The research shows how managers can plan a successful integration process following a merger and acquisition. Presents a series of frameworks which discuss understanding value creation in mergers and acquisitions, selecting the right strategy and managing the integration process; drawn largely from research studies and interviews made to managers with experience in leading integration processes of financial services companies in Europe, Latin America and USA. Concludes that, by following the key drivers framework described, managers can turn the integration process into a successful project, and academics can focus their post-merger research having into account the opinion of managers.

El mercado de criptomonedas ha evolucionado enormemente a un ritmo sin precedentes a lo largo de su corta vida. Desde la emisión de la moneda virtual pionera, el Bitcoin, en enero de 2009, más de 1500 criptomonedas han sido desarrolladas y lanzadas al mercado, aunque la mayoría con relativamente poco éxito. Las investigaciones sobre esta industria son aún de escasa relevancia, estando la mayoría dedicadas más al estudio del Bitcoin que a la gran diversidad de criptomonedas existentes. El presente trabajo de análisis trata de obtener evidencias empíricas acerca de la nueva realidad financiera que acontece con la generalización de las criptomonedas en el mundo inversor, así como su relación con otros tipos de activos comparables. Estudiaremos la evolución de sus cotizaciones, analizando estadísticamente estos valores y obteniendo conclusiones acerca de su posible establecimiento como medio de pago impulsado por el incesante auge del comercio electrónico, o como forma de financiación de los nuevos proyectos de empresas y su consideración como activo de inversión.

Value creation may not be enough when considering deals. Avoiding deviations over mergers and acquisitions (M&A) advisor’s standards is a useful behavioral add-on to deals rationality. The investigations on this theme revealed the presence of many different approaches and practices in the decision-making process and managing companies among different countries. This paper is focused on Spain through research built by in-depth interviews and surveys to specialists that shows the main three factors with a capacity to produce deviations and the main deviations created. The factors are the financing needs of the acquirer, the need to do the deal by the seller, and the different nature and role, whether industrial, managerial, or financial of the participants. Deviations found are agreements out of specialists’ usual outputs and affect deal pricing. The presence of these factors should allow capacities of alert, analysis, and bargaining and increase the value of planning, training, and management at deals frames. Rationality based on value creation might be enhanced by the fulfillment of the advisors’ criteria. The main contribution of the paper is that, to avoid deviations, might be considered a behavioral contribution to complement rationality in the complex and uncertain universe of M&A deals.

El objetivo de este trabajo es describir y analizar el perfil de las empresas españolas que ejercen su actividad dentro de la economía informal, utilizando el método directo de la encuesta proveniente de la base de datos Global Entrepreneurship Monitor –GEM-. Para ello, se ha llevado a cabo una revisión del concepto y métodos de estimación de la economía informal, así como una comparativa internacional para contextualizar la situación española. Así mismo, se ha utilizado un modelo de regresión logística para identificar las características que explican los diferentes niveles de economía informal en España. Los resultados muestran que las empresas nacientes, constituidas por necesidad, creadas por emprendedores menores de 42 años y pertenecientes al sector servicios presentan una mayor probabilidad de operar en la economía informal. La región donde se constituye la empresa y el nivel de renta del emprendedor también influyen en los niveles de economía informal.

Investments of insurance companies relate to assets that guarantee the insured the payment of benefits (liabilities assumed), so they are conditioned by the duration of contracts, the amount of the sums insured, and the level of technical reserves required. An entity shall preserve the value of the investment in time for benefits obligations to policyholders and maintain the solvency margin and capital to protect shareholder or participant/beneficiary. Some insurance investment policies are based on the consideration of risk and return on assets and have incorporated the outcome measures of investment expenses and cost of capital. This article provides an overview of the evolving investment strategies of insurers and identifies the opportunities and constraints they may face with respect to long-term investment activity. This research employs a qualitative method with a convenience sampling approach. The sample of this study was the portfolios of several insurance companies in the European Union (EU). The results showed that two types of general criteria when selecting investment assets are observed, at least theoretically: the ownership structure of the entities and the types of products that are managed (life and non-life). According to the results of this study, most of the investments correspond to the life insurance segment, where contractual obligations are long-term and the insured risk is less volatile, which are invested mainly in fixed income. In contrast, non-life entities have a greater preference to invest in equity and real income when compared to the previous. The relevance of this study is based on the repercussions in the financial markets, as insurers as the main institutional investor.