Urbi Garay

Instituto de Estudios Superiores de Administración (IESA)

Full Professor of Finance and Research Director at IESA

Caracas

Venezuela

SCHOLARLY PAPERS

31

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Top 21,456

in Total Papers Downloads

4,919

TOTAL CITATIONS
Rank 34,854

SSRN RANKINGS

Top 34,854

in Total Papers Citations

15

Ideas:
“  I'm currently working on alternative investments, with an emphasis on the study of art and real estate markets. I've also worked on corporate governance in emerging markets, real estate finance, and international finance.  ”

Scholarly Papers (31)

1.

Real Estate as an Investment

Garay, U. “Real Estate as an Investment.” In Kazemi, H.; Black, K.; and D. Chambers (Editors), Alternative Investments: CAIA Level II, Chapter 14, Wiley Finance, 3rd Edition, 2016, pp. 343-358.
Number of pages: 22 Posted: 12 Feb 2019
Urbi Garay
Instituto de Estudios Superiores de Administración (IESA)
Downloads 972 (49,647)

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Real estate, Fou-quadrant model, asset allocation

2.

Listed versus Unlisted Real Estate Investments

Garay, U. “Listed versus Unlisted Real Estate Investments.” In Kazemi, H.; Black, K.; and D. Chambers (Editors), Alternative Investments: CAIA Level II, Chapter 17, Wiley Finance, 3rd Edition, 2016, pp. 423-449.
Number of pages: 34 Posted: 28 Aug 2020
Urbi Garay
Instituto de Estudios Superiores de Administración (IESA)
Downloads 555 (103,489)

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Real estate, listed, unlisted, alternative investments

3.

Real Estate Indices and Unsmoothing Techniques

Garay, U. “Real Estate Indices and Smoothing Techniques.” In Kazemi, H.; Black, K.; and D. Chambers (Editors), Alternative Investments: CAIA Level II, Chapter 15, Wiley Finance, 3rd Edition, 2016, pp. 361-399.
Number of pages: 52 Posted: 09 Jul 2020
Urbi Garay
Instituto de Estudios Superiores de Administración (IESA)
Downloads 479 (123,857)

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Corporate Governance and Firm Value: The Case of Venezuela

Corporate Governance International Review, Vol. 16, No. 3, pp. 194-209, 2008
Number of pages: 17 Posted: 07 Feb 2011
Urbi Garay and Maximiliano Gonzalez
Instituto de Estudios Superiores de Administración (IESA) and Universidad de los Andes
Downloads 422 (142,475)

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Corporate governance rating/index, corporate performance, South America

Corporate Governance and Firm Value: The Case of Venezuela

Corporate Governance: An International Review (2008, 16, 3, May, pp. 194-209)
Posted: 28 Feb 2023
Urbi Garay and Maximiliano Gonzalez
Instituto de Estudios Superiores de Administración (IESA) and Universidad de los Andes

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Corporate Governance Rating/index, Corporate Performance, South America

5.

Tests of the Put-Call Parity Relation Using Options on Futures on the S&P 500 Index

Trading & Regulation, Vol. 9, No. 3, pp. 259-280, 2003
Number of pages: 23 Posted: 26 Jan 2011
Instituto de Estudios Superiores de Administración (IESA), Universidad de los Andes and affiliation not provided to SSRN
Downloads 356 (174,254)

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put-call parity

6.

Determinants of Art Prices and Performance by Movements: Long-Run Evidence from an Emerging Market

Journal of Business Research, Forthcoming
Number of pages: 42 Posted: 09 Jul 2020
Urbi Garay
Instituto de Estudios Superiores de Administración (IESA)
Downloads 327 (191,114)
Citation 4

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Art Returns, Hedonic Pricing Model, Art Auctions, Masterpiece Effect, Alternative Investments, Venezuela

7.

Internet-Based Corporate Disclosure and Market Value: Evidence from Latin America

Midwest Finance Association 2013 Annual Meeting Paper, Emerging Markets Review, Vol. 17, No. 1, 150-168
Number of pages: 35 Posted: 16 Sep 2012 Last Revised: 26 Jul 2014
Instituto de Estudios Superiores de Administración (IESA), Universidad de los Andes, CESA School of Business and CESA School of Business
Downloads 317 (197,417)
Citation 1

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corporate disclosure index, Internet, firm value, Latin America

8.

The Behavior of Asian and Latin American Closed-End Country Funds and Investment Trusts Premiums Following the Asian Financial Crisis

Number of pages: 11 Posted: 19 Jun 2001
Urbi Garay
Instituto de Estudios Superiores de Administración (IESA)
Downloads 219 (286,974)

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9.

A Bayesian Dynamic Hedonic Regression Model for Art Prices

Number of pages: 29 Posted: 07 Feb 2019
Instituto de Estudios Superiores de Administración (IESA), affiliation not provided to SSRN, Idalion Capital US LP and Universidad de los Andes, Colombia - School of Business Administration
Downloads 161 (378,988)

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Art Returns, Hedonic Regression Model, Bayesian Analysis, Alternative Investments

10.

Structured Products II: Insurance-Linked Products and Hybrid Securities

Alternative Investments: CAIA Level II, Chapter 36, Wiley Finance, 3rd Edition, 2016, pp. 1021-1052.
Number of pages: 41 Posted: 02 Sep 2020
Urbi Garay
Instituto de Estudios Superiores de Administración (IESA)
Downloads 157 (387,381)

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Insurance-linked securities, insurance risk, catastrophe bonds, longevity risk related products, insurance risk, mortality risk, subordinated debt with step-up rates, subordinated debt with PIK interest, subordinated debt with profit participation, subordinated debt with warrants, convertible loans

11.

Firm Performance and CEO Reputation Costs: New Evidence from Venezuelan Banking Crisis

Emerging Market Finance and Trade, Vol. 43, pp. 16-33, 2007
Number of pages: 19 Posted: 08 Feb 2011
Universidad de los Andes, Instituto de Estudios Superiores de Administración (IESA) and IESA
Downloads 152 (398,042)

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Banking Crisis, CEO Reputation, Performance

12.

Structured Products I: Fixed-income Derivatives and Asset-backed Securities

Garay, U. “Structured Products I: Fixed-income Derivatives and Asset-backed Securities” In Kazemi, H.; Black, K.; and D. Chambers (Editors), Alternative Investments: CAIA Level II, Chapter 35, Wiley Finance, 3rd Edition, 2016, pp. 981-1019.
Number of pages: 37 Posted: 01 Sep 2020
Urbi Garay
Instituto de Estudios Superiores de Administración (IESA)
Downloads 130 (450,792)

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Interest Rates Caps and Floors, Callable Bonds, Interest Rate Swaps, Auto Loan–Backed Securities, Credit Card Receivables

13.
Downloads 124 (467,654)
Citation 6

CEO and Director Turnover in Venezuela

IDB Working Paper No. 212
Number of pages: 72 Posted: 20 Apr 2011
Urbi Garay and Maximiliano Gonzalez
Instituto de Estudios Superiores de Administración (IESA) and Universidad de los Andes
Downloads 124 (469,727)
Citation 6

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CEO and Director Turnover in Venezuela

Interamerican Development Bank Working Paper No. R-517
Posted: 02 Jul 2008
Urbi Garay and Maximiliano Gonzalez
Instituto de Estudios Superiores de Administración (IESA) and Universidad de los Andes

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14.

Color Intensity Variations and Art Prices: An Examination of Latin American Art

Journal of Business Research, Forthcoming
Number of pages: 51 Posted: 09 Jul 2020 Last Revised: 31 May 2022
Urbi Garay, Eduardo Pérez and Fredy Pulga
Instituto de Estudios Superiores de Administración (IESA), Instituto de Estudios Superiores de Administración (IESA) and Universidad de la Sabana
Downloads 109 (515,258)
Citation 2

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Art returns, hedonic pricing model, Latin American art, RGB, Lab, color intensity

15.

Color Intensity, Luminosity, Contrast and Art Prices: The Case of Jean-Michel Basquiat

Garay, U., Pérez, E., Casanova, J. and Kratohvil, M. (2022), "Color intensity, luminosity, contrast and art prices: the case of Jean-Michel Basquiat", Academia Revista Latinoamericana de Administración, Vol. 35 No. 3, pp. 303-328. https://doi.org/10.1108/ARLA-05-2021-0110
Number of pages: 32 Posted: 20 Apr 2022 Last Revised: 21 Oct 2024
Instituto de Estudios Superiores de Administración (IESA), Instituto de Estudios Superiores de Administración (IESA), Instituto de Estudios Superiores de Administración (IESA) and Instituto de Estudios Superiores de Administración (IESA)
Downloads 87 (597,843)

Abstract:

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Alternative investments, Basquiat, Art returns, RGB, Lab, Grayscale

16.

International Real Estate Investments

Garay, U. “International Real Estate Investments.” In Kazemi, H.; Black, K.; and D. Chambers (Editors), Alternative Investments: CAIA Level II, Chapter 18, Wiley Finance, 3rd Edition, 2016, pp. 451-477.
Number of pages: 36 Posted: 28 Aug 2020
Urbi Garay
Instituto de Estudios Superiores de Administración (IESA)
Downloads 83 (614,873)

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Cross border, real estate, currency risk

17.

Investment Styles, Portfolio Allocation, and Real Estate Derivatives

Garay, U. “Investment Styles, Portfolio Allocation, and Real Estate Derivatives.” In Kazemi, H.; Black, K.; and D. Chambers (Editors), Alternative Investments: CAIA Level II, Chapter 16, Wiley Finance, 3rd Edition, 2016, pp. 401-421.
Number of pages: 25 Posted: 09 Jul 2020
Urbi Garay
Instituto de Estudios Superiores de Administración (IESA)
Downloads 80 (627,906)

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18.

Expropriation Risk and Housing Prices: Evidence from an Emerging Market

Journal of Business Research, 2014, Vol. 67, pp. 935-942
Number of pages: 39 Posted: 10 Jan 2015 Last Revised: 01 Feb 2019
Instituto de Estudios Superiores de Administración (IESA), Instituto de Estudios Superiores de Administración (IESA), Instituto de Estudios Superiores de Administración (IESA) and Instituto de Estudios Superiores de Administración (IESA)
Downloads 77 (641,184)
Citation 2

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Real estate prices, Hedonic Pricing Model, Expropriations, Venezuela

19.

Entrepreneurship in Venezuela

in: Léo-Paul Dana & Christian Keen & Veland Ramadani (editors), Entrepreneurship in South America, pages 225-240, Springer. 2022
Number of pages: 17 Posted: 30 Nov 2022
Independent, Instituto de Estudios Superiores de Administración (IESA), Instituto de Estudios Superiores de Administración (IESA) and Independent
Downloads 42 (851,411)

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Entrepreneurship, Venezuela, Dynamic Entrepreneurial Capabilities

20.

The Public Bond Offering of Petróleos de Venezuela S.A.

Journal of Business Research, Vol. 67, 2014
Number of pages: 59 Posted: 13 Jan 2015 Last Revised: 01 Feb 2019
Urbi Garay and Carlos Alberto Molina
Instituto de Estudios Superiores de Administración (IESA) and IESA
Downloads 28 (979,605)

Abstract:

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Debt issuance, Bond pricing, Latin America, Exchange rate controls

21.

The Cost of Equity in Emerging Markets: The Latin American Case

Editorial UPTC, Colombia
Number of pages: 74 Posted: 29 Nov 2023
Instituto de Estudios Superiores de Administración (IESA), Universidad de los Andes and UPTC - Faculty of Economics and Management Sciences
Downloads 23 (1,034,473)

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Asset pricing, international financial markets, country risk premium

22.

Expropriation Risks and Housing Prices: Evidence from an Emerging Market

Journal of Business Research, 2014, Vol. 67, pp. 935-942
Number of pages: 39 Posted: 11 Apr 2023
Instituto de Estudios Superiores de Administración (IESA), Instituto de Estudios Superiores de Administración (IESA), Instituto Tecnologico y de Estudios Superiores de Monterrey - Escuela de Gobierno y Transformación Pública and Instituto de Estudios Superiores de Administración (IESA)
Downloads 15 (1,131,707)

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23.

Fundamentos de Finanzas, Capitulo 1

Number of pages: 13
Urbi Garay and Maximiliano Gonzalez
Instituto de Estudios Superiores de Administración (IESA) and Universidad de los Andes
Downloads 2

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24.

Do the different expressions of an artist offer the same financial performance over time? The case of Fernando Botero

Number of pages: 38
Instituto de Estudios Superiores de Administración (IESA), Instituto de Estudios Superiores de Administración (IESA), Instituto de Estudios Superiores de Administración (IESA) and Universidad de los Andes, Colombia - School of Business Administration
Downloads 2

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Art returns, alternative investments, hedonic pricing model, sculptures, Fernando Botero, and Carlos Cruz-Diez. Management area: Capital Markets and Banking Paper type: Research paper JEL Codes: G10, G11, and G12, Z11

25.

Myths and Realities of Investments in Emerging Markets (Mitos Y Realidades De Las Inversiones En Mercados Emergentes)

Garay, Urbi; Debates IESA, “Mitos y Realidades de las inversiones en mercados emergentes”, Vol. XV, N. 3, July-September 2010, pp. 62-65
Posted: 01 Dec 2022
Urbi Garay
Instituto de Estudios Superiores de Administración (IESA)

Abstract:

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Mercados emergentes, acciones, bonos, diversificación

26.

US-UK Financial Integration and Investment Trust Pricing: An Example

Derivatives Use, Trading and Regulation, Vol. 10, No. 4, 2005
Posted: 02 Jul 2008
Urbi Garay
Instituto de Estudios Superiores de Administración (IESA)

Abstract:

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Closed-end fund discount puzzle, international financial integration

27.

The Closed-End Fund Discount Puzzle: A Review

Journal of Alternative Investments, Vol. 2, No. 3, 1999
Posted: 02 Jul 2008
Urbi Garay and Philip Russel
Instituto de Estudios Superiores de Administración (IESA) and Philadelphia University

Abstract:

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closed-end fund discount puzzle, efficient market hypothesis, investor sentimnt hypothesis

28.

Risk Premia and Closed-End Country Fund Returns

Journal of Alternative Investments, Vol. 3, No. 2, 2000
Posted: 02 Jul 2008
Urbi Garay
Instituto de Estudios Superiores de Administración (IESA)

Abstract:

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Closed-end funds, market segmentation, implied volatility

29.

Firm Performance and CEO Reputation Costs: New Evidence from the Venezuelan Banking Crisis

Emerging Markets Finance and Trade, Vol. 43, No. 3, 2007
Posted: 02 Jul 2008
Instituto de Estudios Superiores de Administración (IESA), Universidad de los Andes and IESA

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Banking crisis, CEO reputation, performance

30.

The Relationship between Options Moneyness and Liquidity: Evidence from Options on Futures on S&P 500 Index

Derivatives Use, Trading and Regulation, Vol. 8, No. 4, 2003
Posted: 02 Jul 2008
Instituto de Estudios Superiores de Administración (IESA), affiliation not provided to SSRN and affiliation not provided to SSRN

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Options moneyness, options on futures, liquidity

31.

Test of the Put-Call Parity Relation Using Options on Futures on the S&P 500 Index

Derivatives Use, Trading and Regulation, Vol. 9, No. 3, 2002
Posted: 02 Jul 2008
Instituto de Estudios Superiores de Administración (IESA), affiliation not provided to SSRN and Universidad de los Andes

Abstract:

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Put-call parity, options on futures, S&P 500