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Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2016-2017 This paper has as its subject the Corporate Income Tax in Spain, it speaks mainly of the differences that exist between accounting and taxation. It details the objectives and criteria of accounting and also the fiscal rules. The explanation adds some fictitious examples to better reflect the reality of differences, how this are created and how are solved, but in a very basic way, do not really explain everything that can happen in a company. Then two Spanish companies are analyzed, taking the real data for the same period of time, in order to reflect on how this tax affects but above all to detect the magnitude of differences in accounting and taxation. As you can see in this analysis and throughout the work, the differences are very important, you can even find in Annex 1 that, the most of Ibex 35 companies are investigated by a large number of deferred tax assets.

Treball Final de Grau. Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2016-2017 “The gender wage gap and the overcrowding theory” is a study based on the obstacles of the female gender when they try to get a job, besides to promote and obtain senior positions. In order to understand the situation as well as the effect and context of the wage gap, we have analyzed different theories and documents. We have emphasized in concepts like overcrowding and wage gap as the most important criteria, last concept is the women’s discrimination cause by their gender condition. This analysis explains the rejection and discrimination in wages as the differences in remuneration without being impartial factors. What is more, that criteria cannot be demonstrated or justified. The rejection of compensation is not allowed by law, but is often not complied with. In conclusion, this document makes a contribution and a general view of the different ways of remuneration between genders at the labour market and their respective differences.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 In this essay we are going to perform a bibliographic review of studies and information of different means of economic reporting on the phenomenon of shareholder activism, which is used as the organ of Government in some companies and exercise of pressure against the mismanagement that administrators perform. The perspective to be taken into accout in the whole essay will be activism with Hedge Funds‟ active tendency, who are the main renderer of this movement for change in companies. To optimally understand this particular type of shareholder activism first the main activism aspects will be developed separately and, on the other hand, the characteristics that represent to the Hedge Funds, so that the understanding of both concepts together will be enhanced and the analysis of the motivators, tools, and processes of the activist action will have greater meaning.

Treball Final de Grau. Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2016-2017 The aim of this research is to study and evaluate from the accounting information, how the economical and asset situation of Fundación Caja Castellón has evolved after the financial institution Bancaja disappeared in 2012. Consequently, the foundation was left without the sponsorship revenues. To do the study, we will use many information sources, but the annual accounts for 2009 to 2015 will be use as a remain source. The new economic situation of the foundation in 2012 is evaluated and quantified on the basis of this information and from a spreadsheets by which different graphics and tables have been obtained. As a result of all this process, has been made a number of conclusions concerning the economic changes and on the current situation of the foundation, and that is after all, the goal of this study.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2016-2017 This paper aims to analyze the effect of the last economic crisis in the consultancies in the province of Castellón. To do that, a series of financial ratios have been studied as representative variables of the size, profitability and risk of a sample of 83 consultancy firms in the province of Castellón in 2007 and 2015, that is to say, before and after the crisis. It is expected that the level of the ratios regarding both, the profitability and the risk of these entities, will have worsened between the years under study. However, the study offers empirical evidence that the consultancies in the province of Castellón have actually seen their average levels of profitability deteriorate, but have suffered an improvement in their average levels of risk as a result of the economic crisis. The explanation could be found, precisely, in a reduction of the size of the companies, by expelling the most inefficient companies from the sector.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2016-2017 This work analyses the main economic, political and socio-demographic aspects that affect the transparency of local governments. It has been taken as an evidence the Index of Transparency of Local Governments, that of the 110 biggest local governments of Spain. This index is assigned by International Transparency Spain, by means of the information that each municipality publishes in its webpage. After the empirical study, it has been noticed that the population has a good relationship with the transparency. Besides, those local governments that are capital of province have less transparency and as a result, the relationship is negative. Finally, unemployment has a negative relationship, too. These three variables have given an important result that is essential for the transparency of local governments. This empirical study also compares other studies made by different authors. The current legislation and, the importance that transparency has for citizens, have contributed to promote the divulgence of all the information of local governments.

Treball Final de Grau. Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2016-2017 The aim of this paper is providing information giving an overview about a new age in the financial field. Financial Technology (Fintech) industry is growing faster than other industries and it is changing the way we know the financial markets, customer’s behavior, banking system, payments and, in general, the interaction between financial clients and the financial system. Banks are one of the most affected by this structural change; they must to adopt and re-focus their business and the way they have been offering financial services to their clients. Fintech companies have been receiving much attention in the last few years. And, although the development of Fintech companies is still in early stages, many researchers believe that it will define the path and shape the future of the financial services industry. Digital Financial Services (DFS) are at the forefront as key financial solutions for improving, complementing and enhancing financial services to supply and cover customers’ needs.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 One of the most complex factors when making an investment is determining the moment in which this action is going to be carried out and upon which values this investment is will becomes practical. To solve this issue, analysts use methods of analysis focused on the comprehension of the market and the formulation of predictions, the most salient ones being Chartism and fundamental analysis. This study is going to make an in depth analysis of Chartism, which is based on the interpretation of graphics and attends to different elements of support so that the analyst can reach decisions in a beneficial way. The question that emerges is whether this method is a good option to rely on in spite of its characterizing subjectivity or if, because of this, it would be better to resort to the fundamental analysis. The aim of the project is to shed light upon these questions.

The purpose of this paper is to analyze whether environmental, social and good governance management of companies influences their social performance. This analysis is about a group of Spanish listed companies, during the period from 2013 to 2015. The methodology used is a nonparametric test, named Mann-Whitney U test, which is developed to calculate profitability, liquidity and solvency variables. Therefore, it aims to examine if there are differences between the companies included in the FTSE4Good IBEX sustainability index and the other ones included in the IBEX family. In fact, the results determine that there are not any significant differences in the financial performance of both groups. Thus, it is possible to conclude that the most prominent companies in managing environmental, social and good governance aspects are as profitable as the rest; thereby, confirming that the fact of using sustainability indexes does not affect negatively the competitive position of companies.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 The objective of this paper is to analyse to what extend the sovereign debt crisis affected the Eurozone financial markets and what policies the ECB carried out during those years, making a difference between peripheral and central countries. For this purpose, the work has been divided into four blocks. In the first block, the main differences between those countries are discussed through the study of their macroeconomic variables. The second and third ones study the evolution of government bond markets and equity markets in said countries as well as their correlation and the reasons for this evolution during the period of the debt crisis. Finally, the fourth block examines the different available tools that ECB did have and whether the policies adopted during the crisis affected the financial markets.

Treball Final de Grau. Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2016-2017 An action like providing information to the Market seems a simple task, however after the outbreak of the financial crisis of 2007 in which we are still immersed, has demonstrated the importance of this action over the outbreak of the crisis. So the objective of this work is the study of bank risks. In particular, risks different from those of the Pillar I, due to banks do not provide as much information as they should do. Therefore, it has been studied the banking regulation that supports the third pillar of Basel, and the requirements required. Furthermore, it has been accomplish the analysis of each bank about the type of information that is presented to the market, in relation to the aforementioned risks. As a conclusion, it has been observed the qualitative way in which banks presents the information and the lack of legislation in material of these risks.

Treball Final de Grau. Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2016/2017 This paper discusses the historic evolution of the ethical banking for it to be what it is today, as well as its most important characteristics, among which we consider important to highlight: promotion of the economy, fair trade, environmental improvements and the transparency of its work. It analyses a number of methods for social impact measurement and it will be shown that there is a wide variety of approaches that require further research in the case of ethical banking and, therefore, there are subjective elements. As an example of this ethical banking, we will look at Triodos Bank in a little more detail, looking at its most important characteristics and way of working, without ever forgetting its major impact.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 The following document includes as its main point the treatment of biological assets, which are live animals and live plants, focusing on the cultivation of oranges, a very important activity in the Valencian Community. Biological assets are regulated by the International Accounting Standards in its Rule 41, known as IAS 41 Agriculture, or NIC 41 in Spain. This standard regulates the agricultural activity for groups of companies in this sector, who present consolidated annual accounts and are listed in the European market. In addition, the main differences between this standard and Spanish regulations are discussed. This report concludes with a few examples regarding the valuation of biological assets and the treatment of crops in the process of a typical but fictitious orange production company.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 Throughout this dissertation, we will analyse the major changes that digital revolution has meant to the financial world, and how this technological improvements have created new financial platforms which operate separately from the banking sector. We will detailedly examine the segment of financial Startups and how do they work by examining one of the most important Spanish Fintech in the crowdlending market. Overall, it is important to point out the influence of this technological developments for the society and the repercussion these have in traditional banking, which has experienced a big transformation that is allowing it to compete with this new financial players.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2016-2017 The purpose of this paper is to analyze how the proportion of independent and executive directors of the boards affects the remuneration of the CEO of companies listed on the Madrid Stock Exchange. As control variables that could influence the remuneration have been considered the size of the company, the size of the Board of Directors, whether the CEO and the chairman of the board are the same person or not, the level of indebtedness and economic profitability. The results obtained show that the percentage of independent directors are not statistically significant, therefore, they do not influence the remuneration of the CEO. On the contrary to the percentage of executive directors who are significant and will influence positively. It should be noted that the size of the board and the fact that the CEO and chairman of the board are the same person are positively associated with CEO remuneration, these variables are statistically significant.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 The aim of the following study is analyse the influence of the CEO salary in the creation of value of the companies. This research is trying to demonstrate the hypothesis that the CEO salary has a positive influence in the firm performance which will be measured throw ROA ratio. In order to carry out this research, it has been used the information of a sample which has been taken from the companies that were listed in the Madrid Stock Exchange during 2015. The results give evidence that CEO compensation has a positive and significant influence in the firm value so that as higher the salary of the CEO is, higher the creation of value in the companies. But the results of the study also give evidence that the CEO compensation is not the only element to have into account in the study of the firm value movements.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2016-2017 This report presents the business plan of an enterpreneurial project based on the production and marketing of black truffles. The business idea encompasses the establishing a truffle plantation to the manipulation and commercialization of the Tuber melanosporum truffle, the variety of black truffle with greater economic and gastronomic value. This business plan justifies the suitability of the business idea by analysing the economic and financial feasibility of the project from different perspectives; in addition, a comprehensive analysis is carried out of all the aspects related to the start-up and operation of the company. A realistic vision is shown with regard to the solidity and growth of a company which may reach remarkable success and growth within this sector in the long term. The truffle market is in an early stage of development and although it is a difficult product to produce, its appropriate exploitation will be an important generator of wealth by contributing to the promotion of rural development.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 This paper analyses from a critical perspective the irregularities committed by financial institutions in the use of complex techniques to increase liquidity, the commercialization of toxic financial products, such as preferred participations or multi-currency mortgages, and the bad faith in the commercialization of loans. Firstly we will define what we consider as a toxic financial product or toxic behaviour, together with the definition of each instrument; followed by the commercialization and the consequences on the surroundings; finally, we focus on preventive measures from the institutional bodies that are regulating the situation. This leads to conclusions that help us to understand the wave of lawsuits filed by retail clients requesting the nullity due to a lack of consent in these contracts, based on the lack of information to the customer and the repeated failure to comply with MIFID regulations of financial institutions.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 By conducting this study, the main objective has been the calculation of the productive costs applied to an industrial company that manufactures tiger bean milk and slushes of different flavours. Therefore, the main objective of this final assignment will be to obtain a product sheet costs for each different products on which the costs have been calculated, in order to see clearly the costs that are needed to produce each product and on the basis of these sheets draw the conclusions.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 This work deals with the study of financial education in non-university education and has been developed through the study of the situation in three countries: The United States, Mexico and Spain. On the one hand, a study of the financial education situation in each country has been carried out. On the other hand, the actions that have been carried out by the different public, private and educational institutions have been analysed. These actions have led to the elaboration of financial education plans with the objective of their implementation in non-university education and whose contents can be consulted in the Bank of Spain, in the MIS and in the Spanish National Securities Market Commission (2015 a, 2015b) It is worth highlighting the development of a code of good practice for financial education initiatives, which serves as a basis to be followed by all those institutions interested in providing financial education, whose content can be found in OECD (2015) and OECD (2005). Regarding financial education in Spain, educational portals have been created, collections of practical family economy tips with materials and training resources that support the implementation of financial education in schools. The aim of this work is, therefore, to analyse the different proposals that are detailed in each of the three countries and, consequently, to elaborate an educational proposal that can be implemented within the Spanish educational system.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 The economic and financial crisis has highlighted the need to create a model of sustainable economy that links economic growth with social development, avoiding inequalities and promoting the rational use of natural resources. The European Commission in 2010 launched the Europe 2020 strategy program which, among other things, promotes and encourages a socially sustainable, environmentally-minded economy. The purpose of this paper is to analyze this economic model in which the social enterprise is becoming more important in our financial system because of its values and its concern about the impact it may have on society and leaves in the background the search for benefits; hence, the birth of entrepreneurship and social innovation as a new way of dealing with social problems.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 The purpose of this paper is to develop a cost control system applicable to Fustec Onda S.L., and adapted it to its needs, allowing to know the costs generated in each of its projects in an objective manner. The work begins with a brief development of some relevant theoretical concepts on the accounting of companies, which will help us to understand better the later sections. Subsequently, a brief analysis of the company, the characteristics of its products and its production process, is made to know the operation of the same and its current situation. Finally, a cost system proposal will be carried out to allow management to monitor and evaluate the use of its resources in production, and a system for budgeting and effective control of projects.

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 objective of the paper is remembering the existing aggregate macro-models, explain price inflation, present the problems that may arise in aggregate models and carry out a study to understand the breakdown of price inflation in Spain in the last 15 years. In order to do that first we’re going to describe the article that will be our starting point to carry out the paper and also the meaning of the different named concepts. The macro-economic problems generated by aggregation in economy will be presented. Moreover, an economic study about price evolution will be carried out, in order to better understand the breakdown of annual headline inflation. After the study will be carried out one can better observe the differences and similarities of the American case. In the Spanish case the good that increased its price the most were cigarettes, that is, they have increased or decreased necessary goods as well as leisure ones. However, in the American case, only the necessary ones increased.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 The goal of this paper is to analyze different kinds of Social Balance through a literature review of various authors who point out the importance of incorporating the social dimension of economy to companies. It is necessary to study the Social Balance, as it is a tool that has little visibility in comparison with the importance that is gaining in an economic context with increasing concern for social issues. This study also focuses on the normative dimension, or the lack of it, which makes the whole process of generalizing the use of the Social Balance much slower. At the end of this paper it is shown how, from a comparative and technical perspective, and apart from economic considerations, the way the Common Good Report has been designed -based on the Common Good Matrix, offers the most complete picture of the ethic success of a company. It is concluded that it is necessary that companies uses Social Balance as one more of their daily tools as a key tool to deal with sustainability.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 Business Angels appear when risk and doubt are at their highpoint helping and accompanying the entrepreneur until he strengthens his business project. They appear in the initial stages and they provide experience and contacts, as well as capital, so they make companies grow faster. Business Angels execute an essential role by reducing the equity gap which appears when new companies have exhausted their proximity funds being in a stage too premature to turn to banking financing within competitive ways or to venture capital funds. Angel investment is growing in Spain: in 2014, 28 millions of Euros were recorded as opposed to the 39.7 millions recorded in 2015. Although Business Angels invest in all sectors, they focus on technological companies with high chances of growth. These companies are called start-ups: innovative and disruptive companies which provide different hints to the traditional way of undertaking. The goal of this study is examining Business Angels. We will analyze their characteristics and their evolution during recent years within Europe and Spain.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 In the absence of a specific accounting regulation for the evaluation of the assets of agricultural enterprises, the International Accounting Standard Board prepared the IAS 41 to cover all aspects related to agriculture. Thus, this regulation introduced a new method of evaluating of biological assets, the fair value. In this paper, a more in-depth analysis will be performed on the operation of the AS 41. The different assets regulated by this standard will be studied, as well as the differences generated with the Spanish accounting regulations. This paper will also analyze the different opinions created by the application of this method and the different alternative methods for the evaluation of assets when the fair value can not be reliably estimated. Also, different illustrative cases will be shown to see the impact of fair value on the evaluation of biological assets. These conclude that, although this method provides more reliable results than others, it can not always be used because of its inability to determine fair value reliably.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 This dissertation is a deep research about investment, differences between investor and speculator, types of assets to invest and passive investment. Therefore, the paper focuses on the evaluation and comparison the most common assets to invest in shares, bonds and bills through risk, volatility, return performance by asset. Also, the dissertation performs a review of the passive investment: definition, returns, expected returns, costs, taxes and why select passive funds. The idea behind this dissertation is to answer the questions: Which is the best asset to invest? Which risk and volatile is this asset? Which is the best fund to be invested? In addition, all the reasons behind the answers. In conclusion, Passive Index Investment is superior than the other options available and the best way to everybody that want to invest in the long run.

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 social enterprise can be constituted as one of the best instruments of change to transform the economy and as a consequence the society in which it operates. The economy problems of recent times and the characteristic that the enterprise has of reinventing itself, has generated an evolution of the business model creating in this way the social enterprise. These types of enterprises focus on a series of values such as greater involvement in society to produce change, to promote the environment, sustainable development and to reduce poverty. In the present paper, we intend to realize an analysis of the concept of social enterprise, the different forms that can adopt and the reference legal framework in Spain. In addition, it has been done both a theoretical and practical comparison between a traditional and a social enterprise. This study has concluded that these enterprises can not be compared to each other, because each of them focuses its objectives in obtaining different benefits.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 In this study we have tried to make an analysis of Euroespes, S.A. company in relation to its annual tab. The company, with 25 years of experience in prevention, diagnosis and treatments against the Central Nervous System diseases, wants to be the international reference site in this kind of diseases. Thus we are going to focus on the most important economic movements that Euroespes has made in the financial years 2012, 2013, 2014 and 2015 to try to understand the leadership they are looking for. To this effect, we are going to use the annual tabs of the Company and some financial rates. As a result of this, we can draw conclusions about the situation in which the Company was immersed during the analysed period.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 This paper consists of a study of the main accounting perspectives regarding emission rights. Climate change and the lack of common international regulations have caused the existence of a large divergence on an accounting level. The paper aims to see how emission markets are regulated, explain the national and international rules which have been developed with the aim to eliminate the large accounting divergence. Accounting discrepancy at a global level has a negative influence on the decisionmaking of shareholders, creditors, suppliers, regulators, etc. due to the difficulty to compare and understand the financial situation regarding greenhouse gases. Thus, the necessity of accountable harmonization. Finally, in this analysis, two illustrative cases will be presented to show how these two companies reflect their greenhouse gas emission rights in their financial statements.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 Tax havens have existed since tax existed, for this they have always gone hand in hand. Evading tax has, since the times of greeks and romans, been a worry and will for individuals; recently companies have also fallen into this. Tax havens have been a refuge for wealth in times of uncertainty and have found in capitalism an ally to grow and expand. The aim is to review the birth, evolution and survival of tax havens; the characteristics that have allowed them to evolve and survive are worth mentioning and studying. Furthermore, it is of significant importance exploring the different entities supporting and backing tax havens.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 Fintech is a developing sector, due to the technological innovations and its importance in the economy because it is changing the way in which firms realize its business plans. Its evolution started as a result of the Global Financial Crisis in the United States and was in that country were started its advancement. Subsequently, its expansion was mainly to Europe and Asia. In addition, the sector is in continuous development as a result of the changes in the economy and the effect of globalization. This practice is related to the entrepreneurial activity and customers can use different alternatives to achieve its financial projects. As a result of the rapid development of the sector and its consequences for the economy, regulation is becoming a global issue. To control the activity of firms in its countries, United Kingdom created the Financial Conduct Authority (FCA) and the United States the Securities and Exchange Commission (SEC). In addition, it is necessary highlight the impact of the banking sector as a result of the development of technology and the use of Internet. As a result of Fintech’s evolution evolved and the future trends await more development of the sector

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 The objective of this bachelor’s thesis is to awareness about the benefits of the Social Economy for the society and how it has evolved over the decades. Firstly, the reader is introduced into the historical context of this term because is important to understand what were the needs that people tried to cover with the creation of this new sector. After that, is presented the legislation that affects the sector and finally analyses the variables such as: the number of companies, number of employees, or the effect that has on Spanish GDP in different economic situations. In the end, it compares the obtained results with the traditional economy. The conclusions are very positive and demonstrate that this sector is increasingly important for job creation and economic wealth and is more beneficial and efficient than the traditional capitalist economy

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 This work consists of an analysis of two companies of the same sector, which are Perfumeries Druni and Perfumeries Prieto. In order to find out which company has the best financial situation and then advise the investors in which company they have to invest. The method we used for the analysis of the companies is as follows: through the annual accounts, the ratios are calculated, with them we have drafted the report of the work. After analyzing the two companies both Druni and Prieto, we came to the conclusion to advise the investor to invest in Perfumeries Druni, because this company has expectations of growing up in the future, it is shown with the increase of investments, quite the contrary to Prieto that has come to a standstill. In addition, the shareholders of Druni receive more profitability than the shareholders of Prieto.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 The target of the following study is to analyze the main differences of the accounts of result and balance that are generated after private accounting exists and accounting publishes. For it, there will take as a base the countable regulations that register in both plans of accounting, where there have been appreciated big differences proceeding from the composition of the clear patrimony, since the capital is located in a different way, also criteria oppositions are with regard to certain definitions both of assets and of debit. For his part, the account of losses and profit has a completely different order, bearing in mind that the main income of the private enterprises comes from the sale of goods or rendering of service, and those of the public entities come of, between others, the taxes and valuations that the taxpayers pay

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2015/2016 This study analyzes the importance and how taxation is used as an instrument of environmental protection in Spain. First, an extensive analysis will be performed of the existing administrative relationships around environmental taxation by the state, autonomous communities and local authorities. Jointly it will be study the functioning of taxation and the types of taxes that we can find in Spain, also carrying out an extension on this information we will expose the problems to be treated, which is the double concurrence between the fact that legally taxes are disposed to tax wealth, and the principle that the polluter pays. We will make an explanatory analysis of the design of the environmental tax system in Spain and how the double concurrency works in our country, in order to compare with Denmark, which leads the system of environmental taxation in Europe and globally, and thus understand what are the differences and why they have generated in this field. To conclude the study, we will present possible changes that could be made in the future to try to solve this problem. Through this process we can see how the double concurrency works in Spain, and observe the differences with the Danish country, the most advanced in this area at european level, so we will have the ability to offer a critical view of the problem.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2015/2016 In the following work has been made a recompilation of some literary about the local indebtedness willing to analyse the different studies which has been made about the same topic. To this end, it has been carried out a literary revision of the researches of different authors about the possible determinants which explain the local indebtedness, basically in Spain. Furthermore, there is also a part where a literary revision about other countries debt has been made. We have observed that we should maintain a regulation which demands indebtedness limitations and moreover that makes these limitations be meet. Therefore we have found that the variables which better explain the local indebtedness are financial.

Treball final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2015-2016 The purpose of perform this work is analyze it evolution economic and political that has experienced them Nations of Spain and Mexico, for to understand the position that occupy their markets of capital as well as the preferences of them investors, since each market belongs to a panorama international completely different. Will be analyzed both markets with a same indicator (GDP), since this also results in a simple, illustrative, comparison will be exposed to those incentives and obstacles presented by each market that helps or prevents improve their development. All this is necessary for their current positions worldwide in the field of capital market, concluding that the two markets hold a good position and generate good returns, compared with other countries, that if each one in its economy and corresponding interest. El propósito de realizar este trabajo es analizar la evolución económica y política que ha experimentado las naciones de España y México, para poder comprender la posición que ocupan sus mercados de capitales así como las preferencias de los inversores, ya que cada mercado pertenece a un panorama internacional totalmente distinto. Se analizará ambos mercados con un mismo indicador (PIB), ya que así se consigue una comparativa sencilla e ilustrativa, también se expondrá aquellos alicientes y obstáculos que presenta cada mercado que ayuda o impide mejorar su desarrollo. Todo esto es necesario para conocer sus actuales posturas a nivel mundial en el ámbito de mercado de capitales, concluyendo que los dos mercados sostienen un buen posicionamiento y generan buenas rentabilidades, en comparación con otros países, eso sí cada uno en su economía e interés correspondiente.

Treball final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2015-2016 Although agriculture represents a declining percentage of the GDP of Spain and importance in modern society, it is one of the core business activities playing an important role in preserving the environment. A proper environmental management system is a key tool for a good management of this sector’s environmental aspects. The aim of this paper is to explain the importance of environmental management systems in the Valencian agricultural sector, especially in the product-handling centrals. To this end, it will be explained in detail, not only environmental management systems and their costs, but also possible financial available grants as well as other techniques and systems that companies can adopt to become more efficient, causing the least possible impact on the environment.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2015/2016 This paper develops a model to hedging a portfolio of shares against the risk of the possible fall of the price through the use of futures on IBEX 35. We will evaluate the robustness of this coverage by subjecting it to various strategies and evaluating them in terms of efficiency. We will analyze your response hedging in different scenarios: 1) does not cover the stock portfolio, 2) cover the portfolio and maintain the future through expiration date and 3) cover the portfolio and cancel the futures position before the expiration date. With this we will obtain results with which we will be able to clarify a response of the efficiency of the hedging and correct use of which instrument is most effective to cover it.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2015/2016 This work aims to study the evolution and subsequent diagnosis of the situation of the Repsol group, to respond to if this company has a sustainable debt level in the current situacion facing the market of the oil. This is going to carry out by analyzing of the most relevant aspects that reflect their annual accounts documents over the past 6 years. Knowing the origin of the changes that have occured its and showing its consequence. We will briefly analyze the current situation of the sector and two of its competitors, BP and Total, as well as the connections among them, and, finally, drawing some conclusions that allow create expectations about the future of the company Repsol with the current situation of the market in the fall of oil prices and holding constant the other factors to take into account.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2015/2016

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2015/2016 This end of grade paper has the objective of measuring, categorizing and analyzing the impact that may suppose risks information Disclosure on non-financial European companies. In order to, this way, reach the eager risk reduction on the investments done on companies that share these features. For reaching this series of objectives, it has been made firstly a summary of the world’s normative, and then a series of critiques to this norms written up by different authors mentioned in the text. Finally, it has been carried out a risks measuring work of 6 European companies with the objective of appreciating the impact that the risks of the same may present over the value of the company's’ shares, using a methodology based on counting sentences and paragraphs.

Treball final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2015-2016 The objective of this paper is to know the asset situation of the company Almirall Ltd. In the period of 2011-2015 and diagnose its financial position as well as compare it with another company of the pharmaceutical sector: Pfizer Inc. to investigate the difference between both. In order to do that the position of Almirall in the market is analyzed through an internal and external analysis of the company to highlight its strengths and weaknesses. Later the company has been studied from its economic-financial sphere to analyze its performance in the period of 2011-2015. Finally, this company is compared with another from the same sector in order to analyze more thoroughly how Almirall Ltd. has been managed and obtain the final conclusions.

Treball final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2015-2016 The financial crisis brings to light the need to assume an investment philosophy based on greater transparency, integration of extra-financial interests of the investors and better and greater risk management. The Socially Responsible Investment (SRI) allows the integration of the aforementioned concepts and is applicable to any financial product: investment funds, pension plans, venture capital funds and other financial products. This final degree project aims at analyzingthe extent of the SRI implementation in Europe and especially analyzingthe main characteristics of one of the financial products with greater growth in the current financial market: thematic funds in charge of promoting those activities linked to the environmental protection. To do so, a set of financial and extra-financial variables out of a sample of 30 thematic funds of three European countries (the UK, France and Spain) have been analyzed. From the analysis conducted, three different Green investor profiles can be obtained based on thecountry where the funds are commercialized.

Treball de Final de en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2015-2016

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2015/2016 This work makes a study about ceramic industry. First of all, it will do an analysis of this industry at global level. Secondly, it will do an analysis about Spanish situation. In the case of the latter it will focus on two geographical regions: Castellón de la Plana and Community of Madrid. Thirdly, this work makes an economic-financial study of the thirty sampled companies chosen. It is divided into fifteen of Castellón and fifteen of Madrid because this work wants to check the indebtedness levels difference between the regions, and to determine the financial ratios which affect these levels in every geographical area. Finally, with the results obtained, it will make the determination of the companies that have failed by their indebtedness levels.

Treball final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic 2015-2016 After Burger King’s acquisition of Tim Hortons and the merging of both into Restaurant Brands International, the quick service restaurants conglomerate is expected to achieve synergies and improve their business model over the next few years. In the following valuation report, Restaurant Brands International’s financial statements will be analyzed by the means of a value oriented approach. At the same time, valuable insight on the analyst’s duty will be offered and many of the main problems that a valuation process might offer will also be presented. The ultimate purpose of this report will be to present a reliable valuation for Restaurant Brands International’s shares, establishing whether if they are overvalued, fairly valued or undervalued, while also explaining the thorough process of analysis for the investor to be aware of how the report has been constructed.