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Valorización de opciones reales: modelo Ornstein-Uhlenbeck
Get PDFThis study has as its main objective to develop an analysis of decision making under uncertainty using the real options application in the evaluation of investments in mining projects. It is also proposed to study the behaviour of gold prices, for the specific case of Peru, using historic prices and based on the commodity prices process. The Ornstein-Uhlenbeck model has been used for this. The main result is that to evaluate projects using the real options approach allows to evaluate –in their real magnitude– the financial benefits associated with an investment project, as it takes into account the trinomial of profitability-risk-flexibility. The assessment method using real options makes it possible to structure strategic thinking.
Doi: https://doi.org/10.1016/j.jefas.2016.07.00
Corporate governance characteristics and valuation: Inferences from quantile regression
Get PDFPrior literature on corporate governance and performance provides mixed evidence on the impact of various corporate governance measures on performance indicators. However, most of literatures adopt the Ordinary Least Square (OLS). This method is based on the central tendency, which may not appropriately represent the reality in cases where the dependent variable ranges between upper and lower values and hence the relationship may not be homogenous across different percentiles of the dependent variables. A variable having a positive impact based on the central tendency for firms may not be the case for the firms in the upper or lower bounds. Thus, estimating the means using OLS may not reflect and represent the heterogeneity in the estimated relationship. Therefore, quantile regression estimates the relationship at any point conditional on the distribution of dependent variable. This would enable us to generate various estimated coefficient at certain quantile of dependent variable. Therefore, the objective of the study is twofold. First, this study aims to investigate the relationship between corporate governance and performance using OLS. Second,this work further explores the impact of corporate governance mechanisms on performance using quantile regression so as to compare and to shed light on whether there is heterogeneity in the influence of these variables on the performance of listed companies across quantiles. The results of the study provide evidence that quantile approach shows inconsistency in the result with OLS and hence indicating the impact depends on the scale size. This theoretically provides further support that OLS may represent a poor estimation approach for the reality of firms.
Doi: https://doi.org/10.1016/j.jefas.2016.06.00
The Link Class Project: Collaborative virtual teams between Peru and The Netherlands
Get PDFThe Link Class Project presented in this article provides an example of established collaborative group activities to negotiate and build a report together in virtual teams composed of students at Universidad ESAN, Lima (Peru) and Tilburg University, Tilburg (Netherlands). Itfurther analyzes the effects of a campus based internationalization strategy supported by the use of technology. Based on previous experiences with virtual classrooms, the authors adhere to the ancient Chinese philosopher’s, Lao Tzu, quote: «If you tell me, I will listen; if you show me, I will see; but if you let me experience, I will learn»
Doi: http://dx.doi.org/10.1016/j.jefas.2015.10.00
Food price inflation in India: The growing economy with sluggish agriculture
Get PDFIndia is experiencing high rate of economic growth in the last two decades but the growth has been coupled with high rate of food price inflation. The growth has been very uneven across sectors with agriculture remaining very sluggish. The increase in per capita income has significantly increased the demand for food but agricultural production has failed to keep pace with the growing demand. The theoretical explanations and time series econometric results establish that increase in per capita income and shortage in supply are responsible for price rise. There is no long run relationship between money supply and agricultural price. Increasing public expenditure and unfavorable foreign exchange rate have some effects on price although the results are not robust.
Doi: http://dx.doi.org/10.1016/j.jefas.2015.01.00
Effective use of marketing technology in Eastern Europe: Web analytics, social media, customer analytics, digital campaigns and mobile applications
Get PDFThe transition economies of Eastern Europe present both the opportunities and challenges for companies operating in these markets. On one hand, these countries have a large number of technology savvy young consumers, and on the other, the markets must also take into consideration the macro-environment of a country and market conditions which make the use of certain market technologies more feasible and attractive compared to others. It is certainly true in terms of the timing for introduction of various technologies in a country. Drawing analogy for the “IDITAROD RACE” we develop three different “Sled Dog Team layouts” for market characteristics and technologies for three Eastern European countries, namely, Slovakia, Bulgaria, and Albania. The ten market characteristics included in our research are: digital connectivity divide, economic power, demand type, privacy laws, demographics, and competitive conditions, attitude towards technology, institutional maturity, corporate social responsibility, and corruption. The ten marketing technologies included in our research are: digital profiling, segmentation, websites, and search engines marketing, campaign management, content management, social media, mobile application, digital collaborations, and analytics. Company case studies are analyzed and reported for each of these three countries which support the three models presented in our research.
Doi: http://dx.doi.org/10.1016/j.jefas.2015.07.00
The impact of risk and mobility in dualistic models: Migration under random shocks
Get PDFIn this paper we present and confront the expected outcome of an increase in risk on the regional or sectoral allocation of labor force and employment. The basic frameworks are the benchmark dualistic scenarios.Asingle-input analysis of ahomogeneousproduct economy isprovided. Uncertainty ismodeled as localized Bernoulli randomexperiments, additively affecting either labor demand or labor productivity, unilaterally, or in a perfectly (positive and negative) correlated fashion in both regions providing a stage from which conclusions on the expected consequences of random shocks (or of changes in workers’ heterogeneity) to the economy can be drawn. A (deterministic) differentiated natural appeal of —an intrinsic imbalance between, a compensating income differential required by affiliates of one sector— the two regions is allowed to interact with equilibrium formation. We report the main effects on equilibrium local expected wages, supply, employment and aggregate welfare surplus of a unilateral as well as a simultaneous increase of labor demand dispersion in the (a) basic two-sector model in four different scenarios:free market; partial(one-sector) coverage with perfect inter-sector mobility; partial (one-sector) coverage with imperfect mobility (Harris-Todaro); multiple (two-sector) coverage with imperfect mobility (Bhagwati-Hamada). Importance of convexity of local labor demands was invariably recognized. A localized increase in risk does not always repel the labor force in the long-run. This statement would hold even if individuals were not risk-neutral, as assumed in the research.
Doi: http://dx.doi.org/10.1016/j.jefas.2015.03.00
In this issue
Get PDFWe would like to introduce the 39th issue of the Journal of Economics, Finance and Administrative Science (JEFAS). The Journal is indexed to the most prestigious databases worldwide like Scopus, Social Science Citation Index (SSCI), Redalyc, EconLit and Gale. This issue has six papers, as usual, and one extra article in a section called Doctoral Dissertation which discusses a recent doctoral student’s research in a Peruvian sample. The first article, “Emerging Markets Integration in Latin America (MILA) Stock market indicators: Chile, Colombia, and Peru”, is an empirical paper that estimates the impact of the Latin American Integrated Market (MILA) start-up in the main indicators of the countries’ stock markets that conform the MILA group.
Doi: http://dx.doi.org/10.1016/j.jefas.2015.10.00
Editorial
Get PDFIn this issue This is the 38th issue of the Journal of Economics, Finance and Administrative Science (JEFAS). Besides the recent indexation to Scopus, in addition to Social Science Citation Index (SSCI), we are also indexed to Redalyc, the most important database of Latin America, Spain and Portugal. Our academic accomplishments will drive us to keep the indexation to the most prestigious databases worldwide.
Doi: http://dx.doi.org/10.1016/j.jefas.2015.05.00
Latin America’s challenge: A fresh look at industrial policy
Get PDFWhen John Price and I wrote Can Latin America Compete? several years ago, we were unflinching in our criticism of the region for failing to undertake sweeping microeconomic and institutional changes, such as improved access to capital, investment in infrastructure, and regulatory reform. We urged the region to undertake at the minimum incremental reforms across nearly a dozen areas (including public safety, judicial reform, and education) to boost its competitiveness, less it continue to lose out to emerging markets in Asia.
Doi: http://dx.doi.org/10.1016/j.jefas.2015.01.00
The integration of stock exchanges: The case of the Latin American Integrated Market (MILA) and its impact on ownership and internationalization status in Colombian brokerage firms
Get PDFEste trabajo describe los cambios en la propiedad e internacionalización de las casas de bolsa en Colombia como resultado del proceso de integración regional de su mercado bursátil a través del Mercado Integrado Latinoamericano (MILA). Propone que la integración de las bolsas de valores generó transformaciones dentro del sector de la intermediación, y las empresas afectadas en respuesta a perseguir diferentes estrategias para mantenerse competitivas en el estado actual de la situación. En el caso de Colombia, la integración bursátil a través del MILA se ha traducido en fusiones entre casas de bolsa locales, adquisiciones de empresas nacionales e internacionales y cambios de propiedad.
Doi: http://dx.doi.org/10.1016/j.jefas.2015.08.00