La gestión de Fondos de Inversión en Activos de Renta Fija

[ES]En el presente trabajo analizamos la evolución de la inversión colectiva en Estados Unidos y Gran Bretaña, países que son el inicio de la misma, y su posterior nacimiento y desarrollo en España, para centrarnos exclusivamente en los Fondos de Inversión de Renta Fija. En la segunda parte, estudiamos la gestión de carteras de renta fija y su posible aplicación a la gestión de carteras de Fondos de Inversión, incorporando las posibilidades que ofrecen los productos financieros derivados. Finalizamos el trabajo con un análisis empírico sobre el comportamiento de los FIM de Renta Fija en España, con el objeto de contrastar cómo es realmente la gestión de Fondos en nuestro país.[EN]This thesis studies the development of colective investment in the United States and Great Britain, the countries where this kind of investment began, and the evolution of colective investment in Spain, focusing on fixed income mutual funds . The second part is devoted to the analysis of fixed income portfolio strategies and their possible applications to fixed income mutual funds management, using derivatives products like swaps, futures and options. Finally, an empirical study about the performance of fixed income mutual funds in Spain is presented

Growth of the Spanish Multinational in Latin America during the 1990s

During the 1990s, Spain changed from a net recipient of foreign direct investment (FDI) to one of the most important investors in Latin America. Fieldwork in this article identifies trends and directions of Spanish acquisitions, with an emphasis on the 1990 to 2001 period. An overview of the emergence of the Spanish MNC is followed by statistical analysis of their competitive (i.e. ownership) advantage as measured by the relative strength of market size, wage differentials and cultural affinity. This analysis helped in explaining the link between strategic decisions of the Spanish MNCs and their choice of geography and industrial sector. Empirical analysis finds Spanish MNCs responded to privatisation opportunities and to gain access to specific foreign markets rather than to an attempt to create global export platforms.Latin America; FDI; Spanish MNC; Dunning

Growth of the Spanish Multinational in Latin America during the 1990s

During the 1990s, Spain changed from a net recipient of foreign direct investment (FDI) to one of the most important investors in Latin America. Fieldwork in this article identifies trends and directions of Spanish acquisitions, with an emphasis on the 1990 to 2001 period. An overview of the emergence of the Spanish MNC is followed by statistical analysis of their competitive (i.e. ownership) advantage as measured by the relative strength of market size, wage differentials and cultural affinity. This analysis helped in explaining the link between strategic decisions of the Spanish MNCs and their choice of geography and industrial sector. Empirical analysis finds Spanish MNCs responded to privatisation opportunities and to gain access to specific foreign markets rather than to an attempt to create global export platforms

Growth of the Spanish Multinational in Latin America during the 1990s

During the 1990s, Spain changed from a net recipient of foreign direct investment (FDI) to one of the most important investors in Latin America. Fieldwork in this article identifies trends and directions of Spanish acquisitions, with an emphasis on the 1990 to 2001 period. An overview of the emergence of the Spanish MNC is followed by statistical analysis of their competitive (i.e. ownership) advantage as measured by the relative strength of market size, wage differentials and cultural affinity. This analysis helped in explaining the link between strategic decisions of the Spanish MNCs and their choice of geography and industrial sector. Empirical analysis finds Spanish MNCs responded to privatisation opportunities and to gain access to specific foreign markets rather than to an attempt to create global export platforms

Finantza-erakundeen kudeaketa

Oro har finantza-erakunde baten kudeaketa ikuspegi praktiko batetik ezagutu nahi duen edozeinentzat erabilgarria da lan hau. Hain zuzen ere, graduko eta postgraduko finantza-arloko irakasleei, sektore honetako profesionalei eta, baita banku-eragiketak hobetu ulertu nahi dituzten inbertsiogile partikularrei ere zuzentzen da.Lan horrek ikasleek banku-eragiketak ezagutzea du helburu, baina ez finantza-erakunde baten bezero moduan, baizik eta entitatearen kudeaketaren aldetik, egungo finantza-merkatuen errealitatea kontuan izanda. Lan hori irakurri ondoren irakurleak azken bolada honetan suertatu diren gertaera ekonomikoak hobeto ulertuko ditu: subprime hipotekak, gobernuak esku hartu dituen erakundeak, kreditu-arriskuaren kudeaketak dituen arazoak, finantza-erakundeen likidezia eta kaudimen arazoak, etab. Irakurleak banku-erakundeen emaitzen kudeaketa egoki baten garrantzia ulertuko duLiburu honek UPV/EHUko Euskara eta Eleaniztasuneko Errektoreordetzaren dirulaguntza jaso d

La gestión de fondos de inversión en activos de renta fija

[ES]En el presente trabajo analizamos la evolución de la inversión colectiva en Estados Unidos y Gran Bretaña, países que son el inicio de la misma, y su posterior nacimiento y desarrollo en España, para centrarnos exclusivamente en los Fondos de Inversión de Renta Fija. En la segunda parte, estudiamos la gestión de carteras de renta fija y su posible aplicación a la gestión de carteras de Fondos de Inversión, incorporando las posibilidades que ofrecen los productos financieros derivados. Finalizamos el trabajo con un análisis empírico sobre el comportamiento de los FIM de Renta Fija en España, con el objeto de contrastar cómo es realmente la gestión de Fondos en nuestro país.[EN]This thesis studies the development of colective investment in the United States and Great Britain, the countries where this kind of investment began, and the evolution of colective investment in Spain, focusing on fixed income mutual funds . The second part is devoted to the analysis of fixed income portfolio strategies and their possible applications to fixed income mutual funds management, using derivatives products like swaps, futures and options. Finally, an empirical study about the performance of fixed income mutual funds in Spain is presented

Finantza-erakundeen kudeaketa

Oro har finantza-erakunde baten kudeaketa ikuspegi praktiko batetik ezagutu nahi duen edozeinentzat erabilgarria da lan hau. Hain zuzen ere, graduko eta postgraduko finantza-arloko irakasleei, sektore honetako profesionalei eta, baita banku-eragiketak hobetu ulertu nahi dituzten inbertsiogile partikularrei ere zuzentzen da.Lan horrek ikasleek banku-eragiketak ezagutzea du helburu, baina ez finantza-erakunde baten bezero moduan, baizik eta entitatearen kudeaketaren aldetik, egungo finantza-merkatuen errealitatea kontuan izanda. Lan hori irakurri ondoren irakurleak azken bolada honetan suertatu diren gertaera ekonomikoak hobeto ulertuko ditu: subprime hipotekak, gobernuak esku hartu dituen erakundeak, kreditu-arriskuaren kudeaketak dituen arazoak, finantza-erakundeen likidezia eta kaudimen arazoak, etab. Irakurleak banku-erakundeen emaitzen kudeaketa egoki baten garrantzia ulertuko duLiburu honek UPV/EHUko Euskara eta Eleaniztasuneko Errektoreordetzaren dirulaguntza jaso d