Tesis para optar al grado de Magíster en Tributación / Autor no autoriza el acceso a texto completo de su documento / Existen estudios que señalan que más del 60% del comercio internacional se lleva a cabo entre empresas multinacionales, incluyendo a empresas pequeñas con una o más subsidiarias o establecimientos permanentes. (Precios de Transferencia. Antecedentes – Estado Actual - Perspectivas, Pag. 1). Según la Organización para la Cooperación y el Desarrollo Económico los precios de transferencia son los precios a los cuales una empresa transfiere bienes físicos y propiedad intangible, o provee servicios a empresas asociadas (O.E.C.D. 2010). En Chile el concepto de precios de transferencia supone que las operaciones o transacciones son transfronterizas, esto es, cualquiera que se celebre entre un contribuyente domiciliado, residente o establecido en Chile, con otra u otras partes relacionadas, que no se encuentren domiciliadas, residentes o establecidas en Chile (Circular N° 29, 2010). La aplicación de los precios de transferencia implica el uso de un conjunto de normas para controlar sobre qué base se realizan las operaciones entre partes vinculadas. Mediante éstas se habilita al Servicio de Impuestos Internos a recalcular los efectos impositivos de esas operaciones, cuando estás no son realizadas a nivel de mercado. Podremos ver que las compañías multinacionales cada vez tienen más participación en la economía mundial, trasladan con mayor frecuencia centros de producción, distribución de bienes y servicios de un país a otro. El principio de Arm’s Length busca regular las transacciones de las empresas relacionadas, para lograr que estas últimas se realicen como si lo hubiesen hecho empresas independientes en circunstancias similares, logrando que las rentas queden razonablemente alocadas en los estados respectivos. Para estos efectos en nuestro trabajo de investigación se establecieron objetivos claros que se procuran alcanzar, la presente investigación pretende evaluar los ajustes de capital, realizar la comparación de los estados financieros de una empresa local con empresas del exterior y además el marco regulatorio que afecta esta materia en la legislación chilena. Consideraremos algunos factores importantes como las características de los mercados relevantes, las funciones asumidas por las partes, las características específicas de los bienes o servicios contratados y cualquier otra circunstancia relevante. Para los efectos de Precios Transferencia en Chile y otros países, se ha utilizado como una práctica común que busca incrementar el grado de confianza del análisis económico de que se trate; por ello aplicaremos ajustes de capital, estos tiene como objetivo eliminar las diferencias entre la compañía analizada y las compañías comparables, estás diferencias pueden estar implícitas en las cuentas por cobrar, cuentas por pagar e inventarios. Cuando una compañía que otorga plazos comerciales de venta más favorables a sus clientes que otra compañía, otorga implícitamente un financiamiento mayor a éstos clientes. Relacionado con los inventarios verificaremos si la tenencia de inventarios es diferente entre las distintas compañías, debido a que esto puede tener impactos en el costo de capital. Una compañía que recibe de sus proveedores plazos comerciales de compra más favorables que otra compañía, recibe implícitamente un financiamiento que probablemente es compensado a través del costo de sus productos vendidos. Los rangos intercuartiles nos ayudará a explicar los ajustes de capital realizados, en el veremos claramente cómo afectan los indicadores cuando realizamos las comparaciones ente las compañías seleccionadas. Cuando hablamos de Precios de Transferencia no podemos dejar de pensar en los efectos tributarios, en nuestra tesis abordaremos la legislación tributaria chilena en esa materia, debido a ella permite controlar y respaldar los temas tratados en nuestra investigación.

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Seminario para optar al título de Ingeniero Comercial, Mención Administración / No autorizada por el autor para ser publicada a texto completo. / This article attempts to reflect the curren state and progress of venture capital research. Based on a literature review, an integrative framework about the venture capital (VC) cycle is developed encompassing the pre-investment phase, the management phase, the exit phase and the interrelationships among them. This review tries to reveal the frends and the actual state of venture capital literature

In light of the emergence of corporate venture capital activity in developed markets, resulting in a large portion of start-ups being invested in by corporate venture capital investors, this research paper explored the activities, objectives, outcomes, limitations and enablers of corporate venture capital investments in South Africa. The research process consisted of a literature review that analysed international literature and where available, literature pertaining to the South Africa, focusing on objectives, outcomes, limitations and enablers of corporate venture capital investments in other markets. Twelve unstructured interviews were conducted with corporate venture capitalists, entrepreneurs and independent venture capitalists. Ethical compliance was observed during every interview, ensuring that the integrity of the data was maintained. The data was analysed with the assistance of computer-assisted qualitative data analysis software (CAQDAS). The research found that the corporate venture capital market in South Africa is underdeveloped in comparison to international markets. There are no distinct strategies employed by those individuals interviewed. However, the outcomes, objectives, limitations and enablers were similar to those in international markets. A framework has been suggested to assist corporate venture capital investors in South Africa, ensuring that they are aware of the objectives, outcomes, limitations and enablers that they could encounter when performing corporate venture capital investments. / Dissertation (MBA)--University of Pretoria, 2013. / mngibs2014 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

This report details a study of capital structure for JSE listed companies. The study considered historical financial information for JSE listed companies over the period 1987 to 2009 and asked two central questions, with the benefit of hindsight. Firstly, could JSE listed companies have used more debt to finance their operations during this period? Secondly, how much additional debt could these companies have used and thereby increase shareholder value? An optimal debt ratio maximises shareholder value by optimising tax benefits of debt. This study analysed data for 97 companies that were within the top 160 JSE listed companies. For each year of data, debt was increased while maintaining certain pre-selected debt service ratios, to determine how much additional debt these companies could have had. These ratios were interest coverage, cash coverage and DSCR. The results indicate that in most sectors of the JSE companies could have used significantly more debt to finance their operations over the past 22 years. By so doing these companies would have increased shareholder value over the years. Copyright / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

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En el caso infortunado de que usted tuviera un familiar directo —padre, hermano o hijo— quien, siendo criminal confeso y sentenciado, huye de la prisión y se refugia en su casa, frente a la inminencia de un allanamiento policial, ¿usted lo delataría y entregaría, o lo ayudaría en su escape?

Social capital refers to the relationships between people that are productive: it can provide people with access to resources, ease transactions, and facilitate social and economic development at the community level. It has been conceptualized as both associations between people and attitudes of trust and cooperation that enable ties to be productive. Within communities, these attitudes underlie social cohesion, which can be defined as social integration and a propensity to cooperate and contribute to the community. Moreover, it is interaction and social engagement that develops social capital by creating and maintaining relationships and fostering social cohesion. This thesis presents an analysis of the development of social capital in coastal British Columbia by considering how the social participation of community members generates socially cohesive attitudes. Moreover, I empirically consider how this relationship varies for different people in different places and across two different types of participation. Formal participation refers to engagement in structured and organized group activities, such as rotary clubs or sports teams, while informal activities are casual irregular and often spontaneous, such as visiting with friends. Using a series of multiple linear regressions on survey data from rural coastal communities in British Columbia, I test how the relationship between these two types of participation and social cohesion varies according to people’s socio-demographic characteristics or the communities in which they live. Not only does this research consider who develops social capital in this way, but also whether the relationship between participation and social cohesion differ along these social lines. The results show that processes of social capital development reflect the characteristics and social environments of community members in coastal British Columbia. The variability shows that social capital development is embedded within particular contexts in ways can lead to inequalities in social capital. / Arts, Faculty of / Sociology, Department of / Graduate

From option pricing using the Black and Scholes model, to determining the signi cance of regression coe cients in a capital asset pricing model (CAPM), the assumption of normality was pervasive throughout the eld of nance. This was despite evidence that nancial returns were non-normal, skewed and heavy- tailed. In addition to non-normality, there remained questions about the e ect of rm size on returns. Studies examining these di erences were limited to ex- amining the mean return, with respect to an asset pricing model, and did not consider higher moments. Janse van Rensburg, Sharp and Friskin (in press) attempted to address both the problem of non-normality and size simultaneously. They (Janse van Rens- burg et al in press) tted a mixture of two normal distributions, with common mean but di erent variances, to a small capitalisation portfolio and a large cap- italisation portfolio. Comparison of the mixture distributions yielded valuable insight into the di erences between the small and large capitalisation portfolios' risk. Janse van Rensburg et al (in press), however, identi ed several shortcom- ings within their work. These included data problems, such as survivorship bias and the exclusion of dividends, and the questionable use of standard statistical tests in the presence of non-normality. This study sought to correct the problems noted in the paper by Janse van Rensburg et al (in press) and to expand upon their research. To this end survivorship bias was eliminated and an e ective dividend was included into the return calculations. Weekly data were used, rather than the monthly data of Janse van Rensburg et al (in press). More portfolios, over shorter holding periods, were considered. This allowed the authors to test whether Janse van Rensburg et al's (in press) ndings remained valid under conditions di erent to their original study. Inference was also based on bootstrapped statistics, in order to circumvent problems associated with non-normality. Additionally, several di erent speci cations of the normal mixture distribution were considered, as opposed to only the two-component scale mixture. In the following, Chapter 2 provided a literature review of previous studies on return distributions and size e ects. The data, data preparation and portfolio formation were discussed in Chapter 3. Chapter 4 gave an overview of the statistical methods and tests used throughout the study. The empirical results of these tests, prior to risk adjustment, were presented in Chapter 5. The impact of risk adjustment on the distribution of returns was documented in Chapter 6. The study ended, Chapter 7, with a summary of the results and suggestions for future research.

A description of the events that preceeded an actual capital investment decision illustrates the importance of uncertainty in the decision process and provides a basis for developing criteria related to the needs of the decision maker in dealing with uncertainty. The sequence of events leading to the acceptance or rejection of a capital investment proposal is best characterized as a decision process in which uncertainty in the input information is reduced to a level consistent with the risk assuming preferences of the firm. The use of formal methods to relate economic benefits, uncertainty, and the risk assuming preferences of the firm within a single framework has been suggested and two methods, employing subjective probabilities as their distinguishing characteristic, are presented for analysis. The theory of subjective probability is found to gain acceptance only if specific assumptions are judged to be acceptable. A second set of assumptions also requires acceptance to justify utilization of the theory in any given practical situation. The analysis of the two methods, in relation to the criteria developed from the actual example, indicates that complete formalization cannot be attained in that no acceptable means of formally incorporating analysis of the risk assuming preferences of the firm is provided. The use of subjective probabilities serves only to formally combine economic benefits and uncertainty. Use of the resulting probability distributions must be based on an acceptance of the underlying assumptions of the theory and serve only as an aid to judgement. Any decision for the use of subjective probability distributions must rest with the individual decision maker. / Business, Sauder School of / Graduate