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Copyright of Contaduría y Administración is the property of Facultad de Contaduria y Administracion-Universidad Nacional Autonoma de Mexico and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

El objetivo de este trabajo es identificar los principales criterios en la selección de un proyecto por parte de los fondos de capital riesgo de impacto (FCRI) y establecer un ranking que indique la importancia relativa de los mismos en la decisión final. Para alcanzar este objetivo se ha utilizado la metodología exploratoria, con entrevistas semiestructuradas en profundidad y análisis de informes de Due Diligence, así como la metodología descriptiva para analizar los resultados obtenidos. Dichos resultados permiten concluir que los criterios relativos al Impacto, desde la perspectiva de solucionar problemas reales y con gran potencial de cambio, y al Equipo, desde el liderazgo y la experiencia, son los más determinantes para los FCRI en España. Además, se observa una notable variabilidad de puntuaciones entre los FCRI para algunos criterios, lo que refleja la falta de consenso en cuanto a la selección de ciertos criterios en el ecosistema.

Copyright of Revista Hidalguía is the property of Revista Hidalguia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Brazilian Business Law Journal / Administração de Empresas em Revista is the property of Administracao de Empresas em Revista and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Técnica Tributaria is the property of Asociacion Espanola de Asesores Fiscales and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The purpose of this article is to present the importance of BANDES in the sustainable development of Espírito Santo since its creation in 1967, as well as its changes in positioning to meet strategic guidelines of the state government and transitions of the state economy. Analyzing financial statements and management reports, it was shown that the bank changed its position in the credit market recently, moving from microcredit to credit focused on micro, small and medium companies. In addition, the bank expanded its portfolio with investments in FIPs, payment for environmental services, management of development funds, PPPs, among others, consolidating itself as the main agent for promoting the sustainable development of Espírito Santo. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Ciencias Economicas is the property of Universidad Nacional del Litoral and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

A partir de la década de los setenta del siglo XX, y con la ruptura del orden monetario de Bretton Woods se gestaron las condiciones que posibilitaron la conformación de un régimen financiarizado que transformó los mercados económicos y financieros, generando una constante incertidumbre, desregulación y promoviendo reformas estructurales que han contribuido en buena parte a la búsqueda de nuevos espacios de valorización y liquidez. Dichas reformas han favorecido los intereses del sector financiero, promoviendo numerosas privatizaciones -banca, empresas estatales, seguros, pensiones-, la individualización de los riesgos, precarización del mercado laboral y nuevas formas de acumulación. En este contexto adquieren más relevancia instituciones financieras como BlackRock, que es la mayor administradora de activos en el mundo, cuya presencia en Latinoamérica se ha incrementado en diversos sectores de la economía. En ese tenor, este artículo buscar analizar la influencia de BlackRock en la reorganización de los sistemas de pensiones en Chile y México. En particular, su papel en el aumento de las ganancias de las entidades financieras a través de la especulación y la exposición a mayores riesgos de los ahorros de la clase trabajadora por parte de los fondos de inversión, y el traslado de las pérdidas para los trabajadores, lo cual se ve reflejado en la disminución del monto de sus pensiones.

El siguiente texto se centra en comprender las características específicas del proceso de financiarización de la tierra en Uruguay, con foco en los capitales de gran escala. En función de un diseño cualitativo-cuantitativo que procesó diversas fuentes de información, se identificaron 37 capitales que abarcan un 11,6 % de la superficie productiva del país. Se identificaron 23 corporaciones privadas nacionales y extranjeras, siete fondos de inversión extranjeros y siete operadores de fideicomisos financieros. Estos capitales registran distintas modalidades de tenencia de la tierra (propietarios, arrendatarios y arrendadores), diverso origen del capital (estatal o privado), composición cerrada o abierta con acciones en bolsa y territorialización nacional o transnacional. El análisis evidenció el rol clave que juegan diversos instrumentos y actores financieros, los que en muchos casos invisibilizan a los acreedores y accionistas detrás de los grandes capitales que operan en el mercado de tierras.

Copyright of Mundo Agrario is the property of Universidad Nacional de La Plata and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Gestão & Tecnologia is the property of Revista Gestao & Tecnologia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Abstract The discussion of the protocol for drafting a Real Estate Due Diligence (REDD) and its definition has not received the attention in the scientific literature that it deserves, given its importance for thousands of transactions, which have a strong relative presence in the economy and, each time moreover, a strong influence on transnational capital movements. A widely experienced model is provided in the daily practice of professionals in the real estate sector that serves to standardize its performance and to improve the decision-making for which it is written. Resumen La discusión del protocolo de redacción de una Due Diligence Inmobiliaria (DDI) y su definición no ha tenido la atención en la bibliografía científica que merece, dada su importancia para miles de transacciones, que tienen una fuerte presencia relativa en la economía y, cada vez más, una fuerte influencia en los movimientos de capitales transnacionales. Se aporta un modelo ampliamente experimentado en la práctica cotidiana de profesionales del sector inmobiliario que sirve a la normalización de su realización y a la mejora de la toma de decisiones para las que se redacta.

Copyright of Rect@: Revista Electrónica de Comunicaciones y Trabajos de ASEPUMA is the property of ASEPUMA Asociacion Espanola de Profesores Universitarios de Matematicas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Tiempo y Economía is the property of La Fundacion Universidad de Bogota Jorge Tadeo Lozano and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista HISTEDBR on-line is the property of Universidade Estadual de Campinas - Portal de Periodicos Eletronicos Cientificos and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

La evolución del mercado del arte y su consiguiente modelo de negocio ha generado importantes revalorizaciones en los bienes artísticos y de colección, confiriendo al arte un fuerte valor financiero y de inversión. Esta tendencia fomenta la globalización del mercado, que pasa a ser visto como una fuente de diversificación financiera, requiriendo de una mayor organización en la compraventa de estos bienes. Por ello, las iniciativas inversoras de las SICAV de los fondos de inversión en arte, así como nuevos modelos de inversión aupados por el desarrollo tecnológico, pronostican nuevos drivers y diversos escenarios, todo ello redibujado por la irrupción de la COVID-19 y sus repercusiones en años venideros.

Empirical evidence shows that Management Control Systems (MCS) can provide support for decision-making for investments in startup companies. This study examines the perceptions of investment fund managers on the design and use of MCS in startups at different stages in the process of evaluating financial contributions. Semi-structured interviews were conducted with managers of three investment funds, and the construction of empirical evidence was supported by content analysis of the narratives. In terms of the design of the MCS, the results showed that the emphasis is on the system's ability to provide controls that are aligned with: the startup project and entrepreneur profile; the risks assumed and the resources invested; and the purchase/sale negotiation of the fund's investments, continuity of the startup, and value creation. In relation to the use of the MCS, the focus is on controls of the risks assumed and the plan of action; enhancing the company's value and information to achieve the organizational objective; and information that shows the importance of the fund for executing the project and creation of value in the startup. It is concluded that the design and use of MCS are drivers of the process of financial investment by investment funds in startups, and for mitigating the inherent risks. [ABSTRACT FROM AUTHOR]

Copyright of Alcance is the property of Universidade do Vale do Itajai and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista AUS is the property of Revista AUS and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Informacion Comercial Espanola Revista de Economia is the property of S.G.E.E.I.P.C., Secretaria de Estado de Comercio, Ministerio de Industria, Comercio y Turismo and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

El presente trabajo aborda el análisis del régimen fiscal aplicable a las Instituciones de Inversión Colectiva de carácter financiero en el sistema español, así como el tratamiento tributario de sus partícipes, tanto personas físicas como jurídicas. Se examina, en primer término, la génesis, concepto y caracterización de estas Instituciones, así como su evolución normativa, de la que son deudores su configuración y vigente régimen de tributación. La autora pone de relieve las cuestiones problemáticas que todavía hoy perviven en el tratamiento fiscal de estos instrumentos canalizadores del ahorro, incidiendo en las distintas figuras impositivas aplicables, ya sea sobre la propia Institución de Inversión Colectiva, ya sobre las rentas obtenidas por sus socios o partícipes; al tiempo que aporta posibles soluciones para mejorar la interpretación y aplicación de la fiscalidad en este ámbito

Performance measurement is an area of crucial interest in asset valuation and investment management. High volatility as well as time aggregation of returns, amongst other characteristics, may distort the results of conventional measures of performance. In this work, we study the performance of 115 Spanish Absolute Return Funds in the period 2010-2015, using the Sharpe, Treynor, Jensen and Modified Sharpe ratios. We then apply Data Envelopment Analysis to classify the funds in order to avoid the problems arising from the non-normality of their returns, since non-gaussian returns do not pose a problem in Data Envelopment Analysis implementation. In addition, we apply the Malkiel, Brown and Goetzman test and the Rude and Khan test in annual periods to determine the existence of persistence. Finally, we study the relationship between efficiency and persistence in order to determine the relationship between both measures and to support decision-making processes. The results show a significant relationship between cross efficiency and Modified Sharpe ratios as well as the existence of persistence for annual periods. Nevertheless, the results do not allow concluding any relationship amongst efficiency and persistence. || La medida de la performance es un área de crucial interés en la valoración de activos y selección de inversiones. Elevadas volatilidades, así como la agregación temporal de rendimientos, entre otras características, pueden distorsionar los resultados de las medidas convencionales de performance. En este trabajo, estudiamos la performance de 115 fondos de retorno absoluto españoles en el periodo 2010–2015 usando los ratios de Sharpe, Treynor y Jensen y el ratio de Sharpe modificado. Posteriormente, para clasificar los fondos se aplica el Análisis Envolvente de Datos (Data Envelopment Analysis, DEA) en aras de evitar los problemas derivados de la no normalidad de los rendimientos, dado que rendimientos no gaussianos no suponen un problema a la hora de implementar el Análisis Envolvente de Datos. Adicionalmente, se aplica el test de Malkiel, Brown y Goetzman y el test de Rude y Khan en periodos anuales para determinar la existencia de persistencia. Finalmente. se estudia la relación entre eficiencia y persistencia con objeto de determinar la relación entre ambas medidas y apoyar el proceso de toma de decisiones. Los resultados muestran una significativa relación entre eficiencia cruzada y el ratio de Sharpe modificado así como la existencia de persistencia en periodos anuales. No obstante, los resultados no permiten concluir en ninguna relación directa entre eficiencia y persistencia.

Copyright of Spanish Journal of Finance & Accounting / Revista Espanola de Financiacion y Contabilidad is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper explores the role of regulations and economic policies implemented in post‐crisis Spain in boosting a housing dispossession crisis. The article first claims that the post‐2008 crisis has implied shifts in the mechanisms of rent extraction from housing in Spain. Second, it is argued that those shifts in rent extraction have been fuelled by the post‐crisis economic policies and regulatory frameworks implemented since 2008. Third, it is claimed that dispossession has been a central strategy used by banks to cope with the new post‐crisis regulatory framework. The article thus analyses the different strategies carried out by banks and hedge funds to enforce foreclosures and other dispossession strategies since 2008. Furthermore, it explores the different motivations and ideologies that led to the roll out of different banking regulations and the variegated impacts that these regulations have had on Spanish bank and hedge fund strategies vis‐à‐vis housing dispossession. [ABSTRACT FROM AUTHOR]

Copyright of Revista Perspectiva Empresarial is the property of Fundacion Universitaria Ceipa and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

El presente trabajo aborda el estudio de la tributación de las Instituciones de Inversión Colectiva en el ámbito europeo e internacional. Partiendo de la ausencia de armonización fiscal en esta materia, la autora se centra en el análisis de la jurisprudencia del Tribunal de Justicia de la Unión Europea, a fin de garantizar la compatibilidad del tratamiento fiscal de estos entes con el debido respeto a las libertades europeas. Por lo que respecta al acceso de las Instituciones de Inversión Colectiva a los beneficios de los convenios de doble imposición, se examinan los cambios introducidos en los Comentarios al artículo 1, en la actualización del Convenio Modelo de la OCDE de 2010. Especial atención se presta a los problemas prácticos derivados de la interpretación y aplicación del triple test (persona, residente, beneficiario efectivo), con vistas a mejorar el sistema en vigor. La parte final del trabajo se dedica al estudio de las previsiones sobre Instituciones de Inversión Colectiva incluidas en los convenios de doble imposición suscritos por España.

Of all the companies which have managed to thrive within the tumultuous economic dynamics of the 21st century, those called GAFAM (Google, Apple, Facebook, Amazon, and Microsoft) are the most valuable group (as per market capitalization). GAFAM is intricately linked to various media outlets as these corporations no longer are platforms for digital journalism (and culture) only: they have evolved into content media producers in their own right. The research presented herein seeks to identify and compare the shareholders of these five companies and demonstrate the repeated presence of the same few investment funds via the execution of the "change-everything-so-that-everything-remains-unchanged" strategy (e.g., 'Lampedusian maneuver' in The Leopard). To know the shareholder composition, while it is not a "secret", requires an exercise of complex research as it is dificult to uncover the invisible power structure shadowing GAFAM. [ABSTRACT FROM AUTHOR]

Copyright of Spanish Journal of Finance & Accounting / Revista Espanola de Financiacion y Contabilidad is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Empirical studies have revealed that the conditional Capital Asset Pricing Model (CAPM) has a higher explanatory power than its unconditional version, particularly for the model in state-space form where the beta is estimated using Kalman filter. Most empirical analyses are based on stock portfolios to explain financial anomalies, but only a few studies proposed improving investment fund performance. The main contribution of this study is the assessment of Brazilian investment funds through traditional measures estimated from the CAPM model in state-space form with heteroscedastic and homoscedastic errors compared to alternative models, such as the unconditional CAPM and a four-factor model. Using a sample of stock funds from May 2005-April 2015, the results indicate that the conditional CAPM model produces better results than the alternative models, providing better performance evaluation practices for funds in both stock-picking and market-timing ability. [ABSTRACT FROM AUTHOR]

This article analyzed whether the equity funds focusing on sustainable companies provided a long-term return, above the market indexes. The results indicated that: a) although the ISE have performed above the IBOVESPA in the period, the analyzed funds were able to generate results above the IBOVESPA only in the period 2010 to 2014 (period, in which the IBOVESPA showed negative returns); b) the risk of the funds was lower than in the IBOVESPA in all periods; c) the management fees practiced by the managers were very high for the level of return presented. The results were consistent with other researches on the subject, since they indicated: i) that the sustainable investments presented defensive characteristics, with returns above the market in moments of crisis and below the market in moments of economic growth; ii) a negative relationship between sustainable and risk; iii) that sustainable investments presented positive risk-adjusted performance. [ABSTRACT FROM AUTHOR]

This paper analyzed the relation between redemption constraints and liquidity of assets under management of Brazilian equity funds, as well as its effect on performance. The sample included 2,706 Brazilian equity funds with investments in stocks listed on BM&FBovespa, or in shares of other equity funds, between 2009 and 2016. The analysis was carried out through descriptive statistics and linear regressions with panel data. The results indicated that redemption constraints positively impact equity funds performance. In addition, the results suggested that liquidity constraints allow the funds to exploit less liquid investments in stocks and shares of other funds. When verifying whether investments in low liquidity assets by equity funds imply superior performance from liquidity premia, the results did not indicate a positive effect. [ABSTRACT FROM AUTHOR]

In Peru, the Administrative Sanctioning Procedures that have arisen against the Pension Fund Administrators (AFP) in recent years point out, not only the breach of the Title VI regulations, but also the lack of knowledge of what due diligence the AFPs must fulfill in the framework of their fiduciary duty. Therefore, in order to establish the due diligence standards of the AFP, we must adopt the comparative doctrine of the United States and the United Kingdom, which refers to the “prudent investor rule”. Additionally, we should analyze the peruvian doctrine regarding the liability for non-compliance with due diligence and review the Fondo Trasandino case. [ABSTRACT FROM AUTHOR]

El objetivo de este estudio es analizar si los inversionistas de fondos de pensiones y de fondos de inversión consideran el desempeño alcanzado por el fondo de la misma manera al tomar sus decisiones de inversión. Concretamente, a lo largo de este trabajo comparamos diferentes medidas de desempeño, y analizamos la relación existente entre flujos y desempeño, desde una visión comparada entre fondos de pensiones y fondos de inversión españoles de renta variable global, desde enero de 1999 hasta diciembre de 2013. Adicionalmente, se estudia si los resultados cambian según el tamaño del fondo y su posición respecto al mercado. Los resultados muestran que, aunque el desempeño de los fondos de inversión es algo superior, ambos tipos de inversionistas consideran el desempeño alcanzado por el fondo para tomar sus decisiones de inversión. Asimismo, se observan ciertas diferencias por tamaño, especialmente en los fondos pequeños. Por último, los inversionistas de pensiones penalizan que el fondo se aleje del índice de referencia, mientras que los de inversión recompensan los buenos resultados, independientemente del resultado respecto al mercado.

RESUMO Neste estudo, verifica-se se os retornos dos fundos de investimento no Brasil decorrem da habilidade dos gestores ou apenas do fator sorte. Foi utilizada a metodologia de Fama e French, que concluem pela irrelevância da habilidade nos Estados Unidos da América. Para estimar a distribuição de alfas que seriam obtidos por mera sorte, foram gerados dez mil fundos simulados a partir de sorteios dentre os retornos dos fundos reais em cada mês. Na comparação dos alfas simulados com os reais, evidenciou-se haver habilidade na geração de retornos anormais positivos, especialmente pelos gestores dos fundos grandes.