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

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

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

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

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

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

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

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

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

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

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

Esta investigación muestra el desarrollo y aplicación de un Ciclo de Mejora en el Aula (CIMA) en la asignatura Introducción a las Finanzas del primer año del grado de Finanzas y Contabilidad, el cual ha tenido una duración de 8 horas y se ha desarrollado sobre el último tema de la asignatura como es Evaluación de la Financiación, El coste del capital, Factibilidad Económica y Financiera. Este CIMA se ha basado en un modelo metodológico en el que cobra mayor protagonismo el alumno, orientando su participación bajo la modalidad grupal e individual y cuyo proceso de aprendizaje se va construyendo sobre la base de los conocimientos y experiencias previas, generando así un aprendizaje claro y duradero. This research shows the development and application of a Classroom Teacher Improvement Cycle (CIMA) in the subject Introduction to Finance of the first year of the Finance and Accounting degree, which has lasted 8 hours and has been developed on the last topic of the course Evaluation of Financing, The cost of capital, Economic and Financial Feasibility. This CIMA has been based on a methodological model in which the student takes on greater prominence, guiding their participation under the group and individual modality and whose learning process is built on the basis of previous knowledge and experiences, thus generating clear learning and durable.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 This final degree work on SICAVs in Spain was based on a study of the functioning of a SICAV, highlighting its main characteristics such as its rules, regulations and the requirements that a company must have in order to be qualified as a SICAV and take advantage of its benefits. In addition, it was also considered important to make comparisons with other investment instruments, highlighting the differences both in terms of investment methods and profitability. Subsequently, possible advantages that an investor may have when it comes to making investments through this vehicle have been reflected in the work. Finally, it was mentioned that there is a sanctioning system created for these companies in the event of non-compliance with regulations and we also introduced the usual form of marketing.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 The work presented here consists of finding out if a company, in this case a hotel, implementing sustainable practices in its facilities is more economically profitable than one that does not have sustainable measures in place. The structure of the work is: firstly, a theoretical study about the tourism in Castellón, with specially regard to hospitality, is presented. Next, we will explain how important it is to apply sustainable measures in a company, especially in a hotel. The second part consists of an economic-financial analysis of four hotels in the province of Castellón: in order to compare hotels with sustainable and non-sustainable activities, and rural and beach-and-sun hotels, from the economic point of view. That is, we want to check if to invest in sustainable measures gives to the hotels better economic and financial situation.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049 Curs acadèmic: 2019-2020 The following text is about developing a business idea, taking into account its financial viability. That plan focuses on the implementation of a canine complex in great detail, where the most important value provided will be the trust that will be offered to customers given the transparency of the place. This project contains specific information on economic viability from a realistic point of view although based on estimates. The main objective is to be able to carry out this project between two partners, with a business vision of 15 years. The distinctive characteristics of this place lie in the detail and its services. The conclusions obtained offer a positive horizon in the creation of the business, however, it is vitally important to bear in mind that, as it cannot be otherwise, it is based on estimates. The results obtained have been positive as can be seen in development.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 The fundamental objective of this final degree work is the elaboration of a theoretical and practical study of a company in the sector of the manufacture of other cardboard and paper packages. Using the realization of this study we want to study the progress of Huhtamaki Spain, S. L. from 2015 to 2018, and this way, to execute a comparison with the obtained values. Therefore, the balance sheet and profit and loss account will be studied, as well as the most important and most important items. The liquidity, solvency, and profitability of the company will also be examined through an analysis of the ratios. Finally, the conclusions obtained from the analysis will be grouped.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 The objective of this work is to carry out a study of the company’s economic and financial aspects and the food distribution sector in Spain, using 2014-2018 as the reference period through the company’s Annual Accounts. To achieve this objective, we have analyzed both the balance sheet and the profit and loss account and obtained a series of financial ratios. These have also been obtained for its competitors, which has allowed us to be able to compare them with each other to observe the current situation of the company to the competition. As a result, we have been able to obtain some conclusion about the situation the corporation is going through, as well as commenting on a series of recommendations that the company could apply to straighten out the position it is in.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 In the 21st century, the new technologies have become daily and a key part of our day to day life, in a disruptive way. They have caused a before and after in terms of the changes it has brought about in our society. Specifically, this analysis focuses on the transformations in the financial sector. Living in an age that revolves around technologies has also influenced the way of thinking and the needs of consumers who have adapted to them. Users who were previously given minimal importance have become a key piece. In fact, the banking sector was one of the ones that invested the most in innovations, thus giving rise to new advances and terms such as Fintech and what they encompass. Currently, new technologies have brought with them both bad consequences and the rise and birth of new criminal methods (cybercrime), but on the other hand, they have also contributed favorably in the time of the pandemic.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 The economy of Valencian Community is based on a sector of tourism, but with this analysis I want to show us, which important is, with numbers, the impact of this sector at the economy in this Community, which is composed of 3 provinces, Valencia, Castellón and Alicante. I analyze the impact of this province separately and I show the results.

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

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

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 The football sector is important in generating wealth in the country, since it also favours other types of activities. This paper pretends to realize an analysis of the economic and financial situation of the teams that make up the Spanish first division. During the analysis we will see the legal form of the LaLiga teams, how there are considerable differences in income and costs due to various factors and how the different masses of assets of each of them are distributed. Furthermore, through an analysis of the economic and financial situation by means of ratios, it will be possible to see that most teams are in a similar situation.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 In this work, a financial economic analysis and comparison of two major companies in the US computer sector, INTEL corporation (INTEL) and Advanced micro devices (AMD), will be carried out. The 2018 and 2019 audited annual accounts will be analyzed, in order to compare them with each other, and finally comparing some of the ratios derived from these accounts. An analysis will be made of the financial statements, assets, economic structure, liabilities, financial structure, and comparison of the companies. Finally, the conclusion we will reach will be supported by the results obtained, seeing the viability of the companies and their growth.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 This work is done to show how the implementation of a complete cost system is done to a transport company, which does not have a cost system in its company. The purpose of this work is to provide the company with relevant information on the cost of production for decision making in fundamental aspects, such as pricing, which allows the company to compete with the rest of the companies operating in the market. To this end, the organization and all the company's production costs have been analyzed in order to attribute them to each operating section and thus know the real cost of the routes carried out.

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

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

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2010 Large corporations are interested in being considered by stakeholders and society as the big instigators of corporate social responsible practices, especially concerning the disclosure of environmental information. Hence, they should have boards of directors responsible for ensuring not only the interests of the shareholders, but also those of the stakeholders. Accordingly, this study analyses the effect of incorporating independent directors into the board of directors, CEO duality, and the moderating role of board gender diversity between board independence and CEO duality, on environmental reporting. To that end, a sample of international companies has been used; specifically, 13158 observations belonging to 39 countries by using the stakeholder theory. The results obtained in our research support all the hypotheses suggested. Hence, it can be concluded that board independence has a positive effect on the disclosure of environmental information, whereas CEO duality has a negative impact on the reporting of environmental information. Our findings also show that the association of women on boards with board independence and CEO duality has a positive effect on the disclosure of environmental information. These results show the crucial role that women play when they are members of the board of directors. Las grandes empresas están interesadas en ser concebidas por los grupos de interés y la sociedad como las grandes instigadoras de prácticas de responsabilidad social corporativa, especialmente en lo que respecta a la divulgación de información medioambiental. Por tanto, no solo deberían tener una directiva encargada de velar por los intereses del accionariado, sino también por los intereses de los grupos de interés. En consecuencia, este estudio analiza el efecto de incorporar la figura del consejero independiente en el consejo de administración, la dualidad del CEO y el papel moderador de la diversidad de género, tanto en la independencia del consejo como en la dualidad del CEO, en la difusión de información medioambiental. Para ello, se ha utilizado una muestra de compañías internacionales; específicamente, 13158 observaciones pertenecientes a 39 países utilizando la teoría de los grupos de interés. Los resultados obtenidos en nuestro estudio sostienen todas las hipótesis planteadas. Así pues, se puede concluir que la independencia del consejo influye positivamente en la divulgación de información medioambiental, mientras que la dualidad del CEO repercute negativamente en la difusión de datos medioambientales. Asimismo, los resultados revelan que la asociación de la presencia de mujeres en los consejos de administración con la independencia del consejo y la dualidad del CEO tiene un efecto positivo en la divulgación de información medioambiental. Estos resultados ponen de manifiesto el papel tan relevante que desempeñan las mujeres cuando son miembros del consejo de administración.

This work focuses on the economic and financial study of Atrys Health S.A., a Spanish company listed on the MAB, with the aim of growing both organically and inorganically, thus meeting its financing needs in order to carry out this inorganic growth and become the leading company in its sector at national level. In this study, we will proceed to know the company, its products and services, as well as its business strategies, and the situation of the sector to which it belongs. In addition, we will carry out an in-depth economic and financial analysis of Atrys Health S.A. Finally, we will carry out a comparative analysis of the company with the sector. All of this will allow us to draw conclusions on the company's economic and financial evolution, and to make expectations about the future of the company.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 This paper describes the impact on Financial Markets of the implementation of the MiFID Directive in 2007, which allowed the liberalization of financial services, promoting the creation of a Single Market, characterized by free competition between the different trading venues for Financial Instruments. It explains how Multilateral Trading Systems work, being one of the trading alternatives admitted by the Directive, as well as the main types of MTFs that predominate both in Spain and in Europe. On the other hand, it describes the functioning of the dark pools, being another type of MTF, which is characterized by operating with large trading volumes where there is no pre-trade transparency. Finally, we study the market share held by these SMNs in Spain for the periods between 2016 and 2019, which were delayed due to the existing post-contracting infrastructure in our country.

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

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 It is true that the concept of financial globalization is linked in some way to a growth stage, insofar as we refer to the real economy of a territory. However, we cannot say that one concept is causal to the other, since there are cases that encourage us to avoid the inverse causality that exists between both terms. The different factors must be taken into account when establishing a relationship, as well as the possible distortions that could be derived from the negative effects arising from financial globalization. It is necessary to know the definition of numerous terms that play a very important role in establishing a link between the two concepts. Therefore, the main objective of this paper is to review the literature on the relationship between the process of financial globalization and the real economy. The process of financial globalization stimulates economic growth when macroeconomic imbalances and distortions are practically non-existent. Increases in capital flows are necessary to reduce the cost and increase efficiency and therefore the economic level. Es cierto que el concepto de globalización financiera viene ligado en cierta manera con un escenario de crecimiento, en cuanto nos referimos a la economía real de un territorio. No obstante, no podemos afirmar que un concepto sea causal del otro puesto que existen casos que incitan a obviar la causalidad inversa que existe entre ambos términos. Hay que tener en cuenta los diferentes factores a la hora de establecer una relación, así como las posibles distorsiones que podrían ser derivadas de los efectos negativos surgidos por la globalización financiera. Es necesario conocer la definición de numerosos términos que juegan un papel muy importante a la hora de establecer un vínculo entre ambos conceptos. Es por ello que el objetivo principal de este trabajo es realizar una revisión de la literatura sobre la relación entre el proceso de globalización financiera y la economía real. El proceso de globalización financiera estimula el crecimiento económico cuando los desequilibrios y distorsiones macroeconómico son prácticamente nulos. Son necesarios los aumentos de flujos de capital que minoren el coste y se produzca a su vez un incremento de la eficiencia y por tanto un incremento en el nivel económico.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 The temperature of the planet is increasing more and more, bringing with it a series of catastrophes. However, climate change not only has a great impact on the ecosystem, it also has a strong impact on the economy, because of the large investment needed to improve infrastructure to contribute to the environment. The aim of this paper is to analyse how the financial market, and especially fund managers, are contributing through the decarbonisation of their funds to the search for environmental sustainability. To this end, an empirical analysis is made of the actions that the most important investment fund managers have developed after the 21st conference on climate change. Specifically, a sample of 30 asset managers of investment funds domiciled in the United States and Europe is analysed. Their performance in environmental terms will be compared with their economic performance.

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