Un examen empírico de las practicas de presupuesto de capital en el Perú

A través de los años se han realizado numerosos estudios sobre las prácticas de presupuesto de capital en mercados desarrollados, pero la evidencia en mercados emergentes es escasa. En este trabajo se presenta la evidencia de las prácticas de presupuesto de capital de empresas grandes que operan en el Perú. Mediante una encuesta realizada a 74 empresas se encontró que el 90% de ellas utiliza el Valor Presente Neto (VPN) como principal método de valoración, mientras que sólo un 11% emplea el método de opciones reales. Esto indica que las empresas analizadas no consideran formalmente la flexibilidad gerencial en la valoración de sus oportunidades de inversión. Por otra parte, se encontró una mayor preferencia por el período de recuperación que por la Tasa Interna de Retorno (TIR), lo cual refleja un horizonte de inversión de corto plazo. En el trabajo también se muestra que más del 40% de las empresas utiliza una tasa de descuento sin un sustento teórico sólido, lo cual puede deberse a la falta de una orientación práctica sobre el tema.Presupuesto de capital, Tasa de descuento, Valor presente neto

Finanzas en el Perú: un enfoque de liquidez, rentabilidad y riesgo

Presenta, en la primera parte, aspectos preliminares como el concepto de finanzas, el valor del dinero en el tiempo y la relación que la disciplina financiera tiene con la economía y la contabilidad. En la segunda parte se tratan los temas de liquidez y riesgo. En la tercera y última parte, se abordan temas como la tasa efectiva, las anualidades, la evaluación de proyectos, los cronogramas de pagos y los rendimientos de bonos y acciones. A modo de conclusión, la cuarta parte intenta explicar el uso del valor presente neto en un contexto de inflación y riesgo

Gringo Entrepreneurship in Latin America. The Thorndikes of Peru, 1901-1938

This article studies with a business history framework the history of immigrant entrepreneurship of a North American family in Peru, whose origin goes back to the second half of the nineteenth century and its development takes place in the first forty years of the twentieth century. The origins go back to Ernesto Thorndike, a North American businessman whose business trajectory was situated principally in Peru. At the end of his life, he saw the decline of his fortune despite his social and intellectual capital, of being part of the economic and social elite of Lima at the end of the nineteenth century and the beginnings of the twentieth, and of the diversification of its businesses. The article analyzes this evolution and indicates driving factors of success and decline: intellectual capital un-exploitable because of Peru´s political and economic instability (the construction of railroads was paralyzed at the end of nineteenth century); the lack of speed to produce the necessary tacit technical knowledge to diversify of its businesses; and the lack of bonding social capital, which prevented the constitution of a family business group that capitalized contacts and relationships that extends in time the existence of firms beyond a generation

Prácticas de presupuesto de capital en el Perú: un estudio exploratorio

La evidencia sobre las prácticas de presupuesto de capital en mercados emergentes es escasa. En este trabajo se presentan evidencias de estas en empresas grandes que operan en el Perú. Mediante una encuesta realizada a 74 empresas se encontró que el 90% utiliza el valor presente neto (VPN) como principal método de valoración, mientras que sólo un 11% utiliza el método de opciones reales. Por otra parte, se encontró una mayor preferencia por el periodo de repago o de recuperación (PR) que por la tasa interna de retorno  (TIR), lo cual refleja un horizonte de inversión de corto plazo. Más aún, se encontró que por lo menos un 40% de las empresas encuestadas utilizaba una tasa de descuento sin un sustento teórico sólido, lo cual refleja una falta de orientación práctica sobre este tema

Gringo Entrepreneurship in Latin America. The Thorndikes of Peru, 1901-1938

This article studies with a business history framework the history of immigrant entrepreneurship of a North American family in Peru, whose origin goes back to the second half of the nineteenth century and its development takes place in the first forty years of the twentieth century. The origins go back to Ernesto Thorndike, a North American businessman whose business trajectory was situated principally in Peru. At the end of his life, he saw the decline of his fortune despite his social and intellectual capital, of being part of the economic and social elite of Lima at the end of the nineteenth century and the beginnings of the twentieth, and of the diversification of its businesses. The article analyzes this evolution and indicates driving factors of success and decline: intellectual capital un-exploitable because of Peru´s political and economic instability (the construction of railroads was paralyzed at the end of nineteenth century); the lack of speed to produce the necessary tacit technical knowledge to diversify of its businesses; and the lack of bonding social capital, which prevented the constitution of a family business group that capitalized contacts and relationships that extends in time the existence of firms beyond a generation

Search for new phenomena in final states with an energetic jet and large missing transverse momentum in pp collisions at √ s = 8 TeV with the ATLAS detector

Results of a search for new phenomena in final states with an energetic jet and large missing transverse momentum are reported. The search uses 20.3 fb−1 of √ s = 8 TeV data collected in 2012 with the ATLAS detector at the LHC. Events are required to have at least one jet with pT > 120 GeV and no leptons. Nine signal regions are considered with increasing missing transverse momentum requirements between Emiss T > 150 GeV and Emiss T > 700 GeV. Good agreement is observed between the number of events in data and Standard Model expectations. The results are translated into exclusion limits on models with either large extra spatial dimensions, pair production of weakly interacting dark matter candidates, or production of very light gravitinos in a gauge-mediated supersymmetric model. In addition, limits on the production of an invisibly decaying Higgs-like boson leading to similar topologies in the final state are presente

Robust estimation of bacterial cell count from optical density

Optical density (OD) is widely used to estimate the density of cells in liquid culture, but cannot be compared between instruments without a standardized calibration protocol and is challenging to relate to actual cell count. We address this with an interlaboratory study comparing three simple, low-cost, and highly accessible OD calibration protocols across 244 laboratories, applied to eight strains of constitutive GFP-expressing E. coli. Based on our results, we recommend calibrating OD to estimated cell count using serial dilution of silica microspheres, which produces highly precise calibration (95.5% of residuals <1.2-fold), is easily assessed for quality control, also assesses instrument effective linear range, and can be combined with fluorescence calibration to obtain units of Molecules of Equivalent Fluorescein (MEFL) per cell, allowing direct comparison and data fusion with flow cytometry measurements: in our study, fluorescence per cell measurements showed only a 1.07-fold mean difference between plate reader and flow cytometry data

Measurement of the cross section for inclusive isolated-photon production in pp collisions at √s=13TeV using the ATLAS detector

Inclusive isolated-photon production in pp collisions at a centre-of-mass energy of 13TeVis studied with the ATLAS detector at the LHC using a data set with an integrated luminosity of 3.2fb−1. The cross section is measured as a function of the photon transverse energy above 125GeVin different regions of photon pseudorapidity. Next-to-leading-order perturbative QCD and Monte Carlo event-generator predictions are compared to the cross-section measurements and provide an adequate description of the data

Measurement of VH, H → b b ¯ production as a function of the vector-boson transverse momentum in 13 TeV pp collisions with the ATLAS detector

Cross-sections of associated production of a Higgs boson decaying into bottom-quark pairs and an electroweak gauge boson, W or Z, decaying into leptons are measured as a function of the gauge boson transverse momentum. The measurements are performed in kinematic fiducial volumes defined in the `simplified template cross-section' framework. The results are obtained using 79.8 fb-1 of proton-proton collisions recorded by the ATLAS detector at the Large Hadron Collider at a centre-of-mass energy of 13 TeV. All measurements are found to be in agreement with the Standard Model predictions, and limits are set on the parameters of an effective Lagrangian sensitive to modifications of the Higgs boson couplings to the electroweak gauge bosons