Maestría en Administración Financiera (tesis)
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Publicación Asignación óptima de activos para un fondo patrimonial en la Fundación Universidad de Antioquia (2026-2035)(Universidad EAFIT, 2025-10-29) Vásquez Roldán, Fabio Andrés; Rodríguez Solano, Lizeth Fernanda; González Tabares, Carlos EduardoThis study proposes the optimal asset allocation for an endowment fund at the Universidad de Antioquia Foundation, aimed at strengthening its financial sustainability during the period 2026-2035. The methodology combines Modern Portfolio Theory (Markowitz) with Monte Carlo simulations to evaluate portfolio performance under various economic scenarios. The approach is tailored to the risk profile and mission of a nonprofit entity in Colombia, drawing on best practices in endowment management. The study offers an efficient strategy for optimal asset allocation that reduces volatility and enhances the long-term financial sustainability of an endowment fund. It is applicable to nonprofit organizations seeking to generate recurring income, preserve capital, diversify funding sources, and fulfill their institutional mission. This study does not address tactical decisions, investment recommendations, or direct implementation. It is a practical and replicable tool aimed at supporting long-term financial planning in nonprofit organizations.Publicación Estrategias de desinversión y captura de oportunidades en portafolios VC latinoamericanos(Universidad EAFIT, 2025-10-29) Piedrahita Velásquez, Agustín; Botero Gaviria, CamiloOver the last decade, venture capital (VC) in Latin America has grown significantly in funds, volume, and sophistication, yet many managers face a “gray zone” of operational startups with limited growth and no clear exit paths, immobilizing capital and delaying returns. This mixed-method, exploratory-descriptive study combines a quantitative analysis of regional VC portfolios with semi-structured interviews with fund managers to evaluate alternative liquidity mechanisms (secondary sales, continuation funds, hybrid structures) and their applicability in the region. The study aims to characterize the magnitude of this phenomenon, identify its barriers and opportunities, and propose guidelines for a hybrid financial vehicle designed to unlock retained value for investors and entrepreneurs, thereby strengthening the liquidity and sustainability of the VC ecosystem.Publicación Modelo de optimización para la implementación de estrategias de cambios contractuales rentables(Universidad EAFIT, 2025-10-28) Pinto Ramírez, Elid Saul; Téllez Falla, Diego FernandoPublicación Automatización de la información financiera y visualización en Power BI para la gestión financiera en una empresa comercializadora(Universidad EAFIT, 2025) Ramírez Carvajal, María Cristina; Vélez Ortiz, Alba Nelly; Pérez Arbeláez, SebastiánThis research presents a financial information, automation and visualization model using Power BI, aiming to enhance financial management in a medium-sized commercial company in Colombia. The approach included a relational data model, an ETL process, and interactive dashboards to optimize key tasks such as financial reporting, liquidity analysis, and strategic decision-making. The methodology combined historical data analysis with business intelligence tools. The results indicate a significant reduction in reporting time and improved user-perceived data quality. The proposed solution is scalable and adaptable to other retail companies with similar data structures.Publicación El impacto de las prácticas ESG en el costo de capital (Ke) en las empresas del sector de hidrocarburos en Latam(Universidad EAFIT, 2025) Correa Buitrago, Santiago; Yepes Raigosa, David AlejandroThis research evaluates the statistical relationship between ESG sustainability scores and the cost of equity (Ke) in the Latin American hydrocarbons sector. A panel data regression model (Ordinary Least Squares, OLS) was employed with macroeconomic and financial control variables, using data from 24 companies between 2015 and 2024. The empirical results indicate that the Environmental (E) and Social (S) factors do not exhibit a statistically significant relationship with Ke. However, the Governance (G) component did show a significant correlation. It is concluded that, in this regional sector, the investor's focus prioritizes the soundness of corporate governance as a risk mitigation mechanism in high-uncertainty environments.Publicación Valoración de proyectos musicales con la metodologīa de árboles de decisión. Propuesta de solución para artistas emergentes(Universidad EAFIT, 2024) Ospina Martínez, Andrea; Pareja Vasseur, JuliánPublicación Modelación de un proyecto inmobiliario de rentas cortas(Universidad EAFIT, 2025) Londoño Cano, Christian Camilo; Mejía Jaramillo, AlejandroPublicación Machine learning como alternativa al modelo de Markowitz : evaluación comparativa de rentabilidad y riesgo en el mercado bursátil español (2014-2024)(Universidad EAFIT, 2025) Ricaurte Rodríguez, Daniel Felipe; Alonso Villamil, FernandoEste trabajo corresponde a la versión ajustada del trabajo de fin de máster presentado en la Universidad Pompeu Fabra-Barcelona School of Management (UPF-BSM), dentro del programa de doble titulación con la Universidad EAFIT. El estudio busca determinar si las estrategias basadas en modelos de machine learning (ML) constituyen una alternativa válida al modelo tradicional de Markowitz para la construcción de portafolios de inversión. Se analizaron precios diarios de 36 acciones del mercado bursátil español entre 2014 y 2024, utilizando modelos supervisados de clasificación (regresión logística, árboles de decisión, random forest, KNN y XGBoost) para predecir la dirección del precio y generar señales de compra. Los resultados muestran que, sin costos de transacción, Markowitz obtiene mayor rentabilidad; sin embargo, los modelos de ML presentan mejor control del riesgo y desempeño superior en escenarios con costos. Se concluye que su integración ofrece estrategias híbridas más eficientes bajo condiciones de mercado reales.Publicación Identificación de alertas tempranas sobre una posible liquidación empresarial. Caso Conecta Salud S. A.(Universidad EAFIT, 2025) Ballesteros Martínez, Manuel Alejandro; Campo Ramírez, Nicolás; Orozco Echeverry, César AugustoConecta Salud S.A., a company established by public deed No. 4594 on December 31, 2011, and registered with the Cali Chamber of Commerce on February 10, 2012, had as its corporate purpose the commercialization, development, and provision of technology services to clients linked to the General System of Social Security in Health. This included services related to data processing, networks, and other information technology activities resulting from the operations of natural or legal persons aimed at conducting electronic information transactions. The company operated as a subsidiary of the Cooperativa Médica del Valle y de Profesionales de Colombia (Coomeva), which held 52% of its capital. On November 10, 2022, an extraordinary general shareholders’ meeting was held to discuss the early dissolution of the company. This decision stemmed primarily from difficulties in generating new operating income, the devaluation of productive assets, and liquidity problems in meeting operational obligations. These issues led to the reasonable conclusion that the company lacked both the structural capacity and the resources necessary to operate predictably in the future. Moreover, it no longer met the going concern assumption, further reinforcing the uncertainty surrounding the continuity of its business model.Publicación A safe bet : democratización de mecanismos de cobertura de riesgos de mercado a través de plataformas de predicciones(Universidad EAFIT, 2025) Jiménez-Molina, Carolina; Villamil, Fernando AlonsoPublicación Análisis del impacto en el costo de la deuda mediante la transición de ente regulador : un caso de estudio sobre diversificación de fuentes de fondeo en una compañía de financiamiento de Colombia(Universidad EAFIT, 2025) Alzate Idarraga, Paula Andrea; López Gallego, Natalia; Cardona Llano, Juan FelipeThe study analyzes the impact on a Colombian finance company's cost of debt when its regulatory authority changed from the Superintendency of Companies to the Superintendency of Finance. To this end, historical financial statements from 2020 to 2024 were used, applying a quantitative methodology to backtest the different regulatory scenarios and their impact on the financial statements. Through the analysis of regulatory requirements, fundraising is modeled, and the effect on indicators such as the cost of debt and WACC is evaluated. The study aims to determine whether the change allows for more efficient diversification of financing sources, reduction in funding costs, and generation of greater for shareholders, despite the additional regulatory requirements.Publicación Índice de capacidades financieras de madres y acudientes de la I. E. María Auxiliadora : factores determinantes y propuesta educativa(Universidad EAFIT, 2025) Mosquera Mosquera, María Romelia; Cruz Castañeda, Vivian; Restrepo B., Marta LucíaPublicación Viabilidad de la implementación de inteligencia artificial para democratizar la valoración de pequeñas y medianas empresas en el mercado estadounidense por parte de una compañía colombiana(Universidad EAFIT, 2025) Avendaño Sánchez, Juan Camilo; Roldán Salazar, María Clara; Ortiz Espinosa, Isabel CristinaPublicación Análisis de la influencia del gobierno corporativo sobre el desempeño financiero de empresas del índice Bovespa de la Bolsa de Valores de São Paulo, en el período 2015-2024(Universidad EAFIT, 2025-08-04) Ordoñez Latorre Carlos Fabian; Ruiz Joaqui Wilmer Emiro; Mejía Jaramillo,AlejandroThis research conducted a comparative analysis of the corporate governance of companies listed on the Ibovespa index of the São Paulo Stock Exchange (Brazil) to test whether the administrative practices measured by the corporate governance index have the expected effects on their financial performance or, on the contrary, evidence suggests agency problems linked to moral hazard, adverse selection, or other related events. The analysis was conducted in three dimensions of financial performance: operating, leverage, and share price, all from two perspectives: general, for the entire stock exchange; and individual, by economic activity of the industry.Publicación Estrategias corporativas y financieras para un portafolio de negocios diversificado, fundamentadas en la generación de valor para la compañía(Universidad EAFIT, 2025) Bolaños Muñoz, Diana Cristina; Villarraga Páramo, Jairo Andrés; Hernández Bonet, ÁlvaroPublicación Arbitraje basado en ineficiencias de la sonrisa de volatilidad en opciones europeas sobre el S&P 500(Universidad EAFIT, 2025) Torres Moreno, Juan Guillermo; Londoño Agudelo, Simón; Silva, Michael StepanianThis study analyzes the use of the implied volatility smile in European options on the S&P 500 to design quantitative arbitrage strategies in derivative markets. It examines how the shape of the smile varies under different volatility regimes and its impact on risk-adjusted profitability. The research will employ historical SPX options data, implied volatility estimates, and quantitative models. The goal is to identify strategies that take advantage of pricing mismatches in options to generate consistent returns in both high and low volatility scenarios. The results will contribute to the development of more efficient trading methodologies in derivative markets.Publicación Multifamily en Colombia(Universidad EAFIT, 2025) González Bermúdez, José Miguel; Isaza Mesa, Santiago; Durango Gutiérrez, María Patricia; Pérez Arbeláez, SebastiánPublicación Alternativa de financiación basada en la estructura de capital adecuada para una empresa del sector constructor en la ciudad de Pereira, Colombia(Universidad EAFIT, 2025) Escobar Montes, Camilo; Arango Londoño, Carlos Mario