Vol 17, No 35 (2014)

This paper proves the weak efficiency hypothesis when proving the maritingala hypothesis on return differences for the General Index of the Colombian Stock Exchange (IGBC) . A first order conditional dependency structure by using the Autoregressive Fractionally Integrated Moving Averages model ARFIMA, and on
second order with the Hyperbolical Asymmetric Autoregressive Potential Conditionally Heteroscedastic model, HYAPARCH, which captures all the stylized facts in the empiric research is considered. The results reject the weak efficiency hypothesis when showing that the returns generation process seems to obey to and Autoregressive Fractionally Integrated model ARFI in conditional average and
a Hyperbolical Asymmetric Conditionally Heteroscedastic model, HYAGARCH, in conditional variance

In this article, contingent valuation is used to evaluate the hypothetical improvements of the environmental quality of milk. Results show that it is possible to encourage its production given that the willingness to pay of the estimated demand for Medellin exceeds market prices and the opportunity costs of producing traditional milk, which during its production generates soil pollution and degradation, and where the Colombian environmental regulation units have problems involving regulations and control. Organic dairy can be part of green markets and an option for environmental self-regulation when finding that potential market with as many attributes as this one.

The objective of this paper is to propose local productive systems as an industrial and development strategy. To comply with such objective, the theory of the local productive systems is presented and the reason of their importance in development is exposed. Two main conclusions arose: the first one is that local productive systems are a way of corporate agglomeration that is adequate for countries such as Colombia, which corporate census is mainly composed by small and middle sized businesses; and the second one is that they do work as incentives for community development when thinking on development from the territory

Economic reforestation offers environmental, social and economic benefits; nevertheless, despite the national government incentives, this economic sector has not been able to develop itself in Antioquia yet. The objective of this paper is to identify the determinants of
commercial reforestation in the municipalities of this department. Literature is reviewed in orden to identify t hose variables that are related to reforestation and a logistics regression model is estimated in order to evaluate the effects that each one of these has. It was found that commercial reforestation in Antioquia maintains a strong relation with the rural property concentration and livestock production intensity, and in a better measure, with public investment, the municipality's fiscal performance and the forestry protection potential. It is concluded that actions in the public sector must be focused on improving infrastructure and environmental regulation and in the generation of a forestry culture

This article aims to estimate the beta risk of pension funds managed
by pension fund managers in Chile for the 2002 - 2012 time period.
The characterization, consistency and stability of the beta risk for
these funds are analyzed with the help of the minimum squares, Blume and Vasicek methods. The results conclude that the beta index is a good measure to determine how risky can an investment be, which proves that pension funds tend to have a defensive behavior given the nature of the investment portfolios.

This paper describes de conceptual roots of environmental management
and offers a criticism from an environmental ethics point of view, for which it makes a reading of representative authors. This way, conservative environmentalism, Moderate Environmentalism and Critical Humanism are identified as currents that serve as referents of current environmental management. At the same time other existent postures and alternative visions deserve to be considered for the territorial environmental management approach

This paper analyzes integrated marketing communications by reviewing
different conceptualizations and recognized models that describe it. With the objective of analyzing the development and evolution of the integrated marketing communications concept, a brief review of the conceptual proposals that had the largest academic impacts till the moment and the proposal that recognizes it as a multidimensional concept are considered.

The citizenship concept as a universal duty has its foundations on the broad developments around information technology. Which bring closer different cultures thought the so-called natural feelings of sympathy for human been dignity. At the beginning of the discussion the concept of citizenship seen directly as a relation of exclusivity or status between the individual and the state of legality will be broadened and seen more as universal human equality;
meaning by this, the recognition of all human beings as individuals who feel and are equal between them. In all social rules of law the concept of citizenship must be seen as something larger, given to the relation it has with natural human actions, through which different imaginaries are expressed in the pursuit of a better quality of life and happiness for oneself and the family