Working capital management is an issue in which finance research is scarce. One possible reason behind this fact might relate to the relative ease with which efficient financial markets correct deviations from optimal working capital policies. However, in less efficient financial markets, pervasive among emerging economies, working capital management is critical for both firms ' performance and survival. The difference in the market's ability for providing immediate assistance to firms might explain the differential consequences on firms' profitability and financial distress. This article explains the fundamentals of working capital management, the importance of its interaction with financial markets, and how this interaction might explain working capital patterns around the world.

We study the distortions of industrial organization caused by entry regulation. We take advantage of heterogeneity across industries in their natural barriers and growth opportunities to examine whether industries are differentially affected in countries according to entry regulation. First, we consider the effect of entry regulation on the (static) industry structure. We find that regulation has a greater impact in industries with lower natural barriers to entry, both on the number of firms and on the average size of firms. We find that the effect of entry regulation on industry share is not related to differences in natural barriers. Regarding industry dynamics, we find that in countries with high entry regulation, industries respond to growth opportunities through the expansion of existing firms, while in countries with low entry regulation, growth opportunities lead to the creation of new firms; finally, the total sectoral response is invariant to the level of regulation

This paper studies the effect of financial crises on trade credit in a sample of 890 firms in six emerging economies. We find that although the provision of trade credit increases right after the crisis, it contracts in the following months and years. We observe that firms whose financial position is more vulnerable to crises, are more likely to extend less trade credit to their customers; based on this observation, we argue that the decline in aggregate trade credit ratios is driven by the reduction in the supply of trade credit that follows a bank credit crunch. Our results are consistent with the “redistribution view” of trade credit provision, according to which bank credit is redistributed via trade credit from firms with a stronger financial position to firms with a weaker financial stand.

Este libro explica los conceptos más importantes de las Finanzas para la Pequeña y Mediana Empresa. Combina un enfoque pràctico y coloquial con la necesaria profundidad conceptual; de este modo, los autores logran que el contenido pueda ser entendido por todos los lectores, sin sacrificar el rigor analítico de la materia. La presentación de los distintos conceptos y técnicas es complementada con numerosos ejemplos que ayudan a la comprensión.

As soon as a firm starts operating, and especially once it starts to grow, it needs to come to a decision about how to invest funds, how much cash and inventory to maintain, how much financing to provide to customers, how to obtain the necessary funds, and how much debt to take on and in which terms-all the answers to these questions have serious consequences for a firm's cash flow and profitability. Working Capital Management is a hands-on look at the crucial decision of how to define and finance the operating investments of a business. Starting with an overview of the fundamental framework of corporate finance, the authors set out to define the central, and usually underestimated, role that working capital plays within this structure. They show not only how to prevent the losses that result from mishandling working capital, but also how to fully exploit the strategic potential that intelligent, expert management of working capital allows. The book is the first to emphasize the relevance of the interplay between the investment and finance aspects of working capital, by discussing all of the main components of a firm's operating expenses from both an investment and finance perspective. After focusing on the varying aspects and themes of working capital, such as inventory management, strategic accounting, trade credit, and short-term debt, the authors move on to identify the long-term implications and opportunities raised by this often overlooked aspect of corporate finance.

Tec-noar, la filial argentina de un fabricante de productos de tecnología asiático, está considerando diferentes alternativas ante nuevas restricciones a la importación impuestas por el gobierno. El caso presenta la turbulenta historia económica, social y política de Argentina como así también el contexto actual, en el cual se establecen las nuevas reglas tendientes a promover la sustitución de importaciones. Su objetivo es profundizar el entendimiento del proceso de evaluación de proyectos en mercados emergentes, en donde deben considerarse variables y factores adicionales tales como tipo de cambio, inflación, precios relativos e incertidumbre política.

El caso estudia la oportunidad de Perdigao, uno de los mayores procesadores de alimentos proteinicos de Brasil, de fusionarse con su competidor, Sadia. La oportunidad surge luego de un año en el que Sadia fuera descapitalizado debido a pérdidas en el mercado de derivados. En el caso, el presidente de Perdigao debe decidir respecto a la conveniencia de realizar una oferta por Sadia. Para esto, los estudiantes deben valuar tanto a Sadia, una firma con un alto apalancamiento, como las sinergias en caso de una fusión o adquisición.

El caso presenta la situación de un directivo que debe decidir respecto de la realizacion de una inversión agrícola. Introduce los conceptos de Tasa Interna de Retorno, Valor Actual Neto, sobre el impacto de los impuestos y el de las necesidades operativas de fondos. Asimismo, permite trabajar sobre la valuación de un proyecto a través de sus flujos de fondos diferenciales.

Un caso sobre gestión de clientes en una empresa enfrentando dificultades financieras en el cual se observa el contraste entre las soluciones propuestas desde una visión comercial y una financiera y la necesidad de buscar una respuesta integradora.

Un caso sobre gestión de clientes en una empresa enfrentando dificultades financieras en el cual se observa el contraste entre las soluciones propuestas desde una visión comercial y una financiera y la necesidad de buscar una respuesta integradora.

Un caso sobre gestión de clientes en una empresa enfrentando dificultades financieras en el cual se observa el contraste entre las soluciones propuestas desde una visión comercial y una financiera y la necesidad de buscar una respuesta integradora.

The paper discusses the problem of valuation in emerging markets. After briefly explaining difficulties faced by investors trying to apply standard valuation techniques in emerging economies, we propose a novel approach that allows for a deeper examination of the so called country risk. The suggested approach is based on the intuition that one can do better by including country risk in the expected cash flows rather than by embedding it into the discount rate. We propose to do so by using simulation models to estimate truly expected cash flows, which can then be discounted using the standard CAPM.

presented in Financial Management Association Conference, Atlanta.; World Finance Conference 2012, Rio de Janeiro This study examines the factors influencing global trade credit levels for an unbalanced panel data set spanning 66 countries over the period 2001-2010. We find that increased net trade credit is associated with improved access to country-level private credit, implying that supplier financing is a complementary source of financing. However, the relation varies over time, as trade credit is a substitute source of financing during the first half of the sample period. Further results indicate that the traditional determinants of US firms’ trade credit also explain this form of financing for international firms. Interestingly, net trade credit experiences a pronounced reduction over the sample period. All else constant, the average sample firm in 2010 extends net supplier financing for thirteen fewer days as compared to the same sample firm in 2001.

The expected cost of capital is a crucial component for most of the topics in corporate finance. Unfortunately in the presence of risky debt, it is systematically overestimated. This bias is increasing in leverage and the volatility of cash flows. We show the existence of the bias and assess its size. We finally propose a novel methodology to obtain a direct unbiased estimation of the expected return on assets. This method avoids the computational error that is obtained from the estimation of the individual components.

Valuation is at the center of finance theory. A significant amount of corporate decisions involve the valuation of financial and real assets, at the time that large amounts of money are exchanged every day based on value estimations. Even if we feel that we have a good understanding for dealing with this topic in the developed world, it is still difficult to use standard techniques where the corresponding assumptions fail to apply. Several peculiarities of emerging markets (henceforth, referred to as EMKs) influence valuation methodologies: EMKs differ from developed ones in terms of transparency, liquidity, governance, transaction costs and volatility, just to mention a few examples. For these and some other reasons, one cannot directly export valuation techniques that have been found to work somewhat properly in the developed world, and apply them face value to EMKs.

Esta NT discute el proceso de reestructuración de empresas. Presenta la reestructuración de activos y de pasivos, sus características distintivas y su interrelación

Se analizan algunas alternativas que permiten incorporar a la mecánica habitual para la evaluación de proyectos, el tratamiento de un fenómeno recurrente en el contexto de mercados emergentes: la inflación. Adaptación de la teoría de evaluación de proyectos a contextos con inflación.

Armado del flujo de fondos, ajuste de criterios contables.

Métodos y criterios para la evaluación de proyectos de inversión.