Luis J. Sanz

The stock market’s reaction to accounting information: the cases of Chile and Peru

Purpose – The purpose of this paper is to analyze the stock price and volume reactions around firms’ earnings announcement dates in two Latin American stock markets: Chile and Peru. Design/methodology/approach – This study uses multivariate regression analysis to determine the impact of accounting information on stock prices and volume traded around the firms’ earnings announcement dates. Findings – The authors find that quarterly earnings surprises explain stock abnormal returns and abnormal trading volumes around the earnings announcement dates in the Santiago (Chile) and Lima (Peru) stock exchanges. The authors also find that these two effects are driven by small firms. Originality/value – This is one of the first articles to study the price and volume reactions to accounting information in Latin American stock markets.

Financial decision-making in a high-growth company: the case of Apple incorporated

Purpose – The purpose of this paper is to develop conceptual knowledge and skills in making financial policy decisions in a rapidly growing and profitable enterprise. Design/methodology/approach – This teaching case was written by documenting and analyzing published information available to the public about Apple. It presents Apples situation at the end of April 2012. The company reported net profits of US

The privatization process in Argentina: the case of the Buenos Aires subway system

11.6 billion and income from sales of US

Are We Really Having An Impact? A Comprehensive Approach to Assessing Improvements in Critical Thinking in an MBA Program

39.186 billion both for the January-March 2012 quarter. Given this highly successful situation, students should assume the role of the companys chief financial officer, Peter Oppenheimer, and make recommendations to the board of directors about what to do with what appears to be a huge cash surplus that the company has accumulated through the years. Findings – Students/participants are usually surprised by the fact that accumulating excess cash could become a problem for any company. Through several discussions of the case the authors have found that answers to...

Costa Rica: IT Entrepreneurs Leapfrogging for Innovations

Abstract This case study examines the Argentinian privatization process that occurred in the early 1990s and which marked the start of the third phase of the history of public services in the country. The research focusses on the role played by a group of private companies in the privatization of the Buenos Aires Subway, an icon of the modernization of mass passenger transportation. It explores the background to the process, the alternative selling options available to the government and concerning the degree of public control that would be retained. It examines the effects of privatization on the economy of the country, on government debt and on the workers who lost their jobs as a result of the sale. The paper ends by describing the measures were taken during the transition from a bureaucratic management model to an entrepreneurial one. Resumen El caso examina el proceso de privatizacion en la Argentina a comienzos de los anos 90..s cuando inicio la tercera fase en la historia de los servicios publicos ...

Protected by the Family? How Closely Held Family Firms Protect Minority Shareholders

While executives and faculty recognize the importance of critical thinking skills for business graduates, it is often debated whether students come into MBA programs with these skills, and if not, whether such skills can be effectively taught. This paper describes our experience in measuring the improvement of critical thinking skills in the MBA program at a well-known Business School in Central America. Recognizing the intricate nature of the learning process using the case method, we proceeded to apply three different approaches to gauge its impact on student problem-solving ability: the application of standardized tests in critical thinking skills to incoming students and, later on, to those same students just before completing the program; a prepostcomparison of written case analyses; and the use of the capstone “Management Consulting Practice” experience as a course-embedded assessment instrument to evaluate critical thinking skills in a real-world context. From this experience we concluded two things: first, the MBA program does have an impact, not only improving students’ critical thinking skills, but also leveling the playing field in this area with respect to their U.S. counterparts. Second, assessing improvement in critical thinking skills is a complex task calling for a multi-measures approach, in particular if the intent is to develop corrective measures. When such an approach is applied, the quality of information for improvement is enhanced and a more complex informing network emerges, including faculty from diverse functional areas who do not normally interact.

Financial distress costs in Latin America: A case study

Costa Rica shows all the characteristics of an efficiency-driven economy. According to the last report of the GEM, we could not expect much entrepreneurial activity in the country, as it completes its transition to an innovation-driven economy (Kelley et al. 2010). Hence, the lack of supporting institutions and policies is not surprising, with the exception of long-standing solutions for SMEs, which are really not tailored to satisfy the needs of dynamic new ventures. But in spite of all that, we are seeing a new class of enterprising ticos or Costa Ricans pursuing innovating opportunities, particularly in the IT sector. To paraphrase one of the leading businessmen in the country (and the subject of one of our examples), Costa Rica is starting to transform itself from a knowledge society into a knowledge-based economy.