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Item type:Publication, Risk of insolvency and return of shares: empirical analysis of Altman's Z-Score in the Peruvian mining sector between 2008-2018(Our Lady of the Rosary University, 2021-01-25)This research pretends to evaluate the significance of the insolvency risk, referred by Altman's Z-Score, in the explanation of the historical return of the 7 most liquid mining companies listed in the Lima Stock Exchange based on a Market Return Model (MRM) under a cross-sectional approach. In this sense, daily data was collected from the S&P/BVL Peru Select index and the Peruvian 10-year Sovereign Bond between 2008-2018, approximated quarterly by the geometric average to homogenize them with the frequency of the Z. Thus, two central results were obtained: 1) The Z-Score, as an estimator of insolvency risk, is not valid to explain the behavior of the historical return of the shares, and 2) The Market Premium is statistically significant within the yield analysis. Also, contrary to the common literature, the results suggest the validity of Sharpe's conventional CAPM. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Corporate Social Responsibility and Return: Social Impact, a Case Study of an Emerging Market Oil Industry in Stock Exchange(2023-05-31)This paper analyzes the relationship between corporate social responsibility (CSR) and social impact within the oil industry in an emerging market (Peru). Following the emerging literature on the social impact field, and using the case study methodology, the findings show that the expected positive relationship is diverse depending on several factors. Specifically, the results reveal that companies must focus on community and environmental responsibility, together with stakeholders' involvement to achieve social impact. However, when companies are weak in any of the previous factors, then the social impact is only partially accepted or even withdrawn. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Cemento Andino S.A.: Financial Analysis of a Latin American Company(European Organization for Nuclear Research, 2023-04-03)In emerging markets, it is essential to evaluate for a combination of debt and capital in determining the optimal value of a company. Accordingly, Peruvian companies seek to adjust their capital structure to achieve sustainability and be attractive to investors. All this is done, because an investor usually studies the capital structure of a company when deciding whether to invest money in shares. Thus, companies expect to strengthen balance sheets and reduce risks.The challenge for the senior management of the firm is to evaluate the company ́s development prospects in the domestic market and the issues associated with a strategic alliance with a foreign concern. Therefore, in the case we consider the Modigliani-Miller markets value of a firm is independent theorem from 1959, taking into account the taxes of Peru. According to Modigliani and Miller, in perfect capital markets the value of a firm is independent of its capital structure. For those reasons, the objective of this case study is to analyze and evaluate the optimal value of the company with the combination of debt and capital. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Análisis del costo de capital en mercados emergentes: el caso de una cervecería peruana(European Organization for Nuclear Research, 2023-04-03)This paper addresses the calculation of the cost of capital for emerging market companies in the form of a case study. The main objective of this work is to provide a methodology to estimate the Weighted Average Cost of Capital (WACC), applying it to Backus S.A.A., a Peruvian brewery company. The case presents a brief industry description, the company’s background and operations, business and financial strategy and theoretical framework and analyses of the market value of the firm, financial distress, and WACC, assessing each component. Finally, the students are left with the task of calculating WACC and drafting the report.