When a company issues bonds to financed can use Dutch Auction to place these securities in the capital market. Therefore it is objective of this article, indicate how is applied the Dutch Auction to place the bonds to investors participating in the public offering.

Cuando una empresa emite bonos para financiarse, puede utilizar la subasta holandesa para colocar estos valores en el mercado de capitales. Por lo tanto, es objetivo del presente artículo detallar cómo se aplica la subasta holandesa para colocar los bonos a los inversionistas que participan de la oferta pública.

In the financial management should be clear concepts Balance Sheet Accounting and Financial Balance Sheet so enable the management to make a good run. Therefore aim of this paper is to detail how starting General Balance Sheet Financial Balance is reached. Thus the difference between the Balance Accounting and Financial Balance of a business becomes clear.

From the year 2,008 which starts in the United States of America financial crisis, to date, 2,013 year June has taken alarming proportions worldwide affecting not only the economic but also the social and business. In this framework we wonder what would happen to economic value creation of a company to keep this situation. To our knowledge the company would be affected can destroy rather than create economic value.

The company as a going concern generated funds. Therefore when you want to determine its market value should be considered a historical period (the past), present (today) and future period (after today). In the future period should be considered an explicit period and a sustained period. The explicit term future must consider more than 5 years and the future continuous period from year 6. In this context we try to calculate the value of the company using the method of discounted cash flow. Hence, our concern is to propose a methodology for calculating the enterprise value based on the “discounted free cash flow.”

The company as a going concern generated funds. Therefore when you want to determine its market value should be considered a historical period (the past), present and future periods. In the future period should be considered an explicit period and a sustained period. The explicit term future must consider more than 5 years and the future continuous period from year 6 to the end of the life of the company. In this context we try to calculate the value of the company using the method of discounted cash flow. The importance that has taken the acquisitions necessary to use this valuation technique that allows us to calculate the value of the company so you can try for a fair price. Hence, our concern is to propose a methodology for calculating the enterprise value based on the "discounted free cash flow."

The globalization of the economy and the internationalization of capital markets today is quite widespread in the world, that is why there is no place for insulation of different markets, including the stock market and in the case of the Peruvian market is no exception to this reality. In this new context exist a phenomenon of acquisition and merger. The importance that they have taken these acquisitions and mergers of companies makes us think of a technique of recovery that makes it possible to calculate the value of the company to be able to perform this operation without problems and at a fair price. Hence, our concern is to raise a simple model to calculate the value of the company based on the "Free Cash Flow".

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The globalization of the economy and the internationalization of capital markets today is quite widespread in the world, that is why there is no place for insulation of different markets, including the stock market and in the case of the Peruvian market is no exception to this reality. In this new context exist in the United States of North America, the American Depositary Recipts or ADRs The ADRs are U.S. financial instruments, whose goal is to allow companies from foreign countries may in the New York Stock Exchange (NYSE) put their actions by entering in this way to the market of capitals of the United States of America. Admission to the American capital market, allows companies in foreign countries have new alternatives of business financing or diversification of its shareholders with which expand the borders of their capital markets. This situation is even more favourable for compan...

Whereas large investment projects are financed company with a percentage share capital and other resources third way (Debt), analyzing concerns in the period 1999 to 2010 arose whether if Peruvian company listed on Lima The Stock Exchange improved investment opportunities. For this, the behavior of the weighted average cost of capital (WACC) was determined.

When a company produces for the market more than one product should allocate Indirect Costs Manufacturing (ICM) in the best possible way to these products. The activity-based cost system, also called ABC system allows each product ICM more realistically apply. Therefore it is an object of this article how to apply this system and compare the result with the traditional method.

When a company produces goods or services must invest funds in working capital waiting for profit. To estimate whether this activity generates profits is necessary to develop the operating budget as a Profits Plan. As Finance Manager responsible for managing efficiently the funds generated by the operations of the company, musts prepare the Cash Flow from Profit Plan. Therefore it is objective of this article submit how prepare the Cash Flow from a Profits Plan.

This article is the product of the investigation that was developed after we asked ourselves the following questions: (a) What has been the behavior of the Weighted Average Cost of Capital (WACC) of Peruvian industrial companies listed on the Lima Stock Exchange during the period from 1999 to 2010?; and (b) What companies in this sector of the Peruvian economy listed on the Lima Stock Exchange presented the best investment opportunities in the period of analysis?To answer were developed five chapters and concluded that not all companies have the same investment opportunities and this differs depending on the size of the company and the line of business.

The research work called “ROE and FINANCIAL STRUCTURE OF MINING COMPANIES PERIOD 2004-2013” was developed after considering the following questions:What has been the return on equity performance (ROE: Return on Equity) of the Peruvian mining sector companies that are listed on the Lima Stock Exchange during the 2004-2013 period?Which companies in this sector of the Peruvian economy that are listed on the Lima Stock Exchange have optimized their financial structure?To answer them, five chapters were developed and it was concluded that not all companies present the same profitability opportunities (ROE) and this differs according to the size of the company and the behavior of its financial structure.

En la administración financiera debe tenerse claro los conceptos del Balance Contable y del Balance Financiero de tal manera de permitir a la Gerencia realizar una buena gestión. Por lo tanto es objetivo del presente artículo detallar como partiendo del Balance General se llega al Balance Financiero. De esta manera se aclara la diferencia entre el Balance Contable y el Balance Financiero de una empresa.

From the year 2,008 which starts in the United States of America financial crisis, to date, 2,013 year June has taken alarming proportions worldwide affecting not only the economic but also the social and business. In this framework we wonder what would happen to economic value creation of a company to keep this situation. To our knowledge the company would be affected can destroy rather than create economic value.

La empresa como un negocio en marcha genera fondos. En consecuencia cuando se quiere determinar su valor en el mercado debe tenerse en cuenta un periodo histórico (pasado), el presente (hoy) y un periodo futuro (después de hoy). Dentro del periodo futuro debe considerarse un periodo explícito y un periodo continuo. El periodo explícito futuro debe considerar como máximo 5 años y el periodo continuo futuro a partir del año 6. En este contexto trataremos de calcular el valor de la empresa utilizando el método del flujo de caja descontado. De allí que nuestra inquietud es plantear una metodología para calcular el valor de la empresa partiendo del “Flujo de Caja Libre Descontado” considerando un “Periodo Explícito” de 5 años y un “Periodo Continuo” a partir del año 6.