JEFAS Vol. 18 Nº 35 (2013)

URI permanente para esta colecciónhttps://hdl.handle.net/20.500.12640/4122

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  • Miniatura
    ÍtemSolo Metadatos
    Oferta pública inicial y underpricing en el mercado de capitales mexicano
    (Universidad ESAN. ESAN Ediciones, 2013-12-30) Villarreal, Cuauhtemoc
    Companies decide to go public for several reasons, among them we can mention liquidity issues, obtaining financing, and lower capital cost. Once the company was valued and the financial intermediary sets a price for the shares, the companies come to the market to a particular offer price. At the end of the first day of trading, the company presents a closing price. In the international context, the tendency for the initial public offering (IPO) is having a closing price greater than the issued. This is known under the term underpricing. The degree of underpricing varies across markets. Studies in the United States, found 36% yields, while China has had an underpricing of 298% and 46% in Germany. This research will analyze the IPO's issued in Mexico in the period from 2000 to May 2012, seeking to determine if a situation of underpricing in IPO's exists in the Mexican market.
  • Miniatura
    ÍtemSolo Metadatos
    El transporte internacional como factor de competitividad en el comercio exterior
    (Universidad ESAN. ESAN Ediciones, 2013-12-30) Zamora Torres, América Ivonne; Pedraza Rendón, Oscar H.
    Currently most of international shipments need to use more than one type of transportation from its point of origin to final destination. Each one of the types of global transport has played an essential role in facilitating geographic diversification. In this paper we evaluate, through Principal Component Analysis methodology, the international transport competitiveness considering the most important variables that affect this sector and the economic performance of these variables on transportation, analyzing the structure of the international transport system of twenty-nine countries, including seven Latin American countries. The results shown in the competitiveness index of international transportation indicate that the most competitive countries in this field are: USA, Hong Kong, Singapore, China, Sweden, Spain, Japan, Belgium, Denmark and Canada. Highlighting that, the countries of Latin America with the highest scores in this category are Brazil, followed by Panama, Chile and Costa Rica.
  • Miniatura
    ÍtemSolo Metadatos
    Trayectorias óptimas de inversión durante el ciclo de vida en un sistema de multifondos
    (Universidad ESAN. ESAN Ediciones, 2013-12-30) Arboleda Bedoya, Alejandra; Soto Quintero, Carlos Alberto; Gutiérrez Betancur, Juan Carlos
    Taking into account the new Colombian multi-funds scheme of the Individual Benefits Plan, an analysis was made through the application of stochastic and actuarial tools with the purpose of determining the moment in which agents (according to their social characteristics: sex, income expectation, moment they begin to pay contributions, contribution probability) must transfer their retirement account into the different offered portfolios. Considering the profitability and the risk the agents want to assume, as key elements, it is generally observable that they must remain a great percentage of their working lives in the high-risk investment fund to achieve a greater financial capital accumulation and a greater probability to attain a reasonable replacement rate.