EduRN: Financial Economics Education (FEN) (Topic)最新文献

{"title":"Madera Inc: Significado de Fondos Propios y Beneficio (Meaning of Net Worth and Net Income)","authors":"Pablo Fernandez, Isabel Fernández Acín, P. Linares","doi":"10.2139/SSRN.2252485","DOIUrl":"https://doi.org/10.2139/SSRN.2252485","url":null,"abstract":"Spanish Abstract: La historia reciente de Madera Inc permite pensar en el significado de los fondos propios y de los beneficios. Tambien el impacto de dos estrategias distintas sobre los flujos y los estados contables de la empresa. Se presentan 10 temas que podrian cambiar el beneficio de 2012. El beneficio reportado para 2012 fue $56 millones pero podria haber sido cualquier numero entre - 56 y 114,8 millones. Analogamente, los fondos propios reportados en 2012 fueron $292 millones, pero podrian oscilar entre $180 y $350,8 millones. Pero estos cambios contables NO cambian NI la caja NI la deuda financiera NI los flujos de la empresa. Se termina con las preguntas: ?Que es el beneficio? ?Que son los fondos propios? Los dividendos, ?proceden del beneficio? Los fondos propios, ?son fondos? English Abstract: The past years of Madera Inc. help to think on the meaning of net income and net worth. Net income for 2012 was $56 million, but it could have been any figure between - $56 and $114.8 million.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123963139","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":"Opción Real de Abandonar un Proyecto de Inversión (Real Option to Abandon an Investment Project)","authors":"Juan Mascareñas","doi":"10.2139/SSRN.2316746","DOIUrl":"https://doi.org/10.2139/SSRN.2316746","url":null,"abstract":"Spanish Abstract: La quinta monografia de la serie dedicada a las opciones reales muestra la opcion de abandono, posiblemente la mas util de todas ellas, a traves de unos ejemplos practicos. Ademas se aborda su uso en la valoracion de empresas mediante el descuento de los flujos de caja libres.English Abstract: The fifth monograph of the real options series shows the option to abandon, the more useful of all of them, possibly, through some practical examples. In addition, its use in the business valuation is addressed through the discounted free cash flows.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125795784","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":"Opciones Reales: Introducción (Real Options: Introduction)","authors":"Juan Mascareñas","doi":"10.2139/SSRN.2316027","DOIUrl":"https://doi.org/10.2139/SSRN.2316027","url":null,"abstract":"Spanish Abstract: En esta monografia, primera de la serie dedicada a las opciones reales, se realiza una introduccion a las mismas: definicion y tipos, opciones financieras y opciones reales, los proyectos de inversion como opciones reales, opciones exclusivas “versus” opciones compartidas, las opciones reales como una filosofia, y los tipos de opciones reales existentes.English Abstract: In this monograph, first of the real option series, it is shown an introduction to them: definition and types, financial options versus real options, the investment projects as real options, real options as a philosophy, and types of real options.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"582 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117068101","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":"The 2015 Power Trading Agent Competition","authors":"W. Ketter, J. Collins, P. P. Reddy, M. D. Weerdt","doi":"10.2139/ssrn.2562394","DOIUrl":"https://doi.org/10.2139/ssrn.2562394","url":null,"abstract":"This is the specification for the Power Trading Agent Competition for 2015 (Power TAC 2015). Power TAC is a competitive simulation that models a “liberalized” retail electrical energy market, where competing business entities or “brokers” offer energy services to customers through tariff contracts, and must then serve those customers by trading in a wholesale market. Brokers are challenged to maximize their profits by buying and selling energy in the wholesale and retail markets, subject to fixed costs and constraints. Costs include fees for publication and withdrawal of tariffs, and distribution fees for transporting energy to their contracted customers. Costs are also incurred whenever there is an imbalance between a broker’s total contracted energy supply and demand within a given time slot. The simulation environment models a wholesale market, a regulated distribution utility, and a population of energy customers, situated in a real location on Earth during a specific period for which weather data is available. The wholesale market is a relatively simple call market, similar to many existing wholesale electric power markets, such as Nord Pool in Scandinavia or FERC markets in North America, but unlike the FERC markets we are modeling a single region, and therefore we model locational-marginal pricing through a simple manipulation of the wholesale supply curve. Customer models include households, electric vehicles, and a variety of commercial and industrial entities, many of which have production capacity such as solar panels or wind turbines. All have “real-time” metering to support allocation of their hourly supply and demand to their subscribed brokers, and all are approximate utility maximizers with respect to tariff selection, although the factors making up their utility functions may include aversion to change and complexity that can retard uptake of marginally better tariff offers. The distribution utility models the regulated natural monopoly that owns the regional distribution network, and is responsible for maintenance of its infrastructure. Real-time balancing of supply and demand is managed by a market-based mechanism that uses economic incentives to encourage brokers to achieve balance within their portfolios of tariff subscribers and wholesale market positions, in the face of stochastic customer behaviors and weather-dependent renewable energy sources. The broker with the highest bank balance at the end of the simulation wins.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"225 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124475133","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":"Deoleo: Capital Reorganisation","authors":"T. Mariño-Garrido, E. Bustos","doi":"10.2139/SSRN.2555289","DOIUrl":"https://doi.org/10.2139/SSRN.2555289","url":null,"abstract":"Deoleo is a global leader (their share is close to a 22%) as an olive oil producer, one of the few food markets with positive demand (2.9%). It is a stablished company within the top producer market (Spain, 45% of the global share), the market with the highest demand (Italy) and also with the highest growth rate (USA). After an intense process of brands-purchasing, the company has consolidated the debt through several capital raisings and disinvestments. Besides, they count on two new associates, Ebro and Hojiblanca. Now, they are facing another challenge: the entry of the venture capital fund CVC.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131078944","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":"Análisis del Apalancamiento (Leverage Analysis)","authors":"Juan Mascareñas","doi":"10.2139/SSRN.2322103","DOIUrl":"https://doi.org/10.2139/SSRN.2322103","url":null,"abstract":"Spanish Abstract: En esta monografia se muestran conceptos como apalancamiento operativo y apalancamiento financiero, rendimientos economico y financiero, riesgos economico y financieros, y umbral de rentabilidad. Todo ello desde el punto de vista de la gestion empresarial. Ademas se analiza el sistema financiero de la empresa a traves de la metodologia de la Dinamica de Sistemas. English Abstract: In this monograph they are shown concepts as operative and financial leverages, economic and financial returns, economic and financial risks, and break-even point. All of them are studied from business management point of view. Besides the financial system of the company is analyzed through the methodology of System Dynamics.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"98 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122589556","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":"Tres Versiones y Cuatro Modelos de Flujos de Caja en la Valorización de Inversiones (Three Versions and Four Models of Cash Flows for Investments Valuation)","authors":"Fredy M Riadi","doi":"10.2139/SSRN.2512055","DOIUrl":"https://doi.org/10.2139/SSRN.2512055","url":null,"abstract":"Spanish Abstract: Este documento de trabajo describe y resume los principales modelos del enfoque de los flujos de caja descontados para la valorizacion de empresas en marcha y proyectos. Se enfatizan las equivalencias de estos modelos, con el fin ultimo de reducir las confusiones que estas alternativas generan en estudiantes e inversionistas.English Abstract:This working paper describes and summarize the main discount cash flow models to value going concern firms and individual projects. It is emphasized the equivalence of these models, with the final purpose of reducing the confusions that these alternative models generate in students and investors.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126011269","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":"Iron West: Analisis de una Inversion (Iron West: Investment Analysis)","authors":"Pablo Fernández","doi":"10.2139/SSRN.2439944","DOIUrl":"https://doi.org/10.2139/SSRN.2439944","url":null,"abstract":"Spanish Abstract: Se presenta un caso con una inversion sencilla de analizar, pero se incluyen varias preguntas que permiten pensar en temas importantes para el analisis de inversiones. Por ejemplo: 1. Que tipo de flujo es el flujo diferencial? (para las acciones, para la deuda, para ambos, FC: 2. Que tipo de tasa es la exigida a la inversion? (rentabilidad exigida a las acciones, a la deuda, WACC, WACC antes de impuestos; 3. Que significa el VAN calculado? Es “valor” para alguien? 4. La tasa de descuento, depende de la inversion, de la empresa que invierte, de ambas? 5. Influye el endeudamiento de la empresa que invierte en la tasa de descuento apropiada para la inversion? Como? Como habria que modificar los flujos diferenciales del proyecto? English Abstract: We present a case with an easy investment analysis, but it allows to raise important questions: 1. Which kind of cash-flow do we analyze? 2. Which kind of required return should be used? 3. What is the meaning of the present \"value\"? Is it \"value\" for whom? 4, Does the required return depend on the company, on the project, on both? 5. How does the leverage of the company affect the required return of the project?","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"57 32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132004716","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":"Heuristics for Portfolio Selection","authors":"M. Gilli, Enrico Schumann","doi":"10.2139/ssrn.2551745","DOIUrl":"https://doi.org/10.2139/ssrn.2551745","url":null,"abstract":"Portfolio selection is about combining assets such that investors’ financial goals and needs are best satisfied. When operators and academics translate this actual problem into optimisation models, they face two restrictions: the models need to be empirically meaningful, and the models need to be soluble. This chapter will focus on the second restriction. Many optimisation models are difficult to solve because they have multiple local optima or are ‘badly-behaved’ in other ways. But on modern computers such models can still be handled, through so-called heuristics. To motivate the use of heuristic techniques in finance, we present examples from portfolio selection in which standard optimisation methods fail. We then outline the principles by which heuristics work. To make that discussion more concrete, we describe a simple but effective optimisation technique called Threshold Accepting and how it can be used for constructing portfolios. We also summarise the results of an empirical study on hedge-fund replication.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115993159","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":"La Medida del Riesgo de Interés de los Bonos (The Measure of Bond Interest Risk)","authors":"Juan Mascareñas","doi":"10.2139/SSRN.2314097","DOIUrl":"https://doi.org/10.2139/SSRN.2314097","url":null,"abstract":"Spanish Abstract: En esta monografia se describe como se mide el riesgo de interes en los bonos: teoremas de la valoracion de los bonos, el concepto de “duracion”, la duracion modificada como una medida de la volatilidad de los bonos, las variables determinantes de la duracion, limitaciones del concepto de duracion, la duracion de una cartera de renta fija, el concepto de convexidad, la duracion efectiva. Ademas, se estudia el VaR aplicado los bonos y el metodo del punto de riesgo para lidiar con el problema de los cambios no paralelos de la curva de rendimientos.English Abstract: This monograph describes how to measure the bond interest risk: bond valuation theorems, the duration concept, the modified duration as a measure of the bond volatility, variables that determine the duration, limitations of the duration, the duration of a fixed income portfolio, the convexity concept, the effective duration. Moreover, the VaR on bonds is studied and the risk point method to manage the problem the non-parallels shifts in the yield curve.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130146211","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}