This paper sets forth another contribution to the long standing debate over cost of capital, firstly by introducing a multiplicative model that translates the inner structure of the weighted average cost of capital rate and, secondly, adjusting such rate for governance risk. The conventional wisdom states that the cost of capital may be figured out by means of a weighted average of debt and capital.

Los valores son las creencias del individuo o del grupo acerca de lo que se considera importante en la vida, tanto en los aspectos éticos o morales como en los que no lo son. Dan el fundamento sobre el cual se formulan juicios y se realizan elecciones. Existen valores morales, culturales, sociales, políticos, religiosos. Y también valores corporativos a los cuales adhieren organizaciones e instituciones que, en muchos casos, pueden contener la clave de su éxito o fracaso.

The purpose of the essay is to investigate the proposition that a free-trade treaty with a superpower is more effective in promoting exports, investment and per capita growth than a unilateral opening to free trade. To that end we study five success stories: Chile (unilateral opening), Mexico (treaty with a superpower), Spain (supranational integration), Japan (forced unilateral opening), and Argentina in the 19th century (informal treaty with a superpower). We conclude that the historical evidence supports the proposition.

Previo a la reciente creación del Sistema Integrado Previsional Argentino (SIPA), la Reforma del Sistema Previsional en 2007 representó el primer cambio significativo desde el año 1994. Por primera vez los trabajadores cuyas contribuciones se dirigían al régimen privado de capitalización, pudieron libremente optar por pasarse al régimen de público de reparto.

This document attempts to measure the global penetration of peripheral realism, a theory of international relations coined in Argentina during the 1980s and 90s. It includes a list of doccuments from several different countries in which the words “peripheral realism” are included in titles or subtitles.

One important cultural factor that has contributed to inhibiting regional cooperation and integration in Latin America lies in the intense territorial nationalism prevailing in some of its Spanish-speaking countries. This frequently understated phenomenon is an outgrowth of the territorial disputes inherited from Colonial times, and of the indoctrination of public opinion through the educational system and the mass media. Indeed, nearly all of the Spanish-speaking countries of South America harbor myths of territorial losses.

This paper presents evidence of electoraly-motivated changes in the budget balance, public expenditures, composition of public expenditures and provincial revenues in Argentine provinces. The empirical study is made using panel data analysis for 22 provinces during the period 1985-2001. Unconditional results show that conditioning on the alignment of provincial and federal executives (same political party in power) there is evidence of systematic changes in fiscal policies around elections. The observed changes support the predictions of rational opportunistic models of PBC.

A governance indicator for Small and Medium-Sized Enterprises (SMEs) is presented. The indicator adopts stakeholder theory in selecting its elements, which also include a few general governance principles as well as board features. The paper reviews main governance indicators treated in the literature, which are mostly applied to publicly traded firms. It then proposes a specific indicator for SMEs which, in general, are private.

La Chisso Corporation tiene su planta más famosa en Minamata, una ciudad costera de la prefectura de Kumamoto, en la isla de Kyushu, Japón sudoccidental. Chisso y enfermedad de Minamata son nombres indisolublemente unidos, ya que esta empresa fue responsable de la irrupción de la enfermedad, un mal neurológico provocado por el envenenamiento con mercurio. En este trabajo presentamos la relación entre Chisso y la enfermedad de Minamata, como escenario para la identificación de varios problemas vinculados con la ética de los negocios y, en menor medida, con la ética personal y social.

This paper sets forth a pair of distinctive contributions to the subject. In the first place, it provides a unified approach to capital investment decisions, by means of a two-tiered framework of analysis. Such approach consists in working out the net present value of the project by discounting its cash flows with a temporal structure of rates of return adjusted for country and credit risk; this procedure accounts for the first tier. It is for the second tier to bring about both the internal and external rates of return.