IESE Business School Working Paper Series最新文献

{"title":"MODELO DE PREVISIÓN DE DEMANDA DE VIVIENDA NUEVA (New Housing Demand Forecast Model)","authors":"Martin Becerra, lali de Juan, J. Suárez","doi":"10.2139/SSRN.2769860","DOIUrl":"https://doi.org/10.2139/SSRN.2769860","url":null,"abstract":"Spanish Abstract: El mercado de la vivienda tiene una importancia significativa en la vida de toda sociedad. Su importancia economica viene dada por la actividad de construccion de las viviendas nuevas y por el efecto paralelo que se da en todos los sectores que sirven a esa actividad, como son el sector de los materiales de construccion, de muebles y de servicios. No se puede dejar de destacar la importancia social de la vivienda. Tener la vivienda adecuada en terminos de cantidad y calidad, afecta –entre otras cosas– a la salud de la poblacion, a la emancipacion de los jovenes y a la natalidad. La demanda de vivienda de nueva construccion depende de muchos factores como son la demografia y las condiciones economicas y financieras de la economia, los comportamientos sociales y el propio stock de viviendas usadas vacias. La modelizacion de la demanda debe partir, necesariamente, de una concepcion concreta del comportamiento de los factores que la determinan y de las condiciones esperadas en un periodo determinado (McCue, 2014). Este enfoque hace que los resultados correspondan a un conjunto particular de supuestos de esas condiciones, con la ventaja de que cualquier otro escenario puede aplicarse –ahora ya facilmente– al modelo desarrollado. English Abstract: The housing market has a considerable significance in the life of any society. Its economic importance is rooted in the construction of new homes and the parallel effect that occurs in the sectors that provide complementary services, including building materials, furniture and the services sector. The social importance of housing is also an important factor to keep in mind. Providing adequate housing, in terms of quantity and quality, affects - among other things - the health of the population, young adults' possibilities for emancipation, and birth rates. The demand for new housing depends on many factors, such as demographics and economic and financial conditions in a given economy, social behavior patterns and the stock of empty units. Demand modeling should be based necessarily on a particular conception of the behavior of determining factors and the projected conditions for a given period (McCue, 2014). This approach means that the results correspond to a specific set of assumptions regarding those conditions, with the advantage that any other scenario can then easily be applied to the model that has been developed.","PeriodicalId":395628,"journal":{"name":"IESE Business School Working Paper Series","volume":"259 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132862486","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":"Valuing Companies by Cash Flow Discounting: Fundamental Relationships and Unnecessary Complications","authors":"Pablo Fernández","doi":"10.2139/ssrn.2117765","DOIUrl":"https://doi.org/10.2139/ssrn.2117765","url":null,"abstract":"Company valuation using discounted cash flows is based on the valuation of government bonds: it consists of applying the procedure used to value government bonds to the debt and shares of a company. This is easy to understand (sections 1, 2 and 3). But company valuations are often complicated by \"additions\" (formulae, concepts, theories…) to complicate its understanding (see sections 4 to 15) and to provide a more \"scientific,\" \"serious,\" \"intriguing,\" \"impenetrable\" … appearance. Among the most commonly used \"additions\" are: WACC, beta ( ), market risk premium, beta unlevered, value of tax shields…. Most of these \"additions\" are unnecessary complications and are the source of many errors (section 16).","PeriodicalId":395628,"journal":{"name":"IESE Business School Working Paper Series","volume":"162 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115593171","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":"Enterprise Risk Management -- Canadian Best Practices: How Did They Get There?","authors":"Lois Tullo","doi":"10.2139/SSRN.2676650","DOIUrl":"https://doi.org/10.2139/SSRN.2676650","url":null,"abstract":"Canadian banks are now ranked at the top of Bloomberg's strongest banks. But the question is: how did they get there? To understand this, it may be helpful to examine how enterprise risk management (ERM) has evolved in Canada. This article illustrates the development of Canadian bank ERM best practices, and suggests three possible factors that may have led to ERM best practices in Canada. First, a beneficial environment of strong regulation and economic stability, second, burning platforms of substantial loss events which lead the leadership of Canadian banks to prioritize ERM, and third, the examples of ERM best practices capabilities of people, processes, systems, and data at each of the five Canadian banks.","PeriodicalId":395628,"journal":{"name":"IESE Business School Working Paper Series","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115109465","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":"Consistencia Y Ética En La Toma De Decisiones (Consistency and Ethics in Decision Making)","authors":"Antonio Argandoña","doi":"10.2139/SSRN.2697147","DOIUrl":"https://doi.org/10.2139/SSRN.2697147","url":null,"abstract":"Spanish Abstract: El concepto de consistencia, aplicado a las organizaciones, nos sirve de hilo conductor en una teoria de la accion que enriquece los modelos tradicionales, aportando una dimension humanistica y etica. A partir de una ampliacion de la teoria de la accion humana, introducimos tres condiciones para el correcto funcionamiento de una organizacion a largo plazo. Esas tres condiciones no son independientes entre si, ni se pueden reducir unas a otras, lo cual confiere un papel clave a la consistencia, que esta relacionada con la confianza en la organizacion y es la via para la introduccion de la etica en la teoria y en la practica de la direccion de empresas. English Abstract: When applied to organizations, the concept of consistency is central to an action theory that enriches traditional models, providing a humanistic and ethical dimension. Through a broadening of human action theory, we present three conditions for the correct functioning of an organization in the long term. These three conditions are neither independent nor can they be merged, which gives special importance to consistency – an element that is connected with trust in the organization and that is key to introducing ethics in business management theory and practice.","PeriodicalId":395628,"journal":{"name":"IESE Business School Working Paper Series","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114506411","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":"Manager's Perception of Skills Mismatch in Spanish Companies","authors":"L. Susaeta, Paula Apascaritei, José Ramón Pin Arboledas","doi":"10.2139/ssrn.2537626","DOIUrl":"https://doi.org/10.2139/ssrn.2537626","url":null,"abstract":"This paper addresses the problem of skills mismatch for the 16-24 age cohort in Spain. Our research objective is to survey managers of companies that operate in Spain and reveal their perception of the mismatch phenomenon. We hypothesize that \"cherry-picking\" the most talented workers and \"crowding-out\" the less skilled workers has contributed to the existence of skills mismatch. Our prediction was confirmed by our survey results and by other qualitative responses of business managers. We found evidence of overqualification and talent underutilization in Spanish organizations. Public policy measures should be taken to reduce this skills gap especially in the following directions: improving access to vocational education, offering career counseling and entrepreneurship education in schools and implementing an industrial model that would attract foreign investment in Spain.","PeriodicalId":395628,"journal":{"name":"IESE Business School Working Paper Series","volume":"86 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132849245","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":"Reputation and Humility in Corporate Management","authors":"Antonio Argandoña","doi":"10.2139/ssrn.2343325","DOIUrl":"https://doi.org/10.2139/ssrn.2343325","url":null,"abstract":"Although virtue ethics has gained a firm presence in the theory and practice of corporate management, humility is not ranked as one the chief virtues in the business world. This is probably due to an incomplete or incorrectly focused view of what it means to be a humble person, why a good manager must be humble and how a modest outlook can contribute to both the firm's and the manager's success and reputation.","PeriodicalId":395628,"journal":{"name":"IESE Business School Working Paper Series","volume":"599 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123317372","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 Foundations of the Concept of Trust Under Bounded Rationality: Competence, Values Systems, Unselfishness and the Development of Virtue","authors":"Josep M. Rosanas, Natàlia Cugueró-Escofet","doi":"10.2139/ssrn.2518625","DOIUrl":"https://doi.org/10.2139/ssrn.2518625","url":null,"abstract":"This paper intends to analyze the foundations of trust in a context of bounded rationality. Building on previous work, we show how bounded rationality provides a rationale for the concept of trust that goes beyond the common calculative notion. We show that there are four types of trust, and that people assess probabilities (with some fuzziness, in the context of bounded rationality) in order to determine whether to trust a recipient, depending on each of the four. We follow previous work, mainly by Mayer, Davis and Schoorman (1995) and show how bounded rationality provides additional arguments to show how competence (similar to ability), value systems (similar to integrity) and unselfishness (similar to benevolence) are necessary to underpin trust. We establish the parallel between the three aspects of trustworthiness that appear in their previous work but we add additional explanations focused on bounded rationality. We also go one step further to consider the development of virtue as a crucial fourth aspect, which also supports the argument that trust can be reinforced between people and developed through time.","PeriodicalId":395628,"journal":{"name":"IESE Business School Working Paper Series","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131855613","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":"Leadership Development: A Case of a Russian Business School","authors":"M. Molodchik, A. Molodchik","doi":"10.2139/ssrn.2206783","DOIUrl":"https://doi.org/10.2139/ssrn.2206783","url":null,"abstract":"This paper explores the practical technologies of leadership development based on self-involvement mechanisms. In drawing on relevant theoretical literature and previous research projects, the paper identifies the challenges of self renewable leadership development. Further, following a single case study approach, the authors investigate three practical tools implemented in a Russian business school. The self-involvement mechanism for leadership development is based on individual and organizational tension. The organizational design for such creative tension on an individual and organizational level includes voluntary participation in a leadership development program, self-determination of goals, and responsibility for results, transparency and long-term rules. The implications are limited because the conclusions made in this paper are drawn from a single case study of an organization which is located in Russia’s emerging market. Meanwhile the paper provides practical guidelines for leadership development allowing for sustained knowledge creation, retention and innovation. The tools could be applied in other organizations. The paper defines four different stages of leader development: desires, beginners, creators and experienced. Using the case study of a business school, the authors show the benefits and risks of implemented leadership development tools based on individual intrinsic motives.","PeriodicalId":395628,"journal":{"name":"IESE Business School Working Paper Series","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124020125","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":"Rentabilidad De Los Fondos De Inversion En España, 2001-2011 (Mutual Funds in Spain, 2001-2011)","authors":"Pablo Fernández, Javier Aguirreamalloa, Luis Corres Avendaño","doi":"10.2139/SSRN.2005842","DOIUrl":"https://doi.org/10.2139/SSRN.2005842","url":null,"abstract":"La rentabilidad media de los fondos de inversion en Espana en los ultimos 10 anos (1,3%) fue inferior a la inversion en bonos del Estado a cualquier plazo y a la inflacion. Solo 40 fondos de los 1.154 con 10 anos tuvieron una rentabilidad superior a la de los bonos del estado a 10 anos. Solo 5 de de los 1.154 fondos con 10 anos de historia proporcionaron a sus participes una rentabilidad superior al 10%. El fondo mas rentable proporciono en los ultimos 10 anos a sus participes una rentabilidad del 206% y el menos rentable, del -72%. 278 fondos con 10 anos de historia (18 de ellos garantizados, 7 monetarios, 9 de retorno absoluto y 10 de renta fija) proporcionaron a sus participes una rentabilidad inegativa!, y su patrimonio en diciembre de 2011 fue de 7.081 millones de euros. El apartado 2 proporciona un ranking de las gestoras de fondos de inversion segun el parametro \"porcentaje de mejora\".","PeriodicalId":395628,"journal":{"name":"IESE Business School Working Paper Series","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132209105","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":"Credible Commitments: Using Options to Support Partnerships","authors":"Marian W. Moszoro","doi":"10.2139/ssrn.1729652","DOIUrl":"https://doi.org/10.2139/ssrn.1729652","url":null,"abstract":"Opportunism --- either governmental hold-up by unfair regulation and expropriation, or private monopoly pricing and investment and quality curbing --- is a powerful deterrent from successful-to-be public-private partnerships with large sunk investments and welfare externalities. The agents can overcome this double-sided moral hazard by exchanging an exit (put) option for the investor and a bail-out (call) option for the public agent on the investor's outlay. The exit/bail-out option mechanism increases the set of payoffs by offsetting deviation, and thus facilitates cooperation. The mechanism is applicable to other settings with partially aligned goals and informational asymmetries.","PeriodicalId":395628,"journal":{"name":"IESE Business School Working Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125778911","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}