Maestría en Administración Financiera (tesis)
URI permanente para esta colección
Examinar
Envíos recientes
Publicación Estrategia de cobertura con forward para la exportación de aguacate Hass(Universidad EAFIT, 2025) Calderón Perdomo, María Alejandra; Sánchez Holguín, Nathalia; Manco López, Oscar OswaldoIn this research work, a hedging strategy is developed for companies dedicated to the export of Hass avocado to markets that can be volatile and unpredictable, as is currently the case with the U.S. market as a result of the trade policies with which Donald Trump's second term in office began. In this sense, the proposed financial hedging strategy is based on the instrument of forward contracts to reduce the risk of price fluctuations and maximize profits for Hass avocado exporting companies. In order to evaluate the effectiveness of this strategy, three export scenarios were analyzed: one with full hedging (100% to 60 days), one with partial hedging (70% to 90 days) and one without hedging (0% to 120 days), which consider exchange rate speculations in situations of currency depreciation and appreciation.Publicación Modelo de clasificación de insolvencia en Entidades Prestadoras de Salud (EPS) mediante redes neuronales(Universidad EAFIT, 2025) Muñoz Calderón, Cindy Lorena; Silva Castro, Jaime Andrés; Támara Ayús, Armando LeninHealth Provider Entities (EPS) are the institutions responsible for managing the resources of Colombia’s healthcare system, thereby ensuring the provision of basic health services. This research aims to develop an insolvency classification model for EPS using the statistical technique of neural networks. The database comprises 51 EPS registered in the EMIS University database, providing financial variables to the model, complemented by non-financial variables (location and age). Four classification models are built and compared using Altman’s Z-Score model as a reference. Among them, the decision tree model stands out for its accuracy in predicting financial insolvency. Additionally, the constructed models identify the variables with the greatest impact on default risk, including ROE, net profit/loss, and current ratio, which significantly influence insolvency risk.Publicación Construcción de un modelo de transporte óptimo del cobre para la empresa minera Zijin-Continental Gold Ltd. Evaluación de costos y riesgos(Universidad EAFIT, 2025) Restrepo David, Faide Lidey; Orozco Echeverry, César AugustoPublicación Desarrollo de una política de gestión del riesgo cambiario : caso aplicado a una organización importadora colombiana(Universidad EAFIT, 2025) Salazar Bautista, Iván Esteban; Alonso Villamil, FernandoCosalco Colombia S.A.S. imports raw materials and equipment for distribution in the domestic flexographic industry. Generating obligations with third parties in foreign currency and a direct exposure to foreign exchange risk. This field work developed a Foreign Exchange Risk Management Policy in three stages: (1) identification and measurement of transaction, conversion and economic risks, through tools such as Net Flow Exposed, Net Position and Scenario Analysis; (2) definition of the foreign exchange policy, establishing objectives, indicators, exposure levels and hedging instruments, supported by a survey applied to the financial team; and (3) configuration of a governance structure for its implementation. As a result, a short position for the analyzed risk subcategories was evidenced and a conservative approach based on forward contracts was proposed. It was concluded that the policy designed responds to the needs of the organization and represents an alternative to mitigate foreign exchange risk.Publicación Medición de riesgos en el costo para toma de decisiones, una aplicación de Cost At Risk (CAR) en una empresa manufacturera de insumos para construcción(Universidad EAFIT, 2025) Aguirre Rendón, Víctor Hugo; Cruz Castañeda, VivianPublicación Impacto sobre el costo de capital de las empresas del sector repuestos para motos en el eje cafetero, frente a la formalización de persona natural a sociedad por acciones simplificada S.A.S.(Universidad EAFIT, 2025) Angulo Betancurt, Stiven; Avalo Mazo, Juan Carlos; Cardona Llano, Juan FelipeThe cost of capital represents the profitability demanded by investors when financing business assets through debt or equity. This research analyzed the impact of the formalization from natural person to Simplified Joint Stock Company (S.A.S.) on the cost of capital in three leading companies of the motorcycle parts sector in the Eje Cafetero in Colombia. Information from the Financial Information and Analysis System (SIIS) of the Superintendence of Corporations was used, simulating their performance under the figure of natural person. Additionally, a financial model was applied to estimate the cost of capital in both regimes. The results indicate that formalization as an S.A.S. affects the cost of capital, conditioned by factors such as the profit before taxes (UAI), the tax burden and the tax shield. It is concluded that there is a relevant impact, although its analysis requires careful consideration of the variables involved and the quality of the data in emerging contexts.Publicación Evaluación del impacto normativo en la gestión de liquidez en empresas de economía mixta(Universidad EAFIT, 2025) Ortiz Morales, Alejandro; Alzate Arias, Hernán AlonsoPublicación Impacto de la reforma tributaria 2277 del año 2022 en la valoración financiera de Operlog S.A.S como empresa transportadora de Colombia(Universidad EAFIT, 2022) Ruiz Arenas, Daniel Steven; Duque Arboleda, JonathanThe tax reform approved in Colombia in 2022 (Law 2277) introduced substantial changes in the country's tax structure, directly impacting the profitability of companies, particularly those in sectors with high operating costs, such as cargo transportation. The main objective of this paper is to evaluate the impact of this reform on the financial valuation of Operlog S.A.S., a Colombian company specialized in logistics and transportation of pharmaceutical products, using the discounted cash flow (DCF) model. The analysis is based on the company's financial statements between 2019 and 2023, evaluating the effect of the reform on key indicators such as EBITDA, net income, operating margin, free cash flow (FCF) and return on invested capital (ROIC). The study also includes the calculation of the weighted average cost of capital (WACC) and terminal value, as well as a sensitivity analysis to examine various fiscal scenarios. In addition, a qualitative approach is incorporated through semi-structured interviews with company executives, which provides insight into their perceptions and tax adaptation strategies. The research results provide a comprehensive view of how tax reforms affect companies' ability to generate value and make strategic decisions. They also provide valuable guidance for internal policymaking in uncertain tax contexts.Publicación Competitividad financiera de las mipymes en Colombia en relación con sus formas de financiamiento(Universidad EAFIT, 2025) Herrera González, Nestor Alberto; Camero Ramos, Hoffman Fernando; Arenas Gómez, Camilo JoséPublicación Diseño de un modelo de scoring de crédito para evaluar el riesgo de impago de la cartera de créditos de la plataforma de financiación cooperativa a2censo (Bolsa de Valores de Colombia, BVC)(Universidad EAFIT, 2025) Chaljub Buelvas, Elkin Guillermo; Vásquez Martínez, Nataly; Rojas Ormaza, Brayan RicardoPublicación Evaluación de modelo de flujo de caja en riesgo (CEFaR) para estimar riesgos financieros en la construcción y operación de un restaurante en altamar(Universidad EAFIT, 2025) Ramírez Candado, Judy Lissette; Parra Chamorro, Natalia Alejandra; Támara Ayús, Armando LeninPublicación Efecto de los indicadores ASG sobre el costo de la deuda de las empresas de energía en los Estados Unidos(Universidad EAFIT, 2025) Murillo Hernández, Miguel Ángel; Rodríguez Rodríguez, José Yesid; Yepes Raigosa, David AlejandroThis study examines the relationship between environmental, social, and governance (ESG) indicators and the cost of debt in U.S. energy sector companies. Using a panel data model covering 63 firms between 2009 and 2023, several models were estimated with different combinations of aggregated ESG score and its disaggregated components. The results show that the composite ESG score is not statistically significant. However, when disaggregated, the social and governance components are negatively associated with the cost of debt, indicating a reduction in borrowing costs. In contrast, the environmental component exhibits a positive and significant relationship, potentially reflecting perceived financial risk. The findings suggest that ESG factors should be evaluated independently to understand their impact on corporate financing decisions better.Publicación Análisis de la tokenización de activos inmobiliarios como alternativa de inversión en Colombia : tendencias, oportunidades y desafíos(Universidad EAFIT, 2025) Pérez Pulgarín, Daniela; Restrepo Tobón, Diego AlexanderThis work analyzes the tokenization of real estate assets in Colombia as an alternative digital investment model. The study explores the trends, opportunities, and challenges of this technology in the real estate market, given its ability to overcome traditional barriers such as lack of liquidity and high entry costs. The research includes a documentary review of legal frameworks in countries such as Spain, the United States, Mexico, Chile, El Salvador, and Colombia, along with case studies of tokenization platforms and a practical simulation on the Reental platform, identifying profitability models and associated variables. Although Colombia faces structural challenges such as the absence of specific regulation, low levels of financial education, and cybersecurity risks, the country has favorable technological and market conditions. In this context, tokenization is presented as a high-potential tool to transform the Colombian real estate market, making access to real estate investments more efficient and dynamic.Publicación Estandarización de los reportes de sostenibilidad y su relación con el desempeño financiero en las empresas del Mercado Integrado Latinoamericano (MILA)(Universidad EAFIT, 2025) Ruiz Tamayo, David; Charry Rodríguez, Paula Viviana; Téllez Falla, Diego Fernando; Restrepo Ochoa, Diana ConstanzaThis research analyzes the implications for the perception of the quality of sustainability practices assessed through ESG ratings (Environmental, Social and Governance) and the adoption of reporting standards for non-financial information in leading companies in Mercado Integrado Latinoamericano (MILA). It also examines how standardization, homogeneity, and information asymmetry influence the actual valuation of assets and investor perceptions. To address this analysis, a quantitative model was constructed to measure the relationship between good sustainability practices and financial profitability. The methodology involves collecting data from companies in Colombia, Mexico, Peru, and Chile that have adopted ESG initiatives, in order to identify patterns and levels of correlation using econometric models. The research seeks to contribute to the literature on sustainability and finance by offering tools for more informed investment decision-making.Publicación Modelo de caracterización de los títulos de renta fija denominados en dólares del mercado de los estados unidos : un análisis desde las categorías de perfil de riesgo(Universidad EAFIT, 2025) Pava Muñoz, Diego Alejandro; Giraldo Arango, MateoPublicación Medición de la curva de aprendizaje de una compañía de tercerización en Colombia : un caso práctico del sector petrolero(Universidad EAFIT, 2025) Quintero Trujillo, María Gabriela; Arias Sánchez, Juan ManuelPublicación La deuda como dinamizador de las empresas. Análisis financiero con Python y simulaciones de sensibilidad para Elico Group S. A. S.(Universidad EAFIT, 2025) Quintero Floréz, Luis Eduardo; Mena Mosquera, Edwards Jhomir; Sánchez Ribero, Gustavo AlbertoPublicación Estructura de capital del sector de transporte intermunicipal de pasajeros en Colombia (2017-2023)(Universidad EAFIT, 2025) Rodríguez Becerra, Luz Ángela; Londoño Castaño, Viviana Deyanira; Durango Gutiérrez, María PatriciaPublicación Modelo de gestión del riesgo cambiario en la comercialización de instrumentación científica : caso de estudio Lanzetta Rengifo y Cía S.A.S(Universidad EAFIT, 2025) Reyes Carreño, Cristobal; Van Audenhove Correal, Reddy Svenson; Orozco Echeverry, César AugustoPublicación Determinantes de la estructura de capital óptima en la industria de los restaurantes en Colombia(Universidad EAFIT, 2025) Rodríguez Robayo, Víctor Alfonso; Gómez Vargas, Julián Andrés; Arango Londoño, Carlos MarioThis research seeks to identify the determining variables of capital structure in companies in the Colombian restaurant sector. To this end, it began by analyzing classical theories of capital structure, with emphasis on the postulates of Modigliani and Miller (1958; 1963) and the trade-off (Miller, 1984; Myers, 1977; Myers & Majluf, 1984) and pecking order theories (Myers & Majluf, 1984). Next, by using a quantitative approach, financial data from companies in the sector, obtained from the Integrated Corporate Information System (SIIS) of the Colombian Superintendence of Companies, was analyzed, applying econometric models to evaluate the relationship between internal and external factors and the companies´ capital structures. The results allowed to establish strategic guidelines to optimize financing decisions in this sector.