JEFAS Vol. 15 Nº 28 (2010)

URI permanente para esta colecciónhttps://hdl.handle.net/20.500.12640/4115

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Mostrando 1 - 6 de 6

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Falibilidad del método Rough Set en la conformación de modelos índice de riesgo dinámico en la predicción del fracaso empresarial
(Universidad ESAN. ESAN Ediciones, 2010-06-30) Mosqueda, Rubén
Bankruptcy is one of the most important entrepreneurial problems studied by the Financial Theory. Despite this great effort there is not a significant progress in order to predict the economic failure. In this way the evidence suggests that this problem related to the experimental design is still present because of two main reasons: ignorance about bankruptcy process and the use of the accounting information as the unique input to construct the predictive models. In order to solve those problems the RPV Model included both qualitative and accounting information with excellent results. So the Earning Power Theory –upon which the RPV is based– could cause problems of specification and structure in the model. Empirical results not only verify those suspicions but they made a stronger model possible by introducing to the equation ERC values adjusted to the risk.
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Un modelo de Credit Scoring para instituciones de microfinanzas en el marco de Basilea II
(Universidad ESAN. ESAN Ediciones, 2010-06-30) Rayo Cantón, Salvador; Lara Rubio, Juan; Camino Blasco, David
The 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.
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Estimation of discount rates in Latin America: empirical evidence and challenges
(Universidad ESAN. ESAN Ediciones, 2010-06-30) Fuenzalida, Darcy; Mongrut, Samuel
This 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 on identifies several challenges that have to be tackled to estimate discount rates and valuate investment opportunities in emerging markets.
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ADR effects on domestic Latin American financial market
(Universidad ESAN. ESAN Ediciones, 2010-06-30) Mendiola Cabrera, Alfredo
The 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 period.
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Benchmarking sobre manufactura esbelta (lean manufacturing) en el sector de la confección en la ciudad de Medellín Colombia
(Universidad ESAN. ESAN Ediciones, 2010-06-30) Arrieta Posada, Juan Gregorio; Botero Herrera, Victoria Eugenia; Romano Martínez, María Jimena
This 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.
Solo Metadatos
Determinants of strategic risk management in emerging markets supply chains: the case of Mexico
(Universidad ESAN. ESAN Ediciones, 2010-06-30) Lassar, Walfried; Haar, Jerry; Montalvo, Raúl; Hulser, Leslie
Risk mitigation in global supply chains has grown in importance in recent years, in tandem with globalization and both the commercial and security threats faced by firms both large and small. This study hypothesizes that a firm’s ability to manage risk strategy— and therefore support its competitiveness—is determined by a symbiotic triad of factors: the resources it utilizes; network systems; and performance criteria it employs. The study, comprising 24 in-depth interviews with electronics and IT firms, examines resource utilization through the Resource-Based View (RBV), assesses firms’ proclivity to engage in networks for risk mitigation and competitiveness; and highlights the importance of performance evaluation as a critically important component in supply chain management. Findings reveal that both buyers and suppliers believe that the symbiotic triad can provide them with a competitive advantage in addition to improving operational efficiency, effectiveness and quality. Future research should also extend this pilot investigation to other countries and industries, and utilize a larger sample of firms for quantitative as well as qualitative assessment.