3. Investigación
URI permanente para esta comunidadhttps://hdl.handle.net/20.500.12640/4065
Esta colección reúne las contribuciones de acceso abierto realizadas por los docentes e investigadores de la Universidad ESAN, publicadas en fuentes académicas externas. Los trabajos aquí incluidos abarcan una amplia gama de temas de relevancia académica y profesional, y están orientados a fortalecer el conocimiento y el impacto de la investigación en diversas disciplinas. Estos estudios están disponibles para el público en general, promoviendo la difusión y el intercambio de conocimientos en beneficio de la comunidad académica y de la sociedad.
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Ítem Acceso Abierto Gestión del riesgo cambiario: aplicación a una empresa exportadora peruana(Universidad ICESI, 2013-08-14) Lizarzaburu, Edmundo R.; Berggrun, LuisThis paper aimks to assess and quantify the exchange risk in an exporting firm. It begins by explaining currency risk, followed by a qualitative analysis of the dollar exchange rate volatility against the Nuevo Sol. This analysis is relevant, because each country has different exchange characteristics, which in the end impacts on the currency flow and exchange rate, among others. It also explores other financial instruments such as factoring with recourse and Non-Deliverable Forward as coverage alternatives. The range for the analysis is from January 2010 to December 2012.Ítem Acceso Abierto Z-Altman review: the case of beverage company in Latam(Macrothink Institute, 2014-08-01) Lizarzaburu, Edmundo R.; Berggrun, Luis; Ostos, JhonySince 2000, the growth in beverage industry has been important. Overall, statistics show that Latam companies have presented a good financial performance. However, this performance could be highly questionable and, questions like what is going to happen in the next years in the industry or how likely a failure or bankruptcy could be experimented and needs to be answered. So, in order to answer such questions, an analysis is carried out by Ivan Vonne, a senior analyst. The method applied to this assessment is the Z-Score method developed by Altman in 1968. The literature review helped us to identify three types of Z-score, one developed by Edward Altman in 1968 called “Z-Score Model”, the other improved by Edward Altman in 1984 called “Company and Country Risk Models” for private companies and the last one improved by Altman, Hartzell y Peck in 1995 called “Emerging Market Scoring Model” (EMS Model) for non-manufactured companies and emerging market credits. The paper, focus in a Beverage Industry. One company, which has been chosen indiscriminately to evaluate the model, has been identified with operations in Peru and this company listed its equity in the Bolsa de valores de Lima (BVL, for its acronym in Spanish). In the first section you are going to find a brief introduction about the Company “Peruvian Beverage Inc.”. Second section develops the theory, its origins and the different ways it can be applied. Then, third section explains the way that the company performs in the industry, as well as the steps they follow to produce the final product. Fourth Section details how the operations have been carried out so far. Fifth section shows a brief analysis about the financial statements of the company. Sixth section assesses the Z-score model. Seventh and eighth sections establish why the model is not completely viable in Peru and an explanation about the results of sixth section. Finally, you can find references and the rest of the annexes in the last two sections.Ítem Acceso Abierto Gestión de riesgos financieros: experiencia en un banco latinoamericano(Universidad ICESI, 2012-11-21) Lizarzaburu, Edmundo R.; Berggrun, Luis; Quispe, JulioThe present document attempts to present the basic concepts of financial risk present in a bank, and in particular will present the case of a Peruvian bank, taking into accounts aspects such as risk management, the Third Basel Accord (Basel III) and the international financial crisis. The case was developed in the last quarter of 2012 in the Peruvian market.Ítem Acceso Abierto Corporate governance in emerging markets and its impact on finance performance(Virtus Interpress, 2014) Lizarzaburu Bolaños, Edmundo; Berggrun, Luis; Burneo Farfan, Kurt JohnnyThis paper reviews the theoretical framework of Corporate Governance and multiple issues in which it is evaluated such as agency costs, asymmetric information, insider trading, manipulation of earnings, Board of Directors, etc. Finally, it is reviewed the impact of Corporate Governance over cost of equity, capital structure and financial performance.Ítem Acceso Abierto Risk of insolvency and return of shares: empirical analysis of Altman's Z-Score in the Peruvian mining sector between 2008 and 2018(Universidad del Rosario, 2021-02-03) Lizarzaburu, Edmundo R.; Burneo, Kurt; Berggrun, LuisThis research pretends to evaluate the significance of the insolvency risk, referred by Altman's Z-Score, in the explanation of the historical return of the 7 most liquid mining companies listed in the Lima Stock Exchange based on a Market Return Model (MRM) under a cross-sectional approach. In this sense, daily data was collected from the S&P/BVL Peru Select index and the Peruvian 10-year Sovereign Bond between 2008-2018, approximated quarterly by the geometric average to homogenize them with the frequency of the Z. Thus, two central results were obtained: 1) The Z-Score, as an estimator of insolvency risk, is not valid to explain the behavior of the historical return of the shares, and 2) The Market Premium is statistically significant within the yield analysis. Also, contrary to the common literature, the results suggest the validity of Sharpe's conventional CAPM.
