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Ítem Unión Andina de Cementos S.A.A. (UNACEM). Capital structure case(Asociacion de Profesionales y Técnicos del CONICIT, 2015-01-01) Berggrun Preciado, Luis.This present research paper, introduces one of the most important companies in the local market (Peru), Union Andina de Cementos S.A.A. (UNACEM). The company is engaged in the development and manufacture of clinker, cement and other building materials in the country and abroad, including marketing and sales as well as the operation of the dock facilities and complementary Conchan oil refinery. In the last years, their capital structure and their WACC changed because of the merger between Cementos Andino and Cementos Lima. Also, we considered the macroeconomic environment and the national cement industry, in 2012; the company had a market share of 54% and was the leader of the local market. Additionally, according to the forecast of the national economic institutions, the local construction market will have an increase of 14% in the next years. This research paper is ideal for the analysis of the capital structure of the company with the market value, and could be used within the current context of the construction sector, in view of the new projects and the growth of the local market.Ítem Efectos del capital psicológico en el comportamiento innovador(Universitat de València, 2013-01-01) Buenaventura Vera, Guillermo; Fernández Guerrero, Rafael; AsesorThis investigation analyzes the impact of the Psychological Capital of the leader on the Innovative Behavior of employees in the Organization, establishing the influence that the Organizational Learning Capability and the Team Member Exchange support on it. Psychological Capital, a construct of second order that incorporates positive psychological resources, efficacy, hope, optimism and resiliency, can be built upon the individuals, unlike other personality traits that are normally permanent in time, allowing the Organization continued development and a favorable impact on its performance (Luthans, Avey, Avolio, Norman and Combs2006; Luthans, Youssef and Avolio, 2007). Many academic works backed the view that individual innovation helps to achieve organizational success (Amabile, 1988;) Axtell et al., 2000; Smith, 2002; Unsworth and Parker, 2003). The innovation is the ability of an organization to improve its products or processes, as well as the ability to exploit the innovation potential of the (supposedly-minor) innovative initiatives of employees, as an important element of organizational innovation, beyond the major technological advances (Gebert, 2002).Ítem Emerging Markets Integration in Latin America (MILA) Stock market indicators: Chile, Colombia, and Peru(Elsevier Doyma, 2015-12-01) Berggrun Preciado, LuisThis study aims to determine the impact of the Latin American Integrated Market (MILA) start-up in the main indicators of the stock markets of the countries that conform it (Chile, Colombia, and Peru). At the end, several indicators were reviewed to measure the impact on profitability, risk, correlation, and trading volume between markets, using indicators such as: annual profitability, standard deviation, correlation coefficient, and trading volume. The sample period runs from November 2008 to August 2013; and involves the three stock markets associated with MILA: Bolsa de Comercio de Santiago (BCS), Bolsa de Valores de Colombia (BVC) y Bolsa de Valores de Lima (BVL). An additional evaluation for further research would consist of the calculation of relevant indicators to corroborate the validity of the effects found in this investigation corresponding to the integration of the stock exchanges of Lima, Santiago and Bogota, after the integration of the Mexican stock exchange that occurred in 2014. © 2015 Universidad ESAN.Ítem Incentives for wind power investment in Colombia(Elsevier Ltd, 2016-05-01) Rodríguez Ramos Yeny EsperanzaThis paper develops an energy policy measure for renewable sources in Colombia, in particular wind generation. The proposal is done at the decentralized level, in isolated areas of the country, where electricity coverage is below 12% and wind speed is suitable for power generation. The goal of this policy is focused on increasing electricity coverage in those remote areas of the country that have high winds in order to develop clean generation investments that can represent a benefit for low-income users. Thus, a mechanism for financing these kinds of investments is proposed, involving the private sector and using the mechanism known as Public Private Partnerships - PPPs. PPPs are mechanisms used by the public sector to establish a contract with the private sector. The private sector provides capital and ability to develop projects, while the public sector holds the responsibility in service delivery. To model the relationship between public sector and private investors, a bilevel programming method for efficient resource allocation, combining an auction mechanism and moral hazard, is presented. A case study is shown in the Colombian context. © 2015 Elsevier Ltd.Ítem Idiosyncratic volatility and stock returns: Evidence from the MILA(Elsevier Ltd, 2016-05-01) Cardona, EmilioThis paper examines the association between idiosyncratic volatility and stock returns in the MILA from 2001 to 2014. Based on portfolio strategies that rely on one- or two-way sorts, we find that idiosyncratic risk is not a predictor of returns in the whole period or during high or low volatility months in the integrated market. We confirm the lack of an idiosyncratic volatility effect in a multivariate setting conducting errors-in-variables-free panel regressions. Overall, unsystematic risk is not a priced factor in the MILA, in line with predictions of several pricing models and recent literature in the U.S. market. © 2016 Elsevier B.V.Ítem Introducción al análisis de riesgo financiero(Universidad Icesi, 2008-01-01) Berggrun Preciado, LuisLa medición y gestión (manejo) del riesgo es una disciplina relativamente nueva,que ha surgido con gran dinamismo después de episodios de inestabilidad y crisis financieras que se presentaron en las décadas del ochenta y noventa (como por ejemplo: la crisis de la deuda externa en la mayoría de países latinoamericanos en los ochenta, la caída de la Bolsa de Nueva York en 1987, la explosión de las burbujas financieras e inmobiliarias en Japón en los noventa y la de las empresas “.com” a finales de los noventa, el “tequilazo” en México durante 1994, la crisis financiera en el sudeste asiático en 1997, y las de Rusia y Argentina en 1997 y en 1998, respectivamente). Estos acontecimientos, materializaciones de los riesgos existentes, han puesto de manifiesto la necesidad de la medición y el manejo de riesgo en un mundo cada vez más interconectado. Así, hoy en día la medición y la gestión del riesgo se han convertido en rutina ineludible en las instituciones financieras y tesorerías de grandes firmas. Los riesgos que enfrenta una organización pueden ser de distinta naturaleza.Ítem Family ties, do they matter? family ownership and firm performance in Peru.(Board, 2012-01-01) Benavides Franco, JuliánThis paper studies the relationship between ownership concentration, family ownership, management, and market and accounting performance for 59 industrial firms listed in the Lima Stock Exchange during the period of 1999 to 2005. An inverted U-shaped relationship was found between ownership concentration and market performance in both family and non-family firms, pointing out an entrenchment effect or excessive risk aversion of the controlling group. This effect is worsened for family firms. The presence of family members as CEOs, Chairmen and Board Members is also negative for a firm’s performance and family ownership was found to increase the leverage of a firm.Ítem Fund flows and performance in Brazil(Elsevier, 2015-02-01) Berggrun Preciado, LuisThis study analyzes how fund flows react to past performance in the dynamic Brazilian equity fund market over the period from 2001 to 2012. The study also tests for a “smart money” effect (Zheng, 1999), or whether funds that receive more money subsequently outperform those that receive less money. We find that investor flows chase past performance, and document some differences in the flow–performance relationship between retail and institutional funds. We do not find evidence of a “smart money” effect for the entire sample of funds. Nonetheless, flows in small and retail funds, which are often seen as populated by less sophisticated investors, do anticipate future fund performance.Ítem Individual Performance in Turbulent Environments: The Role of Organizational Learning Capability and Employee Flexibility(Wiley Periodicals, Inc., 2015-06-01) Torres-Carballo, FedericoOrganizational learning capability (OLC) and employee flexibility help firms navigate the challenges faced by organizations operating in turbulent environments. OLC includes dimensions such as experimentation, risk taking, openness, dialogue, and participative decision making. Employee flexibility is considered a crucial tool for strategic human resource management in tackling environmental turbulence. Accordingly, we pose the following research question: how, and to what extent, is individual performance enhanced by OLC and employee flexibility in turbulent environments? The major impact that environmental turbulence has on change and flexibility requirements suggests that employee flexibility plays an important role in the impact OLC has on individual performance. However, we found no prior studies that explicitly analyzed this mediating function of employee flexibility. In this study, we tested three hypotheses that link OLC and individual performance, OLC and employee flexibility, and employee flexibility and individual performance. We applied a structural equation methodology, using partial least squares path modeling, to a sample of 174 academics at a Latin American university (a highly turbulent context). Our results show employee flexibility fully mediates the relation between OLC and individual performance given the presence of environmental turbulence.Ítem GARCH-based put option valuation to maximize benefit of wind investors(Elsevier, 2014-12-01) Rodríguez, Jenny EsperanzaA method based on Empirical Martingale Simulation (EMS) is presented to evaluate investments in wind energy. Risk-neutral prices are calculated, where electricity market prices are modeled using an ARIMA–GARCH method which shows conditional heteroskedasticity. The values of the put options are calculated a week ahead and it is observed that wind producers that invest in the options market can hedge against price risk and can also maximize their benefits. The use of Monte Carlo simulation with the EMS method in periods of high volatility is especially useful for investors facing price volatilities in order to improve their returns. The model is applied to the Colombian electricity market.Ítem El estado de cambios en el patrimonio neto en el PGC-07. Disertación para su elaboración y prospectiva como herramienta de análisis(Centro de Estudios Financieros, 2010-01-01) Olaya, DanielEn el desarrollo del presente trabajo, profundizaré desde el punto de vista teórico y práctico en la forma de llegar a elaborar uno de los nuevos estados financieros incluidos dentro de las cuentas anuales al amparo del Real Decreto 1514/2007, de 16 de noviembre, como es el estado de cambios en el patrimonio neto. En el análisis detallado del nuevo Plan General de Contabilidad para España, el cual tiene su aplicación a partir del pasado 1 de enero de 2008, se presentan novedades importantes, y una de ellas hace referencia a los informes integrantes de las cuentas anuales. La mayor novedad en este aspecto viene dada por la incorporación de dos nuevos estados financieros: el estado de cambios en el patrimonio neto y el estado de flujos de efectivo. Por lo tanto, centrándonos en el estado de cambios en el patrimonio neto, se hace necesaria la profundización en el proceso a llevar a cabo para su elaboración y de manera prospectiva mostrar su importancia como herramienta de análisis dentro del proceso de toma de decisiones empresarial. Con base en lo anterior, se procura contribuir con herramientas fiables y sencillas a la actividad del análisis de la información contable para que cumpla uno de sus principales objetivos, como es el de servir de soporte dentro del proceso de toma de decisiones empresariales.Ítem Las empresas de la economía social y los informes financieros en una economía globalizada in a globalized economy(Universidad Cooperativa de Colombia, 2010-12-01) Olaya, DanielEn el proceso de toma de decisiones se deben generar diferentes clases de informes financieros como resultado de la gestión realizada al interior de las organizaciones. Los anteriores informes se generan dependiendo de si son para usuarios internos o para usuarios externos. En el primer caso se tiene libre albedrío para su estructuración, pero en el segundo caso se cuenta con los lineamientos dados por las diferentes entidades que solicitan información como resultado de la gestión socioeconómica de las diferentes organizaciones. Con respecto a esta situación, nos adentraremos en el texto de las Normas Internacionales de Información Financiera (NIIF, o IFRS por su sigla en inglés), en lo referente a la presentación de los informes financieros para los usuarios externos.Ítem Cost of Capital when Dividends are Deductible(Sociedade Brasileira de Finanças, 2011-01-01) Benavides Franco, JuliánWhen calculating Tax Savings, TS we are confronted with a strange mix of accounting accrual and market value when involving TS in the calculation of the Weighted Average Cost of Capital, WACC or the Cost of Equity, Ke. Firms earn the right to TS once they accrue the interest expense and they actually earn the TS when taxes are paid. Tax savings and the discount rate () we use to calculate their value are involved in the calculation of WACC and Ke. Textbook WACC formulation is a very special and unique case that is not typical. Based on previous findings, we derive a general approach to those formulas that take into account any kind of TS related to the financing decision of a firm and any date when the TS is earned. These formulations can be used to introduce any type of externality that creates value through tax savings not captured by neither the cost of debt nor the cost of equity. In this paper we develop the formulations for Ke, the cost of levered equity and the average cost of capital when dividends, interest on equity or monetary correction of equity are deductible. This is the case of Brazil. We show that using the proper formulation the most known valuation methods, i) Firm value with Free Cash Flow and WACC for the FCF; ii) value with the Capital Cash Flow and WACC for the CCF; iii) equity value with the Cash Flow to Equity and Ke, the levered cost of equity plus debt; iv) Adjusted Present Value, APV are consistent and give identical results.Ítem Testing the Pecking Order Theory : Comparative Evidence between two differentiated countries(Journals of Engineering, Computing, Sciences & Technology, 2012-10-01) Buenaventura Vera, GuillermoThis paper analyses the financial if the behavior of the Canadian and Colombian companies follow the pecking order theory, using a sample of firms of several sectors in those countries. The study is conducted over a net sample of 74 Colombian firms and 104 Can adian firms, for the years 2006 to 2010, using the creative Shyam - Sunder and Myers (1999) model. As a general result, we observe that Canadian’s firm finance their deficit using long term debt while Colombian companies do not. Moreover other important resu lts were obtained from subdivide samples by company size.Ítem Efectos de la regulación bursátil sobre la efi ciencia de los mercados de valores . Comparación entre España y Reino Unido(Routledge, 2010-06-01) Tobar Arias, Jose EliasEste trabajo presenta el primer estudio comparado sobre la rentabilidad obtenida por los directivos en sus operaciones con acciones propias en dos mercados de valores caracterizados por marcos legales diferentes: España y Reino Unido. Analiza si las diferencias en el grado de regulación y coerción del «abuso de mercado» producen diferencias en el grado de eficiencia del mercado. Esto permitirá expresarnos sobre el grado de efectividad de los denominados close periods o periodos de censura implantados en Reino Unido o sobre el mayor rigor en el cumplimiento de los plazos fijados por ley para el anuncio pùblico de las operaciones de directivos. Los resultados evidencian que las mayores restricciones establecidas en el Reino Unido no impiden que los directivos obtengan rentabilidades anormales, detectadas por igual en ambos países, pero sí contribuyen positivamente sobre la transparencia del mercado y la correcta formación de precios al favorecer la forma semi-fuerte de eficiencia.Ítem Company holdings structure and stock yields in South America(Pontificia Universidad Javeriana, 2008-06-01) Benavides Franco, JuliánEn el mundo se encuentra concentrada en manos de los tres principales accionistas cerca del 46% de la propiedad, y en el caso de empresas que operan en mercados suramericanos, este porcentaje se eleva a un 70%. Mediante un estudio de portafolio y una estimación con datos de panel a 271 empresas correspondientes a cinco mercados emergentes suramericanos, se concluye que, en promedio, el portafolio de acciones, conformado por empresas con la mayor concentración de propiedad, genera un rendimiento superior al producido por el portafolio formado por empresas con la menor concentración de propiedad. Ello indica que los inversionistas bursátiles necesitan un rendimiento superior, debido al mayor riesgo que enfrentarían como accionistas minoritarios de las empresas con una elevada concentración de propiedad.Ítem Aplicabilidad del EVA , RION y GEO en organizaciones del sector solidario en Colombia . El estudio de casos(Universidad de Manizales, 2008-08-01) Fajardo Ortiz, MercedesEn un país rodeado de desigualdad económica y social, con un Estado que no puede cubrir las necesidades básicas en su totalidad, con unas regiones ajenas al acontecer nacional, es el modelo cooperativo el llamado a oxigenar y contribuir a la consecución de unos mejores índices de calidad de vida. (Confecoop, 2005). La importancia del sector solidario y del cooperativismo, su naturaleza sin ánimo de lucro y de interés social, resulta ser fundamental para el desarrollo económico nacional. En él se encuentran figuras que al ser correctamente explotadas pueden producir fenómenos verdaderos de inclusión social, repartición de riqueza y por lo tanto obtención de desarrollo económico y bienestar general.Ítem Una propuesta para incluir el capital intelectual en el modelo de flujos descontados(2007-10-01) Jiménez Naharro, FélixGlobalization and intellectual capital affect to the company and its context. In fact, the valuation techniques don¿t include them, as the discounted cash flow. Thus, in this paper we propose to include several indicators of intellectual capital and real options to solve this limitationÍtem Optimal Portfolio allocation for latin American stock indices(Pontificia Universidad Javeriana, 2010-01-01) Berggrun Preciado, LuisThis article uses four methods to derive optimal portfolios comprising inves - tments in the seven most representative stock exchanges in Latin America from 2001 to 2006 and it studies their composition and stability through time. The first method uses a historical variance – covariance matrix and the second one em - ploys a semi-variance – semi-covariance matrix. The third method consists of an exponentially weighted moving average and the fourth and last method applies resampling. From a practical point of view, this result is significant because less rebalancing can mean greater potential savings. The article further analyzes the performance of optimal portfolios as compared to equally weighted portfolios. The results of applying the Sharpe ratio in the out-of-sample period provided no evi - dence of statistically significant differences between optimal portfolios and equally weighted portfolios. However, some evidence is provided in favor of resampling as the returns obtained in the out-of-sample period showed stochastic dominance over the returns of the portfolios estimated using more traditional methodologieÍtem Performance Persistence : the case of colombia ’ s Pension and severance Pay funds Persistencia en el desemPeño : el caso de los fondos de Pensiones y cesantías de colombia(Consejo Latinoamericano de Escuelas de Administración, 2011-01-01) Jaramillo Recio, FernandoThis paper studies performance persistence for mandatory, voluntary and severance pay funds in Colombia. We test for persistence in terms of raw and style-adjusted returns for consecutive and mul - tiple periods. This document also explores whether an investor following strategies based on persistence can attain statistical and economically significant excess returns. Our results indicate the presence of performance persistence for some funds in the very short run. However, investors pursuing portfolio strategies based on this sort of predictability would have been unable to obtain significant excess returns. More importantly, these findings support the notion of weak-form market efficiency.