TÍTLE: COVERAGE STRATEGIES WITH DERIVATIVE FINANCIAL PRODUCTS: VUELING CASE
AUTHORS: José Ignacio RUBIÑO RUIZ, Carlos SANCHÍS PEDREGOSA
ABSTRACT: The present work tries to solve the commodities risk. We will see how, from a hedging perspective, derivative financial products can be used to avoid and transfer risk. In particular, we will delve into the financial options and we will take the theory into practice with real data through the case of the Vueling company. We will discover that the survival of the airline depends to a large extent on the correct management of said risk, since its degree of exposure is very high. To solve this situation, we will propose various strategies and analyze their results.
TÍTLE: MACROPRUDENTIAL ASPECTS OF THE BANKING UNION
AUTHORS: Urbano LÓPEZ FERNÁNDEZ
ABSTRACT: The present paper addresses the main macroprudential aspects of the Banking Union, that arose as a reply to the European sovereign debt crisis. After the Great Recession, at international level, a certain consensus was reached regarding the necessity to set out and implement this kind of macroprudential regulation to achieve a robust financial sector. Because of this, from this perspective, each of the fundamental pillars of the Banking Union is analysed, just as its single rulebook, to check if it is in existence and, in this case, if it is sufficient. Equally, some financial indicators are studied to check if regulatory changes are reflected in the data, in the full knowledge that the new mechanism has been in place for a short time. Finally, some ideas and proposals are suggested to improve several macroprudential elements of the Banking Union.
TÍTLE: EFFICIENT CASH MANAGEMENT AS A SOURCE OF PROFIT
AUTHORS: Roberto CERVELLÓ ROYO, Carlos NAVARRO ENGUIDANOS
ABSTRACT: The 2008 crisis outlined the great importance of treasury departments in companies and the change of mentality towards proactive and non-reactive management. In this work, a detailed explanation of the centralization system of the treasury, also known as cash pooling, is carried out. Nowadays this system is used by numerous companies worldwide, especially large companies with an international focus. Finally, information and communication technologies are of great importance within the company, especially in treasury management. The paper is illustrated by the case study of a water management company.
TÍTLE: PATENTS AND PUBLIC HEALTH
AUTHORS: José Miguel CORBERÁ MARTÍNEZ
ABSTRACT: Tensions are now known between the interests of holders of patent rights over medicines and those of other groups, especially in developing countries. This work tries to deepen these interests from a point of view, mainly legal, which is accompanied by comments of an economic nature, while identifying possible legal and institutional ways to alleviate the negative social consequences of the current system. To this end, the conflicts generated by patents in the context of public health and, specifically, in relation to access to medicines, will be described, to then address the role of intellectual property systems and the concept and scope of public health. Finally, various legal channels will be presented to reconcile the affected interests and possible programmatic and institutional measures.
TÍTLE: FUZZY LOGIC, PARITY THEORIES AND TWO CURRENCIES VALUATION FOR EMERGING MARKETS WITH DE DISCOUNT CASH FLOW MODEL
AUTHORS: Gastón S. MILANESI
ABSTRACT: The discount cash flow model must incorporate, in emerging economic systems, a conceptual framework for the inflation and valuation in two currencies treatment. The start point are the parity theories and Fisher effect, adding fuzzy logic for project uncertainty variables: interest rates, inflation, exchange rates and quantities, becoming one of its main contributions. The structure of the paper as follows: they are developed the parity theories and model´s equation at the fuzzy logic framework. Its functioning is illustrated with case of a firm located in an emerging and inflationary economy like Argentina, using spreadsheets. Finally, the results obtained showed the consistency with the parity theories, adding fuzzy logic for the uncertainty treatment, at the comprehensive framework of discounted cash flow model in two currencies.
TÍTLE: THE USES OF FINANCIAL TOOLS IN A SAMPLE OF URUGUAY FIRMS
AUTHORS: Margarita ROLDÓS, Alejandra BLANCO, Mauro de la VEGA, Natalia LEGAZCUE, María NELA SEIJAS, Juan JOSÉ GIRADINI, Ramón ÁLVAREZ, Elena VERNAZZA
ABSTRACT: We survey a sample of the Uruguay firms in the business sector, about the use of financial instruments as: Debt Structure, Net Value Present, Internal Rate of Return, Payback Period and other capital budgeting instruments. We follow the line research o Graham & Harvey (2001) and others works that replicate the same line. Using a logistic regression model, we arrive to the result that use of the financial tools is limited, results that are in sintony with other emerging economies. We observed that use of the financial tools is related with the size of the company, the setting of a debt target, the level of education and training, as well as the seniority of the person responding, as explanatory factors of greater use of the selected tools.