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.

Examinar

Filtros

2014 - 20183

Ajustes

Autor: search.filters.author.Cueto, Diego C.Idioma: search.filters.itemlanguage.Inglés

Resultados de la búsqueda

Mostrando 1 - 3 de 3
  • Miniatura
    ÍtemAcceso Abierto
    Private valuation of compensation stock options
    (Universidad Autónoma Gabriel René Moreno, 2018-02-22) Cueto, Diego C.
    In recent years, risk-adjusted compensation packages with stock options have increase in popularity, volume, and scope. The objective of this paper is to document the divergence between the cost to the firm and the value to the employee of compensations stock options. Simulations reaching numerical examples beyond previous work that halted at theoretical approaches achieve this goal. The cost to the firm and the valuation for a diversified investor would coincide. However, the employee that receives stock options is bearing more firm-related risk that he would under a portfolio optimization strategy. Therefore, the undiversified employee assigns a lower value to the option. The results presented in this paper may help to better understand the preferences for certain types of options over others, from the firm’s and from the holder’s perspective.
  • Miniatura
    ÍtemAcceso Abierto
    Copeinca: a hostile takeover
    (Asociación de Directivos Superiores de Administración, Negocios o Empresariales de Chile A.G. (ASFAE), 2017-05-03) Cueto, Diego C.
    This article presents the dilemma faced by real investors with the emergence of a takeover bid on an existing company. The private benefits that accrue from control mean that defence mechanisms are deployed in the event of a takeover that is considered to be hostile. The article has been written with the sole intention of providing an educational case study for the teaching of Mergers and Acquisitions and Corporate Governance. The character Ricky Spanish is fictional and does not disguise the identity of any real investor. Local press articles and official documents such as company information prospectuses were examined during the preparation of the case study. The facts presented are accurate but the article is not intended to be a work of history. Theory-based analysis permits an approach to the problem of assessed value, which is contrasted with market value. Different scenarios and alternative viewpoints are presented to allow readers to draw their own conclusions. It is observed that the founding family, board members, company executives and press all fail to understand that the company is no longer owned exclusively by its founders. There is a lack of clarity concerning appropriate ways to deal with conflicts of interest between majority and minority shareholders. In markets characterized by decidedly concentrated ownership structures, it is very unlikely that hostile takeovers will occur. The case study identifies the principal benefits and risks faced by investors in a company from a medium income country that cross lists in developed markets.
  • Miniatura
    ÍtemAcceso Abierto
    The effect of corporate environmental initiatives on firm value: evidence from Fortune 500 firms
    (Association Internationale de Management Strategique (AIMS), 2014-06-20) Wassmer, Ulrich; Cueto, Diego C.; Switzer, Lorne N.
    When do firms derive value from investing in environmental initiatives (CEIs)? We examine stock market responses to the announcements of 183 CEIs by 71 Fortune 500 firms during the period 2002 to 2008. We find that the stock market reacts positively to such announcements but does not react differently to CEIs concerning a firm’s inputs, throughputs, and outputs. We also find that there is an inverted U-shaped relationship between the timing of a CEI and the abnormal stock market return following its announcement. Overall, this study shows that timing is a relevant explanatory factor for the value firms derive from investing in environmental action.