Examinando por Materia "ESG criteria"
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Ítem Diseño de portafolio ASG de renta variable MILA(Universidad EAFIT, 2022) Abad Peréz, Juan Manuel; Zúñiga Osorio, Alejandro; Botero Ramírez, Juan CarlosThe MILA Latin American Integrated Market reflects the interest of equity issuers and investors in the inclusion of ESG2 sustainability criteria, to achieve value creation through financial reward, but benefiting society and the environment. The purpose of this work is to design a portfolio with the best ESG equity stocks from 2018 to 2020 that are part of this market and reflect the criteria and sustainability factors that allowed these companies to achieve this position. The study approach is quantitative, with descriptive scope and longitudinal design. The result is the design of an ideal and representative portfolio of the best ESG equities MILA 2018-2020.Ítem Impacto de los criterios ESG en el desempeño de portafolios : evidencia para el MILA(Universidad EAFIT, 2024) Henríquez Fattoni, Carla Cristina; Garcés Cardenas, Juliana; Cruz Castañeda, VivianThis study evaluates the performance of investment portfolios with ESG (environmental, social and governance) criteria in the Latin American Integrated Market (MILA), comparing them with portfolios without these criteria. Four ESG portfolios and one portfolio without ESG criteria were built, optimized using the mean-variance model, both with and without weight restrictions. Return predictions were made with historical information from 2021 to 2024 using time series analysis techniques. The results showed that, without weight restrictions, all portfolios had returns below the risk-free rate. However, by restricting the weights to a minimum of 1%, the High ESG and Low ESG portfolios achieved positive returns, with the High ESG standing out with a 1.57% monthly return, higher than the market indices. In addition, the High ESG portfolio presented the best Sharpe and Treynor ratios, indicating higher risk-adjusted profitability. In conclusion, the results support the idea that investments in companies with high ESG scores can generate higher returns without increasing risk, suggesting that responsible investment is more profitable in the Latin American context. This research contributes to the debate on the importance of socially responsible investing in Latin America, providing empirical evidence on the impact of ESG criteria on performance and risk management in investment portfolios.Ítem Influencia de la adopción de criterios ESG dentro de la valoración financiera de empresas estadounidenses que cotizan en la bolsa de valores NASDAQ 100(Universidad EAFIT, 2024) Amelines Osorno, Estefanía; Urrego Moscarella, Tomás; Álvarez Franco, Pilar Beatriz; Puerta Álvarez, Henry DanielWhile companies that implement ESG criteria may enjoy positive market perception, evidence suggests these practices don't necessarily translate into increased corporate value. Analyzing ESG criteria in tech companies shows that those adopting sustainable practices don't always achieve significant valuation impact, especially compared to traditional financial metrics like EBITDA, book value, or stock price. An econometric analysis of 25 NASDAQ 100 companies indicates that although ESG adoption is relevant, its contribution to corporate valuation is limited. This suggests that while sustainability is important, it isn't a decisive competitive advantage in the tech sector. Essentially, the applied econometric models reveal that the explanatory power of ESG criteria on firm value is low, indicating that other financial factors play a much more crucial role in determining value. However, when analyzing the subset of the five most representative tech companies in the NASDAQ 100, the impact of ESG criteria is significant. This indicates that larger, more market-dominant companies find sustainable practices more relevant to their valuation. This finding suggests that the influence of ESG criteria may vary depending on a company's size and position within the tech sector. It implies that companies with higher market capitalization are better positioned to leverage the competitive advantages associated with sustainability.Ítem Inversión ASG frente a inversión tradicional en Colombia. Un asunto de eficiencia(Universidad EAFIT, 2024) Ochoa Jiménez, Isaac; Restrepo Ochoa , Diana ConstanzaAlthough investing under environmental, social and governance (ESG) criteria has recently gained interest, the academic literature still does not allow to conclude whether acting in accordance with such criteria partially sacrifices the pecuniary benefit or efficiency sought in the traditional investment. This research analyzes whether investment that incorporates ESG criteria presents differences with respect to traditional investment, by comparing its risk-return relationship in the Colombian stock market in the period 2015-2022. To do this, two indices were built under ESG criteria, and their performance was compared with the MCSI Colcap index, where the latter, as the general index of the Colombian stock market, represents traditional investment. The results of the study reflect that, when studying the entire samples based on the Sharpe ratio, ESG investment was more efficient than traditional investment. However, during the pandemic period, the latter performed better. The explanation of why these results were presented for ESG investment will give rise to other studies on the subject.Ítem Los criterios ESG en las sociedades mercantiles colombianas : su origen histórico y trayectoria a la luz de los desarrollos en el panorama internacional(Universidad EAFIT, 2024) Villegas Nicholls, Tomás; Palacio Salazar , Simón; Lorenzoni Escobar, LinaThe integration of ESG criteria in the business sphere is promoted as a key tool to ensure sustainability and competitiveness in a global context that demands greater transparency and corporate responsibility. This idea has resulted from a historical construction of the ESG concept, where a clear evolution of certain voluntary frameworks is identified up to their incorporation into regulatory frameworks, with the most recent example being Directive 2024/1760 of the European Union on sustainability due diligence. This has significant practical consequences, such as the coexistence of multiple ESG criteria, compliance with which could be leading to adaptation difficulties for companies. Following this trend, Colombia generally identifies a central body of ESG regulations that is being issued by the Financial Superintendence and the Superintendence of Companies, with a broad reference to frameworks and information standards from international professional organizations, all of which poses challenges in legal matters and also a different operation for companies.Ítem Optimizando la gestión de portafolios con inversión responsable y finanzas sostenibles(Universidad EAFIT, 2024) Arroyave Giraldo, Natalia; Escobar Tabares, Natalia