Maestría en Administración Financiera (tesis)
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Ítem $2.6BN marriage of Ebay and Skype ended in divorce(Universidad EAFIT, 2019) Zuluaga Arbeláez, Juan Sebastián; Gaitán Riaño, Sandra ConstanzaeBay acquired Skype for $2.6 billion in 2005, which was a very high price compared to Skypes revenues of only $7 million. The acquisition was meant to boost eBay’s revenues, by making it more convenient for buyers and sellers to communicate on the auction platform. Shared benefits were seen to increase the number of users for Skype and enhance the features available for eBay users within its platform. Unfortunately for eBay, their customers did not find any use for Skype’s technology, which was initially intended to connect sellers and buyers quicker and make communication easier. After years of trying, the acquisition led to a write-down of the value of Skype in eBay’s books and finally (and luckily for eBay) led to a sale to Microsoft. Microsoft acquired Skype and created its division within the company that reported directly to Microsoft’s CEO. The company has adopted a passive stance to materialize the synergies while being conservative of Skype strategy, brand, and user experience. Different independent sources categorize this deal as a success. Our analysis highlights the approach Microsoft took for the governance of the collaboration and how it was adapted to the sources of potential joint value and the major capabilities of Skype business model and competitive position.Ítem A private equity firm to acquire the furniture company La-Z-Boy(Universidad EAFIT, 2019) Puyo Velásquez, Martín; N/AA leveraged buyout (LBO) is a common transaction within private equity firms, although not restricted to them. It refers to a transaction in which a company buys out another company, often buying the entirety of the outstanding shares and funding the transaction with debt. This type of transaction has both proponents and opponents, because while it may be true that the use of debt increases the return on equity, it may also be the case that an otherwise company with a strong balance sheet be turned into a financially distressed company. This paper goes through the process of structuring an LBO and assessing the implications that it could have for both the company and its investors.Ítem A regulatory approach to ESG strategies for small and medium-sized enterprises(Universidad EAFIT, 2022) Gómez Mesa, Daniel; Navia Rojas, Camilo Antonio; Mejía Lara, María JoséÍtem Acceso a financiación para soportar la estrategia de internacionalización de Cementos Argos S. A. : caso empresarial(Universidad EAFIT, 2023) Mapura Bañol, Pamela; Sánchez Gómez, Manuel Alejandro; Restrepo Tobón, Diego AlexanderIn 2012, Cementos Argos S. A. faced one of the most transcendental financial decisions in its history: to define among different options the best one, to finance the continuity of its internationalization strategy; this strategy, which had started in 2005 with the acquisition of two North American companies: Southern Star Concrete Company and Concrete Express and which sought to increase its presence in the United States and Central America considerably starting in 2013, to become an important competitor in the American continent in the cement and concrete industry. In this case study, the reader must decide which will be the best financing option considering the financial situation in 2012 and the changes in the capital structure and cost of capital, explore new options or abandon the transaction.Ítem Accounting information and the structure of corporate debt covenants(Universidad EAFIT, 2018) Marín Salazar, Daniel Alejandro; Ilić, Iva; Aledo Martínez, JuanaIn this End of Mater Project, we analyse the most relevant empirical and theoretical papers and main ideas behind them -- Following academic work made us understand what is the role of accounting information in the improvement of debt contracting and how it achieved this, among different mechanisms -- Here we are focusing our attention on two different theories, The Agency theory and The Incomplete contract theory -- We consider really important the differences between two of them and how they, together, influence contract making -- Furthermore, we base our analysis on different type of covenants included in both theories, as well as on the impact of accounting conservatism to risk reduction or at least risk perception -- Finally, we explain importance of existence of renegotiation process both, ex-post and ex-ante -- All this in order to understand how debt covenants are made, why lenders rely on them and why in different case scenarios they play completely different roleÍtem Accounting reporting decisions and firms' innovativeness(Universidad EAFIT, 2018) Gómez Ávila, Mathius; Pedraza Orjuela, María Victoria; Guo, BingWe collect information about how financial factors affects innovation in a company, we focus on papers that have studied how innovation, measure by patents granted to a firm and non-self citations of those patents, is affected when a company goes public, when the stock present high liquidity and if the type of investors play an important role -- Also we study, if laws and regulation regarding credit supply and anti takeover laws impacts innovationÍtem ¿Los activos de inversión con criterios ASG generan valor para el inversionista? evidencia a partir de ETF(Universidad EAFIT, 2022) Hoyos, Jonathan Camilo; Restrepo Ochoa, Diana ConstanzaÍtem Actualización del análisis de costos y del punto de equilibrio de una empresa de servicios de instalación eléctrica para vivienda multifamiliar nueva, del tipo mediana, en Colombia, con sede en Bogotá(Universidad EAFIT, 2023) Bernal Hernández, Yeni Jhasbleidy; Durango Gutiérrez, María PatriciaIn this research, a cost updating process is developed for a medium-sized organization, in order to establish the balance point of this current operating level. Enterprise is dedicated to the provision of electrical installation services in new multi-family housing. This analysis constitutes a benchmark for organizations of its type, which require considerable investments and the integration of qualified human talent, so, it is helpful to prevent financial risks through instruments such as price estimation that is part of this study. Methodologically, to measure incomes, according to prices and quantities, a sample of products already made in the context of a prototype company is used. At the same time, costs are determined through conventional cost accounting budgeting, based on the production process. It concludes with financial recommendations to optimize the operation.Ítem La administración del riesgo en el Mercado Forex(Universidad EAFIT, 2014) López Suárez, Santiago; Mora Cuartas, Andrés MauricioLos inversionistas, desde el ángulo especulativo y con enfoque en el análisis técnico abordan los mercados financieros con estrategias que involucran mucho su percepción propia -- Los avances tecnológicos no solo facilitan el tener una cercanía constante a los mercados financieros a través de plataformas o software descargables, sino facilidad de acceso a diversas estrategias técnicas vigentes aplicadas a estos mercados, pero lo que diferencia el éxito del fracaso al especular con activos financieros corresponde a una correcta administración del riesgo -- El mercado de divisas brinda altos niveles de apalancamiento donde inversionistas ingresan con bajos capitales y obtienen elevados retornos, pero éste también eleva el nivel de riesgo al que se exponen -- Tener control del riesgo anticipa y limita las pérdidas en un mercado apalancado y volátil -- Controlar el riesgo y reinvertir capitales en la operación es la clave para tener un crecimiento geométrico -- Este trabajo presenta un Plan de Trading con correcta administración de riesgo implementado en el mercado de divisas -- El plan converge la estrategia de los patrones armónicos de Scott Carney y el enfoque de Sam Seiden de oferta y demanda, donde los resultados son evaluados en un modelo de optimización con el fin de maximizar los retornos y minimizar el riesgo al que se exponeÍtem Administración del riesgo financiero bajo NIIF 9(2018) Bastidas Delgado, David Andrés; Londoño Osorno, Rodrigo AlbertoIFRS 9 (Financial Instruments) introduced a significant change in the estimation of risk in international accounting, since it contemplates the calculation of expected future probabilities that must be measured and recognized in the accounting of an organization -- This research shows simulations of the financial risk and the analysis of models that allow obtaining the quantification of future estimates -- It is expected that the results obtained will help organizations to make better decisions using proper risk management -- The research evaluated different instruments that were the result of the union of several models, methodologies and techniques that allowed a better analysis, which led to propose simulations under hypothetical scenarios and make use of instruments designed for sound financial risk management -- The risks evaluated and managed by this research were: credit risk and market risk, as well as the changes in the NIIF 9 standard for hedge accounting, where a better measurement of the derivative's effectiveness is recognizedÍtem Adquisición de empresas y su efecto contable bajo NIIF en los estados financieros(Universidad EAFIT, 2018) Monsalve Montoya, Isabel Cristina; Restrepo Tobón, Diego AlexanderThis paper presents a study of the application of the international standard "NIIF 3 - Business Combinations" in order to show and evaluate the accounting effect of business combinations in the consolidated financial statements of an entity -- This paper shows the procedure to apply the standard under the development of a hypothetical exercise, emphasizing the accounting effects that the users of the accounting information must take into account for the interpretation of the same in said combinations -- Likewise, this paper shows a business combination case of "Grupo Exito" -- The main conclusion of this exercise is that the accounting effects can be substantial’s, and they must be clearly distinguished for an adequate analysis and interpretation of the financial statements of a companyÍtem Afectación de los ingresos operacionales de empresa distribuidora de energía eléctrica por penetración de energía solar en su área de influencia(Universidad EAFIT, 2016) Mendoza García, Ángela María; Trespalacios Carrasquilla, AlfredoLos anuncios de impacto por cambio climático han llevado a los países a crear estrategias de mitigación y adaptación, dentro de las cuales se considera la promoción de generación de electricidad a través de fuentes renovables no convencionales -- El avance logrado ha incentivado a los usuarios del servicio de energía eléctrica a invertir en plantas de generación, eliminando la necesidad parcial de utilizar las redes de transmisión y distribución del sistema eléctrico, de tal forma que las redes eléctricas presentan una holgura gradual en cuanto a la energía que se transporta a través de ellas -- Este artículo presenta un análisis del impacto sobre los ingresos operacionales de una empresa distribuidora de energía por efecto de la entrada de soluciones de energía solar fotovoltaica en el segmento residencial de su área de influencia, encontrando que se generarían diferentes escalas de afectación, con valores de hasta el 3%Ítem 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 CarlosOffshore 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.Ítem Alternativas de financiación para un cultivo de limón Tahití de mediana escala en Colombia(Universidad EAFIT, 2022) Ramírez Uribe, María Paula; Orozco Echevery, César AugustoThe objective of this research was to determine the financing alternative that offered an adequate balance between the expected profitability and the risk that a medium sized producer is willing to assume in a Tahiti lemon crop to be stablished in Santander, Colombia. Based on the research carried out on the financing alternatives available to producers, it was concluded that for the case under study, only those credits designed to alleviate the impact that high costs have on project flows and that, therefore, generate liquidity. In summary, for this business model the best alternative was debt financing, ideally in times of low interest rates, since low debt costs are needed for the project to generate value; however, it was important to first evaluate the alternatives, since only one of them generated value.Ítem Alternativas de implementación de un modelo de negocio con componente tecnológico para la compañía Dislicores S.A.S. en la comercialización de bebidas alcohólicas y otros productos(Universidad EAFIT, 2023) Montaño Herrera, Carlos Arley; Camacho Giraldo, Alexandra Milena; Orozco Echeverry, César AugustoÍtem Alternativas de implementación de un modelo de negocio con componente tecnológico para la compañía Dislicores S.A.S. en la comercialización de bebidas alcohólicas y otros productos(Universidad EAFIT, 2023) Montaño Herrera, Carlos Arley; Camacho Giraldo, Alexandra Milena; Orozco Echeverry, César AugustoÍtem Alternativas de obtención de recursos que no generan endeudamiento a la luz de la ley de subcapitalización en empresas Pymes(Universidad EAFIT, 2015) Henao Yépes, LauraLa problemática de la reciente modificación en la ley de subcapitalización (decreto 627 de 2014) y el hecho de que el promedio de las empresas colombianas no tengan acceso a la emisión de acciones o de bonos en la bolsa de valores de Colombia que les provea una forma de capitalizar la compañía, además de recursos propios; ha creado la necesidad de buscar alternativas que no se consideren como endeudamiento y no requieran capitalización, con el fin de que las empresas que poseen ciertos límites de recursos, no se vean en desventaja con las empresas internacionales o nacionales que tengan acceso a capitalización o socios extranjerosÍtem Alternativas para incrementar la liquidez del mercado de energía mayorista colombiano: el caso del mercado no regulado(Universidad EAFIT, 2013) García Gómez, Diego Felipe; Mejía Sierra, Diego Fernando; Maya Ochoa, Cecilia InésEl presente estudio tiene como objetivo la presentación de alternativas que contribuyan a aumentar la liquidez del mercado no regulado de energía eléctrica en Colombia -- Para ello se parte de una revisión general del mercado eléctrico colombiano, posteriormente se introduce el concepto liquidez, haciendo énfasis en la liquidez en mercados eléctricos y se referencian algunos mercados eléctricos desarrollados en Europa, Norte América, Países Nórdicos e Inglaterra -- Se concluye que es necesario introducir modificaciones al mercado de energía mayorista, en particular, la manera en la que se realiza la contratación de compraventa de energía en el mercado OTC , de manera que se administre adecuadamente el poder de mercado y se incentive la participación de pequeños agentes y de nuevos participantes provenientes del sector financieroÍtem Alternativas para lograr la viabilidad financiera de los Sistemas Integrados de Transporte Masivo en Colombia(Universidad EAFIT, 2018) Múnera Estrada, Andrés Felipe; Moreno Velásquez, SantiagoThe Bus Rapid Transit (BRT) has been gaining importance in the main capitals of Latin America like a solution to the mobility of large cities -- These BRT has implicit a set of social and environmental benefits that have motivated leaders to encourage these initiatives within their city proposals -- However, the organized systems in Colombia have returned to a problem due to inadequate structuring when the concession contracts were conceived and awarded -- As a consequence of this, a challenge for future projects will be related to its financing -- The objective of this paper is to recommend elements that make those initiatives fundable, improving the resources and interests of the players -- The methodology is a bibliographical reference, seeking another’s options that have been implemented in other cities -- Furthermore, it requires an analysis of the Colombian situation of massive transportation from the financial point of view, understanding those elements that should be considered in the structuring of contractsÍtem Análisis comparativo de los métodos de valoración ´valor contable´ y ´múltiplos´ aplicado a Frisby, Inversiones Int y Grupo CBC(2019) Gutiérrez Viveros, Ana María; Castillo Marín, Andrés; Guerra Álvarez, EduarThis thesis presents an analysis that seeks to compare two methods of company valuation. For this work, multiples and book value are applied to companies of the sector of limited service chicken restaurants; Frisby, Inversiones INT, and Grupo CBC. Macroeconomic indicators were taken into account for this analysis: sector GDP, total GDP, unemployment, inflation, sector inflation, and the exchange rate. Additionally, this work also analyses financial indicators such as ROIC, ROE and EBITDA. It seeks to measure the relation between macroeconomic and financial indicators on a company’s valuation for the period between 2014 and 2018.