Examinando por Materia "Mercado de valores"
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Ítem Caballeros, escuderos, píldoras y joyas : carencias y retos de la regulación colombiana en relación con las estrategias de defensa contra una oferta pública de adquisición hostil(Universidad EAFIT, 2023) Ferrer Buriticá, Sara; Vélez Villegas, Juan EstebanTakeover bids as a mechanism to obtain control of companies whose shares are listed on the Colombian Stock Exchange Market have been conducted for several years. Although there have been acquisitions through friendly offers, until 2021, they had not been presented in the form of hostile takeovers. In this sense, the purpose of this thesis is to identify the challenges that the Colombian regulation has regarding the means of defenses of these hostile takeover bids, and whether the application of these mechanisms would presuppose a violation of the current financial regulation. In addition, to present a comparative law study with the United States to analyze the feasibility of applying the mechanisms of that legislation to the Colombian case.Ítem Desarrollo y efecto de la emisión primaria de acciones de Ecopetrol S.A. en el mercado de capitales y su escenario actual de valoración(Universidad EAFIT, 2010) Toro Carvajal, Michels Rainer; Uribe Correa, BeatrizThe following research is based on the development of the original common stock issued by ECOPETROL done in August 27, 2007, along with its effects on the capital market and the current financial valuation of the company. The original common stock issued by ECOPETROL was established as a successful model without a record in Colombia which had a relevant impact on the economic history of the country; it was not a typical process of negotiation between two parties, but a negotiation between a party, represented by ECOPETROL and many others represented by the Colombians who invested in this company.Ítem Educación financiera, una pieza fundamental en el rompecabezas del desarrollo económico : ¿qué efectos tiene la falta de un esquema de educación financiera en el país, en el desarrollo del mercado de capitales colombiano y en el aprovechamiento de los productos financieros disponibles?(Universidad EAFIT, 2021) Palacios García, Laura Helena; Benítez Tejeda, Karen Paola; Mora Cuartas, Andrés MauricioThe purpose of this research was analyzed how financial education is a fundamental key for the economic and social development of any country. To determine the variables that helped support the previous argument, a series of methodologies were implemented, which included: a survey for people between 18 and 50 years, and interviews with leaders of the financial sector and influencers aligned with the management of personal finances. Through this research it was evidenced how the lack of financial education is a starting point for the low demand for financial products that are offered in the market. Additionally, the importance of personal finances for the development of an economy and a country in general was highlighted. In accordance, the factors that currently deepen the low financial education in the country were listed in this research, and which they have been reviewed from the pedagogical, social and cultural field.Ítem Estos eventos afectan los precios de las acciones de las grandes empresas(Universidad EAFIT, 2020-12-01) Martinez Guerrero, Christian Alexander; Martinez-Guerrero, Christian Alexander; Restrepo Ochoa, Diana Constanza; Peña, Juan Ignacio; Finanzas y BancaÍtem Estructuración de portafolios mediante el modelo de Markowitz : análisis comparativo del Mercado Integrado Latinoamericano, MILA(Universidad EAFIT, 2022) Escobar Jiménez, Carlos Alberto; León Montoya, José Alejandro; Cardona Llano, Juan FelipeThe need for investment by agents in the Latin American stock market has brought new scenarios that allow investment portfolios to be diversified and new strategies to be created that minimize risk while increasing profitability. Thus, this paper analyzes some models for structuring portfolios applicable to Mercado Integrado Latinoamericano (MILA) and the time frame under which results can be obtained that help identify the evolution of the resulting baskets. At a theoretical level, the Markowitz model maximizes profitability for a certain defined level of risk. Undoubtedly, his proposal is one of the main theoretical assumptions of portfolio structuring and investment diversification. Therefore, the structuring of portfolios based on this model is proposed for the selection and definition of an optimal basket from the securities offered in MILA, in order to compare them with the main indices of each country that make up this economic bloc, and, by including the variation due to the exchange rate, evaluating the impact on profitability.Ítem Financiación a gran escala en la Alianza del Pacífico : determinantes en la decisión de financiación a través de créditos sindicados Vs. emisiones de bonos(Universidad EAFIT, 2020) Henao Rodríguez, Sandra Patricia; Mosquera Valencia, Mario Alberto; Vergara Garavito, Judith CeciliaÍtem Modelo de aprendizaje profundo reforzado aplicado al trading de Bitcoin(Universidad EAFIT, 2022) Obando Morales, Sebastián; Jaramillo Posada, Juan RodrigoThe stock market is affected by many types of factors, such as market sentiment, going upwards (bulls) or downwards (bears), the behavior of the economy, or unexpected political events. By For this reason, it is not possible to predict its behavior, which means that it is not possible to decide when to enter or when to exit with certainty. An approach such as deep reinforcement learning, which can emulate the experience of a negotiator (trader) who does not necessarily predict prices, but, market entry and exit times, would be a viable option. The present work sought to implement a reinforced deep learning approach to stock trading (bitcoins, stocks, and commodities), which has shown positive results in the literature with returns positive on investment. The bot, the result of this work, obtained a return of 5%. These positive results open the door to trying new approaches that include new combinations in the way of interpreting indicators to find winning strategies that increase profitability.Ítem Modelo de paridad de riesgo jerárquico : optimización de portafolio multiactivo(Universidad EAFIT, 2023) Mena Valencia, Neyler Amado; Peña Higuavita, Germán AdolfoWhen we make investments, one of the most relevant problems for investors is how to optimize their portfolio, finding the best possible combination of selected assets in terms of the return-risk ratio. The best-known method, which served as the basis for other models, is Markowitz's Mean Variance. However, some authors have pointed out that it presents stability and concentration issues in practical cases. In this study, it is implemented a practical case of the Hierarchical Risk Parity model by López de Prado. This relatively recent optimization model leverages the benefits of computer science to implement it in an international multi-asset portfolio and examine how this new model adjusts when applied to the stock market.Ítem Oferta pública de adquisición de acciones en Colombia : una mirada desde el derecho comparado(Universidad EAFIT, 2022) Gómez Mejía, Manuela; Gómez Restrepo, Alejandra; Uribe Restrepo, Juan ManuelAlthough the Tender Offers are regulated in Colombian legislation, there are some regulatory gaps that don’t allow a transparent development of the offers. For this reason, we found through comparative law a tool that allowed us to identify possible solutions to these gaps and ways to apply these solutions to Colombian law. To this end, Colombian, North American, Chilean, Peruvian, Mexican and English legislation were analyzed.Ítem Ofertas públicas de adquisición y reacción de precios en Suramérica(Universidad EAFIT, 2022) Bustamante Peláez, Juan David; Sánchez Sepúlveda, Daniel Alejandro; Restrepo Tobón, Diego AlexanderIn the present investigation the behavior of stock prices involved in an Initial Public Offering in the Colombian, Chilean and Peruvian markets is analyzed. For this, a quantitative analysis to determine the impact of the IPO announcement was made. The information of the transactions of the three markets in the last ten years was collected and a database was built with the most relevant information. Subsequently, the time series with the prices of the stock 6 months before and after the IPO announcement was designed. Finally, based on the gathered information, the control premium and the reversion rate of said prices were determined. The results indicate that the average price increases significantly in anticipation and after the announcement to later return to levels close to the observed pre-IPO to the announcement.Ítem La política monetaria de Estados Unidos y sus efectos sobre el mercado de valores en los países emergentes de América Latina entre 2006 y 2016(Universidad EAFIT, 2019) Duque González, Mario Andrés; Peña Palacio, DanielÍtem The stock market reaction to mergers and acquisitions : evidence from the banking industry(Universidad EAFIT, 2020) Lozada Hernández, Juan Manuel; Cortés Durán, Lina MarcelaMergers and acquisitions (M&As) are mainly a mechanism used in the Latin American banking industry to carry out business consolidation. This paper focuses on the effect of M&A announcements on stocks of Latin American banks and their rivals between 2000 and 2019. We evaluate two impacts of M&A announcements: impacts on cumulative abnormalreturns(CAR)andimpactsonevent-inducedvariance(EIV).WeusetheGARCHbased event-study method. We find that acquirers and target banks have a statistically significant CAR, however, the sign is inconclusive. Rivals of acquirers and targets are not affected by M&A announcements. In general, we observe that EIV is negative for acquirers, targets, and rivals. Finally, we estimate a multivariate GARCH model to isolate the effects of co-movements of volatility between the acquirer and the target, and we find that the results remain qualitatively equal.