Relación entre la capitalización bursátil y los múltiplos de valoración relativa bajo las normas internacionales de información financiera en Colombia

Este proyecto analiza si la implementación de las Normas Internacionales de Información Financiera en Colombia mejora la calidad de la información contable y financiera con la que se construyen los múltiplos utilizados en la valoración de empresas, evidenciando si esta implementación genera diferencias entre los múltiplos 12 calculados bajo los PCGA locales y bajo las NIIF plenas. A su vez, analiza si el valor bursátil de una entidad se ve alterado debido a la implementación del nuevo marco técnico normativo. Para cumplir con tal finalidad, es importante: - Poner de manifiesto las ventajas y desventajas de la valoración de empresas por medio de la valoración contable (múltiplos) y por medio de la capitalización bursátil. - Identificar las mejoras de información contable que ha generado la implementación de los estándares de información financiera internacional (NIIF) en Colombia. - Establecer si las mejoras de información contable con la implementación de las NIIF en Colombia permiten obtener una mejor estimación del valor de una empresa por el modelo de valoración por múltiplos. - Concluir si la valoración por múltiplos reduce la dispersión de los resultados con la implementación de las NIIF plenas en Colombia y ser usado con mayor aceptación y veracidad por las empresas que aplican NIIF plenas y no cotizan en bolsa.Problemática e introducción. Problemática. Hipótesis. Introducción. Importancia de la información financiera de alta calidad y objetivos de investigación. Estado del arte y generalidades. Estudios previos. Generalidades de la valoración por múltiplos. Marco teórico. El problema de agencia. Metodología y desarrollo del proyecto. Desarrollo del proyecto. Recolección de la información. Cálculo de múltiplos comparables. Prueba empírica. Prueba paramétrica y estadístico U. Prueba de robustez. Limitaciones del estudio.Magíster en Finanzas CorporativasMaestrí

APRENDIZAJE ORGANIZACIONAL, ESTUDIO DE CASO. Aprendizaje organizacional en organización pública Colombiana.

La organización más grande que pueda tener un país es su estado, por tal motivo las organizaciones que lo componen deben ser las más eficientes y competitivas. El aprendizaje organizacional no sólo permite observar las estrategias que utilizan las diferentes entidades u organismos para generar ideas que les permitan responder exitosamente a un entorno. También facilita la identificación de obstáculos que les impiden generar y difundir prácticas necesarias para ser eficientes y lograr un impacto en su medio. Este estudio, partiendo de la identificación de estilos de aprendizaje, reconoce la forma en cómo se generan nuevas ideas en una entidad pública en Colombia, y qué barreras dificultan la producción de nuevo conocimiento, la generalización y el uso de nuevas prácticas, para a partir de ellos proponer algunas recomendaciones de mejora a implementar en las organizaciones.A maior organização de um país é a sua administração pública que por tal motivo deve ser constituído por organizações eficientes e competitivas. A aprendizagem operacional permite identificar as estratégias utilizadas nas diferentes entidades e organismos para produzir o conhecimento que lhe permite responder ao ambiente externo. Permite também a identificação dos obstáculos que as impedem de produzir e difundir as práticas necessárias para serem mais eficientes e ter assim um impacto mais positivo na sua actuação. Neste estudo, partindo da identificação dos estilos de aprendizagem, identificam-se a forma como se produzem novas ideias num departamento público da Colômbia e que barreiras dificultam a produção de novo conhecimento e novas práticas. A partir da análise dos dados, utilizando técnicas estatísticas, estabeleceu-se o diagnóstico que permitiu propor alternativas de melhoria a implementar nas organizações.The largest organization in a country is its public administration, which should therefore be made up of efficient and competitive organizations. Operational learning allows us to identify the strategies used in different entities and organisms to produce the knowledge that allows them to respond to the external environment. It also allows the identification of the obstacles that prevent them from producing and disseminating the practices needed to be more efficient and thus have a more positive impact on their performance. In this study, starting from the identification of learning styles, we identify the way in which new ideas are produced in a public department in Colombia and what barriers that impede the production of new knowledge and new practices. From the analysis of the data, using statistical techniques, the diagnosis was established that allowed to propose alternatives of improvement to be implemented in organizations

Estudio del sistema de cuentas ambientales económicas integradas para el agua, desde la ciencia contable

Los recursos naturales y el medio ambiente en general han obtenido mayor importancia en el mundo, como recursos vitales para la existencia humana y animal, como sustento de todas las especies del planeta y como insumo para la producción de bienes que satisfacen las necesidades del hombre, entre otros importantes usos, pero es relativamente reciente la importancia que se le ha dado como pieza primordial en las economías. Al reconocer la importancia del medio ambiente y de los recursos naturales, surge la necesidad de mejorar la forma de controlar y gestionar estos recursos (reconociendo su consumo y su deterioro), procurando lograrla máxima racionalidad en su utilización. Es así que la Gestión Ambiental se considera crucial para garantizar la conservación y sostenibilidad de los recursos naturales y del medio ambiente en el tiempo. La contabilidad nacional podría contribuir de una mejor forma a la mejora de la gestión del medio ambiente y esto se logra a través del reconocimiento y la inclusión de información correspondiente a los recursos naturales y de la degradación del medio ambiente en estos sistemas, ya que al no ser considerados, las decisiones tomadas con base a la información suministrada por los sistemas contables nacionales pueden ser poco acertadas al no tener una visión integral del medio ambiente.Natural resources and the environment in general have gained greater importance in the world, as vital resources for human and animal existence, as the basis of all species on the planet and as an input to the production of goods that meet the needs of man, among other important uses, but the importance that has been given to this resources as primary piece in the economies is relatively recent. Recognizing the importance of the environment and natural resources, the need arises to improve the way to control and manage these resources (recognizing their consumption and deterioration), ensuring maximum rationality in their use. Then, environmental management is considered crucial to ensure the conservation and sustainability of the natural resources and the environment over time. The national accounts could contribute for a better way to improve environmental management and this is achieved through the recognition and inclusion of information relating to natural resources and environmental degradation in these systems, becauseif it not be considered, decisions based on the information provided by the national accounting systems may bewrong to not take a holistic view of the environment.Contador PúblicoPregrad

Impact of COVID-19 on cardiovascular testing in the United States versus the rest of the world

Objectives: This study sought to quantify and compare the decline in volumes of cardiovascular procedures between the United States and non-US institutions during the early phase of the coronavirus disease-2019 (COVID-19) pandemic. Background: The COVID-19 pandemic has disrupted the care of many non-COVID-19 illnesses. Reductions in diagnostic cardiovascular testing around the world have led to concerns over the implications of reduced testing for cardiovascular disease (CVD) morbidity and mortality. Methods: Data were submitted to the INCAPS-COVID (International Atomic Energy Agency Non-Invasive Cardiology Protocols Study of COVID-19), a multinational registry comprising 909 institutions in 108 countries (including 155 facilities in 40 U.S. states), assessing the impact of the COVID-19 pandemic on volumes of diagnostic cardiovascular procedures. Data were obtained for April 2020 and compared with volumes of baseline procedures from March 2019. We compared laboratory characteristics, practices, and procedure volumes between U.S. and non-U.S. facilities and between U.S. geographic regions and identified factors associated with volume reduction in the United States. Results: Reductions in the volumes of procedures in the United States were similar to those in non-U.S. facilities (68% vs. 63%, respectively; p = 0.237), although U.S. facilities reported greater reductions in invasive coronary angiography (69% vs. 53%, respectively; p < 0.001). Significantly more U.S. facilities reported increased use of telehealth and patient screening measures than non-U.S. facilities, such as temperature checks, symptom screenings, and COVID-19 testing. Reductions in volumes of procedures differed between U.S. regions, with larger declines observed in the Northeast (76%) and Midwest (74%) than in the South (62%) and West (44%). Prevalence of COVID-19, staff redeployments, outpatient centers, and urban centers were associated with greater reductions in volume in U.S. facilities in a multivariable analysis. Conclusions: We observed marked reductions in U.S. cardiovascular testing in the early phase of the pandemic and significant variability between U.S. regions. The association between reductions of volumes and COVID-19 prevalence in the United States highlighted the need for proactive efforts to maintain access to cardiovascular testing in areas most affected by outbreaks of COVID-19 infection

Reduction of cardiac imaging tests during the COVID-19 pandemic: The case of Italy. Findings from the IAEA Non-invasive Cardiology Protocol Survey on COVID-19 (INCAPS COVID)

Background: In early 2020, COVID-19 massively hit Italy, earlier and harder than any other European country. This caused a series of strict containment measures, aimed at blocking the spread of the pandemic. Healthcare delivery was also affected when resources were diverted towards care of COVID-19 patients, including intensive care wards. Aim of the study: The aim is assessing the impact of COVID-19 on cardiac imaging in Italy, compare to the Rest of Europe (RoE) and the World (RoW). Methods: A global survey was conducted in May–June 2020 worldwide, through a questionnaire distributed online. The survey covered three periods: March and April 2020, and March 2019. Data from 52 Italian centres, a subset of the 909 participating centres from 108 countries, were analyzed. Results: In Italy, volumes decreased by 67% in March 2020, compared to March 2019, as opposed to a significantly lower decrease (p &lt; 0.001) in RoE and RoW (41% and 40%, respectively). A further decrease from March 2020 to April 2020 summed up to 76% for the North, 77% for the Centre and 86% for the South. When compared to the RoE and RoW, this further decrease from March 2020 to April 2020 in Italy was significantly less (p = 0.005), most likely reflecting the earlier effects of the containment measures in Italy, taken earlier than anywhere else in the West. Conclusions: The COVID-19 pandemic massively hit Italy and caused a disruption of healthcare services, including cardiac imaging studies. This raises concern about the medium- and long-term consequences for the high number of patients who were denied timely diagnoses and the subsequent lifesaving therapies and procedures

International Impact of COVID-19 on the Diagnosis of Heart Disease

Background: The coronavirus disease 2019 (COVID-19) pandemic has adversely affected diagnosis and treatment of noncommunicable diseases. Its effects on delivery of diagnostic care for cardiovascular disease, which remains the leading cause of death worldwide, have not been quantified. Objectives: The study sought to assess COVID-19's impact on global cardiovascular diagnostic procedural volumes and safety practices. Methods: The International Atomic Energy Agency conducted a worldwide survey assessing alterations in cardiovascular procedure volumes and safety practices resulting from COVID-19. Noninvasive and invasive cardiac testing volumes were obtained from participating sites for March and April 2020 and compared with those from March 2019. Availability of personal protective equipment and pandemic-related testing practice changes were ascertained. Results: Surveys were submitted from 909 inpatient and outpatient centers performing cardiac diagnostic procedures, in 108 countries. Procedure volumes decreased 42% from March 2019 to March 2020, and 64% from March 2019 to April 2020. Transthoracic echocardiography decreased by 59%, transesophageal echocardiography 76%, and stress tests 78%, which varied between stress modalities. Coronary angiography (invasive or computed tomography) decreased 55% (p &lt; 0.001 for each procedure). In multivariable regression, significantly greater reduction in procedures occurred for centers in countries with lower gross domestic product. Location in a low-income and lower–middle-income country was associated with an additional 22% reduction in cardiac procedures and less availability of personal protective equipment and telehealth. Conclusions: COVID-19 was associated with a significant and abrupt reduction in cardiovascular diagnostic testing across the globe, especially affecting the world's economically challenged. Further study of cardiovascular outcomes and COVID-19–related changes in care delivery is warranted

Impact of COVID-19 on Diagnostic Cardiac Procedural Volume in Oceania: The IAEA Non-Invasive Cardiology Protocol Survey on COVID-19 (INCAPS COVID)

Objectives: The INCAPS COVID Oceania study aimed to assess the impact caused by the COVID-19 pandemic on cardiac procedure volume provided in the Oceania region. Methods: A retrospective survey was performed comparing procedure volumes within March 2019 (pre-COVID-19) with April 2020 (during first wave of COVID-19 pandemic). Sixty-three (63) health care facilities within Oceania that perform cardiac diagnostic procedures were surveyed, including a mixture of metropolitan and regional, hospital and outpatient, public and private sites, and 846 facilities outside of Oceania. The percentage change in procedure volume was measured between March 2019 and April 2020, compared by test type and by facility. Results: In Oceania, the total cardiac diagnostic procedure volume was reduced by 52.2% from March 2019 to April 2020, compared to a reduction of 75.9% seen in the rest of the world (p&lt;0.001). Within Oceania sites, this reduction varied significantly between procedure types, but not between types of health care facility. All procedure types (other than stress cardiac magnetic resonance [CMR] and positron emission tomography [PET]) saw significant reductions in volume over this time period (p&lt;0.001). In Oceania, transthoracic echocardiography (TTE) decreased by 51.6%, transoesophageal echocardiography (TOE) by 74.0%, and stress tests by 65% overall, which was more pronounced for stress electrocardiograph (ECG) (81.8%) and stress echocardiography (76.7%) compared to stress single-photon emission computerised tomography (SPECT) (44.3%). Invasive coronary angiography decreased by 36.7% in Oceania. Conclusion: A significant reduction in cardiac diagnostic procedure volume was seen across all facility types in Oceania and was likely a function of recommendations from cardiac societies and directives from government to minimise spread of COVID-19 amongst patients and staff. Longer term evaluation is important to assess for negative patient outcomes which may relate to deferral of usual models of care within cardiology