Journal of Economics, Finance and Administrative Science

URI permanente para esta comunidadhttps://hdl.handle.net/20.500.12640/4090

La Journal of Economics, Finance and Administrative Science (JEFAS), de la Universidad ESAN, es una publicación académica de acceso abierto que presenta investigaciones revisadas por pares en administración, economía y finanzas, con un enfoque en el contexto latinoamericano e iberoamericano. Fundada en 1992 como Cuadernos de Difusión, en 2009 cambió de nombre a su actual denominación como JEFAS. Ha evolucionado en colaboración con importantes editoriales, como Elsevier y actualmente Emerald Publishing. La revista publica investigaciones de alta calidad sin costo para los autores, con el respaldo de ESAN y su compromiso con la difusión del conocimiento científico y académico, y la práctica gerencial.

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2010 - 201912020 - 20211

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Autor: search.filters.author.Mongrut, Samuel

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Mostrando 1 - 2 de 2
  • Miniatura
    ÍtemSolo Metadatos
    IFRS adoption and firms’ opacity around the world: what factors affect this relationship?
    (Universidad ESAN. ESAN Ediciones, 2021-06-30) Mongrut, Samuel; Tello Marín, Manuel; Torres Postigo, Maria del Carmen; Fuenzalida O’Shee, Darcy
    Purpose. This paper aims to identify what are the moderating factors affecting the relationship between firms’ adoption of international financial and reporting standards (IFRS) and the firm’s opacity. Design/methodology/approach. This study uses the meta-analysis methodology from Hunter et al. (1982) to find if the mere IFRS adoption reduces firm’s opacity and a meta-regression from Stanley and Jarrell (1989) to identify the moderating factors that may influence this relationship. Findings. Contrary to previous studies, this study finds a low, negative and nonsignificant correlation between IFRS adoption and firms’ opacity, but this relationship depends on the geographical region. Using 34 results from 28 studies from different continents published between 2005 and 2018 this study finds that IFRS adoption reduces opacity in countries with common law (COML) and with more authorities’ oversight and power to enforce the rules. Originality/value. This study finds two institutional commonalities between different previous studies that intend to assess the impact of the IFRS adoption upon firms’ opacity: the legal system and the authorities’ oversight power.
  • Miniatura
    ÍtemSolo Metadatos
    Estimation of discount rates in Latin America: empirical evidence and challenges
    (Universidad ESAN. ESAN Ediciones, 2010-06-30) Fuenzalida, Darcy; Mongrut, Samuel
    This paper compares the main proposals that have been made in order to estimate discount rates in emerging markets. Seven methods are used to estimate the cost of equity capital in the case of global well-diversified investors; two methods are used to estimate it in the case of imperfectly diversified local institutional investors; and one method is used to estimate the required return in the case of non-diversified entrepreneurs. Using the first nine methods one estimates the costs of equity for all economic sectors in six Latin American emerging markets. Consistently with studies applied to other regions a great deal of disparity is observed between the discount rates obtained across the different models which implies that no model is better than the others. Likewise the paper shows that Latin American markets are in a process of becoming more integrated with the world market because discount rates have decreased consistently during the first five-year period of the XXI Century. Finally on identifies several challenges that have to be tackled to estimate discount rates and valuate investment opportunities in emerging markets.