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.

Influencia de la relación estratégica comunitaria y el marketing en la salud financiera de las organizaciones en mercados internacionales

La globalización de mercados ha generado una serie de cambios en la estructura del comercio internacional, como el surgimiento de áreas de libre comercio, que son el resultado de las integraciones económicas, las cuales han facilitado los flujos de capital, recursos y personas. La internacionalización no solamente se ha convertido en una estrategia para aprovechar las oportunidades que se dan en los mercados internacionales, sino también en un medio de diversificación del riesgo para reducir la dependencia del mercado doméstico. Sin embargo, para emprender un proceso de internacionalización, es necesario conocer muy bien el contexto dentro del cual se desarrollan los clientes, puesto que la falta de conocimiento del entorno puede perjudicar la salud financiera de la empresa. De ahí la importancia de utilizar una definición de comunidad y unas estrategias comunitarias con las cuales se identifiquen las necesidades, objetivos e intereses de la comunidad, para establecer un relación a largo plazo que procure el desarrollo de ambas partes. La relación estratégica comunitaria y el marketing impactan positivamente la salud financiera de la empresa, en la medida en que este desarrollo mutuo, tanto de la comunidad como de la empresa, no solamente incrementa el interés y el compromiso por seguir interactuando; también crea vínculos afectivos entre ambas partes, lo cual consolida aún más la perdurabilidad de la relación, logrando así una fidelización de los clientes y por ende aumentando la rentabilidad de la empresa.

Modelos de presupuestación de capital en finanzas corporativas y utilidad de los mismos

La siguiente investigación describe una aproximación teórica al tema de los modelos de presupuestación de capital, el objetivo fundamental se basa en comprender su enfoque e importancia al momento de tomar decisiones de inversión por parte de los directores de una empresa, así como de prever los efectos de esta en un futuro. Al respecto, y sobre la base de que los modelos de presupuestación de capital son herramientas para analizar posibles erogaciones de capital por parte de una empresa, es necesario para efectos del presente proyecto de investigación, definir sus diferentes modelos desde lo teórico y metodológico, explicando los diferentes conceptos relacionados con el tema. Así mismo, se explican algunos de los indicadores financieros utilizados en las compañías para medir y estimar la “salud financiera” de la empresa, además de puntualizar su impacto en la perdurabilidad de las entidades, lo cual permite dar una visión más general sobre la importancia que trasciende de los indicadores financieros, generando un impacto positivo en la evolución o crecimiento de la organización. En complemento, la investigación aborda la presupuestación de capital de manera particular aplicado en la gestión empresarial, sean estas privadas o públicas (estatal y gubernamental). En este sentido, se abordan conceptos elaborados por diferentes académicos en los que se exponen algunas aproximaciones respecto al posible mejoramiento de la presupuestación para los sectores a los que pertenecen determinadas entidades. Finalmente, se presenta de manera explícita las conclusiones que surgieron a lo largo de la construcción del documento de investigación, con el fin de dar cumplimiento concreto al objetivo general del trabajo, el cual constituye una respuesta a la pregunta de investigación que se enunciará en el desarrollo del documento.

Inheritance, access to resources and poverty in Serer families in Senegal

This research explores the relationship between inheritance, access to resources and the intergenerational transmission of poverty among the Serer ethnic group in rural and urban environments in Senegal. In many Sub-Saharan African countries, customary law excludes women from owning and inheriting assets, such as land and property. Yet, assets controlled by women often result in increased investments in the next generation's health, nutrition and schooling and reduce the intergenerational transmission of poverty. Qualitative research with 60 participants in Senegal reveals the important role that land, housing and financial assets may play in building resilience to household shocks and interrupting the intergenerational transmission of poverty. However, the protection afforded by these assets was often dependent on other factors, including human, social and environmental capital. The death of a spouse or parent had major emotional and material impacts on many Serer families. The inheritance and control of assets and resources was strongly differentiated among family members along lines of gender, age and generation. Younger widows and their children were particularly vulnerable to chronic poverty. Although inheritance disputes were rare, the research suggests they are more likely between co-wives in polygamous unions and their children, particularly in urban areas. In addition to experiencing economic and health-related shocks, many interviewees were exposed to a range of climate-related risks and environmental pressures which increased their vulnerability. Family members coped with these shocks and risks by diversifying livelihoods, migrating to urban areas and other regions for work, participating in women's co-operatives and associations and developing supportive social networks with extended family and community members. Policies and practices that may help to alleviate poverty, safeguard women's and young people's inheritance and build resilience to financial, health-related and environmental shocks and risks include: - Social protection measures targeted towards poor widows and orphaned children, such as social and cash transfers to pay for basic needs including food, healthcare and children's schooling. - Micro-finance initiatives and credit and savings schemes, alongside training and capacity-building targeted to women and young people to develop income-generation activities and skills. - Free legal advice, support and advocacy for women and young people to pursue inheritance claims through the legal system. - Raising awareness about women's and children's legal rights and working with government and community and religious leaders to tackle discriminatory inheritance practices and contradictions caused by legal pluralism. - Increasing women's control of land and access to inputs, enhancing their business, organisational, and leadership skills and promoting civic participation in local, regional and national decision-making processes. - Improving access to basic services in rural areas, particularly healthcare, building the quality of education and promoting girls' access to education - Enhancing agricultural production and providing more employment opportunities, apprenticeships and vocational training for young people, particularly in rural areas.

Modelagem de equações estruturais na análise de dados de serviços em comunicações móveis

In recent decades, changes have been occurring in the telecommunications industry, allied to competition driven by the policies of privatization and concessions, have fomented the world market irrefutably causing the emergence of a new reality. The reflections in Brazil have become evident due to the appearance of significant growth rates, getting in 2012 to provide a net operating income of 128 billion dollars, placing the country among the five major powers in the world in mobile communications. In this context, an issue of increasing importance to the financial health of companies is their ability to retain their customers, as well as turn them into loyal customers. The appearance of infidelity from customer operators has been generating monthly rates shutdowns about two to four percent per month accounting for business management one of its biggest challenges, since capturing a new customer has meant an expenditure greater than five times to retention. For this purpose, models have been developed by means of structural equation modeling to identify the relationships between the various determinants of customer loyalty in the context of services. The original contribution of this thesis is to develop a model for loyalty from the identification of relationships between determinants of satisfaction (latent variables) and the inclusion of attributes that determine the perceptions of service quality for the mobile communications industry, such as quality, satisfaction, value, trust, expectation and loyalty. It is a qualitative research which will be conducted with customers of operators through simple random sampling technique, using structured questionnaires. As a result, the proposed model and statistical evaluations should enable operators to conclude that customer loyalty is directly influenced by technical and operational quality of the services offered, as well as provide a satisfaction index for the mobile communication segment

The Canadian retirement income system

Includes bibliography

Cartera vencida y estrés macrofinanciero: un estudio econométrico para Centroamérica y la República Dominicana en 2008-2009

Incluye Bibliografía

A importância do planejamento financeiro: uma abordagem de matematica financeira para o ensino médio com o uso do excell

The financial health of a family is one of the main generators of quality of life, and this is only possible through financial planning, which is nothing more than save and analyze before contracting debts. To do this, students must have notion of financial mathematics, especially of that used by the banks on overdraft interest, in investments and in the short-term and longterm loans, that is, compound interest, equivalent rates, depreciation and others. Starting from the knowledge of arithmetic and geometric progressions and, based on real situations which allow the application of the content learned, one intends to develop activities applied to high education. To start from real situations is one of the main lines of thought of the Problem Solving Methodology, in which the student is the active agent in the construction of his or her knowledge. As the National Curricular Parameters point out, the practice in the use of computers is essential for gaining a job. Therefore, this project proposes an activity where knowledge of Financial Mathematics can to be practiced, associated with the use of Microsoft Excel® spreadsheet

Banco do Vaticano: uma análise econômico-financeira

This thesis work aims to bring a better viewing on an atypical case of financial analysis. The lstituto per le Opere di Religione (IOR), commonly known as the Vatican Bank, has peculiarities according to its goals as a bank. Belonging to a Catholic religious congregation, IOR has been used to manage the resources of the church, and ensure that these resources are used for the operation of it and, also for religious works. However the financial transactions made by the bank remained secret throughout its existence until mid 2012. This feature of not providing relevant information at the local and international community brought harm. Several cases of corruption and money laundering came up, bringing scandals that cause bad looks for the religious entity. In order to interact with the international community and understanding the importance of it, the Roman Apostolic Catholic Church decides to joing the international accounting procedures (IFRS) and went on to provide yearly financial statement reports and other information from its bank from 2012 . Thus, this thesis work takes on the role of analyzing the financial statements of the IOR and present its economic and financial health from the Capital Structure ratios, liquidity and profitability in the period 2012-2014. Overall, there has been a significant reduction in indebtedness 548% in 2012 to 362% in 2014. However, such an index showing is still high. In addition, the debt profile remained bad (87.47% short-term in 2014). The Liquidity ratios, both indices fell during the analysed period. Noteworthy is that even with retractions, the indices are equal or greater than 1, which indicates financial footing able to pay off debts. Regarding profitability, in 2013 it represented atypical moment, considering the economic performance of the IOR in the investigated period. There was decrease in profits this year, which resulted in great loss of the indicators in 2013. For the previous and subsequent...

The Meanings of Work for Older Workers

Several elements influence the meanings of work: the basic psychological processes of aging; the cohort or generation of the worker; the ecology of the work itself; and the larger social context of managing the risks of aging. This article discusses the meaning of work across the lifespan, and then reviews each of these elements to describe the meanings of work for older workers. The authors summarize data from multiple sources to answer several related questions: Why do older workers continue to work—beyond the solely monetary motivation? How do older workers' meanings of work vary by financial, health, job satisfaction, familial, or workplace concerns? What are the implications of these findings for employers and employees?

INTERFACES ENTRE TECNOLOGIAS EDUCACIONAIS E GESTÃO DE INSTITUIÇÃO DE ENSINO SUPERIOR PRIVADA

O uso de recursos tecnológicos como facilitadores do processo ensino-aprendizado em todos os níveis de ensino tem sido objeto de polêmica entre os pesquisadores do tema. Por um lado aqueles responsáveis pelo ensino os professores resistem às mudanças que a cada dia ocorrem no mundo moderno; por outro os estudantes solicitam um ambiente de aprendizagem que utilize as tecnologias as quais estão acostumados e dominam. Por fim, os gestores das instituições de ensino, que possuem um grande desafio de proporcionar os recursos no interior das instituições, sem permitir, contudo, que comprometam a saúde financeira da instituição. Não obstante, no Brasil a concorrência entre as instituições de ensino tem sido acirrada, principalmente nas instituições de ensino superior privadas. Assim, as instituições procuram um diferencial para atrair seus clientes, objetivando manter a sua sustentabilidade financeira. Esta pesquisa se dispõe a aproximar os temas de gestão do ensino superior com a implantação do uso da tecnologia representada pelo equipamento tablet, demonstrando os resultados para a gestão da instituição de ensino superior antes e depois de sua implantação. A metodologia do estudo de caso - na instituição onde foi analisada mostrou que a implantação da tecnologia proporcionou vantagens competitivas para a gestão - por meio da análise dos indicadores financeiros e a evolução da base de alunos. A tecnologia por si só não prova as vantagens desejadas, porém, com um projeto correlacionado ao modelo de ensino utilizado e material didático que contemple o uso da tecnologia, os custos logísticos foram reduzidos e aumentou a atração de novos alunos, promovendo as vantagens competitivas da Instituição de Ensino.

Questioning in simulated accountant-client consultations:exploring implications for ESP teaching

The field of accountancy plays a vital role in the financial health of modern-day economies. It also attracts very large numbers of students, many for whom English is not their first language, who train in a variety of undergraduate and postgraduate programs at English-medium universities. Yet, surprisingly, the discourse of accountants has been under-reported in the ESP literature (Burns & Moore, 2007a). This paper reports research investigating spoken accounting discourse derived from simulated accountant–client consultations. It draws on the work of Drew and Heritage (1992), in which questioning is identified as a key discursive feature in institutional talk, and also the more recent work reported in Heritage and Maynard (2006), in which the complexity of the formulation of questions and responses is revealed in doctor–patient consultations. The paper discusses the use of simulations in cases where access to actual workplace settings by ESP teachers is unattainable, as well as the usefulness of the interactional data these simulations generate. The paper reports a questioning typology, derived from the data, showing six typical question types found in advice-giving simulated encounters in accountant–client taxation-based consultations: information; clarification; client-specified; backchannel; discourse-related; and interpersonal. The paper concludes with a discussion of the implications of this research for ESP teaching.

Towards a multilevel model of the high performance work systems–workplace safety relationship

Human Resource (HR) systems and practices generally referred to as High Performance Work Practices (HPWPs), (Huselid, 1995) (sometimes termed High Commitment Work Practices or High Involvement Work Practices) have attracted much research attention in past decades. Although many conceptualizations of the construct have been proposed, there is general agreement that HPWPs encompass a bundle or set of HR practices including sophisticated staffing, intensive training and development, incentive-based compensation, performance management, initiatives aimed at increasing employee participation and involvement, job safety and security, and work design (e.g. Pfeffer, 1998). It is argued that these practices either directly and indirectly influence the extent to which employees’ knowledge, skills, abilities, and other characteristics are utilized in the organization. Research spanning nearly 20 years has provided considerable empirical evidence for relationships between HPWPs and various measures of performance including increased productivity, improved customer service, and reduced turnover (e.g. Guthrie, 2001; Belt & Giles, 2009). With the exception of a few papers (e.g., Laursen &Foss, 2003), this literature appears to lack focus on how HPWPs influence or foster more innovative-related attitudes and behaviours, extra role behaviors, and performance. This situation exists despite the vast evidence demonstrating the importance of innovation, proactivity, and creativity in its various forms to individual, group, and organizational performance outcomes. Several pertinent issues arise when considering HPWPs and their relationship to innovation and performance outcomes. At a broad level is the issue of which HPWPs are related to which innovation-related variables. Another issue not well identified in research relates to employees’ perceptions of HPWPs: does an employee actually perceive the HPWP –outcomes relationship? No matter how well HPWPs are designed, if they are not perceived and experienced by employees to be effective or worthwhile then their likely success in achieving positive outcomes is limited. At another level, research needs to consider the mechanisms through which HPWPs influence –innovation and performance. The research question here relates to what possible mediating variables are important to the success or failure of HPWPs in impacting innovative behaviours and attitudes and what are the potential process considerations? These questions call for theory refinement and the development of more comprehensive models of the HPWP-innovation/performance relationship that include intermediate linkages and boundary conditions (Ferris, Hochwarter, Buckley, Harrell-Cook, & Frink, 1999). While there are many calls for this type of research to be made a high priority, to date, researchers have made few inroads into answering these questions. This symposium brings together researchers from Australia, Europe, Asia and Africa to examine these various questions relating to the HPWP-innovation-performance relationship. Each paper discusses a HPWP and potential variables that can facilitate or hinder the effects of these practices on innovation- and performance- related outcomes. The first paper by Johnston and Becker explores the HPWPs in relation to work design in a disaster response organization that shifts quickly from business as usual to rapid response. The researchers examine how the enactment of the organizational response is devolved to groups and individuals. Moreover, they assess motivational characteristics that exist in dual work designs (normal operations and periods of disaster activation) and the implications for innovation. The second paper by Jørgensen reports the results of an investigation into training and development practices and innovative work behaviors (IWBs) in Danish organizations. Research on how to design and implement training and development initiatives to support IWBs and innovation in general is surprisingly scant and often vague. This research investigates the mechanisms by which training and development initiatives influence employee behaviors associated with innovation, and provides insights into how training and development can be used effectively by firms to attract and retain valuable human capital in knowledge-intensive firms. The next two papers in this symposium consider the role of employee perceptions of HPWPs and their relationships to innovation-related variables and performance. First, Bish and Newton examine perceptions of the characteristics and awareness of occupational health and safety (OHS) practices and their relationship to individual level adaptability and proactivity in an Australian public service organization. The authors explore the role of perceived supportive and visionary leadership and its impact on the OHS policy-adaptability/proactivity relationship. The study highlights the positive main effects of awareness and characteristics of OHS polices, and supportive and visionary leadership on individual adaptability and proactivity. It also highlights the important moderating effects of leadership in the OHS policy-adaptability/proactivity relationship. Okhawere and Davis present a conceptual model developed for a Nigerian study in the safety-critical oil and gas industry that takes a multi-level approach to the HPWP-safety relationship. Adopting a social exchange perspective, they propose that at the organizational level, organizational climate for safety mediates the relationship between enacted HPWS’s and organizational safety performance (prescribed and extra role performance). At the individual level, the experience of HPWP impacts on individual behaviors and attitudes in organizations, here operationalized as safety knowledge, skills and motivation, and these influence individual safety performance. However these latter relationships are moderated by organizational climate for safety. A positive organizational climate for safety strengthens the relationship between individual safety behaviors and attitudes and individual-level safety performance, therefore suggesting a cross-level boundary condition. The model includes both safety performance (behaviors) and organizational level safety outcomes, operationalized as accidents, injuries, and fatalities. The final paper of this symposium by Zhang and Liu explores leader development and relationship between transformational leadership and employee creativity and innovation in China. The authors further develop a model that incorporates the effects of extrinsic motivation (pay for performance: PFP) and employee collectivism in the leader-employee creativity relationship. The papers’ contributions include the incorporation of a PFP effect on creativity as moderator, rather than predictor in most studies; the exploration of the PFP effect from both fairness and strength perspectives; the advancement of knowledge on the impact of collectivism on the leader- employee creativity link. Last, this is the first study to examine three-way interactional effects among leader-member exchange (LMX), PFP and collectivism, thus, enriches our understanding of promoting employee creativity. In conclusion, this symposium draws upon the findings of four empirical studies and one conceptual study to provide an insight into understanding how different variables facilitate or potentially hinder the influence various HPWPs on innovation and performance. We will propose a number of questions for further consideration and discussion. The symposium will address the Conference Theme of ‘Capitalism in Question' by highlighting how HPWPs can promote financial health and performance of organizations while maintaining a high level of regard and respect for employees and organizational stakeholders. Furthermore, the focus on different countries and cultures explores the overall research question in relation to different modes or stages of development of capitalism.

Distress risk, growth and earnings quality

We extend and complement prior work by investigating the earnings quality of firms with different financial health characteristics and growth prospects. By using three alternative measures of default likelihood and two alternative measures of growth options, without being limited to a specific event, we provide a more comprehensive setup for analysing the earnings characteristics of the universe of firms than examining distressed firms with persistent losses, dividend reductions or bankruptcy-filings. Our dataset consists of 15,049 healthy U.S. firms over the period 1990-2004. Results show that the relation between earnings quality and financial health is not monotonic. Distressed firms have a low level of earnings timeliness for bad news and a high level for good news, and manage earnings toward a positive target more frequently than healthy firms. On the other hand, healthy firms have a high level of earnings timeliness for bad news. Growth aspects play an important role in a firm's ability to manage earnings. In contrast to the findings of prior studies, growth firms have greater earnings timeliness for bad news, whereas value firms manage earnings toward a positive target more frequently than growth firms. © 2011 The Authors. Abacus© 2011 Accounting Foundation, The University of Sydney.

Analysis of Housing Partnerships using the Balanced Scorecard framework

Housing Partnerships (HPs) are collaborative arrangements that assist communities in the delivery of affordable housing by combining the strengths of the public and private sectors. They emerged in several states, counties, and cities in the eighties as innovative solutions to the challenges in affordable housing resulting from changing dynamics of delivery and production. ^ My study examines HPs with particular emphasis upon the identification of those factors associated with the successful performance of their mission of affordable housing. I will use the Balanced Scorecard (BSC) framework in this study. The identification of performance factors facilitates a better understanding of how HPs can be successful in achieving their mission. The identification of performance factors is significant in the context of the current economic environment because HPs can be viewed as innovative institutional mechanisms in the provision of affordable housing. ^ The present study uses a mixed methods research approach, drawing on data from the IRS Form 990 tax returns, a survey of the chief executives of HPs, and other secondary sources. The data analysis is framed according to the four perspectives of BSC: the financial, customer, internal business, and learning and growth. Financially, revenue diversification affects the financial health of HPs and overall performance. Although HPs depend on private and government funding, they also depend on service fees to carry out their mission. From a customer perspective, the HPs mainly serve low and moderate income households, although some serve specific groups such as seniors, homeless, veterans, and victims of domestic violence. From an internal business perspective, HPs’ programs are oriented toward affordable housing needs, undertaking not only traditional activities such as construction, loan provision, etc., but also advocacy and educational programs. From an employee and learning growth perspective, the HPs are small in staff size, but undertake a range of activities with the help of volunteers. Every part of the HP is developed to maximize resources, knowledge, and skills in order to assist communities in the delivery of affordable housing and related needs. Overall, housing partnerships have played a key role in affordable housing despite the housing market downturn since 2006. Their expenses on affordable housing activities increased despite the decrease in their revenues.^