Capacidad de compra e innovación

A medida que los efectos de una economía turbulenta se propagan prácticamente por todos los sectores, las compañías tratan de obtener liquidez. No existe una vía más rápida para generar dinero sin tardanza y sin penosos despidos de personal que hallar la manera de economizar costos en la gestión de compras.

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China's Digital Champions

China is now by far the largest online market in the world, with an estimated total of 510 million users as at the end of 2011, and projections that this figure could reach 750 million by the end of 2015. Home-grown local competitors dominate the market, while foreign players have struggled to succeed. While Chinese champions adopt elements of proven global models, they tailor and innovate creatively to meet China’s unique needs.

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The Enduring Elixir of Economic Growth: Xavier Sala i Martin on the wealth and poverty of nations

Xavier Sala-i-Martin interviewed by Brian Snowdon.

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Households’ position in the financial crisis in Iceland

We utilise a unique nationwide household-level database to analyse how households’ financial position evolved in the run-up to and aftermath of the financial crisis in Iceland. The main focus of our analysis is to assess how the share of indebted households in financial distress evolved and how it was affected by debt restructuring measures and court decisions. We also analyse the share of indebted homeowners in negative housing equity and those in the highly vulnerable situation of being in distress and negative housing equity simultaneously. The analysis suggests that the share of indebted households in distress grew from 12½ per cent in early 2007 to 23½ per cent on the eve of the banking collapse in the autumn of 2008, when the lion’s share of the balance sheet shocks had already taken place. The extent of acute distress nearly quadrupled over the same period. Forbearance efforts provided temporary breathing space, but the share in distress is estimated to have peaked at 27½ per cent in autumn 2009, before declining to 20 per cent at yearend 2010 due to policy and legal interventions. Financial distress is found to be inversely related to income and age, as well as being higher among families with children and those with foreigndenominated debt than among childless couples and those with ISK-denominated loans only. Parents of every fifth child in Iceland were in distress at year-end 2010. The incidence of negative housing equity increased dramatically, from roughly 6 to 37 per cent of indebted homeowners, over the four-year period. Negative housing equity is more widespread among high-income than low-income households. The share of homeowners simultaneously in distress and negative equity rose from roughly 1 to 14 per cent but declined to 10 per cent by the end of the period. Middleincome families with children, most of which had foreign-denominated loans, and low-income singles seem especially vulnerable. Some of the seeds of households’ financial difficulties were sown by imprudent lending in 2007 and 2008, when 16 per cent of the total amount of new loans was granted to households already in distress. Up to 34 per cent of households in distress at yearend 2010 were granted loans in 2007-2008, when they were already financially distressed.

Global Risks 2012

Economic imbalances and social inequality risk reversing the gains of globalization, warns the World Economic Forum in its report Global Risks 2012. These are the findings of a survey of 469 experts and industry leaders, indicating a shift of concern from environmental risks to socioeconomic risks compared to a year ago. Respondents worry that further economic shocks and social upheaval could roll back the progress globalization has brought, and feel that the world’s institutions are ill-equipped to cope with today’s interconnected, rapidly evolving risks. The findings of the survey fed into an analysis of three major risk cases: Seeds of Dystopia; Unsafe Safeguards and the Dark Side of Connectivity. The report analyses the top 10 risks in five categories - economic, environmental, geopolitical, societal and technological - and also highlights "X Factor" risks, the wild card threats which warrant more research, including a volcanic winter, cyber neotribalism and epigenetics, the risk that the way we live could have harmful, inheritable effects on our genes. Key crisis management lessons from Japan’s earthquake, tsunami and nuclear disasters are highlighted in a special chapter.

The Global Competitiveness Report 2012–2013

The Global Competitiveness Report 2012–2013 is being released amid a long period of economic uncertainty. The tentative recovery that seemed to be gaining ground during 2010 and the first half of 2011 has given way to renewed concerns. The global economy faces a number of significant and interrelated challenges that could hamper a genuine upturn after an economic crisis half a decade long in much of the world, especially in the most advanced economies. The persisting financial difficulties in the periphery of the euro zone have led to a long-lasting and unresolved sovereign debt crisis that has now reached the boiling point. The possibility of Greece and perhaps other countries leaving the euro is now a distinct prospect, with potentially devastating consequences for the region and beyond. This development is coupled with the risk of a weak recovery in several other advanced economies outside of Europe—notably in the United States, where political gridlock on fiscal tightening could dampen the growth outlook. Furthermore, given the expected slowdown in economic growth in China, India, and other emerging markets, reinforced by a potential decline in global trade and volatile capital flows, it is not clear which regions can drive growth and employment creation in the short to medium term.

This year’s Report features a record number of 144 economies, and thus continues to be the most comprehensive assessment of its kind. It contains a detailed profile for each of the economies included in the study as well as an extensive section of data tables with global rankings covering over 100 indicators. This Report remains the flagship publication within the Forum’s Global Benchmarking Network, which produces a number of research studies that mirror the increased integration and complexity of the world economy.

A tale of three countries: recovery after banking crises

• Iceland, Ireland and Latvia experienced similar developments before the crisis. However, the crisis hit Latvia harder than any other country, and Ireland also suffered heavily, while Iceland exited the crisis with the smallest fall in employment, despite the greatest shock to the financial system.

• There were marked differences in policy mix: currency collapse in Iceland but not in Latvia, letting banks fail in Iceland but not in Ireland, and the introduction of strict capital controls only in Iceland. The speed of fiscal consolidation was fastest in Latvia and slowest in Ireland. Recovery has started in all three countries.

• Iceland seems to have the right policy mix. Internal devaluation in Ireland and Latvia through wage cuts did not work, because private-sector wages hardly changed. Productivity increased significantly in Ireland and moderately in Latvia, but only because employment fell more than output, with harmful social consequences.

• The experience with the collapse of the gigantic Icelandic banking system suggests that letting banks fail when they had a faulty business model is the right choice.

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¿Es relevante la prima ofrecida en una OPA en las decisiones de venta de los accionistas?

El objetivo de este trabajo es analizar la influencia que tiene la prima ofrecida en una OPA sobre la decisión de los accionistas de aceptarla o rechazarla. Ni la evidencia empírica ni los desarrollos teóricos ofrecen un apoyo claro a la idea de que cuanto mayor sean las primas mayores serán las probabilidades de éxito de la operación. El modelo empírico que desarrollamos para el caso español tampoco ofrece un resultado concluyente ya que este efecto dependería, entre otras variables, de factores tales como si los accionistas de la empresa objetivo han alcanzado o no un acuerdo previo con el comprador.

Pedro Durá e Inés Pérez-Soba

Universia Business Review

“Tintorerías de posguerra” e innovación organizativa en Inditex: una perspectiva contractual de la gestión lean de la cadena de suministro

La evolución reciente del mercado, con cambios de preferencias más frecuentes y exigencias de personalización crecientes, ha puesto de manifiesto la fragilidad de aquellas empresas cuya externalización offshore no ha considerado los costes de coordinar proveedores con localizaciones lejanas. El artículo analiza este problema utilizando el caso de Inditex; una empresa que, inspirándose en las tintorerías españolas de los años cuarenta, ha reformulado la gestión de su cadena de suministro dando respuesta al desfase provocado por los rápidos cambios en la moda y la limitada capacidad de reacción de las infraestructuras industriales. La estrategia de Inditex, con importantes lecciones para otros sectores, le ha permitido beneficiarse de unos menores costes de producción reduciendo al mismo tiempo el lead time y los costes de coordinación inherentes a la personalización de los productos.

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Citywire 1000: (Data From: 30/6/2009 - 30/6/2012)

Guide to world's best fund managers analyses more than 7500 managers in 35 territories to show the leaders in risk-adjusted performance.