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Item Metadata only Oferta pública inicial y underpricing en el mercado de capitales mexicano(Universidad ESAN. ESAN Ediciones, 2013-12-30) Villarreal, CuauhtemocCompanies 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.Item Metadata only Institutional investors, corporate governance, and earnings management around merger: Evidence from French absorbing firms(Universidad ESAN. ESAN Ediciones, 2013-12-30) Njah, Mouna; Jarboui, AnisThis paper examines the association between institutional ownership and the earnings management beha-vior of some French absorbing firms. Using a sample of 76 French mergers and absorptions concluded over the period ranging from 2000 to 2010, we undertake to present some empirical evidence highlighting that absorbing-firms manipulate earnings relevant to the year preceding the merger-offer in the presence of institutional cross-holding. However, the presence of active institutions turns out to limit the managerial accruals discretion. The monitoring role exerted by the active-institutional investors does restrict the oppor-tunities of earnings management around mergers and acquisitions. Further analyses suggest that the average value of discretionary accruals with regards to the absorbing firms proves to be influenced by the nature of merger deal (takeover vs. restructuring).Item Metadata only 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.Item Metadata only 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 CarlosTaking 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.Item Metadata only Adoption determinants of the International Accounting Standards IAS/IFRS by the developing countries(Universidad ESAN. ESAN Ediciones, 2013-12-30) Zehri, Fatma; Chouaibi, JamelThis paper’s main objective is to identify certain explanatory factors that likely clarify the choice of applying IAS/IFRS adopted by developing countries (DCs) up until the year 2008. Based on a sample consisting of 74 DCs the empirical results have indicated that the DCs most likely to adopt IAS/IFRS have a high level of economic growth along with a legal system of common law and an advanced educational level.Item Metadata only Are over-paid Chief Executive Officers better innovators?(Universidad ESAN. ESAN Ediciones, 2013-12-30) Jouber, HabibThis paper focuses on the pay level of the highest paid executive directors which we label as “Executive Director’s Organizational Level” (henceforth EDOL) to raise the question if highest paid CEOs invest heavily in innovative projects. Two-stage least squares (2SLS) regressions show that over-paid CEOs are more likely to invest in R y D projects. They highlight moreover both from a “statutory” and an “activist” perspective that CEOs’ intends to invest in value-enhancing innovations are contingent upon compensation committee independence and investor protection level. Check tests reveal that the pay-performance “innovation” effect for option-based compensation is higher than that for stock-based compensation. Within the options (stocks) rewards unvested options (restricted stocks) are the most effective. However we find that over-paid CEOs of low-growth firms achieve less innovation compared to those of high-growth firms. Throughout we reveal that the effect of CEOs performance-pay on innovation is mainly relevant among overconfident managers than non-overconfident ones.
