JEFAS Vol. 24 Nº 48 (2019)
URI permanente para esta colecciónhttps://hdl.handle.net/20.500.12640/4136
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Ítem Solo Metadatos The impact of transaction costs in portfolio optimization: a comparative analysis between the cost of trading in Peru and the United States(Universidad ESAN. ESAN Ediciones, 2019-12-01) Chavalle, Luc; Chavez Bedoya, LuisPurpose – This paper aims to analyze the impact of transaction costs in portfolio optimization in Peru. The study aims to compare the transaction costs structure applied in Peru with respect to the ones applied in the USA, and over a few dimensions. Design/methodology/approach – The paper opted for an empirical study analyzing the cost of rebalancing portfolios over a set period and dimensions. Stocks have been carefully selected using Bloomberg terminals, and portfolio designed then rebalanced using VBA programming. Over a few dimensions as type and number of stocks, holding period and trading strategy, the behavior of these different transaction costs has been compared. The analysis has been done for four different portfolios. Findings – The paper provides empirical insights about how a retail investor actively trading in Peru can pay up to 14 times more in transaction costs than trading the same portfolio in the USA. These comparatively high transaction costs prevent retail investors to trade in the Peruvian stock market while fueling illiquidity to this market. Research limitations/implications – The paper deals with a limited amount of Peruvian stocks. Researchers are encouraged to test the proposition further, including other dimensions. Practical implications – The paper includes implications for any retail investor that wants to invest in Peruvian stocks, giving an insight about how expensive it is to actively rebalance a portfolio in Peru. Originality/value – This paper fulfils an identified need to study how much it costs to actively invest on the stock market in Peru.Ítem Solo Metadatos Internet financial reporting adoption: exploring the influence of board role performance and isomorphic forces(Universidad ESAN. ESAN Ediciones, 2019-12-01) Bananuka, Juma; Night, Sadress; Ngoma, Muhammed; Muganga Najjemba, GracePurpose – This study aims to examine the contribution of board role performance and isomorphic forces on internet financial reporting. Design/methodology/approach – This study is cross-sectional and correlational. Data were collected through a questionnaire survey of 40 financial services firms. The study’s unit of analysis was afirm. Chief Internal Auditors and Chief Finance Officers were the study’s unit of inquiry. Data were analyzed through correlation coefficients and linear regression using Statistical Package for Social Sciences. Findings – The results suggest that board role performance and isomorphic forces are significant predictors of internetfinancial reporting. However, board role performance is not a significant predictor of internet financial reporting in the presence of isomorphic forces. The control and strategic roles of the board arepositively and significantly associated with internetfinancial reporting unlike the service role. Only thecoercive isomorphism is positively and significantly associated with internetfinancial reporting unlike thenormative and mimetic isomorphism. Originality/value – This study provides initial empirical evidence on the contribution of board role performance and isomorphic forces on internet financial reporting using evidence from Uganda’s financial service firms. To the researcher’s knowledge, this is the first perception-based study on internet financial reporting.Ítem Solo Metadatos Does IFRS convergence really increase accounting qualities? Emerging market evidence(Universidad ESAN. ESAN Ediciones, 2019-12-01) Fuad, Fuad; Juliarto, Agung; Harto, PujiPurpose – This study aims to examine whether International Financial Reporting Standards (IFRS) convergence process adds value to the accounting quality dimensions, including accruals quality, earnings smoothing, timely loss recognition and earnings persistence. Design/methodology/approach – It analyzes the hypothesis of accounting quality changes in post-IFRS convergence by using the univariate and multivariate statistics. Particularly, the authors rely on paneldata analyses using industrial companies’data from 2008 until 2014, comprising 3,861 firm-years observations, in Indonesia. Findings – The results indicate that there is no conclusive evidence that all accounting quality dimensions including accruals quality, earnings smoothing, timely loss recognition and earnings persistence increased inpost-IFRS convergence. Practical implications – The findings of this study may help regulators and standard setters to considerfuture adoption of IFRS, mostly to figure out the best “formula” to increase the usefulness of accounting information in post-IFRS convergence. Originality/value – Rather than doing piece meal work, the current study focuses on IFRS convergence on a broader aspect of accounting quality dimensions. It also focuses on the convergence process of IFRS as analternative of full adoption, which has been the focus of many research studies.Ítem Solo Metadatos “Fool me once, ...”: deception, morality and self-regeneration in decentralized markets(Universidad ESAN. ESAN Ediciones, 2019-12-01) Gomes, Orlando; Frade, JoãoPurpose - This paper aims to provide an overall review and assessment of the virtues and flaws of decentralized self-regulated markets, discussing in particular the extent to which deceiving attitudes by some market participants might be potentially diluted and contradicted. Design/methodology/approach - To approach deception and morality in markets, the paper follows two paths. First, the relevant recent literature on the theme is reviewed, examined and debated, and second, one constructs a simulation model equipped with the required elements to discuss the immediate and longterm impacts of deceiving behaviour over market outcomes. Findings - The discussion and the model allow for highlighting the main drivers of the purchasing decisions of consumers and for evaluating how they react to manipulating behaviour by firms in the market. Agents pursuing short-run gains through unfair market practices are likely to be punished as fooled agents spread the word about the malpractices they were allegedly subject to. Research limitations/implications - Markets are complex entities, where large numbers of individual agents typically establish local and direct contact with one another. These agents differ in many respects and interact in unpredictable ways. Assembling a concise model capable of addressing such complexity is a difficult task. The framework proposed in this paper points in the intended direction. Originality/value - The debate in this paper contributes to a stronger perception on the mechanisms that attribute robustness and vitality to markets.Ítem Solo Metadatos Fractional differencing in stock market price and online presence of global tourist corporations(Universidad ESAN. ESAN Ediciones, 2019-12-01) Flores Muñoz, Francisco; Báez García, Alberto Javier; Gutiérrez Barroso, JosuéPurpose – This work aims to explore the behavior of stock market prices according to the autoregressive fractional differencing integrated moving average model. This behavior will be compared with a measure of online presence, search engine results as measured by Google Trends. Design/methodology/approach – The study sample is comprised by the companies listed at the STOXX® Global 3000 Travel and Leisure.Google Finance and Yahoo Finance, along with Google Trends, were used, respectively, to obtain the data of stock prices and search results, for a period offive years (October 2012 to October 2017). To guarantee certain comparability between the two data sets, weekly observations were collected,with a total figure of 118 firms, two time series each (price and search results), around 61,000 observations. Findings – Relationships between the two data sets are explored, with theoretical implications for the field sof economics, finance and management. Tourist corporations were analyzed owing to their growing economic impact. The estimations are initially consistent with long memory; so, they suggest that both stock marketprices and online search trends deserve further exploration for modeling and forecasting. Significant differences owing to country and sector effects are also shown. Originality/value – This research contributes in two different ways: it demonstrate the potential of a new tool for the analysis of relevant time series to monitor the behavior of firms and markets, and it suggests several theoretical pathways for further research in the specific topics of asymmetry of information and corporate transparency, proposing pertinent bridges between the two fields.Ítem Solo Metadatos An alternative formula for the constant growth model(Universidad ESAN. ESAN Ediciones, 2019-12-01) Forsyth, Juan A.Purpose – The traditional one-stage constant growth formula has two main underlying assumptions: a company will be able to maintain its competitive advantage for completed investments in perpetuity and each year in the future it will be able to generate new investment opportunities with the same competitive advantage which will also remain in perpetuity. The purpose of this paper is to develop a model that limits the duration of the competitive advantage. Design/methodology/approach – A new model is developed and it is used to value a public company. Findings – In this study the author introduces an alternative formula considering the duration of the competitive advantage imposing a restriction on the fact that extraordinary returns cannot be sustained forever and also separates the part of the value explained by the current investments from the portion of value created by future investments. Originality/value – The traditional one-stage constant growth model used to determine the continuing value of a company has limitations regarding the duration of the competitive advantage. The developed formula corrects the problem limiting the time extraordinary returns will remain over time.Ítem Solo Metadatos Analysing the impact of a business intelligence system and new conceptualizations of system use(Universidad ESAN. ESAN Ediciones, 2019-12-01) Gonzales, Rolando; Wareham, JonathanPurpose – In this study three models were empirically compared the DeLone and McLean model the Seddon model and the Modified Seddon model by measuring the impact of a business intelligence system (BIS) in companies in Peru. After that the mediators and dependent constructs were analysed todetermine if they were behaving properly (a good level of variance explanation and significant relations with others constructs). The study used a sample of 104 users of the BIS from companies in several important economic sectors in a quasi-voluntary context and with six constructs: information quality system quality service quality system dependence (system use) user satisfaction and perceived usefulness (individual impact). Design/methodology/approach – To interpret the results the authors used structural equations. The idea was to look for the best fit and explanations for the outcomes. The main difference in these models is that the DeLone and McLean model considers system dependence (system use) as a part of information system success but in the Seddonmodel it is a consequence of it. Findings – The Seddon model seems to show the best fit and explanation for the outcomes. After that a review of the system use construct was realised because of its limited variance explained and the few significant relations with other constructs to improve its explanation power in future research. Research limitations/implications – It is estimated that the sample includes more than 15 per cent of all the companies that use a BISs in Peru so the size of the sample is adequate but it is not entirely random and therefore limits the generalizability of outcomes. Besides that a sample size that is bigger could be better for the sake of making a more detailed analysis permitting the use of some items with less power or the use of another statistical procedure for structural equations such as the Asymptotical Distribution Free permitting amore detailed analysis (Hair et al. 2006). Originality/value – Business intelligence (BI) one of the most important components of information systems (IS) is playing a very relevant role in business in this time of high competition high amounts of data and new technology. Currently companies feel pressured to respond quickly to change and complicated conditions in the market needing to make the correct tactical operational and strategic decisions (Chugh and Grandhi 2013). BI is one of the most important drivers of the decade (Gartner 2013). Big companies of IS are creating special units specialised in BI helping companies become more efficient and effective in daily operations.Ítem Desconocido Seasonal anomalies in the market for American depository receipts(Universidad ESAN. ESAN Ediciones, 2019-12-01) Lobão, JúlioPurpose – The literature provides extensive evidence for seasonality in stock market returns but is almost non-existent concerning the potential seasonality in American depository receipts (ADRs). To fill this gap this paper aims to examine a number of seasonal effects in the market for ADRs. Design/methodology/approach – The paper examines four ADRs for the period from April 1999 to March 2017 to look for signs of eight important seasonal anomalies. The authors follow the standard methodology of using dummy variables for the time period of interest to capture excess returns. For comparison the same analysis on two US stock market indices is conducted. Findings – The results show the presence of a highly significant pre-holiday effect in all return series which does not seem to be justified by risk. Moreover turn-of-the-month effects monthly effects and day-of-the-week effects were detected in some of the ADRs. The seasonality patterns under analysis tended to be stronger in emerging market-based ADRs. Research limitations/implications – Overall the results show that significant seasonal patterns were present in the price dynamics of ADRs. Moreover the findings lend support to the idea that emerging markets are less efficient than developed stock markets. Originality/value – This is the most comprehensive study to date for indication of seasonal anomalies in the market for ADRs. The authors use an extensive sample that includes recent significant financial events such as the 2007/2008 financial crisis and consider ADRs with different characteristics which allows to draw comparisons between the differential price dynamics arising in developed market-based ADRs and in the ADRs whose underlying securities are traded in emerging markets.Ítem Desconocido Financial performance trends of United States Hockey Inc: a resource-dependency approach(Universidad ESAN. ESAN Ediciones, 2019-12-01) Omondi-Ochieng, PeterPurpose – The purpose of this paper is to examine the 2009 to 2016 financial performance of the US Hockey Inc. using financial effectiveness indicators and financial efficiency ratios. Design/methodology/approach – With the assistance of financial trend analysis archival data were used to examine the financial performance (evaluated by net income) financial effectiveness (indicated by total assets and total revenues) and financial efficiency (examined by programme services ratios and return on assets) of US Hockey Inc. Findings – On average the financial performance of the organization was positive ($30895 net income per year). Financial effectiveness was steady with increases in assets and revenues. Financial efficiency was poor with 79% of revenues spent on programme services and 1.45% average return on asset. Research limitations/implications – The results can be generalized to similar national non-profit sports federations but not corporate sports entities with dissimilar financial goals. Practical implications – The results revealed that national non-profit sports federations can boost their financial performance by maintaining a double strategically focus on both financial effectiveness and financial efficiency. Originality/value – The study used both financial effectiveness and financial efficiency measures to evaluate the financial performances of a national non-profit sports federation – a neglected approach similar studies.
