Examinando por Materia "INVERSIONES DE CAPITAL"
Mostrando 1 - 20 de 90
Resultados por página
Opciones de ordenación
Ítem Acuerdos simples de inversión(Universidad EAFIT, 2020) Pérez González, Santiago; Echavarría Dapena, AlejandroThis research work aims to identify the legal nature, the parties, the legal effects (rights and obligations), the economic function, as well as the figures that are similar in Colombian legislation with respect to simple investment agreements, such as SAFE and KISS, developed in other jurisdictions, determining if their use is feasible in Colombia, what advantages and disadvantages there would be in their implementation and what are the best alternative instruments to them.Ítem Análisis de eficiencia técnico productiva del sector agrícola en Colombia : el papel del riego(Universidad EAFIT, 2022) Vélez Colorado, Laura; Molina Guzmán, Luis AlfredoThe agricultural sector and its technical and productive efficiency have been widely studied from different approaches; the present work is based on a linear and correlation analysis between the capital factors (which are broken down into different criteria) and the production per hectare in each Colombian municipality, initially reviewing the theoretical and literature on the subject and giving a general account of the historical development of the agricultural sector in Colombia, from colonial times to the present. Next, an empirical analysis is made between the quantity produced per municipality and the different capital factors (gravity irrigation, machinery, technical assistance, drip irrigation, manual phytosanitary, chemical fertilizer, chemical phytosanitary, agricultural amendment). In order to study the causality of these relationships, an Ordinary Least Squares methodology (since the Cobb Douglas function is not linear in terms of parameters) and stochastic frontiers are used to estimate technical inefficiency. The empirical results show that all capital factors are important for agricultural production since they were statistically significant at least at 5% and irrigation and land suitability are the most relevant; furthermore, the hypothesis that the agricultural sector in Colombia is quite inefficient was tested.Ítem Análisis de rentabilidad de los fondos mutuos de renta variable pasivos y activos en los Estados Unidos(Universidad EAFIT, 2013) Toro Arango, Gregorio; Agudelo Rueda, Diego AlonsoLa industria de los fondos mutuos1 en Estados Unidos tiene 13 trillones de dólares en activos bajo administración, de los cuales el 33% son fondos de inversión en renta variable -- La tendencia actual de los inversionistas favorece las inversiones indexadas, las cuales manejan activos por un 1.3 trillones de dólares, de los cuales 429 billones de dólares están invertidos en fondos indexados al S&P 500 (Investment Company Institude, 2013) -- Actualmente continúa la discusión del desempeño entre la gestión activa y pasiva en los mercados financieros -- En el presente trabajo se analizaran los fondos de las principales firmas de administración de inversión de Estados Unidos que invierten en empresas de gran capitalización bursátil durante los últimos cinco años, tomando como índice de referencia el S&P 500 -- Se utilizaran medidas de desempeño tradicionales como el Ratio Sharpe, Ratio de Trerynor y Jensens Alpha para evaluar los resultados de gestión que han obtenido los mayores rendimientos para los inversionistas -- Los resultados de la presente investigación muestran que los fondos de gestión pasiva después de gastos de administración y antes de impuestos superan la rentabilidad de los fondos de gestión activaÍtem Análisis del impacto en la industria de fondos de inversión colectiva en Colombia a partir de la caída de Interbolsa(Universidad EAFIT, 2021) Toloza Camacho, Ervin Yesid; Brijaldo Villalobos, Jorge Alejandro; Ospina Mejia, Jaime AlbertoAt the end of 2012, the company Interbolsa S.A, the largest broker at that time in Colombia, went bankrupt. This fact triggered one of the biggest scandals in the country, affecting the pillars under which the financial system's relationships are theoretically based, and showing the risks faced by both investment management companies and clients who entrust their money through financial products that are highly regulated by states entities, which, they are must to supervise and take action when unethical practices are evidenced that may lead to a loss of credibility on the part of users. Through an impact evaluation methodology known as Synthetic Control, this document estimates the causal effect of the liquidation of Interbolsa on the mutual funds industry in Colombia, a financial product that in recent years has had an important boom in Iberoamerica, since in addition to encouraging savings and investment, it promotes the democratization of capital markets, which drives economic growth through companies that come to this market to finance their investment projects.Ítem Análisis jurídico de la Cámara de Riesgo Central de Contraparte de Colombia(Universidad EAFIT, 2014) Gual Fernández, Laura Valentina; Sosa Ospina, Valentina; Rengifo Higuita, RamiroÍtem Aplicabilidad del Modelo Fama-French en el Mercado MILA(Universidad EAFIT, 2021) Trujillo Gómez, Juan Diego; Vélez Morales, Philip; Botero, Juan CarlosMILA is the Latin American Integrated Market for securities created in 2009 originally by Perú, Chile and Colombia to which Mexico joined in 2014. Due to its importance, it is necessary to have models that allow a more efficient estimation of the return on assets and generate greater assertiveness in investment decision-making by portfolio managers. This paper presents generalities of both, the MILA market and the submarkets that compose it, and seeks, in the first place, to determine the applicability of the Fama-French model in said market; and secondly, it seeks to generate possible portfolios in the MILA market that, following the criteria on risk factors described by Fama and French, have shown through history a better performance than that of a benchmark portfolio.Ítem 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 AlexanderThe 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.Ítem Burkenroad Celsia S. A E.S.P MAF(Universidad EAFIT, 2019) Castaño Arenas, Diana Lorena; Rincón Correa, Carolina; Medina Arango, Óscar EduardoÍtem CANACOL ENERGY LTD.(Universidad EAFIT, 2014) Morales Cortés, Angélica Viviana; Ruíz Noble, Benjamín Andrés; Mondragón Trujillo, Luis FernandoUna vez realizada la valoración de Canacol Energy Ltd donde se tuvo en cuenta la producción presente y futura de cada pozo y la proyección del costo promedio ponderado de capital se puede afirmar que la acción actualmente se encuentra subvalorada en el mercado -- La afirmación anterior se basa en el crecimiento de la producción entre un 30% y 40% para el año 2014 pasando de una producción de 9.550 a un estimado de 12.441 barriles por día -- Este aumento en la producción es explicado primero, por los nuevos hallazgos de petróleo en los últimos años -es el caso del descubrimiento del pozo Leono que tiene un estimado de producción de 5.500 barriles por día-, y segundo, por la fuerte inversión en activos en el periodo comprendido entre junio de 2013 y junio de 2014 -- La empresa no solo aumentará su producción sino que mejorará considerablemente la utilidad bruta por barril de petróleo (históricamente se obtenía un estimado USD$18.25 por barril mientras que para el 2014 se espera obtener USD$ 36.80), este cambio se debe a una mejora en los costos de producción originada por las inversiones de capital realizadas, al agotamiento de la producción de Rancho Hermoso el cual tenía un bajo netback debido a estar sujeto a tarifa según el contrato de explotación entre Canacol Energy y Ecopetrol y finalmente a un aumento en el precio del petróleo -- Con la implementación de la estrategia de la empresa, la cual está basada en un crecimiento integrado consistente en la perforación, exploración y desarrollo en sus áreas principales, se espera un crecimiento continuo en el número de reservas que a junio de 2013 reportaba un total neto de probadas, probables y posibles igual a49.528mboeÍtem La carga de respetar del International Rule of Law : hacia una valoración de la conducta del inversionista en el análisis del TJE(Universidad EAFIT, 2019) Aristizábal Gutiérrez, Laura; Jaramillo Cuartas, Sofía; Toro Valencia, José AlbertoÍtem CEMEX LATAM HOLDINGS(Universidad EAFIT, 2015) Londoño Zuleta, Carlos Eduardo; Álvarez Restrepo, José Fernando; Mondragón Trujillo, Luis FernandoSustentar la recomendación con los principales resultados obtenidos en el análisis -- De acuerdo al modelo construido, donde se incluyeron variables macroeconómicas como libros históricos, proyecciones del PIB, producción de la construcción e IPC, las cuales se utilizaron como base de las proyecciones de los ingresos, se pudo establecer que la empresa CLH está en la capacidad de mejorar a futuro sus ingresos operacionales siempre y cuando la empresa continúe con su política de crecimiento en capacidad instalada y se ejecuten los mega proyectos viales en el país, donde la empresa no sólo genera flujo por ventas de materiales sino además de prestar servicios de construcción y demolición -- De acuerdo a los resultados arrojados por el modelo, se espera que el precio de la acción de Cemex Latam Holdings esté alrededor de los COP $24,240 en el mediano plazo aproximadamente a diciembre de 2015Ítem Comportamiento de la estructura de capital en los principales fondos inmobiliarios de Estados Unidos(Universidad EAFIT, 2020) Díaz Morales, Sebastián; Vergara Garavito, Judith CeciliaCapital structures of the major US real estate firms, during the period 2000 to 2019, are studied in this empirical investigation. In addition, it is validated if the respective structures create or destroy value for their shareholders. At a methodological level, real estate profitability is analyzed based on the capital invested. It is presumed that an adequate capital structuring through financing helps a fund to generate value over time: if there are stable macroeconomic situations. The findings support the hypothesis of a direct link between short-term financing and profitability, the same as the associated business size. Similarly, financial obligations and long-term debts compromise profitability; but with a lower net impact than well-structured current financing.Ítem Construcción de un portafolio bajo optimización dinámica con análisis de stress de un fondo mutual del sector transporte(Universidad EAFIT, 2021) Mayorga Sánchez, Jorge Humberto; Correa López, Yulian Alberto; Támara Ayús, Armando LeninThe purpose of this work is to build a portfolio with the most liquid shares of the Colombian Stock Exchange (BVC) using dynamic optimization, likewise, to look at the effect that COVID has had on the performance of said portfolio. The study period is between January 2016 and May 2021 and the actions of PFBCOLOM, ECOPETROL, BCOLOMBIA, GRUPOARGOS, ISA, NUTRESA, PFAVAL and ÉXITO were taken. For each of these actions, the best distribution of returns is established and the dynamic optimization process is executed in each of the portfolios, with which the optimal participation of the actions within each of the four sets was established, then a stress process is applied to each portfolio and the greatest possible loss exposed under this methodology is determined. It is concluded that when portfolios are disturbed by a stress process that includes the COVID period, they present a higher VaR and increase the result of other measures, thereby increasing the risk of exposure for investors.Ítem Construcción y evaluación de un portafolio estructural, para obligatorias retiro programado, utilizando la metodología de frontera eficiente de Markowitz y la Teoría de Momentum(Universidad EAFIT, 2014) Gómez Alzate, Andrea Marcela; Muriel Alzate, NathalieEste proyecto de investigación construye y evalúa la asignación de activos para el portafolio de Pensión Obligatoria de Retiro Programado, el cual atiende los retiros a los que un pensionado tiene derecho a través de su mesada pensional, utilizando el modelo de Frontera Eficiente de Markowitz, en combinación con la teoría de Momentum -- Para la ejecución del modelo se determinaron los activos de inversión admisibles en el Régimen de Inversiones -- Posteriormente, se construyen las matrices de rentabilidades, de restricciones, de varianzas y covarianzas, las cuales constituyen los insumos para ejecutar el modelo de optimización de portafolios de Markowitz -- A continuación, se realiza la selección de los portafolios obtenidos, teniendo en cuenta el nivel de volatilidad que el portafolio de Obligatorias Retiro Programado debe presentar; lo anterior, con el fin de cumplir con el objetivo de preservación del capital en la cuenta individual del pensionado, de manera que se pueda atender, de acuerdo a su esperanza de vida y la de sus beneficiarios, el pago de las mesadas pensionales que le correspondan -- El resultado obtenido corresponde a una asignación, en gran parte, en activos de Renta Fija expedidos por el Gobierno Nacional (TES), tanto en tasa fija como en tasa indexada a la UVR -- Adicionalmente, el modelo de optimización sugiere participaciones en activos de renta variable y, particularmente, no asigna recursos representativos en títulos de deuda privada indexados al IPC -- Esta investigación puede ser útil al momento de diseñar un portafolio base para Obligatorias Retiro Programado que, bajo una administración pasiva, permita cumplir el objetivo de otorgar a los pensionados una mesada para satisfacer las necesidades básicasÍtem Constructing Black Litterman optimal portfolios based on Wilcoxon test(Universidad EAFIT, 2020) Graciano Londoño, Mateo; Laniado Rojas, Henry; Laniado Rodas, HenryÍtem Los criptoactivos como objeto de delito y su necesidad de regulación para restaurar la seguridad jurídica y la sociabilidad económica(Universidad EAFIT, 2022) Castrillón Peña, Valentina; Mora Gómez, JuliánThe present work has the purpose of analyzing the possible creation of a legal matrix or a legal framework regarding the use of cryptocurrencies in Colombia. Given the growing importance and recognition that these currencies have received over the time, the place where it stands nowadays, the undeniable immersion in the financial world and the large amount of transactions happening, it is necessary to identify the important elements and the possibility of including them in the colombian legal system, likewise, with the aim of reducing or, at least, controlling, the implications of these virtual currencies in the commission of crimes like money laundering and financing of terrorism. This research work is structured in five chapters: in the first one, the general aspects of cryptocurrencies are presented, the second chapter refers to the performance of cryptocurrencies in the market, where there is a description of all the important elements needed to understand, first hand, the delicate points that integrate all this operations; third chapter includes the national legal system and international regulations associated with cryptocurrencies and their management and control, with the purpose of identifying those practices that are implemented in other countries and suitable with the colombian legal system; in chapter four, the main crimes that are committed in the present are exposed; last, the particularities of the Anti-Money Laundering and Counter Terrorism Financing Risk Management System are explored, and finally, there is an explanation of the ideas that must be taken into account when creating a regulatory framework to regulate and control the transaccions and the management of cryptocurrencies, and prevents their use in the commission of crimes. As a result of the above, and in the development of this topic, we finally present a set of big conclusions and recommendations that can be used as a guide for the substantial transformation of this topic that is becoming a problematic subject in terms of economic, social, cultural, and especially legal order, in reason of the interest that we are involved in based on our legal knowledge and formation. In the dynamic that is corresponded to degree works, investigative projects and development plans, the present work represents a preamble of interdisciplinary nature to the boarding of this topic with such a strong context in the society nowadays and geopolitics; given that it is now a reality and a problem of the cosmovision that we are merged in, with special attention of the legal frame that we are professionally demarcated in.Ítem Criptoactivos dentro del marco de legalidad penal del ordenamiento colombiano : criptomonedas como instrumento idóneo para la comisión de ilícitos, en específico : lavado de activos(Universidad EAFIT, 2021) Ramírez Ramírez, Daniel; Echavarría Ramírez, RicardoThis paper aims to address the following questions: What problems does Colombia face due to the use, trade and exchange of crypto assets within the country's economy without specific regulation? And what risks does the lack of cryptocurrency regulation in Colombia generate in relation to the commission of illicit crimes? In that order of ideas, first a historical account is drawn up that allows us to understand the origin of cryptocurrencies. Then a conceptualization of the cryptocurrencies that currently exist is carried out, specifically Bitcoin, in which the characteristics of the same and the forms of commercialization that exist today on them are detailed. Subsequently, the current context of the cryptocurrency market in Colombia and its regulation are exposed, while describing the problem that money laundering represents for Colombia and its ease in the cryptoactive market, added to a brief study of possible crimes that can be committed through the use of crypto assets and finally the general and specific characteristics of the money laundering criminal type are enunciated in the face of the cryptocurrency market and the problems that both these and their lack of regulation represent for legal goods Economic Order and Social, and Administration of Justice.Ítem Criptomonedas ¿una buena inversión?(Universidad EAFIT, 2021) Gómez Salazar, Juliana; Gaitán Riaño, Sandra ConstanzaÍtem Cuantificación del efecto de las inversiones en el sector de agua potable y saneamiento básico en la prestación del servicio de aguas. Fase II(2019) Palacios Córdoba, Jasser Skid; Restrepo Tobón, Diego, 71785909The objective of this research is the construction of variables to quantify the effect of investments in drinking water and basic sanitation in the municipalities of Colombia so that the CAOBA-EAFIT team provides tools to the National Planning Department (DNP) to support in the decisions that must be taken for an efficient allocation of resources. The methodology used in this research is of an exploratory nature, taking as sources of primary information databases of public institutions such as the General Accounting Office of the Nation and the General System of Royalties. Among the main results of this research, the investments made in the drinking water and basic sanitation sector were quantified from the information reported in the Single Territorial Form (FUT) and the main sources of data containing information about the investment in potable water and basic sanitation.Ítem Derivados financieros como instrumento de mitigación de riesgo cambiario para exportadores e importadores colombianos que se apalancan en moneda extranjera(Universidad EAFIT, 2020) Cárdenas Loaiza, Jose Eduardo; Molina Vásquez, María Alejandra; Waserman Álvarez, Jean Paul