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