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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.

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 The present study aims to analyse the effects of the growth experienced by the Spanish photovoltaic sector in mid-2007, and the subsequent crisis which began at the end of 2008. In the first part of this paper the historical evolution of solar energy across the globe, its appearance and development at national level, the current situation in relation to solar energy in different countries and continents, and the evolution of the sector in recent years will be explained. Subsequently, we shall proceed to carry out an empirical analysis in order to determine the aggregate effect of the measure which constituted the driving force in the sector (RD661/2007) and of the measure responsible for the decline (RD 1578/2008) through the study of the levels of performance and risk of a sample of companies dedicated to the distribution and installation of photovoltaic material, before and after experiencing the combined effect of the two measures. It may be concluded that, in general, the companies remained in a similar situation, in terms of both profitability and of risk, except with regard to the ratio which measures the solvency of the company in the short term, which presents significant differences between the two years considered.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The world daily is being witness of the technologies and the advances that are leading to its transformation, which is why the work that will be developed next will deal with cryptocurrencies, since this type of virtual currency is being a subject of great interest among the public and, increasingly, you hear about aspects of this field on a daily basis. The cryptocurrencies can be defined as a medium of exchange digital and whose main activity is to ensure the integrity, security and balance of users by means of a network users where virtual currencies are exchanged. As was sais earlier, it is becoming more and more common to hear talk of the criptomonedas and above all, it is very common to hear talk, even on the news, about one of these cryptocurrency, Bitcoin. There are people who even think that these virtual currencies could replace the fiduciary money that is currently available. For this reason it is very useful and very interesting to know and understand these virtual currencies. Therefore, this paper tries to explain criptomonedas are, how they work, how they are used, and, not least, to know which is the legal framework for the same. In this way, the aim is to achieve the objective of carrying out a manual with more information about the most important cryptocurrencies and broaden the knowledge of the people who carry out their reading or who are interested in the same. Similarly, those who have an interest in acquiring them, or simply want to know more about these cryptocurrency, may have a greater source of information about them. To achieve this goal, it has been decided that the structure of this thesis is divided into different parts, with the purpose of making the information clear and simple. for the readers. First, it begins with a brief introduction about the contextualization and main characteristics of cryptocurrencies. Subsequently, a more exhaustive analysis of the three most used types of cryptocurrencies more used, as can be purchased, their operation, as well as their advantages and disadvantages. And finally, there will be a deepening on the legal framework that governs these cryptocurrency. Finally, it can be said that this phenomenon is causing an evolution in an increasingly globalized economy. For this reason, the work will be concluded by making a brief reflecting on what has been spoken in this thesis and about what cryptocurrencies are causing worldwide.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 In this paper we suggest a theoretical framework to theoretically analyze auditor’s apparent independence as perceived by external users of financial and audit reports of a certain company. The framework suggested is based on a game-theoretical model of imperfect information in which an auditor has to decide whether or not to keep his independence when issuing a report about the financial situation of a company he is auditing. Once the company’s audit report is published, it is checked by an external user in order to decide whether or not to establish a financial relation with the company without knowing the decision taken by the auditor. Nevertheless, the auditor’s context generates a signal about his independence which is correct with certain probability and helps the external user to better decide whether or not to trust the audit report.

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 recent years, the incorporation of women into the labor market has increased, but there are still notable gender differences in the composition of the governing bodies. On the other hand, in the business world the concept of CSR (corporate social responsibility) is becoming increasingly relevant, as the actions of companies have repercussions on society. Recently it has been written about whether having a gender-sensitive board of directors favors voluntary disclosure by companies of CSR reports. The purpose of this paper is to analyze whether gender diversity in the board of directors can be positively associated with the disclosure of information on corporate social responsibility. For this, we carry out the analysis on an international sample of 12,726 companies belonging to different sectors, of which we know about which aspects related to CSR they report and also, among other data, the composition of its board of directors. The results of this study reveal that having a high proportion of female directors on the board of directors positively affects the amount of CSR information presented by the company.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 This paper aims to analyze the viability of initiating a technical-mining and environmental consulting. Extractive activities have a strong impact on the environment, producing serious effects on it. This is why the hardness and lack of flexibility in the current legislation on mining and the environment. This project seeks to provide services to the owners of extractive activities of natural resources, with the ultimate aim of restoring the affected environment and producing the least possible impact. In order to analyze the feasibility of this project, a complete business plan will be developed, carrying out an analysis of the environment, market, service provision and commercialization, organization of the company and human resources, together with an economic-financial analysis. The results of the project will provide us with an estimate of its viability and a projection of future results. Books, websites and mining and environmental legislation have been consulted for this purpose.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 This paper has analysed several psychological biases which affect adversely the investment performance of market participants. Since modern portfolio theories has been refused by numerous studies, behavioral finance has appeared to emphasise on the irrationality of investors who are influenced by their mental convictions. It has been studied the following behavioral biases: mental accounting and the disposition effect, status quo bias, representativeness bias, anchoring, herding behaviour, overconfidence and confirmation bias. Hence, it has been explored various mitigation strategies in order to overcome the negative impact on the decision-making process in financial markets. The major contribution to inhibit those subconscious barriers is the portfolio diversification and the acquisition and assumption of suitable economic information.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The aim of the present study is to perform an analysis of the group Más Móvil Ibercom S.A along with its consolidated annual accounts.This telecommunications company emerged in 1997. With more than 20 years of experience in the sector, it offers fixed, mobile and broadband internet services to individuals, companies and other operators and it has become the fourth operator in the Spanish territory. For this analysis we will focus our attention on the most important economic movements carried out by the entity during the periods 2013, 2014, 2015 and 2016 in order to understand its evolution over time and to glimpse the achievement of being the first company to be listed in the MAB (acronyn in Spanish for Alternative Stock Market) and then in the Continuous Market. For this purpose, the company's annual accounts and various financial indicators are used, which will allow us to reach a conclusion about the company's situation for the period under analysis.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 The dramatic raise of the unemployment figures, registered after the beginning of the economic crisis in 2008, have promoted the growth of social economy companies. Those companies appear as an instrument to generate employment, promoting the entrepreneurial spirit, and improving the productive framework. Among them, the Special Employment Centres stand out. Their objective is to ease the introduction of people with disabilities in the regular work market. Despite their growth during the last years, there is still a lack of knowledge about the work done by these companies. For that reason, the present paper has done a study regarding the current state of companies based on social economy, specifying the Special Employment Centres’ characteristics and evolution, as well as an analysis of their contribution to the economy and the collective of people with disabilities.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 Within the whole of the financial sector, a very important part of this is represented by mutual investment funds. Despite their importance and the high volume of transactions carried out through these financial instruments, the vast majority of investors are not aware of the potential of these financial assets. This paper seeks to shed light on these issues, to examine the advantages, typologies and importance of mutual funds in the financial sector and, above all, to study the importance of the different ratios used to analyse these funds. With this finality, 5 mutual funds from three different categories have been analysed numerically, and two funds have been chosen from each category. The selection was made based on both risky and moderate investment profiles. For the risky profile the Equity, Fixed Income and Mixed funds selected are Bankia Bolsa Española, BBVA Bonos Euskofondos and Bankinter Mixto Flexible respectively. As for the moderate investor the funds chosen for the same categories are BMN Bolsa Española, BNP Paribas Euro and Bestinvert Mixto.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049 The main expectation of the present work has been to study, analyze, interpret and evaluate the company EURONA WIRELESS TELECOM S.A. from the system of analysis of financial statements. The objective was to know the current status of the company. To achieve this, all the information provided through the sources that attended it: annual accounts, web pages, as well as specific manuals of the subject have been collected. With these tools, the necessary mathematical calculations have been carried out that have led to the interpretation of the required conclusions. In this way, we have been able to achieve the pretension of the writing, and also have been established some hypotheses that attended to its possible future state.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2017/2018 Tax Havens are extremely important for the present society, because they are territories or countries with low or even zero tax rates which offer confidence, security and tax advantages to non-residents. For this reason, Tax Havens become a competition for the State because, many companies, in order to avoid taxes, open their businesses in these territories. In addition, all over the world is a great diversity of tax rates. Therefore, the aim of this present study is to carry out a specific investigation on Tax Havens and also, to analyze different aspects associated with the creation of Offshore Companies. The study is divided in two parts; the first one is based on summarizing the most important information in order to have a basic knowledge of Tax Havens, and the second one is linked to Offshore Companies. The information has been collected from historical, geographical, economic, legislative and fiscal sources.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2017/2018 The globalization of the economy, due to the existence of accounting diversity, has led to the process of harmonization. Accounting models should be harmonized to reduce this diversity between countries, this way they can be compatible in order to make possible the comparation between the financial statements of companies located in different countries. One of the most important systems that carry out the harmonization procedure is the IASB, which is responsible of the issue, through global recognition and support, is the international accounting standards. In this project the history of this organism will be made known as well as its restructuring and the process of elaboration of its normative. From this moment on, it is more emphasized when, after the EU adopted the IASB model, Spain carried out an accounting reform in which it adapted the international standards, which was when the most significant differences appeared between the two regulations, in the focus of this study.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 The next project is born with the aim of analyzing the company AB-Biotics, a company in a sector of expansion as it is biotechnology. The purpose of this is to know all the details of the company, with the help of financial and economic analysis in order to obtain what is the current situation of the company. First we made a study of the sector in which the company resides as well as the changes in this. After we focus on the economic analysis and financial aspects of the company as well as of the evolution of the business. Finally, presents the results of the study leading to the conclusion that after a few years difficult the company begins to improve their results and profitability although it is recommended that the company pay attention to its funding strategy.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 The goal of the following thesis is to prepare an analysis of the profitability, solvency, liquidity and bankruptcy for the period 2010 - 2015 of Porcelanosa, SA, at the same time as obtaining the current value of the company as of January 1, 2015, and Which is the last year for which I have the current data, to meet the objective of solving the following question. Should Porcelanosa start trading on the stock market? The work will be divided into 5 main parts. In the first of them, a context of the company will be realized in which its history and contextualization of its position in the sector of the ceramics will be discussed. The following is a brief description of the methodology to be used in the analysis and valuation, that is to say, which ratios are to be analysed and which valuation methods are to be used. In the following point, the ratios explained in the previous section will be analysed, which will be explained and calculated one by one. Then, in point number 5, Porcelanosa will be evaluated in the event that it goes public and obtain the value of the alleged action that the company would have, so that from the point of view of the investor it is convenient to buy or do not. Finally, the conclusions obtained after the whole process and the objective question will be answered. To conclude this introduction, add that the reason for analysing and valuing Porcelanosa, S.A. is because it is one of the leading companies in the ceramic sector in the province of Castellón, a sector that in recent years has participated in 79% of exports of Spanish ceramic products, according to Garcia.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 The aim of this essay is to analyse the financial statements of the company Medcom Tech, S.A. that devotes itself to the commercialization of technologically advanced products in the area of health. I’ll try to analyse if the company generates positive benefits and appellants in the time; if these are enough to attend its commitment of payment; if the financing structure used is adapted to the typology of investment realized; if the management of the assets allows profitability of the economic resources, which in turn allows a suitable remuneration of the invested capital. Also, I will analyse its point of balance (break-even point), to analyse its operative risk against changes in the turnover. And finally, I will use the Altam Z-Score index to confirm the conclusions.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2016-2017 Due to the economic crisis of recent years, it is necessary for companies to increase controls to prevent fraud. The internal audit is a good tool to evaluate if the control carried out by companies is effective, and in the case that it is not effective the audit can offer recommendations to improve this control. In this project, an internal audit based on risk in a department of a business in the ceramics sector will be performed. A conceptual framework, which will explain all the theoretical aspects of an internal audit and all the steps to follow, will take place. Subsequently the case study of the enterprise will be made.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 In the last years, internal auditing has significantly evolved and has been established as a main tool for the enterprises’ operating framework due to its economic complexity, the uncertain context where risk management is important, the introduction of new technologies and their excessive growth. In this study we have briefly analysed the conceptual framework of the internal audit, revising the main concepts and relating them to other relevant concepts. Finally we have carried out a real practical case of a multinational group that is in full growth and belongs to the aquiculture sector.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 Corporate governance is very important for the performance of companies, especially if this focuses on the financial sector. The lack of involvement by financial institutions in improving corporate governance has been one of the major problems that has caused the economic crisis. There are many problems that international institutions are constantly investigating such as risk management, board of directors, remuneration system or supervision among other. The problems of corporate governance are being solved over time by the involvement of international institutions such as the European Commission. After identifying the problems, this paper will show the solutions that the international institutions are studying to try to improve the corporate governance in financial sector. Finally, this work also will empirically analyse the problem of the remuneration system that will be related with the performance of the banks and the votes of the shareholders as a measure of support.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 The following study concerns a financial and economic analysis about the viability of the construction of a hotel. The financial valuation and planning models help the investor to make decisions and to determine the expected gain or loss of the investment. On the one hand, it is determined the profitability of the project with the NPV and IRR, followed by a scenario analysis with the objective to observe how the profitability is affected against changes on the principal variables of the investment. On the other hand, the financial planning is developed in order to have a better economic resources management forguarantying that the company does not have liquidity problems and to analyse the optimum funding source, which could maximize the profits of the investment.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2016-2017 As we will see later in this paper we focus on the analysis of the company Secuoya communications group which is listed on the MAB stock market. From 2011 the company enters in the MAB to start expanding and get funding to consolidate itself in the sector. In this paper we are going to detail both the history and relevant data about the company. In addition we will carry out a significant economic and financial analysis about the company, which will help in the future to make decisions. On the other hand, an analysis of ratios of the sector which is located the firm to find out what is different from the companies in the sector. As a result of all these, we will be able to draw some conclusions on the results of the company and know if it expects a prosperous future. In addition to seeing how it is positioned in the market.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2016-2017 The objective of this work is to study the evolution of the economic and financial situation of the group Carbures Europe, S.A. and its subsequent diagnosis. The information contained in the drafting of the project can be useful for external agents who must make decisions regarding the project, such as investors, creditors, suppliers, lenders, etc. The study has been carried out mainly through the analysis of the balance sheet, the profit and loss account and the activity report of the group in the last four years: 2013, 2014, 2015 and 2016. Also to support the analysis ratios on profitability, liquidity, solvency and probability of bankruptcy of these years have been calculated and it has also been complemented with a small study of the evolution of the group's quotations in the Alternative Stock Market and the changes its relevant shareholders. Evidence found after the study has been carried out is that Carbures Europe, S.A. is an indebted company, yet investors are willing to take a high risk with the expectation of achieving large returns in the future.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 2 To carry out this work, we will analyze the annual accounts of the company Cafés Candelas S.L., in the period from 2010 to 2015. First, an analysis of the annual accounts will be carried out. It will begin by studying the balance of accounts, commenting on current assets, non-current assets, current liabilities, non-current liabilities and equity. Then, the profit and loss account will be analyzed, commenting on the most significant changes. After that, the statement of changes in equity and the statement of cash flows will be described. And finally, a study of their most representative ratios will be made. Once the annual accounts are finished, an analysis of the sector in which it operates and its competence will be made. Then a SWOT analysis will be carried out, later on, we will study possible measures that may be taken and finally a conclusion.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 This study’s aim is to describe what the social business are and what characteristics differentiate them form the traditional business model. On top of that, the different types of social business there are in Spain are detailed, such as Social Insertion, Special Employment Centres and Social Initiative Cooperatives. Furthermore, this study will document an analysis over the Social Initiative Cooperatives located in the Valencian Community. This analysis will consist of two sections. In the first section, the evolution of the cooperatives over a three-year period. However, in the second section, a more detailed analysis will compare the difference between the cooperatives located in Castellón and in the rest of the provinces of the same autonomous community and determine whether the difference between the cooperatives is significant or not.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 This paper focuses on the analysis of transparency in public administrations but also refers to the existing corruption. In order to carry out the study, we have chosen the data of the corruption perception index for year 2016 and the transparency index of the 110 largest municipalities in Spain in 2014, as both are the latest published by the Organization website International Transparency Spain, where we have obtained the data. The results indicate that in Spain there is still a high average level of corruption, this corruption is due in part to the large number of corruption cases in recent years, which causes a great distrust in society, which in turn, An increase in the demand on the part of society to the public administrations of transparency. Every year the levels of global transparency in public administrations are greater, especially from 2013 when the new law of transparency is applied, is when greater change is reflected in all areas of transparency of administrations. We also note that the size of the population, the gender of their representative or whether they are provincial capital or not, are factors that affect indeed the transparency of administrations. We can conclude that the legislation on transparency and the Organization International Transparency -Spain, have contributed to stimulate the local governments dissemination of information.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 The financial sector plays a key role in long-term sustainable development and is essential to achieving the Sustainable Development Goals (SDGs), which have as their goal the "end of poverty" (1ST SDG). In this context, microfinance, and in particular microcredit, appears to be an appropriate tool for combating poverty, through the financing of microprojects, for those in a situation of social and financial exclusion. For this reason, the objective of this study is to analyze, through descriptive statistics, how microcredits can be an instrument to help eradicate poverty by studying the particular case of Bangladesh where this financing source is most widespread. Data for the analysis will be provided by the Grameen Bank and the World Bank. The results show that microloans can have a significant influence on certain economic variables and society in Bangladesh.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 In the present final work of degree a business plan has been elaborated in the area of the sector of the restoration. For the development of the project it has been chosen for a typology of not existing company nowadays, a chain of restaurants of snack and healthy food destined for a faithful public to the world of the fitness. Along the work there will be elaborated an exhaustive analysis of the sector to which the company belongs as well as of his more immediate environment. Likewise a plan will be elaborated of marketing adapted to the needs of the company, of a plan of operations and of an economic and financial plan by the aim to demonstrate the viability of the project here exposed.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2016-2017 The purpose of this paper is to analyze meticulously the annual accounts belonging to the company REPSOL, S.A. In particular, the transactions carried out during the last 5 years, between 2012 and 2016, with the main goal of explaining the positioning of this company in the national refining market, as well as its current situation at the global level. In order to develop this work, a specific methodology will be used. First of all, it will analyze both the horizontal and the vertical evolution of the company in question. Secondly, it will present a detailed study regarding its annual accounts which will be followed by a study of ratios. Furthermore, it will expound a data comparison about the economic-financial information of this company and the four main competitors in this field, at the national and international level. These competitors are CEPSA, CLH, TOTAL and BP. Finally, to sum up, it presents the conclusions reached in this economic-financial study about the company REPSOL, S.A.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 The work presented afterwards is based on the economic and financial analysis of three companies belonging to the oil sector, in the period between 2011 and 2015, based on their financial statements, which are included in the attachments. These are the Spanish companies Repsol, Cepsa and Disa. Firstly, it is analyzed the sector as a whole, with special attention to the most important aspects to explain its evolution in recent years, such as export, import or consumption levels. Then, it is carried out the analysis of the three enterprises in the sector, by means of the study of financial ratios, in order to evaluate aspects such as profitability, liquidity, solvency or management of the selected companies. Based on the results obtained in each block of analysis it is made a comparison, obtaining later the main conclusions.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 The work that follows is about the economic - financial analysis of an investment project. This analysis focuses on the decision to acquire two automatic dowels, to incorporate them in the end of the production process of a tile factory. To carry out the project, there has been a constant communication between the author of the work and the company requesting the study. This study has been carried out with the purpose that the acquisition of the fixed assets is advantageous for the company, for it has been followed by an exhaustive study based on different situations seeing the different impacts that occurred in the company until giving with the one that The more it will conform to reality

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 Neuroeconomy is a scientific discipline that studies the process of economic decision making in the human brain. Through neuroeconomy we expect to study why some decisions are made and not others and to understand our behaviour as investors and consumers as well as the way in which the nervous system assesses the risks, rewards and probabilities of success by showing how the brain learns to assign values to various choice utilities, and also by highlighting the cognitive and emotional restrictions that obstruct the capability of humans to make optimal decisions. Stock markets are the perfect example of the ideal conditions for studying human behaviour, in particular decision-making. In this paper we explain the economic making-decision process of investors and traders analysing the brain structures and processes that participate in it and its influence in stock markets and in the formation of bubbles through a neuroeconomic scientific literature review.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 Sustainable development must be kept in mind economic growth, social inclusion and protect the environment for its achievement. These elements are materialized through 17 Sustainable Development Goals (SDGs), for this it is essential financing and participation of the financial system. The objective of this work is to study how 10 of the main Spanish financial entities are integrating SDGs into their business, with the purpose of analyzing the efforts made to achieve it. The results show the actions of the financial entities to integrate the SDGs (principally, those SDGs related to economic aspects, and to a lesser extent, to environmental aspects) but there are still some limitations.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2016-2017 This final degree project has as main objective to determine if global result (or comprehensive income) has more value relevance than traditional net income. The project employs price models and analyses listed groups of companies belonging to IBEX 35 index during the period 2015-2016. This project shows that both comprehensive income and net income present value relevance, as they have the expected effect on stock prices, but indicates that net income presents higher value relevance than comprehensive income. Also, opens the debate of whether adjustments included into other comprehensive income, could be used as a stabilizer, in other to reduce volatility and perceived risk.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2016-2017 Following the presently open lines of research on corporate social responsibility (CSR), this paper addresses in different phases two objectives: what are the inclusion criteria required for join a sustainability index, and whether the inclusion of an organization in a sustainability index produces variations in its financial performance. Addressing these issues is considered interesting given the growing interest in CSR in the financial markets and in academia. According to the results, in relation to the first phase, there are proposed several actions to the organizations in order to facilitate and improve their management related to CSR and their options for subsequent inclusion in a sustainability index. In relation to the second phase, there is no empirical evidence that the inclusion in a sustainability index generates short-term variations on the financial performance of the company.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 The present paper presents an eco-financial analysis of one of the most important food distributors with the highest market share and volume regarding sales figures: DIA. The totality of the financial information has been extracted from SABI (Iberian Balance sheet Analysis System). This information has been used in the analysis of the annual accounts of DIA Company; firstly, the balance sheet and the composition of the financial assets and liabilities as well as the proportions of each, the variations during 5 years and the possible situations. Secondly, an analysis of the profit and loss accounts, the statement of cash flow and the statement of changes in net assets. Thirdly, we have carried out an analysis through the most significant variables for Dia Company, comparing them with those of their strongest competitors regarding market share. Finally, a conclusion and some recommendations have been presented.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 In the year 1980 when a company managed that a part of a specific income to go to the rehabilitation of the Statue of Liberty, society began to give importance to social responsibility. That way social responsibility was more targeted towards the private sector and implemented by the companies. Nowadays, the public sector begins to take steps towards the application of social responsibility, since the goods with which it tries to be more responsible are related with the objectives of the Public Administration. From the public point of view social responsibility can be implemented from an external or internal aspect, the first case being when the administrations control that the companies act in a correct form, encouraging them to apply principles of social responsibility. On the other hand, the internal point of view is to implement within the Public Administration the principles of social responsibility.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 The realization of this project is aimed at the study economic-financial aspects of the company in the automotive sector in Spain, SEAT, SA during the 2011-2015 period, based on the financial statements of the company. As a result of this analysis we have managed to justify and make a series of conclusions as are: the evolution of the turnover coinciding with the improvement of the economic cycle, the losses sustained the first four exercises analyzed which have been borne by the company thanks to the funding of the group to which it belongs, the important reduction of maturation period of economic, full funding of the cycle of exploitation on the part of suppliers and the important cash generation with the exploitation.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 In the last few years the concept of sustainable development has become very popular. In this sense, financial sector has not overlooked this new inclination and has offered to the market new types of financial product related with the sustainable development, the Socially Responsible Investment (SRI) assets. One of the most marketed assets nowadays in Spain are the SRI Funds. This study aims to examine the means by which SRI Funds form their investment portfolios, to investigate how the SDG are integrated into them and to examine the main differences between SRI Funds and the traditional ones. In order to undertake the study, two different samples of investment funds marketed in Spain were taken: one of SRI Funds and another of traditional funds. The analysis suggests that the investment in SRI Funds means a higher yield and consequently a higher risk compared to traditional funds. In addition, the SRI Funds have shown a positive attitude respect the SDG, highlighting “Climate Action” and “Peace, Justice and Strong Institutions” as the most integrated goals by the funds.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 This final dissertation takes as its’ objective the corporate and financial analysis of the Spanish insertion companies. This analysis will be based on the annual report issued by the Spanish Federation of Insertion Companies. In this dissertation we will be able to verify the average increase in size of the insertion companies through the return on assets and invested capital of these companies. First we have described the nature of the social economy, then we have analysed what a social company is, describing the structure and the characteristics of the insertion companies given that they are predominant in Spain within this sector. Finally, we have carried out a financial analysis of the insertion companies, analysing the size of these companies, their profitability and the level of indebtedness. Finally we will check whether or not there is any difference in the size, the profitability and the indebtedness of the companies in Catalonia and in the Basque Country.

Treball Final de Grau. Codi: FC1049. Curs acadèmic: 2016/2017 Since the very early 20th century tax havens have played a very important role in global economy. Corporations and individuals have always seeked their services in order to avoid tax. Tax havens as such have always existed but it has been in the last century when they have developed a more financial approach to the services they provide. Offshore banking, secrecy, neutral taxation and ease of investment is amongst them. The purpose of this paper is to analyse and focus on the history of tax havens, its characteristics and how they have been able to become so powerful and influential in today‘s world. As much as there have been efforts to eradicate them, external support and backing has allowed them to keep expanding and keep performing their services. Lobbying, government support and economic influence are factors that will be explored to understand the resistance of tax havens.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 New financing techniques have emerged due to the recently experienced deep crisis. In a changing technological environment any individual with an innovative business idea and an achievable entrepreneurial project can easily undertake it without resorting to traditional banking. As a result of the new Fintech technology, a word stemming from a contraction of the words “finance” and “technology”, it may be possible for anyone to use a wide range of financial services in a faster, more comfortable and transparent way. This technological revolution has entered with force in our country. However, even though the high turnover figures that move financial startups of other countries have yet to be reached here, investment and growth in this sector is rapidly increasing. Therefore, the crowdfunding industry marks the present and the future as a source of financing for business projects in our country.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 The present project pretends to analyze the Mercadona's suppliers. The set of suppliers is perfectly divided into three categories: inter-supplier, specialist supplier and other suppliers. The classification is based on the degree of internalization in own supplier structure the Mercadona's philosofy, as well as the established time of mutual commercial relationship and / or characteristic product. The objective is to analyze whether the fact of belonging to one category or another influences its profitability, risk and size of the company.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 The elaboration of this Bachelor’s thesis is based on the economic and financial analysis during the period 2010-2015 of two Spanish companies listed in the stock exchange that operate in the sector of renewable energies: Fersa Energías Renovables, S.A. and Solaria Energía y Medio Ambiente, S.A. In this work I have analyzed the accounts and indicators that give us information about the evolution and situation of both companies and I also consulted the consolidated memories to explain some of the results obtained. Subsequently, I have realized a comparative analysis between them and finally, I have established the conclusions.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 The global expansion of the private sector and the increase in transnational economic activity have introduced many changes in businesses and have had an impact on human rights, giving rise to fundamental norms and voluntary initiatives that provide useful guidelines in respect of these basic rights.There are two main objectives of this work; at the theoretical level it is a review of the regulatory framework and international standards. On the other hand, it provides empirical analysis of the two Spanish hotel chains listed Meliá and NH. Firstly, identifying indicators of human rights in GRI sustainability reports, secondly reviewing information published by these hotel companies and thirdly, proposing a methodology which measures the information provided, allowing a comparative analysis of the depth of the same with the existing regulations.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 This work consists of the analysis of Non-Profit Organizations (NPO) from the tax the special regulations point of view. It will focus mainly on the Law on Patronage and on Corporate Income Tax (CIT), and more briefly on the Tax on Economic Activities (TEA) and Value Added Tax (VAT). The objective of this paper is to clarify the characteristics of a non-profit entity, and consequently, why they need a special tax regime. To do this, we will study the laws enacted in Spain on the taxation of NPOs through the analysis of the BOE regarding the promulgation of laws affecting these entities in tax matters, deepening, above all, Law 49/2002, of 23 December, Law 27/2014, of 27 November and Law 37/1992, of 28 December.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2016-2017 The investment impact could be defined as the investment which aims to generate a social and environmental impact is also positive to obtain a financial return. Are new institutional configurations that seek to associate social motivations to the search of financial profitability, and at the same time, to develop approaches that there are economically more sustainable to social and environmental initiatives. The investment impact in Spain are still to be developed but it is a segment that is growing. The fundamental motive that has driven the growth of the market of the investment impact in Spain is the interest on the part of investors in generating a positive impact in the society and align their investments with their social and ethical concerns. Within this study analyze two investment products of impact that are social impact bonds issued by the ICO and the green bonds issued by both Iberdrola and Abengoa.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 The objective of this paper is to analyze the asymmetry in systematic risk, that this, the existence of different betas depending on the evolution of the market. Based on a sample of shares of Spanish stock market, the contrast is performed in three different valuation models, incorporating the beta up and beta down coefficients, with different risk factors. The results obtained show an asymmetric behavior in the yields of the assets, obtaining a negative market timing, which means an increase of the sensitivity to the market performance in bearish moments.