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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2015 - 201912020 - 20211

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Autor: search.filters.author.Burneo, KurtIdioma: search.filters.itemlanguage.Inglés

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Mostrando 1 - 2 de 2
  • Miniatura
    ÍtemSolo Metadatos
    Unión Andina de Cementos S.A.A. (UNACEM): Capital Structure Case
    (Grupo Editorial Espacios GEES 2021 C.A., 2015) Lizarzaburu, Edmundo R.; Burneo, Kurt; Berggun, Luis
    This present research paper, introduces one of the most important companies in the local market (Peru), Union Andina de Cementos S.A.A. (UNACEM). The company is engaged in the development and manufacture of clinker, cement and other building materials in the country and abroad, including marketing and sales as well as the operation of the dock facilities and complementary Conchan oil refinery. In the last years, their capital structure and their WACC changed because of the merger between Cementos Andino and Cementos Lima. Also, we considered the macroeconomic environment and the national cement industry, in 2012; the company had a market share of 54% and was the leader of the local market. Additionally, according to the forecast of the national economic institutions, the local construction market will have an increase of 14% in the next years. This research paper is ideal for the analysis of the capital structure of the company with the market value, and could be used within the current context of the construction sector, in view of the new projects and the growth of the local market.
  • Miniatura
    ÍtemAcceso 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, Luis
    This 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.