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The main purpose of this research was to assess how the profitability and liquidity of the company "Central de Cooperativas Mineras Rinconada y Lunar de Oro Limitada" were impacted by COVID-19 between the periods 2018 and 2022. This study is classified as basic and explanatory in nature, and it is non-experimental. For data collection, the documentation technique and observation were used, and the company's Balance Sheet and Income Statement were analyzed. The results indicate that, based on the analysis of profitability through Return on Assets (ROA), in 2019, it showed a negative value (-0.21). In contrast, in 2020, it recorded a value of 78.02. On the other hand, the analysis of Return on Equity (ROE) revealed a value of -0.14 in 2019, while in 2020, a significant value was recorded in the ratios (65.01). Regarding the liquidity of the mining company, the Current Ratio in 2019 was 15.46, and in 2020, it was 0.78. Furthermore, the Quick Ratio values were 15.46 in 2019 and 0.78 in 2020. Conclusions: the mining company experienced a significant decline in liquidity; however, it managed to maintain strong economic and financial profitability. Although a company may be profitable, the lack of liquidity represents a significant risk. [ABSTRACT FROM AUTHOR]

Judgment 582/2023 of 20 April held that an investment agreement clause guaranteeing a new shareholder a minimum investment return constitutes prohibited financial assistance. The Supreme Court therefore confirms that the restrictive interpretation of a prohibitive rule does not extend, in particular, to interpreting the forms in which prohibitive financial assistance can be granted, which are open-ended under the Spanish Companies Law. [ABSTRACT FROM AUTHOR]

The paper's aim is to identify if Corporate Social Responsibility has an impact on the financial performance of non-financial companies listed on the Mexican Stock Exchange. For which, an index of corporate social responsibility is constructed using 12 indicators that include distinctives, certifications, adhesions, or actions of social responsibility in a sample of 101 companies for the period 2017 - 2019. The return on assets (ROA) and the return on equity (ROE) were the variables used to measure financial performance. The relationship between the variables was examined by means of a regression analysis with the panel corrected standard errors (PCSE) technique. The results were consistent with previous studies that indicate that there is a positive relationship between the variables. The foregoing is relevant for managers of Mexican companies since it provides evidence regarding the benefits of being a socially responsible company in an emerging country. [ABSTRACT FROM AUTHOR]

At present, the technical and economical pre-feasibility of electrochemical reduction from CO2 to ethanol is unknown. This creates the challenge of mitigating the environmental impact of greenhouse gases. This study presents a model to obtain fuel alcohol from carbon dioxide with Aspen Plus V11 simulation software, utilizing both, the experimental parameters established by Yuan (1), and the scaling of an industrial plant which processes 226.12 tonne of CO2 per day. The kinetic equation for the liquid phase of r_(CO_2 )=460.24 s-1 was determined as well as its conditions of operations, allowing the acquisition of 98.74% of conversion, 8.85% of selectivity, 99% v/v ethanol flow at 4,390.18 kg/h and hydrogen Flow at 1,828.96 kg/h. From the cost estimation, the viability of the project was determined with a 85.18% IRR and an investment return of 2.20 years after initiating the project. In conclusion, the use of an electrochemical process to produce fuel alcohol from carbon dioxide was found to be viable economically and industrially. [ABSTRACT FROM AUTHOR]

The case of berry production in the Los Altos Sur Region of the State of Jalisco, Mexico, is a sample of the alternatives of agricultural activity and the potential to contribute to the economy of the region, increasing in recent years; for this reason, the purpose of this project is to analyze the economic impact of the Berry production sector, describing the benefits of this activity to contribute to the development of the Altos Sur Region of the State of Jalisco; considering the benefits in general that the cultivation of red berries can bring in the region emphasizing, for example, the required investment, the return on investment, profit margin, weather conditions etc. and in this way expose the sustainability of the activity. From the above, he asks how the irruption of berries has changed agricultural activity, and what have been the benefits obtained? the results obtained show a favorable response to evidence an economic contribution, both for producers, for the region and potential growth. The methodology implemented was a combination of qualitative and quantitative methods, starting in the first instance with a selection of data from both official sources and later knowing the opinion of producers in the region through interviews designed to collect information based on their opinion and experience. [ABSTRACT FROM AUTHOR]

This research studies the assessment practices prevailing in Costa Rican public relations agencies. ^e methodology consisted of a mixed approach with triangulated analysis. It is shown that the most commonly used techniques do not show the changes, effects or impacts of the communicative activity on the target audiences, although they are presented as results of the effectiveness of the profession. ^e focus of evaluative practices is quantitative and prioritizes the level of outputs. ^e use of press monitoring, publicity, return on investment and compliance indicators, together with the analysis of social networks, are the main tools applied. ^e study identifies deficiencies in planning, an operational approach to the work and a lack of knowledge of evaluation methodologies. ^is coincides with experiences in other latitudes and could have an impact on the credibility and perception of the profession's contribution to organizations. [ABSTRACT FROM AUTHOR]

Agroindustrial waste has a high potential for use thanks to its varied chemical composition, which is evidenced by the diversity of existing alternatives for its subsequent reuse. In the present study, the design of a biorefinery is proposed with the use of sugar cane bagasse as biomass to obtain second-generation products, considering alternatives that consider the use of liquor and solid residual. The SuperPro Designer® v.10e program was used to carry out the corresponding simulations and determine the by-products of greatest economic interest, based on a comparison of indicators, such as: net present value (NPV), internal rate of return (IRR), period return on investment (PRI) and return on investment (ROI), provided by the simulator. The results showed that the xylitolpellets configuration is the most viable, considering that from an initial investment of $52,145,000, the biorefinery obtained a NPV of $122,612,000, an IRR of 34.14% and a PRI of 2, 1 year. In addition, a sensitivity analysis was carried out considering the different dynamic indicators, through the need for the unit sale price of xylitol. Finally, the economic analysis showed the viability of the production of xylitol and pellets with sugar cane bagasse. [ABSTRACT FROM AUTHOR]

The purpose of this research is to identify the equity effects associated with the implementation of IFRS 15 and the variations produced in the performance indicators of companies listed in the Colombian and Santiago de Chile Stock Exchanges. The methodology used is Gray's conservatism index, which is applied to the variations presented in the financial statements of the adopting entities. The results show a contrast of equity effects, since Colombian companies presented positive impacts in 70%, while only 21% of Chilean companies showed positive variation. Similarly, of the total number of entities analyzed, it was found that 9% of Colombian entities and 4% of Chilean entities did not include any information associated with the application of IFRS 15. [ABSTRACT FROM AUTHOR]

A study is carried out to improve the current process of glucose production by acid inversion from refined sugar that isdeveloped in the Argentine UEB located in Camagüey, usingSuperPro Designer v10.0 simulator. The plant has a simple technology, transfer from Czechoslovakia and an annual production plan of 250 t of glucose. For each 6 t of refined sugar, 1 t of glucose is currently obtained, caused by the low conversion in hydrolysis reaction. Two alternatives are presented to increase the yield of glucose production, both based on enzymatic hydrolysis and two different processes for glucose separation: Enzymatic hydrolysis + crystallization-centrifugation, Enzymatic hydrolysis + chromatographic separation. With the first alternative, glucose production increases 1,48 times due to the higher degree of conversion that can be obtained. For the second alternative, which involves the purchase of equipment, an economic evaluation was carried out using Hand's method, resulting in an investment cost of 5 640 000 CUP. The following economic indicators were calculated: the net present value that was positive, the period of recovery of the capital of 2,4 years, a period of recovery of the discounted capital of 3,4 years, an internal rate of return of 30 % and a return on investment of 41,1 %. These favorable indicators for alternative 2 and the increase achieved in glucose production with alternative 1 show that both are feasible. [ABSTRACT FROM AUTHOR]

The objective of this work was to establish a production technology proposal for Class I E150a caramel color for its installation in the San José rum factory, with the aim of avoiding the importation of caramel color that is used in rums. A plant was dimensioned for the production of 100 t/year, consisting of a preparation tank, a reactor, a final product storage tank and a pump. The program SuperPro Designer ver. 10.0 to obtain a simulation model of the proposed plant. The economic evaluation of the proposal was carried out using the Peters method, resulting in a total investment cost of 4,345,066 Cuban pesos. In addition, other indicators were calculated, such as the positive net present value, the capital recovery period of 1.9 years, a discounted capital recovery period of 2.7 years, an internal rate of return of 40% and a return on investment of 52.6%. [ABSTRACT FROM AUTHOR]

For tactical purposes or a strategic vision of the use of native advertising, media and brands must work together to establish indicators to reliably analyze Return on Investment. This qualitative research seeks to define, through in-depth interviews with 16 Branded Content Directors from 15 groups or media, the metrics used by brands to determine the effectiveness of these actions in the media. Understanding how the media and advertisers define KPIs is crucial to delve into the relevance of the phenomenon and its consolidation as an alternative to more intrusive advertising. [ABSTRACT FROM AUTHOR]

This paper aims to carry out a preliminary analysis of the arbitrage pricing theory in Argentine capital market, with special emphasis on inflation as a variable of interest for an emerging country, an underdeveloped financial market, and a period under analysis with inflationary trends and exchange market intervention. To that end, we work with a theoretical-empirical method. In order to formulate the model, we make a theoretical approach to the subject, based mainly on scientific articles that examine the relationship between the rate of return on assets and inflation. We focus our empirical analysis in an econometric study of the shares' performance of 19 companies listed on Argentinian capital market in the 2005-2014 period, and the associations with variables of interest, especially macroeconomic ones, also including some control tests with microeconomic variables. The main findings are robust about the effect on firms' performance of the following explanatory variables: risk-free interest rate, market performance, temporary effects of "hinge" periods and sector effects. However, the results are not determinant in reference to the effect of the inflation and the exchange rate variables on stocks' performance. [ABSTRACT FROM AUTHOR]

The production of algae in the Peruvian territory is mainly destined for foreign trade, one of them is Chondracanthus chamissoi, a red macroalgae which is demanded both for fresh direct consumption, as well as indirectly to be processed industrially. This resource presents a problem of illegal extraction in the Ica region, the same that has generated as a consequence the reduction of natural banks for formal fishermen organized through cooperatives whose income received comes in part from this activity. Consequently, the Southern Scientific University has established a laboratory that operates in the San Andrés-Pisco district, whose purpose is to guarantee the sustainability of C. chamissoi, therefore, the objective of this study was to determine the technical and economic feasibility of the production of seedlings of this alga from a system of sporulation and spore settlement in the hatchery, through the use of tools such as cost structure, income estimation, cash flow, and calculation of NPV and IRR. The results obtained from this analysis in an expected scenario, using a time horizon of 10 years, show a positive NPV of S / 260,938.66 and an IRR of 33%, whose percentage indicates the high return on the investment made, concluding the convenience of executing the project for the generation of profitability, considering the implementation of strategies to meet market needs. [ABSTRACT FROM AUTHOR]

In this work, a study is carried out to propose the inclusion of a mannitol line in the "Ignacio Agramonte" Base Business Unit (UEB), using fructose as raw material, considering the great availability of fructose in our country in comparison to glucose, which currently presents reserve problems. With this, economic benefits are obtained from the sale of a greater quantity of sorbitol and the inclusion of mannitol to the national market. The main advantage of this proposal is that the economic losses due to production stoppages (lack of glucose) and import of sorbitol or mannitol are partially eliminated. The economic evaluation of the proposed system was carried out based on Hand's method, resulting in an investment cost of 81 000 CUC. Other indicators were also calculated such as the net present value that was positive, the capital recovery period of 2,46 years, a discounted capital recovery period of 3,42 years, an internal rate of return of 29% and a return on investment of 40,6%. [ABSTRACT FROM AUTHOR]

In this work two alternatives are presented: 1) based on making changes in the operational parameters of the plant without making an economic investment and 2) based on the purchase of fans for the crystallization process with economic investment, to increase the yield in the process of glucose production in the Argentine UEB located in the province of Camagüey, since it has a simple technology, the result of a technology transfer from Czechoslovakia and with an annual production plan of 250 tons of glucose. With the objective of evaluating this glucose plant, the SuperPro Designer v10.0 program was used to obtain a simulation model that allows proposing alternatives to solve the problems detected, other than seeing the quality and performance of the process. The economic evaluation of the alternative that involves an investment was carried out using the Hand method, resulting in an investment cost of 27,000 CUP. The following economic indicators were calculated: the net present value that was positive, the capital recovery period of 2.5 years, a discounted capital recovery period of 3.46 years, an internal rate of return of 29% and a return on investment of 40.1%. These indicators show that the alternative is feasible. [ABSTRACT FROM AUTHOR]

Every Atonomous Community in Spain has promoted nature tourism and rural tourism in the villages furthest from the centers and axes of urban development as an economic activity that could replace traditional agro-livestock activities and that would halt emigration bleeding. However, the data analysis shows that many of these places have barely sparked the interest of potential visitors and that the return on investment is at least questionable. In this communication, the tourist supply and demand of the so-called Emptied Spain is analyzed, taking into account the sustainability in the process of transformation into a tourist destination and the territorial resilience of abandoned spaces, although ancient inhabitants had strong objective and subjective relations with those places. [ABSTRACT FROM AUTHOR]

This research has carried out a systematized bibliographic review to analyze how the return on investment (ROI) in communication, and specifically in public relations, has been theoretically treated. The financial measurement of communication outcomes represents a topic of great interest for the academic community because organizations need to know the real results of their communication efforts. At the same time, economic measurement turns out to be a variable that can be understood by the management of the organizations and allows them to know where the money is being spent. However, despite more than forty years of theoretical work, a homogeneous nor globally accepted solution has not yet been achieved. The bibliographical study of the return on investment in communication, and especially in public relations, shows the difficulty of turning the success of the activity of public relations professionals into money. On the one hand, there is no doubt that the ROI is directly related to financial data; on the other hand, in communication it is usual to introduce non-economic values to evaluate the results achieved. The bibliographical results indicate in the first instance that, on a quantitative level, the economic aspect is predominant in the calculation of the ROI (96.3%). In this context measurement by equivalence in advertising (AVE) is an economic model as used by professionals as it is rejected by researchers. It is based on comparing the cost of a presence in the media with the equivalent cost if it were advertising. Nevertheless, this model is criticized for the differences between advertising (a completely controlled message) and publicity (a message that is altered by the media). However, taking the previous works about the subject, it can be said that the evaluation of public relations actions can be dealt with from the perspective of opportunity cost: the loss of other alternatives when one alternative is chosen. In this way, the evaluation of the cost of a traditional advertising action can be compared with the cost of other options available to public relations professionals. For example, native advertising is a resource of public relations teams whose cost can easily be compared to traditional advertising. Native advertising is a paid promotion that matches the audience's consumption and contains information of interest to the advertiser. Hence opinions that reject the advertising equivalence measurement (AVE) are not justified when the product generated by public relations has the characteristics of native advertising because in both cases (advertising vs. native advertising) the professional can exactly compare the investment made with one instead of the other. [ABSTRACT FROM AUTHOR]

To determine the convenience of investing in more years of education after graduating from high school, the aim is to analyze a scenario under uncertainty as well as the household valuation of risk given the US subprime bubble. By using real option value and expected utility the main results are: 1) The optimal choice is to invest in more years of education immediately after graduating from high school; 2) The expected utility of investing is higher for risk-averse households and 3) No important differences were found in the observed periods, except with the reduction in wages between 2009 and 2013. [ABSTRACT FROM AUTHOR]

Los mileniales alcanzaron la mayoría de edad en medio de una gran incertidumbre económica y mercados financieros volátiles. Enfrentan un conflicto entre el bajo riesgo que están dispuestos a asumir por sus inversiones y la necesidad de obtener alto retorno para financiar su jubilación. [ABSTRACT FROM AUTHOR]

This project has been conducted at the Dairy Products Company of Ciego de Avila, with the purpose of estimating the investment necessary for a new line for the production of yogurt, based on an alternative that contributes to reduce heat losses, energy consumption and risks to the safety and health of the job. The new technological flow proposed, based on a new microlocalization, is viable and projects favorable criteria of effectiveness, economic efficiency of the investment and distribution in plant. The new distribution of the production line implies a technological investment that amounts to 118 349.5 pesos. The economic indicators of the inversion's efficiency, estimated for a 10-year scenario and less favorable prices of products, are competitive, reporting a net present value of $ 36 019.05, a positive amount, and an internal rate of return of 10.09%, higher than the interest rate of the National Bank of Cuba. [ABSTRACT FROM AUTHOR]

The inclusion of the Expected Return into the rules governing the insurance regulation in Spain may be considered as an important step to improve the transparency of the insurance system. The implementation of the Expected Return will allow to carry out the comparison, in terms of profitability, between insurance products offered by different companies. One of the objectives of this paper is to propose the methodology that should be followed for the calculation of the Expected Return, so that this indicator fulfills its main purpose: to compare different insurance products. The second contribution of this paper will allow to analyze the impact that the change in the premium value has on the Expected Return, so that it can become a new element to be considered by insurance companies. [ABSTRACT FROM AUTHOR]

In this paper we explain using a real example of a fast consumer good the construction of a Marketing Mix model for calculating the return on marketing investment (ROMI) as a metric of profitability and the calculation of economic value added of marketing (EVAM) as a metric of shareholders value creation. We propose a novel approach for estimating the coefficient λ of the Adstock model using impulse response functions. We measure the return of short-term advertising and its combination with long-term using as a variable brand awareness measured with a tracking throughout the entire period analyzed. The result of the analysis indicates that short-term advertising has a negative return which happens to be very positive when we consider the combined effect with brand awareness. [ABSTRACT FROM AUTHOR]

In this paper the conditional dependence of stock market in Mexico and the United States is studied. Symmetric Joe-Clayton copula is used and conditional probabilities of increases (decreases) in Mexico stock index when there are increases (decreases) in the U.S. stock index are estimated. For the marginal distributions, AR-TGARCH and AR-EGARCH models with a standardized Student's t distribution for innovations are proposed. Empirical results suggest that there is a high degree of conditional dependence in the tails, presenting higher volatility on the upper (right) tail throughout the period. [ABSTRACT FROM AUTHOR]

Among the several financial theories related with the optimal portfolio selection, Black-Litterman proposal is the only one that considers the future expectation of investors over the assets that are being considered in the portfolio allocation problem. This works presents the Black-Litterman portfolio proposal as a tool that improves the optimal portfolio selection and also shows how the results obtained with this model could be used as an input to the classical Markowitz portfolio selection model. Besides the theorical presentation of the Black-Litterman portfolio model, a portfolio analysis over the COLCAP index in the Colombian Capital Market is presented, in this case the expectations of investors are taking into account and the results obtained from the Black-Litterman model are used to improve an optimal portfolio that consider the previous expectations under the Markowitz portfolio selection model, either under minimum variance and maximum return optimization. [ABSTRACT FROM AUTHOR]

Shareholders of mining projects increasingly seek to obtain the best return on investments by industry exploitation of nonrenewable. The cutoff grade (COG) has become so in the decision parameter that determines the economic viability of a project. In this article we examine the (COG) of a hypothetical mineral deposit optimum which aims to maximize the net present value (NPV) of the operation, determining how it affects change in mine planning. The work is developed using the algorithm proposed by Lane (1964) as a methodological foundation. Moreover, it is a literature review of work on the topic, which served as a guide for the preparation of this document. Based on the tenor-tonnage distribution of a mineral deposit is obtained hypothetical operating plan of the mine with the COG obtained implementing a variation of the original algorithm. Finally, conclusions are presented concerning the production plan and the NPV of the mine, obtained by comparing the results obtained with this approach and those obtained using the traditional method for calculating COG. [ABSTRACT FROM AUTHOR]

El artículo discurre sobre el concepto de las inversiones en los modelos de las Necesidades Operativas de Fondos (NOF), fondos requeridos para la operación de una empresa. El autor comenta sobre los métodos para calcular la rentabilidad de inversiones y describe la idea del cash flow.

In this paper we analyze the historical returns of the companies listed on the Colombian stock exchange, from January 2004 until June 2012, in order to determine the possible presence of a risk premium in smaller companies relative to larger ones. This premium is known as Size Effect and it has been found that it is significant after adjusting of risk by Capital Asset Pricing Model. The results obtained in this work for the stock market in Colombia do not show the presence of an additional risk premium due to the size of enterprises, rejecting both size effect and reverse size effect. [ABSTRACT FROM AUTHOR]

This study analyzes the costs incurred on an intensive silvopastoral system (ISS) based on Leucaena leucocephala on gravity fed irrigation soil, and the economic benefits that are generated in this type of systems, all this in order to evaluate the economic profitability of the investment and to make a comparison between the ISS and the conventional ones (40% grass monoculture Tanzania Panicum maximum, 30% of forage sorghum sorghum vulgar under a cutting system and 30% of rangeland with native grasses). The feed for dual-purpose Swiss cattle was complemented in the ISS with polished rice at the rate of 1.50 kg/ day per cow during milking, while the traditional system used 3.50 kg/day of commercial feed by milked cow. The results showed an Internal Rate of Return (IRR) for the ISS of 13.30% and a Net Present Value (NPV) of 10% with a positive balance of $2'202,170 (Mexican pesos) while the traditional system obtained an IRR of 0.7% and a NPV of 10% with a negative balance of -4'717,022 (Mexican pesos). When switching from the conventional system to the ISS the productivity and profitability of the ranch incremented and turned it into a lucrative business. [ABSTRACT FROM AUTHOR]

Cultural services, and specifically libraries, must justify to society -and to governments- their social and economic performance. They must prove they are not an expense but rather an investment that yields net benefits with a return on investment (ROI) that in some cases can reach 4.5%. Five methods to calculate the value of library services, and some Spanish initiatives with this purpose, are described. The conclusion is that information services have plenty of annual activity data, but the lack of knowledge about the necessary methodology limits the capacity to exploit these data. [ABSTRACT FROM AUTHOR]

This study evaluate the economic attractiveness of an investment in photovoltaicenergy for a typical family. Based on the Net Present Value and the Internal Rate of Return we established that the success of this type of family-scale projects is strongly affected by the amount of the initial investment and the reinvestment. As a final result, the projects were not profitable even after a sensitivity analysis of critical variables, which included the existence of subsidies from the Government. This seems to explain why when purchasing this equipment through a subsidy, it is common to see that users do not perform the necessary reinvestments and end up abandoning them. [ABSTRACT FROM AUTHOR]

El regreso del PRI a la Presidencia tomó por sorpresa a quienes tenían la expectativa de que el candidato de izquierda fuera quien ascendiera finalmente al poder. No obstante, como la autora intenta demostrar a continuación, las probabilidades de que Enrique Peña Nieto llegara a ser el Primer mandatario del Estado mexicano eran casi totales, ya por la estirpe política de la que desciende, ya por su formación y carácter. Es así que esta amena semblanza biográfica del actual presidente de México ofrece información quizás importante para comprender el resultado de las elecciones de 2012. [ABSTRACT FROM AUTHOR]

In contrast with other financial institutions in Spain, Saving Banks play a social function as well as a financial function, Considering this fact, and the limited evidence up to date, our paper aims to make an in-depth study of the Corporate Social Responsibility (CSR)-financial performance relationship in this sector. More specifically, the main goal is to analyze such a relationship in both directions, trying to overcome the major limitations of previous studies. After employing different panel data methods (1996-2006), results showed a negative interactive relationship between CSR, measured as «obra social» -- a CSR practice that incurs a cost for the Saving Banks -- and financial performance, measured as ROA (return on assets) and ROE (return on equity). Consequently, results support the negative synergy hypothesis in Spanish Saving Banks. [ABSTRACT FROM AUTHOR]

Systems theory states that livestock production is dependent on the environment and goals and objectives of the system itself. Therefore, family systems of bovine milk producers (FSBMP) are considered as parallel systems: those in which there is a symbiosis between man and animals and relationships are only affected by environmental factors. The aim of this research was the characterization and schematic modeling of a FSBMP in the region of Ciénega de Chapala, Mexico. For characterization of FSBMP we used general theory of systems methodology and for modeling, a black box approach to integrate criteria such as: (a) internal consistency of the system, (b) interdependence of the system's components. As a part of characterization, the type of producers was established and milk production was determined by simple random sampling (50% of the herd), milk being weighed at 7-d intervals during 180 d. Data were analyzed using mixed models with repeated measurements methodology. The inefficiency of the FSBMP analyzed (3 416 kg of milk per 305-d of lactation) was attributed to limited formal education of the producer (basic level), which was associated with inefficiencies in administration and in assimilation of technological packages. Milk production presented an abnormal lactation curve and was not affected by the time of year (P > 0.05). In conclusion, efficient functioning of the FSBMP was limited more by knowledge of the producer about the animal component than by the environment in which the system operates. [ABSTRACT FROM AUTHOR]

Este artículo aborda teórica y metodológicamente la problemática de la estimación del lujo de valor correspondiente a la actividad no capitalista en la economía mexicana durante 1970-2003, fundamentalmente la de carácter mercantil simple, que no utiliza trabajo asalariado. Partiendo de la perspectiva del modo de producción capitalista y la medida de sus categorías económicas, como la estimación de la tasa de ganancia promedio, se lleva a cabo una propuesta para cuantificar el excedente correspondiente a la actividad no capitalista que debe excluirse de los cálculos. Para ello se justifica un método basado en las microunidades empresariales en lugar de asignar un ingreso representativo a los trabajadores por cuenta propia, dados los problemas que surgen de las estadísticas disponibles. De esta forma se puede analizar la composición del excedente en México y mostrar la incidencia que tiene este ámbito sobre los cálculos de la tasa de beneficio. [ABSTRACT FROM AUTHOR]

The economic value creation is something that affects all companies, that is why, it is crucial to establish , for which purpose, there are a variety of procedures. Among which, especially the method of economic value added (EVA), which can compare the yield of investment to its financial cost. This methodology is very useful, but its definition does not distinguish EVA from the business effects with EVA generated results, so in this article we propose a new way to determine the EVA that allows differentiation and the EVA distinction created by many results achievable by the company. Finally, an explanatory case it is presented to demonstrate if the new proposal it is applicable or not. [ABSTRACT FROM AUTHOR]

The aim of this paper is to analyze how bidder shareholders value the announcement of Mergers and Acquisitions (M&As), examining the influence of the legal and institutional environment of the firms. On average, European bidder shareholders obtain a positive abnormal return of 1.41 % around the announcement date of Mergers and Acquisitions (M&As). [ABSTRACT FROM AUTHOR]

The literature on behavioral finance suggests that research findings on the psychology area might be helpful to understand several eatures of financial markets. Our study fits into this current. We draw on sleep research and address the question if sleep disruption has any effects on the stock market. We use daylight-saving time changes as a proxy for sleep disruptions. Our sample includes three Latin American markets: Chile, Brazil and Mexico. We find that, after controlling for the weekend (or Monday) effect, there is no significant relation between stock returns and daylight-savings time changes in our sample. [ABSTRACT FROM AUTHOR]

This revision article aims to describe and analyze inverse logistics from a conceptual focus, for processes and applications at both national and international levels, including the relation with the green supply chain. The method used was the revision and analysis of scientific books and articles, plus study cases related to the subject. The results are helpful to identify the importance of inverse logistics as a strategy for supply chains and national and international companies to protect environment and manage returns in an appropriate way, operating efficiently and recovering product value by the use of recycling processes, re-use and disposal, among others. On the other hand, decrees and norms to regulate waste management are observed in Colombia. [ABSTRACT FROM AUTHOR]

Introduction. As a measurement to reduce weather change, in 1997 the Kioto protocol was adopted, obligating developed countries to reduce their emissions in the 2008-2012 period and establishing flexibility mechanisms in order to help those committed countries to achieve their objectives. CDM is intended for those countries not obligated to reduce emissions, helping them to develop environmentally friendly projects to reduce green house gas emissions. Objective. To make a revision about CDM and remark the fact that by the use of this mechanism, industrial, energy and forest companies have great opportunities to grow, obtaining a source for extra income. Materials and Methods. An analysis with statistics and empirical evidences available at Centro Nacional de Producción Más Limpia y Tecnologías Ambientales and UNFCC was made. This is secondary information from the companies that have implemented CDM recently. Results. This article is a valuable information source about the opportunities provided by CDM to strengthen the balance between companies and the academic sector. Conclusions. CDM aligns the objectives ffor which it was designed: First of all, gives developed countries a mechanism to meet their commitment of reduction, at a lower cost; on the other hand, developing countries receive investments and technology transfers, thanks to clean technology based projects and, finally, there is a contribution to accomplish the objective of the Convention on Weather Change: The stabilization of the green house gases emission. [ABSTRACT FROM AUTHOR]

This paper focuses on the analysis of forecasting models of financial returns. Particularly, the CAPM Model, Reward Beta Model and the Three-factors Model of Fama & French are studied. Through this analysis, the aim is to determine what Model explains better the outcomes of the returns of the China's Shenzhen Stock Exchange. Tests are performed under the portfolio formation procedure, following the methodology of Fama & French (1992, 1995, 1996), and the two-step regression used by Fama & MacBeth (1973), adapted in the devolving of the Beta Reward Model (Bornholt, 2007). After the analysis, it is concluded that the best forecasting Model of returns for the Shenzhen Stock Exchange is Three-factors Model of Fama & French. [ABSTRACT FROM AUTHOR]

El artículo discurre sobre los aspectos económicos del desarrollo e implementación de proyectos de innovación tecnológica. Los autores comentan sobre la importancia de un análisis costo-beneficio, con un enfoque en la asignación de recursos. También se considera el uso del retorno sobre la inversión para evaluar los proyectos.

This article is the result of a research that develops a model related to the determination of the rent on a leasing vehicle contract and the valuation of the call option that gives the lessee the right but not the obligation to buy the used car at the end of the contract at a specified price. We used models proposed by [1] and by [2] in three brands of vehicles in Colombia for the period between January of 2004 and December of 2007. The analysis of the time series of returns of the prices vehicles displayed an ARMA process. We also developed further tests to identify possible ARCH effects in the series of returns of prices of the vehicles analyzed. The estimation of the value of the option to purchase the vehicle at the end of the leasing contract is done by the implementation of the model of Black Scholes and Montecarlo Simulation. [ABSTRACT FROM AUTHOR]