Publicación Imie Septiembre 2012

El IMIE General presentó un descenso interanual en el mes de Septiembre del 11,6%, similar al del mes anterior, llegando a los 1532 puntos. El recorte acumulado desde que el valor de las viviendas alcanzó su punto más alto en diciembre de 2007, avanzó hasta situarse exactamente en el 32,9%.

La Enópolis riojana. El vino Rioja como motor del desarrollo de su región

Rioja, una región que ha experimentado un fuerte crecimiento en términos de bienestar social en los últimos años, está muy ligada al sector vitivinícola. Este sector es la enseña distintiva riojana y el motor de su desarrollo económico. El auge del vino Rioja habido fundamentalmente en la última década ha impulsado de tal manera la región que ésta ha evolucionado de ser una región fuertemente ruralizada y económicamente pobre a nivel europeo hasta ser la región más rica de España en algunos indicadores, con un PIB per cápita superior a la media europea.

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A Primer on the Euro Breakup: Default, Exit and Devaluation as the Optimal Solution

Many economists expect catastrophic consequences if any country exits the euro. However, during the past century sixty-nine countries have exited currency areas with little downward economic volatility. The mechanics of currency breakups are complicated but feasible, and historical examples provide a roadmap for exit. The real problem in Europe is that EU peripheral countries face severe, unsustainable imbalances in real effective exchange rates and external debt levels that are higher than most previous emerging market crises. Orderly defaults and debt rescheduling coupled with devaluations are inevitable and even desirable. Exiting from the euro and devaluation would accelerate insolvencies, but would provide a powerful policy tool via flexible exchange rates. The European periphery could then grow again quickly with deleveraged balance sheets and more competitive exchange rates, much like many emerging markets after recent defaults and devaluations (Asia 1997, Russia 1998, and Argentina 2002).

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The Use of Historical Financial Statement Information to Separate Winners from Losers

This paper examines whether a simple accounting-based fundamental analysis strategy, when applied to a broad portfolio of high book-to-market firms, can shift the distribution of returns earned by an investor. I show that the mean return earned by a high book-to-market investor can be increased by at least 7H% annually through the selection of financially strong high BM firms while the entire distribution of realized returns is shifted to the right. In addition, an investment strategy that buys expected winners and shorts expected losers generates a 23% annual return between 1976 and 1996, and the strategy appears to be robust across time and to controls for alternative investment strategies. Within the portfolio of high BM firms, the benefits to financial statement analysis are concentrated in small and medium-sized firms, companies with low share turnover, and firms with no analyst following, yet this superior performance is not dependent on purchasing firms with low share prices. A positive relationship between the sign of the initial historical information and both future firm performance and subsequent quarterly earnings announcement reactions suggests that the market initially underreacts to the historical information. In particular, 1/6 of the annual return difference between ex ante strong and weak firms is earned over the four three-day periods surrounding these quarterly earnings announcements. Overall, the evidence suggests that the market does not fully incorporate historical financial information into prices in a timely manner.

Joseph D. Piotroski

El directivo y las redes sociales

Las redes sociales abren un amplio abanico de posibilidades que las empresas deben aprovechar. Este estudio recoge algunas de estas interesantes opciones, tales como la gestión de la reputación online (capítulo II), las nuevas formas de promocionar y vender (capítulo III), la aproximación al cliente (capítulo IV), la búsqueda de beneficio (capítulo V), la imagen de marca (capítulo VI) y la mejora de los procesos (capítulo VII). Dentro de cada una de ellas se recogen entrevistas a directivos y se exponen casos de estudio de diferentes empresas que han logrado incursiones exitosas en este terreno.

El desarrollo de la función logística en la industria alimentaria y textil moda de España

La integración y la coordinación entre empresas de la cadena de suministro, tanto interna como externamente, es uno de los puntos que suscita mayor interés entre directivos e investigadores por su potencial aportación a la mejora de la cadena de suministro y, más globalmente, a la mejora de competitividad. En este sentido, el objetivo de este artículo es identificar el nivel evolutivo de la organización adoptada para gestionar la cadena de suministro, en un contexto de adaptación a las necesidades planteadas por los mercados, que demandan, entre otros aspectos, una mayor eficiencia y flexibilidad. Para ello, en este artículo se analizan comparativamente los casos de 25 empresas españolas del sector alimentario y del sector de textil moda.

Jesús García-Arca, Carlos Prado-Prado y Ana Mejías-Sacaluga

Universia Business Review

Endogenous crisis and the economic paradigm

This paper proposes that the global financial and economic crisis has a single cause underlying all other causes. The single cause is attributed to the economic paradigm which drives individual behaviour, business, government and education. We define the economic paradigm and explain its power to drive endogenous economic processes, ultimately leading to the course of events which is recognised as the crisis. The paradigm assumes that economic instabilities are exogenous events thus allowing governments to ignore processes with systemic risks which emerged from excessive debt and asset bubbles. We suggest that the solution to this and future crises requires a new economic paradigm, where understanding endogenous crisis is one of its central objectives. Economic theory without crises is like medical theory without diseases.

From David to Goliath: How Entrepreneurs Overcome the Challenges of Company Growth

In this paper, we explore the real stories behind how Davids become Goliaths in business, from the in-the-trenches decisions that defined the companies to the nail-biting crises that tested their founders’ resolve. The paper features in-depth case studies of 13 exceptional entrepreneurs in the United States and Latin America who started companies that achieved higher than 100% annual growth rates in headcount and/or revenues in their first five years of business.

Estadísticas del comercio internacional: Exportaciones mundiales 2011

El informe Estadísticas del comercio internacional 2012 ofrece un panorama completo de los acontecimientos más recientes ocurridos en la esfera del comercio mundial e incluye detalles del comercio de mercancías por productos y del comercio de servicios comerciales por categorías.

Cada capítulo comienza con una sección de aspectos destacados en la que se señalan las tendencias más notables, que se ilustran con numerosos gráficos y mapas. La publicación contiene también un capítulo metodológico en el que se explican los conceptos y definiciones fundamentales utilizados para recopilar las estadísticas, y un apéndice con datos detallados sobre el comercio hasta 2011 por regiones.
 

En busca de los evangelizadores digitales: Por qué las empresas deben identificar y cuidar a los usuarios más activos de los espacios de opiniones online

En los últimos tiempos, ha surgido un nuevo consumidor mejor informado y con mayor capacidad para influir en sus iguales. Aproximadamente tres de cada cuatro consumidores consultan las opiniones de otros individuos en distintos espacios online (sitios web, foros, blogs, redes sociales, etc.) antes de tomar decisiones de compra. ¿Quiénes son estos generadores de opiniones? ¿Qué espacios online favorecen una mayor generación de contenidos? ¿Compran más los usuarios más activos? A éstas y a otras cuestiones trataremos de dar respuesta y de extraer las principales implicaciones para la gestión.

 

Universia Business Review

Rebeca San José-Cabezudo, Carmen Camarero-Izquierdo y Javier Rodríguez-Pinto

 

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Three growth models

There are three growth models: organic growth, growth through bolt-on acquisitions and growth through strategic acquisitions. No one model is better than any other; each has a different rationale and context, requiring specific approaches, management tools and organisational structures.

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Notas de Coyuntura (Segundo Trimestre de 2012)

Informe de TINSA sobre la coyuntura en el mercado de vivienda nacional del segundo trimestre de 2012. 

Is Germany's Model the Future?

The financial crisis has accentuated the vast differences that exist between the powerhouse economies of northern Europe and the weaker economies of the euro zone.

These weaker countries need financial assistance from their stronger neighbors, like Germany, to keep their troubled economies afloat.

But Germany is not just going to write one blank check after another. It wants to export or, as some might say, impose its economic model, based on strict budgetary controls and labor market flexibility.

Transplanting a German economic model to other euro zone countries is easier said than done.

What works in Germany is the result of 60 years' worth of policies that have been allowed to develop, gain acceptance and become part of national culture over time. Getting a country's citizens, politicians, intellectuals, businesses, unions and the media to accept a new model does not happen overnight.

In this paper (in Spanish), IESE Prof. Antonio Argandoña discusses the main features and the potential repercussions of applying the German economic model to the rest of Europe and, in particular, to Spain.

The Economic effects of the Lower Tax Rate on Dividends

Corporate profits are subject to double taxation in the U.S.: The return on a new equity-financed investment is taxed under the corporate income tax and again under the individual income tax when received by individual investors as dividend payment or realized as capital gains. This double taxation discourages productive capital formation and ultimately reduces wages and living standards.

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"The Interpretation of Fnancial Statements" by Benjamin Graham and Charles McGolrickl

Benjamin Graham - Interpretation of Financial Statements