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This paper presents a methodological proposal that integrates the circular economy concept and financial valuation through real options analysis. The Value Hill model of a circular economy provides a representation of the course followed by the value of an asset. Specifically, after the primary use, the life of an asset may be extended by going through four phases: the 4R phases (Reuse, Refurbish, Remanufacture and Recycle). Financial valuation allows us to quantify value creation from firms’ asset circularity under uncertainty, modelled by binomial trees. Furthermore, the 4R phases are valued as real options by applying no-arbitrage opportunity arguments. The major contribution of this paper is to provide a quantitative approach to the value of circularity in a general context that is adaptable to firms’ specific situations. This approach is also useful for translating relevant information for stakeholders and policy makers into something with economic and financial value.

Los factores tamaño, book-to-marketRESUMEN ¿Pueden el efecto tamaño, book-to-market y momentum explicar el riesgo de los activos en el Mercado de Capitales Español? Este artículo intenta analizar la validez de las dos hipótesis racionales estudiadas por la literatura y el impacto de estos efectos sobre los riesgos y primas al riesgo de mercado. Nuestros resultados destacan la importancia del análisis condicional de los riesgos y primas de mercado para capturar la naturaleza de estos efectos, y dan soporte a las explicaciones racionales de los mismos como predictores del ciclo económico y cuantificadores del riesgo asociado a las estrategias de inversión de las empresas.PALABRAS CLAVE Anomalías; Riesgos y primas al riesgo variables en el tiempo; Rendimientos variables en el tiempo.ABSTRACT Can size, book-to-market and momentum be risk factors that explain the returns in the Spanish Capital Market? This article attempts to get an answer to this issue studying two competitive rational hypothesis, and their impact on beta and risk premium. Our findings stress the importance of the role played by the conditional analysis of beta and risk prices as one way to capture those effects, and give support to rational explanations based on the predictive power of size, book-to-market and momentum for predict economic growth, and explaining risks associated to the firms' strategies of investment.

In order to motivate the student through a professional experience, and to improve the teaching-learning process by letting the student gain experience, we implement a collaborative learning-through-service methodology. This method increases the student involvement level and the deep understanding of the tools. As a matter of example, we present the implementation of this method in the Final Master Thesis (FMTh) of the Master on Corporate Finance at the University of Valencia (UV). In these FMTh, students have to valuate an actual innovation developed by UV researchers (on chemistry, in this case) with the goal of helping them to transfer (sell) this innovation to the industry. This collaborative learning-through-service methodology helps students put into practice the technics learned in the Master and give them a strong sense of the financial professional practice.

The aim of this paper is to examine whether a factor predictive of future economic growth, captures asset returns on the Spanish stock market. Furthermore, we analyze the possible economic rational interpretation of the Fama and French factors and momentum, as variables with information about the future economic growth. These effects are quantified for the stages of crisis (economic: 1993 to 1997, and financial: 2008 to 2011) and economic expansion (1998 to 2007). The results show the relevance and explanatory power of this predictor in all periods, but is a weak economic interpretation of the size and book-to-market ratio factors, since this factor reflects market news on growth future GDP. The economic impact of momentum factor is irrelevant.