Template-Type: ReDIF-Article 1.0 Author-Name: Eduardo Sandoval Author-Name: Claudia Reyes Title: INVESTMENT STYLES PERFORMANCE IN EUROPEAN STOCK MARKETS BEFORE, DURING, AND AFTER SUBPRIME FINANCIAL CRISIS, DESEMPENO DE ESTILOS DE INVERSION EN LOS MERCADOS ACCIONARIOS EUROPEOS EN LOS PERIODOS PREVIO, DURANTE Y POST CRISIS SUBPRIME Abstract: This paper investigates the performance of two investment styles; Value and Growth, respectively, in European stock markets, according to the MSCI classification for the subperiods before, during and after subprime financial crisis. Performance is measured by Jensen's alpha. In the estimates we use an APT with three systematic market risk factors, orthogonal to each other, based on the stock markets behavior of: The United States, developed Europe as well as emerging Europe. The results show that the Belgium stock market was the most exposed to wealth destruction during the crisis. By contrast, Russia had the highest relative strength and exhibited the highest performance. In the pre-crisis period, Greece was the most prominent, while in the post crisis period it was Turkey. We conclude that the United States must perfect its corporate governance in order to minimize moral hazard problems that are transferred to the stock markets of developed European countries when a global financial crisis occurs. Classification-JEL: G15 Keywords: Subprime financial crisis, Jensen’s alpha, moral hazard Journal: Revista Internacional Administraction and Finanzas Pages: 1-18 Volume: 5 Issue: 3 Year: 2012 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v5n3-2012/RIAF-V5N3-2012-1.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:5:y:2012:i:3:p:1-18 Template-Type: ReDIF-Article 1.0 Author-Name: Antonina Modica-Milo Author-Name: Juan Samuel Baixauli Soler Author-Name: Susana Alvarez Diez Title: INDICATOR OF FINANCIAL HEALTH PROPOSAL AND ITS IMPACT ON PROBABILITY OF DEFAULT, PROPUESTA DE UN INDICADOR DE SALUD FINANCIERA Y SU EFECTO EN LA PREDICCION DEL FRACASO EMPRESARIAL Abstract: In this paper, we develop a model for predicting a financial health (ISF) model based on the default probability of listed companies. Systematic risk affects both listed and unlisted companies. Our model can be applied to unlisted companies. To validate the effectiveness of the proposed ISF, we evaluate its affects using the predictive ability of most frequently used accounting models. For this purpose two indicators are constructed: the Cumulative Accuracy Profile (CAP) and the Receiver Operating Characteristics (ROC). These indicators are recommended by the Committee on Banking Supervision (BCBS). The results obtained show that the proposed ISF improves the predictive ability of accounting models. Classification-JEL: C01, C50, G12, G17, G21, G32, G33 Keywords: Bankruptcy, probability of failure, structural models and accounting-based models Journal: Revista Internacional Administraction and Finanzas Pages: 19-40 Volume: 5 Issue: 3 Year: 2012 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v5n3-2012/RIAF-V5N3-2012-2.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:5:y:2012:i:3:p:19-40 Template-Type: ReDIF-Article 1.0 Author-Name: Julia M. Nunez Tabales Author-Name: Jose Mª Caridad y Ocerin Author-Name: Nuria Ceular Villamandos Author-Name: Francisco Jose Rey Carmona Title: IMPLICIT PRICES ASSOCIATED TO THE MAIN CAUSAL ATTRIBUTES IN REAL ESTATE VALUATION, OBTENCION DE PRECIOS IMPLICITOS PARA ATRIBUTOS DETERMINANTES EN LA VALORACION DE UNA VIVIENDA Abstract: An important question in many real estate markets is how to effectively identify property fair values using internal or external variables. In this paper, there are two main objectives. First, we estimate the value of a dwelling using the econometric models Artificial Neural Networks (ANN) and Classical Hedonic pricing models. Second, we obtain implicit prices of the main variables associated with the valuation process, comparing both in a case study. The ANN approach is preferred for two reasons. First because the degree of fit is better than for hedonic models and forecasted values are closer to observed transaction prices. Second because implicit prices for the main causal variables are closer to the buyer’s valuation. The ANN models are thus closer to the real behavior of the agents involved, than hedonic models. A case study with 2888 transactions is presented, corresponding to a medium size urban area in the South of Spain. Classification-JEL: C45, C51, R31 Keywords: housing prices, urban economics, Artificial Neural Networks, classical Hedonic price model Journal: Revista Internacional Administraction and Finanzas Pages: 41-54 Volume: 5 Issue: 3 Year: 2012 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v5n3-2012/RIAF-V5N3-2012-3.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:5:y:2012:i:3:p:41-54 Template-Type: ReDIF-Article 1.0 Author-Name: Victor Manuel Alcantar Enriquez Author-Name: Sonia Elizabeth Maldonado-Radillo Author-Name: Jose Luis Arcos Vega Title: WORKPLACE ENVIRONMENT MEASUREMENT ESSENTIAL TO ENSURE THE EFFECTIVENESS OF MANAGEMENT QUALITY SYSTEM, MEDICION DEL CLIMA LABORAL REQUERIDO PARA ASEGURAR LA EFECTIVIDAD DEL SISTEMA DE GESTION DE CALIDAD Abstract: In this study, we develop and validate a specific instrument to assess the workplace environment. The instrument, once developed, was submitted for review by a multidisciplinary group of experts who assessed its logical and content validity. To determine the construct validity, a factor analysis was used with main components and Varimax rotation. A self-administered instrument including 46 items was designed to measure the atmosphere in a public university. Six variables are consistent with the criteria established by standard ISO 9001:2008. The instrument was applied to 112 administrative employees. Seventeen items were eliminated from the analysis because they showed a low correlation. The analysis revealed that six variables explained variation of 62.90%. The scale has good inner validity and consistency. A final scale was accepted with 27 items. The global rating of the questionnaire had a Cronbach’s alpha of 0.922. Classification-JEL: M0, I2 Keywords: Work climate, ISO 9001:2008, public universities Journal: Revista Internacional Administraction and Finanzas Pages:55-68 Volume: 5 Issue: 3 Year: 2012 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v5n3-2012/RIAF-V5N3-2012-4.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:5:y:2012:i:3:p:5568 Template-Type: ReDIF-Article 1.0 Author-Name: Deneb Eli Magana Medina Author-Name: Edith Georgina Surdez Perez Author-Name: Carlos David Zetina Perez Title: ROLE AMBIGUITY OF MEXICAN ACADEMIC RESEARCHERS, AMBIGUEDAD DE ROL EN INVESTIGADORES MEXICANOS Abstract: Role ambiguity is conceptualized as the lack of clarity in work. The purpose of the study is to present the levels of role ambiguity shown by research professors who belong to an academic body at the Universidad Juarez Autónoma de Tabasco in Mexico. The study design is non-experimental, descriptive and correlational transactional. A sample of 234 faculty researchers using stratified random sampling across all academics divisions participated in this study. The results showed that 23.5% of the population had a high level of role ambiguity. Ambiguity rules, processes and time, showed recurrent significant differences for most socio-demographic variables. Classification-JEL: I21; I23; M52 Keywords: Ambiguity role, researchers, academic groups Journal: Revista Internacional Administraction and Finanzas Pages: 69-87 Volume: 5 Issue: 3 Year: 2012 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v5n3-2012/RIAF-V5N3-2012-5.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:5:y:2012:i:3:p:69-87 Template-Type: ReDIF-Article 1.0 Author-Name: Eduardo F. Macias-Negrete Author-Name: Esther A. Enriquez-Perez Author-Name: Eduardo Zepeda Title: LEADERSHIP STYLE IDENTIFICATION IN AN AUTOMOBILE DESIGN CENTER: A DIAGNOSIS AND CRITIQUE, LEADERSHIP STYLE IDENTIFICATION IN AN AUTOMOBILE DESIGN CENTER: A DIAGNOSIS AND CRITIQUE Abstract: This work has two fundamental objectives: one is to identify the types of leadership exerted in an automobile design center and two is to provide a critique to increase organizational awareness. Results show that there is a significant statistical difference between the ideal mixture of leadership and the actual leadership profile of the organization. Gender does not impact the type of leadership and leadership style depends on the academic level of the people who exert it. Leadership style also has an impact on investment approach. Finally, the mixture of leadership recommended is critiqued from the stand point of the dialogic or critical post-modern leadership. Classification-JEL: L62; D01, G30 Keywords: leadership, hybridization of leadership, dialogic leadership. Investment Journal: Revista Internacional Administraction and Finanzas Pages: 89-102 Volume: 5 Issue: 3 Year: 2012 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v5n3-2012/RIAF-V5N3-2012-6.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:5:y:2012:i:3:p:89-102 Template-Type: ReDIF-Article 1.0 Author-Name: Rosiluz Ceballos Povedano Title: SOCIAL-ECONOMIC ANALYSIS OF A FISHING COOPERATIVEDIVERSITY AND SUSTAINABILITY, APROXIMACION SOCIOECONOMICA EN UNA COOPERATIVA DE PRODUCCION PESQUERA DIVERSIDAD Y SUSTENTABILIDAD ORGANIZATIVA Abstract: This document presents a socio-economic diagnosis of a fish production cooperative. The purpose is to identify the differences between the actual and expected performance of its members. Information was collected through a semi-structured interview, company documents, and direct observation. We also analyze the social context and behavior of the cooperative members including fishermen work process, their perception of the organization and their perception of their organization performance. Next, we analyze their financial performance. We quantify hidden costs that are not recorded in traditional financial instruments. Classification-JEL: L21, L23, G23, G31, G33 Keywords: fishing cooperative, organization studies, hidden cost Journal: Revista Internacional Administraction and Finanzas Pages: 103-118 Volume: 5 Issue: 3 Year: 2012 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v5n3-2012/RIAF-V5N3-2012-7.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:5:y:2012:i:3:p:103-118 Template-Type: ReDIF-Article 1.0 Author-Name: Velia Veronica Ferreiro Martinez Author-Name: Janette Brito Laredo Author-Name: Adriana Isabel Garambullo Author-Name: Carolina Martinez Lopez Title: COMMUNITY OUTREACH AND SOCIAL RESPONSIBILITY PROGRAM AS A TEACHING TOOL IN HIGHER EDUCATION,PROYECTOS DE VINCULACION ESCUELA-EMPRESA COMO ESTRATEGIA DE APOYO EN LA CALIDAD DEL PROCESO ENSENANZA APRENDIZAJE DE LA EDUCACION SUPERIOR Abstract: In this paper, we analyze the impact that a community outreach and social responsibility (COSR) programs have on a university, community and students. We analyze a COSR program at Universidad Autonoma de Baja California Campus Tecate, Business Administration program. The results show that COSR programs are an important student training tool. University programs are more in line with community needs when a COSR is presented, and communities are more willing to support their institutions of higher education. Classification-JEL: I23 Keywords: learning-teaching process, linking business-students, meaningful and effective learning Journal: Revista Internacional Administraction and Finanzas Pages: 119-133 Volume: 5 Issue: 3 Year: 2012 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v5n3-2012/RIAF-V5N3-2012-8.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:5:y:2012:i:3:p:119-133