Latinoamericanos; World Bank
Fonte: Mexico, D.F.: Centro de Estudios Monetarios Latinoamericanos and the World Bank Publicador: Mexico, D.F.: Centro de Estudios Monetarios Latinoamericanos and the World Bank
Português
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This report covers the Western Hemisphere payments and securities settlement forum center for Latin American monetary studies and focuses on several issues. The first section covers economic and financial markets overview of Belarus. This section covers the financial sector, capital markets, and major trends in the payments systems. The second section covers institutional aspects such as the general legal framework, role of financial institutions, market structure and regulation, and the role of the securities regulatory. The third section covers the payment media used by non financial entities. The fourth section describes payments, such as inter-bank exchanges and settlement circuits. The fifth section touches on securities, market structure and trading. While the sixth and seventh section cover the topic of settlement circuits for government and corporate securities. The report concludes with discussion on the role of the central bank in clearance and settlement systems and well as the supervision of such systems.

Financial Sector Assessment Program Update : India - CPSS-IOSCO Recommendations for Securities Settlement Systems and Central Counterparties

International Monetary Fund; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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The securities and derivatives clearing and settlement systems in India are organized around different types of products, which are (1) government securities, money market instruments and forex instruments; (2) corporate securities and financial derivatives; and (3) commodity derivatives. The scope of this assessment is limited to the clearing and settlement systems for the first two sets of products. The different sets are subject to different legal frameworks, different regulatory arrangements and the clearing and settlement systems are operated by different entities. The different securities and derivatives clearing and settlement systems handle a large number of transactions and are as such of systemic importance. Volumes in the derivatives segments increased strongly during the last years. Given the growth and volumes of the commodity derivatives market it is recommended that a detailed self-assessment by the Forwards Market Commission (FMC) and/or an independent assessment of the commodity derivatives clearing and settlement systems be considered in the immediate future.

India : CPSS-IOSCO Recommendations for Securities Settlement Systems and Central Counterparties

International Monetary Fund; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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45.87%
The securities and derivatives clearing and settlement systems in India are organized around different types of products, which are (1) government securities, money market instruments and forex instruments; (2) corporate securities and financial derivatives; and (3) commodity derivatives. The scope of this assessment is limited to the clearing and settlement systems for the first two sets of products. The different sets are subject to different legal frameworks, different regulatory arrangements and the clearing and settlement systems are operated by different entities. The different securities and derivatives clearing and settlement systems handle a large number of transactions and are as such of systemic importance. Volumes in the derivatives segments increased strongly during the last years. Given the growth and volumes of the commodity derivatives market it is recommended that a detailed self-assessment by the Forwards Market Commission (FMC) and/or an independent assessment of the commodity derivatives clearing and settlement systems be considered in the immediate future.

Promoting Intellectual Property Monetization in Developing Countries : A Review of Issues and Strategies to Support Knowledge-driven Growth

Ghafele, Roya; Gibert, Benjamin
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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This paper outlines and evaluates several intellectual property monetization strategies available to patent holders in developing countries that help generate domestic innovation and knowledge-driven growth by promoting more active technology markets. Based on a review of World Intellectual Property Report indicators, the patent ownership gap between a sample of developed and developing countries has narrowed gradually for more technologically-sophisticated developing countries. However, based on complementary International Monetary Fund Balance of Payments data, the patent commercialization divide (as indicated by licensing income) has been widening. The paper argues that patents, and all forms of intellectual property, are an enabling mechanism rather than a defensive right: an intangible asset class that can be proactively nurtured and managed for greater value extraction to stimulate knowledge-based entrepreneurship and growth in developing countries. The paper presents multiple case studies of alternative monetization strategies to address the commercialization divide. These strategies range from private...

China's Integration with the World : Development as a Process of Learning and Industrial Upgrading

Lin, Justin Yifu; Wang, Yan
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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The process of development is full of uncertainties, especially if it is a process of transition from a planned economy to a market oriented one. Because of uncertainties and country specificity, development must be a process of learning, selective adaptation, and industrial upgrading. This paper attempts to distill lessons from China's reform and opening up process, and investigate the underlying reasons behind China's success in trade expansion and economic growth. From its beginnings with home-grown and second-best institutions, China has embarked on a long journey of reform, experimentation, and learning by doing. It is moving from a comparative advantage-defying strategy to a comparative advantage-following strategy. The country is catching up quickly through augmenting its factor endowments and upgrading industries; but this has been only partially successful. Although China is facing several difficult challenges - including rising inequality, an industrial structure that is overly capital and energy intensive...

Republic of Korea Financial Sector Assessment Program : Detailed Assessment of Observance - Assessment of Observance of CPSS-IOSCO Principles for Financial Market Infrastructures--BOK-WIRE+ and KRX CCP

International Monetary Fund; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
Português
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45.87%
This report contains the assessments of the Bank of Korea (BOK)-wire+ and Korea exchange (KRX) central counterparty (CCP) based on the committee on payment and settlement systems (CPSS) - International Organization of Securities Commissions (IOSCO) principles for financial market infrastructures (PFMI). The assessment was undertaken in the context of the international monetary fund's (IMF's) financial sector assessment program (FSAP) to the Republic of Korea in April and July 2013. The objective of the assessment has been to identify potential risks related to the FMIs that may affect financial stability. The scope of the assessment includes two main FMIs as well as the authorities in Korea responsible for regulation, supervision, and oversight of FMIs. The BOK-wire+ and the KRX CCP are assessed against all relevant principles of the PFMI. The authorities, being the BOK, the financial services committee (FSC), and the financial supervisory service (FSS), are assessed using the responsibilities for authorities of FMIs. This report provides introduction; methodology and information used for the assessment; overview of the payment...

Financial Sector Assessment Program : Nigeria - IOSCO Objectives and Principles of Securities Regulation

International Monetary Fund; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
Português
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65.85%
The regulatory framework for securities markets in Nigeria has improved markedly since the 2002 Financial Sector Assessment Program (FSAP), and particularly in the last five years. Since the adoption of the Investments and Securities Act 2007 (ISA) and the first set of rules and regulations of the Nigerian Securities and Exchange Commission (SEC), the regulatory framework has been further strengthened and expanded. The SEC cooperates both at the domestic and international level with its counterparts and other authorities. The SEC focuses on regulating the products offered to investors through extensive scrutiny of prospectuses for all securities, including collective investment schemes. An assessment of the level of implementation of the International Organization of Securities Commissions (IOSCO) principles in Nigeria was conducted from September 4 to 19, 2012 as part of the International Monetary Fund (IMF)-World Bank FSAP. The assessment was made based on the IOSCO objectives and principles of securities regulation approved in 2010 and the methodology updated in 2011. The IOSCO methodology requires that assessors not only look at the legal and regulatory framework in place...

Islamic Republic of Pakistan : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 1. Key Findings and Recommendations

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: PSD, Privatization and Industrial Policy
Português
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The diagnostic review for Consumer Protection and Financial Literacy (CPFL) provides a detailed assessment of the institutional, legal, and regulatory framework in four segments of the financial sector: banking, microfinance, securities, and insurance. The review took place in response to a request for World Bank technical assistance in the field of financial consumer protection made by Pakistan's Ministry of Finance (MoF), the State Bank of Pakistan (SBP), and the Securities and Exchange Commission of Pakistan (SECP). The review consists of two volumes. Volume one summarize the key findings and recommendations of the review and Volume two presents a detailed assessment of each financial segment compared against the good practices for financial consumer protection. The key findings and recommendations in volume one cover five areas: (i) the institutional, legal, and regulatory framework for consumer protection; (ii) disclosure; (iii) business practices; (iv) dispute resolution mechanisms; and (v) financial education. Priority recommendations are outlined in table one; a more detailed list of recommendations is included in annex one.

Mineral-Rich Countries and Dutch Disease : Understanding the Macroeconomic Implications of Windfalls and the Development Prospects, The Case of Equatorial Guinea

Toto Same, Achille
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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55.71%
Referring to the original context of Dutch Disease, the term refers to the fears of de-industrialization that gripped the Netherlands as a result of the appreciation of the Dutch currency that followed the discovery of natural gas deposits. Expansion of petroleum exports in the 1960s not only crowded out other exports, it actually reduced other exports disproportionately and fueled the fears of dire consequences for Dutch manufacturing. In the case of Equatorial Guinea, the secondary sector represents about 2 percent of the gross domestic product, manufacturing represents less than 1 percent, and oil represents more than 95 percent. The negative impact of the Dutch Disease in this context would be limited given the structure of the economy and on the contrary may even be a good thing because it fuels the structural transformational process of the economy, which is needed in Equatorial Guinea. This paper argues that the ongoing Dutch Disease is a natural and necessary reallocation of resources in the economy of Equatorial Guinea. The magnitude of negative macroeconomic consequences of the Dutch Disease depends on the country's economic structure and stage of development. In a country where the manufacturing sector barely exists or where the non-oil primary sector is structurally deficient...

Burkina Faso : The Challenge of Export Diversification for a Landlocked Country; Burkina Faso - Le Defi de la diversification des exportations dans un pays enclave : Etude diagnostique sur l'integration commerciale pour le programme du Cadre Integre

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Foreign Trade, FDI, and Capital Flows Study; Economic & Sector Work
Português
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55.63%
The objective of the Diagnostic Trade Integration Study (DTIS) is to build the foundation for accelerated growth by enhancing the integration of its economy into regional and global markets. Burkina Faso is one of the best economic performers in West Africa, yet its integration into the world economy, as measured by its trade and foreign investment performance, is among the lowest. Economic growth has been strong, higher than all other countries in the sub-region. This has been achieved in spite of droughts and cricket invasions, and the turmoil in Cote d'Ivoire, and without significant oil or mining exports. Macroeconomic management has been consistently strong, and inflation low. At the same time, its export to gross domestic product (GDP) ratio is only one-third that of Senegal or Mali, while foreign directs investment inflows are far below the average for sub-Saharan Africa. At a time when globalization is determining the fate of nations, Burkina Faso seems to be on the sidelines and doing fairly well. If the country is to raise economic growth rates to the levels necessary to make major inroads on poverty...

Capital Market Integration and MiFID Implementation : The Bulgarian Experience

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Commodities Study; Economic & Sector Work
Português
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45.81%
Bulgaria's financial integration with Europe has been essential in financing economic transition and spurring economic growth. As the sovereign debt turmoil in Europe casts a cloud over the financial sector, the development of capital markets over the medium term may offer a beneficial diversification of the financial system. Bulgaria began aligning its regulation of securities markets to European Union (EU) standards when its EU accession process began and introduced the Markets in Financial Instruments Directive (MiFID) in November 2007 along with other EU countries. This report aims to assess the implementation of MiFID in Bulgaria, to provide an initial view on the impact it had on the Bulgarian securities markets, and to draw lessons about the experience. The report not only offers concrete suggestions for stimulating development of the capital market to the benefit of firms and investors, but it also aims to stimulate further debate about how to organize the securities market infrastructure for long-term development.

Liquidez en los mercados accionarios latinoamericanos [recurso electrónico] : estimando el efecto de una posible fusión / María Isabel Castro Roldán

Castro Roldán, María Isabel
Fonte: Universidad EAFIT; Maestría en Finanzas; Escuela de Economía y Finanzas Publicador: Universidad EAFIT; Maestría en Finanzas; Escuela de Economía y Finanzas
Tipo: masterThesis; Tesis de Maestría; acceptedVersion
Português
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55.59%
1 CD-ROM; En este trabajo se propone una metodología para determinar los costos de transacción asociados a la liquidez en los seis mercados accionarios latinoamericanos más importantes: Argentina, Brasil, Chile, Colombia, México, Perú, utilizando información intradiaria en un periodo de 6 meses (Julio 2009 - Enero 2010). Los costos de transacción considerados son los asociados al margen de oferta y demanda (“bid-ask Spreads”) y el impacto en el precio. Una vez obtenidos los costos de transacción, se compara el desempeño relativo en liquidez de los diferentes mercados y se estima el posible efecto de la fusión de los mercados de Colombia, Chile y Perú, que comenzó a finales del 2009 y concluirá en el 2011. Los efectos esperados de esta integración son el aumento de transacciones con la consecuente disminución de los costos de transacción, dinamizando más aún estos tres mercados.; 1. Introducción -- 2. Marco teórico -- 3. Hipótesis -- 4. Series de datos -- 5. Resultados -- 6. Conclusiones -- 7. Bibliografía -- Tablas -- Figuras

Arbitrage pricing theory : evidencia empírica para el mercado accionario colombiano, 2005 - 2012

Arango Restrepo, Carlos Daniel; González Tabares, Gabriel Felipe; Peláez Gómez, David
Fonte: Universidad EAFIT; Maestría en Administración Financiera; Escuela de Economía y Finanzas Publicador: Universidad EAFIT; Maestría en Administración Financiera; Escuela de Economía y Finanzas
Tipo: masterThesis; Tesis de Maestría; acceptedVersion
Português
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65.71%
Ross (1976) introduce un modelo alternativo al CAPM para explicar el rendimiento de los activos financieros. El modelo APT de Ross propone una estructura multifactorial, en la cual el rendimiento de un activo financiero es función de una tasa libre de riesgo y de variables macroeconómicas. En este trabajo se utiliza el método de componentes principales para resumir la información de 23 variables macroeconómicas y financieras y luego se utilizan estos resultados para modelar el rendimiento en exceso sobre los títulos de deuda pública, TES, del Índice General de la Bolsa de Valores de Colombia. Las componentes encontradas se analizan a la luz de la teoría económica y financiera y se encuentra evidencia para afirmar que la percepción del riesgo es el factor con importancia relativa más alta para la explicación del exceso de rendimiento del IGBC.; 44 p.; Ross (1976) introduced an alternative to the CAPM model to explain the returns of financial assets. Ross’ Arbitrage Pricing Theory (APT) proposes a multi-factor structure in which the return of a given financial asset is a function of a free-risk rate and a series of macroeconomic variables. In this paper the principal component analysis is used to summarise the information contained in 23 macroeconomic and financial variables and then the components retained are used to model the excess of return over the local currency government bonds...

El impacto de anuncio de eventos en el mercado accionario colombiano

Velásquez Trujillo, Gloria Cecilia
Fonte: Universidad EAFIT; Maestría en Finanzas; Escuela de Economía y Finanzas Publicador: Universidad EAFIT; Maestría en Finanzas; Escuela de Economía y Finanzas
Tipo: masterThesis; Tesis de Maestría; acceptedVersion
Português
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75.51%
Este es un estudio acerca del impacto de varias clases de anuncio de eventos en el mercado accionario colombiano, que contribuye directamente al conocimiento de este mercado emergente. Anuncios de fusiones, adquisiciones, emisión de acciones e incrementos en los dividendos se analizar para ver si afectan los retornos en los precios de las acciones. Se analizan datos del período comprendido entre los años 2003 y 2008 utilizando la Metodología del Estudio de Eventos en su forma original así como desarrollos posteriores de esa metodología que proponen ajustes cuando no se cumplen algunos de los supuestos de los modelos.; 43 p.; This paper studies the possible impact of various types of event announcements on the Colombian stock market, and contributes to the understanding of this emerging market. Announcements of mergers, acquisitions, issuance of shares and the increase of dividends are analyzed to investigate whether these events affect the returns of stock prices. Data from the 2003-2008 period is analyzed with the aid of the Event Study Methodology in its original version, as well as with subsequent developments that propose adjustments when assumptions are not met. The study found that the impact of announcements is similar to what is expected and observed in other markets. In the event of exceptions...