Examinando por Materia "OPCIONES (FINANZAS)"
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Ítem Aplicación de opciones reales en una compañía pyme del sector de oil & gas en Colombia(Universidad EAFIT, 2024) Suárez Alfonso, Luz Stella; Vanegas Barragán, Jesús Alfredo; Rojas Ormaza, Brayan RicardoÍtem Cuantificación de la reconversión de un sistema productivo de aguacate hass, con enfoque nacional hacia otro orientado al mercado internacional, aplicando la metodología de opciones reales(Universidad Eafit, 2020) López Castaño, Héctor Fabio; Braga, JessicaÍtem Derivados financieros y nuevas reglas para su manejo(Universidad EAFIT, 2016) Solórzano Jiménez, Paulina; Restrepo Giraldo, Andrés MauricioÍtem Diseño de un fondo de inversión colectiva basado en derivados energéticos(Universidad EAFIT, 2016) Palacio Zapata, Gustavo Adolfo; Rodríguez Sánchez, Camilo AndrésEl propósito de este trabajo de grado es diseñar un fondo de inversión colectiva donde los activos predominantes sean derivados energéticos -- Lo anterior, ajustado al marco normativo expedido por el Ministerio de Hacienda en 2013 -- Para su diseño se estudiará el comportamiento de los derivados energéticos en el principal mercado de futuros: New York Mercantile Exchange y Derivex, que es el mercado de derivados de commodities energéticos en Colombia -- Se recopilarán datos a través de una consulta histórica en diferentes sistemas de información, como Bloomberg y Derivex -- Recopilada y analizada la información en referencia, se determinará la composición del portafolio que se ajuste a las necesidades del mercado colombiano y se desarrollarán pruebas y modelos estadísticos para medir los riesgos financieros -- Finalmente, la investigación y el trabajo de campo se presentan en un informe donde se exponen las características que debe tener un fondo de inversión concentrado en derivados energéticosÍtem Estrategias de cobertura cambiaria(Universidad EAFIT, 2014) Peña Gómez, Ana María; Gómez Monsalve, Jhony Andrés; Mora Cuartas, Andrés Mauricio; Trespalacios Carrasquilla, AlfredoEl artículo describe de forma clara, práctica y concreta algunos productos financieros de cobertura, como lo son los forwards y las opciones, que ofrecen las entidades financieras actualmente en el país, más allá de un planteamiento básico teórico, que le permita a las empresas tener un acercamiento real a algunas alternativas con las que pueden contar en el mercado para implementar coberturas afines a sus necesidadesÍtem Estructura de capital en Pymes: estudio de caso de empresa colombiana(Universidad EAFIT, 2018) Gallego Escobar, David Alejandro; Restrepo Tobón, Diego AlexanderThe capital structure of a company is determined by the set of financial decisions that administration takes day by day, in order to maintain liquidity, be profitable in time and generate value -- While the generation of value is the main objective of any organization, there is no magic formula to define an ideal financial structure for a company, clarifying that the financial structure is given by a balance between funding sources and forms investment -- High indebtedness may be good for some companies and harmful for others, an investment may represent a low risk for some companies and high for others; among different aspects that vary according to the type of company, its environment, the objectives that the administration establishes and the strategies implemented -- This paper focuses on the capital structure of D&G Grupo Mundial S.A.S., as well as to establish the optimal capital structure for this company and macroeconomic variablesÍtem Estudio numérico del modelo de Heston : método de diferencias finitas(Universidad EAFIT, 2013) Sora Arcos, Fabio Nelson; Uriza Suárez, Myriam Janneth; Marín Sánchez, Freddy HernánÍtem Financiación de la cadena de suministro y su aplicación a una pyme del sector manufacturero de la ciudad de Bogotá(2018) Bautista Arias, Jorge Andrés; Páez Tapia, Jairo GuillermoThe Supply Chain Management department in a Company is very important and it performance in the right way, will impact to the organization with benefits in the resources that handled -- One of the ways to optimize the resources is called financing supply chain, that is the use of financial procedures and options based in the logistic operation strength instead the financial estates -- The previous one gives alternatives to support the company through financial platforms and entities before, during and after the import of the goods helping the amount of working capital in the operation and can be used avoiding undercapitalization -- The current work explores the financial supply chain method and how it applies in some markets and it requirements -- On the other hand, this study evaluates a margin market like the Colombian due the financing of the companies usually its by formal and informal way but based on financial estates, the common way -- The case was applied to a SME of the cosmetic sector in the city of Bogota and the study delivers an updated analysis to implement financial supply chain, which is the situation of the Colombian market in 2018 and the viability of the implementation -- With the example, we deliver evidence, that at least now, it is not possible the execution due the supply chain it is not connected completely and neither have the right procedures to be connected in financial platformsÍtem El impacto de la tasa de cambio en la industria bananera de Colombia durante los años 2008-2019(Universidad EAFIT, 2021) Varela Montoya, Sebastián; Suaza Gómez, René Gerónimo; Pérez Restrepo, Camilo AlbertoThe Colombian banana industry occupies an important line within the country's non-mining energy exports, specifically the third most representative sector after coffee and flowers, respectively. Banana production in Colombia concentrates in the Magdalena and Urabá regions of Antioquia, and the country directs approximately 90% of the production to the international markets. However, both export revenues and export volumes depend, among many other variables, on the volatility of the exchange rate. During the period 2008-2019, the exchange rate variability has been a constant, with both appreciation and depreciation periods suggesting impacts on the Colombian banana industry's income and production. This paper develops a data panel gravitational model, in which the exchange rate is an explanatory variable of both income and production quantities. In accordance with the theoretical framework and the background studied, the results show that a depreciation of the Colombian peso to the US dollar generates increases in export income. Likewise, an appreciation of the Colombian peso to the US dollar explains increases in Colombian bananas' export volumes to the international marketÍtem Impacto en el estado de resultados de una compañía importadora del sector metalmecánico en Colombia ante el uso de diferentes estrategias de cobertura cambiaria(Universidad EAFIT, 2023) Botero Gaviria, Andrea; Ossa Salazar, David; Cardona Llano, Juan FelipeThis study presents a retrospective analysis of the use of different financial derivative products and structures to mitigate exchange rate risk, with the objective of quantifying their impact on the financial results of an importing company in the metal-mechanic sector in Colombia. To this end, real and real and historical data of the exchange rate (USD/COP) are taken for the period between 2019 and 2022. At the same time, the purpose of the research is to expose how to obtain a better performance in the financial results from different financial alternatives, which results in the to improvement of the decision-making of the exchange risk management in a globalized market where there are not only many changes, but also high volatility in the exchange rate. In this order of ideas, the strategies that could have had a better performance are described, their value in the financial management of the company under study is demonstrated, and the conclusions and recommendations for those interested in managing this type of exchange rate risk are presented.Ítem Impacto financiero a través del uso de coberturas con Forward para una empresa exportadora de servicios BPO en Colombia(Universidad EAFIT, 2023) Martínez Osorio, Valery Tatiana; Marín Orozco, Stivenson; Cardona Llano, Juan FelipeColombia has had a financial derivatives market for over 20 years, and for approximately ten years, there has been a trading platform for standardized instruments (Hernández, 2018). Despite this, the participation of companies in this sector has been very low. Consequently, it is necessary to conduct a financial analysis to determine the impact generated by the use of forwards in foreign trade operations. This analysis allows for the identification of how this financial instrument contributes to minimizing exchange rate risk and ensuring the financial efficiency of a company. It is worth noting that the efficient use of these derivatives can contribute to minimizing the exchange rate risk faced by companies in the BPO sector from 2019 to 2022. It also enables them to experience less uncertainty, providing stability in their revenues and cash flow projections. This, in turn, helps ensure the normal development of business units.Ítem Incidencia de las coberturas con derivados financieros en el valor de mercado en empresas del MILA (2018-2022)(Universidad EAFIT, 2024) Castañeda Cuadros, Brayan Iván; Giraldo Prieto, César AugustoThe present study examines the impact of financial derivatives hedging on the market value of a sample of 40 companies listed on the MILA between 2018 and 2022, whose emerging economies exhibit historical volatility. To do so, 10 companies from each country (Chile, Colombia, Peru, and Mexico) were analyzed. The information was treated as panel data using a fixed-effects linear regression model, with the Q Tobin as the dependent variable serving as an indicator of market value associated with financial derivatives hedging strategies. The results consistently indicate that, for the selected sample, the use of financial derivatives does not have a significant impact on their value, and, contrary to expectations, they also do not add value. Regarding the strategies maintained in these portfolios by the analyzed companies, it was found that they are rarely important within the corporate financial structure, and their results are questionable. The study is of interest to investors, entrepreneurs, and other stakeholders interested in understanding the implications of engaging in financial derivatives hedging.Ítem Real options as an alternative methodology to assess investment projects(Universidad EAFIT, 2012-12-15) Támara Ayús, Armando Lenin; Aristizábal Velásquez, Raúl EnriqueÍtem Uso de derivados financieros para cubrir la exposición al riesgo cambiario de la empresa LAC SAS.(Universidad EAFIT, 2021) Flórez Ospina, Sebastián; López Ramírez, Juan Alberto; Cardona Llano, Juan FelipeFor more than 10 years financial derivatives have been incorporated into the Colombian Stock Exchange with the objective that investors can carry out speculation or hedging operations, however, empirical evidence shows that the use of these products in companies in the agricultural sector it is not yet internalized by their owners, boards of directors or administration. therefore, a theoretical construction is carried out on the derivatives market in Colombia and on the different instruments that are used in this market to determine the possible financial strategies that a company such as Línea Agrícola Colombia SAS can contemplate to mitigate exchange risk through hedging with financial derivatives. After analyzing the financial statements of the company and reviewing the impact of the difference in the change that the company has had by not using adequate hedging instruments, we will validate the feasibility of using a future (financial derivative) to reduce this risk. Through this study, it is intended to correctly structure a hedging strategy for Línea Agrícola Colombia SAS that allows it to adequately manage foreign exchange risk in order to avoid having a negative impact on the financial statements.Ítem Uso y aplicación de derivados financieros en empresas colombianas : forwards y swaps(Universidad EAFIT, 2020) Fontalvo Jaramillo, Katherine Paola; Rodríguez Velázquez, Pedro Giovanny; Mora Cuartas, Andrés MauricioColombia presents a considerable volatility of the representative market rate; this generates uncertainty in importers and exporters that carry out transactions in foreign currency, which forces them to adopt measures to mitigate risk and hedge their assets and liabilities in foreign currency. One of these measures is financial derivatives, among them we find: Forwards, Options, Currency swaps and interest rates.Ítem Valoración de opciones europeas sobre tasa de cambio peso-dólar utilizando cobertura Delta neutral, con volatilidad heterocedástica y cambios en la tasa de financiación(Universidad EAFIT, 2016) Giraldo Gómez, Juan José; Giraldo Colorado, Ramiro Junior; Restrepo Tobón, Diego AlexanderEn este trabajo se efectúa la valoración de opciones europeas sobre tasa de cambio peso-dólar (COP/USD) mediante la implementación de un portafolio delta neutral, usando modelos de volatilidad y tasas de interés dinámicas -- En esta metodología, similar a la empleada en el modelo práctico de Black-Scholes, se asume que tanto la volatilidad como la tasa de interés cambian en cada momento de rebalanceo de la cobertura, y se cuantifica si la correlación observada entre la tasa de cambio COP/USD y el índice de precio internacional del petróleo de referencia WTI puede ser empleada para mejorar la cobertura de dichas opciones -- Dado que no existe un mercado de opciones COP/USD suficientemente profundo en Colombia, se utiliza una volatilidad estimada con modelos GARCH, en lugar de la volatilidad implícita, y modelos de correlación dinámica, para modelar la relación entre la tasa de cambio COP/USD y los precios del petróleo -- La tasa de interés se modela utilizando el modelo CKLS -- El valor de la opción se determina calculando el valor presente de los costos en los que se incurre en la cobertura de dichas opciones, desde su emisión hasta el vencimiento -- Se encuentra que ajustar la correlación dinámica entre la tasa de cambio COP/USD y el precio internacional del petróleo WTI agrega poco a la efectividad de la coberturaÍtem Valorización de la empresa Interconexión Eléctrica S.A. E.S.P. - ISA(Universidad EAFIT, 2014) Fajardo Londoño, Oscar William; Seyd Velasco, Hans Edward; Suárez Marín, Carlos AlbertoInterconexión Eléctrica S.A. E.S.P. – ISA, es la Compañía de transporte de energía con mayor participación en el mercado de transporte de energía de Colombia y una de las compañías colombianas con mayor crecimiento y expansión en Latinoamérica con presencian en países como Brasil, Perú, Chile, Bolivia, Ecuador, Argentina y Panamá, pese a su crecimiento y expansión en Latinoamérica y sus positivos resultados financieros, el precio de la acción ha sido “castigada” por el mercado a raíz de diferentes noticias y situaciones que han rodeado a la Compañía en años anteriores y han generado incertidumbre respecto a su desempeño futuro, así como factores del contexto nacional e internacional que han afectado la estabilidad del entorno macroeconómico y los mercados de capitales, por lo tanto, esta investigación tiene por objetivo estimar el valor de ISA con el fin de determinar si su acción se encuentra subvalorada o sobrevalorada respecto a su valor en bolsa, mediante el uso de la metodología de flujos de caja descontados tomando como base la información pública disponible de la Compañía dado que se trata de una valoración externa e independiente de algún interés particular que sirva como herramienta para la toma decisiones de inversión