Persona: Herrero de Egaña Espinosa de los Monteros, Alfonso
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alherrero@cee.uned.es
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0000-0002-4126-1501
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Herrero de Egaña Espinosa de los Monteros
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Alfonso
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Publicación Influencias de la estrategia de downsizing sobre la estructura de la empresa(FECAP (Fundação Escola de Comércio Álvares Penteado), 2017-02-06) Soria Bravo, Carmen; Herrero de Egaña Espinosa de los Monteros, AlfonsoObjetivo – Este artículo investiga la efectividad del uso de la estrategia de downsizing, referida al caso de Telefónica. Diseño/metodología/enfoque – Mediante la metodología del event study, se muestra la relación entre las estrategias de downsizing y los resultados. La significación estadística se estudia por medio de la t-student. Resultados – Los resultados son significativos, lo que indica que la estrategia de downsizing logró un exceso de rentabilidad y una mejor financiación, impulsando el valor de la empresa en el mercado. Originalidad/valor – Los resultados indican que el downsizing es una alternativa estratégica que permite una mayor adaptación, siempre que se realice de forma proactiva y esté asociada a los cambios que sean necesarios en la estructura y en los procesos de la organización.Publicación On the Separability of Real and Financial Decisions(Springer, 2016-05-12) Herrero de Egaña Espinosa de los Monteros, Alfonso; Soria Bravo, Carmen; Muñoz Cabanes, AlbertoThe financial manager faces two basic problems: first, the firm’s investment or capital budgeting decision, and second, the financing decision. Capital investment and financing decisions are typically analyzed independently. Capital budgeting criteria proceeds under the simplest possible assumption about financing, namely all-equity financing. The only link between investment and financing decisions is the cost of capital. The basic idea behind Modigliani and Miller’s famous proposition I is that in perfect markets, changes in capital structure do not affect value. As long as the total cash flow generated by the firm’s assets is unchanged by capital structure, value is independent of capital structure. This paper is the first attempt to prove that leverage affects the mathematical structures of the cash flow of financing, and that different mathematical structures of financing cash flows may change the total cash flows generated by the firm or the project, thus altering the value of the firm even in perfect markets. The purpose of this paper is to explore the validity of the separation rule through net present value (NPV) and internal rate of return (IRR) rules, as representatives of academic and business practice, and compare their results with simulations that will include the financial decision of the firm. A singular experiment proving that we can change the IRR or NPV of an investment modifying the financial structure cannot be used to affirm a universal statement, but it can be used to show that a theory is wrong.Publicación Real option analysis. The viability of real estate projects(Business Perspectives, 2020-12-08) Muñoz Cabanes, Alberto; Herrero de Egaña Espinosa de los Monteros, Alfonso; Romero, ArturoTraditional methods used for real estate project valuation, such as the static Net Present Value, have some limitations, as these methods do not consider the possibility of a change in the initial conditions of the project or during its development. On the other hand, the real options approach allows for flexibility in evaluating a real estate project, improving the decision-making process as it helps identify the optimal strategy and timing for the construction phases. The paper deals with evaluating an actual real estate project in La Rioja (Spain) using different options to estimate its final Net Present Value. The results show that the real estate project would be profitable under several scenarios, although the valuations can vary significantly among the different types of options. This is because some options add more value to the project than others, depending on their cost and the uncertainty they eliminate. In contrast, the results obtained using the traditional static method would have led a real estate developer to discard the project completely, as its Net Present Value would have been negative. This confirms that the introduction of flexibility in real estate developments creates additional value by allowing developers and investors to dynamically react to changes in the market, thus making better investment decisions and finding real estate investment opportunities that otherwise would not be considered at all.Publicación Virtual Internship Arrangements for Development of Professional Skills and Competences(International Scientific Society, 2011-01-01) van Dorp, Cornelis Adrianus; Herrero de Egaña Espinosa de los Monteros, AlfonsoVirtual internships are learning arrangements that generate work experience and new opportunities to accumulate professional skills and competences. Virtual internships merit increased training opportunities, exposure to not/never-thought-of occupations, integration of disadvantaged individuals, and preparation of, and blending with, physical placements. This paper reports about European experiments with technology-enabled remote access to work as contribution to the development of students’ professional kills and competences. The central question is: along which pedagogical, technological and organisational dimensions can virtual internships be arranged so as to bring a significant learning contribution to professional skills and competence? The paper starts with the contribution of classic internships and the strengths and weaknesses of virtual ones. Following, potential models for arranging virtual internships, as identified from literature, are presented. Different arrangements of virtual internships are explored. Classic universities experiment with virtual internships in on-campus courses and curricula, in frame of self-organised learning. Open universities experiment with virtual internships in off-campus courses and curricula, in frame of social-collaborative and community-based learning. Conclusions are drawn as to the type of benefits different arrangements have along the dimensions of pedagogy, technology and organisation, and what their contribution is with regard to development of professional skills and competence.Publicación Case study: Downsizing strategy influence on the structure of the firm(Central and Eastern European Online Library (CEEOL), 2012-05-05) Herrero de Egaña Espinosa de los Monteros, Alfonso; Soria Bravo, CarmenThis case study analyzes the effectiveness of the downsizing strategy in the Telefonica through the Event Study method. An eventstudy is designed to examine market reactions to excess returns around specific information events. The information events can be market-wide, such as macroeconomic announcements, or firm specifics, such as downsizing announcements. The question of whether the excess returns around the announcements are different from 0 is answered by estimating the t statistic for each day, by dividing the average excess return by the standard error. If the t statistics are statistically significant, the event affects the returns; the sign of the excess of returns determines whether the effect is positive or negative. Teaching notes for each section are included.Publicación Stimulating Employability through Cross Sector Virtual Mobility(European Association of Distance Teaching Universities (EADTU), 2008-12-01) van Dorp, Cornelis Adrianus; Herrero de Egaña Espinosa de los Monteros, Alfonso; Kocsis Baan, Maria; Sepe, Raimondo; Stefanelli, Christina; Lansu, Angelique; Lohr, Ansje; Jasinska, Magdalena; Wodecki, AndrzejPublicación Análisis del impacto y actualización hasta 2018 del valor económico y social del Plan MAGNA de cartografía geológica a escala 1:50.000(Editorial CSIC, 2020-12-30) Herrero de Egaña Espinosa de los Monteros, Alfonso; Vivancos Machimbarrena, José Francisco; García Cortes, ÁngelEn un trabajo publicado en 2005, García-Cortés y colaboradores realizaron una evaluación del valor económico y social del Plan MAGNA (García-Cortés et al, 2005a) en base al valor que las empresas usuarias de mapas geológicos daban a este producto, a su disposición al pago por estos mapas y al coste de la inversión geológica sustitutiva necesaria, en caso de su no existencia. El presente estudio parte de este precedente, en primer lugar, analizando el impacto de la difusión en publicaciones científicas de aquel estudio, y en segundo lugar, actualizando el valor económico y social hasta 2018 del Plan MAGNA de cartografía geológica de España a escala 1:50.000. En el presente trabajo se aplica la metodología desarrollada en 2005 a los nuevos datos disponibles entre 2004 y 2018, con el objeto de obtener el valor actualizado de las ventas acumuladas de hojas MAGNA a empresas. Este nuevo proceso de evaluación ha permitido asimismo destacar varios puntos adicionales de interés, como los distintos perfiles de demanda correspondientes para cada diferente tipo de usuario de mapas geológicos en España, así como sobre la excelente rentabilidad obtenida por la inversión pública en dicho Plan MAGNA, gracias a los sustanciales ahorros generados a los distintos usuarios de dichos mapas en el desarrollo de sus actividades económicas, y finalmente sobre el impacto potencial de la actual descarga electrónica gratuita de las hojas geológicas del Instituto Geológico y Minero de España en su labor de diseminación del conocimiento geológico.