JEFAS Vol. 17 Nº 32 (2012)
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Item Metadata only Case Discussion Responsabilidad Social Interna en J-V Resguardo(Universidad ESAN. ESAN Ediciones, 2012-06-30) Jáuregui Keti; Arbaiza LydiaJ&V Resguardo is a different security company oriented towards services in general but with personalized attention. Its workforce was highly motivated and skilled. The company managed to distinguish itself from the rest of its competitors thanks to the leadership with the social responsibility of its founders the brothers Pablo and Javier Calvo-Pérez. Practices to improve the quality of life in workers are divided into five dimensions: respect pride impartiality camaraderie and credibility. Each dimension includes a series of programs aimed at improving their development as a person.Item Metadata only Consideraciones para calcular el ratio precio-utilidad de la bolsa de valores de Lima: metodología y aplicaciones(Universidad ESAN. ESAN Ediciones, 2012-06-30) Pereda, JavierIn this paper we construct a methodology to calculate the price-earnings ratio (PER) of the General Index of the Lima Stock Exchange (IGBVL) for the period 1995-2011 following Shiller (2005). Results show that equity prices, in the analyzed period, basically responded to the expected evolution of earnings of the companies, even during the period of the equity prices boom that preceded the financial crisis of 2008. This conclusion is reinforced when we calculate, following Hayford y Malliaris (2004), the implicit equity premia expected for stock investors. We find high values of equity premia during the period of stock prices boom, which would justify the high PER values registered in that period.Item Metadata only Effects of activist shareholding on corporate social responsibility reporting practices: an empirical study in Spain(Universidad ESAN. ESAN Ediciones, 2012-06-30) Prado-Lorenzo José Manuel; García-Sánchez Isabel María; Gallego-Álvarez IsabelNew business practices are mainly characteristic of large firms especially those quoted on the stock market. Listed companies show a higher commitment to corporate social responsibility (CSR) practices because capital markets allow activists to become a firm's socially oriented shareholders. These actors although small in number have a significant influence over other larger block-holders. Recent decades have witnessed a significant increase in societal pressure to control the behavior of companies owing to the risks deriving from the economic social and environmental effects of their business activity. The aim of this work is to test the effect that CSR activist shareholders have on the decision to disclose corporate social responsibility information in the Spanish context controlling for the rest of the dimensions in Ullmann's theoretical framework.Item Metadata only Human resource management practices aimed at seeking the commitment of employees on financial and non-financial (subjetive) performance in spanish firms: an empirical contribution(Universidad ESAN. ESAN Ediciones, 2012-06-30) Triguero Rafael; Peña-Vinces Jesús; González-Rendon Manuel; Sánchez-Apellaniz MercedesThe 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.Item Metadata only El peso mexicano: la gestión de cobertura del riesgo cambiario mediante la teoría de los efectos olvidados(Universidad ESAN. ESAN Ediciones, 2012-06-30) Salazar Garza, RicardoThis paper is about developing a nonlinear model to predict the behavior of future exchange rate based on the opinion of the economic agents participating in the dollar/peso market. Such views are treated with Fuzzy Logic and a variant of it, known as the Theory of Forgotten Effects. The aim is to find a mechanism for making coverage decisions that allow us an optimal exchange rate risk management at a lower cost than that which involves operations with traditional hedging instruments. For the period of investigation and applying this model, the results support that the collective opinions of economic experts involved in the decision making risk management of exchange rate provide better results than those using traditional methods in the future markets.Item Metadata only Role of online education in building brand image of educational institutions(Universidad ESAN. ESAN Ediciones, 2012-06-30) Manhas, Parikshat S.In this article we try to present the general impression that online learning/real time virtual learning conveys. The myriad interpretations of online education are depicted elaborately along with its advantages and influence on various stakeholders. The disadvantages of online education reveal their apparently potent drawbacks, which are then trailed by «opposing views». These views give concrete justifications against the so-called shortcomings of online learning and enlist the techniques used to tackle them.Besides of what online education does for students, learners and tutors at large, it also confers some potential by-products, such as helping build a strong brand image of educational institutions that offer it. Although educational institutions worldwide are employing online learning resources to create a brand image for themselves, a well-worn discussion has to be mooted to understand the implications of their usage.Item Metadata only The shamans of wall street: a real conundrum in finance. Why systematically poor performing asset managers survive?(Universidad ESAN. ESAN Ediciones, 2012-06-30) Delgado, Francisco A.; Cueto Saco, Diego C.In this paper we propose a behavioral explanation for the survival of poorly performing asset managers. We argue that, in general, asset managers make use of copious amounts of correct but useless information to convince investors about their supposed superior ability to interpret the market. Their marketing skills and motivational speeches seem to be enough to maintain asset managers in business regardless of the results. We present data that show how bad a number of asset managers can be. We also show how prevalent asset managers’ underperformance is. We argue that some Wall Street professionals are able to fool almost all of their clients most of the time into believing that they add value in the services they provide while the data show that this is not true. What we cannot show with this data is whether managers actually believe they are as good as they claim they are, or are not just shamans, albeit shameless as well.
