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

Examinando por Materia "RENTABILIDAD"

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Alternativa de inversión en productos Offshore para reducir el riesgo local
(Universidad EAFIT, 2023) Tobón Álvarez, Julián Camilo; Jiménez Suaza, Sara Milena; Botero Ramírez, Juan Carlos
Offshore investments with local products are an alternative that helps to reduce local risk, especially in developing countries like Colombia where the country risk is medium to high. This can be achieved through better diversification by operating the products in risk environments different from their own. Hence, taking the ETFs as a risk-diversifying alternative with multiple assets and the help of mathematical models for portfolio construction and price projection, the outcome will be a balanced portfolio which, compared to the results of the main Latin-American indices during the last 10 years, can exceed them in terms of higher profitability and a lower risk profile.
Apalancamiento financiero y su impacto en una empresa del sector textil y de la confección en Colombia
(Universidad EAFIT, 2022) Restrepo Cadavid, Santiago; Durango Gutiérrez, María Patricia
Aplicación del modelo Black-Litterman para la construcción de un portafolio de renta fija global, mediante la estructuración de un benchmark propio y estrategia de cobertura vía forwards
(Universidad EAFIT, 2022) Mc Master Molina, Carl Vincet; Botero Ramírez, Juan Carlos
The access to different investment assets, the search for diversification, and the application of measures as for quantification and hedging risk are relevant factors for building and managing international investment portfolios. Therefore, the objective of the present paper aims to the application of Black-Litterman portfolio model on building a global fixed income portfolio, which is made up of high yield and investment grade ETFs, as well as developed countries government bonds. Furthermore, in order to increase hedging, diversification ratio, and to minimize risk, a benchmark, which is made up of both global fixed income indices and assets from the same category will be built. Finally, a hedging strategy will be proposed through forwards in order to minimize the inherent risk due to currency depreciation.
Diferencias respecto a la performance de los activos financieros versus activos convencionales
(Universidad EAFIT, 2021) Piedrahita Muñoz, Estefania; Vergara Garavito, Judith Cecilia
In this Final Master's Project (TFM) an analysis is carried out that compares the performance of conventional investment assets and sustainable investment assets, specifically, their profitability and level of risk. For this, indicators such as the Sharpe ratio, the Treynor ratio, Jensen's alpha and risk indicators that are analyzed through the volatility index and beta are used. It is obtained those conventional funds have generated 0.28% more than average total return over the last six years, which is a very small difference. The study finally concludes that sustainable investment funds show returns very close to their opponents in traditional funds, despite the fact that ESG factors affect their selection of values, which implies a greater risk for these portfolios.
Diseño de modelo 360 para determinación de precios en proyectos de empresas de consultoría de software especializado
(Universidad EAFIT, 2022) Wartski Botero, Valeria; Villegas López, Yamile; Orozco Echeverry, César Augusto
Diseño de proceso de condonación de capital en el FGA Fondo de Garantías S. A.
(Universidad EAFIT, 2023) Ruiz Henao, Dariana Carolina; Giraldo Hernández, Gina María; Grisales Soto, Daniel
Does time-varying systematic risk explain contrarian and momentum returns? : an analysis for emerging markets
(Universidad EAFIT, 2020) Cachope Nova, Cristhian José; Saravia Matus, Jimmy Agustín
Contrarian and momentum strategies have challenged the efficient market hypothesis as predictable patterns that allow investors to capitalize on past information and outperform market returns based on miss-reaction of naive investors. Market efficiency implies that agents are rational and, on average, the only way of achieving higher returns is by taking higher risks. This study investigates whether there are such predictable patterns in Emerging Markets and whether these profits are due to variation in time of systematic risk by estimating time-varying beta using a DCC model. Results indicate that these two strategies achieve higher returns because they are riskier and not because investors are irrational.
Efecto de la aplicación de NIIF sobre el análisis financiero de las empresas cotizantes en bolsa en un mercado emergente
(Universidad EAFIT, 2020) Angel Rojas, Camilo; Chica Zapata, Paola Andrea; Mesa Velásquez, Gloria Stella
With the implementation of the International Financial Reporting Standards, the financial statements presentation of the companies had variations, which implies a possible change in the financial analysis based on the main financial ratios. The objective of this research is to analyze the effects caused by the application of IFRS in the financial analysis carried out through the financial indicators of liquidity, indebtedness, profitability and the ROIC value inducer, of companies in the industrial sector listed on the Stock Exchange Market of Colombia. The methodology used in this paper is descriptive with a longitudinal cut, which allowed us to provide an analysis of the periods between the years 2013 up to 2018, finding that the application of IFRS in Colombia did not have a significant effect on the analysis of the median of the main financial indicators, however, it did have an impact on the analysis of the indicators of profitability of equity, return on invested capital and operating net working capital.
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 Felipe
The 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.
Estudio de prefactibilidad para el aprovechamiento económico de un campo menor de gas natural en Colombia por parte de Efigas S.A. E.S.P.
(Universidad EAFIT, 2021) Vélez Díez, Julián Andrés; Gómez Salazar, Elkin Arcesio
The present investigation analyzes the feasibility for a project to take advantage of a minor natural gas field in Colombia, with the purpose of increasing the profitability of commercialization at Efigas S.A. ESP. The idea is born from the opportunity offered by regulatory and commercial flexibility for these production sources and the need to diversify supply sources to meet demand. To fulfill the objective, the UNIDO (1978; 1982) project formulation methodology is used, which includes feasibility studies, financial and risk analysis for informed investment decision-making.
Evaluación de alternativas de inversión en estrategias de dividendos crecientes como alternativa o complemento a la pensión
(Universidad EAFIT, 2021) Guerrero Quintero, Santiago; Muñoz López, Geraldine; Peña Higuavita, Germán Adolfo
This paper presents the evaluation of different investment options in companies with increasing dividends as an alternative or complement to the pension, in order to evaluate the suitability of the strategy for investors who are in the capital accumulation stage for retirement according to the results obtained. For this, were formed seven portfolios with different periods of time and different selection characteristics in order to review the profitability in terms of cash flows generated for the investor, as well as the return of the share in the period of time between the hypothetical conformation of the portfolio and March 2021, likewise a backtesting was carried out for this same period of time and an evaluation of the behavior of the portfolio in the market was carried out by comparing it with 3 financial instruments and based on this evaluation, a strategy is established that, although it is true, has greater risk, it also generates greater profitability than conventional fixed-income alternatives and that should be taken into account as a very good investment option for the pension stage.
Evaluación financiera de la implementación del proyecto de inversión Estrategia Ancla Pacífico-2019 del Instituto Financiero del Valle, InfiValle
(Universidad EAFIT, 2021) Bedón Bedón, Rocío Patricia; Murillo Vélez, Claudia Lorena; Wasserman Álvarez, Jean Paul
Factores determinantes de la Rentabilidad del Capital (ROE) de clientes corporativos del sector de la construcción vinculados a Bancolombia, periodo 2020 - 2022
(Universidad EAFIT, 2022) Restrepo Arias, Luz Adriana; Restrepo Tobón, Diego Alexander
Factores determinantes de la rentabilidad empresarial del sector transporte en Colombia
(Universidad EAFIT, 2021) Martínez Núñez, Mónica Lizeth; Vergara Garavito, Judith Cecilia
An evaluation of the determinants of financial profitability based on multivariate analysis, in companies in the road freight transport sector in Colombia during the 2016-2020 period. Transport is a strategic sector in the economy, since it contributes to economic and social development because it facilitates integration between regions and the mobility of goods, making possible the connection between producers, distributors and consumers. To fulfill the objective, an analysis of the external environment and its impact on the financial profitability of the companies in the sector in question is initially prepared; then the factors that affect financial profitability will be identified using the Dupont system and, finally, a multivariate analysis model is proposed for the factors that explain the financial profitability of these organizations.
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 Cecilia
Financiación de las micro, pequeñas y medianas empresas en Antioquia en el marco de la pandemia del COVID-19
(Universidad EAFIT, 2021) Pineda Osorio, Carlos Andrés; Pineda Toro, Oscar Mauricio; Uribe De Correa, Beatriz Amparo
The present degree project to qualify for the MBA degree from EAFIT University, is inspired by the need to investigate and understand the real situation that Colombian MSMEs, Antioqueñas, must face in order to remain in operation within the framework of this pandemic situation that It arises in 2020 and continues into 2021 and apparently until 2022. The national government reports a quick reaction and a provision of financing resources through its second-tier organizations. Private banking presents the agile establishment of support mechanisms for this economic segment. Entrepreneurs express difficulties in accessing credit and excessive procedures and analysis by banks. As an alternative, MSMEs apparently seek resources in other informal financing mechanisms and of course more expensive that end up compromising the final profitability and permanence in time of this business fabric. Seeking to have the real context, we propose a survey to the Antioquia business community that allows us to know the current perception of our entrepreneurs associated with the MSMEs and whose conclusions can be used by economic actors.
Forecasting stock return using a recurrent neural network apply to a financial optimization problem
(Universidad EAFIT, 2021) Ochoa Ramírez, Juliana; Almonacid Hurtado, Paula Maria
This paper presents a methodological proposal for optimizing financial asset portfolios by incorporating the returns predictions instead of the historical returns to calculate an efficient frontier. We changed the return means methodology to forecast by the return with LSTM neural network. We performed several simulation exercises to evaluate the methodology with real data from the US stock market to examine our portfolio optimization model. To evaluate our results, we compared the mean-variance frontier efficiency with the neural network return model. We selected one optimal portfolio that offered the highest expected return for a defined level of risk and compare both models. We show how the neural network return model has a better performance for different periods of time, outperforming the mean-variance model at the same level.
Impacto de los cambios en el precio del cobre y la tasa de cambio en la rentabilidad de las empresas de instalaciones eléctricas de Colombia
(Universidad EAFIT, 2022) Restrepo Aristizábal, Manuela; Isaza Cuervo, Felipe; Corrales Espinosa, Alejandro
This work aims to understand the impact of copper price and exchange rate variations during 2018-2021 period on the profitability of electrical engineering companies (CIIU 4321 in Colombia). For this analysis we used panel data estimation, choosing as measures of profitability the financial indicators of operating margin, gross margin, ROE and ROA as the dependent variable, including the Markup of costs as an independent variable and choosing the size classification according to their incomes level for the unobserved heterogeneity. We conclude that the impact over the cost is controlled for the companies through their expected profit margins, being that an indirect impact on the gross and operating profit and a direct impact on ROE and ROA returns
Incidencia de los factores ASG (Ambientales, Sociales y de Gobernanza) sobre el costo de la deuda a través del análisis multivariante aplicado a las empresas colombianas incluidas en el índice global de sostenibilidad del Dow Jones (DJSI) para el periodo 2016-2019
(Universidad EAFIT, 2021) Mosquera Morán, Jesús; Villa Guzmán, Jennifer; Vergara Garavito, Judith Cecilia
The proposed research topic is contextualized in the equity market, being the interest to study Colombian companies that incorporate ESG factors (environmental, social and governance) in their operations, taking into account the importance that sustainable investments have been acquiring not only nationally but globally, as a product of environmental trends that have transcended to different instances including the financial markets. Given that in general terms the analysis of stock markets is oriented either to profitability or risk, the bet of this research is to focus on this second dimension, trying to show through multivariate analysis or multiple regression, whether indeed the fact that companies incorporate ESG factors is reflected in a lower cost debt or financing acquired, that is, they imply lower levels of risk that can lead investors to have preferences for these companies
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.

Examinando por Materia "RENTABILIDAD"

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