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Estimation of Discount Rates in Latin America: empirical evidence and challenges
Get PDFThis paper compares the main proposals that have been made in order to estimate discount rates in emerging markets. Seven methods are used to estimate the cost of equity capital in the case of global well-diversified investors; two methods are used to estimate it in the case of imperfectly diversified local institutional investors; and one method is used to estimate the required return in the case of non-diversified entrepreneurs. Using the first nine methods, one estimates the costs of equity for all economic sectors in six Latin American emerging markets. Consistently with studies applied to other regions, a great deal of disparity is observed between the discount rates obtained across the different models, which implies that no model is better than the others. Likewise, the paper shows that Latin American markets are in a process of becoming more integrated with the world market because discount rates have decreased consistently during the first five-year period of the XXI Century. Finally, one identifies several challenges that have to be tackled to estimate discount rates and valuate investment opportunities in emerging markets
ADR Effects on Domestic Latin American Financial Market
Get PDFThe purpose of this paper is to revisit and extend previous research work that examines the ADR-listing effects on the trading process of all the domestically-listed stocks in the main Latin American exchanges. The most important result is consistent with the idea of a greater isolation (from global markets) of the singly-listed stocks in the post-cross-listing period. These results persist over the cross-listing months. As expected, the cross-listed stocks become more integrated in the post-cross listing perio
Benchmarking sobre manufactura esbelta (lean manufacturing) en el sector de la confección en la ciudad de Medellín, Colombia
Get PDFThis document shows the results of a benchmarking study among different firms from the clothing industry that seeks to evaluate their degree of implementation in Lean Manufacturing during their respective productive processes. The study mainly targets firms that produce blue jeans, cotton shirts and t-shirts. Indeed, this industrial sector in the city of Medellin is highly developed and one of the most dynamic, thus the interest to perform an evaluation in this area. To achieve the benchmarking, a questionnaire was designed and applied to the different firms that were visited. The most significant result obtained was that Lean Manufacturing techniques were not prevalent within the general public. Only those companies with years in the business, exporters or foreign trademarks licensees, were knowledgeable of their application and development
Applying Chaid to Identify the Accounting-Financial Characteristics of the Most Profitable Real Estate Companies in Spain
Get PDFThe aim of this study is the determination, from an empirical perspective, of the accounting and financial features which could condition financial profitability of real estate companies, to identify the performances that guarantee its permanency in the current marketplace, characterized by the world economic crisis, specially in Spain, whose housing sector represents an important contributor to the economic growth. Although at a theoretical level the DuPont Model establishes the relationships between a group of accounting ratios and financial profitability. This paper uses a sample of 5,484 Spanish real estate companies to quantify these relationships and to extract the most relevant ones and to obtain the patterns of the most profitable companies. We use ROE to measure profitability and we analyze various independent variables about solvency, liquidity, activity, turnover, financial equilibrium and investment structure. The main contribution is of methodological nature, as we have applied statistics tools that do not require initial hypotheses on the distribution of the variables, by using a data mining technique of classification and regression tree based on rule induction algorithms known as CHAID. The study provides quantitatively success profiles by means of a set of rules describing the patterns of the most profitable companies
Un modelo de credit scoring para instituciones de microfinanzas en el marco de Basilea II
Get PDFThe growth of microcredit worldwide along with international rules on capital requirements (Basel II) are increasing the competition between microfinance institutions (MFIs) and banks for this business segment. The bank system traditionally has relied on adequate credit scoring models to analyze the risk of payment failures, but this has not been the case in supervised MFIs. The objective of this research is to design a credit scoring model for any institution subjected to supervision and specialized in microcredit as the Development Agency for Small and Micro Enterprise (Entidad de Desarrollo de la Pequeña y Micro Empresa - Edpyme) of the financial system in Peru. The results of this research includes a methodology and the steps needed to design the model, and the assessment and validation process that can be applied in the business area, in particular, to establish an interest rate policy with customers. Eventually, the paper also explains how the model can be used to develop credit risk management under the Basel II IRB approaches
Strategic brand positioning analysis through comparison of cognitive and conative perceptions
Get PDFDue to the globalization of the economy, there has been great competition in the business sector. The basic human desire to challenge new limits and capture as much market as it is possible has given a new dimension to the concept of marketing - brand positioning. To position a brand requires making choices; whereas having a position means people will prefer a brand over another. A brand can be positioned in several ways: offering a specific benefit, targeting a specific segment, price or distribution. Despite the fact that positioning is considered by both academics and practitioners to be one of the key elements of modern marketing management, it is surprising to uncover general paucity of consumers/customers derived studies regarding brand positioning strategies. This article analyzes the market position held by a competitive set of brands in the hair oil market through a comparison of cognitive and conative perceptions. Cognition will be identified by trailing a factor analytic adaptation of importance performance analysis. In turn, conation will be gauged by stated intent of the consumers to purchase the hair oil brands under study. The alignment of the results from these techniques will help in identifying the position of leadership held by a brand in the hair oil market. The marketers, in order to strategically place their brands in today’s competitive market, need to identify the attributes on which they need to focus and those of paramount importance for the consumers. This method of positioning analysis offers a practical means for present-day marketers faced with the challenge of identifying one or few brands from their diverse and multi-attributed brand range that could be developed to differentiate their brand in a meaningful way to consumers
La cultura en las organizaciones: un fenómeno central en el saber administrativo
Get PDFThis article is the result of empirical and bibliographical research processes about organizational culture. It relates some relevant aspects that, from the traditional perspective under which this concept has been understood, may be contrasted with more critical ones, such as that proposed by the Canadian school to which some of the authors researched belong. Likewise, this article may be considered a complement to one previously published by the author, also mentioned in the text
Effectiveness measurement: When will we get it right?
Get PDFCredible demonstration of policy or program impacts depends on understanding the distinction between inputs, outputs, outcomes and indicators. Moreover, in order to be trusted, public reports on a programs’ performance need to focus more selectively on identifying the key measures of performance. In the first place, the aim of the article is to provide those involved in the practice of program evaluation with enhanced understanding of the current literature, reports and documentation on estimating impacts and results of government programs and policies. Secondly, it is designed to share definitions and guidelines used to determine economic impacts. Finally, this article includes current best practices involved in measuring incremental impacts, all of which, we contend, enable program evaluation staff providing them with new ways of approaching measurement, effectiveness and accountability in a strategic and comprehensive manner
Pensar la acción colectiva en el contexto de la logística humanitaria: las lecciones del sismo de Pisco
Get PDFIn the last fifteen years, and increasingly every day, humanitarian logistics has awakened the interest of researches in the logistics and supply chain management (SCM) field. Some consider this is a new area to apply methods and management tools developed in the business area. Researches in humanitarian logistics tend to favor a technical approach, particularly in operational management (transport optimization, location of regional centers, etc.). Although this view is still valid regarding improvement in using scarce logistics resources, this must be associated to organizational methods that seek the best way to coordinate within humanitarian supply chains. The present article assumes this position upon the concept of collective strategy and how it was applied to the earthquake disaster in Pisco, Peru (August 15, 2007). The humanitarian aid was distributed among several disaster aid committees, but above all to the Instituto Nacional de Defensa Civil (Indeci), the state organization that supervised the whole system. Indeci’s management emphasized the importance of collective action to improve the humanitarian aid operation, but it also viewed the difficulties that resulted from this actio
Pronósticos bayesianos para repuestos de automóviles usando simulación estocástica
Get PDFThis article presents the development and application of a simulation model that was used to forecast the demand of automobile parts using information from a car dealer in Mexico, D. F. In particular, this work illustrates, using a simple model, how stochastic simulation and Bayesian statistics can be combined to model and solve complex forecasting problems. The proposed framework is general enough to be applied to very detailed models of the system under study. The results obtained demonstrate how uncertainty on the parameters of the model can be incorporated, and the application using real data shows how a large sample size produces a posterior distribution that has little influence from the prior distribution