Maestría en Administración Financiera (tesis)
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Ítem Análisis financiero y estratégico de la liquidación según la Ley 1116 para la empresa Bionergy(Universidad EAFIT, 2024) Rentería Gutiérrez, Juliana Stephanie; Zapata González, María Gisela; Tamara Ayus, Armando LeninPublicación Oportunidades de desarrollo de mecanismos para el financiamiento de las soluciones basadas en la naturaleza en Colombia(Universidad EAFIT, 2024) Arciniegas Jiménez, Diógenes Fernando; Riascos Enríquez, Carol Stefanny; Gaitán Riaño, Sandra ConstanzaNature-Based Solutions (NbS) are a key strategy for addressing environmental and social challenges, leveraging natural resources to generate tangible benefits. NbS offer an alternative to improve quality of life, mitigate climate impacts, and promote ecosystem conservation. This study investigates opportunities for developing financing mechanisms for NbS in Colombia. A review of national, Latin American, and European literature was conducted to leverage implementation processes in these regions. A survey of companies across various economic sectors (finance, services, manufacturing, etc.) was also carried out to assess their understanding of NbS. Additionally, a non-experimental search for available financing mechanisms in Colombia was performed. Moreover, an econometric model was developed to analyze the factors driving attention to NbS, based on Google search indices. The literature review revealed limited research and development of NbS in Colombia. Few studies address environmental aspects and explore available mechanisms. While Latin American and European studies are more developed, they primarily utilize a qualitative approach, hindering the quantification of economic benefits. Colombia offers various alternatives, including land-based mechanisms, offsets, environmental taxes, carbon taxes, tax rebates, credits for stormwater management, carbon markets, green bonds, resilience bonds, and sustainability-linked bonds. However, widespread implementation faces significant obstacles, mainly due to regulatory and informational barriers. The survey also revealed a lack of awareness of NbS among companies. Those familiar with the concept highlighted the importance of protecting green ecosystems and their influence on improving public and private infrastructure; however, this affinity for NbS does not translate into the definition of green principles and criteria or the implementation of related environmental projects in many companies. Finally, the econometric model identified bio-sustainable policies and climate variability/change as significant variables in explaining attention to NbS, thus promoting greater interest in the subject.Ítem Optimización del portafolio de clientes : caso aplicado a una empresa industrial colombiana(Universidad EAFIT, 2024) Valencia Franco, Juan Pablo; Téllez Falla, Diego FernandoThe portfolio theory constructed by Markowitz in 1952 has been for many years the basis for decision making in investment funds, which constantly evaluate assets and create portfolios that seek optimal performance between risk and profitability. However, in companies in the real sector these concepts have been little explored and developed. Consciously or not, every company has a portfolio, and the assets of that portfolio are its clients, which require an investment to be acquired and maintained, seeking in exchange future flows that exceed the cost of capital. The purpose of this work is to propose a methodology that allows business managers to apply these concepts in order to understand the composition of their client portfolio and make decisions that allow it to be optimized. In turn, we will test the effectiveness of this methodology in a Colombian industrial company.Ítem Relación entre la sostenibilidad y la liquidez bancaria : un análisis de las empresas del Euro Stoxx Banks index(Universidad EAFIT, 2024) Valencia Uribe, Ana María; Duque Villegas, Juan Carlos; Yepes Raigosa, David AlejandroLiquidity management is crucial for banking stability, especially in the context of recurring crises. This research analyzes the relationship between ESG (environmental, social, and governance) criteria and liquidity indicators in European banks from the EURO STOXX Banks Index between 2003 and 2022. Using econometric models such as Ordinary Least Squares (OLS) and Generalized Least Squares (GLS), liquidity ratios like the Capital Adequacy Ratio (CAR), the Liquidity Coverage Ratio (LCR), and the Loan-to-Asset Ratio (LAR) were examined. The results reveal a positive relationship between ESG scores and bank liquidity, particularly in institutions with higher environmental and social sustainability ratings. However, the governance dimension showed a less significant impact. Additionally, significant differences were observed in liquidity levels between institutions with high and low ESG scores. Banks with higher ESG scores tend to maintain better capital ratios and a greater liquidity coverage capacity, suggesting that sustainable practices may be associated with more prudent and stable financial management.Ítem Cobertura con derivados forward para mitigar el riesgo cambiario en la importación de telas : un estudio en el sector textil colombiano(Universidad EAFIT, 2024) Díez Rendón, Camilo; Cardona Llano, Juan FelipeThis study assessed the impact of using forward delivery contracts as a hedging strategy to mitigate exchange rate risk in the textile imports of Mattelsa SAS, a company based in Medellín (Colombia). Through a backtesting analysis based on the company’s financial data from 2022 to 2024, the implementation of forward hedging was simulated, comparing the potential results of covering imports against not going so. Representative exchange rates (TRM) and local and foreign interest rates were used to estimate the potential cost or benefit of the forward hedging strategy. The results indicate that in years of high currency volatility such as 2022, the forward hedging could have significantly reduced the company´s exchange rate losses, improving financial outcomes. However, during periods of currency appreciation, such as in 2023, the forward contacts might have resulted in additional cost instead of proving protection. Despite these mixed results, forward delivery contracts remain a suitable alternative for importing companies as they allow for the locking in of exchange rates, offering financial stability in scenarios of devaluation. The study concludes that a flexible hedging strategy, adapted to shifting market conditions, is essential to maximize the benefits and minimize risks, making forward delivery a valuable tool in exchange rate risk for Mattelsa SAS.Ítem Evaluación de la viabilidad financiera de una empresa en reorganización empresarial(Universidad EAFIT, 2024) Urrego Estrada, Deisy Johanna; Rivera Duque, Esteban; Restrepo Tobón, Diego AlexanderÍtem Un análisis de la estructura óptima de capital en la empresa CBW EAI S. A. S.(Universidad EAFIT, 2024) Hernández Avilez, Kelys Yohana; Támara Ayús, Armando LeninÍtem Impacto sobre la TRM del cambio gubernamental en Colombia, ocurrido en 2022, observado después de un año, a la luz de un valor justo(Universidad EAFIT, 2024) Restrepo Orrego, Marco Antonio; Cadavid Gil, AlejandroThis study explores the impact of Colombia's 2022 governmental shift on the exchange rate, using techniques like PCA, VaR, and econometric models. Results indicate the Colombian peso is undervalued in Forex markets, especially against countries with leftist governments. The observed market value surpasses its fair value, suggesting a potential narrowing gap towards stability. These insights are crucial for financial leaders, Forex investors, and policymakers in their decision-making processes.Ítem Efectos de la implementación del programa Investors Relations (IR) en la calificación de riesgo de los bancos en Colombia(Universidad EAFIT, 2024) Camacho Reyes, Isabella; Arias Villegas, Esteban; Téllez Falla, Diego Fernando; Cortés Durán, Lina MarcelaÍtem Estudio del sector agropecuario : impacto del tipo de cambio e impactos financieros en la importación de materias primas en Colombia(Universidad EAFIT, 2024) Londoño Gallego, Samuel; Benavides Sarmiento, John Edward; Correa Lafaurie, Luisa FernandaThe agricultural sector is crucial for sustainable and inclusive food systems, helping to reduce poverty, increase income, and improve food security for 80% of the world's most vulnerable population, primarily in rural areas (World Bank, 2023). This study analyzed the effects of exchange rates and financial aspects on the import of raw materials in Colombia's agricultural sector, using data from 2007 to 2023. The TRM was taken as the dependent variable, with Cereals, Fertilizers, and Inorganic Chemicals as independent variables. The analysis included descriptive statistics, multiple regression, and ANOVA. The results indicated that the Cereals variable was significant with a p-value of 0.023 in relation to the TRM, suggesting that an increase in cereal imports is associated with a decrease in the exchange rate. Additionally, it was concluded that TRM fluctuations do not fully explain the import of raw materials, suggesting that other external variables should also be considered.Ítem Modelo de retorno de equilibrio en la deuda americana(Universidad EAFIT, 2024) Montañez Díaz, Adrián Felipe; Angulo Forero, Santiago Felipe; Velásquez Durán, Isabella; Gallo Restrepo, Juan Carlos; Durango Gutiérrez, María Patricia; Díaz, WalterNowadays, many institutional investors use classic models, such as the Nelson-Siegel-Svensson model, which, through certain parameters, allow the estimation of the yield curve to make informed investment decisions. Despite the general approval of these models, the economic dynamics are changing, which is why, in this work, the nodes of the US yield curve were modeled through linear regression models, machine learning and deep learning, given a defined future scenario. With the result of the projection, the curve was generated by 4 methods, of which the cubic spline resulted to be the best fit.Ítem Evolución de la estructura de costos de las cámaras de comercio de Colombia frente a su generación de valor(Universidad EAFIT, 2024) Anacona Gómez, Yisel Alejandra; Valencia Ordoñez, Edwin René; Orozco Álvarez, Jorge EduardoÍtem Modelo de proyección financiera para el crecimiento sostenible de una empresa de productos químicos en Colombia(Universidad EAFIT, 2024) Castañeda Cabrera, Catalina; Uribe Varela, Juan MartínÍtem Predicción de quiebra de las IPS clasificadas como hospitales quirurgicos y medicina general del sector salud en Colombia(Universidad EAFIT, 2024) Vera Bocanegra, Alejandra; Ospina Roa, Mayra Alejandra; Támara Ayús, Armando LeninÍtem Modelo de optimización de portafolio renta fija por factores(Universidad EAFIT, 2024) Correa Restrepo, Daniel; Uribe Osorio, Camilo Mateo; González Jaramillo, Nicolás; Grajales Correa, Carlos Alexander; Botero Ramírez, Juan CarlosÍtem Medición y gestión del riesgo de crédito : proyecto vivienda, compañía sector constructor(Universidad EAFIT, 2024) García Rueda, María Alejandra; Vélez Martínez, Diana Carolina; Sánchez Ribero, Gustavo AlbertoÍtem Transformación de una empresa del sector de la construcción hacia un enfoque de generación de valor(Universidad EAFIT, 2024) Daza Verano, Leidy Johanna; Torres Hildalgo, Héctor Jesid; Betancur Rivera, Julián; Giraldo Ramírez, Kassandra; Londoño Murillo, José WilliamConstructora Colombia S.A., founded in 1965 by engineers Ignacio and Alirio Fuentes Echeverry in Antioquia, specializes in civil works and infrastructure, including concession contracts. This family-owned business, now led by the second generation of the family, maintains a focus on quality, innovation, and customer satisfaction, continuously expanding and adapting to new market demands. With a firm commitment to excellence and sustainability, it has established itself as one of the most respected companies in the construction sector in Antioquia. Identifying and overcoming barriers to value generation in this sector is crucial to improving the company's financial prospects. To achieve this, the structuring of a comprehensive management model through diagnostics of financial statements, examination of the country's economic outlook, and corporate governance management is essential. In this way, the company can optimize its operations, generate value, strengthen its market position, and significantly contribute to the country's economic growth and sustainability.Ítem Formulación de un caso de inversión en la fintech colombiana Agricapital(Universidad EAFIT, 2024) Arango Restrepo, Luis José; Castrillón Velásquez, Antonio; Correa Lafaurie, Luisa FernandaÍtem Nivel de riesgo de mercado en el sector eléctrico colombiano considerando el impacto de los eventos climáticos, la hidrología y la generación térmica en el sistema interconectado nacional(Universidad EAFIT, 2024) Bermúdez Álvarez, Natalia; Restrepo Cardona, Laura; Peña Higuavita, Germán AdolfoThe present work focuses on evaluating the level of market risk in the Colombian electrical sector, taking into account the impact of hydrological conditions on the National Interconnected System, thermal generation, and climatic events such as El Niño-Southern Oscillation (ENSO). The study will identify the variables that influence the volatility of energy prices on the stock exchange. Using an EWMA and GARCH model, the volatility of energy prices on the stock exchange will be calculated for the period from January 2015 to May 2024. Additionally, the correlation between the stock exchange energy price, the percentage of useful volume of the reservoirs, and thermal generation will be analyzed, with the aim of understanding how these conditions affect market risk in the electrical sector. The results obtained will contribute to the formulation of more effective strategies for risk management in the Colombian electrical market.Ítem Diseño de una nueva metodología de gestión de riesgos cambiarios para empresas de comercio exterior en Colombia(Universidad EAFIT, 2024) Villegas Muñoz, Carolina Andrea; Hernández Elorza, Juan Pablo; Sánchez Ribero, Gustavo Alberto