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Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2021-2022 Portfolios constructed on the basis of fundamental metrics have been the subject of research over the years and are an area of great interest in portfolio investment.They have been constructed according to the Market capitalization and the naïve portfolio. Moreover, They have been studied and analyzed by different economists as well as compared by investors with the recurrent and most used portfolios. Since there has been a growing interest in this topic in recent years, this research presents different studies by researchers who have conducted empirical studies in which it is compared constructed portfolios by fundamental metrics with the most recurrent portfolios that got different results and therefore different conclusions. So far, there are still disagreements about which of these strategies performs best. That is why the main objective of this project is to find out which portfolio has the best results among all of them that have been analyzed. Hence this project focuses on portfolios based on fundamental factors and compares them with the portfolios used by investors or analysts. The portfolios based on fundamental metrics that have been studied in this work are: portfolio based on Return on Assets, portfolio based on Return on Equity and portfolio based on the fundamental metric Debt to Equity The portfolio is constructed with 35 companies that have been part of the Ibex 35 during the period from 2018 to 2020.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2021-2022 Business Valuation is a methodology that serves to determine the intrinsic value that a company has, analyzing thus all aspects and key characteristics of the company, to be able to conclude whether the company is profitable in the long term and thus be able to decide the investor whether to invest in the company. The objective of this paper is to determine a range of different intrinsic values of the company Inditex, Industrias de Diseño Textil, S.A, leader in the Spanish textile sector, analyzing its beginnings, its strengths and weaknesses, its competitors, its strategies, and its future as a company, calculating its intrinsic value through the Discounted Cash Flow model, forecasting its future evolution.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2021-2022 In this project we will focus on finding out what NFTs are and how they originated. We will look at the types that exist, the market evolution in recent years, the investment possibilities they offer and the characteristics that make them valuable to know which NFTs will be most in demand. Finally, we will describe how these assets should be accounted for and their tax implications.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2021-2022 The main purpose of this research paper is to know the concept and origin of the circular economy, as well as the role that technology plays in those companies that apply a circular business. Firstly, some data on the current production and consumption paradigm will be presented, thus being able to understand the reasons why the transition to a production and circular consumption system is necessary. Then, two schools of thought will be developed to lay the foundations for what the circular economy is and discuss how an entity can establish it in its business. Finally, the points for and against new technologies in relation to the circular economy will be detailed, highlighting three particular cases of companies that have obtained benefits thanks to technological use as a tool to implement a circular business.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2021-2022 This paper aims to increase the knowledge of the Markowitz model and through its practical application, create a series of efficient portfolios that can beat the IBEXM35 and/or the naïve strategy 1/N. These portfolios should provide the lowest possible risk for a given level of return. For this purpose, we will select several assets from different sectors that will make up our investment portfolio. By solving the mathematical optimisation model with the model's boundary conditions, we will obtain the Markowitz corner portfolios. These will be compared with IBEXM35 and the naïve strategy 1/N to check if the objective has finally been achieved. El objetivo del presente trabajo consiste en aumentar los conocimientos sobre el modelo de Markowitz y mediante su aplicación práctica, crear una serie de carteras eficientes que consigan batir al IBEXM35 y/o a la naïve strategy 1/N. Estas carteras deberán proporcionar el menor riesgo posible para un determinado nivel de rentabilidad. Para ello, deberemos seleccionar una serie de activos de distintos sectores que integrarán nuestra cartera de inversión. Al resolver el modelo matemático de optimización con las condiciones de contorno del modelo, obtendremos las carteras esquina de Markowitz. Estas las compararemos con el IBEXM35 y la naïve strategy 1/N para comprobar si finalmente se ha alcanzado el objetivo.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2021-2022 This project is focused on data from a real company, specifically a family business created more than 30 years ago that is dedicated to rabbit production, which carries out its activity in a rural environment close to the village of Altura (Castellón), within the Alto Palancia. The work will begin by making a brief description of how the business was created and how it has evolved throughout its history, it will briefly comment on how the rabbit farming sector works and the benefits or disagreements that having the livestock farm in a location rural as Alto Palancia. In more detail and as the core of the work, which will be developed with a large part of real data provided by the company, the economic and financial profitability of this business will be analyzed through an economic-financial analysis of the last 5-10 years that will allow numerically diagnose the balance between profitability and risk. Both analyses, the economic and the financial, will allow the situation in which the company is to be analyzed based on the data and detect which parameters must be corrected or monitored. Finally, it will try to make a comparison of the company located in the rural environment of Alto Palancia with another company with similar characteristics that is in a non-rural environment to determine with all the information collected in the work the conclusions that they provide us, the data regarding its profitability of the development of the rabbit activity and if, within a comparative scope, a rabbit business in the rural environment of Alto Palancia is greater, lesser or equally profitable than in a non-rural environment.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2021-2022 In this study we will make the calculation of the different production costs that the company Lacteos Els Masets has throughout its production process, distributing them in an orderly manner in different departments, to later compare where most of the costs occur and find a way to try to minimize them as much as possible and thus expand the profit margin of the company without increasing the cost of sale, risking the lost of the customer base.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2021-2022 This paper finds the low risk anomaly in the IBEX-35 during January 2002 – December 2021. This indicates an inverse relationship between risk and return which is contrary to financial theory. The results are obtained from observing the monthly returns of listed companies and creating risk-sorted quintile portfolios which are equally weighted. The methodology used is in line with existing literature using Sharpe ratio and Jensen’s alpha as performance metrics. Keywords

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2021-2022 The aim of this paper is to analyse the differences between microcredits granted in developed and developing countries, by carrying out a case study. Spain and France are chosen as examples of developed countries and Guatemala and Honduras as developing countries. The macroeconomic differences between countries and the different regulatory frameworks for microcredits will be analysed in order to find out how legislation can favour the development of microcredits. In order to study the degree of integration of microcredits, data from one of the most representative microfinance institutions in each of the countries will be analysed. The methodology used in the work has an inductive approach with qualitative and quantitative data collection to develop general theories on the effectiveness of microcredits.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2021-2022 1. INTRODUCTION: Throughout this document, the economic-financial situation of the main beer producing companies in Spain will be studied. Specifically, we are going to carry out a comparative analysis between them. These companies are: Mahou, Damm, Heineken, Hijos de Rivera and Font Salem. With the intention of analyzing them, all the information of balance sheets and loss accounts of these companies has been obtained in the SABI database. Thanks to all this information we have begun the analysis with the purpose of recognizing which one of the companies has been achieving a more successful financial outcome. 2. OBJECTIVE: The objective of this final degree project is to carry out an in-depth analysis of each of the companies and at the same time compare it with the results obtained from each of the different companies. For this we have separated the work into three main blocks: Block 1: in this block information has been obtained from the companies. We'll start by looking for some information about breweries to better understand their history and goals. Block 2: In this block an individualized study of every company will be carried out with the intention of understanding their situation. Block 3: Finally in this last block we will perform the comparative analysis with the aim of observing which is the best company. 3. METHODOLOGY: First of all, it should be noted that the numerical data have been extracted from the annual accounts of the companies on which the study will be done through the SABI database. Next, all the information that has been written about the most relevant aspects and concepts about each of the breweries has been extracted from their web pages, in order to be able to express the information about them in the most coherent way. Finally, the most theoretical part has been obtained from documentation from different sources, which will be mentioned, when necessary, from which we have prepared our own explanatory text

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2021-2022 Cryptocurrencies and blockchain technology are gaining more and more strength in many sectors, mainly in finance, in this work we will deal in depth as the DeFi (decentralized finance) phenomenon that has been taking on more and more prominence in this sector, detailing the operation, the advantages they have over centralized finance and possible strategies that can be carried out today in many platforms. Considering that both cryptocurrencies and DeFi are projects that are in the development and experimental phase but that advance very quickly. What I want to demonstrate in this paper is not that cryptocurrencies are the substitute for traditional finance, because today that is not possible, but they are increasingly adopting a stronger role in society since the profits they offer are immense and have many advantages over traditional finance.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2021-2022 The following project deals with an economic-financial analysis of the leading winery cooperative in the wine sector, Coviñas, of the Utiel-Requena Denomination of Origin in the region of the Valencian Community. Under the approach of the specialties of a Cooperative, the situation and evolution of “Coviñas Cooperativa Valenciana” is analyzed during the period from 2017 to 2019. The study emanates from the company's financial statements. The objective pursued is to analyze the Cooperative’s equity distribution, as well as the parameters of liquidity, solvency, profitability, and cash flow. For a more in-depth analysis, and to complete the contextualization process, a comparative analysis has been added with other cooperatives in the area: “La Baronía de Turís” and “Bodegas Bocopa” during the same period, in order to evaluate the company’s position in the wine sector.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2020-2021 In this analysis, which is based on a review of relevant literature, different theoretical and empirical studies relating to behavioural finance are examined. The objective of the study is to analyse the behaviour of investors in their decision-making within the context of financial markets and explain the cognitive anomalies that occur within them. For this purpose, specific investor behaviours have been identified, which relate to so-called financial biases, which influence the attitude of each individual at the time of investing. Two distinct types of financial bias - cognitive and emotional – have been identified by numerous studies, and they are known to correlate with demographic and psychological traits. This review aims to collect all the necessary information to understand the impact that biases have on investors’ decision-making processes, identify possible determinants and provide arguments that can help to find possible risk groups wherein biased attitudes are more likely to be present.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2020-2021 The objective of this study is to carry out a descriptive analysis in order to define and understand the concept of corporate social impact and analyze different methodologies for measuring this impact, to help companies select the model that best suits their needs. After selecting four methodologies applicable to the business environment, each of these methodologies is described, evaluated against different dimensions, and the entities that have developed the methodologies and the users who have applied them to date are presented — including illustration using a practical example of a business organization

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2020-2021 The main objective of this thesis is to compare the weightings of different efficient portfolios by using two different approaches to measure the risk: Historical Value at Risk (HVaR) and Expected Shortfall (ES) both for confidence levels of 95 % and 90%. In addition, the results of this study will be compared with the results obtained in previous works. Based on the results obtained in the present study, we can surely confirm that: the weights of the efficient portfolios evaluated by HVaR have a more erratic behavior than those evaluated by ES; assets which expected return is higher have an upward trend in the evolution of weightings; Es is more similar to Markowitz in trend weights than HVaR; the similarity in the evolution of the weights according to Markowitz does not imply that they are also similar according to HVaR.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2020-2021 The following research paper focuses on the analysis of new decentralized digital assets, cryptocurrencies. As an introduction, the concept of cryptocurrencies and the most outstanding references will be put into context. The main objective of the work is to analyze cryptocurrencies not only as a decentralized tool, but also as a speculative financial asset. Research will be conducted on the functioning of the reference currency, Bitcoin and the main factors affecting to understand how its value fluctuates. Subsequently, it will be compared with the coins that currently belong to the top 5 cryptocurrencies with the largest market capitalization.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2020-2021 In recent years, the current economic and financial system has experienced an increase in concern for sustainability, seeking to achieve different objectives, not only related to economic profitability but also to social profitability. As a result, a new type of investment has emerged, based on social responsibility, in which sustainable investment funds stand out. In this context, the aim of this study is to analyze this type of fund, studying its evolution, its main characteristics, and the analysis of its portfolio, both by sector and by investment policy. For that, we have selected a sample of SRI funds commercialized in our country and we have focused on analyzing mainly the investment policies followed by each fund and which sectors they focus on and why.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2020-2021 The purpose of the following paper is to study the supercycle of commodities that occurred during the years 2002 and 2008, as well as to give a vision of the supercycles throughout the last century, the causes of the increases in the price of commodities, the determinant factors of prices and if these increases in prices are mainly due to economic components or are due to a speculative phenomenon. After giving this general vision of the subject, an empirical analysis will be conducted on the last supercycle of commodities and its possible relationship with the financialization of the commodity markets. The commodities that are analysed are a total of 12 belonging to 4 groups: agricultural products, soft materials, energy and metals. The conclusions we reached are that although much of the variation in the prices of commodities can be explained through the hypothesis of supply and demand, there is enough evidence to believe in the hypothesis of price manipulation, not only through an analytical demonstration but also through the actions taken by the regulatory body that controls the proper functioning of commodity markets, since there are numerous economic sanctions that punish price manipulation in the commodity markets.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2020-2021 In this research work, we will perform a financial audit simulation of the annual accounts of the fictitious company Autobuses Costa Azahar, which is engaged in passenger road transport. Based on the annual accounts of Autobuses Costa Azahar in 2020, we will analyze the company and the sector in which it operates, review its internal control system and perform a financial analysis to know its economic-financial situation and know which areas deserve more attention from the auditor. After understanding the operation of the company, we will be able to delimit the risk areas and we will start the field work with the audit tests required by each area in order to obtain sufficient and adequate evidence. Once the field work has been carried out, we will be able to issue the final report and we will have fulfilled the objective of this research work, which is to get an opinion in our judgment about if the annual accounts of Autobuses Costa Azahar have been prepared in accordance with the current accounting regulatory framework and represent a true and fair view.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2020-2021 In recent years, the concept of Corporate Social Responsibility (hereinafter CSR) has acquired an increasingly relevant role in today's society, given that in recent decades great importance has been given to responsible actions within companies, with the different social and economic agents demanding a business management model that takes into consideration a triple dimension when developing its productive activity, showing great interest in the economic, social and environmental aspects. In this context, in this paper we delve into the concept of Corporate Social Responsibility through a literature review in order to extract information about its origin, its evolution over time, and to determine the main differences between CSR and other similar concepts in terms of terminology, but with important differences in terms of content and scope of action. In the second section of the paper, we will examine the evolution of CSR over time, and determine the main differences between CSR and other similar concepts in terms of terminology, but with important differences in terms of content and scope of action. In a second section of the paper, and going into the field of action of CSR, we have analyzed the differences that exist between large companies and SMEs when it comes to implementing sustainability criteria, showing those CSR instruments that are most appropriate for SMEs and listing the main tools that enable the evaluation of sustainability within small and medium-sized enterprises.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2020-2021 This project studies the level of environmental information presented by the five IBEX 35 electricity companies. To do so, the meaning of environmental accounting and the tools it provides us with will be explained. We will study the Patrimonial and nonPatrimonial information (both mandatory and voluntary) provided by these companies in their reports in relation to the environment. Thanks to this we will be able to conclude what level of information they currently provide and the differences we can see between them.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2020-2021 In the present work, the German DAX30 equity market is used, in the period 2017-2020 to try to demonstrate that a portfolio based on momentum factors, low volatility and a combination of both is capable of beating the benchmark index or passive strategies. Despite not being such a recent element, it has been gaining popularity in recent times, although in Europe it is still less present than in the United States. In addition, we analyse its performance in the recent crisis caused by Covid-19, what results it has had and if it confirms our hypothesis that, in the end, factors are winner strategies.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2020-2021 The main purpose of this graduate work is to introduce the accounting in the exploration and evaluation phase of the hydrocarbon sector and emphasise the importance of the financial information disclosed by the entities that operate on this sector. The paper starts by providing an overview of the petrol sector, its main characteristics and its impact on society. Then, it presents the phases of the oil and gas sector through its value chain. Finally, it conducts a deeply study about how to register and assess the different accounting movements in the exploration and valuation stage of the petrol cycle and how to develop it into the financial statements

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2020-2021 The social currency is understood as the tool created and used by some communities, with the aim of being able to favour the exchange of goods, services or knowledge. The main objective of this work is to make the social currency known since this term is not really known. For this purpose, the concept of social currency will be clearly and simply defined, its advantages and disadvantages will be detailed, and the best known social currencies will be mentioned. The social currency is a term which is gaining strength, especially in difficult times. It is therefore interesting to learn more about social currencies and analyse them in depth.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 In recent years, the world of banking has suffered a deep and extensive revolution: technological and regulatory advances, together with the ever-increasing development of financial markets, have meant that the banking industry must adapt to these tailwinds in order to prosper and even survive. The banking industry, characterized in past times by a strong oligopolistic trend, saw its market power endangered by the entry of competitors who took advantage of the aforementioned development in order to enter the business of financing. With hindsight, in the past, anyone who needed financing had to go to banks in order to meet their needs. Due to the technological development suffered by society, together with the entry of new competitors linked to this development and the attempt of certain investors to avoid the regulations linked to financing operations, these potential clients have a facility never previously acquired to choose from a large number of financing options, from those that make up traditional banking (e.g. Banco Santander in Spain) to totally new and intricate financing entities or processes. These institutions and alternative financing processes are called shadow banking and, in these last years, have played a decisive role in the global economy. Therefore, when we talk about shadow banking we are talking about a parallel financial system of international character and great importance and from which many economic agents take advantage of being able to avoid a great amount of legislation linked to the traditional financial industry, not without supporting risks for it.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 The online commerce sector is taking more and more importance in our lives, its growth in recent years has been exponential and some companies have created methods to make money transactions in these markets by working as financial intermediaries, even to have the power of large traditional banks. The main objective of this study is to carry out a valuation of a company to analyse its evolution over time and the state of its financial accounts, with the intention that this work can serve to improve the organisation or from an investor's point of view to value the company. The company analysed in this work is PayPal Holdings which is a young company with great growth and great expectations for the future that operates in the online payment sector and, on which a financial and economical analysis will be carried out. The first part of the study describes the history of the company, its characteristics and the market in which it operates. Next, the balance sheet of the company PayPal Holdings is analysed horizontally and vertically, in such a way that the evolution of the value of each item of the balance sheet in the horizontal analysis and the importance of each of these items with respect to the total value in the vertical analysis can be observed in detail. In the second part of the work, an analysis is made of the different ratios that determine the financial status of the company, starting with the liquidity ratios to evaluate its ability to face up to short-term debts, followed by the solvency ratios, to see if the company can face up to its debts in general and the profitability ratios that measure the company's ability to generate profits. In this second part of the work, an analysis of the share price is also carried out to see how the company performs in the stock market. Finally, a comparative analysis is made between the company PayPal and Visa using the ratios calculated above as a reference. A financial analysis is a necessary tool for any economic activity, both for the company itself, which can use this data to self-evaluate and improve its decision-making for the future, and for an investor who can use this analysis as a reference to evaluate the state of the company and whether it is advisable to invest in it or not.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049 Curs acadèmic: 2019-2020 In the last decade, Corporate Social Responsibility (CSR) has become more dynamic, partly because society and the economy in general are increasingly demanding, not only in what they offer, but in the entire production process. If there is a growing interest in society for social, environmental and economic welfare, there must also be mechanisms or tools that show and indicate the level of compliance of organizations with SR in relation to their stakeholders. In this context, the purpose of this paper is to study the different instruments that exist to measure CSR from the perspective of the three aspects (economic, social and environmental) and their application in Spain. Specifically, this study will focus on studying some of the existing certifying and driving instruments that allow for the evaluation of the degree of involvement and implementation of CSR in organizations.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 Over the past decade, sustainable investments have gone from being a minor phenomenon to increasing its popularity. Taking into account that society changes when it comes to investment, environmental, social and corporate governance are key factors. The aim of this paper is to carry out a comparative analysis of SRI funds in our country, from both, the funds domiciled and managed in Spain, as well as those not domiciled but marketed in our country. The scope of this analysis is to determine which SRI funds marketed in Spain are the most profitable, and also, present the highest degree of application of ASG criteria in their investment portfolios.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049 Curs acadèmic: 2019-2020 The purpose of the research project presented below is to analyze the financial management of a small municipality in the province of Teruel. The data under study has been framed in the year 2018 and subsequently compared with the year 2017; the data that have been provided by the council and from which we will establish our starting point have been: the state of settlement of income and expenditure, the remaining cash and the annual budget result and therefore we can know what the state of the institution is.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 Value Investing is an investment strategy increasingly known and used by investors. Through this strategy, an investor can determine the theoretical value of a company through a thorough analysis of key aspects of the company, thus allowing investment decisions to be made based on the perception obtained. The aim of this study is to determine a range of intrinsic values for Mediaset España Comunicación S.A., the main Spanish company producing and exhibiting audiovisual products. Through the analysis of the Spanish audiovisual industry and the particular situation and evolution of Mediaset, its strengths and weaknesses will be analysed in order to estimate its future evolution and, consequently, to estimate a set of values for this company by means of the Discounted Cash Flow model.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049 Curs acadèmic: 2019-2020 Financial markets are highly characterized by uncertainty, which means that on many occasions there are ups and downs in the markets, which cannot be explained by real economic variables. These ups and downs can be very prolonged, because a multitude of economic actors have made the same decision. When investors make decisions because a multitude of people are doing so, they are letting themselves be influenced by the behaviour of others, based on the exchange of information between economic agents and not on real economic variables. This crowd behaviour is known as the herd effect. This paper analyses the herd effect and its presence in the financial markets.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 This bachelor dissertation aims at the economic-financial analysis of the three companies with the highest sales in the ceramic regions of the province of Castellón and the analysis of these indicators in comparison with the evolution of the Spanish economy in the period from 2008 to 2018. Being these companies Pamesa Cerámica S.L., Argenta Cerámica S.L. and Porcelanosa S.A. with a turnover of €454,739,000, €188,768,026, and €170,199,832, respectively in 2018.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019/2020 The objective of this document is to analyse the reason why traditional banks are losing ground and how they are adapting at present technological needs. In so doing, we will show the difficulties banks face on account of two main factors, namely: the huge operating costs and few profits but also challenges for the new competitors coming from the new technological advances. In addition, an overview of the new era of competitors that have appeared due to the technological evolution will be explained: fintech, financial companies, with a new version of online banks and bigtech, companies that take advantage of the worldwide market and their great number of customers. It will be shown how they manly work but also their limitations regarding to the regulation.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 One of the recurring issues in the context of Valencian regional policy is the question of the funding system. Over the years, the different autonomous governments have tried to negotiate an improvement in the resources provided by the state. However, civil society, economic and social actors still consider this situation unfair. In addition, the conflict that exists nowadays between the central administration and Catalonia has caused the appearance of differing voices calling for a reform of the territorial organization of the State based on federalism, as a solution for the territorial problems. This paper analyses the last settlement of the Autonomous Communities funding system from the perspective of Comunidad Valenciana with the purpose of clarifying if there really is such a prejudice, as well, it provides a reflection on the suitability of carrying out a reform of the current financing system.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 Through this paper, Analysis and Evolution of FTSE4Good Ibex, a report on Socially Responsible Investing (SRI) in Spain is developed. For some years now, Corporate Social Responsibility (CSR) is becoming an important concept in the business community due to its impact, both, at an academic level and at a corporate level. This research article develops an evaluation about the main differences between social responsible companies’ financial variables, those belonging to FTSE4Good Ibex, and other IBEX companies’ financial variables. Furthermore, it includes some of the most remarkable initiatives related to CSR. Nowadays, socially responsible investment is dramatically growing. An increasing number of firms are showing an important attitudinal shift towards social responsibility as well as ethics, solidarity, etc. Therefore, this essay expects to be an interesting basis to understand the current situation. One of the most notable evidences of CSR is FTE4Good Ibex sustainable rate rising, which demonstrates that investors investing in an investing portfolio consisting on FTSE4Good Ibex shares achieve outperforming returns.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 From the late 1990s until today, there has been an increase in awareness by society and companies of the environmental damage that the latter were causing through production, making the environmental issue more and more serious, that even in our days the environmental concern is increasing due to recent natural disasters. Thus, regulations have been established for those companies that cause a certain environmental impact with the aim of preventing or mitigating such negative effects, proposing instructions in relation to environmental aspects that companies must follow, which include the need to quantify and record in the accounts certain activities related to the environment, and subsequently publish them in their annual reports to publicize the environmental actions carried out. Therefore, the aim of this work is to carry out an analysis to determine the level of compliance with environmental regulations and the quality and quantity of the environmental information both mandatory and voluntary provided by the ten electricity companies operating in Spain through their annual reports, given that this sector has been the first to be regulated for environmental reasons and one of the main emitters of C02 particles in our country.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 The objective of this assignment is to analyse the accounting and tax differences of non-profit entities in comparison to the rest, highlighting several differences regarding the preparation of the annual accounts of foundations and associations of public utility (not including statements with regards to ongoing cash flow situation or changes in equity); the presentation criteria of the financial statements regarding assets and liabilities that are not affected by a market activity; or the particular criteria applicable to income and expenses (for example, long-term expenses or grants awarded to such entities). In the tax field, the main changes are limited to the IS (10% rate, certain exemptions; partial exemptions in the IS for entities that do not exceed 75,000 euros per year), and also other taxes such as the IBI or the IAE.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019/2020 The purpose of the study is to verify the viability of the start-up of the Cornerstone company, importing and importing and selling products in the fashion sector, specifically accessories: necklaces and bracelets. Throughout the analysis, the components that intervene in the creation of a company can be observed, from the figure of the entrepreneur and its impact on the country's economy, going through the creation of a business plan, its financial analysis and ending with the creation of said project.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049 Curs acadèmic: 2019-2020 This work presents an analysis on Corporate Social Responsibility (hereinafter CSR), its theoretical framework and evolution up to the current situation, highlighting the importance of applying CSR measures in financial and business management and the preparation of sustainability reports. In recent years, CSR has been acquiring greater dynamism, becoming part of the organizational management of companies, which affects all levels of it and assuming that its effects involve employees, customers, suppliers, society and any factor with which it is related. Based on this, regulations and legislation have been designed that companies must comply with as part of their design protocol for CSR policies.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 This paper seeks to analyze and compare the economic and financial situation of the companies Atresmedia and Mediaset. For this purpose, their levels of liquidity, solvency and profitability will be evaluated from 2014, the end of the Spanish economic crisis, until 2018, when the positive evolution of these indicators will be seen due to the difficult situation in which they found themselves, and then discover what is different in each of the companies. Thus, it will be possible to determine the type of financing that prevails in each company, such as the quality of the debt, and therefore which company has the best balance according to its financial statements. This will be done with a small introduction about the audiovisual sector in which they are located and the main characteristics of each company.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 This work aims to carry out an environmental analysis of the Spanish ceramic sector, based on comparative analysis between several companies in the sector that have different size, turnover and turnover. The realization of this work has been motivated by various reasons; one of them is the impact and importance of this sector on the business fabric of our province; also because of the growing trend of corporate social responsibility in financial and business management, as well as the need to implement eco-labels in the ceramic sector. In short, this work aims to give an overview of the importance of CSR in the ceramic sector of Castellón, based on a quantitative analysis of the level of implementation of environmental ecolabels.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 The following document is an economic-financial analysis by DIA (Distribuidora Internacional de Alimentación). Firstly, we will place the company in its context, its history and its business model, in order to understand its history, its beginnings and its present, through the study of the business model it has followed, as well as its competitive advantage, opportunities and threats it faces. Next we will highlight the most important events in which the company has participated and as a central nucleus its listing on the stock exchange. The results and the financial situation of the company will be analyzed at present, comparing it with other companies in the same sector and determining the value of the company.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 The main objective of this dissertation is to provide a global vision about what Multilateral Trading Systems are. For it, they will try to be defined in a clear and a simple way, their evolution since they appeared will also be discussed, and the two principal systems that operate in the financial markets currently. Multilateral Trading Systems concept has been increasing in importance year after year in the economy. For this reason, it has been decided to write this work, to know firsthand how they work and how they affect the general investor.

Se realizó dos ciclos de mejora en la asignatura obligatoria de segundo curso del Grado en Finanzas y Contabilidad (GFICO): Matemáticas Financieras. El primer ciclo se desarrolló a nivel práctico en el capítulo de Rentas y se obtuvieron resultados altos, tanto en la respuesta de los alumnos con los trabajos en grupo y con entrega del material solicitado voluntariamente. Todo ello se reflejó en la evaluación de la parte correspondiente. En el segundo ciclo se comenzó con preguntas e imágenes que permitieron una reflexión y debate previo al planteamiento formal teórico de Amortización de préstamos. Parte del contenido teórico se llevó a cabo mediante ejemplos prácticos con trabajos en grupo e individual. La aceptación por parte de los alumnos fue muy elevada y valorada positivamente.

El interés por incorporar en mi docencia habitual las premisas de la innovación docente, en la que los estudiantes adoptan un rol activo y conductor de su propio aprendizaje, me ha llevado a aplicar un Ciclo de Mejora en el Aula (CIMA) en el marco de la asignatura Marketing Financiero, perteneciente al Grado en Finanzas y Contabilidad de la Universidad de Sevilla. En el presente trabajo se presenta el diseño del mismo, así como las principales dificultades experimentadas y loslogros más destacados. Las actividades docentes diseñadas para alcanzar los objetivos planteados han sido diversas, y han tomado como base tanto el trabajo individual como de equipos de trabajo de los estudiantes, las clases generales, los estudios de casos, los debates y consultorías interactivas y la presentación escrita y oral de informes. En cuanto a la valoración de resultados, se han utilizado gráficos y escaleras de aprendizaje. My interest in incorporating the premises of teaching innovation into my usual teaching, in which students adopt an active role and lead their own learning, has led me to apply an Improvement Cycle in Classroom (ICIC) within the framework of the subject Financial Marketing, belonging to the Degree in Finance and Accounting of the University of Seville. The present work presents its design, as well as the main difficulties experienced and the main achievements. The teaching activities designed to achieve the objectives have been diverse, and have been based on both individual work and students work teams, general lessons, case studies, debates and interactive consultancies and written and oral presentation of reports. In terms of evaluating results, graphs and learning ladders have been used.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2020-2021 This study aims to analyze the impact of a merger or acquisition announcement on the price of US listed shares. The study is based on 44 US companies that were involved in a merger or acquisition process between 2012 and 2019. For this study, daily returns and other variables around the announcement day have been examined. Specifically, the analyses focus on the differences between the pre- and post-announcement days in relation to the transaction volume, gross returns, returns in excess of the market portfolio, and abnormal returns of each stock derived from implementing the CAPM. This study yields positive and statistically significant results on post-merger or acquisition announcement stock returns, generating abnormally high returns up to 1 year after the announcement.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2018/2019 The purchase of shares by companies has reached great economic relevance, especially in the eighties of the last century in the United States, and currently in Spain, not only because of the volume of operations carried out, but also by the consequences derived for the interest groups, among which are the shareholders and the managers of the companies, in addition to the academic community. Regarding these, the studies carried out on the forms, causes and consequences of this type of operations are numerous in the case of research conducted in the AngloSaxon world, and less abundant in the Spanish case. This paper aims to make a review of the academic literature and the different study approaches published on this issue, and an analysis from the quantitative perspective of this type of operations, focused mainly on the Spanish market and, more specifically, on the repurchase operations carried out by the companies Iberdrola and Repsol. La compra de acciones por parte de las empresas ha alcanzado una gran relevancia económica, especialmente en la década de los ochenta del siglo pasado en Estados Unidos, y en la actualidad en España, no sólo por el volumen de las operaciones realizadas, sino también por las consecuencias derivadas para los grupos de interés, entre los que se encuentran los accionistas y los gestores de las empresas, además de la comunidad académica. Respecto a estos, los estudios realizados sobre las formas, causas y consecuencias de este tipo de operaciones, son numerosos en el caso de investigaciones realizadas en el mundo anglosajón, y menos abundantes en el caso español. Este trabajo pretende realizar una revisión de la literatura académica y de los diferentes enfoques de estudio publicados sobre esta cuestión, y un análisis desde la perspectiva cuantitativa de este tipo de operaciones, centrado principalmente en el mercado español y, de manera más concreta, en las operaciones de recompra llevadas a cabo por las empresas Iberdrola y Repsol.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018/2019. Over the years, countries have been affected by the financial crisis, forcing them to reduce public debt. The interventions needed to reduce public spending are often deficient due to lack of funding. Therefore, new ideas of financing and investment need to be incorporated. First, the theoretical framework will be analysed, briefly explaining what financial bonds are, which are the most important issuers and which characteristics must be taken into account to carry out the issue. This will be followed by socially responsible investment and sustainable bonds, giving way to the main theme of this study, bonds with a social impact. Consequently, this study will be based on the analysis of the social bonds of different countries compared to those of Spain, in this way it will be possible to observe whether the decision to invest in these bonds has had the same impact expected by the parties involved. It will also be possible to give a congruent conclusion of the same and corroborate that the objectives for which they have been designed are achieved.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018/2019. The following study analyzes the Comunidad Valenciana's budgetary expenditure on health and education between 2003 and 2018. Respect to the budget items in education, the sections of primary education, secondary education, university and higher education, and research, technological development and innovation are analyzed. In the case of health, the items of drug addiction, health care, external benefits, mental health and medium and long-stay health care, and pharmaceutical benefits are analyzed. These items suffer cuts due to the crisis that the country is going through, especially during the years 2011 to 2013. From 2014 onwards, the amount allocated to health and education will increase once again, but their relative weight in the total budget will fall by around 5%. The budget items that fluctuate most in the health expenditures are pharmaceutical benefits, while in education we find two sections with a wide fluctuation: secondary education and university and higher studies.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018/2019 This study compares several approaches to portfolio optimization, the Markowitz’s (1952) approach and the approach based on the normal distribution of Value at Risk, with the different levels of confidence as a measure of risk, 90%, 95%, and 99%. To comply with these approaches, we obtain the real data of the prices of the assets of seven different companies that belong to the list of the Ibex 35, in order to obtain the optimal portfolios of both approaches. To calculate the different portfolios we have used the Excel program and the Solver, a tool found in Excel. The results are quite equal so we try to compare both approaches following a normal distribution through a normality test and the realization of different plots that affirm that the returns of the assets follow a normal distribution.