Repositorio Institucional Universidad EAFIT :: Examinando por Materia "INVERSIONES

Examinando por Materia "INVERSIONES - EVALUACIÓN"

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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. Alejandro
This 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.
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 Felipe
The 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).
Análisis de tendencias en la investigación mundial sobre finanzas verdes
(Universidad EAFIT, 2025) Hoyos Llanos, Oscar Hernán; Duque Hurtado, Pedro Luis
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 Stepanian
This 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.
Del miedo a la oportunidad : un índice predictivo para el mercado bursátil colombiano
(Universidad EAFIT, 2025) Soto González, Miguel Ángel; Montoya Gil, Juan Miguel
Diagnóstico financiero y análisis de costo de la preparación mecanizada del suelo para el cultivo de musáceas en el Valle del Aguán, Honduras (2024–2025)
(Universidad Panamericana Zamorano, 2025) Acosta Carias, Cristhian Obed; Reconco, Rommel
El impacto de las prácticas ESG en el costo de capital (Ke) en las empresas del sector de hidrocarburos en Latam
(Universidad EAFIT, 2025) Correa Buitrago, Santiago; Yepes Raigosa, David Alejandro
This research evaluates the statistical relationship between ESG sustainability scores and the cost of equity (Ke) in the Latin American hydrocarbons sector. A panel data regression model (Ordinary Least Squares, OLS) was employed with macroeconomic and financial control variables, using data from 24 companies between 2015 and 2024. The empirical results indicate that the Environmental (E) and Social (S) factors do not exhibit a statistically significant relationship with Ke. However, the Governance (G) component did show a significant correlation. It is concluded that, in this regional sector, the investor's focus prioritizes the soundness of corporate governance as a risk mitigation mechanism in high-uncertainty environments.
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 Arcesio
Estudio de prefactibilidad : evaluación técnica y financiera para la implementación de un programa de mejoramiento genético en bovino en la agroempresa ganadera Fide, El Paraíso, Honduras
(Universidad EAFIT, 2025) Moncada Mendoza, Carlos Ariel; Reconco, Rommel
Estudio de prefactibilidad : snacks naturales para perros
(Universidad EAFIT, 2025) Henao Castellanos, Andrés Fernando; Escalante Gómez, Juan Esteban
Estudio de prefactibilidad para la apertura de un restaurante en Medellín
(Universidad EAFIT, 2025) Carvajal Castro, Miguel Ángel; Diez Benjumea, Jhon Miguel
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 Mauricio
This 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.
Estudio de prefactibilidad para la creación de una plataforma educativa digital dirigida a la economía plateada en Colombia
(Universidad EAFIT, 2025) Leal Maldonado, Camilo Andrés; Bernal Camacho, Ximena; Guerrero Latorre, Jorge Harley
In the 21st century, Colombia is experiencing an increase in the elderly population, a phenomenon that is transforming demographic, economic, political, and social structures. However, this population segment still faces barriers to accessing training, capacity building, and technological appropriation opportunities to undertake and create business models capable of meeting their needs. Given this scenario, this paper will conduct a pre-feasibility study for the creation of an educational platform targeting the silver economy in Colombia, using the UNIDO methodology. It will analyze the sociodemographic environment, market segmentation, technical and administrative specifications of the educational platform, as well as a legal, risk, and financial analysis that will allow us to assess the viability of the project.
Estudio de prefactibilidad para la implementación de modelo telemétricamente asistido en el juzgamiento del caballo criollo colombiano
(Universidad EAFIT, 2026) García Zapata, Andrés Eduardo; Diez Benjumea, Jhon Miguel
This study conducts a prefeasibility evaluation for the implementation of a telemetry assisted system designed to support the judging of the Colombian Criollo horse in its four gaits, following the methodological framework established by UNIDO for investment projects. A comprehensive analysis was carried out, including the identification of which variables within the current judging model can be automated, the definition of technological requirements for real-time data capture and processing, and the estimation of costs associated with the integration of sensors, cameras, and digital analysis platforms. The results indicate that the incorporation of telemetry could standardize technical evaluation criteria, reduce subjective variability among judges, and increase the traceability of equine performance in competitive settings. In addition, preliminary evidence shows favorable operational, market, and financial feasibility for its application in equine fairs and breeding farms, supporting its potential as a tool for investment decision-making, scoring, and continuous improvement of horses.
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 Mauricio
This 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.
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 Felipe
The 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.
Evaluation of investment alternatives in the Colombian bonds Market Using Machine Learning Algoritms
(Universidad EAFIT, 2025) Gómez Plaza, Sergio Daniel; Cardona Llano, Juan Felipe
The 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.
Gestión de riesgos financieros y sostenibilidad en concesiones viales en Colombia : un análisis aplicado a un proyecto expuesto a riesgo de tasa de interés y tasa de cambio
(Universidad EAFIT, 2026) Chiquiza Vergara, Alexandra; Villamil Villamil, Fernando Alonso
The financial sustainability of road infrastructure projects in Colombia is affected by their exposure to market risks such as interest rate and exchange rate volatility. This research analyzes the effectiveness of using financial derivatives as a hedging strategy against such risks. A 30-year financial model was developed, incorporating sensitivity scenarios based on key reference rates. Structures with and without financial hedging were compared. The data used included historical interest and exchange rates, macroeconomic variables, and real cash flows from concession contracts. Results show that a mixed debt structure (COP and USD) can offer benefits equivalent to fully dollar-denominated debt combined with exchange rate hedging. Furthermore, the use of derivatives helps stabilize key indicators even under adverse conditions. It is concluded that financial hedging improves project viability and strengthens cash flow stability.
Impacto de la iliquidez del mercado accionario colombiano en la valoración de sus principales empresas cotizadas
(Universidad EAFIT, 2025-11-10) Gómez Vásquez, Martín; Montoya Gil, Juan Miguel
This study examines the impact of stock market illiquidity on the valuation of Colombia’s main publicly traded companies over the 2015–2024 period. Using monthly data on prices, trading volumes, and accounting information, representative portfolios by firm size are constructed along with a liquidity factor based on the return differential between illiquid and liquid stocks. An extended CAPM model is estimated by incorporating the liquidity risk alongside the market factor to assess whether illiquidity constitutes a systematic risk component priced in expected returns. The results indicate that illiquidity is indeed priced in the Colombian stock market: large-cap firms display a positive and significant liquidity coefficient, evidencing an illiquidity premium, while medium-sized firms show an inverse effect and small firms exhibit no statistically significant relationship. Comparative evidence with regional markets confirms Colombia’s relatively low depth and market development. These findings suggest that the lack of liquidity increases financing costs and depresses corporate valuations, representing a relevant risk for both investors and issuers. The research contributes to the emerging markets literature by providing recent evidence of an illiquidity premium within a context of limited market integration and high ownership concentration.
Metodología para la evaluación del riesgo de concentración sectorial en el portafolio de crédito de Bancolombia bajo el Marco de Basilea
(Universidad EAFIT, 2025) Sáenz Cubillos, Diego Alberto; Salinas Gil, Sergio Andrés; Rojas Ormaza, Brayan Ricardo; Durango Gutiérrez, María Patricia
This paper analyzes the sector concentration risk in Bancolombia's commercial credit portfolio and its impact on the additional capital required under the Basel regulatory framework. The study poses the following central question: What level of sector concentration does Bancolombia have and how does this impact its economic capital requirements? To answer this question, sector portfolio data, risk parameters (probability of default PD, loss given default LGD, and exposure at default EAD), and current regulations were used. The methodology combines concentration indicators (Herfindahl-Hirschman, Gini, and Theil), sector stress simulations, and economic capital models such as the Asymptotic Single Risk Factor (ASRF) and its multifactor extension. This approach allows for comparing real-life scenarios with counterfactual diversification scenarios, identifying the sectors that contribute most to concentration risk, and estimating the additional capital required. The results seek to provide guidelines for strengthening risk management within the framework of the Internal Capital Adequacy Assessment Process (ICAAP) and, thereby, contribute to the entity's financial stability.

Examinando por Materia "INVERSIONES - EVALUACIÓN"

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