The CFOs Executive Program - Chicago Booth School of Busines

7/31/2019 The CFOs Executive Program - Chicago Booth School of Busines

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THE CFOsEXECUTIVE PROGRAM

Programa nico y Exclusivo para Ejecutivos de Alta Direccin de Amrica Latina

26 al 31 de agosto, 2012 / Chicago, Illinois, EE.UU.


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Viva la Experiencia

In-Campusen The University o Chicago Booth School o Business

Los asistentes recibirn un certicado emitido porThe University o Chicago Booth School o Business.

The participants will receive a program certicate romThe University o Chicago Booth School o Business.

nico en contenidos, impartido por un cuerpo acadmico de excelencia mundial y desarrolladopor una de las Escuelas de Negocios ms reconocidas en nanzas y economa en conjunto conSeminarium Internacional.

Unique curriculum, developed jointly by Seminarium Internacional and The University o Chicago BoothSchool o Business, and taught by Booths award winning business school proessors.

Desarrollado exclusivamente para Directores y Gerentes de Finanzas, Gerentes Generales,Presidentes, y Vicepresidentes de las empresas ms importante de Latinoamrica que buscanactualizar sus conocimientos, compartir experiencias reales y establecer redes de contacto deprimer nivel.

Designed exclusively or Chie Financial Ocers, General Managers, Presidents, Directors, andVice Presidents rom Latin Americas most important companies who are looking to rereshtheir academic knowledge, share experiences and establish top level international networks.

nico programa que cuenta con traduccin simultnea en ingls y espaol y materialacadmico en ambos idiomas.

CFOs is the only program o its kind with simultaneous translation in English and Spanish and allacademic materials oered in both languages.

CFOs es un Programa Internacional In-Campus que se realiza una sola vez al ao en el GleacherCenter de The University o Chicago Booth School o Business en Chicago, Illinois, EE.UU.

CFOs is an International In-Campus Program oered only once a year in the Gleacher Center atThe University o Chicago Booth School o Business, Chicago, Illinois, USA.

EXECUTIVE EDUCATION PROGRAMS

In recognition of the contributions and participation of

In The CFOs Executive Program

Held at the Gleacher Center, The University of Chicago Booth School of Business

2012

Mark Lewis

Associate Director, Executive Education

Rebecca Meyer

Stephen LaCivita

Associate Dean, Executive Education


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Welcome to The University of Chicago Booth

School of Business

Sven KronebergPresidente

Seminarium Internacional


Stephen LaCivitaVicedecano Educacin Ejecutiva

The University o Chicago Booth School o Business

3www.seminarium.com


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The University of Chicago Booth School of Business

Gleacher Center

4 www.seminarium.com


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Objetivo General /General Objective

Quines Deben Participar/Who Should Attend


5www.seminarium.com 5www.seminarium.com


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SESIONES Y CUERPO ACADMICOACADEMIC SESSIONS AND PROFESSORS

Dicta programas de educacin ejecutiva sobreusiones y adquisiciones y nanzas en la escuela

de negocios de la Universidad de Chicago.Ha sido proesor en Harvard Business School,Wharton School o Business y MIT Sloan Schoolo Management, donde ue nombrado mejorproesor del ao en 1996, 2000 y 2003.

Combina sus investigaciones sobre la estructura,el comportamiento y la eciencia de losmercados con su experiencia corporativa.En Mxico se encarg del joint ventureentre General Motors & Cona Bank y dela privatizacin de Telonos de Mxico. EnPer se encarg de la privatizacin del Banco

Continental y en Argentina ue asesor deCiticorp Venture Capital.

Kevin Rock teaches classes in mergers &

acquisitions and nance at the University o

Chicago Booth School o Business. Previously,

he was a proessor at Harvard Business School,

Wharton School o Business and MIT Sloan

School o Management, where he was voted

Proessor o the Year in 1996, 2000 and 2003.

Proessor Rock combines his research in

structure, behavior and eciency o markets

with his corporate experience. In Mexico, heled the joint venture between General Motors

& Cona Bank as well as the privatization o

Telonos de Mxico. In Peru, he was responsible

or the privatization o Banco Continental and

in Argentina, he was a consultant or Citicorp

Venture Capital.

Kevin RockPh.D., University o Chicago

Nuevas Herramientas para el

Presupuesto de Capital y laSecuritizacin/ New Horizons inCapital Budgeting and Securitization

La realizacin del presupuesto de capital es una de lasresponsabilidades claves del CFO. Involucra el anlisis deoportunidades de inversin y la toma de decisiones sobre culesaprobar. En aos recientes, varias herramientas nuevas, muchasdesarrolladas por la Universidad de Chicago, se han generado paraayudar en el proceso de evaluacin de inversiones, expandiendoel mtodo tradicional de fujos de caja descontados. Esta sesin, atravs de un caso de estudio y discusin, ilustra sus usos y resaltasu eectividad. La perspectiva del proesor Rock sobre la situacinde los negocios resulta notable en comparacin a los mtodostradicionales.

Capital budgeting is one o a CFOs most undamental

responsibilities. It involves analyzing investment opportunities and

deciding which ones to take. In recent years, a number o new

tools, many o which have arisen rom research at the University o

Chicago, have been developed to assist in the investment evaluation

process, expanding upon the standard discounted cash fow

approach. This session presents a case study and lecture illustrating

their use and highlighting their eectiveness. The insights gained in

this session can be remarkable, compared to traditional methods.

Estrategia FinancieraFinancing Strategy

Los problemas estratgicos que enrentan los gerentes por logeneral son complejos y no se adecan con acilidad a los modelosde solucin. Es responsabilidad del director de nanzas poderadaptar las estrategias nancieras cuando la empresa enrentacondiciones que cambian en orma constante.

El director de nanzas debe poder jar y ajustar las prioridades,gestionar el fujo de caja y plantearse como meta tasas decrecimiento sostenibles, sin dejar de analizar y de considerar elmercado y las tendencias actuales.

Esta sesin ayudar a los participantes a enrentar los desaos yaplicar las estrategias a una variedad de problemas de negocio,como por ejemplo el crecimiento de una empresa sin tener accesoal capital pblico, gestionar un colapso de mercado, negociar conbancos, entre otros.

The strategic problems managers ace are typically complex and do

not t easily into solution models. It is the responsibility o a CFO to

be able to adapt the nancial strategies as the company encountersever changing conditions.

The CFO must be able to set and adjust priorities, manage cash

fow, and target sustainable growth rates all while analyzing and

taking into account the current market and trends.

This session will help participants cope with challenges and apply

strategies to a variety o business problems, such as growing a

business without access to public capital, managing a market

meltdown, negotiating with banks and more.



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La Economa Global y sus Efectos en

los Negocios / The Global Economyand the Effects on Business

Como proesional del rea nanciera, es crtico estar actualizadoy comprender los actores macroeconmicos y la manera enque aectan su mercado. El proesor Rajan analizar las actualestendencias en la economa mundial, as como sus riesgos asociados.Esta sesin explorar las posibilidades de crecimiento en mercadosemergentes.

As a nancial proessional, it is critical to stay up-to-date and

understand the macroeconomic actors and how they aect your

market. Proessor Rajan will analyze recent trends in the worldeconomy as well as the risks associated with them. The session will

explore the prospects or growth in emerging markets.

Gestin Estratgica del Riesgo /Strategic Risk Management

Esta sesin analiza la relacin que existe entre la gestin del riesgoy la estrategia corporativa. El proesor Rajan presentar el procesode gestin de riesgos, cules tomar y cules evitar. Explora cmo lagestin de riesgos puede complementar, en lugar de competir, con

los objetivos centrales del negocio, y tambin denir la cultura deriesgo y los componentes de la gestin eectiva de riesgos.

This session analyzes the relationship that exists between risk

management and corporate strategy. Proessor Rajan will present

the risk management process, which risks to take and which to

hedge. He explores how risk management can complement

rather than compete with the central business objectives, and

will also dene risk culture and the components o eective risk

management.

Raghuram G. Rajan es un reconocido proesorque ha ganado numerosos premios por su

excelencia acadmica. Es proesor de nanzasen Chicago Booth, y asesor econmico del PrimerMinistro de India. Anteriormente, se desempecomo Consejero Econmico y Director deInvestigaciones en el Fondo MonetarioInternacional (IMF).

Las investigaciones del proesor Rajan, seenocan en el sector bancario, nanzascorporativas y desarrollo econmico. Susinvestigaciones han sido publicadas enprestigiosas revistas especializadas de economay nanzas. Su reciente libro, Fault Lines:

How Hidden Cracks Still Threaten the WorldEconomy, ue nombrado como el Libro del ao2010, por el Financial Times.

Rajan es consejero snior de BDT Capital, Boozand Co, y se encuentra en el consejo asesor delBanco Itau-Unibanco. Es director del ConsejoAsesor de Asuntos Exteriores de Chicago,y Contralor General del Consejo Asesor delGobierno de Estados Unidos.

Raghuram G. Rajan is a renowned proessor

who has won many awards or his academic

excellence. He is a nance proessor at ChicagoBooth and also an economic advisor to the Prime

Minister o India. Previously, he was Economic

Counselor and Director o Research at the

International Monetary Fund (IMF).

Rajans research ocuses on banking, corporate

nance, and economic development. His papers

have been published in all the top economics

and nance journals. His recent book entitled,

Fault Lines: How Hidden Cracks Still Threaten the

World Economy, was named the 2010 Business

Book o the Year by the Financial Times.

Rajan is a senior advisor to BDT Capital, Booz

and Co, and is on the international advisory

board o Bank Itau-Unibanco. He is a director o

the Chicago Council on Global Aairs and on

the Comptroller General o the United States

Advisory Council.

Raghuram G. RajanPh.D., Massachusetts Instituteo Technology

... Kevin Rock:

Estrategias de Adquisicin e Implementacin deFusiones/Acquisition Strategies and Merger Implementations

Esta sesin se centra en los actores estratgicos y organizacionales que impactan el xito o racasode las adquisiciones. Se estudian los criterios nancieros, estratgicos y organizacionales de lasadquisiciones y estrategias corporativas. Se revisa el modelo operacional de una organizacin

usionada y cmo sta crea valor. Tambin se analizan los riesgos de una usin y de su integracin.This session ocuses on the strategic and organizational actors that impact the success or

ailure o an acquisition. Participants will study the nancial, strategic and organizational criteria

o acquisitions and corporate strategy as well as review the operational mode o a merged

organization and how to create value. Proessor Rock will discuss the risks o mergers and their

integration.

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EVA: Gestin del Desempeo /EVA: Performance Management

Es imposible alcanzar el mximo valor para los accionistas si la

gestin de los activos de la empresa no considera la gestin del

capital humano. Esto signica que, hasta que la empresa establezca

una poltica de compensaciones ptima, ser imposible alcanzar

niveles apropiados de valoracin en el mercado.

Esta sesin, impartida por el creador de EVA, presenta a los

participantes un enoque moderno, centrado en la evaluacin

de desempeo, y demuestra la importancia del rol de la cultura

corporativa en la optimizacin de las utilidades y la evasin

de escndalos nancieros. El proesor Stern examinar la crisis

econmica reciente, as como las amosas allas ticas ocurridas

en la dcada del 90. Mostrar dnde han ocurrido racasos de

gobernacin; quin y qu ue responsable y cmo evitar que se

repita una escena similar en el uturo.

It is impossible to achieve maximum value or the stockholders

i the asset management o the company does not include themanagement o human capital. This means that until the company

establishes an optimal compensation policy, it will be impossible to

reach appropriate levels o market valuation.

This session, taught by the creator o EVA, presents participants

with a modern ocus on perormance evaluation and demonstrates

the important role o corporate culture in optimizing prots and

avoiding nancial scandal. Proessor Stern will examine the recent

economic crisis as well as the very public ethical ailures in the 90s.

He will show where governance breakdowns occurred; who and

what was responsible and how to avoid a repeat perormance inthe uture.

El Proesor Stern es una autoridad reconocida

en economa nanciera, medidas de desempeo

corporativo, valoracin corporativa y sistemas

de compensacin basados en incentivos.

Ensea nanzas en las escuelas de negocios

de la Universidad de Chicago y la Universidad

de Columbia. Ha sido socio gerente de Stern

Stewart & Co., desde su undacin en 1982.

Anteriormente, ue presidente de Chase Financial

Policy, de Chase Manhattan Bank.

Es autor y co-autor de varios libros, incluyendo,The EVA Challenge. Ha participado en

numerosos programas nacionales de negocios,

incluyendo Moneyline de CNN y Wall Street

Week con Louis Rukeyser y ha sido publicado

en The Financial Timesde Londres, The Sunday

Timesde Londres, The Wall Street Journal,The

New York Timesy Fortune, entre otros.

Joel M. Stern, a recognized authority on

nancial economics, corporate perormance

measurement, corporate valuation, and incentivebased compensation systems, teaches nance

at The University o Chicago Booth School o

Business and Columbia University. He has also

been the managing partner o Stern Stewart &

Co., since its ounding in 1982. Prior to that, he

served as president o Chase Financial Policy, o

the Chase Manhattan Bank.

Proessor Stern is the author or co-author o

many books, including The EVA Challenge.

He has appeared on national business news

programs, including CNNs Moneyline and WallStreet Week with Louis Rukeyser, and has written

or The Financial Times o London, The Sunday

Times o London, The Wall Street Journal, The

New York Times and Fortune, among others.

Joel M. SternMBA, The University o ChicagoBooth School o Business




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Gregory D. Bunch ha sido miembro de los

directorios de compaas en servicios nancieros,

retail, ranquicias y marketing. Es el undador

y presidente de Masterplan International

Corporation. El proesor Bunch ha trabajado

con empresas Fortune 50, amiliares, y nuevos

negocios en reas como la innovacin y

estrategia, adems de ser socio de Brandtrust,

una importante empresa de consultora

estratgica. Entre las compaas con las cuales

ha trabajado, se destacan American Express,

Danaher, ETS, Harley-Davidson, Hewlett-Packard,

Kimberly-Clark, McDonalds and YUM!

Gregory D. Bunch has served on boards and

advisory boards o companies in nancial

services, retail, ranchising and marketing. He

is the ounder and president o Masterplan

International Corporation. Bunch works with

Fortune 50, amily, and start-up businesses in

the areas o innovation and strategy, and he was

also a partner at Brandtrust, a brand strategy

consultancy. Some o the companies he hasworked with include: American Express, Danaher,

ETS, Harley-Davidson, Hewlett-Packard, Kimberly-

Clark, McDonalds and YUM!

Gregory D. BunchMS, Harvard University

Formulacin e Implementacin de

Estrategias/ Strategy Formulationand Implementation

En esta sesin se revisan los diversos enoques de la ormulacin

e implementacin de estrategias. Se presenta un modelo de

estrategia para entender mejor la orma de alcanzar los objetivos y

predecir el desempeo, ocalizado en los roles que desempean los

ejecutivos y la bsqueda de patrones que se puedan utilizar para

predecir el uturo.

Esta sesin de estrategia permite a los participantes desarrollar

patrones para aplicar en sus propias empresas. Los asistentes

comienzan a tomar conciencia de que muchas veces las respuestas

evidentes no bastan para predecir el xito o el racaso. En lugar de

ello, los datos claves observables pueden ayudar a los ejecutivos

a pensar en orma clara acerca de lo que sucede, por qu, y su

signicado para el uturo.

This session will review the various approaches to strategy

ormulation and implementation. A strategic model will be

developed to better understand how to accomplish goals and to

predict perormance, based on the roles played by management

and patterns that can be used to predict the uture.

This strategy session will enable participants to develop patterns

or application in their own companies. Participants will begin to

realize that the obvious answers are oten not enough to predict

success or ailure. Rather, key observable data can assist managers

to think clearly about what is happening, why, and what it means

or the uture.


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Cmo Conseguir Altos Rendimientos /Driving High Performance

En esta sesin, se discutir el rol de un lder en la creacin de un

ambiente de alto rendimiento en una organizacin o grupo de

trabajo. Los asistentes aprendern cules son los atributos crticos

al momento de crear un ambiente que lleve a la innovacin y a

resultados nancieros exitosos. Con la utilizacin de ejercicios

interactivos, los participantes podrn idear estrategias y procesosque puedan implementarse en sus organizaciones.

This session will discuss the role o a leader in creating a high-

perormance environment in an organization or workgroup.

Participants will learn which attributes are most critical to creating

such an environment that will drive innovation and nancial results.

Interactive exercises will be used so participants come away with

strategies and processes to implement in their own organization.

Como Presidente y CEO de Center or High

Perormance (CHP), aconseja a CEOs de

compaas de nivel mundial en temas de logros

de estrategia y transormacin de negocios. La

proesora Annunzio se asocia con ejecutivos

snior para incrementar su habilidad para

simplicar decisiones complejas de estrategia a

travs de una intensa colaboracin y creatividad.

Es una conerencista mundialmente reconocida

y lder en disear y mantener ambientes de

alto rendimiento. Susan Annunzio ha enseadoen INSEAD Business School y General Electrics

Corporate Training Center. Es autora de

numerosos libros de management, y ha sido

citada de manera extensa en The Wall Street

Journal, CNBC, BBC, y USA Today. Ha trabajado

con muchas compaas Fortune 100, incluyendo

BP, Pzer, PricewaterhouseCoopers, y Amazon.

com, entre otras.

President and Chie Executive Ocer o The

Center or High Perormance (CHP). As CEOo CHP, she advises CEOs o leading global

companies on strategy attainment and business

transormation. Susan Annunzio partners with

senior executives to increase their ability to

simpliy complex strategic decisions through

enhanced collaboration and creativity.

She is a globally recognized speaker and

thought leader on shaping and maintaining

high-perormance business environments.

Susan Annunzio has also taught at INSEAD

Business School and General Electrics CorporateTraining Center. She is the author o several

management books, and has been quoted

extensively in The Wall Street Journal, CNBC,

BBC, and USA Today. She has worked with many

Fortune 100 companies, including BP, Pzer,

PricewaterhouseCoopers, and Amazon.com,

among others.

Susan Lucia AnnunzioMS, Loyola University




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Proesor de Economa en Chicago Booth y

Director Acadmico de CFOs Executive Program,

ue miembro del Directorio del Sistema de

la Reserva Federal desde 2006 hasta 2009 y

miembro del Consejo de Asesores Econmicos

del Presidente desde 2001 hasta 2003.

Durante sus numerosos aos de servicio

pblico, ha sido asesor de regulacin bancaria

y nanciera, proyectos auspiciados por el

gobierno, reormas de pensiones, reormas

tributarias, administracin de crisis nancieras,reestructuracin de deuda, el rol del FMI,

comercio internacional y desarrollo econmico.

Ha sido proesor visitante en la SEC, el FMI, y

varias universidades prestigiosas.

Randall Kroszner is a proessor o Economics at

Chicago Booth and Academic Director o the

CFOs Executive Program, he served as a member

o the Board o Governors o the Federal Reserve

System rom 2006 to 2009 and as a member

o the Presidents Council o Economic Advisers

rom 2001 to 2003.

In his many years o public service, he has

advised on banking and nancial regulation,

government-sponsored enterprises, pension

reorm, tax reorm, currency crisis management,

debt restructuring, the role o the International

Monetary Fund (IMF), international trade, and

economic development. Proessor Kroszner has

been a visiting scholar at the SEC, the IMF, and

top universities around the world.

Randall KrosznerPh.D., Harvard University

Regulaciones Financieras

Internacionales/ InternationalFinancial Regulations

La regulacin nanciera est cambiando de manera constante, y

tendr un impacto importante en la disponibilidad y el costo del

crdito en el mundo. El G20, el Consejo de Estabilidad Financiera,

y otros jugadores clave estn estableciendo estndares que

potencialmente redenirn el uturo de los mercados nancieros.

Estos cambios aumentarn o disminuirn la posibilidad de unanueva crisis? Adems, muchos pases con mercados emergentes

en el sistema global estn adoptando controles de capital como

parte de la regulacin macro prudencial. Estos aumentarn

o reducirn la volatilidad y cmo aectar los fujos de crdito?

Proesor Kroszner analizar estas interrogantes a la luz de la crisis

econmica entre 2008 y 2009.

Financial regulation is changing rapidly and will have an important

impact on the availability and cost o credit around the globe.

The G-20, the Financial Stability Board, and other key players are

setting out standards that have the potential to undamentally

reshape nancial markets going orward. Will these changes raise

or lower the chance o another crisis? In addition, many emerging

market countries are adopting capital controls as part o macro

prudential regulation. Will these reduce or increase volatility and

how will they aect credit fows? Proessor Kroszner will analyze

these questions in light o the 2008-2009 crisis.


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Toma de Decisiones Estratgicas /Strategic Decision Making

Esta sesin es una introduccin a la psicologa que hay detrs de las

conclusiones y las decisiones en un entorno de negocios.

Los asistentes aprendern a identicar las ortalezas y debilidades nicas

de los diversos estilos de toma de decisin, con el objetivo de desarrollar

estrategias prcticas y enoques sistemticos que mejorarn de manera

drstica la ecacia y productividad de la organizacin.

Tambin aprendern a reconocer y superar las trampas y errores comunes

de los procesos de toma de decisin.

Se presentarn estrategias para ayudar a deenderse de tcticas comunes

para infuir, desarrollar modelos estratgicos para tomar decisiones slidas

y llegar a soluciones ptimas mediante la utilizacin de herramientas

analticas y mtodos slidos.

This session will provide an introduction to the psychology o judgment

and decision-making in the business environment. Participants will learn to

identiy the unique strengths and weaknesses o various decision making

styles in order to develop practical strategies and systematic approaches

that will dramatically improve your eectiveness and productivity in your

organization. You will also learn how to recognize and overcome the

common traps and faws in the decision making processes. Strategies

will be presented to help you deend against common infuence tactics,

develop strategic rameworks or making sound decisions, and reach

optimal solutions by using analytical tools and sound methods.

El Papel del CFO / The Role of the CFO

Carlos A. Cabrera es Presidente y CEO del National Institute o LowCarbon and Clean Energy (NICE); que est basado en Beijing, China.Carlos tambin se desempea como Distinguished Associate para elWorld Energy Consultancy Firm FACTS.

Antes de asumir este cargo, Carlos A. Cabrera se retir luego de 35aos de trabajar en UOP, un proveedor lder a nivel internacionalde tecnologa de procesos, catalizadores, sistemas de ingeniera y

servicios tcnicos y de ingeniera para las industrias de procesamientode petrleo, petroqumicos y gas. Ocup muchos cargos, alcanzandoel cargo de CEO.

El Sr. Cabrera dar su perspectiva sobre el rol del Gerente de Finanzasen las organizaciones complejas de hoy y las cualidades que unPresidente busca al escoger un Gerente de Finanzas extraordinario.

Carlos A. Cabrera is President and CEO o the National Institute

o Low Carbon and Clean Energy (NICE); based in Beijing, China.

Carlos also serves as a Distinguished Associate to the World Energy

Consultancy Firm FACTS.

Prior to his recent appointments Carlos A. Cabrera retired ater35 years with UOP, a leading international supplier o process

technology, catalysts, engineered systems, and technical and

engineering services to the petroleum rening, petrochemical

and gas processing industries. He served a number o positions

culminating as Chairman.

Mr. Cabrera will give his perspective o the role o the CFO in todays

complex organizations and the qualities that a President looks or in

an extraordinary CFO.

George Wu estudia la psicologa de la toma dedecisiones individual, gerencial y organizacional;anlisis de decisin; y sesgos cognitivosal momento de negociar. Los trabajos deinvestigacin de Wu han aparecido extensamenteen una serie de publicaciones especializadasde economa, ciencias de la administracin ypsicologa, entre las que destacan CognitivePsychology, Journal o Personality and SocialPsychology, Journal o Risk and Uncertainty,Management Science, Psychological Science yQuarterly Journal o Economics.

Antes de integrarse al cuerpo docente deChicago Booth en 1997, Wu ue miembro delequipo docente de Harvard Business School encalidad de proesor asistente y proesor asociadoen el rea de economa gerencial y luego enel grupo de negociacin y toma de decisiones.Tambin ha impartido clases en Wharton Schoolde University o Pennsylvania. Antes de dedicarsea la docencia de posgrado, Wu trabaj comoanalista de decisin en Procter & Gamble.

George Wu studies the psychology o individual,

managerial, and organizational decision

making; decision analysis; and cognitive biases

in bargaining and negotiation. Wus research

has been published widely in a number o

journals in economics, management science, and

psychology, including Cognitive Psychology, the

Journal o Personality and Social Psychology, the

Journal o Risk and Uncertainty, Management

Science, Psychological Science, and the Quarterly

Journal o Economics.

Prior to joining the Chicago Booth aculty in

1997, Wu was on the aculty o Harvard Business

School as an assistant and associate proessor in

the managerial economics area and then in the

negotiation and decision making group. He also

has worked as a lecturer at Wharton School at

the University o Pennsylvania. Prior to graduate

school, Wu worked as a decision analyst at

Procter & Gamble.

George WuPh.D., Harvard University


Carlos A. Cabrera: Key Note Speaker



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Testimonios de Participantes / Participants Testimonials

El programa abarc los dierentes temas

macroeconmicos que ayudan a entender de dnde

venimos y qu podemos esperar del uturo, unido a

una buena visin general de tpicos importantes para

la comunidad fnanciera para la toma de decisiones y

nuestras responsabilidades diarias.

The program covered the dierent macroeconomic issues

that help us understand where we came rom and what

we can expect in the uture, coupled with a good overview

o topics important to the fnancial community or making

decisions and our daily responsibilities.

Alejandro Parma

Controller, Southern Latin America, Schlumberger

Brasil, 2007.

Implementando las cosas que aprend en CFOs voy a

convertirme en un mejor proesional y mejor persona lo

cual tendr buenos benefcios para mi empresa, mi equipo

y para mi amilia.

By implementing the things I learned in CFOs I will

become a better proessional and better person - which will

be benefcial or my company, my team and my amily.

Angel CuestaCFO, MetLie Mxico

Mxico, 2008.

CFOs ensea a planifcar el uturo de las fnanzas

corporativas a travs de herramientas actualizadas,

proesores de primer nivel y la interaccin con otros

proesionales de dierentes industrias y pases.

CFOs teaches to plan or the uture o corporate fnancethrough updated tools, top-notch aculty and interaction

with other proessionals rom dierent industries and

countries.

Patricio Burich

Gerente de Finanzas, Banco Falabella

Chile, 2006.

Me entreg excelentes herramientas de disciplinas

complementarias al mbito fnanciero: recursos humanos,

estrategia y economa. De todas maneras me llevar

consejos e ideas importantes para implementar en mi

empresa.

CFOs gave me great tools or complementary disciplines

o the fnancial sphere: human resources, strategy and

economics. I will absolutely take home important advice and

ideas and implement them in my company.

Roger Mendez

Gerente de Finanzas, Rimac Internacional Cia de Seguros y

Reaseguros

Per 2011.

CFOs 2011

13www.seminarium.com


14/16

Informacin General/ General Information

Se puede postular online, ingresando a www.seminarium.com.

Una ejecutiva de ventas lo contactar y solicitar su currculum vitae

(mximo dos hojas). Los candidatos cuyas postulaciones sean aceptadas

recibirn una carta de aceptacin va correo electrnico.

Los candidatos aceptados deben ormalizar su asistencia pagando la

matrcula al momento de recibir el correo electrnico de aceptacin.

Una vez recibido el pago, recibirn la confrmacin de inscripcin.

Please apply online at www.seminarium.com.

A sales representative will contact you upon receiving your application

and ask you or your curriculum vitae (maximum two pages). Candidates

whose applications are accepted will receive a letter o acceptance by

email. Accepted applicants must ormalize their enrollment by paying

the tuition when receiving the acceptance email. Once the payment is

received, they shall receive a confrmation o registration.

Dado que asistir a un programa In-Campus de Seminarium Internacional

requiere de una signifcativa preparacin previa y su demanda sobrepasa lacapacidad permitida; es importante contactarnos con anticipacin si deseacancelar o transerir su participacin.

Para solicitar una devolucin, debe inormarlo por escrito con ms de 30das previo al evento, con un costo para procesar la devolucin de US$200.Si usted no puede asistir al programa, puede enviar un reemplazante de su

empresa hasta dos das hbiles antes del inicio del programa, siempre queste cumpla con los requisitos del programa.

Seminarium permitir una transerencia llamado Roll-Over, una vez ysolamente a la prxima versin del programa, el cual tendr un costo de

US$200 para su proceso, ms cualquier aumento de precio en la versinsiguiente del programa. No se aceptarn roll-overs con menos de 7 das

de anticipacin. Sern considerados No-Show y estarn sujetos a uncargo del 100% del valor de la matrcula. Cualquier reemplazo, roll-over ocancelacin debe ser inormado por escrito.

Because attendance at a Seminarium International In-Campus programrequires signifcant advance preparation and demand oten exceedscapacity, it is important that you contact us in a timely manner i you mustcancel or deer attendance.

Reund requests must be sent in writing at least 30 days prior to the event.Reunds will be charged a processing ee o US$200. I you are unable toattend this program, we will accept an appropriate substitute participantup until 2 business days beore the start o the program.

Seminarium will allow one transer o this registration, called a roll-over,

to the next session o the same program, provided the request is receivedbeore 7 days prior to the program start date. Roll-overs are only grantedonce, or the next session and will be charged a $200 processing ee plusany increase in price or the next version o the program. Any roll-overrequests received less than 7 days beore the start o the program will beconsidered a no-show and cancellation ees will apply. Notifcation o allcancellations, transers, or substitutions should be made in writing.

Gleacher Center, Universidad de Chicago Booth School o Business,Chicago, Illinois, EE.UU.Habrn habitaciones disponibles a un precio especial de USD $169ms impuestos en el Hotel Intercontinental para los participantesdel programa. Este precio especial est garantizado solo hasta el 12de agosto y sujeto a disponibilidad, por lo que se debe reservar con

anticipacin.

Gleacher Center, The University o Chicago Booth School o Business,

Chicago, Illinois, USA.

Rooms have been reserved at the discounted price o $169 + tax or

program participants at the Hotel Intercontinental. This discounted

price is guaranteed only through August 12, 2012 and is subject

to availability. It is recommended that participants make hotel

reservations upon being accepted.

Cheque, tarjeta de crdito o transerencia bancaria.Check, credit card or wire transer.

Ingls - Espaol/ English and Spanish.

No se requiere una visa de estudiante para este programa acadmico,sin embargo, si necesita una visa de turista para viajar a los EstadosUnidos, se sugiere hacer los trmites con la debida anticipacin.

A student visa is not required or this academic program. I you requirea tourist visa to enter the United States, we recommend that you beginthe process well in advance.

Postulacin e Inscripcin / Application and Enrollment

Poltica de Anulaciones / Cancellation Policy

Lugar y Alojamiento / Location and Lodging

Traduccin Simultnea / Simultaneous Translation

Visa

Formas de Pago / Forms of Payment

26 al 31 de agosto de 2012/ August 26 31, 2012.

Fecha / Dates

USD 7.950. Incluye el material de estudio, desayunos, almuerzos,

recepciones de bienvenida y clausura, una ceremonia degraduacin, cena de inauguracin y un paseo en barco porla ciudad de Chicago. No incluye pasaje areo, traslado delaeropuerto ni alojamiento.

$7,950. This includes academic material, breakasts, lunches,welcome and closing receptions, graduation ceremony,inauguration dinner and a boat cruise o the city o Chicago.

Airare, airport transers and accommodations are not included inthe cost o the program.

Dos semanas antes del inicio del programa, a travs de un sitio web del

programa, los asistentes recibirn el material de pre-estudio, que incluyelecturas, casos de estudio e inormacin general sobre el programa. Elprimer da del programa recibirn las presentaciones de los expositores.Todo el material estar disponible en ingls y espaol.

Two weeks beore the start o the program the participants will receivethe pre-class study materials which include readings, case studies and

general inormation about the program through a website or theprogram. On the frst day o class, participants will receive the proessorspresentations. All material will be available in English and Spanish.

Valor de la Matrcula / Enrollment Fees Material de Estudio / Academic Material

65 personas/ 65 participants.

Cupo Mximo de Asistentes / Number of Participants



15/16

Domingo 26 de AgostoSunday, August 26

Lunes 27 de AgostoMonday, August 27

Martes 28 de AgostoTuesday, August 28

Mircoles 29 de AgostoWednesday, August 29

Jueves 30 de AgostoThursday, August 30

Viernes 31 de AgostoFriday, August 31

7:30 8:30

Desayuno

Bienvenida eIntroducciones

Welcome andIntroductions

Desayuno

Desayuno

Desayuno

Desayuno

8:00 11:30

Gestin Estratgica delRiesgo

Strategic RiskManagement

Raghuram Rajan

8:30 10:00

La Economa Global y susEectos en los Negocios

The Global Economy andthe Effects on Business

Raghuram Rajan

Regulaciones FinancierasInternacionales

International FinancialRegulation

Randall Kroszner

Toma de DecisionesEstratgicas

Strategic Decision Making

George Wu

Nuevas Herramientas enPresupuesto de Capital

New Horizons in CapitalBudgeting

Kevin Rock

10:00 10:30 Break Break Break Break

10:30 12:00

La Economa Global y susEectos en los Negocios

The Global Economy andthe Effects on Business

Raghuram Rajan

Regulaciones FinancierasInternacionales

International FinancialRegulation

Randall Kroszner

Toma de DecisionesEstratgicas

Strategic Decision Making

George Wu

Nuevas Herramientas enPresupuesto de Capital

New Horizons inSecuritization

Kevin Rock

11:45El Bus parte hacia

CME/CBOT

12:00 13:30 AlmuerzoKNS - Randall Kroszner

Almuerzo 12:00 12:45:Almuerzo

Almuerzo

KNS - Carlos Cabrera,Ex CEO y Presidente,

UOP LLC

Almuerzo

13:00 15:00

Visita a ChicagoMercantile Exchange

Chicago MercantileExchange Visit

13:30 15:00 Cmo Conseguir AltosRendimientos

Driving High Performance

Susan Annunzio

Formulacin eImplementacin de

Estrategias

Strategy Formulation andImplementation

Gregory Bunch

Estrategia Financiera

Financing Strategy

Kevin Rock

Estrategias de Adquisicine Implementacin de

Fusiones

Acquisition Strategies andMerger Implementations

Kevin Rock

15:00 15:30 Break Break 15:00: El Bus regresa alGleacher Center

Break Break

15:30 17:00 Cmo Conseguir AltosRendimientos

Driving High Performance

Susan Annunzio

Formulacin eImplementacin de

Estrategias

Strategy Formulation andImplementation

Gregory Bunch

EVA: Gestin delDesempeo

EVA: PerformanceManagement

Joel Stern

Estrategia Financiera

Financing Strategy

Kevin Rock

Estrategias de Adquisicine Implementacin de

Fusiones

Acquisition Strategies andMerger Implementations

Kevin Rock

17:00 Foto GrupalClass Picture

17:00 21:00 19:00

Cena de Inauguracin

Inaugural Dinner

18:00

Crucero Wendella

Wendella Boat Cruise

17:30 - 19:00

EVA: Gestin delDesempeo

EVA: PerformanceManagement

Joel Stern

Tiempo de Estudio yRecreacin

Individual Study and

Recreation

17:30 - 18:30

Entrega de Certifcados

Diploma Ceremony andCocktails

19:00Recepcin de Bienvenida

Welcome Reception:InterContinental Hotel

Programa 2012/ 2012 Program

15www.seminarium.com


16/16

RED DE ASOCIADOS DE SEMINARIUM INTERNACIONAL

Ahora nuestro sitio weben su celular.

SEMINARIUM INTERNACIONAL S.A.Telono: (562) 490 2600

Fax: (562) 490 [email protected]

ARGENTINARepresentante

Daniel [email protected]

Tel: (5411) 4826 7939 Mvil: 15 5 162 8024

MXICOSeminarium Internacional S.A.Nicole [email protected]: (562) 490 2600 Fax: (562) 490 2685

BOLIVIAViceversa Group

Cinthya [email protected]: (5912) 220 2051 Mvil: (5912) 7061 1400

PANAMSeminarium Ejecutivos de Centroamrica S.A.

Berlioth Snchez [email protected]: (506) 2248 4838 Fax: (506) 2248 4845

BRASILLuis Daverede - Country Manager Brazil

[email protected] - Tel: (598) 9443 6318Orlando Rodrigues - Representante de Ventas In-Campus

[email protected] - Tel: 11-4062-0852 - Ramal 2532

ESPAASeminarium Internacional S.A.Joanna Danger

[email protected]: (562) 490 2600 Fax: (562) 490 2685

CHILESeminarium Chile S.A.

Tomiko [email protected]

Tel: (562) 430 6863 Fax: (562) 430 6863

PERSeminarium PerBeatriz [email protected]: (511) 610 7272 Fax: (511) 445 8853

COLOMBIASeminarium Colombia

Adriana Higuera [email protected]

Tel: (571) 629 8800 Fax: (571) 629 8800 ext. 110

REPBLICA DOMINICANA, PUERTO RICOINTRASIngrid [email protected]: (809) 542 0126 Fax: (809) 540 1982

COSTA RICA, HONDURAS, NICARAGUASeminarium Ejecutivos de Centroamrica S.A.

Berlioth Snchez Urea


PARAGUAY, URUGUAYRepresentanteLuis Daverede

[email protected]: (598) 9443 6318

ECUADORSeminarium Ecuador

Mara Caridad [email protected]

Tel: (5932) 223 9782 Mvil: 080598724

USASeminarium International o North AmericaHenry E [email protected]: 1-727-543-3657 Fax: 1-866-770-5220

GUATEMALA, EL SALVADORSeminarium Ejecutivos de Centroamrica S.A.

Berlioth Snchez Urea


VENEZUELAWall Street InstituteMaria Eugenia Arcia

[email protected]: 58-4143238193


Documents

The CFOs Executive Program - Chicago Booth School of Busines