On asset managers, hedge funds and ETFs

Joaquín López Pascual, Santiago Camarero Aguilera (2017). Nº14 "On asset managers, hedge funds and ETFs",  in The IEB Aestimatio. International Journal of Finance, pp 26-45

 

The returns generated by the traditional asset management industry do not justify the current fees charged. An "excessive" reward for the risk taken leads to the assumption of disproportionate risks and to a non-efficient allocation of resources. This situation has been become more evident with the appearance of low-cost index-tracking funds, such as exchange-traded funds (ETFs) and robo-advisors, which are favoured in the current low-return, low-volatility and high-correlation investment climate. However, the market cannot be entirely made up of index funds with no discrimination; this would ultimately lead to a massive misallocation of capital.

 

In this context, the traditional asset management and hedge fund industries need to evolve and adapt to the new environment that requires more transparency, lower fees and new pay structures with more robust set ups.


Big Data and Earned Value Management in Airspace Industry

Joaquín López Pascual, Juan Carlos Meléndez Rodríguez, Pedro Cañamero Molina, Fausto Pedro García Márquez (2017). Chapter 10. " Big Data and Earned Value Management in Airspace Industry ",  in " Big Data Management ".  Ed. Springer, pp 257-267.
 
 
This book focuses on the analytic principles of business practice and big data. Specifically, it provides an interface between the main disciplines of engineering/technology and the organizational and administrative aspects of management, serving as a complement to books in other disciplines such as economics, finance, marketing and risk analysis. The contributors present their areas of expertise, together with essential case studies that illustrate the successful application of engineering management theories in real-life examples.
 
Provides an interdisciplinary approach to big data, merging the perspectives of contributors from various fields of research.
 
Aimed at engineers, economists, and researchers who employ engineering management in the course of their work.
 
Offers insightful real-life case studies to illustrate the applications of big data in management.
 
 

An Overview of Earned Value Management in Airspace Industry

Joaquín López Pascual, Juan Carlos Meléndez Rodríguez, Pedro Cañamero Molina, Fausto Pedro García Márquez. (2016). "An Overview of Earned Value Management in Airspace industry", in Proceedings of the Tenth International Conference on Management Science and Engineering Management. Ed. Springer. pp 1465-1477.

 

Earned value management (EVM) is an effective Project management approach. This method is used to manage Project of different sectors and has been revised to improve its Schedule estimates, the Earned Schedule Management and the Earned Duration Managemente and to include new components as quality, the quelity earned value management. This paper explores the EVM methodology and proposes a model to manage projects aerospace engineers based in a real case study. The inputs in the model are the planning and the monitoring of the case study, planned value, earned value and actual cost of aerospace projects. 


Evolución y análisis de la financiación de la PYME en España

Joaquín López Pascual (2014). "Evolución y análisis de la financiación de la PYME en España", en Revista de Economía ICE. Nº879. Ed. Ministerio de Economía y Competitividad,  pags. 113-124.


This article analyses the evolution of the financing of small and médium-sized enterprises, paying special attention to traditional financing and other sources of alternative financing to be fostered and considered by companies. The importance of small and medium-sized enterprises as a driver of growth and employment makes them a key element in economic growth policies. This study analyses the economic context as a determining factor of their financing, chiefly the intensity of the crisis emerging with particular force from 2008 onwards, which modified the financing structures of companies and made their access to financing more complex. Various sources of financing are discussed, with a focus on bank lending, as most of the financing of these businesses comes from financial entities. Other sources of financing are also discussed in a special section on sources that have still not reached a significant weight but could become a supplementary alternative to other more traditional sources used by our business fabric (i.e., business angels, crowdfunding, etc.), allowing SMEs to access different financing alternatives with a greater future projection-sources that are being implemented with the relevant regulatory developments on a national and a European level.

 

 

 


Restructuring bank networks after mergers and acquisitions: A capacitated delocation model for closing and resizing branches

Joaquín López Pascual, Diego Ruiz-Hernández, David Delgado-Gómez (2015) have collaborated on a new research article. "Restructuring bank networks after mergers and acquisitions: A capacitated delocation model for closing and resizing branches" in "Computers & Operations Research". Vol 62, October 2015. Pages 316-324.

 

During restructuring processes, due to mergers and acquisitions, banks frequently face the problem of having redundant branches competing in the same market. In this work, we introduce a new Capacitated Branch Restructuring Model which extends the available literature in delocation models. It considers both closing down and long term operations? costs, and addresses the problem of resizing open branches in order to maintain a constant service level. We consider, as well, the presence of competitors and allow for ceding market share whenever the restructuring costs are prohibitively expensive.

 

We test our model in a real life scenario, obtaining a reduction of about 40% of the network size, and annual savings over 45% in operation costs from the second year on. We finally perform a sensitivity analysis on critical parameters. This analysis shows that the final design of the network depends on certain strategic decisions concerning the redundancy of the branches, as well as their proximity to the demand nodes and to the competitor?s branches. At the same time, this design is quite robust to changes in the parameters associated with the adjustments on service capacity and with the market reaction.

 

 


 


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