Repositorio Institucional Universidad EAFIT ::Examinando por Materia "Liquidez"

Examinando por Materia "Liquidez"

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Actividad bursátil en los mercados accionarios colombianos: Determinantes y evolución 1997 - 2007
(Universidad EAFIT, 2009-09-18) Agudelo Rueda, Diego Alonso
We present evidence of the important improvement of the Colombian stock market in terms of trading activity in the last ten years. Indeed, the merger of the former three stock exchanges (Bogota, Medellín and Cali) into the Bolsa de Valores de Colombia in July 2001 can be associated, in an econometric model, to a significant improvement in number for trades for most of the individual stocks. We also explore the determinants and time series regularities of trading activity. Results show that trading activity is strongly positively related to contemporaneous and lagged returns, and is reduced before an macroeconomic announcement, portraying the Colombian stock market as a conservative yet not sophisticated one. Trading activity tend to be lower on Mondays and Fridays and before and after a holiday, and shows a positive end of the year effect. We discuss several explanations for this relations based on the theory and anecdotic observations.
Análisis de la implementación del modelo de negociación VMI, como estrategia para mejorar la administración del capital de trabajo en una empresa del sector retail : caso Comercializadora Textil S.A.
(Universidad EAFIT, 2021) Navarro Ramírez, Andrés Felipe; Rojas Zamora, Marco Fernando; Vergara Garavito, Judith Cecilia
This paper analyzes the implementation of the VMI negotiation model as a strategy to improve the management of the working capital of the retail company Comercializadora Textil S.A., dedicated to the commercialization of clothing items. This change in the business model was developed as a response to the economic crisis consequence of the global COVID-19 pandemic, as well as at the national strike that took place in various cities and lasted over a month in 2021. Through compilation, analysis and elaboration of historical financial data indicators of the company, it was possible to show a positive change in liquidity, inventory management and significant savings in working capital.
Análisis de la situación estructural y financiero en las aerolíneas
(Universidad EAFIT, 2021) Moreno Camacho, Johana Del Pilar; Medina Arango, Óscar Eduardo; Giraldo Hernández, Gina María
Incorrect financial management and poor cash management are the main causes for the total liquidation of a company, and in the case of air transport this is no exception. The paper presents a case study of three airlines, Lufthansa, Avianca and Mexicana de Aviación. They have faced different crises throughout their history, which has made it possible to compare their reaction to the crises and their results in terms of liquidity. For this comparison, the different external, environmental, social, political and economic factors that impacted the cash flow of the companies were analyzed, as well as different economic indicators that allow measuring liquidity levels. The results of this study show the level of preparation of each one of these companies in the face of cyclical changes in the industry and the ability to sustain themselves against the external factors that may have occurred over time. On the other hand, the comparisons presented show that both, external factors and market variables, are fundamental for the stability of aeronautical companies, however, it is necessary to focus on the study of the cash flow, since this is the main source to guide us over the liquidation of a company, as it was the case of Mexicana de Aviación and its over-indebtedness.
Asimetría en la información y su efecto en los rendimientos en los mercados accionarios latinoamericanos
(Universidad EAFIT, 2012-12-15) Villarraga, Edwin; Giraldo, Santiago; Agudelo, Diego
En este estudio se estima la probabilidad de transacciones informadas comportamiento y sus efectos en los rendimientos diarios e intradiarios en Latinoamérica. Calculando la probabilidad diaria dinámica de transacciones informadas (Easley, Engle, O’Hara y Wu, 2008), como una medida del nivel de información en las transacciones, se investiga si está relacionada con los volúmenes de negociación y la capitalización de mercado de las acciones en la muestra. Adicionalmente se busca una relación de corto plazo entre la probabilidad de transacciones informadas y los rendimientos. Se evaluaron 343 acciones en los 6 principales mercados latinoamericanos, constituyéndose en el primer estudio en evaluar la dinámica de la asimetría de la información en los mercados la región. Los resultados, consistentes con la teoría de microestructura de mercados, evidencian que existe un mayor nivel de asimetría en la información en las acciones con menor volumen de negociación y menor capitalización de mercado, y que los precios de las acciones se mueven en la dirección de la información, si bien parte de este efecto es revertido al día siguiente.
Calidad de mercado y reformas al sistema transaccional. El Caso de X-Stream en el Mercado accionario colombiano
(Universidad EAFIT, 2013-03-15) Agudelo, Diego A.; Gutiérrez, Ángelo; Múnera, Nazly J.
We estimate the effect of the new trading system, X-Stream, on the market quality of the Colombian Stock Exchange on February 2009. We test the effect on liquidity measures (bid-ask margin and price impact), daily and intraday volatility and trading activity, using mean tests, panel data and conditional variance models. We use a proprietary database of transactional and order data from the exchange. The evidence is consistent with X-Stream improving liquidity and reducing volatility in the overall market and on most of the most liquid stocks. These results support the investment on more sophisticated trading systems in Emerging Markets.
Costos de transacción asociados a la liquidez en la bolsa de valores de Colombia
(Universidad Pontificia Javeriana, 2011) Agudelo Rueda, Diego Alonso; Universidad EAFIT, Medellín, Colombia; Economía y Finanzas; Finanzas; Grupo de Investigación Finanzas y Banca
¿Cuál es el mejor instrumento de financiación para la compañía Contacto Textil S.A.S. que garantice la supervivencia de la compañía en el tiempo?
(Universidad EAFIT, 2024) Gómez Gómez, Luis Diego; Vargas Echeverry, Manuela; Correa Lafaurie, Luisa Fernanda
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.
Determinantes de la quiebra empresarial Almacenes la 14
(Universidad EAFIT, 2022) Córdoba León, Carlos Edmundo; Portilla Rico, Jesús David; Vergara Garavito, Judith Cecilia
Determinantes financieros del éxito o fracaso de las ofertas públicas iniciales
(Universidad EAFIT, 2024) Cano Núñez, Juan Manuel; Gómez Mejía, Juan Pablo; Támara Ayús, Armando Lenin
Diseño de un modelo para la proyección, seguimiento y control del flujo de efectivo en las pymes del sector manufacturero, comercializador y servicios. Caso aplicado a los clientes de Covalentte SAS
(Universidad EAFIT, 2024) España García, Daniela; Torres Sepúlveda, Carlina Yamile; Orozco Echeverry, César Augusto
The main objective of this field work was to develop a model that allows building projections, monitoring and control of cash flow in SMEs in the manufacturing, trading and services sectors, being tested in companies that are currently clients of Covalentte SAS, a company dedicated to providing accounting, tax, and legal advisory services to organizations with different business activities. To develop the model, the financial statements, accounting information, indicators and cash flow structure of the companies under study were analysed, in order to incorporate quantitative forecasting methods based on time series to predict future results in the short and medium term, as well as simulation for decision making. Finally, it was possible to test the model in 15 companies from different sectors which, through the execution of a survey, allowed validating the level of acceptance of the process, being the service companies those who gave it a better valuation because their sales, which in most cases are cash and do not incorporate the inventory component in their working capital structure, simplify with it their cash flow management, allowing informed decition maling by the companies managers.
Diseño del modelo de gestión basado en la teoría ALM (Assets, Liabilities Managment) aplicado a la fintech de crédito Sempli SAS
(Universidad EAFIT, 2023) López Quintero, Jenny Alejandra; Tabares Buritica, Marcela; Orozco Echeverry, César Augusto
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
Estructura óptima de capital en una compañía comercializadora de equipos importados en Colombia
(Universidad EAFIT, 2023) Duque Restrepo, Diego Alejandro; Gómez Oviedo, Adolfo Del Cristo; Tamara Ayus, Armando Lenin
The financial structure is an essential component in the operation and decision-making of companies because the cash flows generated by their activities must be sufficient to meet debt obligations and offset the risk assumed by shareholders when invest in the company. This study focuses on analyzing the optimal financial structure of SOLUMAT SAS, which is dedicated to logistics engineering projects in Colombia, with the aim of improving the available fund management strategies and at the same time strengthening liquidity. The importance of this work lies in presenting an adequate combination of debt and capital that allows other companies in the sector to make more accurate financial decisions, thus improving profit margins and avoiding risks of lack of liquidity that may affect the operation of the company.
Factores determinantes del uso del confirming como alternativa de financiación de empresas del sector real en Colombia
(Universidad EAFIT, 2023) Betancur Echeverry, Eliana; Vergara Garavito, Judith Cecilia
In recent years, financing through reverse factoring has become more important in the financial performance of companies in Colombia. Especially the companies that have a high number of suppliers can make use of this alternative to improve their liquidity levels and that of their suppliers who do not have easy access to financing. In this research, different hypotheses will be tested to identify the determining factors for a company to choose to use reverse factoring as a financing alternative. For this, the financial information of 21.893 Colombian companies in the real sector will be taken as a database, of which 768 have used reverse factoring through an electronic platform that provides this service in the country. The relationship between data such as sales levels, debt and liquidity indicators will be tested to determine the use of reverse factoring.
El impacto de la liquidez en el crecimiento económico : evidencia para Colombia
(Universidad EAFIT, 2023) Cadavid Mariaca, Felipe; Cruz Castañeda, Vivian
The financial crises of the last decades leave no doubt about the enormous consequences of abrupt liquidity losses for the "real" economy. This paper investigates the effect of bank liquidity creation and stock market liquidity on Colombian GDP per capita growth. Six dynamic panel models with year fixed effects are constructed. The methodology of Berger & Bowuman (2009) is used to construct a bank liquidity creation index or LC and control variables such as TED spread, ILRM, Relative spread, monthly percentage change of M3 and total assets are included. It is concluded, first, that LC per capita lagged three periods predicts GDP per capita growth, maintaining a direct relationship with it, even in the presence of controls. Second, that the controls and liquidity variables TED spread and illiquidity ILRM maintain a significant relationship with per capita economic growth. Translated with www.DeepL.com/Translator (free version)
Impacto de las tasas de interés en la liquidez de los concesionarios automotores en Colombia durante el período 2015-2022
(Universidad EAFIT, 2024) Echeverry Piedrahíta, Lina Marcela; Hernández Gómez, José Alejandro; Yepes Raigosa, David Alejandro
Corporate liquidity plays a crucial role in financial management of companies, as proper management of liquid resources positively impacts economic performance, allowing business objectives to be achieved. Given the importance of the automotive sector to the Colombian economy, this research aimed to evaluate the impact of changes in interest rates on the liquidity of vehicle dealerships in the country during the period 2015-2022. For this, financial ratios, statistics, and regression models such as ordinary least squares (OLS) were calculated. The study revealed that high interest rates negatively impact operating cash flows and liquidity of automotive dealerships. Factors such as efficient accounts receivable management, tangible assets, and positive ebitda improve cash flow generation; however, high indebtedness, concentration of short-term debt, and excessive asset growth diminish liquidity
Implementación de un modelo de deterioro de cartera para la empresa Distrias S.A.S.
(Universidad EAFIT, 2022) Durante Acosta, Sebastián; López Marín, Juan Miguel; Rojas Ormaza, Brayan Ricardo
Inversión eficiente en el mercado de renta variable para las pequeñas y medianas empresas colombianas
(Universidad EAFIT, 2022) García Monsalve, Sandra Milena; Manco López, Óscar Oswaldo
Colombian pymes, despite representing more than 90 % of the companies, do not participate as investors in the stock market, which is due, among other things, to cultural and economic reasons and to the lack of knowledge of the financial instruments that they can take advantage of to diversify their investments and obtain returns that would improve their conditions and indicators. This work proposes the creation of an optimal portfolio of variable income financial assets within the Colombian market designed so that the country's PYMEs can generate economic surpluses with a different and more profitable alternative than the commonly used methods, such as CDTs or Trust Accounts. considering that they must assume a type of risk.
Liquidez en los mercados accionarios colombianos. Cuánto hemos avanzado en los últimos 10 años?
(Universidad EAFIT, 2010-08-15) Agudelo Rueda, Diego Alonso
How to measure the liquidity of Colombian stocks and its recent evolution. In the context of market microstructure literature, we define and estimate a measure of liquidity for Colombian stocks and provide evidence of the large improvement of the Colombian stock market in terms of the overall market liquidity from 2001 to 2007. Moreover, the merger of the former three stock exchanges (Bogotá, Medellín and Cali) into the Bolsa de Valores de Colombia in July 2001 can be associated, in an econometric model, to a significant improvement in liquidity for most of the individual stocks.

Examinando por Materia "Liquidez"

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