The paper is an overview about the Integrated Latin America Market (MILA) until December 2014, including the Mexico Stock Market in the analysis. The papers describes how the market has been developing during the last five years, showing some aspects about the market capitalization, the most traded shares and the S&P MILA Andean 40 index. Besides the paper shows the benefits about the MILA to investors and the relation between the stock exchange index and the exchange rate in those markets, using a correlation model.

Nowadays, the international financial landscape has undergone several developments with systemic implications, such as the financial crisis of 2007 and 2008, the slowdown in China (2014 to date), the contraction of the BRICS (2013 to date ), among others, as fundamental to the future of the economies is the performance of firms, it happens that behind these events happen several factors, one of them, poor implementation of good practices and corporate governance and this has led to that the international community put emphasis on ways of conducting business transactions. NGuyen & Xiangkang (2015) state that the main evidence of the effects of not implementing good corporate governance practices are tangibly evident in those countries which have now been multiplied their productivity, already affected by the Subprime Crisis. This work aims to try to answer the question of whether indeed t...

The 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 in...

L os seres humanos desde que tenemos uso de razón, nos hemos visto envueltos en diversos eventos de toma de decisiones, por ejemplo, qué golosina comprar con el dinero de las propinas que nos dieron nuestros padres o qué actividad hacer en nuestro tiempo libre. El hecho de que tengamos necesidades (consumir golosinas y realizar actividades) y que los recursos sean escasos (la propina de nuestros padres y el tiempo para hacer la tarea) implica un problema económico. La economía es la ciencia social que nos ayuda a tomar las mejores decisiones en medio de esta escasez de recursos. Para tal propósito se divide en dos grandes ramas: la microeconomía y la macroeconomía. La microeconomía, como nos dice Parkin (2006: 2), es el estudio de las elecciones que hacen los individuos, las empresas y los gobiernos. Mientras que la macroeconomía analiza el funcionamiento de la economía nacion...

Microeconomic issues. Economics fundamentals. Concepts and principles. Demand and supply. Elasticity, efficiency and equity in a competitive market. Consumer theory. Consumption optimization. Theory of the firm. Production organization. Production, costs and firm decisions. Perfect and imperfect competition markets. International Trade. Macroeconomic issues. Main macroeconomic aggregates. The full-employment economy, labour market and potential GDP. Money, inflation and the price level. Aggregate supply and demand and the multiplier. Fiscal and monetary policy. Macroeconomics of open economies. New concepts about the economy - The economy in the digital age. The economics of information and communications; and the Global economy. Biodiversity and Economics. Growth and development: Convergent concepts?. New technological development and challenges for the Economy. APPENDIX 1: Special topi...

Prólogo. Agradecimientos. Siglas. Introducción. PARTE I: ASPECTOS MICROECONÓMICOS. CAPÍTULO I: FUNDAMENTOS DE LA ECONOMÍA: CONCEPTOS Y PRINCIPIOS. Definición de Economía. La frontera de posibilidades producción (FPP). Los principios de la economía. Flujo circular de la renta. Ejercicios. Caso económico real. Actividades a desarrollar. CAPÍTULO II: OFERTA Y DEMANDA. Mercados y Precios. Demanda. Oferta. Equilibrio de mercado. Ejercicios propuestos. Caso económico real. Actividades a desarrollar. CAPÍTULO III: ELASTICIDAD, EFICIENCIA Y EQUIDAD EN UN MERCADO COMPETITIVO. Elasticidad. Ejercicios. Ejercicios propuestos. Eficiencia y equidad. Métodos de asignación de recursos. El excedente del consumidor. El excedente del productor. Eficiencia del mercado. Ejercicios. Ejercicios propuestos. Caso económico real. Actividades a desarrollar. CAPÍTULO IV: TEORÍA DEL CONSUMIDOR: OPT...

En la primera edición de este libro tratamos solo tangencialmente los aspectos económicos de América Latina, sabiendo que era un imperativo revisar cada una de las economías latinoamericanas para aprender tanto del pasado como del presente de nuestro continente, procurando labrarnos el futuro promisorio que los pueblos de las pampas y la llanura, de las costas y el bosque amazónico, de los pantanos y los Andes, nos merecemos, y evitando repetir errores que se han cometido muchas veces por nuestra tendencia a enfrentar duras realidades con las herramientas nacidas de risueñas utopías. Por tal razón, en esta cuarta edición hemos incluido nuevos ejercicios y casos reales en varios capítulos del libro. Asimismo, hemos actualizado ejercicios resueltos y casos reales en relación con los acontecimientos a consecuencia de la pandemia por los casos de COVID-19 en todos 16 los países d...

Contenido: Parte I: Aspectos microeconómicos -- Fundamentos de la economía. Conceptos y principios -- Oferta y demanda -- Elasticidad, eficiencia y equidad en un mercado competitivo -- Teoría del consumidor. Optimización del consumo -- Teoría de la firma. Organización de la producción -- Producción, costos y decisiones de la empresa -- Mercados de competencia perfecta y competencia imperfecta -- Parte I: Aspectos macroeconómicos -- Principales agregados macroeconómicos -- La economía en pleno empleo. Mercado de trabajo y PBI potencial -- Dinero. Nivel de precios e inflación -- Oferta y demanda agregada y multiplicador -- Política fiscal y política monetaria -- Macroeconomía de la economía abierta -- Comercio internacional -- Parte III: Nuevos conceptos sobre la economía: la economía en la era digital -- La economía de la información y las comunicaciones, y la economí...

El texto presenta un análisis ordenado de las diferentes situaciones con las que, de seguro, se enfrentará un investigador que se inicia o un estudiante en el procesos de elaboración de sus tesis. Propone un gama de recursos y apoyo que, utilizada apropiadamente, permite abordar cualquier problemática con éxito.

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 analysi...

This 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.

This research proposes a theoretical framework focused on explaining the unexpected or "abnormal" return of the most representative banks of the Peruvian financial system, which also have shares listed on the Lima Stock Exchange. Likewise, this paper propose a number of explanatory variables such as the ratio of allowance for loan losses (PPP), size of the bank (TAM), asset liquidity (LIQ), leverage ratio (APL), efficiency in the management (EG), fee income (ICM) and general cost ratio (RCG). Thus, an independent linear regression is performed for each bank. Finally, we found that the level of assets is the significant variable in this analysis because it serves as a barrier for new and existing competitors.

Purpose: The aim of this paper is to address a company valuation procedure by explaining the steps that must be followed from an economic-financial perspective. Design/methodology: We employ the study case methodology to fulfill all the procedure stages. Specifically, we analyze the Peruvian cement company “Cementos Pacasmayo”. A 10-year discounted cash flow (DCF) is presented and brought to present value using a discount rate (WACC) composed by the cost of debt and the cost of capital of the company. Findings: We can conclude that the evaluation process should always include the country, industry and company. Practical implications: Our study provides useful implications for management. On the one hand, it is important to highlight the subjectivity to predict some parameters or doing assumptions. On the other hand, it is important to understand and know a good procedure to valuate a...

The economic environment in which enterprises operate is increasingly harsh and complex, making business more complex, volatile and uncertain. This context requires a change in the management model based on the three fundamental pillars of governance, risk management and regulatory compliance. In this sense, the presentation of the three-line model is considered particularly useful, as it has become one of the most recognized management tools internationally due to its flexibility and adaptability. Therefore, the purpose of this study is to examine the current literature on this management model and then analyze its applicability in business practice through a case study. In particular, the analysis of four companies in the Ibero-American energy sector (Petrobras, Codelco, Ecopetrol, and Iberdrola) reveals that, although the adaptation of the model is generally comprehensive and universa...