IESE Business School Working Paper Series最新文献

{"title":"Ocho índices bursátiles: Estados Unidos, España, Alianza del Pacífico y Mercosur. 2007- 30 noviembre 2020. (Eight Stock Market Indixes: United States, Spain, Pacific Alliance and Mercosur. 2007- November 30, 2020)","authors":"J. Aznarez, Pablo Fernández","doi":"10.2139/ssrn.3744135","DOIUrl":"https://doi.org/10.2139/ssrn.3744135","url":null,"abstract":"Spanish Abstract: Se compara la evolucion del indice bursatil de Chile (IPSA) con los restantes paises miembros de la Alianza del Pacifico: Peru (General Index), Colombia (COLCAP) y Mexico (IPC), con respecto a dos paises del Mercosur: Brasil (BOVESPA) y Argentina (MERVAL), y con dos paises desarrollados Estados Unidos (SP tambien se comparan los descensos en las bolsas durante la “Crisis del Coronavirus” y la “Crisis Subprime” y la recuperacion desde la crisis del coronavirus. \u0000El indice mas rentable en dolares entre 2007 y noviembre 2020 fue el S&P500, mientras que el menos rentable fue el IBEX35. \u0000En seis de los paises analizados (Estados Unidos, Espana, Mexico, Brasil, Argentina y Peru), la caida de las bolsas respecto al maximo anterior fue mayor en la crisis Subprime, mientras que en los dos restantes (Chile y Colombia) la caida en las bolsas respecto al maximo anterior fue mayor en la crisis COVID. \u0000Al 30/11/20, solamente las bolsas de Estados Unidos y Argentina (incluyendo dividendos y en moneda local) superaron el maximo anterior a la crisis COVID. \u0000 \u0000English Abstract: The evolution of Chile's stock index (IPSA) is compared with the other member countries of the Pacific Alliance: Peru (General Index), Colombia (COLCAP) and Mexico (IPC), with respect to two Mercosur countries: Brazil (BOVESPA) and Argentina (MERVAL), and with two developed countries the United States (S&P500) and Spain (IBEX35) in the period December 2006 - November 30, 2020. Stock market declines during the \"Coronavirus Crisis\" and the \"Subprime Crisis\" and the recovery from the coronavirus crisis are also compared. \u0000 \u0000The most profitable index in dollars between 2007 and November 2020 was the S&P500, while the least profitable was the IBEX35. \u0000 \u0000In six of the countries analyzed (the United States, Spain, Mexico, Brazil, Argentina and Peru), the decline in the stock markets compared to the previous maximum was greater during the Subprime crisis, while in the remaining two countries (Chile and Colombia) the decline in stocks compared to the previous maximum was higher during the COVID crisis. \u0000 \u0000As of 11/30/20, only the stock exchanges of the United States and Argentina (including dividends and in local currency) exceeded the maximum before the COVID crisis.","PeriodicalId":395628,"journal":{"name":"IESE Business School Working Paper Series","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126331586","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":"Fear in the Stock Market: How COVID-19 Affects Preference for High- and Low- Priced Stocks","authors":"Jorge Pena Marin, Rashmi Adaval, Liang Shen","doi":"10.2139/ssrn.3759382","DOIUrl":"https://doi.org/10.2139/ssrn.3759382","url":null,"abstract":"Does fear create a bias in favor of high-priced stocks? An analysis of the S&P 500 stock prices during the COVID-19 market crash showed that high-priced stocks outperformed low-priced ones (Study 1). Experimental data further confirmed that fear induced by thoughts about the pandemic increased individuals’ preference for high-priced stocks when they were forced to choose one stock from a set of alternatives (Study 2). Although fear generally decreased the preference for stocks when the market trended downward, this decrease was less for high-priced stocks than for low-priced ones (Study 3). Reasons for and implications of this bias are discussed.","PeriodicalId":395628,"journal":{"name":"IESE Business School Working Paper Series","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124014392","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":"Bolsas en España y USA en 1940-2020. ITBM y S&P (Stock Markets in Spain and USA in 1940-2020. ITBM and S&P)","authors":"Pablo Fernández, Eduardo de Apellániz","doi":"10.2139/ssrn.3568401","DOIUrl":"https://doi.org/10.2139/ssrn.3568401","url":null,"abstract":"Spanish Abstract: Se compara la evolucion de la Bolsa en Espana (ITBM) y de la bolsa de USA (S&P composite) desde diciembre de 1940 hasta marzo de 2020. El ITBM fue mas rentable que el S&P composite (incluyendo dividendos) solo en las decadas 1961-1970 y 1991-2000. \u0000Tambien se muestra la evolucion de la inflacion en Espana y USA y del tipo de cambio. \u0000Observando la evolucion bursatil de los ultimos 80 anos, se comprueba que las bolsas espanolas y americanas han tenido descensos muy superiores al del mes de marzo de 2020. \u0000 \u0000English Abstract: The evolution of the Spanish Stock Market (ITBM) and the US Stock Market (S&P composite) from December 1940 to March 2020 is compared. The ITBM was more profitable than the S&P composite (including dividends) only in the decades 1961-1970 and 1991-2000. \u0000 \u0000The evolution of inflation in Spain and the USA and of the exchange rate are also shown. \u0000 \u0000Observing the stock market evolution of the last 80 years, it is verified that the Spanish and American stock markets have had declines much higher than in March 2020.","PeriodicalId":395628,"journal":{"name":"IESE Business School Working Paper Series","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116524437","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":"Economic Effects of Coronavirus Outbreak (COVID-19) on the World Economy","authors":"Nuno Fernandes","doi":"10.2139/ssrn.3557504","DOIUrl":"https://doi.org/10.2139/ssrn.3557504","url":null,"abstract":"This report discusses the economic impact of the Coronavirus/COVID-19 crisis across industries, and countries. It also provides estimates of the potential global economic costs of COVID-19, and the GDP growth of different countries. \u0000 \u0000The current draft includes estimates for 30 countries, under different scenarios. \u0000 \u0000The report shows the economic effects of outbreak are currently being underestimated, due to over-reliance on historical comparisons with SARS, or the 2008/2009 financial crisis. \u0000 \u0000At the date of this report, the duration of the lockdown, as well as how the recovery will take place is still unknown. That is why several scenarios are used. In a mild scenario, GDP growth would take a hit, ranging from 3-6% depending on the country. As a result, in the sample of 30 countries covered, we would see a median decline in GDP in 2020 of -2.8%. In other scenarios, GDP can fall more than 10%, and in some countries, more than 15%. \u0000 \u0000Service-oriented economies will be particularly negatively affected, and have more jobs at risk. Countries like Greece, Portugal, and Spain that are more reliant on tourism (more than 15% of GDP) will be more affected by this crisis. This current crisis is generating spillover effects throughout supply chains. Therefore, countries highly dependent on foreign trade are more negatively affected. The results suggest that on average, each additional month of crisis costs 2.5-3% of global GDP.","PeriodicalId":395628,"journal":{"name":"IESE Business School Working Paper Series","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125251163","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":"Social Responsibility and Ethics in Organizational Management","authors":"Antonio Argandoña","doi":"10.2139/ssrn.2969746","DOIUrl":"https://doi.org/10.2139/ssrn.2969746","url":null,"abstract":"La Responsabilidad Social (RS) en el ambito de la salud puede aprender mucho de la evolucion del concepto de Responsabilidad Social Corporativa (RSC). La R de Responsabilidad es, originalmente, un concepto etico, que mira al pasado, a las consecuencias de las acciones, y al futuro, a la responsabilidad ante lo que se va a hacer o se debe hacer; es, por tanto, una buena guia para entender la RS. La S de Social empezo siendo tambien un concepto moral, cuyo origen estaba en las relaciones interpersonales; dio entrada luego a un papel activo de la sociedad, cuyas demandas identifican situaciones que dan lugar a derechos que crean responsabilidades. A partir de las ideas basicas de lo que significa dirigir una organizacion, este articulo identifica que es lo que puede motivar a una organizacion a actuar de manera socialmente responsable: la RS, entendida como una responsabilidad etica, basada en la etica de las virtudes, conduce a la excelencia en la tarea directiva.","PeriodicalId":395628,"journal":{"name":"IESE Business School Working Paper Series","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127411776","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":"Humility and Decision Making in Companies","authors":"Antonio Argandoña","doi":"10.2139/ssrn.2969748","DOIUrl":"https://doi.org/10.2139/ssrn.2969748","url":null,"abstract":"La literatura sobre la humildad ha aumentado considerablemente durante las ultimas decadas en el ambito de la psicologia y de la etica, asi como en sus aplicaciones en la direccion de organizaciones, el liderazgo y el funcionamiento de los equipos. Este trabajo pretende constituir una aportacion mas a este campo. Su punto de partida tiene que ver con la hipotesis de que un directivo excelente debe ser una persona virtuosa, lo que se trata de justificar a partir de lo que significa dirigir una organizacion. En el presente texto, se explica, tambien, que resulta caracteristico de la humildad y como esta virtud fomenta la calidad de la direccion.","PeriodicalId":395628,"journal":{"name":"IESE Business School Working Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128946248","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":"Ecosandals.Com: The Digital Transformation of a Social Enterprise","authors":"N. Ochara","doi":"10.2139/ssrn.2857170","DOIUrl":"https://doi.org/10.2139/ssrn.2857170","url":null,"abstract":"Two individuals were instrumental in the transformation process of Ecosandals.com: Benson Wikyo, a social worker based in Nairobi, Kenya and Mathew Meyer, an American student from Brown University who was on a study-abroad program in Kenya. Mathew Meyer was studying Swahili in the study abroad program and sought to gain experience in how the language is used by embedding himself in Korogocho, a slum in Nairobi characterized by high levels of poverty. Benson Wikyo, as a social worker, had, over the years, interacted and counseled with many residents of Korogocho slums and therefore understood the extent and the impact of poverty on the lives of the residents. The experience of poverty and destitution in the Korogocho slums led Mathew and Benson to reflect on role they can play to improve the lives of the residents of Korogocho slums. Having worked and lived in the area for many years, Benson was aware that many residents were involved in various small enterprises such as making sandals made from discarded used rubber tires. Mathew and Benson partnered to focus on how to improve the quality of the lives of a group of sandals makers by starting a cooperative known as the Wikyo Akala Project in 1995. The Wikyo Akala Project, as a cooperative, was setup as a social enterprise that sought to pool the efforts of the sandal makers to improve their sales revenues by using the Internet platform. In transitioning to the use of the Internet platform, Mathew Meyer played a decisive role by injecting capital obtained from a grant of the Samuel Huntington Fund of Westborough, Massachusetts, USA. Wikyo Akala Project struggled to survive as a “bricks-and- mortar” social enterprise in the first six years of operations. However, with the adoption of a “clicks-and-mortar” digital strategy through the Ecosandals.com e-commerce platform, the project witnessed phenomenal growth as the Internet architecture provided them with an opportunity to re-think their operating model. The launch of the Ecosandals.com ecommerce site in February 2001 saw phenomenal growth in labor capacity (from 5 to 30) and a rapid increase in sales which rose to over US$ 7000 within the first six months of operations. There were also major increases in international sales, with the selling price improving from barely US 15 cents to sometimes over US$ 40 per pair of sandals.As the adoption the Internet platform (ecosandals.com) became much more intertwined with the very survival of the social enterprise, the decision to transform to a more “clicks-oriented” or digital model became more urgent. There was need to understand how to evolve to a new digital operating model, with new mass customized products; and to transform processes of the social enterprise to align appropriately with a new digital environment. In seeking to transform to a digital enterprise, the key considerations revolved around how to organize the logic for the business processes related to sandal making and develop the necessary ","PeriodicalId":395628,"journal":{"name":"IESE Business School Working Paper Series","volume":"77 2-3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116699392","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":"Budgeting Beyond Budgeting","authors":"Josep M. Rosanas","doi":"10.2139/ssrn.2844085","DOIUrl":"https://doi.org/10.2139/ssrn.2844085","url":null,"abstract":"While for quite a long time the budget was considered a crucial management tool, it has always been subject to criticism. The criticism has become stronger in the past couple of decades, with an alternative system going by the trade name Beyond Budgeting. In this paper, we review the history and foundations of budgeting to show how, typically, criticism of budgeting has addressed a bad management style and not the technique itself. Then an example is given of how budgeting can be used to a firm's advantage in many fields but mainly so it can avoid unpleasant surprises, create trust between the firm's different hierarchical levels, and enhance learning in the positive sense. This allows the firm to avoid the vicious circles that are often found in budgeting practice because of bad management, not because of the budgets themselves.","PeriodicalId":395628,"journal":{"name":"IESE Business School Working Paper Series","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116225093","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":"Business Culture in the Incorporation of a New Executive","authors":"Alberto Ortiz Pizarro, G. Stein, M. Cuadrado","doi":"10.2139/ssrn.2747297","DOIUrl":"https://doi.org/10.2139/ssrn.2747297","url":null,"abstract":"Today there are any number of research articles and books for executives that reflect on the importance of culture within companies. However, there are not so many that focus on how this culture affects the process when an executive is starting a new job. Experience tells us that trying to change the culture is no easy task, nor is it free of risk. It also shows us that, by using the right tools, culture can become an effective weapon to help the executive take control of the organization as quickly as possible.During the first 90 days in a given company, department or team (Watkins, 2003), one of the most pressing actions is taking stock of the culture, discovering its specific features and assessing the real potential for change. Even though culture is usually considered an abstract concept, it can be harnessed to push for improvements within the organization and to align employees with the company’s strategy. The following pages provide a review of what business culture is, how it shapes companies and individuals, and how to deal with changes if they are needed. This background is then used to explore the case of Google and to offer a list of questions to help executives beginning a new job manage the new culture effectively.","PeriodicalId":395628,"journal":{"name":"IESE Business School Working Paper Series","volume":"191 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133331236","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":"Case Study Methodology as an Educational Tool for Fashion Business Management","authors":"Verónica Arribas, Isabel García Hiljding, L. Susaeta, José Ramón Pin Arboledas","doi":"10.2139/ssrn.2769832","DOIUrl":"https://doi.org/10.2139/ssrn.2769832","url":null,"abstract":"During the past decade, the fashion industry has changed dramatically. It is entering the most complex and sophisticated business situation seen so far. Tough strategic and managerial challenges continuously test fashion companies' strength. Thus, in order to continue progressing in the industry, future managers should be very well prepared to deal with this complex situation and trained so they can make the correct decisions in all the trade-off choices they will encounter. Bearing in mind this complex situation for the industry, our fashion business school advocates the use of the case method as the main educational tool in all the programs offered. Used first by Harvard Business School and now used in almost all the best business schools worldwide, this method is a very effective educational tool that presents great challenges faced by real companies and encourages the student to adopt the role of the company's decision-maker. The main objective of this paper is to introduce the benefits of fashion business education using real company cases, as well as to recommend this as a reliable learning method for this industry. To do this, we will: (1) explain what this method is and how it should be used in order to be effective, (2) explain why we consider the use of this method to be relevant, particularly in fashion business education, (3) share both our experience as a fashion business school - through teaching and writing fashion company case studies - and the feedback provided by some of our former students, most of them working in executive positions in major fashion companies. In addition, we will encourage the publication of new cases that present real challenges currently faced by companies in this industry. We believe that sharing business experiences can be a very good way for us all to contribute to ensure the whole industry functions well.","PeriodicalId":395628,"journal":{"name":"IESE Business School Working Paper Series","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133083936","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}