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Papers by Prosper Fernandez
Small Business International Review
Various corporate governance theories indicate that governance in small and medium-sized enterpri... more Various corporate governance theories indicate that governance in small and medium-sized enterprises (SMEs) differs to that of larger corporations due to the ownership-management function within the organizational structure. This article provides empirical evidence of enhanced firm value in a sample of listed SMEs resulting from certain corporate governance mechanisms related to managerial and ownership concentration. The empirical analysis conducted in this paper is based on a panel data set consisting of 108 small and medium-sized public firms on the Spanish alternative stock exchange over a time frame of five years (2015-2019). The results suggest that CEO duality, the controlling shareholders, and the second largest shareholders all improve firm value. Conversely, the ratio of independent directors has a negative impact on firm value. These findings are robust to alternative model specifications such as dynamic panel estimators (Generalized Method of Moments -GMM-) and instrumen...
Revista Perspectiva Empresarial, 2021
Objective. To explore the relationship between liquidity risk and the capital structure of Latin ... more Objective. To explore the relationship between liquidity risk and the capital structure of Latin American companies. Methodology. With a sample of 135 companies (Brazil, Chile and Mexico), panel data were used to analyze various models that considered, among other variables, six liquidity risk indices, two of which included a new factor: the free-float. The study period covers from 2010 to 2019. Results. The level of indebtedness and capital risk in Latin America companies present a mixed relationship (direct and inverse). Conclusions. Latin American companies have their own characteristics for decision-makingabout capital structure.
Boletín Económico de ICE
El PE (private equity) posee características únicas, que incluyen el tiempo y el tamaño irregular... more El PE (private equity) posee características únicas, que incluyen el tiempo y el tamaño irregulares de los flujos de caja. Ello hace que la medición de las rentabilidades no sea sencilla y pueda implicar problemas a la hora de comparar con otros activos. A medida que el mercado madura, las formas de cálculo más sofisticadas podrían convertirse en estándar. El mercado de PE se caracteriza por una amplia volatilidad de retornos en lo que se refiere a gestoras y fondos. Por ello, sería crucial realizar una buena selección con el fin de maximizar el diferencial frente a los mercados cotizados.
SSRN Electronic Journal, 2009
ABSTRACT Antevenio is a leader in the field of online advertising and interactive marketing natio... more ABSTRACT Antevenio is a leader in the field of online advertising and interactive marketing nationally and in Southern Europe. It is the only Spanish advertising company publicly traded (Alternext) and has more than 10 years a stable shareholder. The company has built a business model that sustained itself on efficiency, quality, experience, technology and professionalism. In 2006 Antevenio decided to trade in the Alternext market and contribute to raise funds that would enable it to achieve its objectives of internationalization and growth through ad-Procurement. That is the moment that arises in this case study.
Social Science Research Network, 2009
Due to an assignment, received from a Chilean mining company, to value a copper mine with an esti... more Due to an assignment, received from a Chilean mining company, to value a copper mine with an estimated life span of several decades, we implemented a model of copper prices using mean reversion with Gaussian Poisson exponential jumps. The parameters of the model are extracted from the copper prices series. The exponential distributions of the jumps are estimated via a standard simulation program using best likelihood methods.Until the model was implemented, the company had been using a long term mean price to estimate mining projects’ cash flows. This approach had worked satisfactorily given that, as shown in the Chart 1, the average price of copper had ranged around 100 cents of USD per pound between 1996 and 2004.However, a turnaround in the cycle occurred in 2004, with prices going up between that year and 2008 to reach a mean value of 325 c/pound. At the end of 2008 the price dropped down up to the level of 150 c/pound. The prices series analysis suggests the existence of mean reversion with stochastic jumps especially from 2006.
Social Science Research Network, 2009
ABSTRACT Antevenio is a leader in the field of online advertising and interactive marketing natio... more ABSTRACT Antevenio is a leader in the field of online advertising and interactive marketing nationally and in Southern Europe. It is the only Spanish advertising company publicly traded (Alternext) and has more than 10 years a stable shareholder. The company has built a business model that sustained itself on efficiency, quality, experience, technology and professionalism. In 2006 Antevenio decided to trade in the Alternext market and contribute to raise funds that would enable it to achieve its objectives of internationalization and growth through ad-Procurement. That is the moment that arises in this case study.
Las finanzas modernas no se pueden entender sin aplicar en muchos casos la teora de opciones y la... more Las finanzas modernas no se pueden entender sin aplicar en muchos casos la teora de opciones y las posibilidades que ofrecen los contratos con opcionalidad. Cuestiones como la evaluacin de proyectos de inversin, la seleccin de una estructura financiera, la valoracin de acciones de empresas de alta tecnologa, la cobertura de riesgos, la gestin de carteras, etc. no pueden resolverse satisfactoriamente sin utilizar opciones o mtodos de anlisis basados en las opciones. Esto explica el fuerte crecimiento experimentado por los mercados en las ltimas dcadas existiendo contratos abiertos a finales de 2004 por un valor nacional de ms de 65.000 millardos de dlares USA. La tercera edicin de este libro, al margen de actualizar de forma general todos los captulos, incorpora el anlisis de nuevos tipos de opciones exticas, aade un captulo dedicado expresamente al importante mercado de los denominados derivados crediticios, ofrece ms ejemplos de productos estructurados, warrants, valoracin de toda ndole de opciones reales, etc. Todas estas novedades intentan que el texto siga siendo el manual imprescindible del profesional y/o estudioso de las opciones. No deje de consultar www.mcgraw-hill.es/olc/lamothe donde encontrar hojas de clculo que permiten estimar primas y otros parmetros de mltiples modalidades de opciones as como material de soporte para docentes.
Modern Economy
This study analyzes alternative stock markets (ASM) literature trends from 2008 to 2021 through a... more This study analyzes alternative stock markets (ASM) literature trends from 2008 to 2021 through a systematic review of the different research approaches, views, and positions to map the global scientific production. Over the last decade, alternative stock markets have become relevant as a different financing form from the traditional to small and medium enterprises which are usually restricted to bank loans affecting the raising of funds for their investments and growth. In fact, international studies have identified that alternative stock markets have not had the expected results for enterprises and investors due to their lack of interest in participation. The results of the review indicate an important amount of literature on alternative stock markets (ASM) related to some of the themes studied-access and permanence, regulation, IPOs performance, etc. and a lack of research on a wide range of areas, especially in geographical areas such as Latin America.
ICE, Revista de Economía, 2020
El principio general aceptado de que el interés sobre la deuda reduce los impuestos de sociedades... more El principio general aceptado de que el interés sobre la deuda reduce los impuestos de sociedades, tiene importantes consecuencias en la asignación de recursos: la empresa tiene un menor coste de capital, los beneficios de los accionistas aumentan (así como los ingresos de los directivos), los ingresos de las autoridades fiscales disminuyen y se produce una mayor desigualdad, inequidad, y en paralelo los prestamistas se benefician. Una economía global necesita un sistema de impuestos societarios más sencillo y transparente en su cálculo y más equitativo, sin grandes divergencias entre países, que solo se puede alcanzar a través de la cooperación internacional, liderada por los organismos internacionales y multilaterales.
espanolEste trabajo analiza la estructura financiera de 162 empresas iberoamericanas para el peri... more espanolEste trabajo analiza la estructura financiera de 162 empresas iberoamericanas para el periodo del ano 2009 al 2015. Por medio de un modelo de regresion multiple se busca determinar cuales son las variables que explican la estructura de endeudamiento de empresas en 7 paises iberoamericanos (Argentina, Brasil, Chile, Colombia, Espana, Mexico y Peru), ademas se realiza un analisis por los principales sectores economicos. Los resultados obtenidos apoyan mayoritariamente teoria del equilibrio estatico. EnglishThis paper analyzes the financial structure of 162 iberoamerican companies for the period 2009 to 2015. Through multiple regression model is to determine which variables explain the structure of indebtedness of companies in 7 countries (Argentina, Brazil, Chile, Colombia, Spain, Mexico and Peru), in addition to an analysis performed by the main economic sectors. The results overwhelmingly support trade-off theory.
La tecnologia se esta imponiendo en los servicios financieros a traves del fenomeno de las FINTEC... more La tecnologia se esta imponiendo en los servicios financieros a traves del fenomeno de las FINTECH. Nuevas empresas creadas a partir de una ventaja tecnologica y las denominadas BIG TECHS estan creciendo en el sector financiero y bancario. Este fenomeno combinado con la transformacion que supone Internet en las relaciones con los clientes cambiara el mapa del sector financiero. Estudios recientes confirman que los clientes minoristas aceptan realizar su actividad financiera con empresas como GOOGLE, AMAZON o FACEBOOK. La banca debe modificar radicalmente su estrategia en un entorno negativo de tipos de interes bajos y problemas de reputacion. Los bancos que no sepan adaptarse al nuevo entorno desapareceran y en pocos anos el sector bancario cambiara radicalmente.
Small Business International Review
Various corporate governance theories indicate that governance in small and medium-sized enterpri... more Various corporate governance theories indicate that governance in small and medium-sized enterprises (SMEs) differs to that of larger corporations due to the ownership-management function within the organizational structure. This article provides empirical evidence of enhanced firm value in a sample of listed SMEs resulting from certain corporate governance mechanisms related to managerial and ownership concentration. The empirical analysis conducted in this paper is based on a panel data set consisting of 108 small and medium-sized public firms on the Spanish alternative stock exchange over a time frame of five years (2015-2019). The results suggest that CEO duality, the controlling shareholders, and the second largest shareholders all improve firm value. Conversely, the ratio of independent directors has a negative impact on firm value. These findings are robust to alternative model specifications such as dynamic panel estimators (Generalized Method of Moments -GMM-) and instrumen...
Revista Perspectiva Empresarial, 2021
Objective. To explore the relationship between liquidity risk and the capital structure of Latin ... more Objective. To explore the relationship between liquidity risk and the capital structure of Latin American companies. Methodology. With a sample of 135 companies (Brazil, Chile and Mexico), panel data were used to analyze various models that considered, among other variables, six liquidity risk indices, two of which included a new factor: the free-float. The study period covers from 2010 to 2019. Results. The level of indebtedness and capital risk in Latin America companies present a mixed relationship (direct and inverse). Conclusions. Latin American companies have their own characteristics for decision-makingabout capital structure.
Boletín Económico de ICE
El PE (private equity) posee características únicas, que incluyen el tiempo y el tamaño irregular... more El PE (private equity) posee características únicas, que incluyen el tiempo y el tamaño irregulares de los flujos de caja. Ello hace que la medición de las rentabilidades no sea sencilla y pueda implicar problemas a la hora de comparar con otros activos. A medida que el mercado madura, las formas de cálculo más sofisticadas podrían convertirse en estándar. El mercado de PE se caracteriza por una amplia volatilidad de retornos en lo que se refiere a gestoras y fondos. Por ello, sería crucial realizar una buena selección con el fin de maximizar el diferencial frente a los mercados cotizados.
SSRN Electronic Journal, 2009
ABSTRACT Antevenio is a leader in the field of online advertising and interactive marketing natio... more ABSTRACT Antevenio is a leader in the field of online advertising and interactive marketing nationally and in Southern Europe. It is the only Spanish advertising company publicly traded (Alternext) and has more than 10 years a stable shareholder. The company has built a business model that sustained itself on efficiency, quality, experience, technology and professionalism. In 2006 Antevenio decided to trade in the Alternext market and contribute to raise funds that would enable it to achieve its objectives of internationalization and growth through ad-Procurement. That is the moment that arises in this case study.
Social Science Research Network, 2009
Due to an assignment, received from a Chilean mining company, to value a copper mine with an esti... more Due to an assignment, received from a Chilean mining company, to value a copper mine with an estimated life span of several decades, we implemented a model of copper prices using mean reversion with Gaussian Poisson exponential jumps. The parameters of the model are extracted from the copper prices series. The exponential distributions of the jumps are estimated via a standard simulation program using best likelihood methods.Until the model was implemented, the company had been using a long term mean price to estimate mining projects’ cash flows. This approach had worked satisfactorily given that, as shown in the Chart 1, the average price of copper had ranged around 100 cents of USD per pound between 1996 and 2004.However, a turnaround in the cycle occurred in 2004, with prices going up between that year and 2008 to reach a mean value of 325 c/pound. At the end of 2008 the price dropped down up to the level of 150 c/pound. The prices series analysis suggests the existence of mean reversion with stochastic jumps especially from 2006.
Social Science Research Network, 2009
ABSTRACT Antevenio is a leader in the field of online advertising and interactive marketing natio... more ABSTRACT Antevenio is a leader in the field of online advertising and interactive marketing nationally and in Southern Europe. It is the only Spanish advertising company publicly traded (Alternext) and has more than 10 years a stable shareholder. The company has built a business model that sustained itself on efficiency, quality, experience, technology and professionalism. In 2006 Antevenio decided to trade in the Alternext market and contribute to raise funds that would enable it to achieve its objectives of internationalization and growth through ad-Procurement. That is the moment that arises in this case study.
Las finanzas modernas no se pueden entender sin aplicar en muchos casos la teora de opciones y la... more Las finanzas modernas no se pueden entender sin aplicar en muchos casos la teora de opciones y las posibilidades que ofrecen los contratos con opcionalidad. Cuestiones como la evaluacin de proyectos de inversin, la seleccin de una estructura financiera, la valoracin de acciones de empresas de alta tecnologa, la cobertura de riesgos, la gestin de carteras, etc. no pueden resolverse satisfactoriamente sin utilizar opciones o mtodos de anlisis basados en las opciones. Esto explica el fuerte crecimiento experimentado por los mercados en las ltimas dcadas existiendo contratos abiertos a finales de 2004 por un valor nacional de ms de 65.000 millardos de dlares USA. La tercera edicin de este libro, al margen de actualizar de forma general todos los captulos, incorpora el anlisis de nuevos tipos de opciones exticas, aade un captulo dedicado expresamente al importante mercado de los denominados derivados crediticios, ofrece ms ejemplos de productos estructurados, warrants, valoracin de toda ndole de opciones reales, etc. Todas estas novedades intentan que el texto siga siendo el manual imprescindible del profesional y/o estudioso de las opciones. No deje de consultar www.mcgraw-hill.es/olc/lamothe donde encontrar hojas de clculo que permiten estimar primas y otros parmetros de mltiples modalidades de opciones as como material de soporte para docentes.
Modern Economy
This study analyzes alternative stock markets (ASM) literature trends from 2008 to 2021 through a... more This study analyzes alternative stock markets (ASM) literature trends from 2008 to 2021 through a systematic review of the different research approaches, views, and positions to map the global scientific production. Over the last decade, alternative stock markets have become relevant as a different financing form from the traditional to small and medium enterprises which are usually restricted to bank loans affecting the raising of funds for their investments and growth. In fact, international studies have identified that alternative stock markets have not had the expected results for enterprises and investors due to their lack of interest in participation. The results of the review indicate an important amount of literature on alternative stock markets (ASM) related to some of the themes studied-access and permanence, regulation, IPOs performance, etc. and a lack of research on a wide range of areas, especially in geographical areas such as Latin America.
ICE, Revista de Economía, 2020
El principio general aceptado de que el interés sobre la deuda reduce los impuestos de sociedades... more El principio general aceptado de que el interés sobre la deuda reduce los impuestos de sociedades, tiene importantes consecuencias en la asignación de recursos: la empresa tiene un menor coste de capital, los beneficios de los accionistas aumentan (así como los ingresos de los directivos), los ingresos de las autoridades fiscales disminuyen y se produce una mayor desigualdad, inequidad, y en paralelo los prestamistas se benefician. Una economía global necesita un sistema de impuestos societarios más sencillo y transparente en su cálculo y más equitativo, sin grandes divergencias entre países, que solo se puede alcanzar a través de la cooperación internacional, liderada por los organismos internacionales y multilaterales.
espanolEste trabajo analiza la estructura financiera de 162 empresas iberoamericanas para el peri... more espanolEste trabajo analiza la estructura financiera de 162 empresas iberoamericanas para el periodo del ano 2009 al 2015. Por medio de un modelo de regresion multiple se busca determinar cuales son las variables que explican la estructura de endeudamiento de empresas en 7 paises iberoamericanos (Argentina, Brasil, Chile, Colombia, Espana, Mexico y Peru), ademas se realiza un analisis por los principales sectores economicos. Los resultados obtenidos apoyan mayoritariamente teoria del equilibrio estatico. EnglishThis paper analyzes the financial structure of 162 iberoamerican companies for the period 2009 to 2015. Through multiple regression model is to determine which variables explain the structure of indebtedness of companies in 7 countries (Argentina, Brazil, Chile, Colombia, Spain, Mexico and Peru), in addition to an analysis performed by the main economic sectors. The results overwhelmingly support trade-off theory.
La tecnologia se esta imponiendo en los servicios financieros a traves del fenomeno de las FINTEC... more La tecnologia se esta imponiendo en los servicios financieros a traves del fenomeno de las FINTECH. Nuevas empresas creadas a partir de una ventaja tecnologica y las denominadas BIG TECHS estan creciendo en el sector financiero y bancario. Este fenomeno combinado con la transformacion que supone Internet en las relaciones con los clientes cambiara el mapa del sector financiero. Estudios recientes confirman que los clientes minoristas aceptan realizar su actividad financiera con empresas como GOOGLE, AMAZON o FACEBOOK. La banca debe modificar radicalmente su estrategia en un entorno negativo de tipos de interes bajos y problemas de reputacion. Los bancos que no sepan adaptarse al nuevo entorno desapareceran y en pocos anos el sector bancario cambiara radicalmente.