núm. 18 (2012)

This paper presents the development and evolution of financial theories associated with the valuation methods. It evaluates the market performance of the shares that meet certain methodological conditions and which are part of the IGBC, COLCAP and COL20 baskets, taking into account the approaches of Modigliani and Miller, Markowitz, Sharpe, Damodaran, among others. It also describes methods for the assessment of companies based on financial statements such as balance sheets, financial statements and cash flows. The proposed methodology involves the development of two matrices: one shows a diagnosis through risk analysis and the performance of the shares under study; another examines the formation of the capital structure as well as its expected return. Finally, a ranking is constructed based on the diagnosis of the market and the capital structure of the companies that issue the shares.

The purpose is to explain, in general terms, some of the possibilities for micro, small and medium enterprises (MSMEs) to internationalize, taking into consideration, among other aspects, the elaboration of the contract, preferably written. The meaning of international trade comes from the mercantilist, classical and neoclassical currents and from contemporary postulates, such as the theory of competitive advantage, which demonstrate the importance of the exchange of goods and services for economies. International trade relations of any company are based on requirements of importing or exporting raw materials, machinery, final and intermediate goods or services procurement. However, in practice, relations can cover a wider spectrum than the abovementioned operations. This essay mentions some elements that should be considered by the parties when making the negotiation and which will be reflected in the body of the contract.

The proposal of this paper is to present a conceptual analysis on the phenomenon of social conflict, specifically when it leads to dynamics of violent order. Similarly, once this conceptual clarification is established, and through reference to particular cases, a brief overview is presented of different contributions that have been made from the world of academia regarding the connection between the phenomenon of intrastate conflicts and its possible structural causes.

This paper reviews the studies on corporate social responsibility (CSR) in the banking sector. It seeks to identify the main issues analyzed in this regard in scientific literature, as well as the methodologies used, through an extensive review of research articles, books and book chapters published in the Scopus and Journal Citation Index (previously ISI) databases between 1998 and 2011. Results show a high interest among researchers in studying the dissemination of CSR in the banking sector using quantitative and qualitative methods; however, phenomena such as the perception of stakeholders in regards to the social and environmental performance of banks, the impact of CSR practices in the local or national development in developing countries (especially in Latin America) and the sector’s responsibility in bankarization have not been addressed in depth.

This paper aims to propose an index that identifies the concentration of resources throughout the execution of each budgetary term in the public sector. This exercise is done by evaluating the central national government institutions responsible for investing in strategic sectors for economic growth, which were named by the current government as locomotives for democratic prosperity. It is found that resource allocation at the end of each term is associated with budget lags in the preceding period. One explanation for this phenomenon is the contractual process of each institution of the State, which may be reflected in management dynamics that are repeated every period. On the contrary, there is a weak relationship with the budget magnitude allocated to each institution at the beginning of each year.

This article presents an analysis of the evolution of illicit crops in Colombia through the National Accounts System, which provides a basis for the study of transactions and the use of the product in an economy. Through the input-output methodology it is shown that, thanks to the drug policy action developed by the national government, its importance in generation of value added has been changing and decreasing over time.

This article presents a non-stationary and co-integrated empirical model of panel data to explain the impact of industrial property, measured as “patents”, on the gross domestic product (GDP) of ten Latin American countries during the period between 1990 and 2010. Traditional unit root tests are applied, as well as a cutting-edge unit root test, which incorporates a structural break and the dependency between the cross-section observations proposed by Hadri and Rao. The Pedronico integration test is used to prove the existence of a long-term relationship between the variables, and the long-term elasticities are also estimated. Results show the existence of a positive relationship between the level of innovation and the GDP.

Decisions regarding household potable water consumption are interdependent, in search of individual welfare, implied and with no incentive to deviate. Some households can make moderate use of the resource, while others waste water recklessly. Those who make moderate use, knowing that others do so in excess, are not encouraged to continue the moderation; meanwhile, those who use potable water in excess, know others are moderate and therefore have not reason to decrease it. As a result, there is a social dilemma of common-pool resources (CPR), where there is an excessive consumption, exerting more pressure on supplying ecosystems. However, through an interaction system reproduced indefinitely, such social dilemma is solved by introducing a concept of cooperation in which all households obtain maximum individual satisfaction and society reduces pressure on water sources.

Abortion is illegal in most Latin American countries, although there are some attenuating and exonerating causes in its practice. However, studies performed in countries with liberalizing processes for more than two decades, such as the United States, show the persistence of different attitudes towards abortion, which go from points of view that are pro-life to points of view that are pro-choice. Based on Latinobarómetro 2007, this paper analyzes the attitudinal patterns of individuals towards abortion, with emphasis on its degree of justification according to socio-economic features, faith and religion, as well as the countries’ own characteristics. Ordinary least squares estimates for 18 Latin American countries show that men under 40, agnostic, highly educated and with socioeconomic access are those that justify abortion the most; likewise, Uruguay —particularly its female population— is the country where it is most justified.