Corporate control has added value for an investor since it gives degrees of freedom about the use of assets, sources of finance, salaries, etc. On the other hand, real options create value through the flexibility associated to the ability to react to some relevant uncertainty. The process of...

This paper presents a model of the penalty-kick game between a soccer goalkeeper and a kicker, in which there is uncertainty about the kicker’s type (and there are two possible types of kicker). To find a solution for this game we use the concept of Bayesian equilibrium, and we find that,...

This paper expands on a procedure to arbitrage mispriced assets against the benchmark provided by the Security Market Line, but using only separation portfolios to put up a feasible portfolio with the same beta as the mispriced asset and the least total risk among other alternative portfolios....

When Minsky put forward his financial instability hypothesis, he resorted – among other macroeconomic tools of analysis – to categories like income, balance-sheet, and portfolio cash flows, so as to cope with the successive stages of hedging, speculative and Ponzi schemes. This paper makes...

Members of cooperatives are patrons and owners simultaneously, which turns out to be a consequential feature ingrained in that sort of business associations. This paper puts forward some contributions to the subject. Firstly, it defines a primary cooperative, making hence a contrast with...

Whereas a clinical approach to organizations has a well-deserved predicament, narrowing down such viewpoint to governance issues in organizations shows that there has been, so far, an almost complete neglect of this field of enquiry, on which this paper intends to make a contribution. Firstly,...

This paper argues that accountability in organizations should not be constrained to responsibilities alone, but it must also comprise the previous commitments without which responsibilities remain meaningless. It also asserts that transparency should not be merely predicated upon the production...

Al analizar la problemática particular de las empresas de familia surgen dos características bien distintivas: a) la gran contribución que realizan estas empresas al desarrollo de las economías donde actúan y b) la altísima probabilidad de desaparecer en sus primeros años de vida. Para...

Although global investors have been paying more heed than ever to Corporate Governance for the last decade, the evolving premium risk stemming from variegated governance issues has not been factored yet into the expected return of any investor’s portfolio. From a theoretical standpoint, this...

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...