Journal of Economics, Finance and Administrative Science

Articles

Vol. 20, No. 39, December

In This Issue
We would like to introduce the 39th issue of the Journal of Economics, Finance and Administrative Science (JEFAS). The Journal is indexed to the most prestigious databases worldwide like Scopus, Social Science Citation Index (SSCI), Redalyc, EconLit...
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Emerging Markets Integration in Latin America (MILA) Stock Market Indicators: Chile, Colombia, and Peru/Indicadores De Mercado De Valores De la Integracion De Mercados Emergentes En America Latina (MILA): Chile, Colombia Y Peru
1. Introduction In the last decades, the financial sector has been gaining greater importance for the economies around the world. Stiglitz (2000) wrote about the capita! market liberalization, and to identify their theoretical and empirical weaknesses....
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Training and Development as a Tool for Improving Basic Service Delivery; the Case of a Selected Municipality/ Formacion Y Desarrollo Como Herramienta De Mejora De la Dotacion De Servicios Basicos; El Caso De Un Municipio Seleccionado
1. Background Poor performance and corruption by the workers of municipalities has been established as one of the major problems in the efficient provision of basic services by municipalities; the performance and conduct of municipal employees needs...
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Vol. 20, No. 38, June

Editorial
In this issue This is the 38th issue of the Journal of Economics, Finance and Administrative Science (JEFAS). Besides the recent indexation to Scopus, in addition to Social Science Citation Index (SSCI), we are also indexed to Redalyc, the most...
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The Impact of Risk and Mobility in Dualistic Models: Migration under Random shocks/El Impacto del Riesgo Y la Movilidad En Los Modelos Dualisticos: Migration Bajo Shocks Aleatorios
1. Introduction The aim of this research is to contrast the expected long-run impact of exogenous uncertainty on labor force flows and expected wages under alternative scenarios of institutional wage setting and barriers to mobility. The study of...
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The Readability of International Illustration of Auditor's Report: An Advanced Reflection on the Compromise between Normative Principles and Linguistic requirements/Legibilidad De la Ilustracion Internacional De Los Informes De Auditoria: Una Reflexion Avanzada Sobre El Compromiso Entre Los Principios Normativos Y Los Requisitos Linguisticos
1. Introduction Independent auditors prepare periodic reports that communicate several audit information. Audit professionals produce texts that summarize the work of control and audit results. Several empirical studies have shown that the reports...
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Food Price Inflation in India: The Growing Economy with Sluggish agriculture/Inflacion De Los Precios De Los Alimentos En India: Crecimiento Economico Y Letargo Agricola
1. Introduction India is experiencing high rate of GDP growth in the last two decades although the growth remains very uneven across sectors. The GDP is growing at a rate of 7-9% on an average per annum, but in agriculture the annual average growth...
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Threshold Effects of Inflation on Growth in the ASEAN-5 Countries: A Panel Smooth Transition Regression approach/Los Efectos Umbral De la Inflacion En El Crecimiento En Los Paises del Sudeste Asiatico: Un Enfoque del Modelo De Regresion Fluida
1. Introduction Inflation's effects on an economy are various and can be simultaneously positive and negative. The relationship between inflation and economic growth is the subject that has long been intensely discussed and debated in the literature...
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Effects of Fiscal Deficit and Money M2 Supply on Inflation: Evidence from Selected Economies of Asia/Efectos del Deficit Fiscal Y El Suministro De Dinero M2: Evidencia De Las Economias Asiaticas Seleccionadas
1. Introduction A major objective of macroeconomic policies is to foster economic growth and to keep inflation on a low level. The stability of price is one of the factors in determining the growth rate of an economy; hence, the monetary authorities...
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Sales Training: A State of the Art and Contemporary review/Formacion En Ventas: Una Revision Puntera Y Contemporanea
1. Introduction Organizations of today face numerous challenges, and training their sales force is definitely high on the agenda of most organizations (Rao, 2010). The increasing interest that firms have been showing over recent years in employees...
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Latin America's Challenge: A Fresh Look at Industrial policy/El Reto Latinoamericano: Una Vision Fresca De la Politica Industrial
When John Price and I wrote Can Latin America Compete? several years ago, we were unflinching in our criticism of the region for failing to undertake sweeping microeconomic and institutional changes, such as improved access to capital, investment in...
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Vol. 19, No. 37, December

In This Issue
We are pleased to introduce the 37th issue of the Journal of Economics, Finance and Administrative Science. The journal promotes research in the field of economics, finance, operations, management and supply chain management. This issue is very particular...
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Dynamic Estimation of an Interest Rate Structure in Colombia. Empirical Analysis Using the Kaiman filter/Dinamica De Una Estructura De Tipos De Interes En Colombia. Analisis Empirico Utilizando El Filtro De Kaiman
1. Introduction Asset pricing strategies are of extreme importance for portfolio managers whose structures admit fixed assets; therefore, estimation, management and forecasting of the term structure of interest rates of the market, that could be...
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External Audit Quality and Ownership Structure: Interaction and Impact on Earnings Management of Industrial and Commercial Tunisian sectors/Calidad De la Auditoria Externa Y la Estructura Propietaria: Interaction E Impacto Sobre la Gestion De Los Ingresos En Los Sectores Industriales Y Comerciales Tunecinos
1. Introduction Under the agency theory, the relationship between managers and shareholders is such a conflictive relation. The separation of the property functions and control engenders agency conflicts that materialize in a context of asymmetric...
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CEO's Personal Characteristics, Ownership and Investment Cash Flow Sensitivity: Evidence from NYSE Panel Data firms/Caracteristicas Personales De Los Directores Ejecutivos, Titularidad Y Sensibilidad del Cash-Flow De Inversion: Evidencia a Partir De Los Datos del Panel De Empresas De la Bolsa De Nueva York
1. Introduction The relationship between corporate decisions and CEO's characteristics has been largely ignored in standard financial theory. The investment cash flow relationship has been mainly explained by agency costs (Jensen & Meckling,...
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Effectiveness of Corporate Finance Valuation Methods: Piotroski Score in an Ohlson Model: The Case of Mexico/Efectividad De Los Metodos De Valuation En Finanzas Corporativas: Calificacion De Piotroski En Un Modelo De Ohlson: El Caso De Mexico
1. Introduction According with Piotroski (2002), the distribution of returns earned by an investor can be shifted (by a simple score under a fundamental analysis performance evaluation) when it is applied to a broad portfolio of high book-to-market...
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Fusiones Y Adquisiciones En Latinoamerica, Gobierno Corporativo Y Modelo gravitational/Mergers and Acquisitions in Latin America, Corporate Governance and Gravity Model
1. Introduceion Algunos estudios han buscado identificar las diferencias entre los determinantes de las fusiones y adquisiciones (M&A) domesticas y las transnacionales. Sin embargo, un enfoque reciente en el estudio de M&A transnacionales...
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Vol. 19, No. 36, June

Binomial Model for Company Valuation and the Effects of Debt: Tax Shield and Company insolvency/Modelo Binomial Para la Valoracion De Empresas Y Los Efectos De la Deuda: Escudo Fiscal Y Liquidacion De la Firma
1. Introduccion El metodo de Descuento de Flujo de Fondos (DFF) es uno de los que presentan mayor difusion para la valoracion de activos reales, reconociendo variantes (1) en funcion de como se plantea el impacto de la estructura de capital en el...
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Investment Cash Flow Sensitivity under Managerial Optimism: New Evidence from NYSE Panel Data firms/Sensibilidad De la Inversion Al Flujo De Caja Bajo El Optimismo Empresarial: Nuevas Pruebas De Datos De Panel De Companias De la Bolsa De Nueva York
1. Introduction Standard corporate finance literature argues that corporate investment will be sensitive to internal cash flow availability. (Fazzari, Hubbard, & Petersen, 1988; Kaplan & Zingales, 1997, 2000; Harris & Raviv, 1990; Stulz,...
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Index Tracking and Enhanced Indexation Using a Parametric approach/Seguimiento De Indices E Indexacion Mejorada Utilizando Un Enfoque Parametrico
1. Introduction Index tracking is a type of passive management strategy which consists of designing a portfolio (tracking portfolio or index fund) to replicate the behavior of a broad market index. The popularity of index funds, as mentioned in...
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Statistical Characteristics of the First 10 Years of the Colombian Stock Exchange Index (IGBC)/Caracteristicas Estadisticas del Indice General De la Bolsa De Valores De Colombia (IGBC) En Sus Primeros 10 Anos
1. Introduccion El 3 de julio de 2011, la Bolsa de Valores de Colombia (BVC) cumplio sus primeros 10 anos de actividad, despues de la fusion de las tres bolsas existentes en ese momento: la Bolsa de Bogota creada en 1929, la Bolsa de Medellin, en...
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Examining Mean-Volatility Spillovers across National Stock markets/Examinando Derrames De Media Volatilidad En Los Mercados De Valores Nacionales
1. Introduction On October 19th, 1987 the Dow Jones Industrial Average (DJIA) stood at 1738 points. It fell 508.32 points, which constituted 22.6% of the value of the entire stock exchange. Over 600 million shares had been traded and the value of...
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Aid Allocation, Selectivity, and the Quality of governance/Asignacion De Ayuda, Selectividad Y Calidad De Gobierno
1. Introduction Since the late 1980s, a large body of empirical literature presumed strong positive links between good governance and economic development. In fact, different studies have focused on different aspects of good governance (control...
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Vol. 18, No. 35, December

Adoption Determinants of the International Accounting Standards IAS/IFRS by the Developing countries/Determinantes De la Adopcion De Las Normas Internacionales De Contabilidad IAS/IFRS Por Los Paises En Desarrollo
1. Introduction Currently, more than 100 countries have adopted or expressed their intention to adopt or even to converge towards, the international accounting standards. On July 19, 2002, the European Parliament adopted the regulation imposing,...
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Are Over-Paid Chief Executive Officers Better innovators?/?Los Directores Mejor Remunerados Son Mas Innovadores?
1. Introduction The underling goal of tying managers' compensation to the firm's performance is the division of management and shareholder functions caused by the separation of control and ownership. CEOs performance-based compensation is therefore...
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Optimal Investment Paths during the Life Cycle of a Multi-Funds system/Trayectorias Optimas De Inversion Durante El Ciclo De Vida En Un Sistema De Multifondos
1. Introduccion La situacion de las pensiones en Colombia es un tema de interes para el Gobierno, los diferentes sectores y la poblacion en general. Las discusiones frente al tema plantean posibles cambios y reformas en esta materia con el fin de...
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Institutional Investors, Corporate Governance, and Earnings Management around Merger: Evidence from French Absorbing firms/Inversores Institucionales, Gobierno Corporativo Y Gestion De Los Resultados Alrededor De Una Fusion: El Caso De Las Empresas Absorbentes Francesas
1. Introduction Further to their increasing presence in the financial markets, institutional investors have become the subject matter of several academic papers. The majority of the conducted studies have tried to treat the role carried out by these...
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Initial Public Offering and Underpricing in the Mexican Stock exchange/Oferta Publica Inicial Y Underpricing En El Mercado De Capitales Mexicano
1. Introduccion El que una compania decida volverse publica es un aspecto muy importante, ya que se altera la estructura de control en un punto especifico del ciclo de vida de la misma. Una IPO le permite a la compania acceder al mercado de capitales...
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Vol. 18, No. SI, October

The Relevance of Using Accounting Fundamentals in the Mexican Stock Market/La Relevancia De Utilizar Fundamentos De Contabilidad En la Bolsa Mexicana De Valores
1. Introduction This paper examines whether the application of a set of accounting fundamental signals can provide value relevance to investors in the Mexican Stock Market. The use of fundamental analysis has been shown to be successful in developed...
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The Determinants of the Long Term Private Investment in Brazil: An Empyrical Analysis Using Cross-Section and a Monte Carlo Simulation/Determinantes De la Inversion Privada a Largo Plazo En Brasil: Analisis Empirico Utilizando Secciones Transversales Y Una Simulacion Montecarlo
1. Introduction Empirical studies on private investment determinants in developing countries, including Brazil, show the high inflation rates' negative impacts, interest rates, exchange rates and international crisis of private investment. However,...
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Factors Influencing Brazilian Value Investing portfolios/Factores Que Influyen Las Carteras De Valores De Inversion De Brasil
1. Introduction An investment fund is an organization formed by the union of several investors who gather for an investment in common. In Brazil, mutual funds are required to have an administrator and a manager who takes care of assembling the portfolio...
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Study of the Size Effect in the Stock Market of Colombia/Estudio del Efecto Tamano En El Mercado Bursatil Colombiano
1. Introduccion Al estimar el rendimiento de las acciones de una empresa, los analistas financieros deben preguntarse si el tamano de la compania influye en esta variable, ya que el modelo mas utilizado para realizar dicha estimacion es el Capital...
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Challenges of Public Administration: Budget by Results and accountability/Retos De la Gestion Publica: Presupuesto Por Resultados Y Rendicion De Cuentas
1. Introduccion El buen gobierno ha sido definido como una forma de ejercicio del poder, caracterizado por la eficiencia, la transparencia, la rendicion de cuentas, la participacion de la sociedad civil y el estado de derecho, que revela la determinacion...
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Vol. 18, No. 34, June

Transactional Capability: Innovation's Missing link/Capacidad Transaccional: El Eslabon Perdido De la Innovacion
1. Introduction Why some firms outperform others is a question which, despite appearing simple, remains valid. According to several authors, firms outperform their competitors because they have greater technological capability, which allows them...
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The Twin Deficits Hypothesis and Reverse Causality: A Short-Run Analysis of Peru/La Hipotesis del Doble Deficit Y la Causalidad Inversa: Un Analisis a Corto Plazo del Peru
1. Introduction The twin deficit hypothesis, hereafter the TDH, argues that fiscal deficits lead to current account deficits. The empirical literature involves the presence of TDH, bidirectional causality, which indicates that both balances affect...
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Perceptions of Professionals Interested in Accounting and Auditing about Acceptance and Adaptation of Global Financial Reporting standards/Percepciones De Profesionales Interesados En Contabilidad Y Auditoria Acerca De la Aceptacion Y Adaptacion De Normas Internacionales De Informacion Financiera
1. Introduction International Financial Reporting Standards (IFRS) is a set of principles published in order to establish a financial reporting discipline and an accounting rule to be adopted worldwide. As opposed to US GAAP, which is rule-based,...
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Effect That the Commission Charged by the Pension Fund Managers Has on the Return to the affiliate/Efecto Sobre la Rentabilidad Que Tiene Para El Afiliado la Comision Cobrada Por Las Administradoras De Fondos De Pensiones
1. Marco teorico Chile, a nivel latinoamericano, ha sido uno de los primeros paises en incorporar politicas para la proteccion previsional de las personas, en donde se distinguen claramente tres etapas. En la primera, a partir del ano 1924, tal...
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Geographic Location and Investments Sectors: Decisive Factors in the Performance of Mexican Multinationals during the crisis/Localizacion Geografica Y Sectores De Inversion: Factores Decisivos En El Desempeno De Las Multinacionales Mexicanas Durante la Crisis
1. Presentacion La crisis economica global que estallo en agosto de 2007, ha impactado de manera muy diversa tanto a regiones geograficas como a sectores de negocios en todo el mundo. Aquellos paises cuyos sistemas bancarios se encontraban mas...
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The Impact of Intellectual Capital Disclosure on Cost of Equity Capital: A Case of French firms/El Impacto De la Divulgacion De Capital Intelectual Sobre El Coste del Capital Social: El Caso De Las Empresas Francesas
1. Introduction Investigating the economic consequences of information disclosure is a matter of considerable interest in the accounting and finance research. The main motivation for such research is their implications for policy making, especially,...
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Vol. 17, No. 33, December

In This Issue
The following document contains the 33rd issue of the Journal of Economics, Finance and Administrative Science (JEFAS). This time, we are pleased to print the current issue with one of the most prestigious editoriais worldwide: "Elsevier Editorial"....
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Pricing Asian Power Options under Jump-Fraction Process/ Tasar Las Opciones Energeticas De Asia Por El Metodo De Fracciones Discontinuas
ABSTRACT A framework for pricing Asian power options is developed when the underlying asset follows a jumpfraction process. The partial differential equation (PDE) in the fractional environment with jump is constructed for such option using general...
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Who Responds More to Monetary Policy, Conventional Banks or Participation Banks?/ Cuales Responden Mejor, Los Bancos Convencionales O Los Bancos Participativos?
ABSTRACT In this paper 1 investigate whether there is a systematic difference between conventional banks and participation banks in terms of their response to monetary policy shocks. For this purpose I look at the quarterly loan growth of commercial...
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Evaluation of the Impact of Aids Sectorial Policy in the Development of the Mining Region of Castilla Y Leon/ Evaluacion del Impacto De la Politica De Incentivos Sectoriales En El Desarrollo De Los Municipios Mineros De Castilla Y Leon
ABSTRACT It is discussed whether the policy of incentives to the mining sector is or is not appropriate. Proponents argue that thanks to this the municipalities have greater opportunities to develop, while detractors argue that it makes no sense...
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Spatial Equilibrium, Market Integration and Price Exogeneity in Dry Fish Marketing in Nigeria: A Vector Auto-Regressive (VAR) approach/Equilibrio Espacial, Integracion De Mercado Y Origen Externo De Los Precios En El Comercio De Pescado Seco En Nigeria: Una Aproximacion Mediante Vector Autorregresivo (VAR)
ABSTRACT Fish is the cheapest animal protein source in Nigeria, and dry fish in particular has the potential to solve the pervasive protein shortage problem owing to its relative affordability compared with fresh fish. Boosting dry fish consumption...
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Ex-Dividend Return as Indicator of Efficiency in a Emerging Stock Market: The Case of the Colombian Stock Market 1999-2007/rendimiento Ex-Dividendo Como Indicador De Eficiencia En Un Mercado Emergente: Caso Colombiano 1999-2007
ABSTRACT We study the ex-dividend return in the Colombian stock market between 1999 and 2007, period that includes the merger of the former three Colombian stock exchanges in the Bolsa de Valores de Colombia in July 2001. Contrary to the Efficient...
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Modeling, Simulation and Analysis of a Securities Settlement System: The Case of Central Securities Depository of Mexico/Modelado, Simulacion Y Analisis De Un Sistema De Liquidacion De Valores: El Caso del Depositario Central De Mexico
ABSTRACT The Instituto para el Deposito de Valores (INDEVAL) is the Central Securities Depository of Mexico. It is the only Mexican institution authorized to perform, in an integrated manner, the activities of safe-keeping, custody, management,...
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Vol. 17, No. 32, June

Editorial
We are proud to present on time the 32nd issue of the Journal of Economics, Finance and Administrative Science (JEFAS). Following our endeavor to include our publication in most prestigious databases, we have recently indexed it toCabell's Publishing...
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Vol. 16, No. 31, December

Editorial
We are pleased to announce the 31th issue of the Journal of Economics, Finance and Administrative Science. As our readers may perceive that most of our collaborators come from different parts of the world: Nigeria, Mexico, Spain, Colombia, Turkey and...
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Linkages between Value Based Performance Measurements and Risk Return Trade Off: Theory and evidence/Vinculos Entre Las Mediciones De Valor Basado En El Desempeno Y El Dilema Riesgo Retorno: Teoria Y Evidencia
INTRODUCTION The primary objective of this paper is to examine one of the core concepts of finance, asset pricing, for the purpose of explaining asset dynamics which have been extensively analyzed by economists, statistician, econometrician, mathematician...
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Effect of Public Educational Spending and Macroeconomic Uncertainty on Schooling Outcomes: Evidence from Nigeria/ Efecto del Gasto Publico En Educacion Y la Incertidumbre Macroeconomica En Los Resultados Educacionales: Evidencia Sobre Nigeria
INTRODUCTION In the mainstream economic literature, public education expenditures have been recognized as a key aspect of fiscal outlays in most developing countries of the world. The reasons put forward in defense of government involvement in education...
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Considerations for the Design of a Central Counterparty for the Mexican Money Market/ Consideraciones Para El Diseno De Una Contrapartida Central Para El Mercado De Divisas Mexicano
INTRODUCTION One distinguishing feature of the Mexican Financial System is the relatively large size of its money market. Every day, close to two trillion pesos (1) is settled among market participants. A figure close to the Mexican GDP, considered...
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Hofstede's Cultural Dimensions and Tourist Behaviors: A Review and Conceptual framework/Las Dimensiones Culturales Y la Conducta Turistica Segun Hofstede: Analisis Y Marco Conceptual
INTRODUCTION The subject of cross-cultural differences in consumer behavior has been the focus of numerous research studies in the field of marketing (Beatty, Lynn, & Pamela, 1991; Mooij & Hofstede, 2011; Manrai & Manrai, 1996, 2011;...
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Analysis of Chaotic Behaviour in Supply Chain Variables/analisis De Comportamiento Caotico En Variables De la Cadena De Suministro
INTRODUCCION Las empresas de clase mundial fijan objetivos a corto, mediano y largo plazo, con el fin de adaptarse a los continuos cambios que el mercado exige. La administracion de operaciones y la cadena de suministro tienen hoy gran importancia...
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Economic Integration in Latinamerica: The Theoretical Vision of ECLAC against the Evolution Project in the region/Integracion Economica En America Latina: La Vision Teorica De la CEPAL Confrontada Con la Evolucion del Proyecto En la Region
INTRODUCCION En las ultimas decadas, la integracion latinoamericana se ha mantenido como una constante en el paradigma teorico de la Comision Economica para America Latina (CEPAL) que por decadas tuviera una fuerte influencia sobre los modelos de...
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Vol. 16, No. 30, June

Distributive Politics, Nature of Government Spending and Economic Growth in a Low Income democracy/Politicas Distributivas, Naturaleza del Gasto Gubernamental Y Crecimiento Economico En Democracia Con Bajos Recursos
INTRODUCTION The role of the government in economic development, optimal size of the government, nature of government spending and its impact on growth, public expenditure and corruption, distributive politics and economic growth have become important...
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On Welfare Effects of Horizontal Mergers with Product differentiation/Sobre Los Efectos Beneficos En Las Adquisiciones Empresariales Con Productos Diferenciados
INTRODUCTION Traditional merger analysis is difficult to implement when evaluating mergers in industries with differentiated products. Broadly, the agencies consider two basic theories of competitive effects. "Coordinated effects" arise if the merger...
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Editorial
These pages bring our 30th issue of the Journal of Economics, Finance and Administrative Science (JEFAS), which gives our readers the opportunity to review articles of cutting edge studies in all fields of business sciences. This issue makes available...
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Vol. 15, No. 29, December

Pricing Arithmetic Asian Options under the CEV process/Valorizacion De la Opcion Asiatica Aritmetica Bajo El Proceso De Variacion Elastica Constante (CEV Process)
INTRODUCTION Asian options are the popular financial tool in the over-the-counter market, whose payoffs depend on some form of averaging of the underlying stock price during some specific period. There are two kinds of Asian options: arithmetic...
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Strategic Brand Positioning Analysis through Comparison of Cognitive and Conative perceptions/Analisis De Posicionamiento Estrategico De Marca a Traves De la Comparacion De Percepciones Cognitivas Y De Conacion
INTRODUCTION In today's increasingly competitive industrial scenario, a key challenge for marketers is to cut through the noise of competing and substitute products to attract the attention of the consumer. With thousands of Multinational Companies...
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Re-Engineering Agriculture for Enhanced Performance through financing/Restructurando la Agricultura Para Aumento De Rendimiento a Traves del Financiamiento
INTRODUCTION Agriculture is still a dominant sector of the Nigerian economy. From the early 1950s to the early 1970s, the sector was a source of employment to about 80% of the labour force (World Bank, 1993; Upton, 1997). Agriculture generated foreign...
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Applying Chaid to Identify the Accounting-Financial Characteristics of the Most Profitable Real Estate Companies in Spain/Aplicacion del Chaid Para Identificar Las Caracteristicas Economico-Financieras De Las Empresas Inmobiliarias Mas Rentables En Espana
INTRODUCTION In the current marketplace, which is characterized by the financial crisis in the developed world, the consequences in Spain increased due to the crisis in the housing sector that had been an important contributor to Spain's economic...
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Agency Costs and the Size Discount: Evidence from acquisitions/Costes De Agencia Y El Descuento Por Tamano: Evidencia a Partir De Las Adquisiciones
INTRODUCTION Many researchers have empirically documented a negative relationship between the size of a firm and its relative value, as measured by Tobin's q. (1) In fact, a negative correlation between size and value appears over and over in the...
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The Efficient Frontier and the Limits on Investment for Pension Plan Administrators (AFP): A New perspective/La Frontera Eficiente Y Los Limites De Inversion Para Las AFP: Una Nueva Mirada
INTRODUCCION Con informacion del trabajo de Pereda, se revisa las conclusiones de las investigaciones de Pereda (2007) y de Rivas-Llosa y Camargo (2002), en las que se mide el impacto de las regulaciones y limites de inversion sobre los fondos de...
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Research on Relational Marketing: An Analysis on Literature Content 2007-2008/la Investigation Sobre El Marketing Relacional: Un Analisis De Contenido De la Literatura 2007-2008
INTRODUCCION Desde su insercion formal, en los inicios de la decada pasada, el enfoque relacional del Marketing se ha asociado, segun los autores consultados, a la construccion, el desarrollo y el mantenimiento de vinculos e intercambios beneficiosos...
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Editorial
We have the pleasure of presenting the 29th issue of the Journal of Economics, Finance and Administrative Science. This journal represents ESAN's commitment to the academic community in furnishing cutting edge research, as well as the latest current...
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Vol. 15, No. 28, June

Estimation of Discount Rates in Latin America: Empirical Evidence and Challenges/ Estimacion De Los Ratios De Descuento En Latinoamerica: Evidencia Empirica Y Retos
INTRODUCTION When we wish to assess the value of a company or an investment project, it is not only necessary to have an estimation of the future cash flows, but also to have an estimation of the discount rate that represents the required return...
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ADR Effects on Domestic Latin American Financial market/Los Efectos ADR En Los Mercados Domesticos Financieros De Latinoamerica
Research has established that cross listing significantly affects the ADR's underlying share (1) trading process in the domestic exchange. Examples of these effects include higher valuations and improvements in an investor's appreciation of the firm's...
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Fallibility of the Rough Set Method in the Formulation of a Failure Prediction Index Model of Dynamic risk/Falibilidad del Metodo Rough Set En la Conformacion De Modelos Indice De Riesgo Dinamico En la Prediccion del Fracaso Empresarial
INTRODUCCION En el exito empresarial, es importante la eficacia administrativa, de igual forma las empresas deben corresponder al dinamismo del mercado que se traduce en oportunidades, pero tambien en riesgos para las organizaciones. Entonces, el...
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A Credit Scoring Model for Institutions of Microfinance under the Basel II normative/Un Modelo De Credit Scoring Para Instituciones De Microfinanzas En El Marco De Basilea II
INTRODUCCION El acuerdo internacional sobre regulacion y supervision bancaria denominado "Nuevo Acuerdo de Capital", aprobado en 2004 por el Comite de Basilea y conocido como Basilea II, exige a las entidades financieras de los paises que se adscriba...
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Determinants of Strategic Risk Management in Emerging Markets Supply Chains: The Case of Mexico/ Determinantes del Manejo De Riesgo Estrategico En Las Cadenas De Suministro En Mercados Emergentes: El Caso De Mexico
INTRODUCTION Risk mitigation in global supply chains has grown in importance in recent years, in tandem with globalization and both the commercial and security threats faced by firms both large and small. Among emerging markets, where such challenges...
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Benchmarking about Lean Manufacturing in the Textile Sector in Medellin/ Benchmarking Sobre Manufactura Esbelta (Lean Manufacturing) En El Sector De la Confeccion En la Ciudad De Medellin, Colombia
INTRODUCCION En los ultimos 25 anos han surgido gran cantidad de estrategias para el mejoramiento de los procesos productivos desde el TQM (Total Quality Management), pasando por el BPR (Business Process Reengineering), y llegando hasta las ventajas...
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Vol. 14, No. 27, December

Bayesian Forecastings for Automobile Parts Using Stochastic simulation/Pronosticos Bayesianos Para Repuestos De Automoviles Usando Simulacion Estocastica
INTRODUCCION El pronostico de la demanda juega un papel fundamental en la estrategia de numerosas organizaciones de manufactura o servicios. La elaboracion de pronosticos es de gran ayuda en la programacion de la mano de obra, la obtencion de niveles...
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Green Management: The Reality of Being Green in business/Gestion Verde: La Realidad De la Sostenibilidad Ecologica En la Gestion Gerencial
INTRODUCTION Green is in. Green is in vogue. Green is the new black. Consumers are asking for it. Organizations are requesting it. Green managements (1) are demanding it. The future of business is being built on green and social responsible organizations....
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To Ponder on the Collective Actions in the Context of Humanitarian Logistics: Lessons from the Earthquake in Pisco/Pensar la Accion Colectiva En El Contexto De la Logistica Humanitaria: Las Lecciones del Sismo De Pisco
INTRODUCCION El 26 de diciembre de 2004, en la madrugada, un terremoto submarino de una violencia poco habitual tuvo lugar en la costa de Sumatra, con una magnitud de mas de 9 grados en la escala de Richter. Este movimiento telurico produjo un tsunami...
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Effectiveness Measurement: When Will We Get It right?/Medicion De la Efectividad: ?Cuando la Estableceremos Correctamente?
INTRODUCTION Performance measurement and reporting is now considered to be a critical component in public sector accountability [Auditor General of Canada (AG), 1997; Organization for Economic Cooperation and Development (OECD), 2004, 2007; Treasury...
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Derivatives Usage by Non-Financial Firms in Emerging Markets: The Peruvian case/Uso De Los Derivados Financieros Por Firmas No Financieras En Los Mercados Emergentes: El Caso Peruano
1. Universidad ESAN (Peru). Ph. D. in Economics and Business Sciences with specialization in Risk Management and Derivative Markets, UNED, Spain. <mmartin@esan.edu.pe>. INTRODUCTION Due to the existing high volatile exchange rates and interest...
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Comparative Analysis of Competitiveness on the Peruvian and Chilean Economies from a Global View/analisis Comparativo De la Competitividad De Las Economias del Peru Y Chile Desde Un Enfoque Global
INTRODUCCION Y MARCO TEORICO El comercio internacional, que ha permitido y sigue permitiendo el desarrollo economico de muchos paises, siempre ha sido estudiado desde la perspectiva de las teorias clasicas del comercio internacional como: 1)...
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Editorial
We are proud to submit our 27th issue of the Journal of the Universidad ESAN. In this edition, we are expanding our commitment to educational excellence through a new perspective, according to our institutional tradition. To achieve our goal, we have...
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Vol. 14, No. 26, June

Bayesian Forecasting Using Stochastic simulation/Pronosticos Bayesianos Usando Simulacion Estocastica
INTRODUCCION La creciente necesidad de coordinacion entre los diferentes procesos de negocios, particularmente entre organizaciones de la misma cadena de suministro, permite apreciar el importante papel que juegan los pronosticos en la busqueda...
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The Revealed Competitiveness Index Comparison between Peru and Main World Exporters: The Case of Lambayeque Region/el Indice De la Ventaja Comparativa Revelada (VCR): Entre El Peru Y Los Principales Exportadores del Mundo: El Caso De la Region Lambayeque
INTRODUCCION La necesidad de las empresas por ser mas eficientes y perdurar en el tiempo ha originado el estudio de las ventajas y las estrategias competitivas (Casas, 2005). El presente trabajo expone por primera vez un analisis de la competitividad...
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The Management Processes and Organizational Performance: A New Approach into Public Management from the Perspective of Local Governments/ El Proceso De Gestion Y El Desempeno Organizacional: Una Aproximacion a la Nueva Gestion Publica Desde El Ambito De Los Gobiernos Locales
INTRODUCCION Y MARCO CONCEPTUAL Durante las ultimas cuatro decadas, la busqueda de un modelo de gestion que comprenda la evaluacion del desempeno de la organizacion ha alimentado las expectativas de los gestores en organizaciones publicas y privadas....
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Culture in Organizations: A Central Phenomena in Administrative Knowledge/ la Cultura En Las Organizaciones: Un Fenomeno Central En El Saber Administrativo
INTRODUCCION En la historia del saber administrativo del siglo XX, es posible identificar asuntos problematicos surgidos en las organizaciones de Occidente--especialmente las norteamericanas--, entre los cuales pueden mencionarse la eficiencia,...
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The Intercultural Competence as a Key Element for the Development of Peru/La Competencia Intercultural Como Llave Para El Desarrollo del Peru
INTRODUCCION En este mundo globalizado, caracterizado por el incremento transnacional de economias, mercados, medios de transporte, comunicacion y otros, se presentan a cada momento multiples posibilidades de contacto con las mas diversas culturas....
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Making Tangible the Entrepreneurship: The Development of Franchising in the Small and Micro Enterprise sector/Tangibilizacion del Espiritu Emprendedor: Desarrollo De Franquicias En El Sector De la Pequena Y Microempresa
INTRODUCCION El presente trabajo se focaliza en el desarrollo del entrepreneurship o espiritu emprendedor, con miras a mejorar u optimizar la competitividad internacional de los paises de America Latina. En los ultimos anos, muchos expertos han...
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Psychosocial Analysis of Violence: Between Conflict and Social Development/analisis Psicosocial De la Violencia: Entre El Conflicto Y El Desarrollo Social
INTRODUCCION Segun la Organizacion Mundial de la Salud (OMS), la prevencion de la violencia ha sido un tema prioritario en los ultimos anos, tanto que debe ser abordada desde el enfoque de la salud publica lo que implica un tratamiento desde diversos...
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