An Applied Credit Scoring Model and Christian Mutual Funds Performance

This dissertation comprises two different financial essays. Essay 1, “An Applied Credit Score Model,” uses data from local credit union to predict the probability of default. Due to recent financial crisis regulation has been enacted that makes it essential to develop a probability of default model that will mitigate charge-off losses. Using discriminant analysis and logistic regression this paper will attempt to see how well credit score can predict probability of default. While credit score does an adequate job at classifying loans, misclassification of loans can be costly. Thus while credit score is a predictor, there is danger in relying solely on its information. Thus other variables are needed in order to more accurately be able to find the probability of default. Essay 2, “Christian Mutual Fund Performance,” draws attention to a much ignored type of funds, Christian mutual funds. The following questions are asked: How does Christian mutual fund perform compared to the market? Is there a difference in performance during recessions as indicated by literature? Is Christian mutual fund performance different than SRI funds? How do Catholic and Protestant fund perform? Looking at qualitative evidence, Christian mutual funds place much more importance on moral issue than SRI funds. Thus there is a clear difference in objectives and the type of screening that these two mutual fund pursue. Overall data reflects that screened data perform worse than the market, however during recession screened funds perform as well and at times better than the market. Christian mutual funds tends to perform worse than SRI funds

An Applied Credit Scoring Model and Christian Mutual Funds Performance

This dissertation comprises two different financial essays. Essay 1, “An Applied Credit Score Model,” uses data from local credit union to predict the probability of default. Due to recent financial crisis regulation has been enacted that makes it essential to develop a probability of default model that will mitigate charge-off losses. Using discriminant analysis and logistic regression this paper will attempt to see how well credit score can predict probability of default. While credit score does an adequate job at classifying loans, misclassification of loans can be costly. Thus while credit score is a predictor, there is danger in relying solely on its information. Thus other variables are needed in order to more accurately be able to find the probability of default. Essay 2, “Christian Mutual Fund Performance,” draws attention to a much ignored type of funds, Christian mutual funds. The following questions are asked: How does Christian mutual fund perform compared to the market? Is there a difference in performance during recessions as indicated by literature? Is Christian mutual fund performance different than SRI funds? How do Catholic and Protestant fund perform? Looking at qualitative evidence, Christian mutual funds place much more importance on moral issue than SRI funds. Thus there is a clear difference in objectives and the type of screening that these two mutual fund pursue. Overall data reflects that screened data perform worse than the market, however during recession screened funds perform as well and at times better than the market. Christian mutual funds tends to perform worse than SRI funds

Digital library: access system for theses, articles, and books published by CIBNOR students and researchers.

pp. 23

De la innovación a la ecoinnovación. Gestión de servicios en empresas hoteleras

Organismos internacionales como la Agencia Finlandesa de Financiación de Tecnología e innovación o la Universidad de las Naciones Unidas - Maastricht Instituto Económico de Investigaciones Sociales de Innovación y Tecnología (UNU-MERIT), han propuesto modelos de innovación para empresas de servicios; no obstante, son escasos los estudios que hacen referencia a procesos de innovación ambiental. En México, el sector turístico está integrado en su mayoría por empresas de hospedaje con condiciones estructurales y de gestión para impulsar nuevos esquemas de negocio, basados en la ecoinnovación. Así, se analizan modelos de innovación en servicios formulados por organismos públicos y privados, que pueden ser aplicados en hoteles. La finalidad es proponer un modelo de ecoinnovación que sobre la base de la vigilancia tecnológica hasta la evaluación del desempeño ambiental, logre un proceso de innovación que contribuya con la competitividad empresarial a la vez que con el cuidado ecológico. Se realizó un análisis de literatura para identificar la naturaleza del sector servicio, así como distintos modelos de innovación. En última instancia se conjuntan elementos de gestión ambiental y de gestión tecnológica, para llegar a la propuesta del modelo de ecoinnovación. Como conclusión, se verifica la solidez conceptual y metodológica del modelo, no obstante, puede ser mejorado y validar su utilidad práctica empresarial a partir de su aplicación, para diseñar un plan de fortalecimiento a la gestión ambiental y de innovación

French multinationals and Spanish human capital, c. 1950s-1990s

France made a significant contribution to the Spanish economic miracle starting in the late 1950s, not only with capital investment and exports, but also through the transfer of knowledge and skills. The aim of this paper is to explore the influence of French multinationals in the enhancement of Spanish human capital, from specialized assembly-line workers and technicians to engineers, executives and managers. Based on a wide variety of sources, we will focus on three relevant sectors with large spillover effects: the nuclear sector, the defence industry and car manufacturing represented by Renault's subsidiary. These case studies will allow us to gain insight into the internationalization and internalization processes of issuing and host economiesThis paper is part of Research Projets HAR2017-86086-R (Spanish Ministry of Economy and Competitiveness), PGC2018-098057-A-I00 (Spanish Ministry of Economy and Competitiveness) and SA241P18 (FEDER UE-Junta de Castilla y León

How does knowledge cross borders? French technology transfer and the SOFRE group in the Spain of the Planning, 1959–1976

[EN] In this article, we study the behavior of French technical consulting firms in the Spain of the Planning (1959–1976), when the Spanish market increased its competitiveness as a result of the liberalization and modernization of its economy. For this purpose, the main players—both the French and their Spanish partners—have been identified, and the strategies, models, and sectors in which the French technical consultancies specialized in Spain have been analyzed. Our research reveals that French firms mainly operated via technical assistance contracts when providing services to the classical sectors of French investment in Spain between the first and the second industrial revolutions. These sectors include mining, railroads, iron and steel, chemicals, and electricity. The French role in these activities was based on their experience and knowledge of the market, in turn resulting from their historical presence in the neighboring country. The article is also useful to assist the available literature regarding business consultancy in the conceptualization of how management knowledge is transferred from one country to another

Centro de formación para el trabajo y procesos productivos incluyentes: equipamiento urbano educativo, noción de progreso, desarrollo y cohesión social

Artículo de gradoEl objetivo de la propuesta proyectual, es mitigar los problemas que se encontraron a partir de la investigación previa a su formulación, desde una visión holística enmarcada en las incidencias generales y particulares en el Barrio Lourdes de la Localidad 3 Santa Fe, con su entorno. La ciudad como sistema complejo de estructuras que interactúan y establecen las realidades tangibles e inmateriales del desarrollo de la vida urbana, alteraciones, transformaciones y dinámicas en constante evolución, conforman el primer gradiente que influye en las características determinantes del lugar. El análisis problémico del sector establece marcadas situaciones de inequidad social, segregación, deterioro físico ambiental, ruptura económica y deficiente gestión urbana. A partir de esta investigación se desarrolla una propuesta urbana en diferentes escalas junto con una definición arquitectónica tendente a mitigar los conflictos sectoriales. La intervención en la porción territorial se plantea como una respuesta urbana integral, que cuenta con un componente arquitectónico incorporado, un equipamiento educativo, proyectado a través de un enfoque que busca una solución desde la raíz de los sub-problemas que se identificaron en los análisis generales, mediante incorporación de procesos de formación productivos para el trabajo, con el fin de transformar de forma asertiva las dinámicas urbano sociales, la calidad de vida de los habitantes y su relación con el entorno.1. Introducción 2. Metodología 3. Resultados 4. Discusión 5. Conclusiones 6. Agradecimientos 7. Referencias 8. Bibliografia 9. AnexosPregradoArquitect

Fiscal policy shocks in the euro area and the US: an empirical assessment

We analyse the impact of fiscal policy shocks in the euro area as a whole, using a newly available quarterly dataset of fiscal variables for the period 1981-2007. To allow for comparability with previous results on euro area countries and the US, we use a standard structural VAR framework, and study the impact of aggregated and disaggregated government spending and net taxes shocks. In addition, to frame euro area results, we apply the same methodology for the same sample period to US data. We also explore the sensitivity of the provided results to the inclusion of variables aiming at measuring “financial stress” (increases in risk) and “fiscal stress” (sustainability concerns). Analysing US and euro area data with a common methodology provides some interesting insights on the interpretation of fiscal policy shocks. JEL Classification: E62, H30euro area, Fiscal multipliers, Fiscal shocks, SVAR

Commentaries on article 26 of the OECD Model Tax Convention: exchange of information

The information exchange clause contained in Article 26 of the OECD MTC has evolved to become an instrument that has effectively increased the possibilities of obtaining and exchanging information to fight tax avoidance and tax evasion. This may be inferred from analysis of the Ibero-American network of Double Taxation Conventions. However, such evolution raises some issues yet to be tackled. As an example, the provision has not considered the taxpayers’ rights and guarantees in the course of the information exchange procedure. Also, the evidence value of documents which despite being obtained illegally, have been lawfully exchanged at an international level through cooperation instruments, remains problematic. In the same vein, its retroactive application and the time limits of the clause are also questionable. This paper aims to discuss all of these conflicts and, if possible, to provide some solutions in this respect.Study made in the framework of the research project “Obtaining and exchange of information as mechanism to fight against tax fraud and abuse of law: finding the balance between administrative prerogatives and taxpayer rights” N. ref. DER2016-7829-P, funded by the Ministry of Economy and Competitiveness, the principal researcher of which is Dr. Hugo Lópe