Doctorado
Permanent URI for this communityhttps://hdl.handle.net/11285/551013
Colección de Tesis presentadas por alumnos para obtener un Doctorado del Tecnológico de Monterrey.
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- Net Cash Flow Analysis as Stochastic Processes Theory Application and the Real Options Theory: A New Approach-Edición Única(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2006-12-01) Mota Aragón, Martha B.; Dr. Belen Villalonga-Morenés; Dr.Francisco Venegas-Martínez; Dr.Luis García-Calderón Díaz; Dr.Alejandro Ibarra-YúnezThe main contribution of this dissertation is focused on the Capital Investments Theory that influences on Real Option Theory. My Ph.D Thesis asserts that net cash flow (NCF) and the interest rate (rt) of a investment project are stochastic processes. A new model of mean reversion for the NCF administration named “Vasicek extended” is made, among others; the Cox-Ingersoll-Ross (CIR) model for interest rate is considered. A fundamental contribution to this thesis is considering external control variables (Zt) which modify the Net Cash Flow trajectory. To the system of dynamic variables is joined Vector Autoregressive VAR(l) which captures the dynamic interaction of the control variables used by the council administration. We work through from a continuous to a discrete version. Then is explained NPV from my new point of view. The modified NPV(Zt) this gives a more accurate value for valuating VPN(Zt) +<�, � is the real option, therefore we see a step forward on the topic. There is a complete analysis for the discrete case and therefore a complete methodology for applying these ideas to any enterprise in any country. This methodology is applied to the Mexican case, particularly to large enterprises which are listed in the Mexican Stock Market and a taxonomy to get a classification of their situation derivates from it. We arrive 9 naturally possible cases and any enterprise is classified into one of them. The general model are estimated for 69 large enterprises and it shows where every enterprise is located over its corresponding quadrant, this also results as a map allowing having a clear panorama about industrial situation in Mexico. Through the thesis development, we enter upon the information asymmetry notion to obtain the “news cash flow curve” applied to the NCF profit as another contribution. An application on 69 large enterprises listed in the Mexican Stock Market is made.
- Relationship between changes in regulation, corporate governance, and firm performance: Mexico’s case(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2006-12-01) García Nuñez, Heriberto; Fonseca Ramirez, Alejandro; Ibarra Yunez, Alejandro; Flores Zambada, RicardoThe present dissertation is dedicated to study the regulation of corporate governance practices and performance relationships. Several studies have been conducted around the world, based on how the good corporate governance practices impact the performance of the firm. Good corporate governance is related to the protection of the investor rights, and could be established by changes in law, regulation procedures, contracts, control, and normative procedures or product market influence. The present research is related to the regulation, law changes around corporate governance practices in Mexico, and how those changes influence the performance of the firm. The Mexican economy is affected by globalization, financial market integration, and potential investment opportunities around the world; part of the answer of those changes is regulation and investor protection rights.
- The political cycle and the mexican economy(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2006-12-01) Gamez Garza, Cesareo; GAMEZ GARZA, CESAREO; 229585