Template-Type: ReDIF-Article 1.0 Author-Name: Eduardo Sandoval Author-Name: Angelo Benvenuto Title: ES EL RIESGO CAMBIARIO PRECIADO EN EL MERCADO ACCIONARIO CHILENO? UN ESTUDIO EMPIRICO BASADO EN LA TEORIA DE PRECIOS POR ARBITRAJE Abstract: Using the approach of Burmeister and McElroy (1988), we jointly estimate the factor sensitivities and risk premia that important macroeconomic surprises have on the stock return generating process in the Chilean equity market, which are assumed generated by the APT. As a new contribution we test whether surprises on the exchange rate are priced and probe the exogeneity of the portfolio excess returns that captures the unobserved surprise factor. The empirical results show evidence in favor of January effect, no rejection of the APT restrictions on the linear factor model, positive and statistically significant risk premia for surprises associated to the relative price of copper-oil, exchange rate (peso-USD, peso-pound, peso-yen) and the Monthly Economic Activity Index growth. A negative and statistically significant risk premia for inflation surprises is found. However, we found mixed results for other exchange rate proxies. Finally the CAPM model is rejected in favor of the APT. Classification-JEL: G12 Keywords: APT, macroeconomic surprises, exchange rate. Journal: Revista Internacional Administracion & Finanzas Pages: 1-27 Volume: 3 Issue: 2 Year: 2010 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v3n2-2010/RIAF-V3N2-2010-1.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:3:y:2010:i:2:p:1-27 Template-Type: ReDIF-Article 1.0 Author-Name: Christian Camilo Vargas R Title: CRITERIOS DIFUSOS EN LA SELECCION DE CARTERAS Abstract: Active portfolio management recognizes the subjective nature of optimal asset distribution in a portfolio. While agent’s interest can guide the selection of optimal asset distribution. There is a gap between optimal assets selection through models that consider market risk and portfolio selection and the agent’s own selection of a portfolio that maximizes his/her expectations. Agents also consider expected return and portfolio risk to investor expectations. This study aims to finds ways to incorporate the investors’ expectation on expected return and portfolio risk. Classification-JEL: G11, G1, G13, G15 Keywords: indifference curve, efficient frontier, compliance, utility, multivalency. Journal: Revista Internacional Administracion & Finanzas Pages: 29-44 Volume: 3 Issue: 2 Year: 2010 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v3n2-2010/RIAF-V3N2-2010-2.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:3:y:2010:i:2:p:29-44 Template-Type: ReDIF-Article 1.0 Author-Name: Ma. Cruz Lozano Ramirez Title: INFLUENCIA DE LA COMUNICACIÓN EN LA IMPLEMENTACIÓN DE PROCESOS DE APRENDIZAJE Abstract: In this paper, 145 top executives in sale and service industries in the State of Aguascalientes, Mexico were interviewed to determine the relationship between communication and learning. The study seeks to indentify how communication influences the learning process. The results suggest that communication do impact the learning process, and that induction and continuous training are important in the achievement of corporate goals. Classification-JEL: C72, D82, D83 Keywords: training, communication, learning process Journal: Revista Internacional Administracion & Finanzas Pages: 45-61 Volume: 3 Issue: 2 Year: 2010 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v3n2-2010/RIAF-V3N2-2010-3.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:3:y:2010:i:2:p:45-61 Template-Type: ReDIF-Article 1.0 Author-Name: Angelica Ivonne Enriquez Perez Author-Name: Jorge Hernandez Palomino Title: DESARROLLO DE HABILIDADES DE INTELIGENCIA EMOCIONAL CON TECNICAS ERICKSONIANAS. Abstract: In this study, Ericksonian Technique are used to measure emotional intelligence in industrial engineering students in technological institutes in Mexico. A sample of 24 students were asked to voluntarily participate in this study and an experimental group and a control group were created. The experimental group was introduced to Ericksonian techniques and their test performance was analyzed using the Copper Emotional intelligence test. The results suggest that there is as significant relationship between Ericksonian growth and utilization of emotional intelligence. Classification-JEL: A10 Keywords: Emotional Intelligence, Ericksonian techniques, teaching, higher education Journal: Revista Internacional Administracion & Finanzas Pages: 63-73 Volume: 3 Issue: 2 Year: 2010 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v3n2-2010/RIAF-V3N2-2010-4.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:3:y:2010:i:2:p:63-73 Template-Type: ReDIF-Article 1.0 Author-Name: Lucila Zarraga Cano Author-Name: Enrique Corona Sandoval Title: LAS EXPECTATIVAS DE LOS TURISTAS CUANDO CONTRATAN LOS SERVICIOS DE LOS GUIAS DE TURISTAS: UN ENFOQUE CUALITATIVO Abstract: In this study, tourist’s perception of tour guide’s service in Cancun is analyzed. The study seeks to determine the variables that impact the overall perception of quality when a tourist hires the service of a tour guide. 400 tourists were asked to complete a 23 –question survey during the high season of 2009 in Cancun. The Cronbach's alpha was used to measure the coefficient of reliability , and the Kaiser-Meyer- Olkin model was used to assess the appropriateness of using factor analysis on the data. The results suggests that when it comes to tangible variables, uniform, and affiliation are relevant. As per knowledge-based variables, knowledge about the subject, language competency, ability to clearly answer questions, and friendliness are relevant Classification-JEL: J21, J23, M31, M54 Keywords: tourism industry, tour guides, expectations, competitive advantages Journal: Revista Internacional Administracion & Finanzas Pages: 75-89 Volume: 3 Issue: 2 Year: 2010 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v3n2-2010/RIAF-V3N2-2010-5.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:3:y:2010:i:2:p:75-89 Template-Type: ReDIF-Article 1.0 Author-Name: Omaira Cecilia Martinez Moreno Author-Name: Jose Gabriel Ruiz Andrade Author-Name: Maria Guadalupe Velazquez Romero Title: OFERTA Y COMPETITIVIDAD TURISTICA DEL POBLADO DE POPOTLA Y SU IMPACTO EN EL DESARROLLO LOCAL Abstract: Mexico enjoys a strong tourism industry, which contributes significantly to the nation’s economic development. The diversity of its natural and cultural resources appeals to a wide range of visitors. Some areas in Mexico are more developed than others. In this study, Popotla, Rosarito is analyzed to determine its potential as a sustainable tourism destination. The Secretary of Tourism (SECTUR) methodology is used to conduct the study. The results suggest that Popotla has the potential to become a competing tourist destination. The study also suggests that infrastructure and use of resources need improvement in order to develop Popotla as a tourist destination. Suggestions and recommendations for future research are provided Classification-JEL: O18, M31, M38 Keywords: tourism, economic development, government policy, Popotla Journal: Revista Internacional Administracion & Finanzas Pages: 91-102 Volume: 3 Issue: 2 Year: 2010 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v3n2-2010/RIAF-V3N2-2010-6.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:3:y:2010:i:2:p:91-102 Template-Type: ReDIF-Article 1.0 Author-Name: Virginia Guadalupe Lopez Torres Author-Name: Ma. Enselmina Marin Vargas Author-Name: Robert Efrain Zarate Cornejo Title: RIESGOS DE TRABAJO EN UNA PLANTA MAQUILADORA: UN ANALISIS LONGITUDINAL Abstract: Occupational safety and work accidents are a major concern in the maquiladora industry. Businesses are required by law to follow safety and health legislation. Due to the nature of maquiladoras in Mexico, manufactures must closely monitor accident occurrences and compliance in order to reduce insurance and production costs. During the period 2006-2008, a Mexico maquiladora experienced a higher than normal number of incapacitating work related accidents. The study seeks to determine which factors contributed the increased number of incidents and to provide strategies to reduce accident occurrence. Statistical tests and the Ishikawa diagram were used in the analysis. The results suggests that workers negligence, insufficient training, and working physical conditions such as noise exceeding 90 decibels, and illumination contributed to the increase in work accidents Classification-JEL: J3, J28, D24 Keywords: occupational safety, production costs, Ishikawa diagram Journal: Revista Internacional Administracion & Finanzas Pages: 103-115 Volume: 3 Issue: 2 Year: 2010 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v3n2-2010/RIAF-V3N2-2010-7.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:3:y:2010:i:2:p:103-115 Template-Type: ReDIF-Article 1.0 Author-Name: Francisco Jose May Hernandez Title: LA EFECTIVIDAD DEL PLAN NACIONAL DE FRANQUICIAS PARA LAS MIPYME EN MEXICO, CASO MUNICIPIO BENITO JUAREZ, QUINTANA ROO Abstract: Extensive research is available on the economic and social impact of small and medium size business (MiPyMe) in developed and developing nations. In Mexico, small and medium size businesses (MiPyMe) rely more and more on franchises to create new jobs, and provide economic development. The Mexican Plan Nacional de Franquicias estimates that nine out of 10 small to medium size business will operate under a franchise by 2020. Little research exists about survival rate of MiPyMe operating under a franchise, government support for MiPyMe franchises, and tax implications. This study seeks to shed some light in the current and future condition of franchises and MiPyMe Classification-JEL: K00, O32, E62, H25 Keywords: Franchise, trade, economic development, small and medium size businesses Journal: Revista Internacional Administracion & Finanzas Pages: 117-130 Volume: 3 Issue: 2 Year: 2010 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v3n2-2010/RIAF-V3N2-2010-8.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:3:y:2010:i:2:p:117-130 Template-Type: ReDIF-Article 1.0 Author-Name: Celsa Guadalupe Sanchez Velez Author-Name: Maria Eugenia Corella Torres Title: LA PARTICIPACION DE LA BANCA COMERCIAL EN LAS MICROFINANZAS: EL CASO DE AMERICA LATINA Abstract: El crecimiento del microfinanciamiento en el mundo durante las últimas décadas ha revolucionado los esquemas financieros tradicionales al demostrar que efectivamente puede contribuir al impulso de micronegocios y, en algunos casos, se ha probado que puede coadyuvar en el combate a la pobreza. El éxito de Instituciones Microfinancieras (IMF) sustentables, y en muchos casos con altas tasas de rentabilidad, está despertando el interés de intermediarios financieros tradicionales que ven una atractiva oportunidad de inversión en este sector. Existe una gran preocupación de que se privilegie la visión comercial, y se pierda paulatinamente el enfoque social de las microfinanzas. El objetivo del trabajo es profundizar en el conocimiento del modelo comercial de microfinanzas en América Latina y el Caribe, a través del estudio de los principales bancos de la región enfocados a este sector. En el documento se realiza un análisis comparativo, desde el punto de vista financiero y operativo, para identificar las tendencias de la banca en la región, y de esta manera contribuir con elementos objetivos en la discusión sobre si el desarrollo del modelo comercial implica abandonar la función social de las microfinanzas, o si es posible que instituciones con fines de lucro, además de ser rentables, puedan coadyuvar en la lucha contra la pobreza Classification-JEL: Keywords: microfinanzas, banca comercial, rentabilidad, función social Journal: Revista Internacional Administracion & Finanzas Pages: 131-147 Volume: 3 Issue: 2 Year: 2010 File-URL: http://www.theibfr2.com/RePEc/ibf/riafin/riaf-v3n2-2010/RIAF-V3N2-2010-9.pdf File-Format: Application/pdf Handle: RePEc:ibf:riafin:v:3:y:2010:i:2:p:131-147