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Comparison of the Local and Global CAPM Estimates for Mexican Companies
Given that Mexican companies holding foreign currency debt are extremely exposed to the volatility in currency exchange rates, we ask if the required returns determined by the Local CAPM model and those determined by the Global CAPM model are significantly different. In our study, which was conducted between 2006 and 2010, we found the two models projected significantly different estimated capital costs. We tracked 19 companies that trade on the Mexican Stock Market and found that the average of the Local CAPM is 13.83% while that of the Global CAPM is 20.38%. Our discovery that the estimated cost of capital for the Mexican firms in the global capital market is significantly higher than in the local -- reaching 1000 basis points in some cases -- suggests the need for further studies to investigate the statistical and economic significance of this difference.
Oferta Pública Inicial Y Underpricing en El Mercado de Capitales Mexicano (Initial Public Offering and Underpricing in the Mexican Stock Exchange).
Spanish Abstract: Las empresas deciden hacerse públicas por diversas razones, entre ellas podemos mencionar temas de liquidez, obtención de financiamiento y la disminución del costo de capital. Una vez que fue valuada la empresa y que el intermediario financiero fijó un precio para las acciones, las compañÃas salen al mercado a un precio de oferta determinado. Al finalizar el primer dÃa de cotización, la compañÃa presenta un precio de cierre. En el marco internacional, la tendencia para las ofertas públicas iniciales (IPO, por sus siglas en inglés) es tener un precio de cierre mayor al de oferta. Lo anterior es conocido bajo el término underpricing. El grado de underpricing varÃ...
Mosquitoes of the Southeastern United States
, , , Mosquitoes of the Southeastern United States is a full-color, highly-illustrated guide to the 64 known species of mosquitoes in 11 genera that populate the South's main geographical area--from the Gulf Coastal states to the Carolinas. , ,
A Comparison of Cost of Equity Estimates of Local and Global CAPM
Given that Mexican companies holding foreign currency debt are extremely exposed to the volatility in currency exchange rates, we ask if the required returns determined by the Local CAPM model and those determined by the Global CAPM model are significantly different. In our study, which was conducted between 2006 and 2010, we found the two models projected significantly different estimated capital costs. We tracked 19 companies that trade on the Mexican Stock Market and found that the average of the Local CAPM is 13.83% while that of the Global CAPM is 20.38%. Our discovery that the estimated cost of capital for the Mexican firms in the global capital market is significantly higher than in the local -- reaching 1000basis points in some cases -- suggests the need for further studies to investigate the statistical and economic significance of this difference.
The Political Economy of Transnational Power and Production
The Political Economy of Transnational Power and Production: Mexico's Metamorphosis 1982-2022 How and why Mexico’s socioeconomic structure was transformed through plutocratic preferences, US corporate strategies, and ideology—all powering transnational processes of neoliberalization—are issues examined in this comprehensive, carefully documented publication covering four crucial decades of metamorphosis. The causes and consequences of the creation of a new, regional power bloc—the North American Free Trade Agreement (NAFTA)—are extensively examined. Readers will benefit from the many important demystifications presented here, chronicling the asymmetric Mexico-US production system. ...
SÃ/pero no: La poesÃa de Bécquer
Las rimas de Gustavo Adolfo Bécquer, asà como su obra en prosa, ponen de relieve la polaridad, la contradicción, el continuo vaivén de la esperanza y la desilusión. La estructura de sus poemas responde, en la medida de su lógica interna (sÃ/pero no), a la misma ley de contradicción que existe en los estratos profundos del espÃritu. El problema de la vida y el amor se plantea y se une con su visión del mundo. La vida, o la experiencia, puede ser bella o fea, buena o mala. Toda experiencia abre una última dualidad insuperable, que desgarra la unidad de la existencia. En su coyuntura interna, lo uno anula lo otro; un mismo objeto o sentimiento puede ser motivo de entusiasta afirmación y al mismo tiempo de apasionada negación. Su poesÃa es delirio alegre o reconcentrado dolor; el ritmo psicológico oscila entre impulsos contrarios. La acumulación de las antÃtesis profundiza los estados internos. El alma se debate entre opuestos: la razón y la pasión; la alegrÃa y el dolor; la esperanza y la desesperanza.
