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Item Metadata only Fusiones y adquisiciones en Latinoamérica, gobierno corporativo y modelo gravitacional(Universidad ESAN. ESAN Ediciones, 2014-12-30) Vasco, Mateo; Cortés, Lina M.; Gaitán, Sandra; Durán, Iván A.In this study, and by making use of a gravity model, an analysis is made on whether transnational mergers and acquisitions (M&A) are influenced by the corporate governance standards of a country. The study only focuses on the M&A flows from the OECD countries towards Latinamerican economies, as well as using the Kaufmann indicators for measuring, among others, the corporate governance of a country. Evidence is found that the gravity model is explicative of the M&A flows, and that the better the level of corporate governance at both origin and destination countries, the greater is the M&As activity.Item Metadata only Effectiveness of corporate finance valuation methods: Piotroski score in an Ohlson model: the case of Mexico(Universidad ESAN. ESAN Ediciones, 2014-12-30) Durán-Vázquez, Rocío; Lorenzo-Valdés, Arturo; Castillo-Ramírez, Claudia E.This study applied the Piotroski score for 63 selected companies of Mexico, for the period 2005 to 2011. The Piotroski score provides an evaluation on the historical financial performance of a company, with the evaluation of nine financial analysis ratios or criteria. We decided to add this score to the Ohlson Model (which was already tested in previous studies). It was found that the Piotroski score showed statistically significant results in the levels and differences variables. Asymmetric signs were also found in the Piotroski-score variables (levels and lagged), both of them are consistent according to the behavior of the Mexican market. The data were analyzed under a dynamic panel basis, with fixed effects, and the Sargan statistic for this analysis was fulfilled.Item Metadata only CEO's personal characteristics, ownership and investment cash flow sensitivity: evidence from NYSE panel data firms(Universidad ESAN. ESAN Ediciones, 2014-12-30) Mohamed, Ezzeddine Ben; Souissi, Mohamed Naceur; Baccar, Amel; Bouri, AbdelfettahThis study tries to extend previous works on behavioral corporate finance by examining the interaction between investment cash flow sensitivity and various CEO characteristics in either the existence or inexistence of managerial optimism. Using a Q-investment model and departing from a sample of 475 annual observations, our results highlight that CEO's financial education, CEO's ownership and their optimism bias can explain distortions in corporate investment policy since they affect investment cash flow's relationship.Item Metadata only El fenómeno de la informalidad y su contribución al crecimiento económico: el caso de la ciudad de Guayaquil(Universidad ESAN. ESAN Ediciones, 2014-12-30) Véliz Torresano, José; Díaz Christiansen, SuleenUnder-employment or informality is a compelling truth in developing countries, and Ecuador is no exception, least of all the city Guayaquil. This descriptive study attempts to investigate informality, its reality and characteristics, and especially the contribution to economic growth and its potential in future urban development, by determining the variables that influence the non-formalization of its activities. The results support that informality may be seen as an enterprise mechanism or associated phenomenon. The activities carried out by individuals in an informal way have an impact, not to the extent expected, on the production and growth of a city or region.Item Metadata only Dynamic estimation of an interest rate structure in Colombia. Empirical analysis using the Kalman filter(Universidad ESAN. ESAN Ediciones, 2014-12-30) Maldonado Castaño, Rogelio; Zapata Rueda, Natalia; Pantoja Robayo, Javier OrlandoThe official estimation for the term structure model in Colombia is based on the Nelson and Siegel (1987) development which is widely accepted and used. This estimation is based on the curve fitting with available data only for one day ahead making difficult to estimate the future zero-coupon yield curve. Taking into account the importance of having an estimation of the term structure for the valuation of financial assets in the Colombian market this research proposes a methodology to estimate in a dynamic form the parameters of interest rates in the Nelson and Siegel Model. This required the use of the reparameterization proposed by Diebold and Li (2006) which determines the shape of the term structure through latent factors such as level slope and curvature. This paper aims to show the dynamic estimation of the term structure of interest rate using the Kalman filter methodology framed in State - space. Results show that predictions are successful for more than one period in the future.Item Metadata only External audit quality and ownership structure: interaction and impact on earnings management of industrial and commercial Tunisian sectors(Universidad ESAN. ESAN Ediciones, 2014-12-30) Kouaib, Amel; Jarboui, AnisThis article emphasizes the significance of researching the cross effect of using jointly external audit quality and ownership structure over managerial discretion in a largely unexplored non-Western and emerging context. The analysis is based on a sample of 61 Tunisian firms listed and unlisted on the Tunis Stock Exchange and operating in the industrial and commercial sectors during the period 2007-2011. To provide evidence on this topic we conduct an empirical examination. First we examine the effect of external audit quality and ownership structure on the discretionary accruals for the whole sample. We find that only auditor reputation has a negative and significant effect on earnings management. Second this article provides empirical evidence on the cross effect of external audit quality variables and capital concentration on earnings management. This test suggests that this combination has a negative and significant effect on earnings management in industrial firms but it has a positive and non significant effect in commercial firms. Finally the third empirical test concerns the combined effect of external audit quality and institutional property on earnings management.We find that the cross effect of this combined relation is negatively and significantly associated with earnings management of industrial firms but it has no significant effect on the earnings management of commercial firms. As for the cross effect of the auditor seniority and the institutional property it has a positive and a significant effect in the commercial sectors while it is positively and non-significantly associated with earnings management of industrial firms.
