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Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2018/2019 In an increasingly interconnected global market and a higher necessity of non-financial information by stakeholders, understood as parties with direct or indirect interests in the performance and results of the company, has produced international organizations to create frameworks for action and define generally accepted principles. This principles are based in the frame of reference of Corporate Social Responsibility which identifies Economic, Environmental and Social impacts as the aspects with a high degree of relevance to mitigate and contribute positively with a more sustainable system. From that need arise sustainability reports which contain non-financial information and shows the involvement of companies in sustainability issues. An internationally recognized organization, the Global Reporting Initiative or GRI, has been growing in significance as a base to prepare sustainability reports. These principles are not mandatory, so companies, regardless their size, can decide to follow GRI Guidelines or any other recognized principles. Moreover, GRI principles has become a standard because of its relative easiness to implementation. The aim of this study is, first introduce the concept of sustainability and the social dimension established by the Global Reporting Initiative, the concept of Corporate Social Responsibility is addressed. The second objective is analyse the non-financial information disclosed in sustainability reports, specifically the social dimension, for Spanish companies which quoted in the capital market BME. The analysis will follow the methodology proposed by Parsa et al. (2018) to assess sustainability reports from the year 2016 where the fourth version of GRI Guidelines was still applicable. The evidence shows how Spanish companies do not report accurately information requirements and how some information is frequently omitted.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018/2019 The current study will analyse the economic-financial structure of L'illa Grau Volleyball Club and estimate the financial statements for the next five years wi, based on the results obtained in the Balance Sheet Analysis Situation and the Income Statement from the 2013 financial year to the 2017 financial year.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018/2019 In the present End-Of-Degree project a literature review of islamic finance challenges and opportunities in the current times is utilized to address the lack of information on the topic amongst the western society. First of all, an approach to islamic finance and its characteristics will be made by learning what differences it from conventional finance and the products that it offers, alongside with some information about how this financial system is regulated. Then, after obtaining and analyzing the data for the literature review, the challenges, threats and opportunities of islamic finance and its situation towards the future will be presented and discussed.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2018/2019 The main purpose of this graduate work is the adequate selection of investment opportunities with a long-term vision considering the analysis of the financial information offered in the annual accounts and other analytical tools of great recognition. After describing these ratios, information will be compiled on a specific company, on which an exhaustive analysis will be carried out on its current situation and future potential, in order to know if it is suitable for the purchase of shares of the same. Firstly, through the analysis of the financial statements, a correct interpretation of the company's financial situation will be made, using a large number of financial ratios, which are used by most analysts, gathered according to different approaches, such as solvency or liquidity, with the purpose of creating a predetermined financial analysis format that allows automating the process of selecting potentially profitable securities with which design long-term investment strategies in the securities market. Next up, a series of stock market ratios where the quotation price is involved will be detailed. These are the ratios that the analyst uses to detect investment opportunities considering the behaviour of the companies in the stock market. Finally, the financial and stock market ratios previously analysed will be implemented on the basis of Louis Vuitton's annual accounts and historical share price, evaluating the 2016 year-end results together with those of the four years prior to this one, and then comparing them with the results obtained at the end of 2017 and 2018, as well as the current share price, with the final aim of corroborating whether the purchase decisions previously estimated at the end of 2016 are based on a good foundation.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2018/2019 In recent decades emphasis has been placed on the lack of financial knowledge of the population. The many changes in societies lead people to situations where they have to make important decisions and for that, they need a basic financial knowledge. For this reason, through this study, it was intended to clarify which were the economic and / or social variables related to financial knowledge. To gather the information a questionnaire was designed with 28 questions and distributed among a sample consisted of 152 individuals through the google forms. The results of this research were: less than 50% actually responded correctly to basic financial concepts, only 64% of the sample knows the inflation effects, and practically no one (97,9%, of those who have a loan) knows IRR. As conclusion, it can be said it is evident that more knowledge is needed to be able to make financial decisions correctly.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2018/2019 This paper analyses the background to budgetary policy in Spain and the framework established by Organic Law 2/2012 on budgetary stability and financial sustainability, as a result of the constitutional reform of article 135. This regulation is analysed in detail: its regulatory framework, the procedure and the application of the requirements to the different administrations. The report specifically analyzes compliance with the rule of budgetary stability in the municipalities of the province of Castellón, as well as the variables that have more impact when complying with budgetary stability.

Financial institutions have an important influence on the global economy. Their investment projects can contribute positively or negatively to society. This led social and cultural movements to start promoting criteria for the money deposited in these institutions to be invested in projects with social, cultural and environmental commitment, thus favoring the growth of Ethical Banking (BE), whose purpose is not only focused on economic profit, like traditional banking, but also seeks to support projects with a positive social and environmental impact and including those groups excluded from lending by traditional financial sectors. The financial products offered by ethical banking are very similar to those of traditional banking, but with the characteristics of transparency, participation, coherence and selection criteria in the projects to be invested. The BE has shown sustainable and progressive growth in recent years, as evidenced by the percentage of savings collected and loans granted. However, countries such as the Netherlands, France, the United Kingdom, Sweden and Italy are more developed than Spain, mainly due to the fact that there are no tax incentives or laws that directly support this business model. In the same order of ideas, Socially Responsible Institutions (SRI) are investments that, in addition to economic criteria, add social and environmental criteria; at the time the investment is made, the BE constitutes an expression of SRI. Social responsibility as an investment criterion is the axis where sustainable investments are currently focused and is the model towards which financial markets should be directed. Finally, although the development of the BE in Spain has been evident, there must be greater support from the State from the fiscal and regulatory point of view, to further promote this type of financial institutions that contribute to a sustainable economy.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018/2019 Since its introduction in Spain, Primark has become one of the leaders in the textile sector in this country. The following study aims to analyze the situation of the sector, both economically and financially. In addition to analyzing how this situation has allowed this company to grow and achieve this position in the market. On the one hand, a strategic analysis will be carried out, which will study the advantages that Primark has in the market compared to its competitors. On the other hand, a financial analysis will be carried out. The objective of this analysis will be in order to know the financial situation of the company in his sector. The final aim of this study will be to identify the most relevant differences which make Primark above its competitors and one of the leaders in Spain.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018/2019 The objective of this work is to analyze how the matrix of the common good measures the impacts of the activities of the companies towards the common good. To do this, we are going to analyze first of all what is the economy of the common good, what changes it seeks to integrate into the economy and the new values that the new economic model seeks to integrate. Then a deep study of the matrix is carried out, a tool that measures the involvement of companies in the common good. Where the requirements are analyzed to be a universal balance; The groups of interest and the fundamental values of the matrix of the common good are defined to correctly understand which concept is valued; The most transcendent changes that have been incurred in the current matrix 5.0 and the external agents that exist both for the aid and for the preparation of this balance are detailed. Finally, we proceed to perform the analysis of one of the themes of the matrix of the common good of the Hotel Voramar. To see what evidence presents the company, as they perform the weights in each aspect and how you get the result of each topic. In addition, once you get the results of the matrix is seen as there are doubts that information is giving us and if you can consider a "financial" state of sustainability

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018/2019 The work that we present below is the practical application of the model proposed by McInish et al. (1984), where the main objective is to find a portfolio of risky assets – formed by individual asset weights – that minimizes the variance of its estimated beta with respect to market performance. In this paper we have chosen, as target betas, the estimated betas of twelve efficient portfolios in the sense of Markowitz formed by seven actions of the IBEX 35, which has allowed us to compare the results provided by both models. The main conclusion of the work is that, for the considered data, both models coincide in their results, that is to say that the efficient portfolios in the sense of Markowitz minimize the variance of their estimated beta with the market, starting from a beta around 1.3

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018/2019 Nowadays the coffee sector has grown exorbitantly in every area, from national to international market. There has been an increase in coffee consumption due not only to the current fashion trends, but also to the culture created around this product, it is consumed in almost every corner of the world, it is prepared in more than a hundred different ways and served in varied rituals depending on each culture. It is therefore a very important sector for the world economy, which moves around 71.000 million dollars a year worldwide. I felt all the factors surrounding coffee interesting. In addition, coffee is a product with a long production system that allows to investigate in depth the development of a cost system. Therefore, the objective of this “TFG” project will be the development of a cost system in a company which belongs to the coffee sector from beginning to end, from its reception in the factory to its availability to the customer. The project developed below is a system designed for small or medium coffee companies that will generally perform their activity within the national market. The first section of this paper is a brief explanation of the necessary human resources and materials in the production system of the company, as well as the coffee production system explained under a sequential perspective and from a theoretical point of view. And the second section deals with a system based on costs centers to explain the feasibility and usefulness of the system presented here, that is, to obtain the possible net benefit of the company as a result of its activity.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018/2019 The following Bachelor's Degree Final Project is based on an economic and financial analysis of two of the world’s leading hotel groups. The two hotel groups targeted for analysis and comparison were NH Hotel Group and Meliá Hotels International. The study sought to establish the current situation of the two groups and their economic and financial development during the period 2014–2017. An economic and financial analysis was performed of each hotel group followed by subsequent comparative analysis. To do so, the main net assets, key income and expense items; as well as the liquidity, solvency, and profitability ratios, were studied. Finally, the conclusions drawn, based on the data obtained in the study, are set out.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018/2019 This study compares three approaches to portfolio optimization, the approach suggested by Markowitz (1952), and the approach based on employing the historical approach to Value at Risk (VaR), at both the 90% and 95% levels of confidence, as risk measure. To fulfill this purpose, real data of stock prices for seven different companies that have been listed on the Ibex 35 were used to empirically obtain optimal portfolios according to these three approaches. To do it, the program used was Excel, with special relevance to the tool Solver, obtaining optimal portfolios for eight different levels of expected returns. Although the behaviour of the asset’s weights in the different portfolios that minimize risk measured by VaR is quite erratic, in general portfolios that minimize risk measured by 95% VaR are more similar to the ones obtained under Markowitz’s (1952) approach than portfolios that minimize risk measured by 90% VaR.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2018/2019 The aim of this work is to show the different economic situations that El Corte Inglés has encountered in the last decade. In order to be able to explain these situations in depth, the main financial ratios of a company of this size will be calculated and compared. For that purpose, through the balances between 2008 and 2017 and its subsequent treaty, the reader will be given the opportunity to draw his or her own conclusions regarding the project.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018/2019 In recent years, banks have suffered a crisis of confidence, exacerbated by the Spanish economic crisis. This has meant that it is in a context in which the bank has not yet been able to recover the confidence of the citizens, experiencing a remarkable transformation with social, economic, institutional and technological changes that have modified the business model until arriving at the present time. In this sense, the banking sector has become a clear example of evolution and transformation towards a socially responsible behavior, through Corporate Social Responsibility. In this paper, the main objective is to analyze the current situation of the CSR in the Spanish banking sector, deepening its evolution, development, and main characteristics. In addition, a descriptive individual analysis is carried out, based on the study of the GRI indicators of the three main Spanish banks (Santander, CaixaBank and BBVA) with the purpose of examining the responsible practices of each bank. And, to end with this practical part, a joint comparison between the aforementioned entities banking companies will be carried out.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2018/2019 Cryptocurrencies represent an alternative and modern pay mode, through new technologies. Although cryptocurrencies were used before the Great Recession of 2008, this fact achieved the development and international boom of cryptocurrencies, especially Bitcoin. The objective of this paper is to analyze cryptocurrencies, on one hand from a theoretical view (explaining history, functioning, legislation and economic effects), and on the other hand from a practical view, showing the price index between the main cryptocurrencies and other currencies, with the objective of showing the effect of cryptocurrencies, trying to find out if they suppose an investment and an alternative payment, or cryptocurrencies, or they are just unstable and at risk of become an economic "bubble". Finally, in the conclusion of this paper the potential that cryptocurrencies could have in the future will be explained.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2018/2019 Internal auditing is playing an important role in those companies that allocate a significant portion of their financial resources to improving the deficiencies that arise throughout the company´s production process. This tool makes it easier for management to detect in time whether policies or procedures are being carried out in the way they were designed at the time, which is very interesting with a view to optimising those aspects that suffer from good functioning. After the theoretical review of the most fundamental concepts developed from the Integrated Framework COSO (2017), a practical application is made to identify the risks of the tile company CERAQUER, audited national company, both financial and extrafinancial, in order to develop strategies to manage them. In this way, it will be verified whether the internal controls implemented in the organization have been effective.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2018/2019 In a context of globalization and improvement day after day, companies have to strive to give the best of themselves. In order to meet the requirements and objectives set as institutions such as the United Nations (UN) or the European Commission, environmental management methods are used so that companies can be the most competitive and at the same time have a sustainable use of resources. Environmental management systems such as EMAS and ISO 14001 are two of the most widely used methods by companies. This work will focus on the branch of corporate social responsibility in the environmental aspect analyzing Spanish companies. The Ibex35 companies will be analyzed through their annual reports to find out if they apply environmental management systems, ISO 14001 or EMAS and if they show commitment to protect the environment with their activities.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2018/2019 In this end-of degree project we will study the dynamics of a capital increase (issue of capital) of a listed company, from a financial point of view and explaining all the milestones that must be carried for the operation to be successful. The capital increases of listed companies, as we will see later, have special features that make them special. This is so, firstly, because both old and new shares are subject to quotation in regulated markets and, secondly, these companies are of an important size, so the issue will normally be of millions of euros. There are basically three types of capital increases in listed companies, depending on the advisory modality of the investment banks responsible of the operation: 1- Firm Commitment Underwriting. In this case, the Investment Bank acquires all or part of an issuance of securities immediately for the purpose of placing them among the investors. The underwriter assumes the maximum risk here; and it is the insurance modality that most favors the issuer. 2- Stand By Underwriting Letter. The Investment Bank commits to buy the shares or rights issued that it has not been able to place or sell to investors or public within the stipulated period from the issuance. 3- Best Efforts Underwriting. The Investment Bank commits only to sell the securities or rights that it can place in the market, after having made its best efforts in this sense. Thus, if there are any shares of rights remaining after the date limit, there is no obligation of the entity to proceed with its purchase. The risk, then, is assumed completely by the issuer. Among these modalities we are going to study the second one, Stand By Underwriting Letter, which is the most common in the market and the risk in the operation are well balanced between the issuer and the Investment Bank.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2018/2019 The blockchain technology, a distributed ledger technology (DLT), works through the use of cryptography and therefore the operations carried out enjoy immutability, security and transparency. Due to its characteristics and potential applications in the different sectors it is causing a great impact at present. Of all the sectors, it is very likely that the financier is the most affected by the irruption of this technology. This work focuses on the blockchain technology in which its operation is analyzed, the areas of application as well as the benefits it entails and the limitations that it must face. In particular, this paper studies the importance of this innovation for the finance and banking sector. On the other hand, the banking experience in this field is described, through an analysis of the use cases of the IBEX 35 member banks to determine the type of platform in which they show the greatest interest.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2018/2019 The financial system has a key role today, the fight against climate change. The financial system is working towards a circular and low carbon economy entering financial instruments such as green bonds into its markets. Green bonds are in constant expansion and are a great support to finance investments and projects that promote the mitigation of climate change. This report is divided into two parts: in a first phase the concept of green bond is introduced and an analysis and description of the current European and Spanish market is carried out; in the second phase, a quantitative analysis of the green bonds issued by Repsol, one of the main companies with the highest emission of greenhouse gases in Spain, is done. The results of the analysis show that the financial system has a concern for the environment and that it is working constantly to create standards, regulations and labels that lead to a solid development of the market of green financial instruments.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2018/2019 The international accounting standards harmonization has changed the valuation model in agricultural accounting adopting a fair value model while replacing other techniques such as historical cost. The aim of this research is to analyze both valuation models for biological assets (fair value or historical cost), as well as, which one of them better show the true and fair view of the financial statements. Several empirical studies illustrate that usually fair value presents transparent, accurate and reliable information. This model has a clearly preference in his application despite of the historical cost model is the most used. This accounting method enhance the information because it links the biological transformation with the biological assets. Additionally, fair value accounting model improves the preparation of financial statements and the process of making decisions.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018-2019 Over last years, humans have been becoming more concerned about aspects related to the environment, social issues and social responsibility. For this reason, investors decide to look for alternatives to conventional investment funds in order to be able to combine financial criteria and extra-financial criteria in the same product. Socially responsible investment funds offer investors this possibility, which is being exploited by European countries, especially France, Belgium and Holland, countries that show a greater interest in this variant of funds. In this study, the different socially responsible funds existing in Spain as of 31/12/2017 will be analysed, with a descriptive analysis of their pre-selection criteria by sector, by valuation or exclusion criteria and by the category of each asset. At the same time, an analysis of the current situation in Europe with regard to SRI funds will be carried out.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018-2019 This paper studies the economic and financial structure that presents a company dedicated to the footwear industry, called Pikolinos Intercontinental SA. Studying the years from 2011 to 2016. To achieve our objectives, first of all, we have analyzed the Balance Sheet and the Income Statement. Afterwards, we have analyzed the main ratios used by the literature in the treatment of the companies financial statements, in order to perform a comparative work with the main competitors in the market sector in which Pikolinos Intercontinental SA operates, for the purpose of positioning the company concerning to the others. We have concluded that Pikolinos Intercontinental SA is a very healthy company with constant growth of assets, sales revenue, profits, with high ratios of liquidity, solvency, profitability, and nevertheless it is not the company with the best results in the magnitudes studied within its competitors.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018-2019 At present, the volume of business that microcredits have reached in the area of financing methods has no doubt. There is practically no country or institution in which they are not present. In this context, this project attempts to analyze the evolution and the process of creation of microcredits, both at a European and Spanish level and if these have helped in the fight against the eradication of poverty. Also, we will focus in particular detail on analyzing the situation in the national panorama, as well as the entities that grant them and the different characteristics that each of them presents.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018-2019 This project is based on the analysis of the fact of immigration. Concretely, it will focus on immigration in Spain during the crisis period we have gone through in previous years. Such work will try to explain whether immigration is beneficial for the host country or on the contrary, it is detrimental. The causes that invite immigrants in the host country will be addressed and also the immigration situation in the forthcoming years. Finally, the latest news in Spain regarding the massive influx of immigrants.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018-2019

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018-2019 To briefly summarize what the following project is about, we have investigated the causes and consequences of Brexit and we have related them to the companies with the greatest Spanish media coverage in relation to this topic. We have made an empirical analysis about these, through the calculation of returns, risk and volatilities, focusing especially on the period in which David Cameron announced that if he won the 2015 elections he would call a referendum, in Cameron's triumph in these, and in the referendum period. We have also analyzed whether over the years they have recovered their initial stock values.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018-2019 Concerns about political uncertainty have been intensified especially in the wake of the explosion of the global financial crisis, the successive crises in the Eurozone and the successive changes in the political directions of many of the world's major countries and states that have come as a result of these events (Baker et al., 2016). Many political events such as the independence process in Catalonia can shake the political guidelines of a region or an entire country, causing instability and uncertainty to the agents who control the business processes and financial activities of a country. The distrust of consumers and investors in times of political crisis can shake the macroeconomic variables that define the economic health of a country or territory. Government economic policies such as fiscal, monetary or regulatory policies have very broad effects on economic territory. Economic agents such as companies make the real decisions in the market on a daily basis. These decisions are based on economic expectations for the short and medium term. For this reason, policies have a considerable influence on the decision-making of these economic agents, who have an indirect influence on the economic drift in this short and medium term scale. This paper will analyze the uncertainty in economic policy and its influence on the behavior of financial markets. Through a conceptual and state of the art analysis of different indicators with which the level of political instability can be quantified, the correlation of this with confidence indicators and subsequent fluctuations in the markets will be evidenced. After this preliminary theoretical analysis, the particular case of the independence process in Catalonia will be analysed, highlighting the relevant politicaleconomic events that have taken place and how this process has gone hand in hand with important economic fluctuations.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018-2019 The final degree project objective is to carry out, a theoretical and practical analysis of the barriers, the economic and environmental benefit of MFCA tool implementation in the companies. Firstly, it has been developed the historical evolution of the MFCA, the main differences between the MFCA and the traditional cost accounting, the benefits and the possible limitations, from a theoretical perspective, as well as, its relationship with the ISO 14051. Secondly, it has been analysed 20 case studies where the MFCA tool has been implemented. Finally, it has been developed an additional case study based on the information provided by a company. The main results has been that the implementation of the MFCA increases the business benefits and the barriers, if any exists, are specific of each of them. This report could be used to show the MFCA to enterprises and being study as a topic in economic degrees.

reball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018-2019 This work will be deepened in the analysis from 2013 to 2017 of the Balance Sheet and the Statement of Operations of the company Tesla, Inc. at all levels, using horizontal analysis, vertical analysis, and ratios such as main diagnostic methods. The main purpose of the analysis is to obtain an objective assessment of the current accounting and financial situation of the company and its evolution since 2013 and in this way to be able to offer a final conclusion about Tesla's future expectations from 2017.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018-2019 Through this document, a model is presented which allows hedging an investment portfolio with shares of five IBEX 35 companies, where the greatest risk is that of the fall in the price of the quotations. Through the use of futures contracts on the IBEX 35, it will be possible to evaluate the effectiveness of the hedge and that it will be submitted in different situations for subsequent comparison. The hedge will be analysed in the following scenarios: 1) a daily hedge, where the transaction is opened and closed on the same day; 2) a hedge held to maturity; 3) a hedge taking into account the dividends distributed; 4) a month-to-month hedge; and 5) a hedge with a new hedging ratio and leaving part of the investment portfolio unhedged. Once the results have been obtained, the effectiveness of the hedge can be commented on as the case may be and the most effective hedge for the investor will be chosen. A través de la realización de este documento se expone un modelo el cual permita realizar una cobertura de una cartera de inversión con acciones de cinco empresas del IBEX 35, donde el mayor riesgo es el de la caída del precio de las cotizaciones. Mediante el uso de contratos de futuros sobre el IBEX 35 se podrá evaluar la efectividad de la cobertura y que ésta será sometida en diferentes situaciones para una posterior comparación. La cobertura será analizada en los siguientes escenarios: 1) una cobertura diaria, donde se abre y cierra la operación el mismo día; 2) una cobertura mantenida hasta el vencimiento; 3) una cobertura teniendo en cuenta los dividendos repartidos; 4) una cobertura mes a mes; y 5) una cobertura con un nuevo ratio de cobertura y dejando parte de la cartera de inversión sin cubrir. Una vez obtenidos los resultados, se podrá comentar la efectividad de la cobertura según los casos y se elegirá la más eficaz para el inversor.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018-2019 In 2012 the United Nations Conference launched sustainable development goals (SDGs) to achieve the social, environmental and economic sustainability of the planet. In this context, the financial market plays an important role in achieving sustainability, the role of sustainable indexes and sustainable rating agencies being particularly important, but do rating agencies integrate these objectives? This paper aims to analyse the extent to which sustainable rating agencies integrate SDGs into their analysis methodology and organisational structure. To this end, the structures and assessment criteria of 4 of the most important sustainability rating agencies in the market will be analysed. Socially responsible investors require more and more information on ESG criteria in their investment processes, which makes it necessary to increase transparency and homogenization among sustainable valuation agencies.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018-2019 The objective of this thesis is to analyse the Corporate Social Responsibility (CSR) in Spain, from a normative and legislative perspective, in order to determine its current situation and evaluate whether there are shortcomings with respect to the regulations of other European countries. For that purpose, first of all, the CSR concept will be contextualised, analysing its origin and development, as well as the main characteristics of CSR. A discussion about the voluntariness or regulation of CSR will be presented and finally certain proposals for improvement will be exposed.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018-2019 Over the last few years, a great development in environmental sustainability has been observed as it has adapted to different cultures and fields all over the world and has been included as a main focus in the different valuation methodologies. Thus, one of the sectors that has recently been implemented is the construction sector in both residential and non-residential housing. The aim of this study is to analyse the BREEAM energy certification, its variables, valuation methodology and contrast them by means of a practical business case of construction and housing reforms, carrying out a sensitivity analysis. The results obtained demonstrate an improvement in the measurement of financial impacts, with cost improvements and improved housing performance together with a greater social impact and sustainability in both short and long term.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018-2019 The objective of this document is to conduct a study on the Smart Beta, a new investment strategy that aims to generate a higher return than the market index based on the analysis of the classical mean-variance theory of Markowitz. To demonstrate if the smart betas have generated better returns than their benchmarks, we will review the main academic models on which they are based and the evolution of the main smart betas available in the United States compared to its reference index. Finally, we also create our “homemade” portfolios of Smart Beta for the Spanish market for the period 2012-2017, all based on similar models that the ones used in the investment fund industry. After our analysis, we verify that most of the returns of smart beta strategies outperform the reference index, corroborating that the excitement about Smart Beta was justified.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018-2019 In this project we are going to discuss a financial instrument that is relatively new, the green bonds. These are used to finance investments and projects that are committed to the environment. One of the elements that propelled the aforementioned financial instrument was the 2015 Paris Agreement, where the quantity of issuers, as well as the quantity of volume of issuance, doubled. In the first part, we will explain the meaning of sustainable finance and the elements from which it has arisen. The second part is meant to provide greater knowledge about the working, regulation and evolution of green bonds since their origin in 2007. In third place, we will study more in depth the case of one of the most important companies in our country and one of the major ones in the green bonds market, Iberdrola.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018-2019 In recent years, the importance of social enterprises has been increasing. Not only because of the increasing number of them, but also thanks to their visibility and relevance that the society as well as the government is providing. However, they continue to have problems with respect to their exact definition and their legislation. Therefore, this paper aims to gather all information about social enterprises in order to identify them in the business world, in addition to identifying the type of social enterprises that exists in Spain and its evolution. To do this, a study has been carried out on the different definitions and the different features and criteria. Finally, the evolution of the social enterprise in Spain has been reviewed and the types of social enterprises that exist have been determined.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 In this paper, the accounting of non-profit entities is analysed. In first instance, an overview of what we intend by non-profit entity is made, secondly, an analysis of the adaptation of the General Accounting Plan of the non-profit entities is carried out, and finally, we will focus on the main objective of this work, in which an indepth analysis is made of the second part of the adaptation of the General Accounting Plan of the non-profit entities called registration and valuation standards, giving greater importance within this point to the credits and debits for self-employed activity and grants, donations and legacies, since they are two sources of funding relevant to nonprofit organizations.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The Bachelor Thesis presented aims to propose a report for companies dedicated to the manufacture of ceramic tiles in terms of economic environmental and social issues oriented towards sustainability. First of all, the productive process of the sector has been analyzed in order to understand the reason for the need of this report oriented towards compliance with sustainability. Then, the proposal of those economic, environmental and social indicators has been made, taking into account also the indicators on which the large listed companies of the country are reporting, using the Global Reportingstandards. Initiative and Integrated Reporting.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 Non-Profit Entities (ESFL, in Spanish) and, particularly, foundations play an essential role in society as they face the social needs that are not met by profitable industries nor the public sector. Foundations prioritize the social welfare of the citizens over the benefits of its participants or members of the foundation; however, this does not make a foundation less valuable. The accounting information is key to find out about the foundation’s situation and, also, to get to know whether they are fulfilling their social objectives or about the use of their resources. Hence, through this paper, it is intended to provide an accounting analysis of these entities by introducing the concept, the characteristics, regulations, and accounting obligations. We will present an in-depth analysis of the accounting data of Endesa Foundation; thus, we will carry out an accounting analysis of the results with the purpose of evaluating its evolution, economic and financial feasibility, its efficiency, and the degree of fulfilment of its foundational purposes. Finally, the results obtained will be compared with respect to Iberdrola Spain Foundation

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The main purpose of this thesis was to carry out a calculation of the theoretical value of the Airbus Group on the date 31.12.2017, and therefore, the theoretical price one Airbus share in order to compare it to the closing price at the Stock Exchange and conclude if the company shares were under-, over- or equal valued at the end of the year 2017. The first step on the valuation process was the strategic analysis, which showed the non-financial value drivers of the company, in other words, the external and internal factors that affect the Airbus Group and its competitive position. The second step was the financial statements analysis that displayed the company’s financial value drivers: it provided an insight of the financial development of the company in the past five years and allowed the comparison to its main competitors in the same industry. After finding and putting the financial and non -financial value drivers together, the final step was the valuation of the company. It has been performed through the Discounted Cash Flows Method with the WACC as discounting rate. At the end of the valuation process, we concluded that the company was on 31 st December 2017 undervalued at the Stock Exchange because the shares closing market price was 83.4€ and through our valuation we found out that the theoretical market price should have been 131.94€.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 Microcredit is a financial tool designed to end the financial and social exclusion of people, as well as a means of eradicating poverty. Muhammad Yunus, founder of microcredit, established Grameen Bank, one of the world's most prestigious microcredit institutions. Microcredit has gone through an increasing evolution in almost every country in the world. In Europe, its development has been positive and it has offered opportunities to many people and families who had lost their jobs. Also, microfinance institutions play a very important role within Europe. Almost 60% of European MFI spend more than 50% of their billing of microcredit. However, every country has its own regulations and their microcredits work differently even though they belong to Europe. While in the case of France, a clear regulation and development of this financial tool can be noticed, in Spain the evolution is different, since this country is stuck in a point of null regulation in the microfinance sector.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The objective of this Final Degree Project is make a description of the concept of the Ethical Banking, starting off the origin and evolution of the concept, to study its main aspects, and to analyze the most relevant characteristics and figures of the most important ethical banks of national level as international. To explain all that information about the Ethical Banking, it is necessary to examine the general ethical context. Therefore, the most relevant academic literature that has been published in relation to this has been identified. The methodology used to perform this work is mainly qualitative, but quantitative data have also been used in the analysis of ethical banks. The conclusions obtained from the work are that the Banca Etica has gained a lot of importance in the last years of the crisis and it has its own characteristics that differentiate it from traditional banking. It has been configured as an alternative to the Traditional Banking system and although its main objective is not to obtain high economic returns, are able to combine the interests of society with the achievement of a series of financial objectives.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 To the extent that has passed the history of humanity, by aside, the most important values of the people (freedom, justice, peace, etc.) have faded, and, on the other hand, the economy has adapted to the needs of society based in general in the maximization of the profits of enterprises, eclipsing on many occasions the values of society and its role in the economy. The economy of the common good is a model that offers a possible solution to the lack of consideration for both society and the environment, both of these needs as main objectives. This work presents a vision of the role it plays in society and what your goals are, as well as the implementation of the practice in Spanish companies, and what is the situation in the same from the financial-economic point of view.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The paper below seeks to analyse the impact of microcredit on women's access to employment in developing countries. To address this issue, the microfinance financial sector, the actors involved, the comparison with traditional credit and the importance of microcredit for women have been taken into account, as they are the main beneficiaries, being the first to repay loans on time. The other part of the study focuses on analyzing macroeconomic and microfinance variables and their relationship. Thanks to microcredit, many people in developing countries have been able to become entrepreneurs and create some small business and, therefore, improve their quality of life.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 This document is devoted, from a theoretical and empirical perspective, to the introduction and classification of Bespoke CDOs, the evolution of the modeling, pricing and risk management of the product over time, and the discussion of current market trends related to it. First, I gradually explain the Bespoke CDO mechanics and position it among other products from different categories. Then I review the Gaussian copula model with base correlations used as an industry standard for pricing and risk management, commenting at the same time what various authors put forward for and against the model and its alternatives. Finally, I expose as a possible and more sophisticated alternative the Consistent valuation through semi-analytical Monte Carlo simulation with many-to-one restriction proposed by (Li, 2010), describing simultaneously the present-day market size and situation.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 Study on the evolution experienced by the agricultural sector in the Valencian Community and internal and external events that have influenced its development. Specific analysis of prices and wages in relation to imports and exports.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 En los países en vías de desarrollo, la concentración de personas en situación de pobreza extrema es alarmante. Este colectivo presenta dificultades para acceder a la financiación ordinaria a causa de las insuficientes garantías que pueden ofrecer en contraste con el resto de clientes, lo que restringe su capacidad para obtener liquidez en un mercado financiero que persigue ser eficiente. Los microcréditos, concebidos como un instrumento de financiación alternativa, tratan de solventar esta situación de exclusión financiera, ofreciendo a los más desfavorecidos la posibilidad de acceder a los recursos económicos con la finalidad de que, de este modo, puedan activar nuevas posibilidades, mejorando sus condiciones de vida. El trabajo analiza el fundamento de los microcréditos y su operatividad, tratando de ofrecer una doble perspectiva, económica y moral, en el estudio planteado. In developing countries, the concentration of people living in extreme poverty is alarming. This group presents difficulties for the ordinary funding because of the insufficient guarantees that can offer in contrast to other customers, which restricts their ability to obtain liquidity in a financial market, which aims to be efficient. Micro-credits, conceived as an instrument of alternative financing, try to resolve this situation of financial exclusion, offering the possibility of access to economic resources in order that, in this way the most disadvantaged, they can enable new possibilities, improving their living conditions. The paper analyzes the basis of micro-credit and its operation, trying to offer a dual perspective, economic and moral, in the proposed study.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 Public ethics is having more importance for citizens. Given the multiple cases of corruption in Spain in which the public administration has been involved in it, it has unleashed a great social distrust in the public officials and the institutions. The corruption is one of the most important problems that the government must confront now and that must be prevented and punished by the judicial system. In many studies made by different organizations that we will study we can see the great concern and the perception of society by corruption. The Transparency 19/2013 law was born as a measure to finish corruption in the Public Administration.