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Rodrigo Wagner
University of Chile
38Publications
6H-index
196Citations
Publications 38
Newest
#1Dany Bahar (Brookings Institution)H-Index: 4
#2Samuel Rosenow (United Nations Conference on Trade and Development)
Last.Rodrigo Wagner (University of Chile)H-Index: 6
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The transition into non-traditional export activities attracts important policy and academic attention. Using international trade data, we explore how alternative linkages relate to the take-off and acceleration of export industries. Concretely, we run a horse-race among alternative Marshallian linkages across sectors: input-output relations, technology and labor. Technology has a predictive power depending on the specification used. We consistently find, however, that export take-offs are more ...
#1Ernesto H. SteinH-Index: 34
#2Rodrigo WagnerH-Index: 6
El capital de riesgo contribuye al financiamiento de empresas de alto crecimiento. En America Latina y el Caribe este capital es menor que en las economias desarrolladas y menor que en China y la India. Sin embargo, en 2005-2011, el capital de riesgo regional crecio un 30% anual. Comparado con regiones de referencia, las inversiones en capital de riesgo en America Latina y el Caribe tienden a ser mas grandes, se centran menos en sectores de alta tecnologia y es mas probable que se financien desd...
Abstract State-owned enterprises may be strategic for many countries. For political or practical reasons some of these enterprises may remain wholly state-owned (WSOE), like PEMEX in Mexico or CODELCO in Chile. For this group, the lack of traded equity now prevents a market-based valuation. A market price would help provide an estimate of the WSOE's contribution to future fiscal income. It may also help keep managers more accountable and signal changes in the behavior of entrenched groups. Final...
#1Rodrigo WagnerH-Index: 6
Last.Aldo MusacchioH-Index: 17
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Around a tenth of the global bond market is issued by State Owned Enterprises (SOEs) that do not have shares floating on public markets. Many of them are SOE banks. Sometimes governments avoid a direct capitalization of these SOEs and instead allow them to issue debt, assuming bond markets can “discipline” the company. Nonetheless bond buyers may expect that in case the SOE defaults there will be an implicit guarantee from the Treasury, either because of “too big to fail” problems or because of ...
#2Aldo MusacchioH-Index: 17
Last.Rodrigo WagnerH-Index: 6
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Around a tenth of the global bond market is issued by State Owned Enterprises (SOEs) that do not have shares floating on public markets. Many of them are SOE banks. Sometimes governments avoid a direct capitalization of these SOEs and instead allow them to issue debt, assuming bond markets can “discipline” the company. Nonetheless bond buyers may expect that in case the SOE defaults there will be an implicit guarantee from the Treasury, either because of “too big to fail” problems or because of ...
#1Pablo Donders (University of Chile)H-Index: 1
#2Mauricio Jara (University of Chile)H-Index: 2
Last.Rodrigo Wagner (University of Chile)H-Index: 6
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Commodity producing corporations have trillions of dollars in outstanding debt. Thus, the recent fall in commodity prices raised concerns about sustainability and systemic risks. Using a global sample (2003- 2015) we measure how corporate bonds react to the underlying commodity price. On average a 10% change in the commodity moves yields-to-maturity by only 15 basis points. This is just a tenth of the sensitivity of stocks returns. Nonetheless, bond sensitivity to commodities is significantly st...
Export diversification is associated with economic growth and development. Our paper explores competing mechanisms that mediate the emergence and growth of export products based on their economic relatedness to pre-existing exports. Our innovation is to simultaneously consider supply factors like labor, sourcing and technology; as well as demand factors like industry specific customer-linkages in a global setting. We find that, while technology and workforce similarity explain emergence and grow...
#1Erwin Hansen (University of Chile)H-Index: 3
#2Rodrigo Wagner (University of Chile)H-Index: 6
Some projects take time to build or are slow to yield cash flows. This may impact the dynamics of investment and liquidity management, although few studies test their financial implications. We exploit the peculiar advantages of copper mines as a laboratory to identify cash-flow sensitivities. In this context, investment decisions depend on the expectations of the long run price of the commodity, while the spread between the spot price and this long run expectations shifts current cash-flows. Fo...
Corporate bond yields depend on a company’s fundamentals. However, the Finance literature has difficulty quantifying this relation due to endogeneity bias. Current operating margins, market capitalization, and Tobin’s Q can proxy for fundamentals but also are caused by the corporate cost of debt due to, for example, the costs of financial distress. To solve this challenge, this paper links oil and mining corporate bonds with the price of the underlying commodity that the issuer produces. We expl...
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