Examinando por Materia "INVERSIONES - EVALUACIÓN"
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Publicación Análisis comparativo de la gestión activa vs pasiva de un portafolio accionario en el mercado de valores colombiano : acercamiento por medio de Markowitz(Universidad EAFIT, 2025) Álvarez Antía, Jerónimo; Ángel Correa, Andrés; Mejía Jaramillo. AlejandroThis study seeks to compare the performance of active and passive portfolio management strategies within the Colombian equity market. The research specifically investigates whether passive management, replicated through the iShares MSCI COLCAP ETF, is able to match or exceed the outcomes of an active strategy implemented using the Markowitz optimization model. To this end, historical daily price data for the constituent stocks of the COLCAP index were analyzed over a five-year period. A quantitative and exploratory methodology was employed, incorporating backtesting simulations with semiannual portfolio rebalancing, and evaluating performance and risk metrics such as volatility, Sharpe ratio, and Sortino ratio. The findings indicate that, in the Colombian market, the additional risks associated with attempting to outperform the index are not compensated by a sufficiently attractive expected alpha. Consequently, within the context of an emerging economy, passive management emerges, in general terms, as the most appropriate alternative for retail investors.Publicación Análisis de la rentabilidad social y ambiental del modelo Casa para Mí(Universidad EAFIT, 2025) Arias Gómez, Armando; Sastoque Rivera, Luis Fernando; Muñoz Mora, Juan Carlos; Sánchez, Andrés FelipeThe thesis “Analysis of the Social and Environmental Profitability of the Casa para Mí Model” evaluates the viability and impact of the social business model promoted by Cementos Argos, integrating the Theory of Change, Life Cycle Assessment (LCA), and the Social Return on Investment (SROI) methodology. Through participatory workshops and technical analyses, the study identified significant positive impacts on the quality of life, household economy, and environmental sustainability of the beneficiary communities. Among the key findings, 87% of families reported improvements in their economic situation, including increased income, access to employment, and opportunities for technical training. In environmental terms, the model achieved a 50% reduction in CO₂ emissions, an 87% reduction in construction waste, and a 46% decrease in water consumption. The calculated SROI was 2.29, meaning that for every peso invested, $2.29 in social benefits are generated. The study concludes that the Casa para Mí model is efficient, replicable, and contributes significantly to the achievement of several Sustainable Development Goals (SDGs), particularly: Reduced inequalities (SDG 10), Sustainable cities and communities (SDG 11), Responsible consumption and production (SDG 12), Climate action (SDG 13), and Partnerships for the goals (SDG 17).Publicación Análisis de tendencias en la investigación mundial sobre finanzas verdes(Universidad EAFIT, 2025) Hoyos Llanos, Oscar Hernán; Duque Hurtado, Pedro LuisPublicación Arbitraje basado en ineficiencias de la sonrisa de volatilidad en opciones europeas sobre el S&P 500(Universidad EAFIT, 2025) Torres Moreno, Juan Guillermo; Londoño Agudelo, Simón; Silva, Michael StepanianThis study analyzes the use of the implied volatility smile in European options on the S&P 500 to design quantitative arbitrage strategies in derivative markets. It examines how the shape of the smile varies under different volatility regimes and its impact on risk-adjusted profitability. The research will employ historical SPX options data, implied volatility estimates, and quantitative models. The goal is to identify strategies that take advantage of pricing mismatches in options to generate consistent returns in both high and low volatility scenarios. The results will contribute to the development of more efficient trading methodologies in derivative markets.Publicación Del miedo a la oportunidad : un índice predictivo para el mercado bursátil colombiano(Universidad EAFIT, 2025) Soto González, Miguel Ángel; Montoya Gil, Juan MiguelPublicación Estado del arte de sistemas de financiación de proyectos de inversión(Universidad EAFIT, 2025) Ochoa Lopera, Laura María; Restrepo Pérez, Laura María; Gómez Salazar, Elkin ArcesioPublicación Estudio de prefactibilidad : snacks naturales para perros(Universidad EAFIT, 2025) Henao Castellanos, Andrés Fernando; Escalante Gómez, Juan EstebanPublicación Estudio de prefactibilidad para la apertura de un restaurante en Medellín(Universidad EAFIT, 2025) Carvajal Castro, Miguel Ángel; Diez Benjumea, Jhon MiguelPublicación Estudio de prefactibilidad para la creación de una granja agrovoltaica (APV) en Paz de Ariporo, Casanare (Colombia) utilizando la metodología ONUDI(Universidad EAFIT, 2025) Gómez, Carlos Humberto; Tobar Guinand, José MauricioThis pre-feasibility study evaluates the viability of constructing and operating an agrivoltaic (APV) farm at Las Delicias, located in the village of La Peral, municipality of Paz de Ariporo, Casanare (Colombia). The project proposes a generation capacity of 0,99 MW from solar energy, enabling the production of clean electricity and the simultaneous use of land for agricultural activities beneath the solar panels. The project's viability depends on a detailed analysis of regulatory, economic, and technological factors, as well as its alignment with the region’s energy and environmental needs. To this end, both external and internal factors that may influence its implementation are examined, considering the global energy transition, climate change, the Colombian regulatory framework, and the area's solar potential. Furthermore, the methodology of the United Nations Industrial Development Organization (UNIDO) is used to structure the study and ensure a rigorous and methodologically sound evaluation.Publicación Estudio de prefactibilidad para la producción y la exportación de café de especialidad de la Asociación ASORIBERA(Universidad EAFIT, 2025) Chaparro Llano, Luisa Alejandra; Dutra Scapim, Julia; Serna Velásquez, María Natalia; Tobar Guinand, José MauricioThis research evaluates the pre-feasibility for the production and direct export of specialty roasted coffee by the ASORIBERA Association, located in the municipality of Santa Fe de Antioquia, destined for the United States market. Through the application of the methodology of the United Nations Industrial Development Organization (ONUDI), eight comprehensive studies were developed: sectoral, market, technical, environmental, administrative, legal, financial, and risk assessment. The analysis allowed for the identification of the internal and external conditions that affect the project's viability, including the necessary infrastructure for the roasting plant, regulatory requirements for export, dynamics of the international market, and the main risks associated with the operation. The study becomes relevant by proposing an export plan that adds value to coffee through its transformation into a finished product, generating higher profit margins for producers and strengthening their commercial autonomy. From the project management perspective, strategies are proposed to optimize resources, reduce uncertainty, and ensure the sustainability of the export process over a 10-year horizon, thereby contributing to local economic development and the welfare of the coffee-growing families that are part of the association.Publicación Evaluación de la eficiencia del mercado accionario colombiano frente al período exdividendo. Un análisis empírico en Python(Universidad EAFIT, 2025) Agudelo Quintero, Laura Carolina; Cardona Llano, Juan FelipeThe ex-dividend period generates a price adjustment that directly impacts investor returns. These variations depend on the timing of the market price measurement, whether before or after the ex-dividend date. Although in theory, the stock price should decrease by an amount equivalent to the dividend paid, this adjustment does not always occur proportionally. Therefore, this research aims to analyze and model the price behavior of three stocks in the Colombian stock market using statistical tools in Python, by means of historical information on the common stock prices of Bancolombia S.A., Ecopetrol S.A., and Grupo de Inversiones Suramericana S.A., along with dividend payment dates, in order to perform a comparative measurement of returns before and after the ex-dividend period. The objective is to identify potential abnormal returns that allow for an evaluation of the stock market's efficiency. This analysis is based on the efficient markets hypothesis in its semi-strong form, which states that financial asset prices immediately reflect all publicly available information, as suggested by the theoretical approach developed by Eugene Fama.Publicación Evaluation of investment alternatives in the Colombian bonds Market Using Machine Learning Algoritms(Universidad EAFIT, 2025) Gómez Plaza, Sergio Daniel; Cardona Llano, Juan FelipeThe bonds market in Colombia, according to the Colombian Stock Exchange (BVC), represents the largest segment of the country's capital market, where fixed-income instruments account for 80% of the average daily trading volume on exchange systems. Sovereign and corporate bonds are the most sought-after by investors, as they offer stable returns and low risk. However, valuing these assets is not always straightforward due to volatility and economic fluctuations.This study explores how machine learning algorithms can enhance the valuation of these investment options in the Colombian market. Various approaches, such as neural networks and decision trees, will be tested to determine which best predicts the behavior of these assets. These models are expected to support better investment decision-making, particularly during periods of uncertainty. The goal is to leverage artificial intelligence to develop more effective and well-suited tools for an informed market.Publicación Multifamily en Colombia(Universidad EAFIT, 2025) González Bermúdez, José Miguel; Isaza Mesa, Santiago; Durango Gutiérrez, María Patricia; Pérez Arbeláez, SebastiánPublicación Reporte financiero Burkenroad / Latinoamérica – Colombia / BBVA Colombia / BVC / BBVACOL(Universidad EAFIT, 2017) Prada González, Cristy Andrea; Restrepo Penagos, Juan Camilo; Ospina Mejía, Jaime AlbertoLa recomendación de la cobertura de la acción es de COMPRA, por cuanto el precio de la valoración sin castigo por liquidez es de $285 obtenido bajo el método de dividendos descontados (Damodaran, 2002), en un escenario moderado de proyecciones económicas y un crecimiento del 4,2% terminal real, que permite inferir un mayor potencial de valorización por los sólidos fundamentales de la compañía -- Este precio es superior en $25 a la última cotización de la especie en Bolsa, transada el 30 de noviembre de 2016 a $260 -- Aplicando el descuento de liquidez de 15,44% según el modelo Restricted Stock Regression de Silber, citado por Damodaran (2005), por tratarse de una acción de muy baja bursatilidad, el precio objetivo alcanza los $241 por acción; sin embargo, la bursatilidad del activo no se desprende de una baja demanda, sino de la estrategia del Grupo BBVA no solo de conservar su participación accionaria, sino, por el contrario, de hacerse al 100% del accionariado -- La valoración relativa promedio de los 12 bancos pares (tabla 1), excluyendo los extremos, es de 1,25 x P/VL y 9,9 x P/U (Bloomberg, 2016), muy parecido a los ratios de los bancos latinoamericanos, pero distantes aún de los bancos en Perú y Chile -- BBVA Colombia por su parte, a partir de las estimaciones efectuadas, debería tener unos múltiplos 1,1 x P/VL y 6,8 x P/U, lo que nos indica que la acción se encuentra en la media nacional pero por debajo en comparación con los bancos en otros países de Latinoamérica, ratificando así el potencial de valorizaciónPublicación Sobre tasa al impuesto de renta : un golpe a la rentabilidad del sector financiero(Universidad EAFIT, 2025) Vallejo Ramos, Oswaldo José; Medina Arango, Oscar EduardoThe financial system is the backbone of any country's economy, enabling the efficient flow of resources between savers and investors, which in turn drives economic development and financial stability. In Colombia, this sector has faced significant pressure in recent years due to changes in fiscal policies, particularly the implementation of an income tax surcharge. While introduced as a tool to increase revenue and fund essential projects, this measure has raised concerns about its potential repercussions on profitability and competitiveness. The income tax surcharge, in effect since 2018, aims to increase the contribution of highly profitable sectors to the collective well-being. However, this additional tax burden has raised questions about its impact on profit margins, the attraction of foreign investment, and credit stability within a key sector like finance. In this context, this research project seeks to evaluate the quantitative effects of the surcharge on Colombian financial entities during the 2018-2024 period, encompassing a comprehensive analysis to identify trends and strategies. This research aims to provide a comprehensive assessment of the income tax surcharge's effects on the Colombian financial sector. It will foster a deeper understanding of how fiscal policies can influence the performance of a strategic sector and propose solutions aimed at balancing state revenue collection with the sector's sustainability.