El presente proyecto fue elaborado debido a que identificamos un problema grave en los estudiantes de primaria. Los resultados de la última Evaluación Censal de Estudiantes (ECE) llevada a cabo a fines del 2018 no fueron nada alentadores, ya que la mitad de niños de primaria no comprendía lo que leía. Fabu Kids es una plataforma web que promueve el hábito de lectura en niños y jóvenes a través de recursos didácticos, divertidos y personalizados para hacer del proceso de lectura una experiencia única. De esta manera, crear en ellos un gusto por la lectura a través de pruebas que no resulten tediosas o aburridas, sino que le ofrezcan un momento de diversión que a su vez les deje una lección. El canal que usaremos es un aplicativo móvil fácil de usar, este servicio incluirá niveles de dificultad de acuerdo con la edad de los niños y su avance las lecturas. Además, conforme van superando los niveles, la experiencia se convertirá de forma sutil de algo más cercano a un juego a una pequeña librería personal para el usuario, con cada vez menos dinámicas visuales pero una mayor calidad y profundidad en las lecturas que impulse en cierta medida la preferencia del usuario de los medios escritos sobre los audiovisuales. La principal fuente de ingreso será la suscripción del servicio Premium de Fabu Kids, que otorgará mayor contenido a los usuarios y vales en centros de entretenimiento.

This research aims to identify the determinants of the ex-ante risk premium required by Italian private equity funds (PEFs) when valuing privately-held target companies. In theory, perceived risk is a key driver of expected returns and anticipated value, but: ¿Although PE (private equity) has experienced rapid growth, the risk and return profile of this asset class is not well understood.¿ (Jegadeesh et al., 2009). Some papers have attempted to assess the ex post returns pioneered by Lerner & Gompers (1997). Yet such studies reveal both contradictory conclusions and hitherto inexplicable phenomena: what some authors call the ¿private equity premium puzzle¿ (Moskowitz & Jorgensen, 2000). Such contradictory conclusions include a wide spread of abnormal realized returns ranging from -6% (Phalippou & Gottschalg, 2009) to +32% (Cochrane, 2005). In this research, the perceived risk and expected return drivers refer not to the ex-post realized return that PEF investors actually achieve, but to the required return the PEF hopes to gain from the target investment. At this stage, two important indicators adopted in PEF parlance have to be differentiated: (i) the Expected IRR (E.IRR) and (ii) the Threshold IRR (T.IRR). The first is the IRR as an output of a business plan, and the second assesses the return expected by PEFs according to the risk perceived in the business plan. Put simply, these are respectively, the anticipated return and the (risk-adjusted) required return. The study of the T.IRR is one of the main contributions of this thesis since it has never been studied before by academia as an indicator of the ex-ante perceived risk of a PEF target company. This is partly due to two important reasons. First, most previous papers examine ex-post performance, and only a few (e.g. Manigart et al., 2002), try to assess return expectations and risk perceptions using an ex-ante perspective. Second, most of the prior studies are quantitative and try to measure statistical effects captured by the ex-post IRR. By studying 26 deals (in 13 Italian PEFs) in detail (qualitatively and quantitatively), this research project has been able to observe how PEFs assess risk and estimate the T.IRR. The research project reveals that PEFs apply neither rational-based models nor explicit formulae to assess risk exante. By observing a set of phenomena unique to the PEF sector (fees effect, investment speed effect, persistence effect, money-chasing deal phenomenon, illiquidity effect, etc) whose existence has been suggested by many recent papers, this thesis has been able to propose an adjusted version of the three-factor model of Fama and French (1993, 1995) to assess risk. The application of a quasi-rational-based asset pricing model to guide PEFs assessments is also an important contribution of this thesis. In fact, Franzoni, Nowak and Phalippou (2010), claim to be the first to calculate the PEFs¿ cost of capital by applying asset pricing models. However, their approaches are not only based on the observations of realized returns, but also consider only one additional factor to the standard Fama & French three-factor model (1993), the liquidity factor. In contrast, the results and the model proposed by this thesis are based on qualitative and quantitative ex-ante information and include not only the classical factors of that model, but also some other factors intended to explain some of the phenomena listed above which might also drive the risk premium in private equity funds. Based, therefore, on explaining the behavior of PEFs, the research develops a framework that can be applied by Italian PEFs and perhaps other PEFs in a more rational manner than their past behavior suggests.

The market for sustainable corporate bonds is booming and has been for the pastyears. Swedish real estate companies were first with issuing green corporate bonds andresponsible for the largest amount of issued corporate bonds. However, in the socialand sustainability corporate bond market, the sector is lagging. Why would companiesissue sustainable bonds instead of regular, as it involves more issuing costs and morerequirements? Are green bonds a less risky asset and why have not thesocial/sustainability corporate bond market boomed yet?A proven method is applied by a matching approach using Mahalanobis distance withfocus on green corporate bonds issued by Swedish real estate companies at NasdaqNordic’s sustainable debt list. We compare green and traditional bonds by mean andmedian using paired t-test and Wilcoxon test. Our results conclude that the premiumon green bonds amounts to an average of 13.0 basis points with a median value of 13.6basis points, both at the 1% significance level.Interviews are held with issuers, investors, banks, and rating institutes for a deeperunderstanding behind incentives and the sustainable bonds market. Most respondentsmean that a sustainable label is connected to a premium. Besides an economicincentive, most of the respondents mean that issuing sustainable bonds is a valuablesignaling element to show the market a company’s sustainable commitment.Respondents further say that social and sustainability bonds are lagging due to thelack of key performance indicators (KPIs), regulations, and that such engagementrequires too small investment volumes. With further regulations, the risk ofenvironmental, social, and governance (ESG) washing is minimized, and respondentsbelieve that greenwashing is particularly becoming rarer as the market is maturing.Finally, the respondents all believe in further growth in both green, social andsustainability bonds, but to varying degrees.Our results conclude that there are many incentives in adding the sustainability factorin the capital structure to reduce financial costs as well as improving (or maintaining)brand image. We hope our results can give further incentives to issue sustainable debtas well as bring a deeper understanding to the challenges slowing down thedevelopment of social and sustainability bonds. / Marknaden för hållbara företagsobligationer blomstrar och har gjort det under desenaste åren. Svenska fastighetsbolag var först med att emittera grönaföretagsobligationer och står för den största utestående volymen av emitteradeföretagsobligationer. Däremot halkar sektorn efter när det kommer till sociala ochhållbarhetsobligationer. Varför skulle företag ge ut hållbara obligationer när detinnebär högre emissionskostnader och högre krav? Är gröna obligationer en mindreriskabel tillgång och varför har vi inte sett samma utveckling för sociala/hållbarhetsföretagsobligationsmarknaden?En beprövad matchningsmetod utförs genom att tillämpa Mahalanobis avstånd medfokus på gröna företagsobligationer utgivna av svenska fastighetsbolag på NasdaqNordics hållbara obligationslista. Vi jämför den initiala avkastningen utifrånmedelvärde och median med hjälp av parat t- test och Wilcoxon test. Våra resultatvisar att greenium i genomsnitt uppgår till 13,0 räntepunkter med en median på 13,6räntepunkter, båda på 1% signifikansnivå.Intervjuer genomförs med emittenter, investerare, banker och kreditvärderingsinstitut för att få en djupare förståelse för underliggande incitament och marknadenför hållbara obligationer. De flesta respondenter anser att en hållbar märkning ärkopplad till en premie. Utöver det anser respondenterna att emittering av hållbaraobligationer är en värdefull signal för att visa företagets hängivenhet till hållbarhet,där enbart investerare motsätter sig. Respondenterna menar vidare att sociala ochhållbarhetsobligationer halkar efter på grund av bristen på nyckeltal, regleringar ochatt sådana investeringar omfattar för små volymer. Med ytterligare regleringarminimeras risken för environmental, social och governance (ESG) washing, därrespondenterna anser att greenwashing framför allt blir mer sällsynt i takt med attmarknaden mognar. Slutligen tror samtliga respondenter på ytterligare tillväxt i bådegröna, sociala och hållbarhetsobligationer, dock i varierande grad.Våra resultat visar att det finns många incitament att lägga till hållbarhetsfaktorn ikapitalstrukturen för att minska finansiella kostnader samt förbättra (eller bibehålla)ett företags varumärke. Vi hoppas att våra resultat kan ge ytterligare incitament attemittera hållbara obligationer samt ge en djupare förståelse för de utmaningar sombromsar utvecklingen för sociala obligationer och hållbarhetsobligationer

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This dissertation consists of two chapters. The first chapter shows that the measurement errors in betas for stocks induce corresponding measurement errors in alphas and a spurious negative covariance between the estimated betas and alphas across stocks. This negative covariance between the estimated betas and alphas results in a violation of the independence assumption between the independent variable (betas) and error terms in the Fama-MacBeth regressions of tests of the CAPM, thereby creating a downward bias in the estimated market risk premiums. The procedure of using portfolio returns and betas does not necessarily eliminate this bias. Depending upon the grouping variable used to form portfolios, the negative covariance between estimated betas and alphas can be increased, decreased, and can even be made positive. This paper proposes two methods for correcting the downward bias in the estimated market risk premium. The estimated market risk premiums are consistent with the CAPM after the proposed corrections. The second chapter provides evidence that when the ex-post market risk premium is positive (up markets), the relation between returns and betas is positive, significant, and consistent with the CAPM. However, when the ex-post market risk premium is negative (down markets), the negative relation between betas and returns is significant, but stronger than what is implied by the CAPM. This strong negative relation offsets the positive relation, resulting in an insignificant relation between returns and betas for the overall period. The negative relation between size and returns, after controlling for beta differences, is present only when the ex-post market risk premium is negative, and is responsible for the negative relation for the overall period. This paper decomposes the negative relation between size and returns after controlling for beta differences into the intercept size effect (relation between alphas of stocks and their size) and the residual size effect (relation between residuals of stocks and their size). The asymmetrical size effect between up and down market is being driven by the residual size effect. Long term mean reversion in returns explains, in part, the negative relation between size and returns during down markets. / Ph. D.

Diminishing green bond premia have been associated with the risk of greenwashing. In response, third-party verification (TPV) has emerged as a market-driven solution to mitigate risks from asymmetric information and safeguard the credibility of green bonds. This thesis examines the complexities of TPV mechanisms within the green bond market, employing a novel approach by comparing two leading verification institutions: the Climate Bonds Initiative (CBI) and the International Capital Market Association (ICMA). The goal is to ascertain the effectiveness of TPV and examine their impact on bond yields. Additionally, this study examines the role of these verification systems in reducing information asymmetry and mitigating the threat of greenwashing. Utilising propensity score matching, our analysis reveals a TPV premium ranging from approximately -15 to -19 basis points (bps) for green bonds verified by the CBI, while the ICMA does not reliably demonstrate a TPV premium. Furthermore, our investigation extends to the differential impact of TPV on government and corporate green bonds. We find a clearer TPV premium for corporate green bonds verified by the CBI, estimated at -21 to -23 bps, compared to government green bonds, which yielded insignificant findings. Complementing our quantitative findings, a key informant interview provides nuanced insights. We also uncover potential biases inherent in dataset preferences favouring specific verification institutions. Our research highlights the efficacy of verification through the CBI, as the advantages significantly outweigh the associated costs, making it a sensible choice for issuers. Moreover, we advocate for the adoption of uniform reporting standards to streamline administrative processes and enhance transparency, particularly for corporate green bond issuers. / Minskande premievärden på gröna obligationer har kopplats till risken för greenwashing. Som svar på detta har tredjepartsverifiering (TPV) framträtt som en marknadsdriven lösning för att minska riskerna från asymmetrisk information och säkerställa trovärdigheten hos gröna obligationer. Denna avhandling undersöker komplexiteten i TPV-mekanismer inom marknaden för gröna obligationer, genom att jämföra två ledande verifieringsinstitutioner: Climate Bonds Initiative (CBI) och International Capital Market Association (ICMA). Målet är att fastställa effektiviteten av TPV och undersöka deras inverkan på obligationsräntor. Fortsättningsvis, granskar denna studie rollen av dessa verifieringssystem i att minska informationsasymmetri och motverka hotet om greenwashing. Genom att använda propensity score matching avslöjar vår analys en TPV-premie på cirka -15 till -19 baspunkter (bp) för gröna obligationer verifierade av CBI, medan ICMA inte på ett tillförlitligt sätt visar en TPV-premie. Vidare undersöker vi den differentierade effekten av TPV på gröna stats- och företagsobligationer. Vi finner en tydligare TPV-premie för företagsobligationer verifierade av CBI, uppskattad till -21 till -23 bp, jämfört med statsobligationer, som inte gav signifikanta resultat. För att komplettera våra kvantitativa resultat, ger en intervju med en nyckelinformant nyanserade insikter. Vi upptäcker även potentiell partiskhet inneboende i datasettet som gynnar specifika verifieringsinstitutioner. Vår forskning belyser effektiviteten av verifiering genom CBI, eftersom fördelarna överväger de associerade kostnaderna, vilket gör det till ett vettigt val för emittenter. Dessutom förespråkar vi antagandet av enhetliga rapporteringsstandarder för att förenkla administrativa processer och förbättra transparensen, särskilt för emittenter av gröna företagsobligationer.

Dual asset markets are unique to real estate. When the assets are held by a real estate investment trust (REIT), properties trade in property markets while claims on cash flows from these assets trade in a public equity market. If the two parallel markets are in disagreement regarding the total market value of underlying assets, then REIT managers are faced with inter-market arbitrage opportunities. If a REIT’s shares trade at premium in the stock market relative to the net asset value (NAV) of the underlying assets, the arbitrage opportunity can be exploited by issuing new equity in the stock market and purchasing assets in the property market with the proceeds from new equity. If a REIT’s shares trade at a discount to NAV, the arbitrage opportunity is achieved by selling assets in the local property market and repurchasing shares of common equity. In this dissertation, I investigate whether REIT managers attempt to exploit such opportunities. Specifically, I identify whether share price premiums or discounts to NAV influence the propensity of REIT managers to purchase versus sell assets in the property market. In addition, I investigate whether the market-wide premiums to NAV influence the relative transaction prices paid for the property while carefully controlling for the sample selection issue in the analyses. Further, since this information is feasible to evaluate by analysts, I investigate how investors in the stock market react when REIT managers issue new equity during periods of premiums to NAV. The analyses use property level transaction data for commercial real estate asset values and stock price data for REITs.

Baker and Wurgler(2004) propose a new view on dividend policy called a catering theory of dividends. Managers cater to investors by paying dividends when investors put a stock price premium on payers, and by not paying when investors prefer nonpayer. We connect the catering theory and the difference in the market structure among countries, and want to know in which market structure managers are more willing to care about investors’ demand and then decide to pay dividends or not. First, our study indicates that the catering theory of dividends proposed by Baker and Wurgler (2004) exists around the world. Second, our study shows that managers in a country with a developed stock market, with higher protection and with lower tax advantage pay more attention to what investors desire on dividends, while managers in the higher ownership concentration group care less about investors demand.

Seminario para optar al título de Ingeniero Comercial, Mención Administración / Autores no autorizan el acceso a texto completo de su documento / Para el desarrollo de este emprendimiento nos fijamos en varias señales del comportamiento de compra del consumidor. Primero, durante los últimos años se ha visto un crecimiento sostenido en el interés de las personas por la comida internacional, especialmente aquella proveniente de Perú y países orientales tales como China, Japón, India, etc., aumentando el consumo de platos con comida cruda como sushi, ceviche y los crudo. Una segunda tendencia es un creciente aumento de demanda por carros de comida en eventos y tercero una tendencia creciente de la población por acercarse a la comida natural y sana. Nos dimos cuenta que nadie mezcla estas tendencias de consumo. También en un estudio de mercado nos dimos cuenta que las propuestas son homogéneas, enfocados a un consumo masivo y no exclusivo. El mercado potencial de Premium Carts lo dividimos en 3 tipos de clientes, el cliente tipo 1 (personas naturales) provendrá principalmente en las clases sociales AB y C1, este tipo de cliente, representan el 11,3% de la población en Santiago, ubicándose principalmente en las comunas de Vitacura, Las Condes, Lo Barnechea y La Reina. El cliente tipo 2 serán las empresas, existen más de 392.000 empresas en Santiago, y clientes tipo 3 las productoras de eventos. La propuesta de Premium Carts, para nuestros 3 tipos de clientes, es ofrecer un servicio exclusivo y diferente de la preparación in situ de alimentos que ofrece una experiencia única para los invitados, solucionando el problema de alimentación en este tipo de reuniones sociales. Una vez definido nuestros clientes y nuestra propuesta de valor realizamos los análisis PORTER Y FODA, donde llegamos a diferentes conclusiones. El poder de negociación de los consumidores es medio-alto, el poder negociador de los proveedores es baja, la amenaza de nuevos competidores el alta, la rivalidad entre los competidores es media y la amenaza de sustitutos es media lo que da una industria con una alta competitividad donde los esfuerzos por diferenciarse serán clave. En el FODA nos damos cuenta que nuestras fortalezas y oportunidades son mucho más altas que las debilidades y amenazas, es por esto que con nuestra propuesta de valor Premium Carts tiene muchas oportunidades de éxito. La imagen corporativa debe estar alineada con el posicionamiento y la propuesta de valor, para lograr consistencia. De esta manera, tenemos que estar preocupados que la imagen corporativa transmita confianza y calidad. Esto se realizara mediante el logotipo, servicio, carro y recursos humanos. Con el mix promocional primero estableceremos contacto con los clientes, esto lo haremos por medio de canales digitales. Redes Sociales, Página Web (www.premiumcarts.cl) y vía Mail principalmente. Las Redes Sociales como Facebook, Instagram y Twitter las usaremos para darse a conocer en una primera instancia y luego como medio de comunicación de los combos, promociones y ofertas que vayan saliendo. Finalmente para desarrollar este proyecto se llevamos a cabo un análisis financiero, para lo cual se tomó en cuenta un horizonte de cinco años plazo para desarrollar los flujos de caja. Se realizaron 2 escenarios, los cuales son conservadores, con dos carros en un comienzo en el primero y en el segundo con un carro en un comienzo. Los resultados de esta análisis nos arrojaron una TIR de 52% y 26% y con VAN de $28.292.975 y $5.786.588 respectivamente, con una tasa de descuento del 15% en ambos casos. El análisis financiero nos permite concluir que es conveniente y rentable hacer el proyecto.