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Item Metadata only Agency costs and the size discount: evidence from acquisitions(Universidad ESAN. ESAN Ediciones, 2010-12-30) Offenberg, DavidMany scholars have found a negative relationship between a firm’s size and its value, as measured by Tobin’s q. This result is called the size discount. There are hypotheses about why the size discount exists, but none have been rigorously empirically tested. This paper argues that the size discount is created by the inability of shareholders to minimize agency costs in larger companies. Statistical tests suggest that the size discount only appears in large firms with managers that impose excessive agency costs upon their shareholders. Empiricists who use Tobin’s q to proxy for growth opportunities may need a different proxy.Item Metadata only Strategic brand positioning analysis through comparison of cognitive and conative perceptions(Universidad ESAN. ESAN Ediciones, 2010-12-30) Manhas, Parikshat S.Due to the globalization of the economy, there has been great competition in the business sector. The basic human desire to challenge new limits and capture as much market as it is possible has given a new dimension to the concept of market-ing - brand positioning. To position a brand requires making choices; whereas having a position means people will prefer a brand over another. A brand can be positioned in several ways: offering a specific benefit, targeting a specific segment, price or distribution. Despite the fact that positioning is considered by both academics and practitioners to be one of the key ele-ments of modern marketing management, it is surprising to uncover general paucity of consumers/customers derived studies regarding brand positioning strategies.This article analyzes the market position held by a competitive set of brands in the hair oil market through a comparison of cognitive and conative perceptions. Cognition will be identified by trailing a factor analytic adaptation of importance per-formance analysis. In turn, conation will be gauged by stated intent of the consumers to purchase the hair oil brands under study. The alignment of the results from these techniques will help in identifying the position of leadership held by a brand in the hair oil market. The marketers, in order to strategically place their brands in today’s competitive market, need to identify the attributes on which they need to focus and those of paramount importance for the consumers. This method of positioning analysis offers a practical means for present-day marketers faced with the challenge of identifying one or few brands from their diverse and multi-attributed brand range that could be developed to differentiate their brand in a meaningful way to consumers.Item Metadata only Applying chaid to identify the accounting-financial characteristics of the most profitable real estate companies in Spain(Universidad ESAN. ESAN Ediciones, 2010-12-30) Rayo, Salvador; Cortes, Antonio M.The aim of this study is the determination, from an empirical perspective, of the accounting and financial features which could condition financial profitability of real estate companies, to identify the performances that guarantee its permanency in the current marketplace, characterized by the world economic crisis, specially in Spain, whose housing sector represents an important contributor to the economic growth. Although at a theoretical level the DuPont Model establishes the relationships between a group of accounting ratios and financial profitability. This paper uses a sample of 5,484 Spanish real estate com-panies to quantify these relationships and to extract the most relevant ones and to obtain the patterns of the most profitable companies. We use ROE to measure profitability and we analyze various independent variables about solvency, liquidity, activity, turnover, financial equilibrium and investment structure. The main contribution is of methodological nature, as we have applied statistics tools that do not require initial hypotheses on the distribution of the variables, by using a data mining technique of classification and regression tree based on rule induction algorithms known as CHAID. The study provides quantitatively success profiles by means of a set of rules describing the patterns of the most profitable companies.Item Metadata only Re-engineering agriculture for enhanced performance through financing(Universidad ESAN. ESAN Ediciones, 2010-12-30) Mafimisebi, Taiwo; Oguntade, Adegboyega; Mafimisebi, OjuotimiInsufficient institutional credit is a major contributor to the persistent poor performance of the Nigerian agricultural sector. To encourage financial institutions to increase lending to the sector, a partial credit guarantee scheme was instituted. The scheme commenced operations in 1978 with an authorized capital of N100.00 million, subscribed to 60% and 40% by the Federal Government of Nigeria and the Central Bank of Nigeria, respectively. This paper presents an appraisal of the scheme. The results revealed that there has been continuous growth in paid-up share capital, total fund resources, maximum amount of loan obtainable by farmers, number and value of loans guaranteed, volume and value of loans fully repaid and volume and value of default claims settled. There was a long-run convergence between the number and volume of guaranteed loans and the agricultural GDP. This finding indicates the need to expand the quantum of funds available for guaranteeing agricultural loans to increase performance of the agricultural sector in the long run. This step is justified by the strategic role of agricul-ture in the Nigerian economy in terms of food and fiber production, job creation, income generation, poverty reduction and economic stability.Item Metadata only La investigación sobre el marketing relacional: un análisis de contenido de la literatura 2007-2008(Universidad ESAN. ESAN Ediciones, 2010-12-30) Wakabayashi, José LuisThe purpose of this article is to perform a literature review on Relational Marketing, to prepare a content analysis of it for classification and to provide to Marketing academics and practitioners with a bibliography by subjects. A search on Relation-al Marketing articles was performed in 55 specialized journals. Each article was taken as a unit of analysis. The classification of the units in excluding categories was prepared by two independent researchers to confirm the validity of the classification. The analysis of content considered five excluding categories: objectives, constructs, instruments, industrial applications and subjects for the years 2007 and 2008. The study, at the same time, classifies the articles according the criteria of region, region and studied industry for these years. The classification for industries implied reordering all the authors of the reviewed texts according to universal criteria of codification of economics activities CIIU.Item Metadata only Pricing arithmetic Asian options under the CEV process(Universidad ESAN. ESAN Ediciones, 2010-12-30) Peng, Bin; Peng, FeiThis paper discusses the pricing of arithmetic Asian options when the underlying stock follows the constant elasticity of variance (CEV) process. We build a binomial tree method to estimate the CEV process and use it to price arithmetic Asian options. We find that the binomial tree method for the lognormal case can effectively solve the computational problems arising from the inherent complexities of arithmetic Asian options when the stock price follows CEV process. We present numerical results to demonstrate the validity and the convergence of the approach for the different parameter values set in CEV process.Item Metadata only La frontera eficiente y los límites de inversión para las AFP : una nueva mirada(Universidad ESAN. ESAN Ediciones, 2010-12-30) Ortíz, Diana; Chirinos, Miguel; Hurtado, YvonkaThis article provides a re-estimation of the pension plan funds administrators’ efficient frontier. The goal here is two-fold: on the one hand it measures the effect of investment limits imposed by regulators. Unlike previous studies, here the short positions are not limited; this assumption is based upon the completeness of the financial markets: when the markets are completed, any financial instrument may be replicated. On the other hand, this article measures the performance of the pension plan funds. In earlier works, the performance was measured as the difference between the profitability in the frontier and the one obtained at the level of a given risk; here the return is measured as the relationship of optimal risk profitability and the one obtained. The main conclusion drawn is that regulation supports the high level of risks taken by the administrators.
