Maestría en Administración Financiera (tesis)
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Publicación Interacción entre las políticas de los precios de transferencia y las estrategias de cobertura : efectos conjuntos sobre el riesgo cambiario y la volatilidad del flujo de caja en multinacionales en economías emergentes(Universidad EAFIT, 2026-05-06) Pérez Quintana, Yuliana Andrea; Támara Ayús, Armando LeninPublicación Relación entre el índice de cartera vencida (ICV) de consumo y variables macroeconómicas e internas en bancos colombianos : un análisis pre y post de la pandemia de la Covid-19(Universidad EAFIT, 2026-05-21) Mazorra Castillo, Wilson; Arboleda Daza, Leo Alejandro; Rojas Hormaza, BrayanThis research examines the relationship between the non-performing loan ratio (NPL ratio) of consumer loans and its macroeconomic and institutional determinants in the Colombian banking system. A balanced panel of 23 financial institutions with monthly data from January 2016 to October 2025 was used to compare the dynamics of credit risk before and after the COVID-19 pandemic. The methodology combines a fixed-effects model, selected using the Hausman test, and a vector autoregressive (VAR) model for panel data. The former controls for unobserved heterogeneity among institutions, while the latter assesses the system's response to different shocks and the temporal persistence of their effects. The results indicate that the NPL ratio responds significantly to the unemployment rate and the economic tracking index (EEI), with greater sensitivity in the post-pandemic period, and that return on assets (ROA) and liquidity influence the stability of consumer loans. Taken together, the evidence suggests that the pandemic altered the sensitivity of credit risk and increased the persistence of shocks on the Colombian banking system, with implications for risk management and macro-prudential supervision.Publicación Optimización del calendario de pagos con inteligencia artificial (IA) en entornos inflacionarios. Un caso aplicado en el sector cementero argentino(Universidad EAFIT, 2026-05-15) Heredia Cujia, Moisés David; Betancur Sanjuan, María Alejandra; Támara Ayús, Armando LeninPublicación Impacto financiero de las prácticas ASG en una empresa del sector restaurantero en Colombia. Evidencia sobre su eficiencia operativa y su estructura financiera(Universidad EAFIT, 2026-05-18) Patiño González, Mabeli Dayana; Mejía Jaramillo, AlejandroThis research analyzes the financial impact of integrating environmental, social, and governance (ESG) practices in a Colombian restaurant company and its relationship to operational efficiency and financial structure. The research was conducted using an applied approach, utilizing company's financial and operational data for the period 2021-2025, as well as documentation related to the ESG practices it implemented. The analysis included an evaluation of financial indicators, a comparative sector analysis, and the development of financial scenarios associated with the estimated operational impact of ESG practices on the company's cost structure and Ebitda. Practices related to waste management, occupational health and safety, operational control, and the strengthening of administrative processes were also identified. The results show differences in operational efficiency indicators, financial margins, and cost structure among the comparative scenarios analyzed. This research contributes to the analysis of the relationship between ESG practices, financial performance, and operational sustainability within the restaurant sector.Publicación Evaluación del potencial de generación de valor de un modelo de negocio tipo e-commerce marketplace en el mercado de medicamentos oncológicos en Colombia, bajo diferentes escenarios de penetración de mercado(Universidad EAFIT, 2026-05-21) Velásquez Pérez, Miguel; Uribe Bernal, Gabriel JaimeThis study served the purpose of evaluating the capacity a hypothetical business model, surrounding an e-commerce marketplace platform in the Colombian market, has of creating value for shareholders and investors. This model is based on the principle of fomenting competitiveness and increasing the availability of oncological drugs in the market. To analyze the model’s value-creating capabilities, it was first structured financially, by creating assumptions relating to costs and modeling the demand and revenue statistically. Then, the model’s Income Statement and Cash Flow was projected for a five-year time period, under three different scenarios of market penetration. Then, the Weighted Average Cost of Capital [WACC] was calculated, as well as the model’s Present Value of Operations. This study has helped understand the impact the high Days Sales Outstanding figures have on the pharmaceutical market in Colombia, and it also exposes the growth this market has been experiencing.Publicación La creación del holding financiero Cibest : implicaciones estratégicas, jurídicas y de gobernanza en la transformación del grupo Bancolombia(Universidad EAFIT, 2026-05-25) Colorado Ávila, Sara Milena; Weber Fernández, Kilder; Téllez Falla, Diego Fernando; Herrera Echeverri, Hernán HumbertoThis research delves into the structural transformation process experienced by the Bancolombia Group—a significant change—through the formation of Cibest, a financial holding company whose implementation began toward the end of 2025. The study aimed to examine (using a qualitative, single-case methodological approach, complemented by quantitative elements) the strategic, regulatory, and financial factors that drove this corporate decision, while also evaluating its impact on aspects such as corporate governance, capital management, and positioning within the sector. The findings show that this transformation is fundamentally driven by five major strategic factors: the necessary functional separation between traditional banking responsibilities and those of the parent company; the strengthening of corporate flexibility (a key aspect in the current context); a more efficient allocation of available capital; the pursuit of alignment with international standards; and strategic preparation for future challenges. It is worth noting that the Colombian regulatory framework—particularly Law 1870 of 2017—emerged as a critically important driving factor, providing structural incentives that favored the adoption of holding architectures. The empirical evidence gathered (although preliminary, it is worth clarifying) shows tangible improvements in operating efficiency (+0.4 percentage points), profitability (ROE up +0.3pp), and market valuation (P/BV registering +6.3%), while cumulative abnormal returns reached +15.2%. The international benchmarking exercise—conducted to contextualize these results—positions the transformation favorably compared to similar regional experiences, both in terms of implementation speed (10 versus 18 months on average) and shareholding preservation (100% versus 96.5% regional average). It is therefore concluded that the transformation analyzed constitutes a solidly founded strategic decision—a significant aspect in the financial sector—that establishes significant precedents for future restructurings in the Latin American financial sphere, while validating the effectiveness of the Colombian regulatory framework and demonstrating the materialization (albeit partial) of those benefits that theory anticipated.Publicación Modelo financiero y análisis de determinantes de costos para la Vivienda de Interés Social (VIS) en Colombia : una propuesta de optimización y política(Universidad EAFIT, 2026-05-23) Chalarca Morales, Miguel Ángel; Muñoz Taborda, Luisa Fernanda; Herrera Echeverri, Hernán HumbertoPublicación Modelos predictivos del retorno del precio del oro mediante machine learning y simulación estocástica para la estimación del tenor de corte en minería subterránea(Universidad EAFIT, 2026-05-14) Jaramillo Rojas, Sebastián; Almonacid Hurtado, Paula MaríaPublicación Impacto de la certificación EDGE (Excellence in Design for Greater Efficiencies) en la rentabilidad de proyectos de vivienda en Colombia(Universidad EAFIT, 2026-05-08) Ramírez Chinchilla, María Graciela; Soto Sedano, Sandra Jeannethe; Téllez Falla, Diego FernandoThe construction sector in Colombia is a strategic economic pillar, a generator of employment, and a key recipient of investment. This research evaluates the EDGE (Excellence in Design for Greater Efficiencies) certification as a driver of profitability in housing projects, analyzing how the integration of ESG (Environmental, Social, and Governance) criteria transforms capital structure and optimizes cash flows. The research employs a comparative analysis between EDGE-certified projects and traditional construction schemes, quantifying critical variations in capital expenditures (CAPEX) and operating expenditures (OPEX). Additionally, financial modeling is used to compare value creation indicators such as internal rate of return (IRR), net present value (NPV), and economic value added (EVA). Its purpose is to determine whether the profitability differential of EDGE certification constitutes a structural competitive advantage for strategic decision-making in the Colombian real estate market.Publicación Análisis del impacto de la estructura financiera en la rentabilidad y bancabilidad de proyectos de energía solar fotovoltaica bajo el esquema de project finance(Universidad EAFIT, 2026-05-12) Acevedo Ochoa, Brayan Sneider; Mora Parra, John Alexander; Sánchez Ribero, Gustavo AlbertoPublicación Aplicación del enfoque Credit VaR en el modelo CreditMetrics de JP Morgan para la medición del riesgo crediticio en portafolios de renta fija en Colombia(Universidad EAFIT, 2026-05) Patiño Castro, Ángela Alejandra; Rodríguez Contreras, Marry; Botero Ramírez, Juan CarlosThis research analyzes the application of a simplified version of JP Morgan's CreditMetrics model for measuring credit risk in fixed-income portfolios in Colombia. Using a portfolio constructed with publicly available information, its performance is evaluated through credit rating migration probabilities and credit spreads. Through the Credit Value at Risk (Credit VaR) framework, the results allow for estimating the distribution of losses and demonstrate that this model is a useful tool for measuring credit risk in portfolios with limited information.Publicación La reforma pensional en Colombia : evaluación de la transición de multifondos a fondos generacionales(Universidad EAFIT, 2026-04) Ocampo Montoya, Yuliana; Suárez Cuadros, Marko Alexander; Verdugo Rodríguez, Germán RobertoThis article evaluates the performance of generational funds with differentiated investment trajectories compared to the current multi-fund scheme of the Colombian pension system, within the framework of the reform introduced by Law 2381 of 2024. To this end, a simulation model was developed in Python that compares four portfolios—Conservative, Moderate, High-Risk, and Generational—for a contributor with a salary equivalent to 3.5 times the monthly minimum wage, using historical data (2015-2025) and thirty-year projections, complemented by Monte Carlo simulations. The results indicate that the Generational portfolio achieves greater net worth than the Moderate and Conservative funds, while reducing the dispersion of returns by 49% compared to the High-Risk fund. Furthermore, the analysis reveals that the retirement age gap between men and women generates a difference in net worth of between 22% and 31%, demonstrating a structural gender disadvantage in the system.Publicación Estructura de capital, apalancamiento y resiliencia financiera en empresas petroleras durante choques globales(Universidad EAFIT, 2026) Chaves Ordóñez, Diego Esteban; Torres Pineda, Ginna Paola; López Álvarez, Juan FernandoThis research analyzes the effect of capital structure on the financial performance of oil companies during three global shocks: the 2008 financial crisis, the 2015-2016 oil price collapse, and the 2020 pandemic. Using a quantitative approach based on panel data, leverage indicators—Debt/Equity and Net Debt/Ebitda—and accounting and market performance metrics—ROA, ROE, Ebitda margin, and market capitalization—are examined for a group of international companies. The results show that higher levels of leverage are associated with lower financial performance, especially in terms of return on assets. Furthermore, the negative impact of debt intensifies during periods of crisis, increasing the financial vulnerability of companies. Overall, the findings suggest that more conservative capital structures contribute to greater resilience in highly volatile energy market environments.Publicación Aplicación Primera Clase - Una ventaja competitiva para el programa de Maestría en Administración Financiera de la Universidad(Universidad EAFIT, 2026-03-10) García Ángel, Daniel; Vargas Pinilla, Carlos David; Herrera Echeverri, Hernán HumbertoDriven by the principle of improving the financial world from its academic foundations, a web application was developed for the Master's Program in Finance Administration at EAFIT University. This application aims to strengthen Professor-student interaction from the beginning of each course. The issue addressed was the limited knowledge with which a professor of an administrative and economic sciences course, such as finance, begins teaching the subject. Given the heterogeneity of academic and professional backgrounds present in a finance course, the need arises to identify the students' prior knowledge in order to adjust the level, pace, and most effective pedagogical strategy. To this end, a preliminary user (student) characterization flow was designed, integrating (i) general and personal questions answered by each student and (ii) a set of specific diagnostic questions for each subject, configured by the professor based on academic diagnostic principles. The application consolidates individual and aggregate group results, facilitating early pedagogical decision-making, such as content prioritization, selection of contextualized examples, and definition of leveling actions. The design was based on learning approaches in higher education and formative assessment, incorporated usability criteria, and followed applied research practices oriented towards the development of a technological artifact. As a result, a functional web application called “Primera Clase” and its implementation guidelines were delivered for its adoption in each subject, with considerations of confidentiality and responsible use of information to support more relevant methodologies from the first class session (Ambrose et al., 2010).Publicación Las opciones reales en la evaluación financiera de una aplicación tecnológica(Universidad EAFIT, 2025) Cerón Gómez, Mauricio Javier; Varón Toro, Angie Carolina; Támara Ayus, Armando LeninPublicación Diseño de un modelo de capital para la financiación de proyectos inmobiliarios a través de fondos de inversión privados. Contribución a la reducción del déficit habitacional en Colombia(Universidad EAFIT, 2025-11-25) Penagos Velásquez, Simón; Durango Gutiérrez, María PatriciaThe real estate sector in Colombia currently faces challenges related to the housing deficit. Financing for real estate projects has evolved, and real estate investment trusts (REITs) have become an attractive source of financing. Today, buyers seek sustainable and well-located housing, while investors demand attractive returns and efficient risk management. Therefore, designing a financial structure that attracts capital and ensures the long-term viability of projects is crucial. Given the lack of publicly available information on REITs in the country, the objective of this research is to evaluate a private financing model using these instruments for a Colombian construction company, analyzing its impact on its financial results.Publicación Desempeño financiero comparativo entre compañías colombianas de la industria de servicios tecnológicos (TI)(Universidad EAFIT, 2026-02-26) Rivas Regino, Carlos Julio; Támara Ayús, Armando LeninPublicación Análisis, diagnóstico y propuesta de mejora al proceso de gestión de becas de la universidad(Universidad EAFIT, 2026-03-09) Bedoya Velásquez, Jaime Alberto; Herrera Echeverri, Hernán HumbertoPublicación Análisis ex post de la adopción del modelo BIC en el desempeño financiero de las pymes(Universidad EAFIT, 2026-01-30) Olaya Correa, Stefanía; Berrío Zapata, David; Correa García, Jaime AndrésPublicación Valoración financiera de contratos contingentes de energía eléctrica en Colombia(Universidad EAFIT, 2025) Aguilar López, Mateo; Villamil Villamil, Fernando Alonso