On April 16, 2012 the Argentine federal government decreed the intervention of YPF. The share price of YPF fell 29% the next day. Two weeks later (May 3), the Argentine Parliament approved the expropriation of 51% of the YPF shares owned by Repsol. Repsol had a 57.4% stake in YPF. YPF was the...

Company valuation using discounted cash flows is based on the valuation of government bonds: it consists of applying the procedure used to value government bonds to the debt and shares of a company. This is easy to understand (sections 1, 2 and 3). But company valuations are often complicated by...

Empresa A firmó, el 27 de febrero de 2008, un contrato de crédito de 800.000 euros por el que pagaría a Banco B el tipo euríbor más un 1% anual (véase la Figura 1 del caso). La empresa A invertía en plantas de energía solar fotovoltaica. Con este crédito, Empresa A tiene lo que se...

Economics-based models typically overlook management decisions and firms' capabilities. We develop a model that puts firms at center stage by simulating the aggregate behavior of a population of firms resulting from specific management decisions. The model features a learning process that...

Management control systems (MCS) are designed to achieve the greatest possible goal congruence, where people pursue personal goals that are conducive to the organizational goal. Use and design of MCS are crucial aspects for achieving goal congruence, but they are thought to be contingent to...

Management control systems are intended to motivate managers to ensure that organizational goals are accomplished. They do this by rewarding and promoting people according to certain criteria. Usually, they are designed to achieve the greatest possible goal congruence, where people pursue...

Este documento contiene 28 preguntas sencillas de exámenes de finanzas. También contiene sus soluciones y 950 respuestas erróneas que, por respeto a sus autores (todos ellos poseían títulos universitarios superiores de diversos países), se denominan soluciones "innovadoras", "progresistas"...

This paper contains the statistics on the equity premium, or market risk premium (MRP), used in 2012 for 82 countries. We got answers for 93 countries, but we only report the results for 82 countries with more than five answers. <p>Most previous surveys have been interested in the expected MRP, but...</p>

La rentabilidad media de los fondos de inversión en España en los últimos 10 años (1,3%) fue inferior a la inversión en bonos del Estado a cualquier plazo y a la inflación. Sólo 40 fondos de los 1.154 con 10 años tuvieron una rentabilidad superior a la de los bonos del estado a 10 años....

En el periodo de diciembre de 2001 a diciembre de 2011, la rentabilidad del IBEX 35 fue del 4,3%, y la de los bonos del Estado a 10 años, el 5,13%. Entre los 532 fondos de pensiones con 10 años de historia, sólo 2 fondos superaron la rentabilidad de los bonos del Estado a 10 años; sólo 3...