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Trayectorias óptimas de inversión durante el ciclo de vida en un sistema de multifondos
Get PDFTaking into account the new Colombian multi-funds scheme of the Individual Benefits Plan, an analysis was made through the application of stochastic and actuarial tools with the purpose of determining the moment in which agents (according to their social characteristics: sex, income expectation, moment they begin to pay contributions, contribution probability) must transfer their retirement account into the different offered portfolios. Considering the profitability and the risk the agents want to assume, as key elements, it is generally observable that they must remain a great percentage of their working lives in the high-risk investment fund to achieve a greater financial capital accumulation and a greater probability to attain a reasonable replacement rate.
DOI: 10.1016/S2077-1886(13)70032-
El transporte internacional como factor de competitividad en el comercio exterior
Get PDFCurrently most of international shipments need to use more than one type of transportation from its point of origin to final destination. Each one of the types of global transport has played an essential role in facilitating geographic diversification. In this paper we evaluate, through Principal Component Analysis methodology, the international transport competitiveness considering the most important variables that affect this sector and the economic performance of these variables on transportation, analyzing the structure of the international transport system of twenty-nine countries, including seven Latin American countries. The results shown in the competitiveness index of international transportation indicate that the most competitive countries in this field are: USA, Hong Kong, Singapore, China, Sweden, Spain, Japan, Belgium, Denmark and Canada. Highlighting that, the countries of Latin America with the highest scores in this category are Brazil, followed by Panama, Chile and Costa Rica.
DOI: 10.1016/S2077-1886(13)70035-
Perceptions of professionals interested in accounting and auditing about acceptance and adaptation of global financial reporting standards
Get PDFNowadays, one of the final aims of the institutions working on transparency and standardization of financial statements, and the publication of standards related to the profession of accounting & auditing has been to put into practice a uniform global set of standards which will be applicable in finance. Before 2000, in the case of a preference between IFRS & US GAAP regarding which should be internationally accepted uniform set of application, world public opinion used to accept U.S. Generally Accepted Accounting Principles (US GAAP) as reference. Today, great majority of the world takes IFRS as a reference. This study contains evaluations related to the results of research on the thoughts & perceptions of the professionals interested in accounting and auditing about application and development of international financial reporting standards as national financial reporting standards. As a result of the research, it was determined that those interested in accounting and auditing see significant advantages in the application of IFRS. Accountants and auditors think that in case IFRS is applied, comprehensibility and reliability of financial statements shall increase, at the same time accounting frauds shall decrease.
DOI: 10.1016/S2077-1886(13)70019-
Transactional capability: Innovation's missing link
Get PDFThe topic of innovation as a source of competitive advantage for firms is consolidated in the literature. An innovation-based advantage is generally achieved by following a structured process, in which technological capability plays a key role. However, a question remains in studies into innovation, which is concerned with the reasons why not all firms that develop a technological capability are innovative. Where is the missing link? Great efforts have been made in attempts to answer to this question. However, the study of this link as a source of advantage for firms deserves further attention. This article aims to present a framework with two essential dimensions: (1) the technological capability and (2) the transactional capability. Technological capability is the ability of firms to make effective use of technical knowledge in order to improve production processes and develop new products and services. Transactional capability is defined as a repertoire of abilities, processes, experiences, skills, knowledge and routines that the firm uses to minimize its transaction costs (ex-ante and ex-post). Given that the present study is a theoretical paper, methodologically it is based on a literature review. The main finding of this study is the identification of transactional capability as the missing link in innovation. Accordingly, to be innovative, in addition to having a technological capability, a firm needs to develop its transactional capability.
DOI: 10.1016/S2077-1886(13)70017-
Oferta pública inicial y underpricing en el mercado de capitales mexicano
Get PDFCompanies decide to go public for several reasons, among them we can mention liquidity issues, obtaining financing, and lower capital cost. Once the company was valued and the financial intermediary sets a price for the shares, the companies come to the market to a particular offer price. At the end of the first day of trading, the company presents a closing price. In the international context, the tendency for the initial public offering (IPO) is having a closing price greater than the issued. This is known under the term underpricing. The degree of underpricing varies across markets. Studies in the United States, found 36% yields, while China has had an underpricing of 298% and 46% in Germany. This research will analyze the IPO’s issued in Mexico in the period from 2000 to May 2012, seeking to determine if a situation of underpricing in IPO’s exists in the Mexican market.
DOI: 10.1016/S2077-1886(13)70034-
In this issue
Get PDFThe special issue of the Journal of Economics, Finance and Adminis trative Science is part of the activities to celebrate the fifty anniver sary of ESAN Graduate School of Business. ESAN was inaugurated in 1963 thanks to an agreement between the Peruvian government and the government of the United States of America. The implementation of the agreement was entrusted to the Stanford Graduate School of Business of Stanford University in California. The Journal of Econo mics, Finance and Administrative Science was born as Cuadernos de Difusión in 1992. It was reengineered in 2009 when the current appellation JEFAS was adopted.
The special issue offers the best research works presented in the Economics and Financial Management track of CLADEA Conference 2012 that was held in Lima, Peru, from October 22nd to October 24th, 2012. We have selected for publications individual works as well as collaborative works, papers in English and Spanish. The financial markets in Brazil, Mexico, Colombia and Peru are studied from different perspectives, with an emphasis on investments.
DOI: https://doi.org/10.1016/S2077-1886(13)70023-
Localización geográfica y sectores de inversión: factores decisivos en el desempeño de las multinacionales mexicanas durante la crisis
Get PDFDuring the global crisis, Foreign Direct Investment (FDI) has withdrawn from developed economies and has substantially increased in emerging and transitional economies. In this scenario, Mexican MNEs have been spreading during the last four years, after starting their internationalization two decades ago. In this paper, we show that the relationship between two factors— economic sector and geographical location of FDI — explains the difference in outcome of corporate operations during the crisis. While positive results have been found regarding investments in Latin America and Asia, less favorable results are registered in investments in Europe and the United States. These findings modify the theoretical approach on the “location determinants” of FDI. Our sources are enterprise's websites and direct surveys applied during the last four years for a sample of 20 of the largest MNEs in Mexico.
DOI: https://doi.org/10.1016/S2077-1886(13)70021-
Who responds more to monetary policy, conventional banks or participation banks?
Get PDFIn this paper I investigate whether there is a systematic difference between conventional banks and participation banks in terms of their response to monetary policy shocks. For this purpose I look at the quarterly loan growth of commercial banks and participation banks in Turkish banking sector and see whether the lending channel of monetary policy differs depending on bank type. At the same time, I control for some bank specific variables, namely the log of real assets, the ratio of liquid assets to total assets and the ratio of equity to total assets. I find that participation banks show larger reaction to monetary policy. In terms of bank specific variables, banks with higher liquidity ratio tend to have higher loan growth, whereas banks with larger asset size have smaller loan growth.
DOI: https://doi.org/10.1016/S2077-1886(12)70003-
Human resource Management Practices Aimed at seeking the commitment of employees on Financial and Non-Financial (subjective) Performance in spanish Firms: An empirical contribution
Get PDFThe purpose of this paper is to assess the relationship between Human Resource Management (HRM) practices and organizational performance in Spanish firms from a financial and non-financial perspective (subjective). The empirical study was conducted with a sample of 102 firms in the region of Andalucía (Spain). The results of statistical analysis have shown the fundamental role of establishing HRM practices aimed at seeking the employees’ commitment and its positive influence on organizational performance. Results also showed that the subjective measures for organizational performance better explained this phenomenon of study
Pricing Asian power options under jump-fraction process
Get PDFA framework for pricing Asian power options is developed when the underlying asset follows a jumpfraction process. The partial differential equation (PDE) in the fractional environment with jump is constructed for such option using general Itô’s lemma and self-financing dynamic strategy. With the boundary condition, an analytic formula for the option with geometric average starting at any time before maturity is derived by solving the PDE, and the option with arithmetic average is evaluated in Monte Carlo simulation using control variate technique with the help of the above analytic solution. Overwhelming numerical evidence indicates that the technique proposed is computationally efficient and dramatically improves the accuracy of the simulated price. Moreover, this study will pave a novel way to copy with the option contracts based on thinly-traded assets like oil, or currencies or interest rates.
DOI: https://doi.org/10.1016/S2077-1886(12)70002-