JEFAS Vol. 18 Suppl. (2013)

URI permanente para esta colecciónhttps://hdl.handle.net/20.500.12640/4123

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    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 Manuel
    In 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.
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    Retos de la gestión pública: presupuesto por resultados y rendición de cuentas
    (Universidad ESAN. ESAN Ediciones, 2013-10-30) Franciskovic, Jubitza
    Document 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.