Impacto de la venta de acciones en la salud financiera y el riesgo en los grupos financieros

Esta investigación tiene como objetivo general el análisis del impacto de la venta de acciones sobre la salud financiera y el riesgo en el grupo Aval. La necesidad por este estudio nace del interés por conocer los costos y beneficios que tienen las empresas a la hora de emitir acciones, siendo ésta última una práctica común en las últimas décadas. Algunas de las motivaciones relevantes para emitir acciones, son la financiación de nuevos proyectos de la empresa, el status que le pueda dar a la misma, una manera de hacer frente a la deuda, etc. Es importante conocer las implicaciones que tienen sobre la empresa la venta de acciones en términos de sus resultados, el impacto sobre los accionistas y sobre la misma sociedad. Esta investigación busca responder a la pregunta: ¿Cuál es el impacto de la venta de acciones sobre la salud financiera y el riesgo en los grupos financieros? Nos interesaremos por la revisión bibliográfica acerca de la salud financiera abordando autores que hablan de la misma desde el punto de vista de la posición de la empresa, refiriéndonos siempre a tres indicadores relevantes para el estudio y que son utilizados en la literatura para medir la salud financiera: liquidez, rentabilidad y endeudamiento. En la revisión de la literatura se ha encontrado una relación entre la salud financiera y el riesgo, por lo tanto buscaremos identificar cuál es el riesgo que afecta a las empresas cuando se emiten acciones centrándonos en tres tipos de riesgos financieros: riesgo de mercado, de interés y riesgo operacional; se ha escogido el grupo Aval para éste estudio ya que es uno de los grupos financieros más importantes en Colombia, con varios años de gestión y que actualmente realiza la práctica de emitir acciones.

Does Opaqueness Make Equity Capital Expensive for Banks?

Bank managers often claim that equity is expensive, which contradicts the Modigliani-Miller irrelevance theorem. An opaque bank must signal its solvency by paying high and stable dividends in order to keep depositors tranquil. This signalling may require costly liquidations if the return on assets has been poor, but not paying the dividend might trigger a run. A strongly capitalized bank should keep substantial amounts of risk-free yet non-productive currency because the number of shares is high, which is costly. The dividend is informative of the state of the bank; rational depositors react to it.

Epidemiología y perdurabilidad empresarial en Colombia: Grupo Éxito

La muerte empresarial es un proceso que se ha venido presentando en compañías de las diferentes industrias a nivel nacional. La causa son los diferentes factores externos que impactan directamente las operaciones y estructura de estas. Con base en lo anterior es importante resaltar que existen diferentes tipos de muerte empresarial que para efectos de este trabajo se encontraron importante referenciar, pues son el marco del análisis de caso sobre Almacenes Éxito S.A. perteneciente al sector retail, donde se buscaba determinar cuál fue el tipo de cesión que tuvo, como consecuencia de la venta de acciones a la Compañía Francesa Casino Guichard-Perrachon S.A. Además del marco teórico empleado, se encontró importante realizar una reseña histórica de las diferentes empresas que han integrado el sector con el fin de entender posibles generalidades que se han venido replicando y que han llevado a la muerte empresarial de importantes compañías. Este trabajo permite la comprensión de las diferentes transformaciones que pueden tener los entes económicos a lo largo de su vida empresarial, no solo con lo que puede entenderse como el cese de operaciones sino también como apertura a nuevas estrategias de crecimiento y expansión.

Labor's shares - aggregate and industry: accounting for both in a model of unbalanced growth with induced innovation

The relative stability of aggregate labor's share constitutes one of the great macroeconomic ratios. However, relative stability at the aggregate level masks the unbalanced nature of industry labor's shares – the Kuznets stylized facts underlie those of Kaldor. We present a two-sector – one labor-only and the other using both capital and labor – model of unbalanced economic development with induced innovation that can rationalize these phenomena as well as several other empirical regularities of actual economies. Specifically, the model features (i) one sector ("goods" production) becoming increasingly capital-intensive over time; (ii) an increasing relative price and share in total output of the labor-only sector ("services"); and (iii) diverging sectoral labor's shares despite (iii) an aggregate labor's share that converges from above to a value between 0 and unity. Furthermore, the model (iv) supports either a neoclassical steadystate or long-run endogenous growth, giving it the potential to account for a wide range of real world development experiences.

Evidence of induced innovation in US Sectoral Capital’s Shares

We use annual data on capital’s share and relative factor prices from 35 US industries from 1960 to 2005 to test the induced innovation hypothesis. We derive, from a production function framework, testable implications for the effect of contemporaneous and lagged factor price ratios on capital’s share of production. The predicted effect is positive or negative depending on the elasticity of substitution between labor and capital. From panel regressions, the estimated effect of the contemporaneous factor price ratio implies an elasticity of substitution that is less than unity, consistent with the consensus from the literature. Based on this, our negative estimated effects for lagged price ratios are both statistically significant and consistent with the induced innovation hypothesis.

Identification, characterization and antigenicity of the Plasmodium vivax rhoptry neck protein 1 (PvRON1)

Background: Plasmodium vivax malaria remains a major health problem in tropical and sub-tropical regions worldwide. Several rhoptry proteins which are important for interaction with and/or invasion of red blood cells, such as PfRONs, Pf92, Pf38, Pf12 and Pf34, have been described during the last few years and are being considered as potential anti-malarial vaccine candidates. This study describes the identification and characterization of the P. vivax rhoptry neck protein 1 (PvRON1) and examine its antigenicity in natural P. vivax infections. Methods: The PvRON1 encoding gene, which is homologous to that encoding the P. falciparum apical sushi protein (ASP) according to the plasmoDB database, was selected as our study target. The pvron1 gene transcription was evaluated by RT-PCR using RNA obtained from the P. vivax VCG-1 strain. Two peptides derived from the deduced P. vivax Sal-I PvRON1 sequence were synthesized and inoculated in rabbits for obtaining anti-PvRON1 antibodies which were used to confirm the protein expression in VCG-1 strain schizonts along with its association with detergent-resistant microdomains (DRMs) by Western blot, and its localization by immunofluorescence assays. The antigenicity of the PvRON1 protein was assessed using human sera from individuals previously exposed to P. vivax malaria by ELISA. Results: In the P. vivax VCG-1 strain, RON1 is a 764 amino acid-long protein. In silico analysis has revealed that PvRON1 shares essential characteristics with different antigens involved in invasion, such as the presence of a secretory signal, a GPI-anchor sequence and a putative sushi domain. The PvRON1 protein is expressed in parasite's schizont stage, localized in rhoptry necks and it is associated with DRMs. Recombinant protein recognition by human sera indicates that this antigen can trigger an immune response during a natural infection with P. vivax. Conclusions: This study shows the identification and characterization of the P. vivax rhoptry neck protein 1 in the VCG-1 strain. Taking into account that PvRON1 shares several important characteristics with other Plasmodium antigens that play a functional role during RBC invasion and, as shown here, it is antigenic, it could be considered as a good vaccine candidate. Further studies aimed at assessing its immunogenicity and protection-inducing ability in the Aotus monkey model are thus recommended.

Why labor income shares seem to be constant?

The common assumptions that labor income share does not change over time or across countries and that factor income shares are equal to the elasticity of output with respect to factors have had important implications for economic theory. However, there are various theoretical reasons why the elasticity of output with respect to reproducible factors should be correlated with the stage of development. In particular, the behavior of international trade and capital flows and the existence of factor saving innovations imply such a correlation. If this correlation exists and if factor income shares are equal to the elasticity of output with respect to factors then the labor income share must be negatively correlated with the stage of development. We propose an explanation for why labor income share has no correlation with income per capita: the existence of a labor intensive sector which produces non tradable goods.

An empirical note on factor shares

In this study, we propose an explanation for why labor and capital shares do not seem to have a trend: an increasing trend in physical capital share is compensated by a decreasing trend in land share. Similarly, an increasing trend in human capital share is compensated by a decreasing trend in raw labor share. We also find empirical support for the claim that the elasticity of output with respect to reproducible factors, human and physical capital, is positively correlated with the income level. This result has important implications for economic growth theory and for empirical exercises related to economic growth

Biased technological change, human capital and factor shares

We propose a one-good model where technological change is factor saving and costly. We consider a production function with two reproducible factors: physical capital and human capital, and one not reproducible factor. The main predictions of the model are the following: (a) The elasticity of output with respect to the reproducible factors depends on the factor abundance of the economies. (b) The income share of reproducible factors increases with the stage of development. (c) Depending on the initial conditions, in some economies the production function converges to AK, while in other economies long-run growth is zero. (d) The share of human factors (raw labor and human capital) converges to a positive number lower than one. Along the transition it may decrease, increase or remain constant.

Factor saving innovations and factor income shares

We present an endogenous growth model where innovations are factor saving. Technologies can be changed paying a cost and technological change takes place only if the benefits are larger than the costs. Since the gains derived from factor saving innovations depend on factor abundance, biased innovations respond to changes in factors supply. Therefore, as an economy becomes more capital abundant agents try to use capital more intensively. Consequently, (a) the elasticity of output with respect to reproducible factors depends on the capital abundance of the economy and (b) the income share of reproducible factors increases as the economy grows. Another insight of the model is that in some economies the production function converges to an AK in the long run, while in others long-run growth is zero

Factor shares at the sector level, Colombia 1990-2005

In general, empirical studies on economics rely on the assumption of constant capital share of income both at the aggregate level and at the sector level. However, there is no empirical evidence supporting the constancy of capital share at the sector level. In this paper, using Colombian data, we measure capital share for 48 sectors during the period 1990-2005. We also explore the relation between capital's share and factor prices and the behavior of capital share during the business cycle. The main results are the following: (i) capital share is not constant but, rather, has an increasing trend; (ii) capital shares growth rates positively correlate with sector value-added growth; (iii) the capital shares behave pro-cyclically; and (iv) there is a positive correlation between capital shares and real wages and a negative correlation between capital shares and interest rates. These results suggest that the usual assumption of constant factor shares is not accurate.

If factor shares are not constant then we have a measurment problem. can we solve it?

Recent evidence show that factor shares, if properly measured, are far from constant. Moreover, the shares of natural resources and raw labor seem to be negatively correlated with income per capita while the share of human and physical capital is positively correlated with income per capita. Now, if factor shares are not constant then (i) growth accounting exercises rely on a false assumption and (ii) there is a measurement problem. The effect that change s in factor shares ha ve on output depend on the relative abundance of factors and, fo r this reason, it is necessary to have correct measures. We propose an empiri cal methodology to solve the measurement issue and estimate TFP growth.