Determinación del financiamiento óptimo de la empresa Alicorp para minimizar su costo de capital y maximizar su valor de mercado : 2000-2010

Ciclo Optativo de Especialización y Profesionalización en Marketing y FinanzasEl siguiente trabajo de investigación analiza la estructura de financiamiento óptima de la empresa Alicorp para el periodo 2000-2010 con la finalidad de que ese costo de capital sea el mínimo y el valor de mercado sea el máximo. Entre las dos alternativas de financiar el capital, ya sea con financiamiento externo (deuda) o con autofinanciamiento (patrimonio), existe una combinación que hace que ésta sea óptima. Para ello se analizó mediante la metodología del Costo Promedio Ponderado de Capital, también conocido como WACC (WeightedAverageCost of Capital), el modelo de Valoración de Activos de Capital CAPM (Capital AssetPricingModel) y la metodología del Precio Estimado por Acción los componentes de su deuda y de su patrimonio para hallar los costos promedios y con ellos obtener el WACC de cada periodo (costo mínimo) y compararlo con su Precio por Acción (Valor Máximo de mercado) para determinar con que combinación Alicorp obtiene los resultados óptimos y como esos porcentajes de financiamiento externo y autofinanciamiento repercuten de manera directa en los resultados financieros de la empresa. Se puede concluir que si existe una estructura de financiamiento óptimo para Alicorp del 2000 al 2010 en los niveles de 25 -27 % de financiamiento externo y 73-75 % de autofinanciamiento, adicionalmente existe una política de no exceder la deuda anual en un 39% y aumentar su patrimonio hasta el 75%.The following research paper analyzes the optimal financing structure of Alicorpcompany for the period 2000-2010, in order that the cost of capital is the minimum and the market value is the maximum. Between the two alternatives of capital financing, either external financing (debt) or self-financing (equity), there is a combination that makes this optimum. This was analyzed by the method of Weighted Average Cost of Capital WACC, the model CAPM Capital Asset Pricing Model and the methodology of Estimated Price per Share of components of its debt and its assets to find the average cost, and with them to obtain the WACC for each period (minimum cost) and compare its price per share (Maximum market Value) to determine which combination to Alicorp get optimal results and these percentages as external financing and self-financing have a direct impact on the financial results of the company. It can be concluded that if there is an optimal financing structure Alicorp from 2000 to 2010 levels of 25 -27% of external financing and 73-75% selffinancing, additionally there is a policy of annual debt not exceed 39% and increase its equity to 75%.Tesi

Planeamiento estratégico de la región Lima Metropolitana

El presente planeamiento estratégico de Lima Metropolitana contiene propuestas para consolidar el posicionamiento de la capital peruana como una de las ciudades referentes de la región, para lo cual es urgente atender dos problemas que impactan negativamente en la calidad de vida de los limeños: la inseguridad ciudadana y el sistema de transporte público. En el 2017, la sensación de inseguridad en los habitantes de Lima ascendió el 60% y el 40% de la población fue víctima de un delito. Asimismo, uno de cada cuatro limeños demora más de dos horas al día para ir y venir de su trabajo y los niveles de insatisfacción del sistema de transporte público superan el 50%. Este PEA contiene estrategias para que en el año 2027, Lima sea una ciudad segura y cuente con un sistema de transporte moderno e eficiente. Dichas condiciones permitirán aprovechar aún más las oportunidades que existen en el sector turismo, la construcción, la industria de plástico y la producción de alambre de cobre. Estas actividades económicas tienen un alto impacto en la economía por su generación intensiva de empleo, su aporte al PBI y su crecimiento potencial. En ese sentido, se proponen estrategias para conseguir que el turismo facture US$9 mil millones en el 2027. Asimismo, la fabricación de alambre de cobre conseguirá facturar US$ 2,125 millones en el 2027 y la industria de plástico genere ingresos por US$1,110 millones. En diez años, la industria de la construcción facturará US$7,000 millones. Para realizar el siguiente trabajo, se ha desarrollado una exhaustiva investigación sobre el entorno de Lima Metropolitana, identificando las oportunidades y amenazas que se presentan en el mercado. Asimismo, se ha analizado la relación con sus competidores y referentes. Además, se han aplicado herramientas para analizar las fortalezas y debilidades de la Ciudad de los Reyes. Los objetivos de largo plazo, así como los objetivos de corto plazo, están alineados plenamente a la visión que se quiere construir para Lima Metropolitana hacia el año 2027, la cual propone convertirla en una ciudad segura, moderna y que sea reconocida como el destino turístico y gastronómico preferido por los viajeros del mundo, así como una ciudad competitiva para la construcción y la manufacturaThe following strategic planning of Lima Metropolitana contains proposals to consolidate the positioning of the Peruvian capital as one of the reference cities of the region, for which it is urgent to address two problems that have a negative impact on the quality of life of Lima residents: citizen insecurity and the public transport system. In 2017, the feeling of insecurity in the habitants of Lima was 60% and 40% of the population was victim of a crime. Likewise, one of four people in Lima takes more than two hours a day to get to and from work and the levels of dissatisfaction with the public transport system exceed 50%. This PEA contains strategies for 2027, in that year Lima will be a safe city and have a modern and efficient transportation system. These conditions will make it possible to take advantage of the opportunities that exist in the tourism sector, construction, the plastic industry and the production of copper wire. These economic activities have a high impact on the economy due to their intensive generation of employment, their contribution to GDP and their potential growth. In that sense, strategies are proposed to increase the tourism to bill US $9 billion in 2027. Also, the manufacture of copper wire will achieve US$ 2,125 million in 2027 and the plastic industry will generate revenues of US $1,110 millions. In ten years, the construction industry will bill US$ 7,000 million. To carry out the following work, an exhaustive investigation has been developed on the environment of Lima Metropolitana, identifying the opportunities and threats that appear in the market. Likewise, the relationship with the competitors and referents has been analyzed. In addition, tools have been applied to analyze the strengths and weaknesses of the City of Kings. The long-term objectives, as well as the short-term objectives, are fully aligned with the vision for Metropolitan Lima by the year 2027, which proposes to turn it into a safe, modern city that is recognized as the tourist destination and gastronomic preferred by world travelers, as well as a competitive city for construction and manufacturingTesi

Outcomes in Newly Diagnosed Atrial Fibrillation and History of Acute Coronary Syndromes: Insights from GARFIELD-AF

BACKGROUND: Many patients with atrial fibrillation have concomitant coronary artery disease with or without acute coronary syndromes and are in need of additional antithrombotic therapy. There are few data on the long-term clinical outcome of atrial fibrillation patients with a history of acute coronary syndrome. This is a 2-year study of atrial fibrillation patients with or without a history of acute coronary syndromes

Health-status outcomes with invasive or conservative care in coronary disease

BACKGROUND In the ISCHEMIA trial, an invasive strategy with angiographic assessment and revascularization did not reduce clinical events among patients with stable ischemic heart disease and moderate or severe ischemia. A secondary objective of the trial was to assess angina-related health status among these patients. METHODS We assessed angina-related symptoms, function, and quality of life with the Seattle Angina Questionnaire (SAQ) at randomization, at months 1.5, 3, and 6, and every 6 months thereafter in participants who had been randomly assigned to an invasive treatment strategy (2295 participants) or a conservative strategy (2322). Mixed-effects cumulative probability models within a Bayesian framework were used to estimate differences between the treatment groups. The primary outcome of this health-status analysis was the SAQ summary score (scores range from 0 to 100, with higher scores indicating better health status). All analyses were performed in the overall population and according to baseline angina frequency. RESULTS At baseline, 35% of patients reported having no angina in the previous month. SAQ summary scores increased in both treatment groups, with increases at 3, 12, and 36 months that were 4.1 points (95% credible interval, 3.2 to 5.0), 4.2 points (95% credible interval, 3.3 to 5.1), and 2.9 points (95% credible interval, 2.2 to 3.7) higher with the invasive strategy than with the conservative strategy. Differences were larger among participants who had more frequent angina at baseline (8.5 vs. 0.1 points at 3 months and 5.3 vs. 1.2 points at 36 months among participants with daily or weekly angina as compared with no angina). CONCLUSIONS In the overall trial population with moderate or severe ischemia, which included 35% of participants without angina at baseline, patients randomly assigned to the invasive strategy had greater improvement in angina-related health status than those assigned to the conservative strategy. The modest mean differences favoring the invasive strategy in the overall group reflected minimal differences among asymptomatic patients and larger differences among patients who had had angina at baseline

Initial invasive or conservative strategy for stable coronary disease

BACKGROUND Among patients with stable coronary disease and moderate or severe ischemia, whether clinical outcomes are better in those who receive an invasive intervention plus medical therapy than in those who receive medical therapy alone is uncertain. METHODS We randomly assigned 5179 patients with moderate or severe ischemia to an initial invasive strategy (angiography and revascularization when feasible) and medical therapy or to an initial conservative strategy of medical therapy alone and angiography if medical therapy failed. The primary outcome was a composite of death from cardiovascular causes, myocardial infarction, or hospitalization for unstable angina, heart failure, or resuscitated cardiac arrest. A key secondary outcome was death from cardiovascular causes or myocardial infarction. RESULTS Over a median of 3.2 years, 318 primary outcome events occurred in the invasive-strategy group and 352 occurred in the conservative-strategy group. At 6 months, the cumulative event rate was 5.3% in the invasive-strategy group and 3.4% in the conservative-strategy group (difference, 1.9 percentage points; 95% confidence interval [CI], 0.8 to 3.0); at 5 years, the cumulative event rate was 16.4% and 18.2%, respectively (difference, 121.8 percentage points; 95% CI, 124.7 to 1.0). Results were similar with respect to the key secondary outcome. The incidence of the primary outcome was sensitive to the definition of myocardial infarction; a secondary analysis yielded more procedural myocardial infarctions of uncertain clinical importance. There were 145 deaths in the invasive-strategy group and 144 deaths in the conservative-strategy group (hazard ratio, 1.05; 95% CI, 0.83 to 1.32). CONCLUSIONS Among patients with stable coronary disease and moderate or severe ischemia, we did not find evidence that an initial invasive strategy, as compared with an initial conservative strategy, reduced the risk of ischemic cardiovascular events or death from any cause over a median of 3.2 years. The trial findings were sensitive to the definition of myocardial infarction that was used