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 Fundamental analysis Peruvian non listed company - Real Pharma(Grupo Editorial Espacios GEES 2021 C.A., 2019-03-31) Lizarzaburu, Edmundo R.; Noriega, Eduardo; Ostos, Jhony; Berggrum, LuisThe present case study seeks to guide the potential investor through the process of analyzing the financial situation of a company to be able to make an adequate deal for an acquisition or invest. The case intends to follow a top-down analysis structure as follows: a macroeconomic analysis, which covers the gross domestic product, inflation and others; followed by a sectorial study, which comprises the study of competitors, suppliers, clients, and others; and the company’s analysis both from a financial and non-financial perspective.Ítem Acceso Abierto Corporate social responsibility and stakeholder strategies: an impact in risk management(Techmind Research Society, 2014-02-28) Lizarzaburu, Edmundo R.Nowdays, Corporate social responsibility has been studied by several authors, some of them focus in stakeholder theory, which has been proposed by many authors such as Freeman, 1984; Mitchell et al., 1997; Kaptein and Van Tulder, 2003 and Aguinis & Glavas, 2011. These studies have identified some relationships between financial results, management and development of business strategies. One of these strategies identify, is related to how the groups of interest impact in risk management and particularly in reputational risk in the organizations. This paper seeks to identify the theoretical framework related to these two variables (interest groups and reputational risks). Besides, the future study will focus in an emerging market country.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 Solo 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, LuisThis 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.Ítem Acceso Abierto Credit risk in emerging markets Peruvian listed company(Virtus Interpress, 2017) Burneo Farfan, Kurt; Barriga Ampuero, Gabriela; Lizarzaburu, Edmundo R.; Cisneros, JulioThe aim of this paper is to introduce the importance of the banking credit risk, the main elements that conform it and the main alternatives that are offered to access to a loan as well as a description of its measurement and management in the sector. There will be a general explanation of credit risk and the main parties involved in it. As the topic is developed it is going to be analyzed the lending process carried out by the banks as well as the quantitative and qualitative elements taken into account when taking a credit decision (The 5C’s of credit, credit scoring and models for quantification of losses for instance). Another thing to considerate is that Credit risk arises whenever a borrower is expecting to use future cash flows to pay a current debt. Also, the investors have the access for the information of a client and they are compensated for assuming credit risk by way of interest payments from the borrower or issuer of a debt obligation and the credit risk is a useful tool for the finance management. The Enterprise risk management in Peru changed in 2015 because the local regulator is in process to review the norm, including some aspects of corporate governance; these changes are not included in this research.Ítem Acceso Abierto Credit analysis of emerging economics energy distribution company of Peru(Global Journals Inc., 2013-03-06) Mendiola, Alfredo; Lizarzaburu, Edmundo R.; Quispe, JulioThe case focuses in evaluation of a Peruvian company called "The Energy Distribution Company of Peru - DEPSA". This company has several lines of financing (credit lines or credit facilities) in order to cover their operations in the short and long term. In the last board meeting, they (the board members) agreed that DEPSA should continue with the current financing politic for their operations, focusing on the next 12 months in the short term. In order to confirm the possibility of continuing with that politic, the finance manager had to coordinate with the main bank, the evaluation through a credit analysis and ask for a renewal of its credit lines first in front of the respective financial institution. In addition, the board asked that the regulatory area explains, on the next session, how the Electricity Sector works in Peru does and who are the main actors and stakeholders of the business.Ítem Acceso Abierto ISO standards a potential path for emerging markets: an initial literature review(Virtus Interpress, 2011) Lizarzaburu, Edmundo R.; Quispe Salguero, JulioNowadays, the companies and financial institutions from emerging markets are looking forward for more space in the international market. They have found several alternatives and one of them is to implement process and procedures in order to be more efficient and offer better conditions to the local and foreign customers. One of these alternatives is to implement internal standards not only following corporate governance policies but also, implementing international standards such as ISO norms. This paper seeks to show the evolution of initial ISOs most frequently used in the financial emerging markets.Ítem Acceso Abierto Credit information in emerging markets: the rating agencies and credit risk reports, Peruvian experience(Canadian Center of Science and Education (CCSE), 2012-11-21) Cisneros, Diego; Lizarzaburu, Edmundo R.; Quispe Salguero, JulioThis paper seeks to develop a literature review within the main aspects of credit information in emerging markets, important aspect considering that several companies, including the small enterprises, are looking forward to “go” to capital markets. Thus, we will analyze the role of rating agencies and credit bureaus (credit risk report) in the Peruvian market, considering the current state of economic growth that comes through and, the potential of capital market that comes with MILA (Integrated Latin American Market). Besides, this information will become relevant in the following months, because the actual financial crisis in several countries all over the world (focus in Europe, but it could move to some BRICS – Brazil, Russia, India, China and South Africa – or Latam Countries) has generated a new map in “rating scores” (Note 1) so the questions that we tried to answer is if this unique change is relevant? Or it should be complemented in order to have a significant impact in the market and for the investors.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.
