2017 ISSUE 2
TÍTLE: EVALUATION OF THE IMPAIRMENT OF INTANGIBLE ASSETS UNDER VARIOUS FINANCIAL MODELS
AUTHORS: Paula Beatriz MORALES BAÑUELOS, Jorge SMEKE ZWAIMAN, Luis HUERTA GARCÍA
ABSTRACT: The present study has the objective to carry out a detailed assessment of the value of intangible assets that possess some entities; particularly investments in shares of other entities. Mexican and international financial information standards allow the use of recognized valuation techniques in the field of corporate finance, with the aim of making the management company make the most accurate decision possible on the value of these items.
TÍTLE: ALTERNATIVE BUSINESS FINANCING
AUTHORS: María Pilar MUÑOZ, David POSTIGUILLO
ABSTRACT: Spanish business are almost entirely composed of small and medium-sized enterprises. As a consequence of the economic crisis, which began in 2007, access to bank credit has been largely restricted. In this manner, a series of organizations and companies were born as an alternative to the traditional financing channels. Reciprocal Guarantee Societies (SGR), Venture Capital Societies (SCR), Business Angels, Crowdfunding and Crowdlending phenomena, and the Alternative Stock Market (ASM) are some examples of these. It should be noted that the choice of an adequate source of funding is a key aspect for the proper functioning of a company, since depending on the financing used, the capital structure of the company will be determined, and consequently many factors such as productive and operative capacity, the structure of financial expenses and costs, the required profitability or the value of the companies will be influenced.
TÍTLE: IS THERE A DIRECT DEPENDENCY BETWEEN THE DEVELOPMENT OF E-GOVERNMENT AND CORRUPTION? A COMPARATIVE ANALYSIS
AUTHORS: Svetlozar TODOROV
ABSTRACT: Information and communication technologies can be seen as a means of facilitating people's lives, but at the same time they can be used to protect them from mistakes. They can also protect civil servants from mistakes and bad practices when providing services to citizens. Is there a dependency between e-government and corruption? How strong is this relationship? Does the level of corruption depend on the e-government development? These questions are important for each government, and responses can determine the individual steps they will take. This study aims to reveal whether there is a direct dependence between the implementation of e-government, its level of development and its impact on corruption in countries around the world. It should be clarified that here will be studied only the achieved results by several groups of countries over a period of ten years, between 2005 and 2015.
TÍTLE: MARKET TRENDS, MOMENTUM EFFECT AND EFFICIENT MARKET HYPOTHESIS
AUTHORS: Josu EGUIGUREN BALERDI, Francisco GUIJARRO
ABSTRACT: The main purpose of this research project has been to analyse if any profitable intra-day strategy can be designed in the German DAX index, taking into account the previous day’s trend. Regarding the pattern followed by this index, five different strategies have been ranked, including the trend strategy and mean reversion strategy. Once knowing that the DAX follows a determined pattern, the market efficiency has been tested to know how can an investor make profits from it. On the other side, the impact of Stop-Loss and Stop-Profit mechanisms has been analysed as well in terms of risk and return. The main conclusions are that the German stock market is not completely efficient because the mean reversion strategy performs better than the other ones in almost all the sample period. Moreover, the use of Stop-Losses is extremely advisable, while the application of Stop-Profits depends on the investors risk profile.
TÍTLE: E-GOVERNMENT IN BULGARIA: STAGE OF INTRODUCTION, PROBLEMS AND PERSPECTIVES
AUTHORS: Svetlozar TODOROV
ABSTRACT: This paper aims to present in the most systematic way the main aspects of the process of introduction and implementation of e-government in the Republic of Bulgaria. The basic strategic and normative documents, the timeframe and the financial instruments are outlined. The challenges and problems, as well as the more important reasons for the unsatisfactory level of implementation, have been noted.
TÍTLE: ANALYSIS OF THE RELATIONSHIP BETWEEN THE RETURN OF ASSETS AND THE CASH CICLE OF THE COMPANIES DEDICATED TO THE ROAD TRANSPORT OF GOODS
AUTHORS: David POSTIGUILLO, María Pilar MUÑOZ
ABSTRACT: The economic literature argues that in the absence of market imperfections the financial decisions of the companies would not affect their value. In this situation, external financing is always available. However, the existence of imperfections opens the possibility to the existence of an optimal level that balances costs and benefits and maximizes the value of the companies. The financial decisions of the company cover two basic aspects: investment and financing. Both are aimed at creating value. Given that the investment made by companies in their current assets, as well as their financing, represent the majority of the items in their balance sheets. Its management has effects on profitability and risk and this is fundamental to the strategy of creating value in the company. In fact, inadequate management can cause solvency problems, even in profitable companies. The net investment needed as a result of the company’s activity (current operating assets less supplier’s financing) is known as operating fund requirements (OFR). It is a concept of great importance for its impact on the liquidity and profitability of the company. However, there are still a number of issues that have not been addressed by researchers and which are of interest in the short-term financial management of firms. In this way, the different alternatives for financing the OFR, the relationship between OFR and Goodwill, and other accounting figures will be analyzed to determine their impact on the company’s value and company’s profitability.
TÍTLE: THE USE OF THE R STATISTICAL SOFTWARE IN THE QUANTITATIVE FINANCE SUBJECT: DEVELOPMENT OF SKILLS AND COMPETENCES
AUTHORS: Roberto CERVELLÓ-ROYO, Francisco GUIJARRO, Javier OLIVER
ABSTRACT: The change in the teaching orientation due to the adaptation to the new European Higher Education Area (EHEA), involved a remarking new education paradigm, moving from a learning content to an orientation based on learning results and development of competences. The introduction of the R statistical software in the Quantitative Finance subject lab-sessions implied a change in this vein. Among others, it strengthened the competences related with the learning of the contents of the subject. Moreover, among the different transversal competences (TC) and skills (a total of nine TCs), the following competences were chosen as checkpoints: Critical synthesis of information and the use of specific tools. Under the methodological vision of action-research and the critical observation of teaching in the subject we use the lab-cases and sessions in order to propose actual cases, therefore, we avoid the use of simple practical exercises. By means of the R statistical software the main goal was to reach the objectives of the proposed three lab-sessions.