La Universidad Peruana de Ciencias Aplicadas (UPC) fue sede de la segunda edición del “University Premium Training” organizada por Bloomberg, empresa líder en información financiera y económica a nivel mundial. / El evento, que fue realizado los días 5, 6 y 7 de noviembre en el campus San Isidro, tuvo como objetivo poder reforzar las competencias de los docentes de diversas universidades de Lima que emplean Bloomberg como una herramienta didáctica para la educación y planificación financiera. Esta compañía brinda herramientas de software financiero, como análisis, plataformas de comercio capital y servicios de datos para las empresas quienes deseen consultar información bursátil y financiera en tiempo real. / Además, se contó con la participación de expertos que emplean la herramienta como apoyo para la toma de decisión financiero: Lizzette Lara; especialista en riesgos y derivados, André Lapponi; especialista Senior en Portafolio y Análisis técnico, Pedro Cortejo, CEO-Founder de Decision Capital, entre otros. / Se presentan los alcances de uso de Bloomberg para el futuro de los estudiantes, cómo usar la información que muestra, la experiencia de los que trabajan en mesa y las funciones del trader. Ponente: José Carlos Vélez - Cofide

La Universidad Peruana de Ciencias Aplicadas (UPC) fue sede de la segunda edición del “University Premium Training” organizada por Bloomberg, empresa líder en información financiera y económica a nivel mundial. / El evento, que fue realizado los días 5, 6 y 7 de noviembre en el campus San Isidro, tuvo como objetivo poder reforzar las competencias de los docentes de diversas universidades de Lima que emplean Bloomberg como una herramienta didáctica para la educación y planificación financiera. Esta compañía brinda herramientas de software financiero, como análisis, plataformas de comercio capital y servicios de datos para las empresas quienes deseen consultar información bursátil y financiera en tiempo real. / Además, se contó con la participación de expertos que emplean la herramienta como apoyo para la toma de decisión financiero: Lizzette Lara; especialista en riesgos y derivados, André Lapponi; especialista Senior en Portafolio y Análisis técnico, Pedro Cortejo, CEO-Founder de Decision Capital, entre otros. / En la primera presentación, se tratan las experiencias y perspectivas según el desarrollo del mercado local. Asimismo, se explica qué hace un trader, cuáles son sus aportes a la sociedad, cuál es el valor generado, el desafío de ser trader en el Perú, cómo ayuda Bloomberg a lograr los objetivos como trader, expectativas y tareas pendientes. Ponente: Pedro Cornejo, CEO-Founder Decision Capital. / En la segunda presentación, se plantean cuáles son los retos de las universidades, --atraer y retener talento, posicionamiento de vanguardia, innovación en la creación de empresas, inteligencia social, generar estrategia y ventaja competitiva, y nuevas tendencias)--. Asimismo, se plantan los grandes retos los docentes, y se explcia la propuesta de Bloomberg, relacionada con el aprendizaje y uso de la tecnología. Para ejemplificarlo, se analiza un caso, que se refiere a la preocupación de los portafolio managers por el aplanamiento de la curva en Estados Unidos, a partir de cuya inquietud se pregunta a los estudiantes cuánto conocen del tema para, que puedan pensar cómo les podría servir Bloomberg en un caso como este. Ponente: Lizette Lara, especialista de riesgo y derivados – Bloomberg.

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There are four main components for influencing traders' behaviors in an information market context: trader characteristics, organizational characteristics, market design, and external information. This dissertation focuses on investigating the impact of individual trader characteristics on trading behaviors. Two newly-developed constructs, highly relevant to information market contexts, were identified to increase our understanding about trading behaviors: trader's economic culture and trader independence. The theory of planned behavior is used as the theoretical basis to postulate hypotheses for empirical testing. Data collected from subjects through a series of web-based experiments shows that trader participation can be fostered through recruiting individuals who are entrepreneurial, risk takers, and not highly independent traders. Additionally, a set of objective measures were developed to operationalize trader participation and performance (accuracy of prediction, and profitability). The research investigation on these concepts suggests that there is statistical evidence for a positive influence of trader participation on trader performance. In comparing the quantity influence (trader participation) and the quality influence (trader accuracy) on trader profitability, we have found that trader accuracy had higher and more significant impact than trader participation.

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Using the intraday data on the Taiwan Stock Exchange (TWSE), we address the issue of the informativeness of the limit order book in the periodic call market. We find that the pre-call information variables, i.e., the market order and the radius of the order book, have significant impacts on the trade variables, i.e., trading volume, the post-call bid-ask spread, and the trader surplus. Furthermore, we are able to show that the radius, as well as the market order, contains two differential forces in impacting these trade variables.

Konkurrensen inom detaljhandeln blir allt hårdare, både från andra butiker men även från e-handeln, vilket sätter press på fysiska butiker att ha nöjda kunder som fortsätter handla i butiken. Ett tillvägagångssätt för att möta den hårdnande konkurrensen är att ha en butiksmiljö s.k. servicescape som är utformad efter kundernas behov, vilket dock förutsätter att handlarna vet vilka behov sina kunder har. Har handlarna en felaktig uppfattning om kundernas behov föreligger det ett gap som minskar chansen att kunderna blir nöjda och därmed butikens konkurrenskraft. En avgränsning gjordes till klädbutiker, då klädbutiker är bland de butikstyper som är mest konkurrensutsatt. Syftet med uppsatsen var att kartlägga hur kundernas behov överensstämmer eller skiljer sig från handlarnas uppfattning om deras behov. För att uppfylla syftet tillämpades en kvalitativ metod men med en statistisk bearbetning dvs. en kvantitativ bearbetning då resultatet redovisades med hjälp av frekvenser och värden på en skala. Datainsamlingsverktyget som användes var enkäter och utformades efter de tio faktorerna som sammanställdes i den teoretiska referensramen. Enkäterna delades ut till både kunder och handlare i Borlänges stadskärna och Faluns stadskärna. Resultatet av uppsatsen visade att det för faktorerna ljus (4,2), trängsel (4.5) (4.6), Ljud (4.7), toaletter (4.9), (4.10) finns en skillnad ett s.k. gap mellan handlarnas uppfattning om kundernas behov och vad kundernas behov egentligen är. Det framkom även att handlarna ansåg att kunderna har större behov av att faktorerna rent & städat (4.3), (4.4) in & utgångar (4.8) är tillfredsställande än vad kunderna egentligen har. Det framkom precis som behandlades i den teoretiska referensramen att kundernas behov tenderar att variera utifrån deras demografiska faktorer ålder och kön. Om handlarna har en låg, medel eller hög prisnivå påverkade även det hur viktigt det är för kunderna att faktorerna är tillfredsställande. Slutsatsen som författarna identifierade var att det föreligger ett gap mellan handlarnas uppfattning om kundernas behov och vad kunderna anser att deras behov är gällande flera av faktorerna. Detta är dock något som kunderna säger vilket inte behöver stämma överrens med hur de verkligen tycker. Det är dock svårt att urskilja något mönster gällande gapen utan det är nästan enbart tendenser man kan urskilja, vilket gör att varje faktor bör analyseras individuellt. / The competition within the retail market is increasing, both from other retail stores but even from the fast growing internet trade, which puts pressure on the physical stores to have satisfied customers that continues to shop in the store. An approach to face the increasing competition is to have a servicescape that is designed to face the customers’ needs, which assume that the traders knows what their customers’ needs are. If the traders have wrong perception about the needs of their customers there might be a gap that decreases the chance the customers will be satisfied and with it the competitiveness of the stores. A definition has been made to clothing stores, because those are among the stores that are the most exposed to competition. The purpose of this paper have been to map how the customers’ needs agree with or differentiate from what the traders thinks theirs customers needs are. In order to fulfill the purpose a qualitative method with a statistic adaptation i.e. a quantitative adaptation were the results are shown with the help of frequencies and value on a scale was applied. Data was collected with questioners which were designed based on the ten factors that were put together in the theoretical framework. The questioners were shared to both customers and traders in the center of Borlänge and the center of Falun. The result analysis shows that for the factors light (4.2), press (4.5), (4.6), sound (4.7), toilets (4.9), (4.10) a gap existed between the traders perception about the customers’ needs and the reality of those needs. It was also shown that the traders perception for the factors cleaned (4.3), (4.4), entrance & exits (4.8) were even higher than what the customer’s needs really are. The result analysis also shows that the customers’ needs are affected by the customers’ demographic factors age and gender just as it had been discussed in the theoretical framework. The price level of the clothing stores also affected the customers’ expectations of to what degree they could expect to get their needs satisfied as also discussed in the theoretical framework. The conclusion that the authors identified were that there is a gap for the majority of the identified factors between traders’ perception of their customers’ needs and what the customers says that those needs are. Even though the customers say they have those needs it doesn’t mean it agrees with the reality. It´s hard to distinguish any pattern in terms of the gaps, but there is tendencies that can be seen, which results in that each factor should be analyzed individually.

Made available in DSpace on 2016-03-15T19:26:27Z (GMT). No. of bitstreams: 1 Francisca Grostein.pdf: 807662 bytes, checksum: 32cf7dd3db9db28443c6c5a6e1bd8953 (MD5) Previous issue date: 2006-03-13 / Exploring the international market is becoming more intensive in the countries reality, in general, and in the Brazilian reality scene, in particular. The companies need to enlarge and diversify its markets in order to reduce political and economic risks that, in the last years, have been devastating many countries, including Brazil. However, it is not an easy task for the company to start or increase its work in the international market. Among other requirements, it demands human resources ready to f ace challenges, overcoming them successfully. Even with the changes in the laboral relations that occurred in the past decade, there are people who can find a source of pleasure, pride, social recognition and identity in their work. And it is precisely in this context that the present research studied the trader career, one of the professionals that act in the international trade universe, and aim to understand the origin, evolution, the personal gains and looses and this career future perspectives. Methodologically, this research was based on qualitative method of cientific research involving Brazilian traders that acted or still act in many export companies in Brazil. Data was fathered through deep interviews according a semistructured interview guide that aimed to explore the evolution of these traders career. Data gathered were treated according the Analysis of Narrative methodology. As major results, it was found that the one who chooses this career gets personal gains which, maybe, any other career couldn t provide. On the other hand, the trader is faced to either professional and personal challenges that must be well managed. / A exploração do mercado internacional tem se tornado cada vez mais intensa na realidade dos países, de modo geral, e na realidade brasileira, em particular. As empresas necessitam ampliar e diversificar seu mercado consumidor com vistas a diluir riscos políticos e econômicos que, nos últimos anos, vêm assolando diversos países, inclusive o Brasil. No entanto, iniciar ou aumentar a sua atuação no mercado externo não é tarefa fácil para a empresa. Exige, entre outros requisitos, recursos humanos em condições de enfrentar desafios, superando-os com sucesso. Mesmo com as mudanças nas relações de trabalho ocorridas desde a última década, há pessoas que encontram no trabalho fonte de prazer, orgulho, reconhecimento social e identidade. É exatamente neste contexto que este trabalho estudou a carreira de trader, um dos profissionais que atuam no universo do comércio internacional tendo como objetivo compreender a origem, a evolução, os ganhos e perdas em termos pessoais e as perspectivas futuras desta carreira. Em termos metodológicos, este estudo se apoiou no método qualitativo de pesquisa científica envolvendo traders brasileiros que atuam ou atuaram em diversas empresas exportadoras, no Brasil. A coleta dos dados foi realizada por meio de entrevistas em profundidade obedecendo a um roteiro semi-estruturado que buscou explorar a trajetória da carreira desses traders. Os dados assim obtidos foram tratados seguindo-se a metodologia da Análise de Narrativa. Como resultados principais, detectou-se que o indivíduo que opta por esta carreira obtém ganhos pessoais que, talvez, nenhuma outra carreira proporcione. Por outro lado, ele se defronta não só com desafios profissionais como também, com inúmeros desafios de ordem pessoal com os quais ele tem que conviver e administrar.

This paper firstly constructed an order-driven market probability model of informed trading to analyze the correlation between informed trade and return of assets and the trade-price effect. Secondly, using the probability model of informed trading, we constructed a probability model of arbitrage trading in order-driven call market, which could analyze the stabilization fund and the arbitrage trade, to investigate whether the government¡¦s interference measures were necessary and whether the intervened timepoints conformed to the set-up spirit of the stabilization fund¡Xto intervene while falling and not to while rising. Finally, we set up a ratio empirical model of informed trading which could analyze the intraday trade scale of each trade section of informed traders and uninformed traders, to analyze the change of intraday trade scale of each type of investors while trade frequency changed to explore the factors of market performance. The main results are as follows respectively: Regarding the correlation analysis of informed trading and return of assets and trade-price effect, we found that (1) in the short-term (intraday, day) there was no relationship between probability of informed trading and return of assets, whereas in the mid-term probability of informed trading was correlated with return of assets although the influence impact was not as high as prior researches (Hasbrouck (1991a, b), Glosten and Harris (1988)) expected. (2) The intraday probability of informed trading of good news days was obviously higher than that of bad news days, which indicated that unbalanced buy-sell informed trade phenomenon existed in the market. Regarding the investigation of whether the intervened timepoints of stabilization fund conformed to the set-up spirit of the stabilization fund¡Xto intervene while falling and not to while rising, the main results are: (1) the individual stocks intervened by the stabilization fund had slightly smaller volatility, slightly worse efficiency, better returns and significantly larger liquidity. (2) There was no significant difference in the probability of arbitrage trading between the targets intervened by the stabilization fund and the other companies, nor in the performance (including volatility, efficiency, liquidity and return) between both. (3) The stabilization fund and arbitragers tended to conduct transactions in the opening period, which corresponds with the proposition of Schwartz (1988). (4) We also found that compared with other arbitrage trade, the trade of the stabilization fund was more correlated with the price up-down of the market, but not with that of individual stocks. In the analysis of the intraday trade scale change of each type of investors while trade frequency changed, the main findings are: (1) the slowdown of trade frequency caused smaller intraday trade ratio and worse performance in the opening, but it increased the intraday trade ratio and performance of the closing period, which was especially significant in the high-liquidity companies. (2) The increase of trade frequency could raise the liquidity of the high-liquidity and middle-liquidity companies. As to the low-liquidity companies, although the increase of trade frequency increased the liquidity, it raised their volatility and decreased their price finding speed. The main contributions of this paper¡¦s models are indicated as follows. Regarding a probability model of informed trade: first, it improves the prior ones by bringing the order-driven call market model; second, the addition of informed traders¡¦ possibility to use limit order in the model set-up better corresponds to the real market; third, the model can calculate the probability of informed trading of intraday trade section and thus can analyze the intraday and intraweek behavior or phenomenon of informed traders and the market; fourth, the model estimates the probability of informed trading using trade data, not order data, and thus avoids the probability of informed trade estimation error caused by order trade risk; fifth, the model calculates the probability of informed trade of individual stock after separating good and bad news and thus can analyze buy-sell informed trade behavior. Regarding the probability model of arbitrage trading, it provides a method to analyze whether self-stabilization mechanism-arbitrage trade exists in the market to investigate on the necessity of the stabilization fund and its intraday trade behavior. Finally, regarding the ratio empirical model of informed trading, since this paper calculated the section informed and uninformed trade ratio by simulating uninformed traders¡¦ intraday trade strategy and by extracting the ratio of the trade volume variation of intraday trade section explained by uninformed traders¡¦ intraday behavior variation using regression analysis, it can avoid the deficiency that every trade volume was regarded as from a single trader in the prior order empirical model of informed trading.