Repositorio Institucional Universidad EAFIT ::Examinando por Materia "BOLSA DE VALORES

Examinando por Materia "BOLSA DE VALORES - COLOMBIA"

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Alternativas de obtención de recursos que no generan endeudamiento a la luz de la ley de subcapitalización en empresas Pymes
(Universidad EAFIT, 2015) Henao Yépes, Laura
La problemática de la reciente modificación en la ley de subcapitalización (decreto 627 de 2014) y el hecho de que el promedio de las empresas colombianas no tengan acceso a la emisión de acciones o de bonos en la bolsa de valores de Colombia que les provea una forma de capitalizar la compañía, además de recursos propios; ha creado la necesidad de buscar alternativas que no se consideren como endeudamiento y no requieran capitalización, con el fin de que las empresas que poseen ciertos límites de recursos, no se vean en desventaja con las empresas internacionales o nacionales que tengan acceso a capitalización o socios extranjeros
Análisis del desempeño de las empresas que cotizaban en la Bolsa de Valores de Colombia entre 1981 y 1988: una visión desde gobierno corporativo
(Universidad EAFIT, 2017) Arango Giraldo, Carolina; Herrera Roldán, Mariana; García Rendón, John Jairo; Velásquez Ceballos, Hermilson
Análisis del efecto que tiene la selección del modelo de construcción de portafolio óptimo y de valoración en riesgo de mercado en la administración de la riqueza
(Universidad EAFIT, 2017) Caldas Bechara, Esteban Andrés; Fitzgerald Fernández, Kevin Sledge; Pérez Ramírez, Fredy Ocaris
As a consequence of the economic development experienced in the last decades, there has been a surplus wealth phenomenon in society, which requires adequate financial planning and efficient management of economic surpluses -- This has led to the theory of the administration of Wealth Management plays a leading role when making investment decisions -- Not knowing this theory can lead an investor to make decisions without fundamentals, which do not lead to the optimum where profit maximizes with the lowest possible risk -- Understanding this, we will explain how the selection between two methods of constructing the optimum portfolio and the calculation of the value at risk, apparently a decision little transcendental or little known for an investor, can directly affect the profitability of a fund because of the respective recomposition of the portfolio that causes each method
Análisis del retorno total al accionista como medida de creación de valor en la Bolsa de Valores de Colombia
(Universidad EAFIT, 2023) Arias Ramírez, Isabel; Rúa Ramírez, Mateo; González Tabares, Carlos Eduardo
In this study, we analyze the total shareholder return (TSR) of Icolcap, an Exchange-Traded Fund (ETF) representing the Colombian stock market from 2011 to 2022. The objective is to assess the economic value creation achieved by Colombian companies for their shareholders during the years under review. As part of this evaluation, we examine the trends in profit distribution in Colombia and other markets over time, measured both by dividend payouts and share buyback programs. Finally, we compare the TSR results with the performance of other local investment products and against the TSRs of other ETFs representing international markets.
Análisis técnico y cuantitativo vs gestión tradicional de portafolios : una mirada teórica-práctica a sus desempeños históricos
(Universidad EAFIT, 2023) Mesa Jaramillo, Alejandro; Mier Rodríguez, Oscar Andrés; Peña Higuavita, Germán Adolfo
Within portfolio management, the strategy used by investors is summarized in a document called investment policy, which serves as a roadmap for executing their plan. Normally, in the academic and professional environment, traditional strategies based on fundamental analysis tend to be implemented and other strategies based on non-traditional methods such as technical analysis and quantitative methods that may have better performance under certain market conditions are left aside. This theoretical-practical study will seek to compare the performance of the main traditional versus non-traditional strategies when managing an investment portfolio in equity assets. These results are compared using objective metrics obtained through historical data of the last 10 years for different mutual funds and hedge funds.
Anuncios de política y su relación con el mercado bursátil : el caso de la crisis del COVID-19 en Colombia
(Universidad EAFIT, 2020) Gutiérrez Martínez, Carlos Mario; Medina Gaspar, Daniel Santiago
Aproximacion a la teoria del VAR en un portafolio no cotizado en bolsa
(Universidad EAFIT, 2023) Díaz Gómez, Diego Fernando; Rojas Ormaza, Brayan Ricardo
This work seeks to apply the concepts of Value at Risk and the Sharpe Ratio criterion to a portfolio of shares that are not listed on stock exchanges, in order to find the usefulness of a valuation methodology based on the intrinsic value of the shares. The unusual characteristics of this type of investment are considered, as well as the methods used to align the financial theory that supposes that it operates under perfect markets. Likewise, adaptations and validations of the theory are made versus the reality of the data collected, finding factual explanations for the deviations of results. Finally, it is found how efficient market theories can be applied to closed markets with the proper validations and adaptations, being very useful to professionalize the management of these stock portfolios.
Arbitrage pricing theory : evidencia empírica para el mercado accionario colombiano, 2005 - 2012
(Universidad EAFIT, 2012) Arango Restrepo, Carlos Daniel; González Tabares, Gabriel Felipe; Peláez Gómez, David; Velásquez Ceballos, Hermilson
Ross (1976) introduced an alternative to the CAPM model to explain the returns of financial assets. Ross’ Arbitrage Pricing Theory (APT) proposes a multi-factor structure in which the return of a given financial asset is a function of a free-risk rate and a series of macroeconomic variables. In this paper the principal component analysis is used to summarise the information contained in 23 macroeconomic and financial variables and then the components retained are used to model the excess of return over the local currency government bonds, TES, of the Colombian Stock Exchange General Index (IGBC). The retained principal components were analysed in the light of the economic and financial theory and evidence was found to assert that the risk perception has the highest relative importance to explain the IGBC excess of return.
Betas y correlaciones dinámicas del sector Oil & Gas en Colombia 2014-2021 : una aproximación GARCH multivariada
(Universidad EAFIT, 2021) Rodríguez Sanmiguel, Narciso; Restrepo Tobón, Diego Alexander
The objective of this document was to test the constancy of the coefficients under the framework of Fama and French, through the methodology of multivariate auto-regression models of conditioned heteroscedasticity that consider dynamic correlations (MGARCH – DCC), and considering in the estimation of parameters, variances and fluctuating covariances in time, distributions other than Normal (Student's t and general exponential, GED). Evidence was supported in favor of the hypothesis of variable coefficients in time for market factor, market value/book value ratio and including as a fourth factor changes in the price of crude oil for six stocks and two portfolios of the Oil & Gas sector in Colombia, between February 2014 and April 2021, with daily frequency that are listed in United States or Canada stock exchange markets. Weak evidence of variable coefficients was found for the size factor. In the variable coefficients (betas) a coverage effect or mitigation Hedge (negative) was found in the response of the factor to shocks in the covariances (correlations), between the return on the share and the respective factor.
Burkenroad Bolsa de Valores de Colombia 2018
(Universidad EAFIT, 2019) Ordoñez Graces, Marlyn Adriana; Orozco Fernandez, Yeimy Lorena; Restrepo Barth Simon
Del miedo a la oportunidad : un índice predictivo para el mercado bursátil colombiano
(Universidad EAFIT, 2025) Soto González, Miguel Ángel; Montoya Gil, Juan Miguel
Derivados financieros en Colombia y la nueva regulación de colaterales
(Universidad EAFIT, 2020) Gómez Gallego, Antonia; Restrepo, Andrés Mauricio
The Colombian derivatives market has grown in the past 20 years. Since the past financial crisis, especially in 2008 with the crash bubble in the USA affected in different ways the financial market. Different contracts are used for derivatives in the Colombian market such as Forwards, Swaps, Futures, and Options. These contracts are negotiated in the OTC (Over The Counter) and in the standardized market. OTC trades directly between two parties and without central exchange or broker; Whereas the standardized market which operates with a broker-dealer or central exchange. It is often found that there can be a breach or an inequality between the parties due to the changing factors of the environment. Therefore, the " Capitulo 18 Circular Basica Contable de la Superintendencia Financiera" was created in Colombia as a new regulation to prevent an imbalance between both parties. Due to the importance of the derivatives market in the world, different countries have implemented this kind of regulation such as the Dodd-Frank and Emir executed by the USA and UE respectively.
Desarrollo del mercado de bonos corporativos en Colombia
(Universidad EAFIT, 2019) García Trujillo, María Isabel; Tamara Ayus, Armando Lenín
In Colombia, the debt market as a source of financing is limited, its development has been determined by regulatory changes and its evolution is related to factors of the monetary policy cycle and the international context. The corporate market presents a lag in factors such as liquidity against the public debt market, thus, the liquidity conditions and the characteristics of the Colombian market generate questions about the factors that determine its evolution and monetary policy begins to be relevant, credit risk, among others. The purpose of this work is to identify different corporate debt instruments that allow the company to obtain investment resources, starting with a review of the different sources of financing at the company level, and then focusing on the issuance of bonds through a descriptive approach of a quantitative type based on the registration of the fixed-income public offering published by the Colombian Stock Exchange on its Web page for the period 2006 - 2017.
Desarrollo y aplicación de modelo neuroborroso para la predicción del precio de la acción de Ecopetrol en la Bolsa de Valores de Colombia mediante la utilización de indicadores técnicos y fundamentales y variables macroeconómicas
(Universidad EAFIT, 2015) Rendón Gómez, Camilo; Mondragón Trujillo, Luis Fernando
Los modelos de predicción de precios de activos financieros han captado la atención de investigadores e inversionistas debido a las posibles rentabilidades que se podrían obtener en caso de estimar valores acertados -- El presente trabajo presenta un modelo neuroborroso en el cual se combinan indicadores técnicos y fundamentales y variables macroeconómicas, comprendidas entre enero de 2010 y febrero de 2015, para predecir el precio de la acción de Ecopetrol en la Bolsa de Valores de Colombia -- Algunas variables macroeconómicas se modelan mediante sistemas de inferencia borrosos y sus salidas se agregan a los indicadores técnicos y fundamentales para entrar a una red neuronal artificial de tipo anticipativo (feedforward) que pronostica el precio del activo para el mes siguiente
Efectos de la implementación del Programa de Reconocimiento IR en el valor de mercado de las firmas
(Universidad EAFIT, 2018) Giraldo Gil, Mayra Alejandra; Checa Narváez, Karen Natalia; Téllez Falla, Diego Fernando
The objective of this paper is to perform an analysis of the effect that the implementation of the IR Recognition program has on the market value of the companies that are listed on the Colombian Stock Exchange and that decided to voluntarily apply compliance with best practices in such matters. such as: i) Relationship with investors, ii) Disclosure of information to investors and the market in general and iii) Corporate Governance -- It is expected, as a result of the implementation of this program, that the market value of the issuing companies have a positive reaction -- To verify this hypothesis, an event study was carried out with the 32 companies that are registered in the IR program of the Colombian Stock Exchange; the results of the event study showed that there were no positive abnormal returns in the prices of the shares of the companies, demonstrating, thus, the IR program was not captured, generally, by the market
Efectos en las acciones colombianas a causa de una operación Split y su comparación con acciones del mercado de Estados Unidos
(Universidad EAFIT, 2018) Escarria Buriticá, Santiago; Madrid Malo Barvo, Andrés Felipe; Támara Ayús, Armando Lenin
In our investigation, we will seek to determine the incidence a Split announcement has had over the underlying stock price, volume, and liquidity in the Colombian stock market -- Also, we will compare these results with those seen on American stocks, which is a more mature and developed market -- With this purpose, we made a bibliographical compilation which helped us study similar investigations developed in different countries and also academic theories oriented with this topic -- To develop this paper´s objective we will study yields, prices, volatility, and liquidity seen in stocks which have made Splits between 2001 and 2017 -- We will analyze different moments before and after the announcement of the split and the day it took place -- As a result of this paper we cleared doubts around the behavior Colombian and American stocks have had after a split process
El efecto de hechos políticos colombianos en el siglo XXI sobre tres acciones colombianas : un análisis comparativo
(Universidad EAFIT, 2020) Mora Concha, Alicia; Jiménez Lema, Juan José; Couleau, Anabelle
This article analyzes the effects of a series of events in recent Colombian history (2000-2019) by implementing a GARCH (1,1) model in order to determine if these events affect the volatility of three specific stocks: Bancolombia, Ecopetrol and Grupo Aval. We compare the effects of volatility of these stocks in New York Stock Exchange and Bolsa de Valores de Colombia (Colombia Stock Exchange). The events considered are presidential elections, free trade agreements and events related to the FARC. The results show that there is no uniformity of reaction to the same events in both countries and that the reaction is not necessarily the same for the three shares on the same stock exchange either. Finally, various reasons that could explain the different responses are presented, while making suggestions for future analysis
El impacto de anuncio de eventos en el mercado accionario colombiano
(Universidad EAFIT, 2009) Velásquez Trujillo, Gloria Cecilia; Cárcamo Cárcamo, Ulises
This paper studies the possible impact of various types of event announcements on the Colombian stock market, and contributes to the understanding of this emerging market. Announcements of mergers, acquisitions, issuance of shares and the increase of dividends are analyzed to investigate whether these events affect the returns of stock prices. Data from the 2003-2008 period is analyzed with the aid of the Event Study Methodology in its original version, as well as with subsequent developments that propose adjustments when assumptions are not met. The study found that the impact of announcements is similar to what is expected and observed in other markets. In the event of exceptions, the results of the 2006-2008 subperiod tend to what is observed in well developed markets.
El mercado de capitales como fuente de financiación de las mipymes colombianas
(Universidad EAFIT, 2022) Orozco Jimenez, Manuela; Espinosa Sierra, Jorge Alexander; Sánchez Ribero, Gustavo A.
With the expedition of Decree 817 of 2020, the Colombian government allowed Simplified Stock Companies to register securities in the National Securities Registry. As of that moment, and for a term of two years, these companies could register debt securities in the National Securities Registry to be issued in the second market of the Colombian stock market. The purpose of this thesis is to analyze the characteristics of simplified joint-stock companies and the reasons that led the national government to allow the issuance of debt securities in the second market from a theoretical perspective, with the purpose of concluding whether this measure was effective and had material effects.
Emisión de bonos sociales en el mercado de valores colombiano por el Banco W
(Universidad EAFIT, 2022) Ruiz Reyes, Alberto; Sáez Bastidas, Carolina; Restrepo Tobón, Diego Alexander
In February 2021, Banco W, the leading entity in granting microcredit in Colombia, became the first private financial entity in the country to carry out an issue of Social Bonds in the main market of the public market. of values. The resources obtained in this issue were used to finance projects of various economic activities, which met the social eligibility criteria established by Bank W. This document will present the process of structuring the business, decision making at the managerial level , challenges with stakeholders, the relevance of this issue for institutional investors and finally the results of the issue, its transversal contribution to the issuer's business strategy and its impact at a social level.

Examinando por Materia "BOLSA DE VALORES - COLOMBIA"

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