Importancia de la cartera de referencia en la evaluación de los fondos de inversión españoles a través del alfa de Jensen

Este trabajo ha sido presentado como ponencia en el XI Congreso Internacional de la Asociación de Dirección y Economía de la Empresa (AEDEM), celebrada en París en septiembre de 2002.

Financial Futures Markets and Their Impact on the Real Economy in Middle and Low Income Countries

This project analyses the influence of the futures market on middle and low income countries. In it, I attempt to show that investments made by large investment funds in this market, as well as by certain pension plans, bring major consequences whose effects are more evident in less developed countries. The cornerstones of the work are as follows; to attempt to see the existing relationship between the commodity futures market and its underlying assets; analysing products such as wheat, rice and corn in-depth, because these are the most basic foodstuffs at a global level; to determine how an increase in trading in these markets can affect the lives of people in the poorest countries; to analyse investor concern regarding the consequences that their investments may have. Throughout the project we will see how large speculators use production forecasting models to determine the shortage of a commodity in order to take a position in the futures market to profit from it. In addition we will see how an increase in trading in this market causes an increase in the price of the underlying asset in the spot market. As for investor concern, I can say it is negligible, but the idea of running pension plans or investment funds that follow some social criteria has been welcomed by those interviewed, which makes me think that different legislation is possible. This legislation will only come into existence if it is demanded by the people. A fact that now becomes complicated because without a minimum financial basis, they cannot even know how the large investment funds trade with hunger in the world. The day when most people understand how large speculators profit from famine will be the day to put pressure on governments to begin to put limits on speculation. This makes financial awareness necessary in order to achieve a curb in excessive speculation.

Análisis de viabilidad de un proyecto empresarial. Creación de un fondo de Inversión: Poseidón Investments

El presente TFG he decidido eleborar un plan de negocio, evaluando los actores involucrados en el proyecto y validando su oportunidad de inversión. La temática escogida para tal propósito supone evaluar la posibilidad de creación de un fondo de inversión que posibilite la inversión en complejos hoteleros en Grecia.

Estructura de los flujos de entrada y salida de los fondos

This project is a study of the input and output flows of the investment funds which is divided into three parts. The first part, from section one to ten, is a theoretical part on investment funds in order to have an overview of the product exposed. The types of funds, their applicable fees and other information of interest are treated in this part as important issues. In the second part, the section twelve include all data on which work is to be exposed. This section analyzes the general performance of the funds, for this purpose a sample of the most significant years is used. In the third and last finally part, at section thirteen, it is made an econometric analysis with the dates previously exposed where some conclusions are extracted about what are the reasons for investment inflows and outflows in variable income assets.

The Black Box of Mutual Fund Fees

This paper re-examines the determinants of mutual fund fees paid by mutual fund shareholders for management costs and other expenses. There are two novelties with respect to previous studies. First, each type of fee is explained separately. Second, the paper employs a new dataset consisting of Spanish mutual funds, making it the second paper to study mutual fund fees outside the US market. Furthermore, the Spanish market has three interesting characteristics: (i) both distribution and management are highly dominated by banks and savings banks, which points towards potential conflicts of interest; (ii) Spanish mutual fund law imposes caps on all types of fees; and (iii) Spain ranks first in terms of average mutual fund fees among similar countries. We find significant differences in mutual fund fees not explained by the fund’s investment objective. For instance, management companies owned by banks and savings banks charge higher management fees and redemption fees to nonguaranteed funds. Also, investors in older non-guaranteed funds and non-guaranteed funds with a lower average investment are more likely to end up paying higher management fees. Moreover, there is clear evidence that some mutual funds enjoy better conditions from custodial institutions than others. In contrast to evidence from the US market, larger funds are not associated with lower fees, but with higher custody fees for guaranteed funds and higher redemption fees for both types of funds. Finally, fee-setting by mutual funds is not related to fund before-fee performance.

La gestión de Fondos de Inversión en Activos de Renta Fija

[ES]En el presente trabajo analizamos la evolución de la inversión colectiva en Estados Unidos y Gran Bretaña, países que son el inicio de la misma, y su posterior nacimiento y desarrollo en España, para centrarnos exclusivamente en los Fondos de Inversión de Renta Fija. En la segunda parte, estudiamos la gestión de carteras de renta fija y su posible aplicación a la gestión de carteras de Fondos de Inversión, incorporando las posibilidades que ofrecen los productos financieros derivados. Finalizamos el trabajo con un análisis empírico sobre el comportamiento de los FIM de Renta Fija en España, con el objeto de contrastar cómo es realmente la gestión de Fondos en nuestro país.

Eficiencia y persistencia de los fondos de inversión inmobiliaria en España

[ES] El presente trabajo tiene como objeto el estudio de la eficiencia y persistencia de los rendimientos del total de fondos de inversión inmobiliaria españoles, desde el inicio de su actividad a finales de 1994 a agosto de 2012. Para este propósito se ha utilizado el alfa de Jensen, la ratio de Sharpe, y la aproximación propuesta por Carhart (1997). En cuanto a la eficiencia, la ratio de Sharpe presenta valores negativos en los tres primeros años de actividad de cada fondo y valores muy bajos o incluso negativos en los tres o cuatro últimos años. El indicador de Jensen muestra que la mayoría de los fondos presentan un rendimiento inferior al del mercado, aproximado mediante la rentabilidad de la vivienda y una media de la rentabilidad de todos los fondos inmobiliarios. Carteras de referencia vinculadas a los mercados de deuda o bolsa, no resultan significativas. En el análisis de la persistencia de los rendimientos se confirma su existencia a plazo de uno, dos, tres y cuatro años, para todos los fondos. La evidencia obtenida en nuestro trabajo para los fondos inmobiliarios en España, eficiencia inferior a la del mercado y persistencia en los rendimientos, nos permite confirmar la difícil situación que ha atravesado y en la que sigue inmersa este tipo de inversión colectiva, poniendo de manifiesto la necesidad y la urgencia de medidas impulsoras de su actividad.

La gestión del turismo en los programas de innovación rural de Castilla-La Mancha

[ES] Los programas de innovación rural han supuesto un verdadero revulsivo para determinadas regiones europeas, por cuanto han representado una cuantiosa inversión que ha necesitado de una adecuada gestión para dirigir el destino de unos fondos estructurales. En este sentido, el presente trabajo analiza la inversión de estos programas de desarrollo en medidas de apoyo al sector del turismo rural, que han supuesto un importante incremento de la oferta a diversos niveles: aumento de alojamientos rurales, del número de plazas disponibles para turistas, rehabilitación del patrimonio, puesta en valor de elementos históricos y recuperación, en definitiva, del patrimonio histórico, cultural, arquitectónico y natural del mundo rural.

Fixed Points of Closed and Compact Composite Sequences of Operators and Projectors in a Class of Banach Spaces

Some results on fixed points related to the contractive compositions of bounded operators in a class of complete metric spaces which can be also considered as Banach's spaces are discussed through the paper. The class of composite operators under study can include, in particular, sequences of projection operators under, in general, oblique projective operators. In this paper we are concerned with composite operators which include sequences of pairs of contractive operators involving, in general, oblique projection operators. The results are generalized to sequences of, in general, nonconstant bounded closed operators which can have bounded, closed, and compact limit operators, such that the relevant composite sequences are also compact operators. It is proven that in both cases, Banach contraction principle guarantees the existence of unique fixed points under contractive conditions.

On Bounded Strictly Positive Operators of Closed Range and Some Applications to Asymptotic Hyperstability of Dynamic Systems

The problem discussed is the stability of two input-output feedforward and feedback relations, under an integral-type constraint defining an admissible class of feedback controllers. Sufficiency-type conditions are given for the positive, bounded and of closed range feed-forward operator to be strictly positive and then boundedly invertible, with its existing inverse being also a strictly positive operator. The general formalism is first established and the linked to properties of some typical contractive and pseudocontractive mappings while some real-world applications and links of the above formalism to asymptotic hyperstability of dynamic systems are discussed later on.

La inversión socialmente responsable en los fondos de pensiones y en las EPSV de empleo

Máster en Dirección Empresarial desde la Innovación y la internacionalización. Curso 2013/2014

Optimal Investment in Energy Efficiency under Uncertainty

41 p.

The Equivalency Principle for Discounting the Value of Natural Assets: An Application to an Investment Project in the Basque Coast

25 p.

Etika finantzetan: ikertutako gaien analisia

Ondoren aurkezten den lana bi helburu nagusi ditu. Alde batetik, Etika Finantzarioak gaur egun duen egoera aztertzea, eta bestalde analizatzea egin diren ikerketak zertan zentratu diren. Horretarako, lan hau oinarrituko da 205 ISI artikuluetan, Leire San-José (UPV/EHU) irakasleak zuzendutako Delphi baten parte direnak. Beraz lan honen zati adierazgarriena bi bloke nagusitan bananduko da. Lehenengoan, artikuluetatik atera ahal diren datu guztiz teknikoak analizatuko dira, esate baterako: publikazio urtea, zein herrialdeetan idatzi diren, zein hizkuntzetan, etab; batez ere ondorengo galderei erantzuna eman ahal izateko: noiz ikertu da gehien? Zein herrialdeetan? Zein gaiei eman zaie garrantzia handiagoa?... Bigarren atalari dagokionez, Etika Finantzarioa osatzen duten gaien gehiengoei buruz egin diren ikerketen azalpen eta komentarioak jorratuko dira. Baina aurrekoaz aparte, mapa kontzeptual bat aurkeztuko da, gai honen azpi-gai eta kontzeptu klabe bilduz; eta horrela, modu argiago batean ikusi ahal izateko Etika Finantzarioa zertan datzan, zeintzuk diren bere barnean dauden gai garrantzitsuenak, eta zein faktore nagusiak dauden gai honetan. Azkenengoz, ondorio batzuk aurkeztuko dira, horien artean gai honek etorkizunean ikertzeko duen ibilbidea egongo delarik.

Initiatives for the improvement of continuous management training

[EN] Purpose. This work aims to present, from the company viewpoint, a structured account of management proposals and practices directed toward improving the intensity and effectiveness of continuous management training (CMT). Design/methodology/approach. The article takes as its main theoretical referents the Theory of Human Capital, the Resource-Based Vision and the contributions made via the new institutional economy with regard to the problems of information asymmetry between companies, employees and training providers and completes the proposals that derive from this theoretical approach. To do this, experience-based contributions are collected from a selection of company training and HR managers from twelve Basque companies characterised by their strong investment in management training. The methodology used was qualitative and obtained by different qualitative techniques: Focus Groups, Nominal Groups and the Delphi Method, which make up the so-called Hybrid Delphi. Findings and implications. The proposals are aimed at the main agents in training activity: training providers, associations and public agents engaged in management training and, particularly, companies themselves. The initiatives seek above all to increase training market transparency, to improve mutual commitments between companies and managers, and to link training and development with culture and strategic management, so that firms make optimal investment in management training. Originality/value. The methodology used is original, and the contributions are consistent with the theory, have a proven practical utility, and are presented in a hierarchy, which facilitates decision making.