Crecimiento y transformación de la economía vasca: las Cajas de Ahorros del País Vasco, 1980-2011.

[ES]En estos últimos años, en cualquier medio de comunicación hemos podido ver o escuchar la situación de las cajas de ahorros españolas, las cuales han desarrollado un cambio radical. Por una parte, a causa de la crisis que comenzó el 2008 muchas entidades financieras, sobre todo las cajas de ahorros, tuvieron problemas muy graves de solvencia. Consecuentemente se llevó a cabo un proceso de reestructuración donde estas entidades o transfirieron el negocio financiero a un banco o se fusionaron para crear uno nuevo. Así, las necesidades de capital que tenían bastantes cajas para alcanzar los ratios de solvencia exigidas por los reguladores ha hecho que el peso de esas cajas pertenecientes a los ahora bancos se haya reducido llegando a desaparecer la naturaleza de estas instituciones. Por ello voy a realizar un estudio sobre los problemas de este sector, más enfocado a lo que se refiere al País Vasco y el estado de una de las tres cajas vascas, concretamente la BBK, para determinar si el modelo de este tipo de entidades que tantas veces ha sido criticada puede ser adecuado o es cierto que este cambio era inminente.

Does Financial Performance Depend on Hotel Size? Analysis of the Financial Profile of the U.S. Lodging Industry

This research presents a financial profile of the U.S. Lodging Industry based on an analysis of 2,091 financial statements (fiscal year 2011) for individual hotels ranging in asset size of $500 thousand to $250 million. The study analyzes summary results of the financial position and profitability of hotels based on a common size analysis of Balance Sheets and Income Statements. Furthermore, the study analyzes 10 key performance benchmarks as measured by Liquidity, Solvency and Operating Ratios. The results of the study show a divergence in the hotel industry’s financial performance based on the size of the hotel and by upper, median and lower quartiles of the study sample.

Private Club Financial Performance

This article reveals the median financial results for the club industry for 2011 using 24 financial ratios. The results are based on the submission of balance sheet and selected income statement numbers from 80 clubs. The ratios are reported as median results for the entire sample as well as the median results for the top and low performing clubs delineated by return on assets. The biggest differences between the two extreme groups of clubs are (1) average collection period, (2) operating cash flows to current liabilities and long-term debt, (3) fines interest earned, (4) fixed charge coverage ratio, (5) food and beverage inventory turnovers, (6) profit margin, (7) return on assets, (8) operating efficiency ratio, (9) labor cost percentage.

Tips and tricks about financial ratios: how to anticipate unpleasant surprises

Following recent accounting and ethical scandals within the Telecom Industry like Gowex case, old cards are laid on the table: what kind of management and control are we doing on our businesses and what use do we give to the specific tools we have at our disposition? There are indicators, that on a very specific, concise and accurate manner, aside from brief, allow us to analyze and capture the complexity of a business and also they constitute an important support when making optimal decisions. These instruments or indicators show, a priori, all relevant data from a purely economic perspective, while there also exist, the possibility of including factors that are not of this nature strictly. For instance, there are indicators that take into account the customer?s satisfaction, the corporate reputation among others. Both kind of performance indicators form, together, an integral dashboard while the pure economic side of it could be considered as a basic dashboard. Based on DuPont?s methodology, we will be able to calculate the ROI (Return on Investment) of a company from the disaggregation of very useful and much needed indicators like the ROE (Return on Equity) or the ROA (Return on Assets); thereby, we will be able to get to know, to control and, hence, to optimize the company?s leverage level, its liquidity ratio or its solvency ratio, among others; as well as the yield we will be able to obtain if our decisions and management are optimal related to the bodies of assets. Bear in mind and make the most of the abovementioned management tools and indicators that we have at our disposition, allow us to act knowing our path and taking full responsibility, as well as, to obtain the maximum planned benefits, instead of leaving them to be casual. We will be able to avoid errors that can lead the company to an unfortunate and non-desirable situation and, of course, we will detect, way in advance, the actual needs of the business in terms of accounting and financial sanitation before irreversible situations are reached.

Synthesis and Raman spectroscopic study of Mg/Al,Fe hydrotalcites with variable cationic ratios

Hydrotalcites of formula Mg6 (Fe,Al)2(OH)16(CO3).4H2O formed by intercalation with the carbonate anion as a function of divalent/trivalent cationic ratio have been successfully synthesised. The XRD patterns show variation in the d-spacing attributed to the size of the cation. Raman and infrared bands in the OH stretching region are assigned to (a) brucite layer OH stretching vibrations (b) water stretching bands and (c) water strongly hydrogen bonded to the carbonate anion. Multiple (CO3)2- symmetric stretching bands suggest that different types of (CO3)2- exist in the hydrotalcite interlayer. Increasing the cation ratio (Mg/Al,Fe) resulted in an increase in the combined intensity of the 2 Raman bands at around 3600 cm-1, attributed to Mg-OH stretching modes, and a shift of the overall band profile to higher wavenumbers. These observations are believed to be a result of the increase in magnesium in the structure. Raman spectroscopy shows a reduction in the symmetry of the carbonate, leading to the conclusion that the anions are bonded to the brucite-like hydroxyl surface and to the water in the interlayer. Water bending modes are identified in the infrared spectra at positions greater than 1630 cm-1, indicating the water is strongly hydrogen bonded to both the interlayer anions and the brucite-like surface.

A note on trader Sharpe Ratios

Traders in the financial world are assessed by the amount of money they make and, increasingly, by the amount of money they make per unit of risk taken, a measure known as the Sharpe Ratio. Little is known about the average Sharpe Ratio among traders, but the Efficient Market Hypothesis suggests that traders, like asset managers, should not outperform the broad market. Here we report the findings of a study conducted in the City of London which shows that a population of experienced traders attain Sharpe Ratios significantly higher than the broad market. To explain this anomaly we examine a surrogate marker of prenatal androgen exposure, the second-to-fourth finger length ratio (2D:4D), which has previously been identified as predicting a trader's long term profitability. We find that it predicts the amount of risk taken by traders but not their Sharpe Ratios. We do, however, find that the traders' Sharpe Ratios increase markedly with the number of years they have traded, a result suggesting that learning plays a role in increasing the returns of traders. Our findings present anomalous data for the Efficient Markets Hypothesis.

Not-for-profit ratios for financial resilience and internal accountability : a study of Australian international aid organisations

Not-for-profit (NFP) financial ratio research has focused primarily on organisational efficiency measurements for external stakeholders. Ratios that also capture information about stability, capacity (liquidity), gearing and sustainability, enable an assessment of financial resilience. They are thus valuable tools that can provide a framework of internal accountability between boards and management. The establishment of an Australian NFP regulator highlights the importance of NFP sustainability, and affirms the timeliness of this paper. We propose a suite of key financial ratios for use by NFP boards and management, and demonstrate its practical usefulness by applying the ratios to financial data from the 2009 reports of ACFID (Australian Council for International Development)-affiliated international aid organisations.

The application of financial ratios in analysing nonprofit organisations

Historically ratios have been used to assess the financial standing of profit organisations. It would be expected the role which such ratios play in analysing nonprofit organisations would be considerably different due to the lack of profit motive. Many traditional ratios are based on profitability as a benchmark. The nonprofit sector plays an important role in society yet to date there has been no research carried out on financial statement analysis for nonprofit organisations in Australia. This paper examines ratios of a group of nonprofit organisations and assesses the applicability of the traditional profit-based ratios to nonprofit organisations. Financial statements of a sample of charities registered in Queensland are analysed. The traditional profitability, liquidity and financial stability ratios are analysed and calculated wherever practicable and compared to the typical benchmarks used in profit analysis.