{"title":"Mercado Financiero de Renta Variable (Financial Market on Variable Income Securities)","authors":"Juan Mascareñas","doi":"10.2139/SSRN.2311927","DOIUrl":"https://doi.org/10.2139/SSRN.2311927","url":null,"abstract":"Spanish Abstract: En esta monografia se describe el mercado financiero de renta variable o de acciones en concreto: el mercado primario, la oferta publica de venta (OPV), el mercado secundario: la Bolsa de Valores, fases de la contratacion bursatil en el mercado continuo espanol, la negociacion de alta frecuencia (HFT) y las plataformas oscuras (dark pools), los indices de Bolsa, la oferta publica de exclusion (OPE) y, por ultimo, una introduccion a la valoracion de acciones.English Abstract: In this monograph the financial market of variable income securities is analyzed. In short: the primary market, initial public offering (IPO), the secondary market: Stock Exchange, trading phases in the Spanish Continuous Stock Market, HFT and dark pools, Stock Exchange Indexes, and finally an introduction to the stock valuation.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129607964","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Fundamental Analysis of Listed FMGC with the Help of Ratio's","authors":"A. Shukla, S. Nerlekar","doi":"10.2139/SSRN.2776897","DOIUrl":"https://doi.org/10.2139/SSRN.2776897","url":null,"abstract":"The study endeavors to analysis fundamental position of major listed FMCG companies using ratios. The purpose of study HUL, Godrej, ITC & Dabur was choosen, to analysis was done using past five year computed date of Net Profit Margin Ratio, Gross profit margin, Price to Earnings, Debt to equity ratio, Dividend payout ratio, Earnings per share starting April 2010 to March 2015.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124714835","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Finance Ritual","authors":"S. H. Seog","doi":"10.2139/ssrn.2711927","DOIUrl":"https://doi.org/10.2139/ssrn.2711927","url":null,"abstract":"Finance theories are criticized for failing to capture the reality in terms of their outcomes and foundation. Nevertheless, we witness the phenomenon that financial theories are being taught and admired in business schools and actively utilized in the finance circle including financial industries, regulators and academia. This paper provides a ritual interpretation to understand this contradiction. We apply the diverse ritual theories of anthropology to the phenomenon. Among ritual theories, we borrow from the perspectives of functionalism, structuralism, and practice theory. We argue that as a ritual does, finance theories disseminate ideology and beliefs and have an effect on society (especially the finance circle). The effect is determined collectively and is not necessarily as intended by individual financial researchers and practitioners. Finance academia is viewed as an agent to officiate the rite of passage, which helps to reaffirm and recreate the unity of society and finance circle. Finance academia and the finance industry are viewed as a hierarchical structure. Finance theories can survive, as a ritual does, even if they lose their connection with reality.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127287736","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Modelos Económicos Básicos y Simulaciones en MATLAB (Basic Economic Models and Simulations with MATLAB)","authors":"Alfonso Ayala","doi":"10.2139/SSRN.2969106","DOIUrl":"https://doi.org/10.2139/SSRN.2969106","url":null,"abstract":"Spanish Abstract: Se desarrollan los comandos basicos para el uso del software MATLAB, enseguida se desarrollan los conceptos de programacion en el entorno MATLAB con aplicaciones en algunos modelos economicos simples. \u0000English Abstract: We develop some basic commands to use MATLAB software, after that we work up the concepts of programming in the MATLAB environment with applications in simple economic models.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117223816","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Valuation of the Shares after an Expropriation: The Case of ElectraBul","authors":"Pablo Fernández","doi":"10.2139/ssrn.2191044","DOIUrl":"https://doi.org/10.2139/ssrn.2191044","url":null,"abstract":"This case presents the valuation of the shares of an electric company in an emerging country. It permits the reader to identify errors and recalculate the valuation.ElectraBul was expropriated by the government in April 2010. The government said that ElectraBul shareholders should be paid a fair amount: the value of the shares according to a recognized valuator.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121227867","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pablo Fernández, Isabel Fernández Acín, Alberto Ortiz Pizarro
{"title":"Meaning of Net Income and Shareholders’ Equity","authors":"Pablo Fernández, Isabel Fernández Acín, Alberto Ortiz Pizarro","doi":"10.2139/SSRN.2676802","DOIUrl":"https://doi.org/10.2139/SSRN.2676802","url":null,"abstract":"A version in Spanish of this document may be downloaded in: http://ssrn.com/abstract=2252485. The recent history of Madera Inc. makes us think about the meaning of shareholders´ equity and net income, and also about the impact of two different strategies on the cash flows and the financial statements of the company. 10 issues that may change the net income in 2012 are presented. The reported net income for 2012 was $56 million, but it could have been $58.8 million higher or $112 million lower: net income for 2012 could have ranged between -$56 and $114,8 million. Similarly, the shareholders' equity reported in 2012 was $292 million, but could have ranged between $180 and $350.8 million. These accounting changes do not alter “cash and equivalents” nor the financial debt nor the cash flows of the company. It ends with the following questions: What is the net income? What is shareholders' equity? Do dividends come from the net income?","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"81 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125886052","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"How Inflation Destroys Value: Taxes","authors":"Pablo Fernández","doi":"10.2139/ssrn.2215796","DOIUrl":"https://doi.org/10.2139/ssrn.2215796","url":null,"abstract":"La version espanola de este articulo se puede encontrar en: http://ssrn.com/abstract=1125625.The return on investments depends on the effects of inflation. To analyze the effect of inflation, we shall use a case study of two companies engaging in the same business and in identical market conditions but in two countries with very different inflation rates. The problem of inflation and its consequences is expressed very clearly. And its solution is very simple. When inflation is high, company earnings are artificially high (i.e., not caused by an improvement in the company’s situation), which means that the tax paid is higher than if there was no inflation. Consequently, investments’ real return is smaller.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121191207","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Gli Indici Di Bilancio Per La Valutazione D'Azienda -- Approcci Teorici E Metodologici (Final Balance Index Analysis -- Methods and Techniques)","authors":"Marco Berardi","doi":"10.2139/SSRN.2621412","DOIUrl":"https://doi.org/10.2139/SSRN.2621412","url":null,"abstract":"Italian Abstract: Con l'espressione \"analisi di bilancio per indici\" si identifica una tecnica di indagine che, attraverso la rielaborazione e lo studio critico dei valori e delle informazioni di bilancio, si prefigge di:• comprendere la dinamica della gestione trascorsa, esaminata nella sua interezza o in alcuni suoi aspetti;• esprimere un giudizio fondato in merito allo stato di salute dell'unita produttiva analizzata;• formulare stime il piu possibile fondate circa la presumibile evoluzione futura della dinamica aziendale.Tale tecnica presuppone un processo di revisione e risistemazione delle informazioni di sintesi annuale presentate dal documento contabile definito: bilancio d'esercizio. Tale procedura si rende necessaria proprio per superare taluni limiti congeniti alla documentazione che costituisce il bilancio d'esercizio, per lo piu ricollegabili alla rigidita nella forma espositiva e all'orientamento al passato dell'informativa contabile.English Abstract: The aim of this paper is to create a smart and quick guide to the main Balance Sheet Index. It is divided into four sections analyzing strengths and weakness of Roi, Roe and Ebit.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122710601","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Honest Hypothesis Testing: A Parable","authors":"M. Stutzer","doi":"10.2139/ssrn.2779214","DOIUrl":"https://doi.org/10.2139/ssrn.2779214","url":null,"abstract":"Typical empirical methods training for finance Ph.D students emphasizes theory and application of statistical tools, augmented by study of empirical applications published in the academic journals. But newly minted faculty/authors will also have to cope with opinions of their administrative and academic journal evaluators, something not as heavily stressed in the heavily methods-oriented curriculum. We put a humorous slant on this by providing a parable in which a seemingly simple, standard hypothesis test is subject to the crucible of peer opinion both within and outside the professor's domicile. The parable is used to teach that the interpretation of seemingly simple test statistics is not so simple, and is intended to help instructors augment traditional statistics pedagogy.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"1944 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123479174","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Mercado de Divisas (Foreign Exchange Market)","authors":"Juan Mascareñas","doi":"10.2139/SSRN.2311939","DOIUrl":"https://doi.org/10.2139/SSRN.2311939","url":null,"abstract":"Spanish Abstract: En esta monografia se describe el mercado de divisas, en concreto: que es el tipo de cambio, las operaciones al contado y a plazo, el riesgo de cambio, ?de que depende el tipo de cambio?, la teoria de la paridad del poder adquisitivo, la teoria de la paridad de los tipos de interes, las hipotesis de Fisher, y la teoria de las expectativas.English Abstract: In this monograph the foreign exchange market of variable is analyzed: exchange rate, spot and forward operations, exchange risk, purchase power parity theory, interest rate parity theory, Fisher’s hypothesis, theory of expectations.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"364 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115897644","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}