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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.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The work presented here aims to check if the field of the chemical industry of Biodiesel in Spain has suffered the consequences of the change of rules that have occurred in this sector between 2008 and 2011. Hence, it proceeded to analyze the behavior the solvency of a sample of 20 Spanish companies in the Biodiesel Industry, basically to determine which explanatory variables significantly the influence of solvency onto companies in this sector as well. The explanatory variables used were obtained from balance respectively and the statement of income of companies considered, which calculated a series of financial ratios. For that reason, it has carried out an empirical analysis that covers two aspects: firstly, there has been an analysis Anova to look into whether legislation affects variables and ratios in companies financial economic. And secondly it proceeded to make an analysis so that determine if there is a different behavior between the companies unsuccessful and not unsuccessful

This paper aims to assess and diagnose the economic and financial situation of Atresmedia and their immediate competitors such as Mediaset España. Focusing our study on the evolution of Atresmedia through its annual accounts, the calculation and interpretation of key financial ratios, as well as in the connections between them, and, finally, drawing some conclusions that allow to catch a glimpse of the most significant differences between these two companies.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 Poverty reduction plans have included microcredits as an important tool to improve the social and economic development of a region. This project will try to explain what impact indicators are most commonly used in the field of microcredits. Next, the characteristics of those indicators will be analysed and also their usefulness in every area of measurement. It will also be observed, through several microcredit programmes impact studies carried out in Rwanda, Brazil and Chile and Malaysia, the indicators that have been used in these programmes, what aspect each indicator tries to measure and, finally, whether they have results with sufficient empirical evidence on its usefulness in the fight against poverty. Finally, the cases which have been analysed will be compared in order to draw enough conclusions to propose a simple model that enables to standardize the way of measuring the impact of micro credit programmes through the use of common indicators.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 In an uncertain and competitive environment with increasingly restricted resources, it is a challenge for non-governmental organizations to maintain an optimal financing structure. This paper analyzes the difficulties that arise in this type of organizations to achieve financial stability, placing the focus on Non-Governmental Development Organizations. International research points to weaknesses in the composition of income sources of non-governmental organizations and an increase in economic risks after the outbreak of the economic and financial crisis. This study focuses on the Spanish case, analyzing the evolution of funds and income executed during the period 2008-2015 for a sample of 76 NGDOs, as well as the context and regulations that will determine its evolution. The research literature indicates that a change in the structure of these organizations towards hybrid organizations could be a way to strengthen their viability.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The environmental challenge is a matter of social relevance, since human beings are the ones responsible of it. Therefore, it is necessary to promote education that will provide us with a series of values and habits that will lead us towards a respect for the environment. In this project we will deepen in the economic-financial part of the limitations, taxes and sanctions, the financial accounting part of pollution and more specifically that regarding the atmosphere. We all —governments, entrepreneurs, individuals— must promote social awareness and environmental improvement.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 Citizens are trying to improve their voting power by obtaining more information from public administrations. Most countries have had access to information in public administrations for the last few years. This, influenced by the large corruption indices experienced, makes it necessary for governments to practice full transparency in terms of the right of access to information. The objective of this study will first reflect the situation of each country in terms of information opacity, and then focus on Spain as the basis for the study of its public administrations and political parties. To what extent does the trend in transparency from countries like Sweden and the United States affect other countries? At what level of transparency and corruption are they related terms? We will rely on the main Spanish political parties in order to get a practical basis for our work and to make the necessary observations until we reach the conclusion of the relationship between transparency and corruption.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The present End of Degree Project consists in carrying out the economic-financial analysis of three companies listed on the stock exchange. Its main activity is renewable energy. Through this study we intend to analyze the evolution of these companies in the last four years published (2013-2016) and the realization of a comparison of the results obtained. For this, the main patrimonial masses of the Balance and the Profit and Loss Account will be analyzed. In addition, liquidity, solvency and profitability will be analyzed through the study of ratios. Finally, an exposition of the main conclusions obtained from the study and the possible improvement proposals will be collected.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 International harmonisation of accounting rules has awoken an interest in international organisations, governments, professionals, academics, investors and other users of financial information. This study synthesises and presents in a structured way the basic ideas that academic journals have provided regarding different aspects of this process of convergence. The IFRS is now used in the structuring of financial reports in over 150 countries. The motivation behind convergence, the adoption strategy, institutional factors, and each country’s cultures or implementation guide have proved essential for understanding the impact of the change in accounting model, in addition to the way in which the IFRS are being applied in various jurisdictions. The analysis of the IFRS in different regions and types of firms indicates that the suitability of these guidelines could be limited to certain contexts.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 Football, the king of sports in Spain, has been professionally practiced in this country for almost a century, but a few years back it has gone from being a simple sport to a complex business. Therefore, with this end of degree dissertation we will intend to analyze the Spanish first division teams’ economic viability, and if the increase in salaries and investments made in recent years can be maintained, since it shows an inflationary trend. To this end, we will resort to the annual accounts of four of the teams that make up the Spanish first and to a report from the Sports Council (Consejo Superior de Deportes, “CSD”), where the revenues and expenses of the 20 teams in La Liga in recent years are listed. For this analysis, the Net Cash Flows of the four teams will be prepared and the variability of salaries and investments will be observed. Finally, the results obtained will be compared.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The aim of this study is to explain the key role of family businesses in the Spanish economy. First, there will be a description of the elements that form the Corporate Governance and those particular to family businesses. Furthermore, analysis will be conducted on the transparency of Corporate Governance in the 11 most important family businesses of Spain. This analysis will be performed according to The Global Family Business Index. In order to perform this transparency analysis, the models of IAGC (Annual Report of Corporate Governance) and IAR (Annual Report of Remuneration) established by the CNMV (National Commission of the Stock market) will be followed. There will also be a study of the characteristic elements of Corporate Governance in family businesses and its implementation. To conclude, there will be a summary of the information resulting of the analysis of the businesses, as well as of the findings of the study.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The present Final Degree Project consists of analyzing and comparing the economic-financial state of two great 1st division Spanish football teams, as Valencia CF and FC Barcelona are. First of all, the concept of Football Clubs will be introduced, perceiving them as companies, and explaining the main characteristics and disadvantages of Sports Public Limited Companies (SPLC1) versus Sports Associations (SA). The economic-financial analysis of the two Clubs will continue. For this purpose, the financial statements are prepared and the different balance sheet and profit and loss account ratios for the years between the years ended on 30/06/14 and 30/06/17 will be calculated. Finally, after the analysis and comparison of the results between both Clubs, the conclusions will be collected with the most relevant data of the study. All the amounts that appear in the work are represented in thousands of euros.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 In this essay will discuss about a recent movement, which has been lately getting popular, due to the great worry among citizens about the poor practices within companies, aggravated by this crisis that we have unfortunately had to cope with. It is about a movement, which pursues the common profit, not just company profits. This tendency is based on the Economy of the Common Good, which is basically founded on human dignity, solidarity, justice, environmental sustainability and last but not least, democracy. In this article will have a look at a brief review of this type of economy and afterwards, a practical case is made, developed an alternative balance of the environmental perspective into the Halcón Cerámicas business based on the ideas that are reflected in the previous point. The objective is the practical performance that Felber presents in his economy.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 This article explores the existing literature about the relation between auditor independence and the provision of non-audit services (NAS), which is one of the main threats to auditors’ objectivity. For this, some important limitations to maintain independence are described, such as the Sarbanes-Oxley Act of 2002 and the Securities and Exchange Commission (SEC) Rules implemented in the US. Also, regulation in different jurisdictions of providing NAS is explained, focusing on the Spanish regulation. Regarding the pros and cons of the provision of NAS, these services can improve audit quality by generating knowledge spillovers but they can also reduce auditor independence due to client pressure and the creation of an economic bond between the incumbent auditor and the client. Finally, there is no clear evidence that the provision of NAS has a negative impact on auditor independence and audit quality.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The aim of this paper is to try to demonstrate whether a company with a strong link with Mercadona offers better economic and financial profitability figures than companies operating in the same sector. For this purpose, this study will buy the main financial ratios of a company considered to be an inter-supplier of Mercadona with the three most important competitors in the sector. In order to be able to respond to this, the balance sheets of the companies analyzed for the years 2011-2016 are used as a basis. These are then treated to give the reader the necessary tools to take the correct conclusions.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 In the current work I will analyze the annual accounts of Sant Joan de Moro and Morella, in the periods of 2016, 2017 and 2018. There will be a comparison of the municipal budgets and their evolution and I will provide didactic material to the public. The objective of this research paper is to prepare a study of the economic-financial situation of two entities of similar population but with a different economic activity. On the first hand, I am going to do an analysis of the annual accounts and budget documents, using indicators that allow obtaining results of budgetary management and taking into account the budget stability regulations. To carry out this analysis I will use the information provided by the city councils and state laws. I will finally conclude according to the results obtained in the study that converge in the distinction between the budgets analyzed and the characteristics of the municipalities.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 In recent decades, globalization and the impact on financial markets of outrage such as the Enron scandal have affected the way in which organizations should be managed, fostering the birth of more transparent and democratic government systems. In this sense, Corporate governance has become an issue of increasing relevance at the international level, because a good corporate governance structure helps to minimize agency costs and conflicts of interest among stakeholders. This paper aims to analyze these issues, to examinate the different definitions of Corporate governance, typologies and historical evolution of corporate governance in Spain through codes and reports with recommendations on good corporate governance practices. With this finality, five valencian big companies from five different sectors have been analyzed in terms of corporate governance, and compared with five Ibex 35 companies from the same sectors, to find out if unlisted companies also follow the recommendations of good corporate governance codes.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 In this project, we have analysed the evolution of the economic and financial situation in three of the most important enterprises of the retail sector in Spain. The period studied was from 2014 to 2016 in order to have enough information; all the data is based on their annual statements, which are included in the appendix and have been extracted from the “Sabi” database. The companies are Hennes and Mauritz S.L. (H&M), Zara España SA (ZARA) and Punto Fa, S.L (MANGO). Firstly, we have to give an overview of the fashion distribution sector in Spain, focusing on the recent years. Then, we have to examine the important things that we observed and the changes within the period that referred before, in an individual way. Finally, we will acquire the main conclusions.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 Reviewing the literature can always help us find the limitation of previous studies. This work offers a review of the literature related to the audit opinion-shopping of foreign and Spanish research. The review is organized on the opinion-shopping at the firm level and at the partner level. For each of the two modalities, with which a company can pretend to obtain an opinion different from what it really deserves, the findings related to the investigations carried out by various auditors are discussed. It is concluded that the methodology developed by Lennox (2000) was a turning point in the investigations carried out so far, since the fact of retaining the current auditor can also be a way to participate in the "audit opinion-shopping".

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The objective of this work is to present a review and collection of the main theories for the choice of the discount rate for investment projects in the private and public domain. This rate represents an abstract concept which becomes many times in one of the most important facts to be determinate when we are analyzing the viability for an investment project. Therefore, we will see in first place an explanation about the concept, next we will revise the different methods and variables that are used besides comments of the different advantages and disadvantages that may arise. Finally, the obtained conclusions will be presented.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 Throughout this paper we try to identify in time, the beginning of Anthropocene by establishing direct links with the current economic system, capitalism. As well as the consequences of overproduction and overexploitation of natural resources, which are currently seriously deteriorated. On the other hand, actions that could improve the current situation and diminish the footprint of man are presented, which has led to identify this new era. Finally, we will try to identify certain financial factors and we will proceed to compare them with environmentally responsible actions or not, as well as the empirical results of this comparison and the conclusions of the set of information that has been intended to cover throughout these pages.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The following paper deals with the economic-financial analysis of an investment project. This analysis focuses on the decision to set up a gym. For the development of this investment project it is necessary to know the viability of it. For this purpose, the Net Present Value (NPV) and the Internal Rate of Return (IRR) are used as a means of analysis. In addition, a sensitivity analysis and a scenario analysis are also performed, where risk is introduced. On the other hand, the financial planning process is carried out so that the company does not present liquidity problems during the development of the investment project.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 If we carried out a number of surveys among the Spanish population about the meaning of the concept of ‘social economy’, or we asked about what the concept stands for, it would be considered as an allien term for most of them, as well as that of the real meaning of ‘economy’. The definition of ‘economy’ provided by dictionaries comes in these terms: ‘Economy is the social science that deals with the satisfaction of human needs departing from scarce resources’. We tend to consider it as a exact or formal science, closer to maths, since it contains a big number of operations and equations to deal with; consequently it sounds rather strange the fact that its basic goal be that of human needs satisfaction. The goal of this Project is to describe the features and the situation of those organisations that can be considered as ‘social enterprises’ in the Spanish Nation. Further, an analysis of the financial and economical profitability of the most relevant groups of enterprises in the Spanish Social Economy, such as the Employment Specialised Center (SEC) and Insertion Enterprises (IE) will follow, as well as a comparative analysis of the results of our research.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The present dissertation will deal with the development of an economic financial plan of an investment project of a new company. All the information provided will be estimations, forecasts and projections based on real information stemming from studies carried out by public entities such as the “Instituto Cervantes”, similar investment plans or real and current contributions of prices of both the services to be delivered as well as the assets and other investments needed to carry out the startup of the investment project at issue.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The report that is written below, will deal with the impact investment, a financial modality that not only seeks the economic benefit, but also sustainability, which as its name indicates, refers to the social, environmental and economic environment. In addition, the impact investment has its beginning in Spain with the end of the crisis, so we will analyze the impact of this financial market in Spain and what are the financial activities currently carried out by Spain, to go deeper into the investment of impact.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The main goal of the following paper is the application of two measuring scales of Corporate Social Responsibility used in the evaluation of the quality of information regarding aspects of CSR, which are also included in sustainability memories. To do this, the paper focuses on the concept of CSR, not just on its definition, but also regarding what elements and dimensions it includes, as well as providing an analysis of criteria established by the Global Reporting Initiative for the elaboration of sustainability memories. To apply the measuring scale two approaches have been incorporated: The first based on GRI guidelines, and a second approach proposed by authors Bansal (2005) and Chow & Chen (2012). Both of these approaches are applied to analyse the CSR rating of the company Iberdrola. As a result of all this process, has been made a number of conclusions concerning the analysis from both measuring scaling methodologies.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The title of this essay is “An economic and Financial Analysis of Transportes Monfort” and it consists in analysing the profitability, liquidity, and solvency of the company. The selected period to carry out this study is the three last financial years, that is, from 2014 to 2016. For the analysis of this study, we need the following information from the chosen company: the Balance Sheet and the Profit and Loss Account. To obtain the corresponding data, the following website has been used: www.informa.es. In addition, the knowledge attained in the courses belonging to the Accounting and Finance degree throughout these four years of training will be applied. Therefore, the courses Introduction to Accounting, Financial Accounting, Analysis of Financial Statements, Analysis and Formulation of Business Strategies, and Business Valuation will enhance the development of this work. This essay is divided into two chapters. First, chapter I will be based on the contextualisation, that is, finding out the details of the chosen company before carrying out the analysis, in this case, Transportes Monfort Logística S.L. Therefore, a brief history is introduced, and the main activity of the company as well asthe location in which it operates is explained. In addition, a strategic analysis of the internal environment (strengths and weaknesses) and external (opportunities and threats) is carried out through the SWOT, in order to find out the company’s current situation within its sector. Subsequently, the second chapter is composed of the economic and financial analysis of the company. In this second section, we work on the Balance Sheet and the Profit and Loss Accounts so as to calculate the corresponding ratios that will help us determine the economic and financial profitability, liquidity and solvency of the company. Finally, the conclusion includes a study of the evolution and the results obtained throughout the three financial years chosen for the analysis.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 In the last years, the socially responsible investment (SRI) has experienced a great dynamism, and it is facing an important growth, since changes of attitudes are taking place in the economic and social context, towards everything that has to see with aspects of social responsibility, ethical or solidary behaviors. Though also it is true, that not in all the countries is taking place in the same way. In this work, there has been realized an analysis of the evolution and current situation of the SRI funds, as well as of its structure and of the principal events that have helped to its development, especially focusing on the financial Spanish market. On this basis the principal line of the investigation as regards the use of the funds has been analysis of its returns. Thus, in this work, in order to detect if there are significant differences between this type of funds and the conventional funds it has been realized a comparative analysis of the return - risk of these funds with the conventional funds, using the methodology of the matched pair analysis (Mallin et alt., 1995).

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 Non-profit organizations (NPO) have experienced significant growth in recent years due to the crisis, due to social shortages. This paper begins with the concept and characteristics, to better understand the adaptation of the General Accounting Plan 2011 to for-profit entities. In this section we will delve into the most relevant items for an NPO with which it will be able to provide its social services, such as subsidies, donations and legacies and the credits and debits of its own activity. The main objective of this work for project will be to carry out a study of the annual accounts of the Asociación Española Contra el Cáncer (AECC) for 2016. To know the situation in which the entity finds itself.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The aim of this report is the economic-financial analysis of Abengoa S.A, a company that has been a benchmark in Spain for its evolution and growth in the energy sector. The analysis covers the period 2011-2014, years previous to the declaration of bankruptcy, as one of the objectives of this analysis is to see if the data presented by the company could have predicted the risk of declaring insolvency proceedings. On July 21, 2015, the new Accounting Audit Law, Law 22/2015 was published. In general, this new Law is for all companies with economic activity; however the main changes affect especially the Public Interest Entities. The articles of this law that affect the Public Interest Entities will be analyzed, in order to determine if their application to the audit report of Abengoa SA before the declaration of bankruptcy, would have been useful in detecting the serious risks that the company had. The choice of this company is related to the possibility of combining two topics: the declaration of bankruptcy and the new Law 22/2015, both issues being related to the current and economic news.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 Since around 84% of the world population is affiliated to a religion, it is sensible to think that religion exerts a profound influence on the economy. The purpose of this paper is to compile the extant literature on religion and its effect on the economy, so that it can be established whether religion is determinant in shaping financial economics. One key finding of this study is that firms located in highly religious areas are not likely to behave unethically, they appear to have less accounting risk, a lower likelihood of fraudulent accounting, and are less prone to tax sheltering. When it comes to investments, both religious and non-religious people prefer financial criteria instead of socially responsible investment criteria. However, in religions that unethical investments are frown upon, such as Islam, the influence of religiosity on investments is more noticeable. Another result of this work is that adherents to a religion seem to be more risk-averse than non-religious, even though attitudes towards gambling are different among religions. Religion does seem to impact the economy, and by extension, financial economics. Yet, in terms of corporate governance, financial investments, and entrepreneurship, just to name a few, it remains a daunting task for scholars to isolate the variables that do relate to religion, which is essential for measuring its influence.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The next project is born with the aim of analyzing one of the most important companies of Spain, Acciona, S.A., a company in a sector of expansion as it is energy and infrastructure. The purpose of the project is to know the situation of the company with the help of financial and economic analysis to see the situation of the company. First we focus on the economic analysis and financial aspects of the company. After we analyze the evolution of quoted price in the Ibex 35. Finally, we realize a synthesis of the previously analyzed data and some conclusions will be obtained about the situation of the company.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The growth of the associative movement is taking a lot of strength in recent decades and therefore the creation of small associations by people who are not prepared to face with the management of those, it is being a reality. In this project we want to carry out a study and analyse the management techniques that are developed in the non-profit entities so that they can operate correctly and have an economic control. Besides, we want to be a refernce for all those people who want to start a new project by creating an association, so they could find any answers related with the creation, management and organisation of this type of corporation, and so we make it easier for them to develop the suitable work that the association pursues.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 Sports events can act as a catalyst for economic development as has been studied by many experts. In this literature review a brief explanation related to the impact that the sporting events can have in the economy is showed. There is an extended typology of impacts that are so different regarding to ithe area the event is located. However, the two most important groups and their impact in the economy have been described: major and minor events, which are those ones with a less importance in terms of economic impact. Furthermore, there are many methods to calculate the impact and also important errors in the calculations which produce the results could be overestimated. As a conclusion, it has been showed not only the disadvantages of major events but also the advantages of minor events, which can have the same relevance in economic terms as the hallmark events.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The objective of this paper is to study economic-financial Mercadona S.A. in the period 2013-2016, compared with some of the competitors in the distribution sector of the power supply. As a result of this analysis we have drawn the conclusions that Mercadona is a leading company in its sector, has a stable financial and economic structure and good. The economic and financial returns are positive and good, although the financial presents a small fall. And as to the calculation of ratios indicate that Mercadona not have in a future liquidity or solvency problems. As a result of the comparison we see how Mercadona is the largest company, the largest asset is, is the company that higher net benefits obtained and the least debts, especially long-term debts that are almost non-existent. And of course, the less liquidity and solvency problems may have.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The social enterprise is a topic that has experienced a significant interest among researchers in response to the reality of a new business model that seeks a positive impact on society. In this paper we provide an extensive review of the existing literature on social enterprise from a global perspective, covering the articles from 2007 to 2017. It covers the basic aspects related to the social economy, to understand the needs that led to the creation of this new sector. First, a global vision is presented to define the social economy through country level studies. Secondly, we describe the methodology used to obtain such data from the social enterprise and its explanations. Finally, some guidelines are discussed, as well as conclusions showing that this sector is more developed and important for job creation and the economy.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 According to Basel Committee on Banking Supervision (2016), structural interest rate risk refers to the alteration of a company’s funding margin and/or asset value due to changes in interest rates. These changes affect current value and time profile of cash flows. Besides, a bank’s exposure to adverse movements is a risk tied to banking activities, which, in turn, may become an opportunity to create economic value. Therefore, structural interest rate risk in the balance sheet must be managed as stated by Basel Supervisory Committee, establishing thus principles for its identification, measurement, monitoring and control. This paper describes the main measurement models: earnings-based and economic value, as well as the standardised approach developed by the committee. Finally, it shows a comparative study of various Spanish banks.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The present work intends to analyse if the Islamic Bank is an alternative or complementary approach to the traditional Banks and the challenges that lie ahead. First, we will make an approximation to the current situation of Islamic finance in order to describe the Islamic finance history and what are its fundamental principles. Then we will present the different financial instruments that meet those principles, to finally address the challenges and opportunities that Islamic Finance represents.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The society in which we live is characterized by the constant changes that take place in it. Day after day appear new IT systems, the means of transport are improved, we can enjoy modern infrastructures and also, new sanitary measures are provided. One of the consequences of these changes, specifically of those technological developments that took place between 2008 and 2009, is the appearance of the Bitcoin, the first cryptocurrency. The work that follows, tries to explain what the function of the above-mentioned virtual currency is, how it is created, how it has evolved its price on the market, if it is appropriate or not to use it and to what extent could be secure the transactions with BTC. To continue, in the second part, will try to expose in a relevant way, which is the perception that the experts in the field have about the Bitcoins. Nowadays, there are among the users, two quite disparate points of view, due to the volatility and also to other factors that characterize the cryptocurrency. These will be explained in more detail in the present work. This last, will be the central part of the analysis because the information is current and is mainly based on reliable articles issued by the big banks, both domestic and international, also by the CNMV and by experts in the field. The main objective of the present study on the cryptocurrency is to analyze the origin of these diverse opinions, as well as the foundations that supports them. It will also seek to explain in detail how the Bitcoins can be created, where are saved as they have no physical presence and also, an attempt to understand which are the most common uses of the BTC, will be provide. In this way, one will attempt to give the reader an overview of the entire process that lies behind the Bitcoin, in order to enable it to form a sufficient basis on which to draw their own opinion about the cryptocurrencies in general, and about the Bitcoin in particular. The analysis and research has been carried out for four months, and consisted about collecting information, the comparison of it and also, in the obtaining conclusions that are finally described below.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 This work aims to publicize one of the new means of payment as is the bitcoin currency, explaining its characteristics, its origin and the evolution of its price during the last years. It also exposes the operation of the bitcoin network, including how it is created, how these cryptocurrencies can be acquired and, perhaps the most complex to understand how the mining process or creation of bitcoins is. Subsequently, the relationship between bitcoins and the public and private sectors is analyzed, including the legality of bitcoin and taxation in VAT and IRPF, and the reactions of the ECB to the irruption of this currency in international economic relations.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 In recent years, companies have changed from their traditional business management techniques, achieving a new form of activity which also has a positive impact on society and the environment. To date, only non-profit organisations and entities defined by the Social Economy Law are legally recognised to make such an impact, but there are many other companies with different legal standings that are committed to the cause. The B-Corp certificate recognises these types of companies, all of which meet ethical codes and high standards of practise within all areas of the business. Due to the growing interest in changing the way businesses perform, the objective of this paper is to analyse the Spanish companies that have chosen to obtain this certificate and study their common traits. An impact measurement will be carried out in different business fields and several variables of interest will be analysed.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 Social Impact Bond (SIB) is one of the newest financial instrument available, belonging to the Sustainable Development Bonds group, underrepresented in market although with a large development potential. After the recent crisis, social demand concern has been increased and, consequently, social investments development has been grown. This report is going to analyse SIBs, their financial yields and Sustainable Development impact. The first part will be a theoretical analysis of SIBs’ characteristics, evolution and research. The second part will consist of an empirical analysis to calculate SIBs’ financial yields and their Sustainable Development impact. SIBs’ financial yields are higher than Fixed Income Bonds’ yields. In order to analyse SIBs’ impact, selecting Sustainable Development Goals (SDGs) as the proxy for Sustainable Development, it has been observed a Social Impact Bond support in the 35.29% of the Sustainable Development necessities. This methodology has provided another SIB’s classification focused on their impact in SDGs.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 Both in Spain in particular, and in Europe in general, have been generated a series of problems due to poor management of traditional banking. This is due to has not taken into account social or environmental aspects in their decision-making. Because of this, many investors have decided to invest in ethical banking. Therefore, the increase of these banks in Europe have increased considerably. But these banks do not have any regulation other than that of traditional banking. Only one of the few ways to ensure that a bank is ethical at European level is through European Federation of Ethical and Alternative Banks. But by means of a study carried out about the federated banks, it has been concluded that not all of them comply with the requirements or do not make it clear if they comply with it, thus failing to comply with the fundamental principle of these banks, the transparency.