1,721,021 research outputs found
Te agradezco la desesperación que me causas
Get PDFEl hábito de la pasión: cartas de amor de sor Mariana. Ignacio Vélez Pareja. Editorial Altamir y Centro Editorial Javeriano, Santafé de Bogotá, 1996, 206 págs
Te sigo agradeciendo la desesperación
Get PDFEl hábito de la pasión: cartas de amor de sor Mariana. Ignacio Vélez Pareja. Editorial Altamir y Centro Editorial Javeriano, Santafé de Bogotá, 1996, 206 págs. ilus
Te agradezco la desesperación que me causas
No full textEl hábito de la pasión: cartas de amor de sor Mariana. Ignacio Vélez Pareja. Editorial Altamir y Centro Editorial Javeriano, Santafé de Bogotá, 1996, 206 págs
Te sigo agradeciendo la desesperación
No full textEl hábito de la pasión: cartas de amor de sor Mariana. Ignacio Vélez Pareja. Editorial Altamir y Centro Editorial Javeriano, Santafé de Bogotá, 1996, 206 págs. ilus
Te agradezco la desesperación que me causas
Get PDFEl hábito de la pasión: cartas de amor de sor Mariana. Ignacio Vélez Pareja. Editorial Altamir y Centro Editorial Javeriano, Santafé de Bogotá, 1996, 206 págs
Te sigo agradeciendo la desesperación
Get PDFEl hábito de la pasión: cartas de amor de sor Mariana. Ignacio Vélez Pareja. Editorial Altamir y Centro Editorial Javeriano, Santafé de Bogotá, 1996, 206 págs. ilus
Proyecto de creación e implementación de análisis financiero /
Get PDF•Conocimientos sobre valoración de empresas aprendidos en la universidad con base al libro de
Ignacio Vélez pareja y su modelo CIGE
(Velez, 2006)
•Matemática financiera
•Finanzas internacionales I Y II
•Derecho labora
Modeling the Financial Impact of Regulatory Policy: Practical Recommendations and Suggestions. The Case of World Bank
No full textWorld Bank (WB) has played a crucial role in the development of the economies of the world, especially in the emerging countries. We recognize the leadership it has shown and the intellectual authority the WB has on planning offices, practitioners and consultants. For this reason it is very sensitive whatever improvements made in the methodologies it uses in assessing the feasibility of infrastructure projects. This influence affects private practice in valuation and project appraisal as well. Vélez -Pareja in 1999 warned: “constant price methodology implies some assumptions and a mixture of items, some deflated, and some others not deflated”. Vélez -Pareja and Tham 2002 warned again: “financial statements at constant prices will be useless when the project is implemented because what occurs in reality (that is what we are interested in) is very different from what is written in the final report of a project evaluation. Some of the items are deflated while others (say depreciation charges and interest payments) are in nominal prices. Hence, for managerial purposes, it is of no use to have this mixed information in the financial statements.” In general, both papers warn about the overvaluation of a project when appraised at constant prices. Some reactions to these assertions were that it was the construction of a straw man to destroy it. We have a beautiful case where the constant prices methodology is fully at work: the Financial Modeling of Regulatory Policy by the World Bank. On the other hand Tham and Vélez-Pareja 2004 mentioned the most frequent (and avoidable) mistakes when valuing cash flows. In this paper we show how in that case they present several conceptual mistakes such as valuation at constant prices, mixing deflated and non-deflated items in financial statements, using constant leverage when in the forecasted financial statements it is not constant, inconsistency in the cash flow and value calculations and some other irregularities that will be described in the body of the paper. This analysis shows an overvaluation of more than 21% when the constant prices methodology is compared with the current prices methodology and using market values to calculate the WACC. The last two appendixes show the correspondence between the author and officials and consultants from the World Bank.
Project Evaluation in an Inflationary Environment
No full textThis is a case for teaching. This case shows through several examples that the Net Present Value for project evaluation should be calculated based on estimates at current prices. It has been a widespread practice to evaluate projects at constant prices with a great deal of -today- unnecessary oversimplifications. An example is presented were it is shown that the constant price methodology (zero increase in prices of year 0 and real discount rate) is biased upwards and there is a risk that bad projects in the reality be accepted as good projects. Example Setting: Hypothetical firm in an inflationary environment. In this example it is shown how the usual procedure for evaluating a project (i.e., assuming constant prices or constant dollars and a deflated or real rate of discount) could give an inappropriate investment recommendation. Situation: This is a technical note, useful for supporting a lecture, class discussion, or case analysis. The example of a hypothetical firm illustrates how to construct a free cash flow based on given parameters (inflation rate, real interest rate, risk premiums, prices, price increases, elasticity function, accounts receivable and accounts payable policies, etc.) and then value the firm. This technical note has six objectives: * illustrate how to construct a pro-forma financial statement, such as Balance Sheet, Profit and Loss Statement, and cash flow forecast for the new firm. * show how the financial evaluation of the firm as a project made with constant prices and/or constant dollar and real or deflated interest rates might differ from the evaluation of the same project with current or nominal prices. * suggest the conditions or assumptions that have to be met in order for the two approaches (the constant price approach and the current or nominal price approach) to give equal results (this is, identical NPV). * show which problems in the follow up and monitoring of a project might be present when working with the constant price approach. * illustrate why NPV calculated at constant prices and real or deflated rate of interest is, in general, different to the NPV calculated at current or nominal prices and discounted at nominal rates of interest, contrary to what is written in many financial textbooks. * describe how a spreadsheet might be utilized to make a more sophisticated analysis and avoid unnecessary, but widely-used oversimplifications. An Excel spreadsheet accompanies the note and allows students to conduct sensitivity analysis on the project's NPV and other results.
El Metodo Delphi
No full textEsta es una nota de estudio donde se presenta un método para lograr consenso en grupos conocido como el método Delphi o Délfico. Este método es útil para cerrar la brecha entre una situación de desconocimiento total de un hecho y una apreciación calificada del mismo. Se presenta el origen del nombre, asociado al oráculo de Delphos en Grecia y se define y se describen el origen y la forma de operar. Se anotan sus ventajas, elementos básicos y las críticas y objeciones más comunes. Así mismo, se relacionan los usos más conocidos del método. La última parte, concluye. No pretende ser una nota novedosa, sino es una actualización bibliográfica sobre el tema. In this teaching note I explain a method to obtain consensus among the members of a group. This method is the well known Delphi Method. This method is useful to close the gap between the total ignorance regarding a fact or situation and a disciplined guess. I present the origin of the name, that is associated to the Delphos Oracle in Greece and I define the origin and operational procedure as well. I mention the advantages, the basic elements and the most common critiques and objections found in the literature. Finally, I present the most common uses of the method. In the last section I conclude. This note is not intended to present something really new. It is just an actualized bibliographic review.
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