JEFAS Vol. 18 Suppl. (2013)
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Item Metadata only Retos de la gestión pública: presupuesto por resultados y rendición de cuentas(Universidad ESAN. ESAN Ediciones, 2013-10-30) Franciskovic, JubitzaDocument searches draw attention to the need to discuss, theoretically and practically, the challenges that must be faced by public administration in the management of preparing a budget by results and accountability, particularly when taking into account the useful tools in the process of ensuring “good government”. To do this, a conceptual analysis of both tools was performed. Firstly, the management by results approach is presented, along with the challenges that this new framework involves for the public administration in relation to the optimisation of the use of public resources, to ensure a transparent and equitable process and to improve the performance of public bodies, becoming the basis for better accountability (the second aspect analysed in the document). Accountability becomes a challenge, on being an effective means of monitoring and sanctions between society and government, through which the public servants have to respond, explain and justify their actions, subjected to an ethical and juridical order, to the completing of objectives. It is here where the direct participation by the civil society is fundamental for the evaluation of the results. The document analyses these concepts at a time when our country has the improvement in the quality of public spending as a national priority. Thus, the results approach in the budget preparation has to be considered, by those responsible for economic policy, such as a key mechanism to achieve this, and in turn accountability is particularly linked, to the push that it attempt to give to social policy, as an important element in the administration for the management of public funds, which can help to ensure the effectiveness and transparency of these processes.Item Metadata only Estudio del efecto tamaño en el mercado bursátil colombiano(Universidad ESAN. ESAN Ediciones, 2013-10-30) Duarte Duarte, Juan Benjamín; Ramírez León, Zulay Yesenia; Mascareñas Pérez-Iñigo, Juan ManuelIn this paper we analyze the historical returns of the companies listed on the Colombian stock exchange, from January 2004 until June 2012, in order to determine the possible presence of a risk premium in smaller companies relative to larger ones. This premium is known as Size Effect and it has been found that it is significant after adjusting of risk by Capital Asset Pricing Model. The results obtained in this work for the stock market in Colombia do not show the presence of an additional risk premium due to the size of enterprises, rejecting both size effect and reverse size effect.Item Metadata only The relevance of using accounting fundamentals in the Mexican stock market(Universidad ESAN. ESAN Ediciones, 2013-10-30) Dorantes Dosamantes, Carlos AlbertoThis paper examines the value relevance of accounting fundamentals in the Mexican Stock Market ([BMV] – Bolsa Mexicana de Valores). The research question that motivated the paper was: Can accounting fundamentals provide relevant information to better understand firm value? More specifically, the paper examines whether the application of an accounting fundamental strategy to select stocks of a portfolio can systematically yield significant and positive excess market buy-and-hold returns after one and two years of portfolio formation. Based on valuation theory, accounting research and the maturity level of the BMV, a set of accounting fundamental signals is proposed that reflects information that influences security prices, but not necessarily in a timely manner. Using quarterly financial and market data from 196 BMV stocks from 1991 to 2011, it is shown that after controlling for earnings, book-to-market ratio and firm size, the fundamental strategy proposed here provides value information relevant to investors. The relationship between the accounting fundamental signals proposed and the buy-and-hold market future return (one-year and two-year returns) is significant and positive considering the 1991-2011 period. Portfolios formed with high scores of these signals show an average of 1.62% market excess annual return between 1991 and 2011, and about 9% between 1997 and 2011. Besides the practical implication of the findings –e.g. the possibility mispriced securities– this paper contributes to the scarce accounting research in Latin American capital markets by furthering understanding of the “post-earnings” drift phenomenon in the BMV.Item Metadata only Factors influencing Brazilian value investing portfolios(Universidad ESAN. ESAN Ediciones, 2013-10-30) Holloway, Pedro; Rochman, Ricardo; Laes, MarcoThis study contributes to research on value investing in Brazil analyzing the Brazilian funds that adopt this philosophy. The goal is to identify some of the factors that influence the decisions of value investing managers to maintain an asset in their portfolios. The results point out that the variables that influence portfolio managers to maintain a stock in their assets under management are greater stability in earnings per share high ROA (Return on Assets) high gross margin company size and liquidity of the shares.Item Metadata only The determinants of the long term private investment in Brazil: an empyrical analysis using Cross-section and a Monte Carlo Simulation(Universidad ESAN. ESAN Ediciones, 2013-10-30) Braga Tadeu, Hugo Ferreira; Moreira Silva, Jersone TassoEmpirical studies regarding the determinants of private investment in developing countries including Brazil have demonstrated the high inflation’s rates negative impact on investment. However the recent Brazilian’s experience clearly shows that stabilization is not capable of recovering investment’s rates. Therefore the objectives of this study are: a) to analyze the long term private investment’s determinants in Bra zil; b) analyze if the Brazilian economy has been impacted by the crowding-in or crowding-out effetcs; and c) analyze the macronomic variables’ behavior during the 2012 to 2017 period. In order to do this we used a cross section econometric analysis and a Monte Carlo Simulation for the data analysis. The paper presents the main investment theories and recent developments of these theories as well as how they can be applied to the Brazilian data. The results show evidences of a public investment crowding-in effect in infrastructure over the private investment. All the analyzed variables’ signs are consistent with the theory with the exception of the real interest’s rates where the coefficient is positive and insignificant in the estimated equation. The reduction in the credit’s vol. and the existence of political and economic instabilities showed that they are harmful to private investment in the analyzed period. The implementation of public policies in order to guarantee economic stability and improve the government’s credibility along with the increase of credit offer could boost private investment in Brazil.
