Browsing by Autor "Jose Miguel Mendoza"

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Evaluación de tierras agrícolas bajo el riego del Rincón del Picacho, subcuenca Alto Motatan, Estado Mérida. Caracterización del suelo.
(European Organization for Nuclear Research, 2021) Idanea Pineda; Neida Pineda; Jhon González; Gonzalo Segovia; Edgar Jaimes; Jose Miguel Mendoza; Hilda Rodrı́guez; Yolimar Garcés
En el mundo, y particularmente en Venezuela, la agricultura es la actividad económica más relevante para lograr y mantener una adecuada seguridad agroalimentaria. En los páramos merideños se realiza un intensivo uso agrícola de la tierra sin una apropiada planificación y ordenación del territorio que permita su sustentabilidad agroecológica. El objetivo de este trabajo es caracterizar los suelos del área de influencia del comité de riego “El Rincón del Picacho” como parte del proceso de evaluación de tierras de tan importante área de producción hortícola. El procedimiento consistió en la descripción y caracterización de perfiles de suelo. Se describieron 7 perfiles en parcelas representativas y se tomaron en cuenta los siguientes criterios: relieves relativamente homogéneos y disponibilidad de las parcelas por parte de los productores. Cada parcela fue referenciada en la cartografía 6042ne del estado Mérida, utilizando el programa AutoCAD 2006. Los suelos se caracterizan por presentar: texturas franco arenosas, espesor del epipedón de 37 a 47 cm, pendientes entre 10 y 20 %, bajas densidades aparentes (1,06 a 1,25 Mgm-3), contenidos variables de fragmento grueso (2 a 48 %), pH entre fuertemente y moderadamente ácidos (4,9 a 5,7), moderados a altos contenidos de materia orgánica (2,6 a 6,3 %), capacidad de intercambio catiónico de moderada a alta.
Regímenes Societarios Paralelos: Una Alternativa Idónea para Promover el Desarrollo del Mercado de Valores (Parallel Systems of Corporate Law: A Way Forward for Stock Market Development)
(2011) Jose Miguel Mendoza
En este breve ensayo se analiza la labor que podrian cumplir las bolsas de valores en el desarrollo de los mercados de capitales en paises emergentes. El diseno de regimenes societarios paralelos por parte de estas organizaciones, en ejercicio de sus facultades de autorregulacion, podria, en verdad, facilitar la puesta en practica de las reglas de revelacion de informacion y de proteccion de inversionistas minoritarios a las que se encuentran sometidas las sociedades abiertas en economias en desarrollo. De este modo, las bolsas de valores podrian suplir algunas de las deficiencias relacionadas con el diseno y la ejecucion de tales reglas por parte del Estado en las regiones emergentes de America Latina y Asia.This short essay looks at the potential role of stock exchanges in contributing to the growth of capital markets in developing countries. In their capacity as self-regulatory organisations, stock exchanges derive official authority from their members to promulgate official rules and serve as a centralised body for their enforcement. When properly implemented, this ad hoc legal system can substitute for state-backed rules as the main channel for the supply of credible assurances about listed firms, a development that may help outside investors overcome adverse selection in emerging capital markets.
Securities Regulation in Low-Tier Listing Venues: The Rise of the Alternative Investment Market
(2008) Jose Miguel Mendoza
As stock exchanges faced intense competition over the past few years, the success of a London-based junior listing venue - the Alternative Investment Market (AIM) - drew the collective attention of international market participants. Despite AIM's success, the causes underlying its growth have not been the object of extensive academic analysis. This paper will focus on the recent outbreak of low-cost listing venues in international financial centers and AIM's dominance in this particular niche. It will be contended here that AIM covered a funding gap for companies whose specific characteristics preclude them from listing in senior markets such as NASDAQ, the New York Exchange or the London Stock Exchange. This paper also suggests that AIM's regulatory model is optimal for the UK market - imposing low compliance costs on firms, but ensuring adequate disclosure and transparency levels - given the type of companies that seek an AIM listing and the sophisticated nature of its investors.
The Challenge of Disproportional Ownership
(2011) Jose Miguel Mendoza
Entrepreneurs in emerging countries often use disproportional ownership structures - set up through dual class shares, pyramids and similar devices - as a measure to retain control over listed firms. These ownership structures have the potential to stimulate economic growth in developing jurisdictions, where institutions are largely defective. At the same time, however, disproportional ownership throws the internal governance of firms into disarray. To make things worse, policy measures drawn up to address this particular problem have yet to produce noticeable results. This paper builds a framework meant to guide policymakers in the process of designing and implementing rules to address the challenge posed by the presence of disproportional ownership in developing countries.
The untapped potential of alternative markets
(Oxford University Press, 2011) Jose Miguel Mendoza
The market had long expected this moment. When trading closed on 4 January 2005, however, TV Azteca’s stock price had dropped more than 9 per cent after a scrambled selling rush on the New York Stock Exchange.1 On that day the Securities and Exchange Commission filed fraud charges against several of the firm’s top officers, including Ricardo Salinas, chairman of the board and its controlling shareholder.2 TV Azteca, a Mexican company that cross-listed into the USA through an ADR programme, had attracted the attention of American regulatory authorities ever since 2003, when the company’s legal counsel blew the whistle on multiple violations of the Securities Exchange Act of 1934.3 The complaint brought by the SEC argued that Ricardo Salinas had profited illegally from transactions carried out between TV Azteca and a corporation that he secretly controlled.4 Mr Salinas, the complaint asserted, reaped a total payoff...