Renta Fija Soberana DF2-234
This technical note explains sovereign bonds. It consists of debt incurred by states, and hence is credit-risk free. However, it is not free of others such as market and liquidity risks. It also goes into the different types of sovereign bonds, starting with treasuries and bonds. Likewise it covers related concepts and other concepts like inflation bonds and segregable coupons.Academic Area:Finance
Renta Variable DF2-235
This technical note explains all the financial equity products to be found in Europe, but in Spain in particular.
It starts with the public and private ordinary shares, and moves on to explain the spanish index IBEX 35, made up with 35 companies, featuring Inditex, Banco Santander, Telefonica, BBVA and Repsol among others. It also includes a detailed explanation around the preemptive subscription rights through an exercise vs. future capital increases, by reviewing the effect on the theoretical value. On the other hand, it explains the concept of preferred stock and the main differences with ordinary stock.
It also explains other complex products such as financial futures contracts, contract for differences and others.Academic Area:Finance
Renta Fija Privada, Subordinada y Titulizaciones DF2-230
This Technical Note references all the financial instruments of private equity.
First, it illustrates the three main risks of these financial instruments: market risk, liquidity risk and credit risk. Additionally, it states which are the main products in the eyes of the Comisión Nacional Del Mercado de Valores (CNMV).
Then it how, within the liabilities structure of a firm, there frequently exists a difference between senior and subordinate debt, where the main characteristic of the latter is that, faced with an asset reduction, it suffers a decrease in value after the capital but before the senior debt.Academic Area:Finance
Operativa Bancaria Básica DF2-229
En esta Nota Técnica se hace una breve introducción a la Operativa Bancaria Clásica o Tradicional.
Primero, se explica el Mercado Interbancario, que es el ámbito donde se aplican los tipos de interés cobrados entre Bancos al financiarse.
Adicionalmente, se muestran las fuentes básicas de ingreso de la banca, y las diferencias entre la estructura de contabilidad de una empresa no financiera y una financiera. Igualmente, se exponen los productos de Pasivo como Cuentas Corrientes, de Ahorro y Repo (Repurchase Agreement), así como también los productos de Activo como Préstamos, Factoring y Leasing. Otro tema de interés, es la forma en que las entidades financieras administran las inversiones de sus clientes, por medio de: Acciones, Bonos, Warrants/Opciones, Futuros, Contratos por Diferencias, Bonos Estructurados y Fondos de Inversión.
Finalmente se exponen los productos de cobertura más sencillos que un Banco ofrece a sus clientes.Academic Area:Finance
Derivados de tipo de cambio DF2-233
This technical note starts with the notation used for currency exchange and goes further into methods to calculate it. Then it moves to explain the main difference between futures and options, and further into currency exchange derivatives, with their respective calls and puts. It also deals with buyer and seller tunnels, and exotic derivatives.Academic Area:Finance
Productos y Depósitos Estructurados DF2-232
This technical note goes into the financial products known as "Structured", that are mainly notes, deposits and structured funds. This note is mainly focused on notes and deposits, that have a similar structure.
On the other hand, explains that structured products and deposits are complex products, and have high risks for many reasons. First off, their liquidity is usually limited; their definition and the way they function are also not easy to explain and, finally, the valuation of these products usually requires mathematical and financial advanced knowledge.
It also includes an exemplified explanation for bonds or deposit with a partial or total guarantee, exotic structured bonds and self cancelling bonds.Academic Area:Finance
Capital Privado y Creación de Valor: El Caso Donalds … DF1-220
Ignacio Vercesi was analyzing the information he had of Donaldson, S.A., potential target for acquisition of the private equity company where he was founding parnter.
Donaldson S.A. was a small Spanish firm in retail, with reknown and traditional brands. It was going through difficulties as a consequence of the changes in the new consumption tendencies and the recent economic crisis.
Even though the company was in what Mr. Vercesi considered was an unsustainable situation, the owners of Donaldson with whom he had been in contact considered unacceptable any offer below book value. The mayority of Donaldson's capital was owned by a family, and the company wasn't public.Academic Area:Finance
Pedro Gandara CO1-278-I
Pedro, a young industrial engineer, had just earned his MBA and landed a job at Innovaciones Metalúrgicas S.A., a top engineering consulting firm. His manager Marta, a very intelligent woman and an excellent manager, gave him the tasks of working alone on a difficult set of technical problems they were finding in nickel and tungsten alloys and to attend and contribute to the weekly coordination meetings to the best of his ability. Pedro ended up proposing four potential improvements to Marta in a span of nine months. Marta carefully analyzed each of his proposals. She rejected the first one on the basis of a number of excellent technical arguments. She also rejected the second one because it would be too rigid and time-consuming. Marta thought his third proposal could work but that it had some weaknesses that needed to be dealt with. For his fourth proposal, he decided to focus on something that was technical in nature since that was his expertise. But it wouldn’t work either. Since he had worked so hard on the proposals, he felt very discouraged and disappointed. One the one hand, he acknowledged that Marta was an excellent professional and knew that her decisions were fair. On the other hand, he was very upset because Marta never praised his efforts and focused on the weaknesses in his proposals without any positive feedback. Her managerial style was causing him to lose his enthusiasm and motivation and he was also upset with his colleagues for criticizing him. At the end of the case, Pedro must decide how to handle the situation.Academic Area:Organisational Behaviour | Innovation