No abstract

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The purpose of this research is to study the welfare impact on consumption that lifecycle investors constrained to make compulsory contributions into a pension fund will get by choosing a multifund. The use of simulation techniques is applied to a life cycle investment model designed to fit the situation of the Colombian private pension system. It shows the importance of combining the percentage of investments in equity in the pension fund with the structure of human capital in order to determine which investment vehicle individuals should be chosen in order to save for retirement.

This article looks for statistical evidence for the correlation between liquidity, profitability, tax rates and bankruptcy risk for the period 2011 - 2016 between Small and Medium Enterprises in Bogota (Colombia). To do so, the authors conducted a quantitative, longitudinal research for which the Altman Z’’ Score index was used. Data from 2,084 enterprises belonging to 19 industries was collected. The relations between the variables were analyzed by the Pearson correlation coefficient. A significant positive correlation between the risk of failure and low levels of liquidity was evidenced in several industries. The results for the relation between the risk of bankruptcy and profitability were not conclusive, neither significant. Not enough statistical evidence that related rates of return or tax rates to risk of failure was found.