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Superintendency of the Securities Market successfully holds the awards ceremony for its annual research contest
Santo Domingo. – With the celebration of an awards ceremony, the Superintendency of the Securities Market (SIMV), successfully concluded the second edition of the Dominican Capital Markets Contest, consolidating itself as a key platform to promote research and critical thinking on the country’s financial development.
In this edition, the contest had the strategic support of the Dominican Republic Brokerage Association (APB), and was aimed at university students and young professionals up to 40 years old.
The contest call focused on the theme “Linking structures that redefine development”, and allowed participation in four thematic areas: public-private partnerships, innovation and technology, behavioral economics and finance, and financial education and investor protection.
The opening remarks were given by the mayor of the Stock Market, Mr. Ángel Serulle, who described the contest as an enriching and demanding experience, while narrating the entire evaluation process.
“Our special recognition goes to each of the contestants. The simple fact of participating is already a contribution to the development of knowledge around our stock market; we are convinced that this contest will continue to grow year after year,” he expressed.
Eric Ramos, president of the APB Board of Directors, stated, “This initiative is consolidating in just its second year as a benchmark for the promotion of knowledge and applied research for our sector.”
The competition was officially launched on June 13, 2025. A jury composed of 47 experts in the financial, academic, and technological fields rigorously evaluated the 25 proposals received, selecting three winning works that stood out for their creativity, analytical depth, and relevance to the Dominican stock market. Each of the winners received a prize of RD$200,000 pesos.
Award-winning Alejandro I. Linares presented his work titled “The future chain: Path to digitalization with blockchain”. In his proposal, he proposes the gradual implementation of blockchain technology in the stock market of the Dominican Republic, in order to improve the traceability, transparency, security and efficiency of the system.
Patricia Bonilla was recognized for her research “The Emotional Roller Coaster: How the Mind Dominates the Investor in a Volatile Market.” The study addresses how cognitive biases and behavioral economics influence the financial decisions of retail investors. Bonilla highlights that the behavior of investors does not always respond to rational logic, but is deeply marked by emotional, cultural, and social factors.
Juan Carlos López was recognized for his work “Returns in the Dominican capital market: interrelationships of stock market, government, financial/banking and external interest rates”. His empirical analysis, based on autoregressive vector models (VAR), studies the interrelationships between stock market, financial, public debt and international interest rates.
For the SIMV, this second edition of the contest reaffirms the sector’s commitment to the promotion of knowledge, innovation, and sustainable development of the Dominican securities market.
The awards event was held in a hotel in Santo Domingo and was attended by representatives of guilds, brokerage firms, winners of previous editions, members of the jury, as well as directors and officials of the SIMV.
Among the jury members were Omar Victoria, consultant in corporate governance; José A. Fonseca, executive president of CCI Puesto de Bolsa; Santiago Sicard, executive president of ADOSAFI; Enmanuel Cedeño, general advisor to the Superintendency of Banks; and Shajira Nazir, dean of Economics and Business at the Instituto Tecnológico de Santo Domingo (INTEC).
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