Traditional project valuation usually overlooks the important risk analysis process because it relies in the complete market assumption. In a complete market it will be possible to either find twin securities or elaborate a dynamic investment portfolio to replicate the project risk and payoff in...

En este trabajo, se argumenta que para valorar empresas o proyectos de inversion (inversiones reales) en mercados emergentes es necesario considerar cinco caracteristicas que poseen estos mercados: la existencia de rendimientos bursatiles muy volatiles, la carencia de informacion historica...

En la actualidad es innegable la importancia del riesgo pais y del riesgo soberano como indicadores para monitorear la percepcion de riesgo de los inversionistas internacionales y para que empresarios extranjeros y locales evaluen su nivel de exposicion a este riesgo total al invertir en...

Since the 1990's there have been several proposals worldwide concerning environmental reporting, but few of them are related to environmental reporting through financial statements. Nowadays there is still a need for a proposal that encompasses key environmental concepts, underlying principles,...

This paper studies the relationship between ownership concentration, family ownership, management, and market and accounting performance for 59 industrial firms listed in the Lima Stock Exchange. Data go from 1999 to 2005. We find an inverse U-shaped relationship between ownership concentration...

Spanish Abstract: En este estudio se estiman los costos de transacción asociados a la liquidez intradiaria de acciones que pertenecen a seis mercados accionarios latinoamericanos (Argentina, Brasil, Chile, Colombia, México y Perú) durante un periodo de seis meses (Julio 2009–Enero 2010). Se...

This paper contributes to the current literature of mergers and acquisitions (M&As) by studying the existence of waves and the determinants of M&A activity in the economies of Argentina, Brazil, Chile, Colombia, Mexico and Peru. From a sample of 2,490 M&As announcements reported by Thomson One...

In contrast to research studies on developed markets, there is scarce evidence about the relationship between firms' economic and environmental performance in emerging markets. In this paper, evidence is provided for such a link by showing that publicly traded firms at the Lima Stock Exchange...

This paper surveys three methods for testing the weak form of market efficiency: the autocorrelation coefficient, the variance ratio, and the lead-on-the-lag regression. All of them have different strengths and limitations, so they provide complementary insights about market efficiency. The...

La serie de crisis financieras internacionales de la segunda mitad de la decada de los noventa, como las de Asia Oriental (1997), Rusia (1998) y Brasil (1999), causaron, entre otros aspectos, una situacion de iliquidez en el sistema financiero peruano, racionamiento crediticio y recesion...