2. Publicaciones
URI permanente para esta comunidadhttps://hdl.handle.net/20.500.12640/4068
Las publicaciones de ESAN reúnen una variedad de materiales académicos y prácticos que abarcan áreas fundamentales como la administración, economía, negocios, entre otros. Con enfoque en la formación y el desarrollo profesional, estas obras buscan contribuir al conocimiento y la innovación en diversas disciplinas; asimismo, proporciona información relevante y actualizada para la comunidad académica y empresarial en el ámbito local e internacional
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Ítem Acceso Abierto ESAN: medio siglo de historia en formación gerencial(Universidad ESAN / Planeta, 2013) Universidad ESANLibro conmemorativo por el cincuentenario de la Universidad ESAN, fundada como Escuela de Administración de Negocios para Graduados el 25 de julio de 1963. Relata los acontecimientos que rodearon su creación: la iniciativa de un grupo de empresarios reunidos en IPAE, la firma de un convenio de asistencia técnica entre los gobiernos del Perú y de los Estados Unidos, la puesta en marcha por la Universidad de Stanford de la que sería la primera escuela de posgrado especializada en negocios en el Perú e Hispanoamérica. Narra la historia de los primeros años —en los que destaca la gesta del decano fundador, profesor Alan Coleman—, el fin de la participación directa de Stanford y el traspaso de la dirección a académicos peruanos. Posteriormente, describe el crecimiento gradual y la consolidación institucional: la diversificación de su oferta educativa (programas para ejecutivos, maestrías especializadas, doctorado); la internalización (convenios de intercambio y doble grado, viajes de estudio al exterior, redes internacionales); su desarrollo tecnológico, iniciado con la fundación de ESAN/Data; el papel de la investigación, la innovación y las publicaciones; las acreditaciones internacionales de calidad académica; el crecimiento de la infraestructura. Finalmente, narra la transformación de ESAN en Universidad, el 11 de julio de 2003, y la creación de las primeras carreras universitarias. Contiene secciones dedicadas a rendir homenaje a profesores emblemáticos y otros miembros destacados de la institución. Presenta saludos de personalidades del mundo empresarial y académico y cierra con un breve recuento de la ceremonia de celebración por los 50 añosÍtem Acceso Abierto A holistic model of education quality in marketing management: an exploratory testing in Spanish universities(Universidad ESAN, 2010) Rivera-Camino, JaimeOver the last decades, education quality (EQ) assurance has emerged as an important public policy issue. Unfortunately, there is still no agreement on the following issues: EQ definitions, essential assessment indicators, and the fundamental suitability of the models proposed. To fill this vacuum, we propose an EQ model that empirically identifies the resource-capability variables linked to learning outcomes of students, and their association with the competitive positioning of universities.Ítem Acceso Abierto The Soccer World Cup is back again: can you guess who wins?(Universidad ESAN, 2010) Guillén, JorgeEl siguiente estudio analiza las variables que explican el rendimiento de un equipo nacional de fútbol. Las variables se clasifican en los tres siguientes grupos: macroeconómicos, demográficos y deportivo-culturales. Encontramos que el deporte-cultura es una variable relevante en cuanto a su posición. Los resultados contrastan con estudios previos que no consideran nuestra medición sobre el rendimiento del participante en torneos. La posición del equipo se evalúa aplicando Data Envelopment Analysis (DEA) para obtener el puntaje de eficiencia de los participantes basado sobre la idea de maximización de puntos con el número de intentos para marcar mediante corner, fuera de línea, tiro abierto y gol.Ítem Acceso Abierto El project finance: una técnica para viabilizar proyectos de infraestructura(Universidad ESAN, 2010) Albújer Cruz, AlexLos proyectos de infraestructura son aquellos que los países deben ejecutar para brindar servicios públicos a la sociedad y generar desarrollo, tales como la construcción de carreteras, puertos, aeropuertos, centrales eléctricas, gasoductos, entre otros. En los países emergentes, el desarrollo de infraestructura es crucial para impulsar el crecimiento económico. Sin embargo, en pocos de estos países se llevan a cabo proyectos de infraestructura a través de la inversión privada. Generalmente se espera que el Estado se encargue de financiar, construir y operar la infraestructura. Surge así la posibilidad de ejecutar las obras en asociación entre el Estado y el sector privado, lo que se conoce como asociación público-privada (APP). Para estructurar adecuadamente una APP, donde el sector privado debe financiar el 100% de la inversión, diseñar, construir y operar la infraestructura, se requiere de las técnicas del Project Finance. El Project Finance tiene características particulares que obligan al Estado y al sector privado a compartir los riesgos del proyecto para que este sea viable. Dependiendo del proyecto, los riesgos pueden asignarse en mayor proporción al Estado o al sector privado. Lo que el Estado busca, obviamente, es trasladar el mayor número de riesgos al sector privado, lo que no es tan simple. El presente documento describe las ventajas de realizar las obras a través de una APP y explica cómo se identifican y asignan los riesgos en los proyectos de infraestructura. Además, presenta evidencia de las asignaciones de riesgos en las APP en diferentes países, donde la experiencia ha permitido perfeccionar el uso de estas estructuraciones financieras para hacer viables los proyectos.Ítem Acceso Abierto La fundación de ESAN: una aventura académica(Universidad ESAN, 2013) Coleman, Alan B.Libro autobiográfico del decano fundador de ESAN. Narra los acontecimientos que dieron origen a la institución, desde el acuerdo inicial entre los Gobiernos del Perú y Estados Unidos, con la participación de la AID, hasta el compromiso y dedicación con que la Escuela de Negocios de la Universidad de Stanford asumió el encargo del Gobierno de su país de establecer una escuela de posgrado en negocios en el Perú. También jugó un papel importante en esta gesta, el empresariado peruano, que alentó la iniciativa de contar con un centro especializado en formación gerencial. Con fluidez y buen manejo de la palabra, el profesor Coleman desarrolla una trama interesante que sumerge al lector en una «aventura académica» —como bien la denomina— llena de vicisitudes. Describe con precisión las circunstancias y los hechos que rodearon la creación (1963) y los primeros años de ESAN (mediados de 1966), transmite las reflexiones y los sentimientos que le suscita toda esta experiencia, la cual tuvo un gran significado para su vida, su familia y sus colegas de Stanford. Muestra a un hombre que se enfrenta a las inquietudes y dudas que lo asaltan, pero también a alguien resuelto, que dirige y toma decisiones, que admira al Perú y a su cultura. Al final, se despide con la esperanza de que ESAN se convierta en un modelo de educación superior en nuestro país. El libro contiene un epílogo en el que se describe la transformación de ESAN en Universidad ESAN en el año 2013.Ítem Solo Metadatos Impact of gold and oil prices on the stock market in Pakistan(Universidad ESAN. ESAN Ediciones, 2020-12-01) Shabbir, Aiza; Kousar, Shazia; Batool, Syeda AzraPurpose: The purpose of the study is to find out the impact of gold and oil prices on the stock market. Design/methodology/approach: This study uses the data on gold prices, stock exchange and oil prices for the period 1991–2016. This study applied descriptive statistics, augmented Dickey–Fuller test, correlation and autoregressive distributed lag test. Findings: The data analysis results showed that gold and oil prices have a significant impact on the stock market. Research limitations/implications: Following empirical evidence of this study, the authors recommend that investors should invest in gold because the main reason is that hike in inflation reduces the real value of money, and people seek to invest in alternative investment avenues like gold to preserve the value of their assets and earn additional returns. This suggests that investment in gold can be used as a tool to decline inflation pressure to a sustainable level. This study was restricted to use small sample data owing to the availability of data from 1991 to 2017 and could not use structural break unit root tests with two structural break and structural break cointegration approach, as these tests require high-frequency data set. Originality/value: This study provides information to the investors who want to get the benefit of diversification by investing in gold, oil and stock market. In the current era, gold prices and oil prices are fluctuating day by day, and investors think that stock returns may or may not be affected by these fluctuations. This study is unique because it focusses on current issues and takes the current data in this research to help investment institutions or portfolio managers.Ítem Solo Metadatos Examining the differential impact of monetary policy in India: a policy simulation approach(Universidad ESAN. ESAN Ediciones, 2020-12-01) Bhat, Sajad Ahmad; Kamaiah, Bandi; Acharya, DebashisPurpose: Though an accumulating body of study has analysed monetary policy transmission in India, there are few studies examining the differential impact of monetary policy action. Against this backdrop, this study aims to analyse the differential impact of monetary policy on aggregate demand, aggregate supply and their components along with the general price level in India. Design/methodology/approach: The study develops a structural macroeconometric model, which is primarily aggregate and eclectic in nature. The generalized method of movements is used for estimation of behavioural equations, while a Gauss–Seidel algorithm is used for model simulation purposes. Findings: The paper presents the results of two policy simulations from the estimated model that highlight the differential impact of monetary policy. The first one, hike in the policy rate by 5% and second is a reduction in bank credit to the commercial sector by 10%. The results from the first policy simulation experiment reveal that interest hike has a significant negative impact on aggregate demand, aggregate supply and general price level. However, the maximum impact is borne by investment demand and imports followed by private consumption. While as among the components of aggregate supply maximum impact is born by infrastructure output followed by the manufacturing and services sector with the agriculture sector found to be insensitive in nature. The results from the second policy simulation experiment revealed that pure monetary shocks have a significant negative impact on aggregate demand, aggregate supply and general price level. However, the maximum impact is born by private consumption and imports followed by investment demand. While as among components of aggregate supply maximum impact is borne by infrastructure followed by the manufacturing and services sector with the agriculture sector found to be insensitive in nature. From both policy simulation experiments, the study highlighted the relative importance of the income absorption approach as opposed to the expenditure switching effect. Practical implications: The results obtained in this study provides a strong framework for design the monetary policy framework. The results are in a view of the differential impact of monetary policy action among the components of both aggregate demand and aggregate supply. This reflection of differential impact has immense significance for the macroeconomic stabilization as the central bank will have to weigh the varying repercussion of its actions on different sectors. For instance, the decline in output after monetary tightening might be conceived as mild from an overall perspective, but it can be appreciable for some sectors. This differential influence will have an implication for policy design to care for distributional aspects, which otherwise could be neglected/disregarded. Similarly, the output decline may be as a result of either consumption postponement or a temporary slowdown in investment. However, the one emanating due to investment decline will have lasting growth implications compared to a decline in consumer demand. In addition, the relative strength of expenditure changing or expenditure switching policies of trade balance stabilization may have varying consequences in the aftermath of monetary policy shock. Accordingly information on the relative sensitiveness/insensitiveness of different sectors/ components of aggregate demand towards monetary policy actions furnish valuable insights to monetary authorities in framing appropriate policy. Originality/value: The work carried out in the present paper is motivated by the fact that although a number of studies have examined the monetary transmission mechanism in India, a very few studies examining the differential impact of monetary policy action. However, to the best of the knowledge, there is no such studies, which have examined the differential impact of monetary policy in the structural macroeconometric framework. The paper will enrich the existing literature by providing a detailed account of the differential impact of monetary policy among the components of both aggregate demand and aggregate supply in response to an interest rate hike, as well as a decrease in the money supply.Ítem Solo Metadatos Causality and dynamic relationships between exchange rate and stock market indices in BRICS countries Panel/GMM and ARDL analyses(Universidad ESAN. ESAN Ediciones, 2020-12-01) Mroua, Mourad; Trabelsi, LotfiPurpose: This paper aims to investigate simultaneously the causality and the dynamic links between exchange rates and stock market indices. It attempts to identify the short- and long-term effect of the US dollar on major stock market indices of Brazil, Russia, India, China and South-Africa (BRICS) nations. Design/methodology/approach: This paper applies a new methodology combining the panel generalized method of moments model and the panel auto-regressive distributed lag (ARDL) method to investigate the existence of a causal short-/long-run relationships and dynamic dependence among all stock market returns and exchanges rates changes of BRICS countries. Findings: Results show that exchange rate changes have a significant effect on the past and the current volatility of the BRICS stock indices. Besides, ARDL estimations reveal that exchange rate movements have a significant effect on short- and long-term stocks market indices of all BRICS countries. Originality/value: The findings have implications for policymakers and market participants who try to manage the exchange rate will have a different dose of intervention if they know that the effects of currency depreciation are different than appreciation. These results have important implications that investors should take into account in frequency-varying exchange rates and stock returns and regulators should consider developing sound policy measures to prevent financial risk.Ítem Solo Metadatos Loss aversion, overconfidence of investors and their impact on market performance evidence from the US stock markets(Universidad ESAN. ESAN Ediciones, 2020-12-01) Bouteska, Ahmed; Regaieg, BoutheinaPurpose: The current study aims to investigate the impacts of two behavioral biases, namely, loss aversion and overconfidence on the performance of US companies. First, the impact of loss aversion on the economic performance of companies was assessed. Second, the impact of overconfidence on market performance was discussed. Design/methodology/approach: This study used around 6,777 quarterly observations on the population of US-insured industrial and services companies over the 2006-2016 period. Ordinary least squares (OLS) regression in two panel data models were used to test the hypotheses formulated for the study. Findings: It was documented that the loss-aversion bias negatively affects the economic performance of companies and this is achieved for both sectors. In contrast, the findings suggest that overconfidence positively affects market performance of industrial firms but negatively affects market performance in service firms. Further robust evidence was found that overconfidence bias seems to be dominant, and hence, investors may tend to be more overconfident rather than more loss-averse. Originality/value: This research can be extended by focusing on the following question: What is the impact of the contradictory (positive and negative) effects of an investor's loss aversion and overconfidence on the US company performance in case of realization of a stock market crisis or stock market crash?Ítem Solo Metadatos Financial literacy and behavioural biases of individual investors: empirical evidence of Pakistan stock exchange(Universidad ESAN. ESAN Ediciones, 2020-12-01) Rasool, Nosheen; Ullah, SafiPurpose: Financial literacy is a crucial element of financial decision-making, exerting significant influence on the behaviour of individual investors, while making budgetary, house financing, stock investing and retirement planning decisions. So, the purpose of this research is to determine the relationship between financial literacy and behavioural biases of individual investors in Pakistan. Design/methodology/approach: In this research paper, a sample of 300 observations was obtained through questionnaires from individual investors residing in Lahore and invested in Pakistan Stock Exchange. The data obtained, was passed through Cronbach’s Alpha and Exploratory Factor Analysis (EFA). The hypothesis developed for the research was tested by Pearson’s Chi-square and Ordinal Regression Analysis. Findings: The hypothesis testing of the research concluded that there is a negative association between financial literacy and behavioural biases of individual investors. So, it means; with an increase in level of financial literacy, the likelihood of investor facing behavioural biases reduces. It also appeared that male respondents have more financial literacy than female respondents. Originality/value: Previous studies in the field of finance, identified different factors causing the financial behaviour of individual investor of Pakistan, and also focused on level of financial literacy in Pakistan, but these studies have not emphasized the crucial relationship between financial literacy and behavioural biases of individual investors. Thus, the unique empirical analysis developed in this paper has accentuated the financial literacy as a factor that mitigates behavioural biases of individual investor.
