Maestría en Administración Financiera (tesis)

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  • Ítem
    Análisis de la implementación de la tecnología blockchain en la industria de bienes raíces : perspectivas y desafíos para el sector fintech
    (Universidad EAFIT, 2024) Useche Rojas, Juan Camilo; Durango Gutiérrez, María Patricia
    This work evaluates the impact of Blockchain technology, reviewing its principles, accelerated growth, and immediate and long-term direction, emphasizing a special focus on activating this technology for the real estate sector, through a descriptive, predictive, and fundamental analysis of pioneering companies in the field. This is supported by a financial modeling methodology backed by backtesting and market capitalization weighting, allowing the valuation of assets used by these companies over time and determining their stock market relevance. Finally, the results will be examined to conclude the current and future effect of Blockchain on the real estate industry, as well as its financial viability and feasibility, both in the United States and Colombia.
  • Ítem
    Los límites de inversión y asignación de capital determinados por la Ley 100 para el R.A.I.S. ¿contribuyen a la maximización de la mesada pensional del cotizante?
    (Universidad EAFIT, 2024) Hill Donadio, Martín; Colorado González, José Adolfo
    Colombian legislation in Law 100 Decree 2955 of 2010 establishes the regulations under which Pension Fund Administrators (PFAs) must govern the investment of contributors' resources to the Individual Savings with Solidarity Regime (ISSR). This regime may or may not be optimal or efficient, considering that the challenge is to achieve the maximization of pension payments for contributors, closing the income gap between their active life and the pension period. Some contributors may not even attain a pension payment. In contributing to the expansion of pension coverage in the country, it is essential to ask: Is a law that is rigid regarding capital allocation, without flexibility to adapt to changing market conditions over time, appropriate?
  • Ítem
    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
  • Ítem
    Desempeño financiero y la calificación de gobernanza en compañías del sector tecnológico en Latinoamérica
    (Universidad EAFIT, 2024) Mesa Gómez, Deysy Milena; Olarte Morales, Alejandra; Yepes Raigosa, David Alejandro
    Considering the projection that technology companies have, as well as the global trend towards measuring ESG indicators as a reference for good business performance, especially those related to governance, this study analyzed whether there is a relationship between corporate governance compliance standards and the financial performance of organizations in the technology sector in Latin America. For this analysis, information was taken from companies in this sector and their financial performance, measured as ROA, ROE, Tobin's Q and Price-to-Book was analyzed; likewise, the Governance pillar rating (GScore) indicated by Refinitiv was reviewed for each of the reference companies. After using OLS and GLS regressions, the study found a positive and statistically significant relationship between the governance pillar rating and the financial performance of companies in the technology sector in Latin America between 2013 and 2022.
  • Ítem
    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.
  • 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 Augusto
    The 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
    Inversión ASG frente a inversión tradicional en Colombia. Un asunto de eficiencia
    (Universidad EAFIT, 2024) Ochoa Jiménez, Isaac; Restrepo Ochoa , Diana Constanza
    Although investing under environmental, social and governance (ESG) criteria has recently gained interest, the academic literature still does not allow to conclude whether acting in accordance with such criteria partially sacrifices the pecuniary benefit or efficiency sought in the traditional investment. This research analyzes whether investment that incorporates ESG criteria presents differences with respect to traditional investment, by comparing its risk-return relationship in the Colombian stock market in the period 2015-2022. To do this, two indices were built under ESG criteria, and their performance was compared with the MCSI Colcap index, where the latter, as the general index of the Colombian stock market, represents traditional investment. The results of the study reflect that, when studying the entire samples based on the Sharpe ratio, ESG investment was more efficient than traditional investment. However, during the pandemic period, the latter performed better. The explanation of why these results were presented for ESG investment will give rise to other studies on the subject.
  • Ítem
    Mitigación del riesgo de mercado a través de derivados agrícolas para la producción de panela en Santander – Colombia
    (Universidad EAFIT, 2024) Cárdenas Caro, John Wilson; Osorio León, Elizabeth; Giraldo Arango, Mateo
    In Colombia, the sugarcane sector is the second most important agroindustry in economic and social terms after coffee, with a 5.9% share in the agricultural GDP, positioning the country as the second largest producer in the world, after India (Ministerio de Agricultura y Desarrollo Rural, 2021). With a direct socioeconomic impact on nearly 350 thousand families, an approximate generation of 280 thousand jobs and more than 200 thousand hectares of cultivated area in 2019 (Elpais.com.co, 2022), the different factors that affect price formation through the interactions of supply and demand deserve special attention. In this paper we will consider how, through agricultural derivatives, it is possible to mitigate the market risk to which agents of the panelero sector, whose production is massively concentrated in the department of Santander, Colombia, are exposed. Through the formation of such derivative, with an underlying proxy based on sugar cane and the behavior observed in the Chicago Mercantile Exchange (CME), it is intended to provide an alternative to mitigate the risks associated with the volatility observed in income in recent years, and contribute to the strengthening, stability and productivity of this industry.
  • Ítem
    Análisis de la rentabilidad y solidez del sistema financiero bancario en Colombia
    (Universidad EAFIT, 2024) Vélez Alzáte, Melina; Gallego Laverde, Andrea María; Téllez Falla, Diego Fernando
    In this study, the main determinants of banking profitability, measured or represented through traditional indicators such as ROE (Retorn on Equity) and ROA (Retorn on Assets), are analyzed for the five most representative commercial banks in Colombia from January 2015 to December 2022. For this purpose, an econometric model is proposed using panel data methodology, which includes other financial indicators and macroeconomic variables to measure the sensitivity of these profitability indicators to changes in the economic cycle. The results suggest that movements or fluctuations in non-performing loans and provisions are statistically significant and have a direct influence on banking profitability.
  • Ítem
    Estrategia de cobertura de tasa de cambio para una empresa exportadora de empaques para flores “Koen Pack Colombia S.A.S.”
    (Universidad EAFIT, 2024) Descanse Álvarez, Yerly Yurany; Arango Pérez, Reina Alexandra; Durango Gutiérrez, María Patricia
  • Ítem
    Impacto de la carga financiera en las empresas del sector de la construcción de vivienda residencial en Colombia como punto de control en la rentabilidad
    (Universidad EAFIT, 2024) Monroy Agudelo, Andrés Eduardo; Álvarez Cordero, Oscar Fernando; Cadavid Gil, Alejandro
    The current research examines how the financial burden affects companies in the residential housing construction sector in Colombia and how this indicator affects the profitability of housing real estate projects. There are the following particular objectives of this study: • Identify the main elements of the financial burden that affect residential housing construction companies in Colombia. • Evaluate the relationship between the financial burden and profitability of residential housing con
  • Ítem
    Impacto en la rentabilidad para las urbanizaciones residenciales de Medellín : Sistema fotovoltaico on-grid
    (Universidad EAFIT, 2024) Núñez Cadavid, Diego Fernando; Jaramillo Villa, Isabel Cristina; Giraldo Prieto, César Augusto
  • Ítem
    Impacto en la rentabilidad para las urbanizaciones residenciales de Medellín: Sistema fotovoltaico on-grid
    (Universidad EAFIT, 2024-05-23) Núñez Cadavid, Diego Fernando; Jaramillo Villa, Isabel Cristina; Giraldo Prieto, César Augusto
    This paper developed a financial model for the implementation of an on-grid photovoltaic system in residential developments in Medellín. Socioeconomic and financial aspects were analyzed, current Colombian regulations were considered, and associated tax benefits were evaluated. Similarly, the projected initial investment, costs throughout the project, and calculation of potential energy generation from the photovoltaic system were considered. Through simulations, the methodology of Free Cash Flow, NPV, and IRR indicated that the project is profitable for residential developments wishing to adopt photovoltaic generation systems.
  • Ítem
    Nuevo esquema de crowdlending como alternativa para reducir las barreras de entrada al crédito en Colombia
    (Universidad EAFIT, 2024) Campos Hernández , Jhonathan javier; Castañeda Puin , Luis Felipe; Brucker Borrero, Clara Eugenia
    The rise of digitalized financing mechanisms through Peer-to-Peer (P2P) crowdlending platforms has generated a partial solution to the entry barriers to credit. According to the current scheme, risk models regularly used to assess the probability of default and support credit granting decisions are based on socioeconomic and sociodemographic characteristics. This degree work aims to evaluate a new crowdlending scheme in Colombia that allows the referencing of potential borrowers, in order to reduce the barriers to entry to credit through the reduction of the risk of non-payment measured through a risk score developed from a logistic regression, comparing two risk models with the same explanatory variables and adding the referencing variable to the second model. The results obtained show that with the application of the second model, 51% of additional credits are granted, which would imply a significant reduction in the barriers to entry to credit under the proposed crowdlending scheme. However, the efficiency and prediction capacity of both models does not change significantly when including the referral characteristic.
  • Ítem
    Análisis de las buenas prácticas en juntas directivas para empresas del Distrito de Medellín
    (Universidad EAFIT, 2024) Toro Sierra, Santiago; Jaramillo Londoño, Laura Victoria; Téllez Falla, Diego Fernando
  • Ítem
    ETF como alternativa de inversión del ahorro pensional en Colombia
    (Universidad EAFIT, 2024) Sinitavé Escobar, Edison; Freixas, Xavier
    The general pension system in Colombia has not guaranteed the protection of the elderly and has favored the gaps of economic inequality in the population during old age. The increase in life expectancy added to the fall in birth rates weakens its sustainability. Given that the returns in real terms that private pension funds have obtained are not enough to compensate for management costs, it is proposed as an alternative for saving for old age that Colombians invest through the Colombian Stock Exchange in the CSPX ETF. With the Markowitz model, the frontier of efficient portfolios is built, made up of the CSPX ETF and the 10-year Colombian State TES indexed to the Real Value Unit. By selecting efficient portfolios that are equivalent in risk to each of the different types of mandatory pension funds, it is concluded that these portfolios would create a higher real return net of commissions and insurance in the long term, which provides greater economic protection for old age.
  • Ítem
    Riesgo de crédito y titularización de cartera de factoring de las entidades de crédito en Colombia
    (Universidad EAFIT, 2024) Madrigal Moreno, Juan Gabriel; Alzate Santa, Julio Andrés; Peña Higuavita, Germán Adolfo
  • Ítem
    Las prácticas ESG y su influencia en el costo de capital y el riesgo de insolvencia en mercados emergentes de América Latina
    (Universidad EAFIT, 2024) Villalba Vergara, Giovani Antonio; Vergara Jurado, Judith Cecilia
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