La retribución de directivos basada en opciones, comúnmente conocidas como stock options, proporciona incentivos para modificar el perfil de riesgo de la empresa a través de la sensibilidad de la riqueza del directivo a las variaciones en el precio de las acciones de la empresa (delta) y a la volatilidad implícita negociada en el mercado (vega). El objetivo de esta Tesis Doctoral es analizar en detalle estos niveles de incentivos, delta y vega, a través de modelos de valoración que se adaptan a las particularidades que presentan las stock options, así como su influencia en el comportamiento frente el riesgo. Para ello, se han utilizado amplias muestras de grandes empresas cotizadas estadounidenses, concretamente aquellas incluidas en el S&P 1500. Los resultados obtenidos muestran que las investigaciones centradas en stock options y comportamiento frente al riesgo no son estables cuando se utilizan diferentes modelos de valoración. Para obtener conclusiones correctas sobre delta y vega y sus efectos sobre el riesgo se necesitan modelos de valoración desarrollados especialmente para las stock options. Al analizar el caso particular de las stock options que incluyen una condición de rendimiento mínimo para poder ser ejercidas (normalmente suele ser un determinado nivel del precio de cotización de las acciones de la empresa), los resultados muestran que un incremento en esa condición de rendimiento está asociado con menores (mayores) niveles de delta (vega). Asimismo, los resultados ponen de manifiesto la importancia de considerar la conducta de los directivos relacionada con el ejercicio anticipado en el diseño de estos planes de opciones. En relación al efecto de las stock options en el comportamiento frente al riesgo de los directivos, los resultados muestran una relación de U invertida entre la riqueza creada por las stock options y el nivel de riesgo de la empresa. Esta relación se sustenta en la combinación de las perspectivas teóricas de la agencia y del modelo comportamental de agencia o Behavioral Agency Model (BAM). Además, cuando se analiza la actitud frente al riesgo del equipo de alta dirección en su conjunto, los resultados señalan que aquellos equipos de alta dirección en los que hay presencia femenina adoptan una conducta más conservadora cuando reciben stock options en comparación con los equipos formados exclusivamente por hombres. Consistente con este efecto de la diversidad de género en el equipo de alta dirección, los resultados muestran que a nivel individual las mujeres directivas adoptan conductas menos arriesgadas cuando son retribuidas con stock options en comparación con sus homólogos masculinos. Por último, analizando el efecto moderador de la posición ocupada en la jerarquía organizativa, los resultados muestran que el maximo directivo (CEO) de las grandes empresas cotizadas se comporta de manera más arriesgada cuando recibe stock options en comparación con el resto de directivos del equipo de alta dirección. Las evidencias mostradas en esta Tesis Doctoral constituyen herramientas útiles para mejorar la gestión retributiva llevada a cabo por la empresa y facilitar el diseño de los planes de retribución con stock options. / Option-based executive compensation provides incentives to alter the firm’s risk profile through the sensitivity of executive wealth to changes in the firm’s stock price (delta) and the sensitivity of executive wealth to changes in stock return volatility (vega). The aim of this thesis is to examine in detail the incentives provided by executive stock options (ESOs), delta and vega, by using appropriate ESO valuation models, as well as their effects on executive risk-taking behavior. This thesis has been conducted using wide samples of US firms that are included in the S&P 1500 index. The findings indicate that research focused on stock options and their influence on risk taking is not robust to the use of different valuation models. In order to obtain right conclusions about delta and vega and their effects on risk taking, it is necessary to use specific ESO valuation models. When performance-vested stock options are analyzed, the findings indicate that the increase in the performance-vesting condition is associated with lower delta and higher vega. The results also show the importance of considering the executive’s voluntary early exercise in the design of performance-vested option plans. Regarding the effect of ESOs on executive risk-taking behavior, the findings show an inverted U-shaped relationship between the wealth created by ESOs and risk taking behavior. This relationship is based on the combination of agency theory perspective and the behavioral agency model (BAM). In addition, when the risk taking behavior of the entire top management team (TMT) is examined, the findings indicate that those TMTs in which there is female representation exhibit more conservative behavior compared to that of non-gender diverse TMTs. Focusing on the individual risk-taking behavior of executives, female executives are not willing to bear so much risk as their male counterparts and adopt less risky behavior. Finally, the findings show that CEOs adopt riskier behavior than non-CEO executives when they receive stock options. The evidence showed in this thesis provides compensation committees with useful tools that facilitate the design of stock option plans.

Affect refers to the physiological processes in the nervous system that are responsible for emotions and feelings. This dissertation studies the relationship between affect and three aspects of financial markets. The first chapter examines affective influences in the stock market as a whole. The second chapter zooms in and studies the relationship between market participants’ affect and their trading decisions. Finally, the third chapter takes the perspective of another kind of market participant, the publically traded firm, and studies how affect influences corporate financial policy. These three studies contribute to a broader research effort to develop a structured and comprehensive theory of behavioral finance based on findings from neuroscientific studies. Each study provides novel evidence that specific affective factors exhibit distinct relationships with the cross-section of stock returns, are each relevant to different investor trading decisions, and can help corporations improve their price performance with regards to stock market crashes. / Los procesos fisiológicos que tienen lugar en el sistema nervioso y que son responsables de las emociones y los sentimientos a menudo son referidos en la literatura del campo científico de la neurociencia como “emociones” –en inglés, affect. Mediante tres estudios empíricos, esta tesis doctoral estudia la relación que se establece entre las emociones y tres aspectos de los mercados financieros. El primer capítulo examina de forma global la influencia de las emociones en el mercado bursátil. Por su parte, los capítulos segundo y tercero abordan dos áreas específicas de dicha influencia. Por una parte, el segundo capítulo estudia la relación que se establece entre las emociones de quienes participan en el mercado bursátil y sus decisiones comerciales. Por otra parte, el tercer capítulo se centra en la perspectiva de empresas cotizadas y documenta cómo influyen las emociones en su política financiera.

La tesi si incentra sulle questioni legate alla distribuzione degli aiuti multilaterali allo sviluppo; in particolare due temi sono affrontati: la selettività degli aiuti e la qualità della governance. L’elaborato si basa sulla letteratura concernente l’efficacia e la distribuzione degli aiuti ed unisce quest’ultima alla letteratura sulla political economy delle organizzazioni internazionali e sulla good governance. Attraverso un’analisi econometrica si intende capire se le organizzazioni multilaterali hanno a cuore la qualità della governance del paese ricevente al momento dell’allocazione degli aiuti. Con un modello GMM-Diff che adopera sia strumenti interni che esterni, si evidenzia come l’interesse per la governance da parte delle istituzioni multilaterali non sia solo retorica, come invece appare da uno studio preliminare. Inoltre, attraverso l’analisi di un panel a tre dimensioni, la tesi monitora l’applicazione della selettività degli aiuti. Viene rigettata l’ipotesi di un aumento della selettività e si evidenziano margini per un miglioramento dell’efficacia allocativa degli aiuti. Le agenzie multilaterali devono cercare di distribuire gli aiuti con criteri diversi da quelli di natura geopolitica. / The thesis examines the allocation of multilateral aid flows with respect to two current issues of the development agenda: the selectivity of aid and the quality of governance. The dissertation brings together three strands of the relevant literature: firstly, the reference literature relating to aid effectiveness and aid allocation, which is then followed by the literature on good governance and, lastly, on the political economy of international organizations. We carry out an econometric study to understand whether international organizations care about the recipients’ performance on governance. With a GMM-Diff methodology using both internal and external instruments we show that the focus on governance by multilateral bodies is not only rhetoric, as it appears at first glance. Moreover, we explore how the selectivity of multilateral aid varies over time by employing a three-dimensional panel. Our analysis rejects the hypothesis of increasing selectivity and confirms that there is room to improve on the allocation of aid. Multilateral institutions need to strengthen their efforts to allocate aid on criteria other than political-strategic ones.

La presente Tesi intende rispondere a tre domande di ricerca tra loro legate. La prima domanda ha l’obiettivo di studiare se il contributo dell’attività creditizia delle banche possa contribuire al rafforzamento del tessuto economico del Paese attraverso un impatto positivo sulla crescita del PIL. La seconda domanda ha l’obiettivo di stimare econometricamente una variabile proxy che esprima le risorse dedicate da ciascuna banca al controllo costante dei finanziamenti erogati, analizzandone il potenziale effetto sia sulla qualità del portafoglio prestiti delle banche sia sul grado di efficienza del processo bancario tradizionale stimato attraverso l’approccio parametrico della frontiera stocastica. La terza domanda ha l’obiettivo di studiare se una maggiore attività di monitoraggio bancario possa ridurre la probabilità di incorrere in sanzioni amministrative da parte della Banca d’Italia. Analizzando un panel bilanciato di 436 banche Italiane, nell’arco temporale 2000-2012, i risultati evidenziano: l’attività creditizia della banca, se di qualità, contribuisce alla crescita economica; l’intensità del processo di monitoraggio del credito rafforza la capacità di prevedere con anticipo futuri peggioramenti della qualità dei prestiti; una relazione positiva tra l’attività di monitoraggio e l’efficienza del processo produttivo bancario; una relazione negativa tra l’efficienza del processo produttivo bancario e le sanzioni amministrative comminate dalla Banca d’Italia. / The Thesis is based on three research questions. The first research investigates whether the lending growth, in the Italian banking system, could contribute to the economic growth and which banks (commercial, cooperative, mutual) show a more sustainable relationship with the economic environment. The second research develops a proxy based on labour input in the loan monitoring process. The proxy investigates: the resources devoted by banks to their loans monitoring activity; its influence on loans quality, its predictive aptitude in finding out anticipatory signals of credit quality worsening; its efficiency on the bank productive process. The third research analyses the relationship between the effective system of banking supervision (i.e., economic sanctions inflicted by the Bank of Italy) and the efficiency of the bank production process estimated through the stochastic frontier approach. Based on a balanced panel of 436 Italian banks, between 2000-2012, the results show: the lending growth may contribute to the economic environment; superior loan monitoring activity improves both future loan losses experience through the early detection and the management of problem loans; the monitoring activity increases the efficiency of the bank production process; the more economic sanctions are inflicted, the less the efficiency of the production process will be.

This dissertation studies the effects of Information and Communication Technologies (ICT) on the banking sector and the payments system. It provides insight into how technology-induced changes occur, by exploring both the nature and scope of main technology innovations and evidencing their economic implications for banks and payment systems. Some parts in the dissertation are descriptive. They summarise the main technological developments in the field of finance and link them to economic policies. These parts are complemented with sections of the study that focus on assessing the extent of technology application to banking and payment activities. Finally, it includes also some work which borrows from the economic literature on banking. The need for an interdisciplinary approach arises from the complexity of the topic and the rapid path of change to which it is subject.The first chapter provides an overview of the influence of developments in ICT on the evolution of financial services and international capital flows. We include main indicators and discuss innovation in the financial sector, exchange rates and international capital flows. The chapter concludes with impact analysis and policy options regarding the international financial architecture, some monetary policy issues and the role of international institutions. The second chapter is a technology assessment study that focuses on the relationship between technology and money. The application of technology to payments systems is transforming the way we use money and, in some instances, is blurring the definition of what constitutes money. This chapter surveys the developments in electronic forms of payment and their relationship to the banking system. It also analyses the challenges posed by electronic money for regulators and policy makers, and in particular the opportunities created by two simultaneous processes: the Economic and Monetary Union and the increasing use of electronic payment instruments.The third chapter deals with the implications of developments in ICT on relationship banking. The financial intermediation literature explains relationship banking as a type of financial intermediation characterised by proprietary information and multiple interactions with customers. This form of banking is important for the financing of small and medium-sized enterprises. We discuss the effects of ICT on the banking sector as a whole and then apply these developments to the case of relationship banking.The fourth chapter is an empirical study of the effects of technology on the banking business, using a sample of data from the Spanish banking industry. The design of the study is based on some of the events described in the previous chapters, and also draws from the economic literature on banking. The study shows that developments in information management have differential effects on wholesale and retail banking activities. Finally, the last chapter is a technology assessment study on electronic payments systems in Spain and the European Union. It contains an analysis of existing payment systems and ongoing or planned initiatives in Spain. It forms part of a broader project comprising a series of country-specific analyses covering ten European countries. The main issues raised across the countries serve as the starting point to discuss implications of the development of electronic money for regulation and policies, and in particular, for monetary-policy making.

The first part of the article seeks to highlight the importance that increasingly electronic trading experience in the field of financial services, and as a result of that the new expressions that arise in providing financial transactions through a conceptual distinction of services and financial channels. In this context, new challenges for the industry players requiring them continuing specialization and innovation in product design, in order to satisfy the current demands ofconsumers who have configured one profile increasingly informed, sophisticated technology in making their consumption decisions.In the second part of the article, I will describe the local regulation which applies to electronic contracting in comparison with the regulation that applies to the traditional contracting which use printed information and oral presentations. This section identifies also the main regulatory implications for the consumer and the industry, with reference of compared experiences that may be interesting to comment on the formulation of considerations if applicable. / En la primera parte del artículo se propone destacar la importancia que crecientemente experimenta la contratación electrónica en el ámbito de los servicios financieros, y como consecuencia de ello, las nuevas expresiones que surgen en la prestación de operaciones financieras pasando por una distinciónconceptual de servicios y canales financieros. En este contexto, se configuran nuevos retos para los actores de la industria de este tipo de servicios que les exige continua especialización e innovación en el diseño de productos, de modo que éstos estén en grado de satisfacer las exigencias actuales de consumidores que cuentan con un perfil cada vez más informado, sofisticado y tecnológico en la adopción de sus decisiones de consumo.En la segunda parte del artículo se describirá el tratamiento regulatorio local aplicable a la contratación electrónica de servicios financieros, destacando aquellos aspectos regulatorios que la distinguen respecto de la contratación tradicional, esto es, la contratación presencial por medios escritos. En esta sección se identificará a su vez las principales implicancias regulatoriasde cara al consumidor y a la industria, tomando como referencia experiencias regulatorias a nivel comparado que puedan resultar interesantes de comentar en la formulación de consideraciones a que hubiera lugar.

El presente estudio desarrolla y evidencia el online brand experience con relación al e-satisfaction y e-loyalty en usuarios de banca online en el mercado peruano. Para la investigación del presente estudio se empleó una metodología cuantitativa, en donde se utilizaron encuestas virtuales para recolectar información. La información obtenida de 400 encuestas realizadas a usuarios de bancas online en el Perú, las cuales serán analizadas mediante el sistema de IBM SPSS AMOS 21.0. Los hallazgos obtenidos denotan que el online brand experience tiene un impacto positivo sobre las otras dos variables: e-satisfaction y e-loyalty; así como la relación entre la online brand experience y e-loyalty es mediada por la variable de e-satisfaction. Este estudio se enfoca en la importancia de la experiencia virtual de la marca y el efecto de esta en los sectores que ofrecen servicios en línea. Asimismo, este estudio aporta conceptos básicos y posibles estrategias para las bancas peruanas que buscan desarrollar un online brand experience único a través del e-satisfaction y e-loyalty; principalmente en este contexto de incertidumbre global (SARS-CoV2), donde la transformación digital es un paso imprescindible en todo tipo de negocio. / This study develops and evidences the online brand experience in relation to e-satisfaction and e-loyalty in online banking users in the Peruvian market. A quantitative methodology was used for the research of this study, where virtual surveys were used to collect information. The information obtained from 400 surveys of online banking users in Peru will be analyzed using the IBM SPSS AMOS 21.0 system. The findings show that the online brand experience has a positive impact on the other two variables: e-satisfaction and e-loyalty; as well as the relationship between the online brand experience and e-loyalty is mediated by the e-satisfaction variable. This study focuses on the importance of the virtual brand experience and its effect on the sectors that offer online services. Likewise, this study provides basic concepts and possible strategies for Peruvian banks seeking to develop a unique online brand experience through e-satisfaction and e-loyalty; mainly in this context of global uncertainty (SARS-CoV2), where digital transformation is an essential step in all types of business. / Trabajo de investigación

En las últimas décadas, se ha encontrado a la transformación digital como aliado clave que permite a las empresas utilizar herramientas innovadoras para ofrecer una experiencia más cercana, directa y eficiente a los usuarios. Asimismo, la tendencia de uso de herramientas digitales viene en aumento y es aplicada en el desarrollo de canales de contacto innovadores para generar mejoras en la atención de clientes, como, por ejemplo, el desarrollo de la banca móvil en el sector financiero. Sin embargo, en este rubro, la adopción de nuevas tecnologías por parte del consumidor tiene una curva de aprendizaje más conservadora, la cual requiere mayor esfuerzo de marketing para incentivar su uso.  Al respecto, creemos que la transformación digital trae consigo valiosos beneficios y vemos importante aportar a su desarrollo para que más empresas del sector bancario puedan aprovechar estas tendencias, pues hoy en día existe gran potencial en este ámbito.  En ese sentido, la presente tesis tiene como finalidad conocer y entender las motivaciones de los usuarios sobre la adopción de uso de la banca móvil. Para ello, buscamos validar si las variables “facilidad de uso percibida”, “utilidad percibida” e “influencia social” tienen correlación con la variable “intención de uso” de la banca móvil. Asimismo, para recabar la información necesaria para la validación de nuestra hipótesis, emplearemos una metodología exploratoria con un alcance descriptivo y correlacional, en la cual realizaremos una entrevista a profundidad a un experto en el rubro y complementaremos con encuestas virtuales a los usuarios de la banca móvil. / In recent decades, digital transformation has been found as a key ally that allows companies to use innovative tools to offer a closer, more direct and efficient experience to users. Likewise, the trend in the use of digital tools is increasing and is applied in the development of innovative contact channels to generate improvements in customer service, such as the development of mobile banking in the financial sector. However, in this area, the adoption of new technologies by the consumer has a more conservative learning curve, which requires a greater marketing effort to encourage their use. In this regard, we believe that digital transformation brings with it valuable benefits and we consider it important to contribute to its development so that more companies in the banking sector can take advantage of these trends, since today there is great potential in this area. In this sense, the present thesis aims to know and understand the motivations of users regarding the adoption of the use of mobile banking. To do this, we seek to validate whether the variables "perceived ease of use", "perceived utility" and "social influence" have a correlation with the variable "intention to use" of mobile banking. Likewise, to collect the necessary information for the validation of our hypothesis, we will use an exploratory methodology with a descriptive and correlational scope, in which we will carry out an in-depth interview with an expert in the field and complement the banking users with virtual surveys mobile. / Tesis

El proyecto empresarial, TheShield App, es un aplicativo móvil, para el registro y consulta de incidentes relacionados a seguridad ciudadana, que busca contribuir a mejorar la gestión de las municipalidades en forma conjunta con la sociedad. Los usuarios del aplicativo, podrán realizar el registro de denuncias de actos delictivos, detallando el lugar, tipo y fecha de la ocurrencia. Dicha información, también se encontrará disponible para los demás usuarios que interactúen con el aplicativo con la finalidad que sea fuente de consulta. TheShield App aprovechará en recopilar dicha información a través de una base de datos a fin de servir como fuente de información real y completa de los incidentes ocurridos en determinado distritos y que pueda ser usada para una adecuada gestión de seguridad de las municipalidades. La idea de negocio, ha sido validada por diferentes herramientas, siendo una de ellas la del Experiment Board, en donde se confirmó que un 58.82% de usuarios (ciudadanos) y un 60% de clientes (municipalidades) se encontraban interesados en nuestra idea. La inversión necesaria para la puesta en marcha del proyecto es de S/284,966 nuevos soles, obteniendo una rentabilidad (TIR) del 35.32%, un VAN de S/ 112,679 y el retorno de la inversión al tercer año de operaciones en la evaluación económica, considerando un costo de oportunidad de capital (COK) de 23.02%. / Tesis

La presente tesis posee un enfoque cuantitativo no experimental de diseño correlacional cuyo objetivo general es determinar si la metodología ágil Scrum se relaciona con la satisfacción del cliente de aplicativos móviles de las principales entidades bancarias declaradas transformadoras digitales en la sección de banca minorista en Lima Metropolitana en el 2019. La metodología ágil Scrum y la satisfacción del cliente son temas de gran impacto, los cuales se desarrollan de manera constante en diversas industrias en el mundo, encontrando zonas inexploradas en cuanto al conocimiento de la relación de ambas variables. En consecuencia, podrían mejorar las metodologías de trabajo en el mundo laboral, así como la experiencia del cliente o usuario final. La investigación se realizó sobre una población de 2,371,542 personas, representados por una muestra de 383 personas, de quienes se recolectó información a través de una encuesta conformada por dos apartados, el primero se enfoca en la variable metodología ágil Scrum, estuvo compuesto por 17 preguntas y se adaptó del artículo “The Impact of Scrum on Costumer Satisfaction An Empirical Study; respecto al segundo apartado, se focalizó en la variable satisfacción del cliente, constituido por 27 preguntas y adaptadas, principalmente, de la herramienta de medición SERVQUAL. De esta manera, ambos apartados de la encuesta fueron llevados al contexto del rubro financiero y validados por jueces expertos, obteniéndose, finalmente un total de 44 preguntas de tipo Likert. Para la relación entre variables se utilizó la aplicación de la estadística no paramétrica, haciendo uso del estadístico Chi-cuadrado y la prueba estadística Rho de Spearman. Los resultados presentan r = 0,68 comprobándose que existe una relación directamente proporcional entre las variables. Asimismo, a un nivel de significancia α=0,05 se obtuvo un p = 0,000 (< 0,05) menor al nivel de significancia, demostrando la existencia significativa de una relación media entre la metodología ágil Scrum y la satisfacción del cliente, sugiriendo a los actores claves de los escenarios afines tomar en cuenta que las modificaciones de aplicaciones móviles desarrolladas con la metodología ágil Scrum impacta en la experiencia del usuario. / This thesis has a non-experimental quantitative approach of correlational design whose general objective is to determine if the Scrum methodology is related to customer satisfaction of mobile applications of the main banking entities declared digital transformers in the retail banking section in Metropolitan Lima in 2019. The Scrum methodology and customer satisfaction are high-impact topics, which are constantly being developed in various industries around the world finding unexplored areas regarding the knowledge of the relationship of both variables. Consequently, they could improve work methodologies in the world of work, as well as the client or end user experience. The research was conducted on a population of 2,371,542 people, represented by a sample of 383 people; this information was collected through a survey composed of two sections, the first one focuses on the Scrum methodology variable, it was composed of 17 questions and was adapted from the article “The Impact of Scrum on Costumer Satisfaction An Empirical Study”; regarding the second section, it focused on the client satisfaction variable, composed of 27 questions and adapted, mainly, from SERVQUAL. In this way, both sections of the survey were taken to the context of the financial sector and validated by expert judges, finally obtaining a total of 44 Likert-type questions. The application of non-parametric statistics was used for the relationship between variables making use of the Chi-square statistic and the Spearman's Rho statistical test. The results show r = 0.68 verifying that there is a directly proportional relationship between the variables. Also, the results show that for a level of significance α = 0.05, it is p = 0.000 (<0.05) lower than the significance level was obtained demonstrating the significant existence of an average relationship between the Scrum methodology and customer satisfaction, suggesting to the key actors of the related scenarios take into account that the modifications of mobile applications developed with the Scrum methodology impact the user experience. / Tesis