Valoración de los bancos cotizados españoles tras la crisis = Valuation of the Spanish listed banks after the crisis

<p>Después del inicio de la crisis financiera, la cotización en bolsa de las principales entidades financieras españolas se vio enormemente reducida y se ha mantenido en niveles bajos desde entonces. Con el objetivo de determinar si el valor en bolsa se corresponde con el valor intrínseco, se aplican los modelos de descuento de dividendos y descuento de resultados anormales, y se estima el coste de capital según las circunstancias de cada entidad. Teniendo en cuenta los factores macroeconómicos y sectoriales más relevantes que inciden sobre el valor de estas entidades, los resultados indican que cinco de los seis bancos cotizarían ligeramente por debajo del valor estimado y uno de ellos ligeramente por encima. En cuanto a los costes de capital, nuestros resultados indican que se ven afectados de forma notable por el negocio internacional de las entidades.</p><p>After the financial crisis started, the market values of the main Spanish financial institutions suffered a sharp cut and their shares have traded at really low levels since then. Trying to determine whether their price corresponds to their intrinsic value, a valuation of these firms is done by applying the dividend discount model and the residual income model. A cost of capital for each institution is also estimated. Taking into account the most relevant macroeconomic and industrial factors affecting the banks’ value, our results indicate that five out of six banks would be slightly undervalued, and the other one is slightly overvalued. Concerning the cost of capital, our results suggest that it is markedly affected by the internationalization of the firms.</p>

El afán por preservar y proteger. La custodia del dinero en efectivo en el XVIII burgalés = The desire to preserve and protect. The custody of cash in the XVIII century in Burgos

<p>La inexistencia de entidades bancarias en las que depositar los caudales particulares hacía preciso, en el Antiguo Régimen, y más, en concreto, en el siglo XVIII, solucionar tal problemática de la mejor manera posible. El burgalés del Setecientos se las ingeniaba para proteger el dinero en efectivo atesorado merced a su ocultación en el interior del mobiliario contenedor disponible en el interior de las viviendas. En los inventarios de bienes más exquisitos nos adentramos, además, en las estancias en las que se encontraban ubicados dichos muebles. Sus “<em>secretos</em>” eran, en la práctica, cajas de caudales habilitadas en las entrañas del mobiliario contenedor. En el Burgos del Setecientos aparece dinero en efectivo en el 49.2% de los inventarios recopilados. En el 27.2% de ellos disponemos del lugar en que era protegido de miradas indeseables.</p><p>The inexistence of banking entities to deposit the particular flows made necessary, in the Old Regime, and more specifically, in the Eighteenth century, to find a suitable solution. In this period, the Burgos civilians managed to protect the treasured cash by hiding it inside secret containers in the furniture of the houses. In the most exquisite inventories of goods, the rooms where this furniture were located are also shown. Their "secrets" were, in practice, cash boxes enabled in the bowels of the container furniture. In the Burgos of the Eighteenth Century, cash appears in 49.2% of the inventories collected. In 27.2% of them, the place where it was protected from undesirable looks is exposed</p>

Features and problems in the construction of the postunitary Italian banking system

The study of the evolution of Italian economy experienced, in recent years, new interpretive hypotheses, themselves based on the use of more updated series of historical data, The latter have brought scholars to reconsider, especially taking long-term viewpoints into account, the path Italy followed in joining the global economic system. Therefore, both Italian and international historiography have striven to highlight the most favorable elements, as well as the limits and the contradictions accompanying the nevertheless robust growth Italy experienced during the last 150 years. All this began for Italy as it joined, during the later 1800s, the productive mechanisms of the Second Industrial Revolution, fully maturing during the Golden Age. To fully understand such a path it is necessary to integrate, following a comparative, systemic and interdisciplinary approach, the behavioral analysis of some specific industrial sectors with the so-called system prerequisites to development including, and in an important position at that, the construction of the financial market and the shaping of the banking system. Within such a context, studying the period between the Unification of Italy and the “end of the century crisis” appears particularly important, as it is during this phase that some of the lines through which the model Italy used to join the process of the Second Industrial Revolution were shaped. Such a situation will challenge the future reforms, themselves a prelude to the takeoff Italy experienced during the Giolitti era.This contribution intends to highlight some features of the buildup of the Italian banking system within the framework of Italian nation building, between 1861 and 1893. In order to do that, besides offering an analysis of the political, economic and financial situation of the time, it examines the path, the uses and the crossings of capital which, starting with the financial movements recorded between the end of the 1860s and the beginning of the 1870s between the Centre-North of Italy, Germany and Austria and then pouring into the activities of the Banca Tiberina, based in Rome and one of the main protagonists of the growing phenomenon joining banks and companies during that time. Therefore, this work of mine does not only focus on the descending parable the Banca Tiberina experienced (something well known in economic historiography, especially when examining the end of the century crisis) but rather more on the whole three previous decades, from the beginning to the expansion phase.Therefore, a composite framework emerges, striving to keep the features of the political, social and economic features of Italy with those events being only apparently local and between these and the evolution of the banking system after the Italian Unification.

La distancia psíquica en el ámbito de la selección de mercados internacionales: propuesta de definición y presencia en las PYMEs españolas exportadoras de bienes de consumo = The psychic distance in the field of the international market selection: definition and presence in Spanish SMEs exporters of consumer products

<p>Dos cuestiones relevantes en el ámbito de la selección de mercados de exportación (SME en lo sucesivo) confluyen en este artículo: profundizar sobre la decisión de SME, identificando la presencia de distancia psíquica como factor limitativo de la decisión; y ante la ausencia de una definición generalmente aceptada de la distancia psíquica, ofrecer un constructo ecléctico debidamente contrastado.</p><p>La encuesta de cuestionario es el recurso empleado para obtener la información necesaria para lograr los objetivos establecidos, y la estadística descriptiva es la técnica empleada para validar el constructo propuesto y conocer las limitaciones del mismo.</p><p>La decisión de SME es compleja, por la intervención de la propia estrategia de negocio y la percepción de la distancia psíquica que los mercados potenciales transmiten a los decisores. En el caso de la muestra analizada, pymes españolas exportadoras de bienes de consumo, la distancia psíquica actúa en las primeras etapas de exportación, circunscribiendo la SME a países psíquicamente próximos. Se ha identificado un patrón psíquico-gradualista que se estabiliza cuando la experiencia modera la percepción de distancia. A partir de ese momento, las empresas se encuentran con el know-how preciso para abordar mercados potenciales más complejos.</p><p class="Formatolibre">Two relevant issues in the area of export market selection (EMS hereafter) converge in this article: to delve into how the decision is constructed, identifying the presence of psychic distance as a limiting factor, and in the absence of a generally accepted definition of psychic distance, offer an eclectic construct duly contrasted.</p><p>The questionnaire survey is the resource used to obtain the necessary information to achieve the established objectives, and descriptive statistics is the technique used to validate the proposed construct and to know the limitations. </p><p>The research focuses on small and medium-sized Spanish exporters of consumer goods because of the relevance they have in the Spanish economy as a whole. Exporters of services or large companies are not included in this study, in one case because of the product and in the other, their resource availability needed a differentiated approach.</p><p>The decision of SME is complex, by the intervention of the own business strategy and the perception of the psychic distance that the potential markets transmit to the decision makers. In the case of the analyzed sample, the psychic distance acts in the first stages of export circumscribing the EMS to psychically close countries. A psychic-gradualist pattern has been identified that stabilizes when experience moderates the perception of psychic distance. From then on, companies have the precise know-how to address more complex potential markets</p><p> </p>

Configuración actual del comercio exterior en Galicia = Current foreign trade framework in Galicia

<p>La reciente crisis económica y la contracción de la demanda interna han impulsado un creciente interés por los mercados exteriores. Esta investigación pretende caracterizar la configuración actual del comercio exterior de la Comunidad Autónoma de Galicia, tanto en lo relativo a los productos como a los mercados geográficos de origen y destino. Para ello se emplean una serie de indicadores, ampliamente contrastados en la investigación económica, que permiten identificar: el grado de apertura de la economía provincial leonesa; la propensión exportadora y la dependencia importadora; el grado de concentración, por producto y mercados, de sus flujos comerciales exteriores; la especialización exportadora y la ventaja comparativa sectorial; la composición inter o intra-industrial del comercio exterior; y la distribución geográfica de los flujos comerciales de la economía<strong> </strong>gallega con los mercados exteriores.</p><p>The recent economic crisis and internal demand contraction have encouraged the emerging interest in international markets. This study aims at featuring the current foreign trade framework of the Galicia, in regards to both import and export products and geographical markets. For that purpose, several indexes, widely verified in this study, have been utilized to identify the trade openness level of Leon economy, its export propensity, import dependence as well as the concentration level for products and internal trade flows. Leon export specialization, its comparative advantage by sector, the inter-intra-industry trade composition and geographical distribution of trade with international markets have been likewise included in this study.</p><p> </p><p><strong>Keywords</strong>: .</p>