Modelo Fama & French: resultados empíricos

El modelo de asignación de precios de tres factores de Fama & French es replicado para el mercado mexicano, usando información de 1991-2011. En general, los tres factores del modelo para el mercado mexicano se comportan de manera similar a lo documentado para los Estados Unidos. Algunas excepciones para el mercado mexicano, así como retos al aplicar el modelo en México son señalados en este capítulo.ITESO, A.C

The Profitability Of The U.S. Food Supply Chain: Financial Indicators, Cross-Section And Time-Series Effects

This study examines the U.S. agribusiness’ profitability from 1986 to 2008. By using regression analysis, we model accounting returns as a function of diverse financial indicators. To select the explanatory variables we further decompose the DuPont equation and perform some ad hoc transformations to model return on investment (rather than return on equity). In addition, using a two-way fixed effects model, we test within sectors and time effects of returns. We compare time effects with the three most recent economic recessions

The relationship between accruals, earnings, and cash flows: evidence from latin america

The relationships between earnings, accruals, and cash flows for selected Latin American countries (Mexico, Chile, and Argentina) are investigated in this study from 1990 to 2009. We find a negative relationship between accruals and cash flow across decile portfolios. More importantly, firms reporting the highest level of accruals, have the worst level of cash flows, but not the worst level of earnings. This relationship is of economic importance given that investors are very oriented towards firms yielding high earnings and might fail to realize that earnings are not always accompanied by strong levels of cash flows. Results are disaggregated by years and countries, and compared to previous results for U.S. firms.ITESO, A.C.UPSoutheastern Louisiana UniversityUniversity of Florid

Accruals for latin american firms

The relationships among earnings, accruals, and cash flows for selected Latin American countries (Mexico, Chile, and Argentina) are investigated in this study from 1990 to 2009. We find a negative relationship between accruals and cash flow across decile portfolios. More importantly, firms in decile portfolio 10 reporting relative high level of earnings relative to assets, 6.5%, have the worst level of cash flows (negative 9.7%). Results are compared to previous results for U.S. firms. Given the level of sophistication of these capital markets, results for Latin American firms are less stable than for the U.S.Results disaggregated by years show that high-accruals portfolios consistently report relative high levels of earnings but low levels of cash flow. Further, the gap between earnings and cash flow is higher after 2000. This relationship is of economic importance given that investors are very oriented towards firms yielding high earnings and might fail to realize that earnings are not always accompanied by strong levels of cash flows.ITESO, A.C.UPSoutheastern Louisiana UniversityUniversity of Florid

Current and Future Niche of North and Central American Sand Flies (Diptera: Psychodidae) in Climate Change Scenarios

Ecological niche models are useful tools to infer potential spatial and temporal distributions in vector species and to measure epidemiological risk for infectious diseases such as the Leishmaniases. The ecological niche of 28 North and Central American sand fly species, including those with epidemiological relevance, can be used to analyze the vector’s ecology and its association with transmission risk, and plan integrated regional vector surveillance and control programs. In this study, we model the environmental requirements of the principal North and Central American phlebotomine species and analyze three niche characteristics over future climate change scenarios: i) potential change in niche breadth, ii) direction and magnitude of niche centroid shifts, iii) shifts in elevation range. Niche identity between confirmed or incriminated Leishmania vector sand flies in Mexico, and human cases were analyzed. Niche models were constructed using sand fly occurrence datapoints from Canada, USA, Mexico, Guatemala and Belize. Nine non-correlated bioclimatic and four topographic data layers were used as niche components using GARP in OpenModeller. Both B2 and A2 climate change scenarios were used with two general circulation models for each scenario (CSIRO and HadCM3), for 2020, 2050 and 2080. There was an increase in niche breadth to 2080 in both scenarios for all species with the exception of Lutzomyia vexator. The principal direction of niche centroid displacement was to the northwest (64%), while the elevation range decreased greatest for tropical, and least for broad-range species. Lutzomyia cruciata is the only epidemiologically important species with high niche identity with that of Leishmania spp. in Mexico. Continued landscape modification in future climate change will provide an increased opportunity for the geographic expansion of NCA sand flys’ ENM and human exposure to vectors of Leishmaniases

The use of case studies in undergraduate Business Administration

We develop constructs to evaluate the factors influencing the degree of students’ acceptance of cases. In our proposed framework, student acceptance is affected by the case selection, intensity of faculty use, training, course type and level, level of instructor expertise, teaching atmosphere, and the faculty’s beliefs about the usefulness of the case method. Our sample includes faculty teaching quantitative or qualitative courses across several disciplines in undergraduate business administration. Responses to a survey are analyzed using factor analysis and regression. The quantitative analysis is complemented by interviews with a subset of expert faculty using a two-round modified Delphi technique. This study may be limited by the fact that it measured faculty perceptions of the degree of students’ acceptance of cases, rather than student acceptance directly. Future research might survey students or use students’ courses evaluations to validate or contradict our results.Desenvolvemos construtos para avaliar os fatores que influenciam o grau de aceitação dos alunos em rela­ção aos estudos de casos. Na configuração proposta, a aceitação dos alunos é afetada pela seleção do caso, intensidade de seu uso pelos docentes, formação, tipo e nível do curso, nível de especialidade do instru­tor, atmosfera de ensino, e crenças dos docentes com relação à utilidade do método de estudo de caso. Nossa amostra inclui docentes de cursos quantitativos ou qualitativos em várias disciplinas em nível de graduação na área de administração de empresas. As respostas à pesquisa foram analisadas utilizando-se análise fatorial e regressão. A análise quantitativa é complementada por entrevistas com um subconjunto de docentes especialistas, utilizando-se uma técnica Delphi de dois ciclos modificada. Este estudo pode ser limitado pelo fato de haver mensurado percepções de docentes quanto ao grau de aceitação de alunos em relação a estudos de casos, e não a aceitação dos alunos diretamente. Futuros estudos podem pesquisar alunos ou utilizar avaliações dos alunos com relação aos cursos para validar ou refutar nossos resultados.Desarrollamos constructos para evaluar los factores que influyen en el nivel de aceptación de los estudiantes en relación a los casos de estudio. En el marco conceptual que proponemos, la aceptación del estudiante se determina por la selección de los casos, la intensidad de uso por parte de los profesores, el entrenamiento, el tipo y nivel del curso, la experiencia de los profesores, la atmósfera de enseñanza, y la convicción del cuerpo docente sobre la utilidad del método de casos. Nuestra muestra incluye profesores de cursos cualitativos y cuantitativos de varias asignaturas de la licenciatura de administración de empresas. Las respuestas de la encuesta se analizan a través de análisis factorial y análisis de regresión. El análisis cuantitativo se comple­menta con entrevistas a profesores expertos; y una parte de la muestra, mediante el método Delphi modificado en dos rondas. Una posible limitación del estudio es el hecho de que medimos la percepción de los profesores sobre el nivel de aceptación de los estudiantes, en vez de medir directamente el nivel de aceptación de los estudiantes. Futuros trabajos de investigación podrían encuestar a estudiantes o usar evaluaciones de estu­diantes acerca de cursos con casos para validar o contradecir nuestros resultados