DSpace Cris Angular :: Browsing by Type "Controlled Vocabulary for Resource Type Genres::texto::reseña"

Traditional project valuation usually overlooks the important risk analysis process because it relies in the complete market assumption. In a complete market it will be possible to either find twin securities or elaborate a dynamic investment portfolio to replicate the project risk and payoff in every state of nature at any moment in the future. Furthermore, since one assumes well-diversified investors what matters is the project value as if it were traded in the capital market. Unfortunately, the assumption of complete markets hardly holds in reality, especially in emerging markets full of illiquid securities and where financial mechanisms such as short sales or buying on margin are prohibited or non-existent in practice. In this work one assumes incomplete markets and designs a risk analysis procedure that can be applied whenever there is no tradable benchmark in two situations: when investors hold a well-diversified investment portfolio and when investors are non-diversified entrepreneurs. The former case is important because during the last decade there has been an increase of foreign direct investment in emerging economies, so some global diversified investors have put their money in these markets. The latter case is especially important for emerging markets where a high proportion of total enterprises are family business or are owned by a single non-diversified entrepreneur. In either case it is possible to use a clear cut investment rule, such as the Net Present Value, but there is no a single market value for the project. In the case of global diversified investors it possible to find the project's value within a range of possible values; while what matters for non-diversified entrepreneurs is the project's value given its total risk.

Institution Publication

"La empresa de grupo y el derecho de sociedades”. Girgado Perandones, P.: Editorial Comares, Granada, 2001, 441 págs.

( 2001-01-01)

Ramírez Otero, Lorena Cecilia

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Ramírez Otero, Lorena Cecilia

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Ramírez Otero, Lorena Cecilia

Institution Publication

Ortega como fenomenólogo

( 2017-01-01)

Institution Publication

Rojas, Jorge. El Sistema Privado de Pensiones en el Perú, Fondo Editorial de la Pontificia Universidad Católica del Perú, 2014, pp. 278.

( 2015-12-01)

Cruz Saco Oyague, María Amparo

Institution Publication

Turning the Immigration Policy Paradox Upside Down?

( 2015-01-01)

Acosta Arcarazo, Diego

All rights reserved. A paradox of officially rejecting but covertly accepting irregular migrants has long been identified in the immigration policies of Western immigrant receiving states. In South America, on the other hand, a liberal discourse of universally welcoming all immigrants, irrespective of their origin and migratory status, has replaced the formally restrictive, securitized and not seldomly ethnically selective immigration rhetoric. This discursive liberalization has found partial translation into immigration laws and policies, but contrary to the universality of rights claimed in their discourses, governments reject recently increasing irregular south-south migration from Africa, Asia, and the Caribbean to varying degrees. This paper applies a mixed methodological approach of discourse and legal analysis and process tracing to explore in how far recent immigration policies in South America constitute a liberal turn, or rather a reverse immigration policy paradox of officially welcoming but covertly rejecting irregular migrants. Based on the comparative analysis of Argentina, Brazil and Ecuador, the study identifies and explains South American "populist liberalism" in the sphere of migration. We highlight important implications for migration theory, thereby opening up new avenues of research on immigration policy making outside Western liberal democracies, and particularly in predominantly migrant sending countries.

Browsing by Type "Controlled Vocabulary for Resource Type Genres::texto::reseña"

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