The Selection of investment subsidy beneficiaries: an estimate of the differences between national and regional policymakers priorities

We evaluate the effects of the partial delegation of the right to select of subsidy recipients from national to regional policymakers in Italy on a sample of more than 10,000 projects. We do so by comparing actual eligibility rankings with those simulated without considering the impact of newly introduced regional criteria. Our main results show that regional policymakers attach higher value to job creation by paying significantly more, in terms of disbursed subsidy, for any additional worker employed by financed projects. "Regional winners" are also smaller and younger, with their projects lasting longer and creating relatively more jobs than "national winners". We also show that the relatively higher emphasis of regional policymakers on the creation of new plants contributes to the determination of part but not all these effect

POTENTIAL DIVIDENDS AND ACTUAL CASH FLOW. A REGIONAL LATIN AMERICAN ANALYSIS

We examine the value market assigns to components of the cash flow to equity including potential dividends. We study non financial publicly traded firms from five Latin American countries. The model includes four variables: market value of equity, dividends paid, change in equity investment and change in liquid assets (potential dividends) and are regressed with actual equity value as dependent variable. Tests applied give robust results. The main conclusions: Market assigns less than one dollar to a future dollar for any of the variables studied. Potential dividends destroy value. A dollar invested in liquid assets has a negative Net Present Value and it is not zero NPV investments. We confirm the agency costs of keeping undistributed cash flows.Cash flow to equity, potential dividends, equity value.

POTENTIAL DIVIDENDS AND ACTUAL CASH FLOWS. A REGIONAL LATIN AMERICAN ANALYSIS

Dividendos potenciales y flujos de caja: un análisis regional para América Latina Se examina el valor que el mercado asigna a los componentes del flujo de caja del accionista, incluidos los dividendos potenciales. Se estudia empresas transadas de cinco países de América Latina. El modelo incluye cuatro variables: valor de mercado del patrimonio, los dividendos pagados, cambio en la inversión de patrimonio y cambio en activos líquidos (dividendos potenciales) y se regresaron con el valor de mercado del patrimonio como variable dependiente. Las pruebas estadísticas dan resultados sólidos. Conclusiones: El mercado asigna menos de 1 dólar a un dólar futuro para cualquiera de las variables. Los dividendos potenciales destruyen valor.Un dólar invertido en activos líquidos tiene un valor presente neto negativo.Confirmamos los costos de agencia de no distribuir los flujos de caja.Examinámos o valor que o mercado determina para componentes do fluxo de caixa, e para valoração do património, incluindo potenciais dividendos. Estudámos firmas não financeiras de capital aberto de cinco países Latino Americanos. O modelo inclui as quatro variáveis seguintes: valoração de patrimônio no mercado, dividendos pagos, mudança no investimento de patrimônio, e mudança em ativos disponíveis (potenciais dividendos). Foi realizada uma análise de regressão a essas variáveis usando valor de património real como uma variável dependente. Os testes efetuados produziram resultados fortes. As conclusões principais são as seguintes: o mercado determina menos de um dólar para um futuro dólar por qualquer das variáveis em revista. Potenciais dividendos destruem o valor. Um dólar investido em ativos disponíveis tem um Valor Líquido Presente negativo e não é investimento zero VPL. Nós confirmámos os custos da agência por manter fluxos de caixa retidos.We examine the value market assigns to components of the cash flow to equity including potential dividends. We study non financial publicly traded firms from five Latin American countries. The model includes four variables: market value of equity, dividends paid, change in equity investment and change in liquid assets (potential dividends) and are regressed with actual equity value as dependent variable. Tests applied give robust results. The main conclusions: Market assigns less than one dollar to a future dollar for any of the variables studied. Potential dividends destroy value. A dollar invested in liquid assets has a negative Net Present Value and it is not zero NPV investments. We confirm the agency costs of keeping undistributed cash flows

Potenciais dividendos e fluxo de caixa efetivos: uma análise regional Latino Americana

We examine the value market assigns to components of the cash flow to equity including potential dividends. We study non financial publicly traded firms from five Latin American countries. The model includes four variables: market value of equity, dividends paid, change in equity investment and change in liquid assets (potential dividends) and are regressed with actual equity value as dependent variable. Tests applied give robust results. The main conclusions: Market assigns less than one dollar to a future dollar for any of the variables studied. Potential dividends destroy value. A dollar invested in liquid assets has a negative Net Present Value and it is not zero NPV investments. We confirm the agency costs of keeping undistributed cash flows.Se examina el valor que el mercado asigna a los componentes del flujo de caja del accionista, incluidos los dividendos potenciales. Se estudia empresas transadas de cinco países de América Latina. El modelo incluye cuatro variables: valor de mercado del patrimonio, los dividendos pagados, cambio en la inversión de patrimonio y cambio en activos líquidos (dividendos potenciales) y se regresaron con el valor de mercado del patrimonio como variable dependiente. Las pruebas estadísticas dan resultados sólidos. Conclusiones: El mercado asigna menos de 1 dólar a un dólar futuro para cualquiera de las variables. Los dividendos potenciales destruyen valor. Un dólar invertido en activos líquidos tiene un valor presente neto negativo. Confirmamos los costos de agencia de no distribuir los flujos de cajaAmericana Examinámos o valor que o mercado determina para componentes do fluxo de caixa, e para valoração do património, incluindo potenciais dividendos. Estudámos firmas não financeiras de capital aberto de cinco países Latino Americanos. O modelo inclui as quatro variáveis seguintes: valoração de patrimônio no mercado, dividendos pagos, mudança no investimento de patrimônio, e mudança em ativos disponíveis (potenciais dividendos). Foi realizada uma análise de regressão a essas variáveis usando valor de património real como uma variável dependente. Os testes efetuados produziram resultados fortes. As conclusões principais são as seguintes: o mercado determina menos de um dólar para um futuro dólar por qualquer das variáveis em revista. Potenciais dividendos destruem o valor. Um dólar investido em ativos disponíveis tem um Valor Líquido Presente negativo e não é investimento zero VPL. Nós confirmámos os custos da agência por manter fluxos de caixa retido

Propuesta en Supply Chain Management y Logística en la empresa Bershka

En la siguiente tesis se encuentra información relacionada a la investigación de una empresa elegida por el grupo de trabajo, en donde nos enfocamos al desarrollo de la red estructural, desarrollando además los procesos según el enfoque GSCF, y todo lo relacionado a Supply Chain Management y Logística. Cada capítulo contiene información inédita, la cual fue desarrollada en el transcurso del diplomado por todos los integrantes del grupo de trabajo.In the following thesis you will find information related to the investigation of a company chosen by the working group, where we focus on the development of the structural network, also developing the processes according to the GSCF approach, and everything related to Supply Chain Management and Logistics. Each chapter contains unpublished information, which was developed during the diploma course by all the members of the working group

The Selection of investment subsidy beneficiaries: an estimate of the differences between national and regional policymakers priorities

We evaluate the effects of the partial delegation of the right to select of subsidy recipients from national to regional policymakers in Italy on a sample of more than 10,000 projects. We do so by comparing actual eligibility rankings with those simulated without considering the impact of newly introduced regional criteria. Our main results show that regional policymakers attach higher value to job creation by paying significantly more, in terms of disbursed subsidy, for any additional worker employed by financed projects. "Regional winners" are also smaller and younger, with their projects lasting longer and creating relatively more jobs than "national winners". We also show that the relatively higher emphasis of regional policymakers on the creation of new plants contributes to the determination of part but not all these effect

The Selection of Investment Subsidy Beneficiaries. An Estimate of the Differences between National and Regional Policymakers Priorities

We evaluate the effects of the partial delegation of the right to select subsidy recipients from national to regional policymakers in Italy on a sample of more than 10,000 projects. We show that regional policymakers attach higher value to job creation by paying significantly more, in terms of disbursed subsidy, for any additional worker employed by financed projects. “Regional winners” are also smaller and create relatively more jobs than “national winners”. We also show that the relatively higher emphasis of regional policymakers on the creation of new plants contributes to the determination of part but not all these effects.

Proceso de paz colombiano en prensa y revistas: un análisis desde la aproximación histórica discursiva y la argumentación pragmadialéctica

Resumen El análisis de un suceso histórico como el proceso de paz responde no solo a la coyuntura de una iniciativa de un gobierno de turno, sino al análisis de un conflicto que atraviesa la historia jurídico-política del Estado colombiano. Por ello, el presente artículo acude a la aproximación histórica discursiva y a la argumentación pragmadialéctica como medios para analizar en algunos articulistas de periódicos y una revista de amplia circulación en Medellín (Antioquia) elementos de manipulación y las cargas ideológicas que se presentan en un discurso, así como la presencia de violaciones a las máximas conversacionales y el uso de falacias argumentativas para sustentar posturas ideológicas. La unidad de análisis consta de 4 artículos tomados de los periódicos El Tiempo, El Espectador, El Mundo y la Revista Semana en el periodo anterior al primer acuerdo en el proceso de paz adelantando en la Habana (Cuba) entre el gobierno de Juan Manuel Santos y la guerrilla de las Farc

Potencial de las finanzas éticas en la generación de nuevas alternativas de inversión en Colombia

Resume