Browse
Recent Submissions
Item Metadata only Malaysian finance sector weak-form efficiency: Heterogeneity, structural breaks, and cross-sectional dependence(Universidad ESAN. ESAN Ediciones, 2015-12-01) Kok, Sook Ching; Munir, QaiserThis study examines the weak-formefficientmarkethypothesis (EMH)for the Finance Sector inMalaysian Stock Exchange, by exploring and scrutinizing the firm-level efficiency over for the period from 1 st January 1997 to 31st December 2014. For this purpose, we apply panel nonlinear unit root test that accounts for heterogeneity, and panel stationarity test to allow for the presence of structural breaks and crosssectional dependence (CSD). The main findings of this study suggest the following: first, there is a strong CSD among the price series of finance stocks; second, unlike the traditional panel unit root tests that provide mixed-results, the panel stationarity test which incorporates structural breaks and CSD suggests that these series are characterized as random walk processes implying the Finance Sector is weak-form efficient. The finding of weak-form efficiency has salient implications in terms of capital allocation, stock price predictability, forecasting technique, and the impact of shocks to stock prices.Item Metadata only Little value creation, articulation and propagating forces: a hypothesis for the Mexican manufacturing sector(Universidad ESAN. ESAN Ediciones, 2015-12-01) Roca Tavella, Santiago; Simabuko N., LuisThis paper evaluates the impact of Mexican trade and productive integration processes during the last 20 years. It finds evidence that growing per capita income in Mexico is directly related to its “trade opening”, but is inversely related to the growth of its manufacturing export industry. Specifically, for each point of growth in “trade opening” (as a proportion of GDP) per capita income grew by 0.22%; while each point of increase in the share of industrial exports reduced income per person by 0.09%. To explain this apparent contradiction between the positive effect of “trade opening” and the negative impact of productive manufacturing specialization, we examined the characteristics of Mexico's industry. Results show that although Mexico's export-led industrialization successfully adapted to the world market and transformed its productive, business, organizational and technological structure, it did not translate into adequate macroeconomic benefits due to the absence of strong value dissemination forces over the rest of the economy. In this sense, poor internal linkages in the maquila industry, its high propensity to import, and its limited value added generation, among other elements, led the Mexican industry to operate as an export enclave. In those circumstances, manufacturing does not generates positive externalities nor articulations, nor strong disseminations that increase and multiplies value in other sectors of industry, thus limiting expansion effects and restraining or even reducing–under some specific circumstances–per capita income growth.Item Metadata only Effective use of marketing technology in Eastern Europe: Web analytics, social media, customer analytics, digital campaigns and mobile applications(Universidad ESAN. ESAN Ediciones, 2015-12-01) Jayaram, Dureen; Manrai, Ajay K.; Manrai, Lalita A.The transition economies of Eastern Europe present both the opportunities and challenges for companies operating in these markets. On one hand, these countries have a large number of technology savvy young consumers, and on the other, the markets must also take into consideration the macro-environment of a country and market conditions which make the use of certain market technologies more feasible and attractive compared to others. It is certainly true in terms of the timing for introduction of various technologies in a country. Drawing analogy for the “IDITAROD RACE” we develop three different “Sled Dog Team layouts” for market characteristics and technologies for three Eastern European countries, namely, Slovakia, Bulgaria, and Albania. The ten market characteristics included in our research are: digital connectivity divide, economic power, demand type, privacy laws, demographics, and competitive conditions, attitude towards technology, institutional maturity, corporate social responsibility, and corruption. The ten marketing technologies included in our research are: digital profiling, segmentation, websites, and search engines marketing, campaign management, content management, social media, mobile application, digital collaborations, and analytics. Company case studies are analyzed and reported for each of these three countries which support the three models presented in our research.Item Metadata only The integration of stock exchanges: The case of the Latin American Integrated Market (MILA) and its impact on ownership and internationalization status in Colombian brokerage firms(Universidad ESAN. ESAN Ediciones, 2015-12-01) Yepes Rios, Beatriz; Gonzalez Tapia, Kelly; Gonzalez Perez, Maria AlejandraThis paper describes the changes in ownership and internationalization of the brokerage firms in Colombia as a result of the regional integration process of its stock exchange market through the Latin AmericanIntegrated Market (MILA). It proposes that the integration of stock exchanges generated transformations within the brokerage sector, and affected companies in response pursue different strategies toremain competitive in the current state of affairs. In the case of Colombia, stock exchange integration through MILA has resulted into mergers between local brokerage firms, acquisitions from both national and international companies and changes in ownership.Item Metadata only The Link Class Project: Collaborative virtual teams between Peru and The Netherlands(Universidad ESAN. ESAN Ediciones, 2015-12-01) Olivos Rossini, Mariella; Rincón, Sandra; Francoise Rutkowski, AnneThe Link Class Project presented in this article provides an example of established collaborative group activities to negotiate and build a report together in virtual teams composed of students at Universidad ESAN Lima (Peru) and Tilburg University Tilburg (Netherlands). It further analyzes the effects of a campus based internationalization strategy supported by the use of technology. Based on previous experiences with virtual classrooms the authors adhere to the ancient Chinese philosopher’s Lao Tzu quote: «If you tell me I will listen; if you show me I will see; but if you let me experience I will learn».Item Metadata only Training and development as a tool for improving basic service delivery; the case of a selected municipality(Universidad ESAN. ESAN Ediciones, 2015-12-01) Mpofu, Mthokozisi; Hlatywayo, Clifford KendrickMunicipal employees have come under fire for poor performance and conduct in their work as some engage in corruption and others are not qualified enough to discharge their duties to the required levels. Employee training and development has become one of the key aspects in improving employee performance in organisations thus leading to improved organizational performance and growth. The study investigated the relationship between the quality of employee training and development on service delivery in a selected municipality with data collected from 150 employees. The results indicated the need for effective employee training and development systems and processes to achieve improved employee performance thus improved provision of basic services to the communities.Item Metadata only Emerging Markets Integration in Latin America (MILA) stock market indicators: Chile, Colombia, and Perú(Universidad ESAN. ESAN Ediciones, 2015-12-01) Lizarzaburu Bolaños, Edmundo R.; Burneo, Kurt; Galindo, Hamilton; Berggrun, LuisThis study aims to determine the impact of the Latin American Integrated Market (MILA) start-up in the main indicators of the stock markets of the countries that conform it (Chile Colombia and Peru). At the end several indicators were reviewed to measure the impact on profitability risk correlation and trading vol. between markets using indicators such as: annual profitability standard deviation correlation coefficient and trading vol.. The sample period runs from November 2008 to August 2013; and involves the three stock markets associated with MILA: Bolsa de Comercio de Santiago (BCS) Bolsa de Valores de Colombia (BVC) y Bolsa de Valores de Lima (BVL). An additional evaluation for further research would consist of the calculation of relevant indicators to corroborate the validity of the effects found in this investigation corresponding to the integration of the stock exchanges of Lima Santiago and Bogota after the integration of the Mexican stock exchange that occurred in 2014.
