Search

El objetivo de este artículo es analizar la relación entre la divulgación de información sobre riesgo y el coste de capital de los recursos propios de empresas que cotizan en el mercado de capitales español. Este estudio utiliza un conjunto de 71 empresas que cotizaron en la Bolsa de Madrid entre 2010 y 2015; todas son empresas no financieras de las que había previsiones de beneficios. El problema se ha analizado bajo un enfoque de regresión lineal Bayesiana. Los resultados del estudio muestran que el coste de capital de los recursos propios y la información de riesgo divulgada no están relacionados cuando se toma la información de riesgos de manera global. Sin embargo, cuando la información de riesgo se divide en riesgos financieros y no financieros, se encuentra una relación positiva entre los riesgos financieros y el coste de capital de los recursos propios. This paper aims to analyze the relationship between risk information disclosure and the cost of equity of companies in the Spanish capital market. This study uses a set of 71 firms listed on Madrid stock exchange between 2010 and 2015; all of them are non-financial listed companies for which profit forecasts existed. The problem was analyzed using a Bayesian linear regression approach. The results show that cost of equity and disclosed risk information are not related if a global view of the latter is adopted. However, a positive relationship between financial risks and the cost of equity occurs when risk information is divided into financial and non-financial risks.

El actual marco regulatorio ha cubierto una de las principales carencias denunciadas sobre la falta de información, en los estados financieros, de los riesgos a que se enfrentan las empresas en el desarrollo de sus actividades. A pesar de esta mejora, es necesario abordar diversas cuestiones todavía sin resolver, que permitan en el futuro un mejor conocimiento de la potencialidad de esta información para los usuarios. En el presente trabajo se reflexiona sobre los diferentes aspectos de la divulgación de información sobre riesgos como la obligatoriedad o voluntariedad de dicha información, su utilidad, el formato y la localización en el actual modelo contable. The current regulatory framework has filled one of the main gaps reported on the lack of information about the risks the companies face in the course of their activities concerning their financial statements. Despite this improvement, it is necessary to approach several unresolved issues that may allow users to better understand the potentiality of this information. This paper reflects on a number of aspects related to the divulgation of risk information, such as its compulsory or discretionary nature, its utility, its form, and its location in the current accounting model.

There is a vast literature on the advantages of agglomeration due to positive externalities arising within industrial concentrations like clusters or industrial districts. Empirical studies strongly suggest these benefits when the focus is on innovation or transmission of knowledge. If this is the case, then it is reasonable to expect that cluster benefits should result in better financial performance and higher solvency for clustered firms soon or later. However, the limited empirical support for the link between clusters and economic performance provides contradictory results. This paper goes deeper into this matter and aims to measure the resulting effects on the solvency of firms in agglomeration economies. Empirical analysis has been applied to a sample of 609 firms in the Spanish ceramic tile cluster to test for statistically significant differences in the levels of solvency between clustered and isolated firms. Then we analyze whether firm size and phase of the economic cycle are relevant. Study results show significant differences between large and small clustered firms, suggesting that size does matter in terms of capturing the benefits of clustering from the perspective of solvency.

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 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 The main objective in this Bachelor Thesis in Finance and Accounting is to analyse the economic evolution of the Spanish textile sector during the first two decades of the 21st century, as well as establishing a comparison of the financial situation among the major companies in the sector.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019-2020 It is based on the study of the comparative economic and financial analysis between Zara and Mango, they are two companies that are dedicated to the same sector of activity, fashion. Firstly, we provide a strategic analysis of Zara's historical context, its progress from its beginnings to the present day, its methodology in making and producing its products, which is also described in both the internal and external analysis and the SWOT matrix. Finally, we analyze Zara's financial statements and make a comparison with Mango and evaluate a survey to provide external data on people's opinions about the two brands.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018-2019 This project is based on the analysis of the fact of immigration. Concretely, it will focus on immigration in Spain during the crisis period we have gone through in previous years. Such work will try to explain whether immigration is beneficial for the host country or on the contrary, it is detrimental. The causes that invite immigrants in the host country will be addressed and also the immigration situation in the forthcoming years. Finally, the latest news in Spain regarding the massive influx of immigrants.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018-2019 In recent years, the importance of social enterprises has been increasing. Not only because of the increasing number of them, but also thanks to their visibility and relevance that the society as well as the government is providing. However, they continue to have problems with respect to their exact definition and their legislation. Therefore, this paper aims to gather all information about social enterprises in order to identify them in the business world, in addition to identifying the type of social enterprises that exists in Spain and its evolution. To do this, a study has been carried out on the different definitions and the different features and criteria. Finally, the evolution of the social enterprise in Spain has been reviewed and the types of social enterprises that exist have been determined.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2017/2018 Study on the evolution experienced by the agricultural sector in the Valencian Community and internal and external events that have influenced its development. Specific analysis of prices and wages in relation to imports and exports.

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

Treball de Final de Màster Universitari en Gestió Financera i Comptabilitat Avançada (Pla de 2013). Codi: SRL031. Curs acadèmic 2017/2018 La provincia de Castellón es una de las principales regiones de fabricación de azulejos y pavimentos cerámicos. En ella encontramos actualmente 125 empresas que se encuentran en activo mínimo desde 2004. Como ya sabemos, el sector cerámico sufrió de manera fuerte la crisis económica de 2008, y en este trabajo vamos a analizar cómo se reflejó esta etapa de recesión. Intentando analizar estas 125 empresas clasificándolas según su tamaño, para ver si la crisis ha repercutido de igual forma dependiendo del tamaño de las empresas.

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

Treball de Final de Màster Universitari en Gestió Financera i Comptabilitat Avançada (Pla de 2013). Codi: SRL031. Curs acadèmic 2016/2017 El sector cerámico es el más importante de la provincia de Castellón. Tras el paso de una grave crisis económica reciente, resulta interesante conocer cuál es el efecto que ha tenido sobre las empresas del sector cerámico. Utilizando el año 2007 como referencia de la situación anterior al receso económico, veremos cómo han evolucionado las empresas de este sector a lo largo del periodo 2011-2015 a través de un análisis económicofinanciero. La evolución de su rentabilidad, su endeudamiento y su liquidez, clasificando las empresas según su tamaño.

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

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

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