INVESTMENT THEORY

Author: Úbeda Sales Ricardo Vicente.
Year: 2003.
University: RAMÓN LLULL.
Place of defense: Facultad de Economía IQS.
Place of preparation: Facultad de Economía IQS.

Summary: Thesis: "The 'home bias" in Spain 1992-2002. An explanation based on asymmetric information "international capital flows have been growing more remarkable that in the last two decades. Its effects on developed economies and the developing economies have been beneficial at times and at other times have had negative consequences. Nobody can deny to this day, economic policies, business strategies and decisions of the operators must take into account the magnitude , direction and impact of these flows. "Among these flows, investment portfolio has been that, globally, there have been higher growth in terms of volume and have shown greater dynamism, causing or helping some of the crises financial the 90s. Against this background, Spain has enjoyed since 1992 with the full free flow of capital, but it was not until 1995-6, when these flows have shown significant quantities. "Despite the risks that might be involved in the free flow of international capital, it shows investors a number of advantages such as the optimal location of their resources in terms of risk and performance and reducing the cost of capital. Sin however, the advantages of being able to make investments in portfolio internationally, it is used in a manner residual part of investors, whether individual or institutional. investment, which, according to Markowitz, or any theory of portfolio diversification should keep on the outside the Spanish investors, is far superior to the ones shown at the present time, thus missing one of the great advantages of international investment. this phenomenon has been called "home bias." This raises doubts about the rational investors assumed as a basis of the classical theories of finance. The explanations offered by different authors to "home bias" have been numerous, usually based on the rationality of the investor. Of all the explanations given, which seems to have more theoretical and empirical support is based on asymmetric information between investors from both countries. "This work shows the benefits of international diversification from the point of view of an investor resident in Spain, the" home bias "that show their investments, the explanations to the phenomenon and its weaknesses applied to the case of Spain. Lastly, This paper describes the assumptions based on asymmetric information as an explanation, based on the low "familiarity" that investors have with foreign markets. To show the validity of this hypothesis is an empirically applied to the case of Spain between the years 1992-2002.

Author: MORENO SÁNCHEZ JUAN.
Year: 2004.
University: RAMÓN LLULL.
Place of defense: FACULTAT D'ECONOMÍA IQS.
Place of preparation: FACULTA D'ECONOMIA IQS.

Summary: The Spanish economy has presented over the past two decades about growth rates and investment clearly above the average of other European countries. Additionally, although we now consider Spain an economy matures, this status has been achieved mostly over the past few years thanks to several factors, among them can highlight the spectacular development of its financial system and the international economic integration Spain. This new competitive environment has undoubtedly influenced the industrial sector and Spanish differently depending sectors, because it has represented a new range of business opportunities and threats. In any case, it is a very interesting to analyze financial policy delas Spanish industrial companies, its possible links with macroeconomic developments, and potential asymmetries in the credit markets and capital for certain groups of companies. The first objective of this research project is to study and classification of financial systems and its decisive role in the growth of economies. This analysis is based on an extensive literature review and culina in a descriptive study of the Spanish financial system and its evolution in recent years. Second, it reviews the existing literature on the financial constraints of industrial enterprises and information asymmetries in the markets for debt and equity. Contrary to what the classical theory, the capital markets are not perfect, and there is a hierarchy of the sources of financing for enterprises in terms of cost and accessibility. Most cases analyzed by country and type of companies are conclusive in favor of this theory, and show that there are groups of companies with more financial constraints accused whose investment is more dependent on self-help. Once solved the theoretical and methodological framework of the investigation deals with the last and most important part of the work, which consists of the empirical study of the financing of industrial enterprises Spanish aggregated data from the Central Bank Balances Spain. There are differences in the financial structure of firms by size or sector, and identifies trends that can be linked to developments in the economy. Finally, it identifies differences in the financing of the various groups, and demonstrates the existence of financial constraints in the Spanish industrial companies, through the study of multiple regression equations based investment neoclassical models and accelerator.

Author: GUIVERNAU ESCUER JOSEP MARIA.
Year: 2004.
University: RAMÓN LLULL.
Place of defense: ESCUELA SUPERIOR DE ADMINISTRACIÓN Y DIRECCIÓN DE EMPRESAS ESADE.
Place of preparation: ESCUELA SUPERIOR DE ADMINISTRACIÓN Y DIRECCIÓN DE EMPRESAS ESADE.

Summary: The study of corporate flexibility from the perspective of the real options can identify some problems: a. Flexibility is not yet a fully mature concept: immediate task is to identify the basic dimensions that it comprises. B. The real options and corporate flexibility are undoubtedly despite conceptual limitations, two related concepts: development and the arguments of the first suggest that there is an integration goes both fields: however, their relationship is not well studied and his characterization in the current literature seems more the result of the immediacy based on a simple evidence. C. In mediad that reaches our analysis, there is no technical or any tool that enables study the relationship between these two concepts, so their connection is subject only to the evidence intuitive. From this basis, the objective of this research are. 1. To conduct a thorough review and detailed design of the current business dela flexibility in the existing literature with the intention, first, to have a better cauterization, secondly, allowing its valuation through the real choices. 2. Revise the paradigm of the real options to highlight the main points of their nature and identify those that will enable us to establish better links with business resilience. 3. To check the relationship between corporate flexibility and real options: in a way that allows us to dilucidad on its ability to capture the value of corporate flexibility. 4. To determine whether real options that exist in the literature are sufficient to representation and proper assessment of corporate flexibility. 5. Trying to establish a clear and specific definition of the relationship that is established between the two concepts.

Author: PÉREZ-CARBALLO VEIGA JUAN FRANCISCO.
Year: 2004.
University: SAN PABLO CEU.
Place of defense: FACULTAD CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.

Summary: It deals with the estimation of the risk premium in Spain, United States, the countries integrated and segmented and parima global market. It calculates the premium historical or ex post for the first two countries and apply different models based on the expectations of investors to estimate the premium ex ante. Along with models derived from existing financial paradigm, linking parima risk with the theory of financial behavior, offering a formula derived from the assumptions of this theory. Finally, he examines the temporal variation of the risk premium and its explanatory factors.

Author: BRAVO SELLÉS MILAGROS.
Year: 2006.
University: POLITÉCNICA DE VALENCIA.
Place of defense: Universidad Politécnica de Valencia.
Place of preparation: Universidad Politécnica de Valencia.

Summary: Considered in this investigation three critical problems in the process of selective portfolios, for which there are currently no standard solutions. The first problem concerns the counting of returns, which can in principle be addressed with different techniques and statistical clustering ls daily prices in different peíodos. Our analysis of a sample of 253 assets (funds provided by a German manager) shows that the weekly period without statistical manipulation is the best alternative from a criterion for a decision under uncertainty optic moderate pessimism. Other problems relate to the selection of portfolios, as a reference point for the market (benchmark), and with future scenarios market defined by a blue chip index. Applying a model multi recent literature (stochastic goals), which combines the advantages of flexibility own logic fulfilling the advantage of ensuring efficient portfolio risk multi-escenario, the selection process on the 253 funds included in the package of opportunity leads for consistent results, both systematic risk with total risk. The thesis is structured as a scientific article length slightly larger than the standard, providing basic information and detail calculatorio in 33 appendices with numeric tables and descriptive

Author: TARRADELLAS ESPUNY JOAN RAMON.
Year: 2006.
University: POLITÉCNICA DE CATALUÑA.
Place of defense: Aula 28.8 de l'ETSEIB.
Place of preparation: Edifici C5 DESPATX: 003, PLANTA 0 ND.