The aim of this study is to conduct an analysis of the investment made by the fifteen largest sovereign wealth funds on listed European companies. The analysis is divided into two sections: a descriptive one and a statistical one. The methodology used for this purpose consisted of mining data from Orbis database and running a binomial logistic regression. The main results show that, in the first place, the Norwegian fund is the one that invests in a larger amount of companies and European countries. Another significant result indicates that the United Kingdom is the country that receives the most investment. Finally, the results lead also to the conclusion that, concerning investing, sovereign wealth funds are influenced by a set of factors such as company size, profitability, and leverage, whereas the company’s home country and the economic sector it belongs are not determining factors.
{"title":"Analysis on the participation of the main sovereign wealth funds in European listed companies","authors":"L. Gómez-Pavón Durán","doi":"10.46503/jgvq7340","DOIUrl":"https://doi.org/10.46503/jgvq7340","url":null,"abstract":"The aim of this study is to conduct an analysis of the investment made by the fifteen largest sovereign wealth funds on listed European companies. The analysis is divided into two sections: a descriptive one and a statistical one. The methodology used for this purpose consisted of mining data from Orbis database and running a binomial logistic regression. The main results show that, in the first place, the Norwegian fund is the one that invests in a larger amount of companies and European countries. Another significant result indicates that the United Kingdom is the country that receives the most investment. Finally, the results lead also to the conclusion that, concerning investing, sovereign wealth funds are influenced by a set of factors such as company size, profitability, and leverage, whereas the company’s home country and the economic sector it belongs are not determining factors.","PeriodicalId":438645,"journal":{"name":"Finance, Markets and Valuation","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134401853","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
M. Roldós, A. Blanco, M. de la Vega, N. Legazcue, M. Seijas, J. J. Giradini, R. Álvarez-Vaz, E. Vernazza Mañan
We survey a sample of the Uruguay firms in the business sector, about the use of financial instruments as: Debt Structure, Net Value Present, Internal Rate of Return, Payback Period and other capital budgeting instruments. We follow the line research o Graham & Harvey (2001) and others works that replicate the same line. Using a logistic regression model, we arrive to the result that use of the financial tools is limited, results that are in sintony with other emerging economies. We observed that use of the financial tools is related with the size of the company, the setting of a debt target, the level of education and training, as well as the seniority of the person responding, as explanatory factors of greater use of the selected tools.
{"title":"The uses of financial tools in a sample of Uruguay firms","authors":"M. Roldós, A. Blanco, M. de la Vega, N. Legazcue, M. Seijas, J. J. Giradini, R. Álvarez-Vaz, E. Vernazza Mañan","doi":"10.46503/kzpt8837","DOIUrl":"https://doi.org/10.46503/kzpt8837","url":null,"abstract":"We survey a sample of the Uruguay firms in the business sector, about the use of financial instruments as: Debt Structure, Net Value Present, Internal Rate of Return, Payback Period and other capital budgeting instruments. We follow the line research o Graham & Harvey (2001) and others works that replicate the same line. Using a logistic regression model, we arrive to the result that use of the financial tools is limited, results that are in sintony with other emerging economies. We observed that use of the financial tools is related with the size of the company, the setting of a debt target, the level of education and training, as well as the seniority of the person responding, as explanatory factors of greater use of the selected tools.","PeriodicalId":438645,"journal":{"name":"Finance, Markets and Valuation","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129341914","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper aims to diagnose the current situation of the Colombian wholesale electricity market in relation to the markets of Argentina, Ecuador, Mexico, Peru and Uruguay. The analysis has been carried out from the point of view of existing supply and demand in the market, of the market participants, of the types of market that have been able to be constituted depending on the regulatory transformations that have taken place, and of the institutional structure on which they are based. This analysis will make it possible to identify whether the Colombian market lags behind the region or whether, on the contrary, it can be considered a benchmark for the other countries in the region.
{"title":"Diagnosis of Colombia's wholesale electricity market in relation to other Latin American markets","authors":"C. Cuta Durán, J. González-Bueno","doi":"10.46503/jzqf2873","DOIUrl":"https://doi.org/10.46503/jzqf2873","url":null,"abstract":"This paper aims to diagnose the current situation of the Colombian wholesale electricity market in relation to the markets of Argentina, Ecuador, Mexico, Peru and Uruguay. The analysis has been carried out from the point of view of existing supply and demand in the market, of the market participants, of the types of market that have been able to be constituted depending on the regulatory transformations that have taken place, and of the institutional structure on which they are based. This analysis will make it possible to identify whether the Colombian market lags behind the region or whether, on the contrary, it can be considered a benchmark for the other countries in the region.","PeriodicalId":438645,"journal":{"name":"Finance, Markets and Valuation","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114621031","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Technological development has brought about major changes in all aspects and spheres of society. Among the various environments where technological applications have brought improvements and transformed the usual way of operating, we highlight the financial sector. Indeed, technology has substantially modified the processes and mechanisms on which its operation is based, especially in the area of payments, due to the need for reliability, security and immediacy to improve the way in which money is transmitted between the different agents that interact in it. This digitization of payment systems has been made possible by various factors, including the emergence of new business models and the emergence of large technology companies, as well as the application of new technologies that streamline payment processes. This has forced the financial sector and, specifically, financial institutions, the main drivers of the financial system, to accelerate innovation in the payments sector in order to face these new challenges. This paper analyses payment systems, how they work, the services they provide and the challenges and opportunities that can be identified as a result of technological innovation in the financial sector. It also presents the strategies being followed by Spanish financial institutions in terms of the development of new services and capabilities to cope with these changes.
{"title":"Spanish financial institutions facing the challenge of digitalization: The case of payment systems","authors":"Carlos Viñals Guitart","doi":"10.46503/lkrd4457","DOIUrl":"https://doi.org/10.46503/lkrd4457","url":null,"abstract":"Technological development has brought about major changes in all aspects and spheres of society. Among the various environments where technological applications have brought improvements and transformed the usual way of operating, we highlight the financial sector. Indeed, technology has substantially modified the processes and mechanisms on which its operation is based, especially in the area of payments, due to the need for reliability, security and immediacy to improve the way in which money is transmitted between the different agents that interact in it. This digitization of payment systems has been made possible by various factors, including the emergence of new business models and the emergence of large technology companies, as well as the application of new technologies that streamline payment processes. This has forced the financial sector and, specifically, financial institutions, the main drivers of the financial system, to accelerate innovation in the payments sector in order to face these new challenges. This paper analyses payment systems, how they work, the services they provide and the challenges and opportunities that can be identified as a result of technological innovation in the financial sector. It also presents the strategies being followed by Spanish financial institutions in terms of the development of new services and capabilities to cope with these changes.","PeriodicalId":438645,"journal":{"name":"Finance, Markets and Valuation","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129004546","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Traditional business companies and startups are decidedly different organizations. Each has what the other lacks. Traditional business company has the resources, scale, power and routines needed to execute a proven business model efficiently. Startup has none of that, but usually has promising ideas, organizational agility, willingness to take risks, and fast-growing aspirations. Considering the above introduced considerations, the aim and contribution of this paper is to make a comparative analysis between traditional business companies and startups.
{"title":"Comparative analysis between traditional businesses and startups","authors":"T. Botello Velasto, J. González-Bueno","doi":"10.46503/xfqz4008","DOIUrl":"https://doi.org/10.46503/xfqz4008","url":null,"abstract":"Traditional business companies and startups are decidedly different organizations. Each has what the other lacks. Traditional business company has the resources, scale, power and routines needed to execute a proven business model efficiently. Startup has none of that, but usually has promising ideas, organizational agility, willingness to take risks, and fast-growing aspirations. Considering the above introduced considerations, the aim and contribution of this paper is to make a comparative analysis between traditional business companies and startups.","PeriodicalId":438645,"journal":{"name":"Finance, Markets and Valuation","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127236608","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
At present, there is no unanimity on the effects that stock diversification can have on the total risk of an investment portfolio. In this context, this paper studies some issues related to the evolution of risk in an investment portfolio made up of IBEX 35 stocks. In addition, it is tested whether conclusions drawn for other time periods and in other markets are applicable to the Spanish stock market. The methodology used consists of calculating how the two components that make up the total risk of a portfolio (systematic risk and unsystematic risk) behave as portfolios of increasing size are diversified. The study shows how an increase in the number of securities in the investment portfolio decreases the percentage corresponding to the unsystematic risk component and increases the systematic risk component. Furthermore, it also shows that the benefits of diversification become increasingly marginal as portfolio size increases. Additionally, it is shown that an increase in the number of securities also increases the stability of the Beta of the investment portfolios over time.
{"title":"Diversification of equity investment portfolios. Application to the IBEX 35","authors":"Gema Orihuel Bañuls","doi":"10.46503/thqq8876","DOIUrl":"https://doi.org/10.46503/thqq8876","url":null,"abstract":"At present, there is no unanimity on the effects that stock diversification can have on the total risk of an investment portfolio. In this context, this paper studies some issues related to the evolution of risk in an investment portfolio made up of IBEX 35 stocks. In addition, it is tested whether conclusions drawn for other time periods and in other markets are applicable to the Spanish stock market. The methodology used consists of calculating how the two components that make up the total risk of a portfolio (systematic risk and unsystematic risk) behave as portfolios of increasing size are diversified. The study shows how an increase in the number of securities in the investment portfolio decreases the percentage corresponding to the unsystematic risk component and increases the systematic risk component. Furthermore, it also shows that the benefits of diversification become increasingly marginal as portfolio size increases. Additionally, it is shown that an increase in the number of securities also increases the stability of the Beta of the investment portfolios over time.","PeriodicalId":438645,"journal":{"name":"Finance, Markets and Valuation","volume":"89 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129790298","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"El papel del Estado en la economía","authors":"Fernando García","doi":"10.46503/sakn7067","DOIUrl":"https://doi.org/10.46503/sakn7067","url":null,"abstract":"","PeriodicalId":438645,"journal":{"name":"Finance, Markets and Valuation","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130811812","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
At present, problems such as climate change and pressure on ecosystems require profound changes at the economic and social levels. One of the most critical areas is energy generation, in order to reduce greenhouse gas emissions and dependence on non-renewable fossil fuels. In this context, this paper analyses, from a purely economic perspective, the viability of an investment in a domestic photovoltaic system, presenting three future scenarios. Results show how the legal context has great importance in the profitability of the project and, therefore, in the decisions of the economic agents.
{"title":"Feasibility analysis of a photovoltaic system: the importance of expectations","authors":"J. E. Santamaría López","doi":"10.46503/mkzt9115","DOIUrl":"https://doi.org/10.46503/mkzt9115","url":null,"abstract":"At present, problems such as climate change and pressure on ecosystems require profound changes at the economic and social levels. One of the most critical areas is energy generation, in order to reduce greenhouse gas emissions and dependence on non-renewable fossil fuels. In this context, this paper analyses, from a purely economic perspective, the viability of an investment in a domestic photovoltaic system, presenting three future scenarios. Results show how the legal context has great importance in the profitability of the project and, therefore, in the decisions of the economic agents.","PeriodicalId":438645,"journal":{"name":"Finance, Markets and Valuation","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117342891","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The pandemic caused by the SARS-Cov-2 (Covid-19) virus has triggered a worldwide impact on the economy that has been firstly reflected in the financial markets‘ performance. As a consequence of this global health emergency, the world economy is going to deal with its greatest threat since the 2008 Financial Crisis. However, the collapse and recovery of countries and industries are likely to be divergent. This paper aims to provide a global picture of different stock exchange indexes’ progress, including SP 500, Eurostoxx 50, IBEX 35 and CSI 300. In addition, components‘ performance of the Eurostoxx 50 have been analyzed in order to gather more specific information regarding the Covid-19 impact in different industries. Results have revealed that recovery in some of the stock markets are due to large corporation’s resilience and some winning sectors. As a result, the economic recovery is taking the form of a "K".
{"title":"The impact of Covid-19 on international financial markets: winners and losers","authors":"Gema Orihuel Bañuls","doi":"10.46503/srhu7671","DOIUrl":"https://doi.org/10.46503/srhu7671","url":null,"abstract":"The pandemic caused by the SARS-Cov-2 (Covid-19) virus has triggered a worldwide impact on the economy that has been firstly reflected in the financial markets‘ performance. As a consequence of this global health emergency, the world economy is going to deal with its greatest threat since the 2008 Financial Crisis. However, the collapse and recovery of countries and industries are likely to be divergent. This paper aims to provide a global picture of different stock exchange indexes’ progress, including SP 500, Eurostoxx 50, IBEX 35 and CSI 300. In addition, components‘ performance of the Eurostoxx 50 have been analyzed in order to gather more specific information regarding the Covid-19 impact in different industries. Results have revealed that recovery in some of the stock markets are due to large corporation’s resilience and some winning sectors. As a result, the economic recovery is taking the form of a \"K\".","PeriodicalId":438645,"journal":{"name":"Finance, Markets and Valuation","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121535266","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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