Maestría en Administración Financiera (tesis)
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Publicación Sistema de información para la gestión financiera(Universidad EAFIT, 2025) Palacio Duque, Laura; Estrada Cuartas, Yenny Alexandra; Almonacid Hurtado Paula MaríaPublicación Evaluación del impacto de la incorporación de alternativas de financiación con deuda en el modelo financiero de una empresa minera(Universidad EAFIT, 2025) Ortiz Petro, Luis Felipe; Manco López, ÓscarPublicación Oportunidades de generación de valor económico agregado para las empresas del sector comercial automotriz colombiano en los años 2019 – 2023(Universidad EAFIT, 2025) Ferro Beltrán, Miguel Ángel; Lancheros Figueroa, Andrés Felipe; Sánchez Ribero, Gustavo AlbertoÍtem Los sistemas de pagos electrónicos y su relación con la inclusión financiera en Colombia para el período comprendido entre el 2018 y 2022(Universidad EAFIT, 2023) Alzate Vélez, Daniela; Mora Cuartas, Andrés MauricioThis degree work aims to analyze the relationship between electronic payment systems and financial inclusion in Colombia. The research question that guides this study is: What is the relationship between electronic payment systems and financial inclusion in Colombia for the period between 2018 and 2022? To address this question, a quantitative research methodology is used, data is collected on the adoption and use of electronic payment systems in Colombia and financial inclusion through official reports from financial entities, central banks and regulatory bodies. It was established that there is a statistically significant relationship between financial inclusion and the use of digital payment methods in Colombia. Bank transfers as a means of digital payment have a particularly significant impact on financial inclusion, meaning that as the adoption and use of this means of digital payment increases in Colombia, financial inclusion also improves.Publicación Optimización del margen neto de interés en entidades financieras bajo IFRS 9(Universidad EAFIT, 2025) García Ocampo, Yuri Vanesa; Londoño Gómez, María Camila; Gómez Rueda, Mario SergioThis study presents an analysis of the variables that comprise a cash flow, with the objective of identifying which generate the lowest loss in the event of a credit risk modification. After constructing a tool and using dummy data, including information on maturity, book value, projection, and discount rates, different scenarios and loss and materiality values were generated, which were subsequently reviewed through a correlation analysis to determine the most significant relationship between the variables. The results show that the expected loss is primarily correlated with the distance between the rate and the internal rate of return (IRR); however, other concepts such as maturity, amortization, and frequency allowed for the creation of strategies that sales teams could follow in order to minimize the impact on the loss to be recorded in the financial statements, considering the best combination of amortization, payment frequency, maturity, and projection rate.Publicación Alternativas de inversión disponibles en el mercado colombiano para las medianas empresas del sector textil, a fin de potenciar su gestión financiera y preservar su liquidez(Universidad EAFIT, 2025) Castaño Barrera, Stefanny; Hernández Moreno, Bryan; Cadavid Gil, AlejandroThis research project aims to highlight the investment alternatives available in the Colombian market for medium-sized companies in the textile sector, with the goal of enhancing their financial management and liquidity through the analysis and measurement of key financial indicators that will enable them to make informed and sustainable decisions and access the stock market. To this end, financial information was collected from one hundred and five companies, whose liquidity, profitability, debt, and efficiency indicators were analyzed. This information was then used to analyze a data analytics model with a business intelligence tool. The project aims to advise them on investment alternatives, considering an efficient liquidity structure and adequate financial education for decision-making.Publicación Pronóstico de la curva de rendimientos de Colombia mediante análisis de componentes principales y modelos de aprendizaje automático(Universidad EAFIT, 2025) Ruiz Abril, Lorena; Torres Baquero, Esthefania; Cruz Castañeda, VivianPublicación ¿Cómo la gestión patrimonial y el entendimiento del impacto fiscal de los diferentes productos de inversión en Colombia afectan la rentabilidad neta de un portafolio en el largo plazo?(Universidad EAFIT, 2025) Serna Ramírez, Francisco Antonio; Sierra Blandón, Manuel; Durán Preciado, AndrésThis study analyzes the fiscal impact on the optimization of equity investment portfolios in Colombia, developing a financial model that projects cash flows and annual returns, considering taxes, commissions, and transaction costs. The mean-variance method was used to recombine portfolios annually and maximize net returns. The results highlight that integrating tax benefits and understanding the fiscal treatment of financial products significantly improves portfolio performance compared to strategies that do not account for tax impact. The analysis emphasizes the importance of considering taxes, commissions, and parafiscal contributions, which significantly affect net returns. It is concluded that explicitly incorporating fiscal variables into wealth management is crucial for optimizing investment decisions in a high-tax environment. Additionally, passive strategies, such as ETFs that automatically reinvest dividends, offer tax advantages and lower commissions, enabling them to compete with more complex active strategies in terms of profitability.Ítem Impacto del riesgo de tasa de interés del libro bancario (RTILB) en las entidades financieras en Colombia(Universidad EAFIT, 2024) Sotelo Sotelo, Paula Estefany; Martínez Rodríguez, Francisco Javier; Cruz Pomeo, Alex MauricioThe present degree work attempted to show the impact of interest rate risk management of the banking book (IRRBB for its acronym in English or RTILB for its acronym in Spanish) in financial entities in Colombia, with an approach to a microcredit entity through an applied exercise. In an increasingly globalized world, where the economic decisions and actions of agent A demand almost immediate effects on the financial, business and organizational structure of agent B, and whose reaction must correspond to adequate management of any risk that may arise. or not, influence the present and future of your capital and investments. In this sense, a qualitative and quantitative investigation was conducted with the approach of bibliographic resources, which account for theoretical and practical advances on the subject and subsequently, using hypothetical scenarios that simulate changes in interest rates, managed to determine the impact of managing this risk in financial entities under study. The findings of this research can serve as a basis for establishing interest rate risk mitigation strategies and for understanding the importance of exhaustive monitoring of the capital structure and its dynamics given interest rate variations.Publicación Diseño de un modelo de scoring para el otorgamiento de crédito en un fondo de empleados del sector salud(Universidad EAFIT, 2024) Mayor, Christian Andrés; Cruz Castañeda, Vivian; Álvarez Franco, Pilar BeatrizPublicación Los determinantes de la rentabilidad de un banco : evidencia empírica del sector bancario colombiano(Universidad EAFIT, 2024) Valencia Cano , Juan Fernando; Valencia Espinal, Camilo; Cruz Castañeda, VivianThis study investigates the key determinants of profitability for Colombian banking institutions between 2016 and 2024. Using panel data and multiple linear regression, we analyzed variables such as bank size, capitalization, loan volume, portfolio composition, and deposits. Our findings indicate that larger banks tend to be more profitable. However, higher capitalization and loan volumes do not always lead to greater profits. Portfolio composition is also crucial: segments like housing and microcredit positively impact ROE, while commercial, consumer, and housing portfolios negatively affect ROA. In conclusion, Colombian banks should adjust their capitalization, loan management, and portfolio diversification strategies to enhance profitability. The results of this research provide valuable insights for better decision-making in the banking sector.Publicación Optimización de portafolios : un análisis comparativo de estrategias convencionales vs. algoritmos genéticos para los mercados de Estados Unidos y Colombia(Universidad EAFIT, 2024) Vélez Bunzl, Juan José; Botero Ramírez, Juan CarlosInvestment portfolio optimization is an aspect of vital interest for investors; considering there are different methods for achieving this goal, the question arises about which of them allows to obtain the optimal portfolio. The purpose of this thesis is to perform a comparison between different approaches such as Markowitz and inverse variance, among others, with an optimization technique using genetic algorithms. Furthermore, it is intended to analyze the results obtained by these methodologies in a developed market like the United States and in a less developed one like Colombia. To do this, historical data on 10 of the leading stocks from the S&P500 and Colcap indexes were collected, while portfolios were constructed using Matlab and Phyton; with this, it is expected to demonstrate whether the use of artificial intelligence (AI) techniques such as genetic algorithms, can generate portfolios with a better performance than those produced through other methodologies. Also, it is important to assess the influence of the type of market we are dealing with in this outcome.Publicación Relación entre el nivel de endeudamiento financiero y la rentabilidad de Interconexión Eléctrica S. A., ISA (2016-2023)(Universidad EAFIT, 2025) Saldarriaga Guaranga, Mateo Steven; Cadavid Gil, AlejandoThis study examines the relationship between the level of financial indebtedness and the profitability of ISA (Interconexión Eléctrica S.A.) over the period 2016-2023. Through a quantitative approach, a multiple linear regression model, regularized by a Ridge regression, was used to assess how financial leverage influences profitability (ROE). The results identified the impact of leverage and revealed how the components of debt (financial obligations and issued bonds) affect the company’s financial performance. The conclusions provide valuable insights for both the company’s investors and management regarding how determinants associated with financial leverage affect return on equity.Publicación Diseño de un modelo de programación por metas para el manejo óptimo de capital de trabajo en la empresa Postobón(Universidad EAFIT, 2024) Quintero Gil, Sebastián; Herrera Restrepo, Juan Carlos; Cruz Castañeda, VivianPublicación Desarrollo y evaluación de un modelo de scoring para el otorgamiento de crédito a poblaciones vulnerables : caso fintech del instituto para el Desarrollo de Antioquia (IDEA)(Universidad EAFIT, 2024) Maya Osorio, Karla María; Osorio Ramírez, John Alexander; Álvarez Franco, Pilar; Cruz Castañeda, VivianPublicación Explorando el vínculo entre el crédito formal y la seguridad alimentaria. Evidencia para los hogares de Perú(Universidad EAFIT, 2024) Sánchez Londoño, Jair Andrés; Restrepo Londoño, Jaime Andrés; Cruz Castañeda, Vivian; Álvarez Franco, Pilar BeatrizPublicación Relación entre el costo de capital de las empresas y la calificación ESG en el MILA(Universidad EAFIT, 2024) Álvarez Mendoza, Daniela; Montoya Ramírez, Juan Camilo; Alonso Villamil, FernandoConsidering the relevance of sustainability practices in the market, the relationship between the ESG rating, its pillars and the cost of capital of a sample of 119 companies listed in MILA between 2015 and 2022 was established. The methodological approach was mixed. From the qualitative approach, credit risk rating and Tobin's Q variables were used given their impact on the cost of debt and cost of equity, respectively, to analyze their behavior together with the ESG score (and its pillars) where it was found that high ESG scores seem to generate lower WACC. From a quantitative point of view, a correlational analysis was performed between the WACC and the ESG score (and its pillars), based on the linear regression method, which did not show a direct relationship between the evolution of the ESG rating and the evolution of the WACC.Publicación Determinantes de la estructura de capital para las compañías del sector construcción en Colombia(Universidad EAFIT, 2025) Montoya Rojas, Félix Alberto; Tamara Ayus, Armando LeninPublicación Diseño del componente de gestión de riesgo de mercado del modelo de ALM para una fintech de microcrédito(Universidad EAFIT, 2025) Insuasti Vinueza, Juan Sebastián; Villamil, Fernando AlonsoPublicación Aplicación de opciones reales en decisiones de inversión del sector minero que emplee técnicas como simulación de Montecarlo, el proceso de Ornstein Uhlebeck y metodologías de cálculo de la volatilidad implícita(Universidad EAFIT, 2025) Eljach Ortega, Fredys; Sánchez Ribero, Gustavo AlbertoThis study analyzes the applicability of real options in the mining industry, evaluating the financial viability of a nickel production project for batteries in Colombia. Traditional methodologies such as net present value and probabilistic cash flow projection using the Ornstein-Uhlenbeck process for nickel price estimation will be employed, and probability distributions for key variables in the expected returns will be set. The Copeland and Antikarov methodology will be used to calculate the implied volatility, as well as the resulting mean-reversion process and market volatilities of similar projects. Real options will complement the analysis, determining the additional value of the growth project through call options valued with binomial trees and simulating the probability of success with Monte Carlo. Finally, the impact of real options on project valuation in the mining industry will be assessed.