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.

View PDF

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.

View pdf
 

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

Benjamin Graham - Interpretation of Financial Statements

The High Dividend Yield Return Advantage: An Examination of Empirical Data Associating Investment in High Dividend Yield Securities with Attractive Returns Over Long Measurement Periods

In the pages that follow, we set forth a number of studies, largely from academia, analyzing the importance of dividends, and the association of high dividend yields with attractive investment returns over long measurement periods. You may be familiar with our prior booklet, What Has Worked In Investing, where we provided an anthology of studies which empirically identified a return advantage for value-oriented investment characteristics. In the same spirit, we attempt to examine what some in our industry have referred to as the “yield effect”; i.e., the correlation of high dividend yields to attractive rates of return over long measurement periods. Much has been written about dividends, and what is contained herein is not meant to be an exhaustive analysis, but rather a sampling of studies examining the impact of dividends on investment returns. We hope it will provide you with added insight and confidence, as it did us, in pursuing a yield-oriented investment strategy.

Tabla online con el tipo de IVA a aplicar

La tabla está compuesta de dos partes, una relativa a productos/mercancías, y la segunda dedicada a los servicios. En ambas se muestran los distintos tipos de IVA que recaen sobre cada uno de ellos, incluyendo, según el caso, una nota de atención con información aclaratoria sobre el mismo, que incorpora también la referencia legal.

Asímismo se ofrece en la cabecera un buscador en el que se pueden incluir los términos a localizar.

Vida laboral de un profesional de compras

Influence: Science and Practice

Influence: Science and Practice is a Psychology book from 2003 examining the key ways people can be influenced by "Compliance Professionals". The book's author is Robert B. Cialdini, Professor of Psychology at Arizona State University. The key premise of the book is that, in a complex world where people are overloaded with more information than they can deal with, people fall back on a decision making approach based on generalizations. These generalizations develop because they allow people to usually act in a correct manner with a limited amount of thought and time. However, they can be exploited and effectively turned into weapons by those who know them to influence others to act certain ways.
 
The findings in the book are backed up by numerous empirical studies conducted in the fields of Psychology, Marketing, Economics, Anthropology and Social Science.

Collapse: How Societies Choose to Fail or Succeed.