Journal of CENTRUM Cathedra. Vol. 03, Issue 02
URI permanente para esta colecciónhttp://54.81.141.168/handle/123456789/194729
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JCC Volume 3 - Issue 2 - 2010
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Ítem Acceso Abierto Positive Accounting Theory and Science(Pontificia Universidad Católica del Perú. CENTRUM, 2010) Kabir, HumayunThis paper examines the development of positive accounting theory (PAT) and compares it with three standard accounts of science: Popper (1959), Kuhn (1996), and Lakatos (1970). PAT has been one of the most influential accounting research programs during the last four decades. One important reason which Watts & Zimmerman (1986) have used to popularize and legitimize their approach is that their view of accounting theory is the same as that used in science. Thus, it is important to examine how far accounting has been successful in imitating natural science and how the development of PAT compares with the three standard accounts of science. This paper shows that accounting could not emulate the success of natural science. Further, the methodological positions of PAT conform to none of the standard accounts of science. Rather, PAT contains elements of all three. Finally, this paper identifies some methodological gaps in PAT.Ítem Acceso Abierto Behavioral Anatomy of the Financial Crisis(Pontificia Universidad Católica del Perú. CENTRUM, 2010) Szyszka, AdamIn view of the challenges facing the neoclassical paradigm of economy, behavioral finance which offers an alternative way of looking at the processes taking place in capital markets is growing in importance. By referring to psychology and pointing out the imperfections of a human mind, it reveals mistakes committed by both individual and professional investors. In the 2008 financial crisis, behavioral inclinations affected not only the investors but also market-supporting entities and regulatory institutions. This article presents a brief macroeconomic background and then focuses on the behavioral aspects of the recent market turbulence. The findings of the paper may help avoid psychological traps associated with investing and are important for both investors and regulatory institutions responsible for securing the stability of financial systems.Ítem Acceso Abierto Spillover Effects Among Gold, Stocks, and Bonds(Pontificia Universidad Católica del Perú. CENTRUM, 2010) Sumner, Steven; Johnson, Robert; Soenen, LucIn this paper an attempt is made to document the interdependence among stocks, bonds and gold. Gold is an important asset class and has often been seen as a safe haven and counter-cyclical investment vehicle. We present an extension of the work done by Diebold and Yilmaz (2009) using a spillover index methodology to examine whether gold returns and volatilities can predict U.S. stock and bond market movements or vice versa. For the sample period from January 1970 until April 2009, return spillovers appear muted. However, there is some evidence of volatility spillovers of which much is attributable to a spillover from innovations in stocks to bond return volatility. Spillovers in terms of returns are higher during the early 1980s, mid-1990s and the most recent financial crisis. Volatility spillovers have been very elevated in the recent financial crisis as well as late 1970s and early 1990s. The lack of any substantial relationship between gold and stocks and gold and bonds raises the question whether gold price movements can be used as a predictor for stocks and bond prices.Ítem Acceso Abierto The Impact of External Shocks and Preferential Trade Arrangements on the Agricultural Gross Domestic Product of Peru, 1950-2007(Pontificia Universidad Católica del Perú. CENTRUM, 2010) Tello, Mario D.This paper examines the impact of external shocks and six preferential trade arrangements faced by the Peruvian economy during the period 1950-2007. The focus was the agricultural gross domestic product (GDP), its external and internal components, and the associated two sets of relative prices. The main results are on the one hand, that the per capita GDP shocks have affected the per capita agricultural GDP, its two components, and the associated price indices of the external agricultural GDP component. The impact on the prices of the agricultural GDP, particularly on the internal component, has been weaker. On the other hand, the set of six preferential arrangements has not affected the rate of growth of the per capita agricultural GDP and its internal GDP component in a statistically significant way. These arrangements affected, with different degrees of robustness, the agricultural GDP associated prices, particularly the external component.Ítem Acceso Abierto Competitive Strategy and Performance in Mexico, Peru, and the United States(Pontificia Universidad Católica del Perú. CENTRUM, 2010) Parnell, John A.This paper compares competitive strategy-performance relationships in Mexico, Peru, and the USA. 334 managers in the USA, 398 in Mexico, and 314 in Peru completed surveys. An innovative strategy orientation was positively associated with performance satisfaction in all 3 nations. The link between low cost strategy orientation and performance was negative in Mexico and positive in the USA. Mexican firms were the most innovative and Peruvian the most cost-oriented. Top managers in Mexico considered their firms’ strategies less innovative and more cost-oriented than did middle and lower level managers. Top managers in Peru considered their firms’ strategies more cost-oriented than did middle and lower level managers. The U.S. sample showed no significant strategy differences across management levels.Ítem Acceso Abierto Interest Rate Adjustment Mechanisms as a Response to External Shocks: Evidence from Argentina's Convertibility Plan (1991-2002)(Pontificia Universidad Católica del Perú. CENTRUM, 2010) Farber, VaninaFrom 1991 to 2002, Argentina engaged in an economic stabilization strategy, the “Convertibility Plan,” that fixed the national currency to the U.S. dollar. This article analyzes how the counter-cyclical role of domestic interest rates contributed to the Plan’s collapse, as it changed investors’ confidence in the commitment of policymakers to continue with unpopular recessionary and deflationary adjustment policies. To reach this conclusion, this article – using univariate and multivariate techniques (cointegration) with monthly data from 1991 to 2002 – examines the dynamic behavior of domestic inflation and interest rates in the context of the currency board. In the absence of nominal exchange rate flexibility, other variables adjusted to ensure equilibria in both the goods and services and the capital markets. Following a similar dynamic to the one analyzed under the Convertibility Plan, and taking into consideration the finding that Argentine prices adjust to keep the real exchange rate constant in the long run, the current strategy of keeping a “competitive exchange rate” has an obvious downside: the impossibility to control inflation.Ítem Acceso Abierto Employability Management Needs Analysis for the ICT sector in Europe: The Case of Small and Medium-sized Enterprises(Pontificia Universidad Católica del Perú. CENTRUM, 2010) van der Heijden, Beatrice I. J. M.; van der Schoot, Esther; Scholarios, Dora; Marzec, Izabela; Bozionelos, Nikos; Epitropaki, Olga; Jedrzejowicz, Piotr; Knauth, Peter; Mikkelsen, Aslaug; van der Heijde, ClaudiaThe purpose of this paper is to deal with the outcomes of a so-called “employability management needs analysis” that is meant to provide more insight into current employability management activities and its possible benefits for Information and Communication Technology (ICT) professionals working in Small- and Medium-sized enterprises (SMEs) throughout Europe. A considerable series of interviews (N=107) were conducted with managers in SMEs in seven European countries, including Germany, Greece, Italy, the Netherlands, Norway, Poland, and the UK. A semi-structured interview protocol was used during the interviews to cover three issues: employability (13 items), ageing (8 items), and future developments and requirements (13 items). Analysis of all final interview transcriptions was at a national level using an elaborate common coding scheme.