Maestría en Administración Financiera (tesis)
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Ítem 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, VivianÍtem 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, VivianÍtem 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 BeatrizÍtem 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.Publicación Análisis del desempeño financiero de los fondos de inversión con enfoque de sostenibilidad(Universidad EAFIT, 2025) Barón Rosero, Juan Camilo; Téllez Falla, Diego FernandoThis research analyzes the relationship between the sustainability approach of European investment funds and their financial performance, considering how the SFDR classification influences investment decisions and sectoral distribution on funds. For this purpose, a sample of 21 European funds was collected, distributed equally across SFDR classifications during the 2019–2023 period, analyzing performance, volatility, and sectoral allocation. Statistical methods were applied to evaluate the relationship between sustainability and profitability. It was determined that flexibility in the integration of ESG factors in investment strategies and sectoral distribution can optimize financial performance, demonstrating greater resilience in times of crisis. The results provide relevant information on the effectiveness of SFDR regulation, being key information for investors, regulators, and other financial market participants, promoting more informed investment decisions aligned with sustainability principles.Publicación Efectos de la estructura de propiedad en las buenas prácticas del gobierno corporativo(Universidad EAFIT, 2024) Rivera Castrillón, Miguel Ángel; Ortiz Uribe, Santiago; Téllez Falla, Diego FernandoThis research analyzes how the ownership structure of companies reporting under the 2023 Country Code influences the implementation of good corporate governance practices. It examines different types of ownership and their impact on decision-making, accountability, and risk management. To do this, a comparative analysis is conducted between the level of compliance with the 2023 Country Code survey and selected variables from each company registered with the Financial Superintendence, such as the number of shareholders, the percentage of the main shareholder, the type of shareholder (company, state-owned, multinational, individual), and the sector to which they belong.Publicación Impacto que tuvo la pandemia, el paro nacional y los costos financieros de tarjeta de crédito, en la inversión en estrategia de mercadeo de los centros comerciales(Universidad EAFIT, 2024) Fernández Beltrán, Lizeth Natalia; Tenorio Delgado, Carolina; López Álvarez, Juan FernandoThe Colombian Association of Shopping Centers (Acecolombia) study for 2023 revealed that shopping centers are influenced by external factors that impact administrative and financial management. During 2020-2022, the guild faced a stagnation in their growth due to the pandemic, the national strike of 2021 and the high financial costs of credit cards. Despite its goal of attracting customers, the pandemic and the shutdown reduced the flow of people and mall revenues. This has forced the trade to adapt quickly with new sales and marketing strategies, which has impacted budget restructuring and possibly increased management fees. The study seeks to analyze these external factors and provide guidelines to mitigate financial risk in contingent situations.Publicación Análisis y diversificación de fuentes de financiación para la gestión del capital de trabajo caso de estudio : París Constructor(Universidad EAFIT, 2024) Uribe Isaza, Jonathan; Reyes Castaño, María Johana; Téllez, Diego FernandoThis case study addresses the factors that currently affect the construction sector in Colombia, with a specific focus on Paris Constructor, a company dedicated to the commercialization of construction materials, considering macroeconomic aspects such as economic growth, interest rates, inflation and political stability that impact the demand for housing, public and private infrastructure and trade. The current reality that this sector is going through highlights the importance of working capital and its efficient management for the medium and long-term financial health of companies operating in construction. This is how financing sources influence the ability to maintain and manage working capital, mitigating liquidity, credit and operational risks, and become the challenge that Paris Constructor faces when addressing its sustainability in difficult times such as those experienced by the sector.Publicación Análisis de Grano Nativo(Universidad EAFIT, 2025) Manzano Perea, Álvaro José; Piedrahita González, Sebastián; Buenaventura Vera, GuillermoMicro, small, and medium-sized enterprises (MSMEs) in Colombia are facing financial constraints that hinder their growth and sustainability. Only 28 % of these businesses have access to credit, contributing to a high business mortality rate with over 60 % closing before reaching three years of operation. Grano Nativo S.A.S. a MSME dedicated to commercialize specialty coffees, currently is at a critical juncture due to growth limitations caused by insufficient resources. Faced with a merger and acquisition (M&A) opportunity, the lack of literature on MSME valuation based on different financing alternatives creates uncertainty. The company's valuation is crucial, as it determines the acquisition price. Therefore, the objective is to understand the impact of the available financing mechanisms on Grano Nativo S.A.S.'s valuation, providing a technical foundation to meet the firm's expectations.Publicación Estrategia de gestión de riesgo cambiario para una empresa del sector floricultor colombiano(Universidad EAFIT, 2025) Pulgarín Cárdenas, Johan Sebastián; Giraldo Arango, MateoThis paper aims to analyze how flower exporting companies in Colombia can use financial derivatives to manage risks associated with exchange rate and price volatility in international markets. The research focused on answering the question: how can financial derivatives improve financial planning and ensure the return of flower companies? To answer this question, financial data from the last five years of a company were collected and analyzed. Quantitative methodologies, including sensitivity analysis and Monte Carlo simulations, were used to assess how different market scenarios and macroeconomic variables would affect the company's finances and how derivatives would mitigate these effects. The study finds that the implementation of financial hedging strategies through derivatives can reduce financial risks, mainly linked to foreign exchange exposure, and ensure profitability levels, providing effective solutions for the stability of the Colombian flower sector.Publicación Impacto de los derivados financieros en el ALM y la generación de valor de una compañía aseguradora en Colombia bajo NIIF 17(Universidad EAFIT, 2025) Uribe Mejía, Tatiana; Marín Castaño, Deisy JohanaPublicación Desarrollo y comparación de modelos ARIMA-GARCH y SARIMA-GARCH para la estimación del tipo de cambio USD/COP y propuesta de coberturas cambiarias con derivados forward para empresa importadora de autopartes en Colombia(Universidad EAFIT, 2025) Caballero Rosas, Daniel; Molina Sierra, Luis FelipeThis research analyzed the estimation of the USD/COP exchange rate through the development and comparison of ARIMA-GARCH and SARIMA-GARCH models to design hedging strategies. Historical data from the Representative Market Rate (2019-2024) and optimization techniques in Python were used. Results indicated that SARIMA-GARCH provided higher predictive accuracy by capturing seasonal fluctuations and reducing errors compared to ARIMA-GARCH. Based on these forecasts, forward contract hedging strategies were proposed to mitigate exchange rate risk. However, market uncertainty and unexpected events may affect model accuracy, making recalibration every 60-90 days advisable. The combination of time series models with conditional heteroskedasticity proved essential in volatile markets, although its high computational demand can be a limitation. This study provides applicable tools for exchange rate risk management, optimizing financial decision making for importing companies.Publicación “Flip” como mecanismo de levantamiento de capital en Estados Unidos(Universidad EAFIT, 2024) Benítez Salazar, Jhon Alejandro; García Nieto, David; Cárdenas Echeverri, FernandoThe Delaware Flip is a restructuring strategy aimed at Colombian companies seeking to optimize their tax structure and access venture capital in an economically unstable environment. This strategy gains importance due to legal and fiscal uncertainty in Colombia, prompting companies to seek more favorable options abroad. The main objective of the research is to identify the benefits of the Delaware Flip in terms of tax optimization and international financing. A case study methodology was used, comparing four companies from different sectors with qualitative and quantitative approaches to evaluate the impact of the restructuring. The findings indicate that companies like Technology and Finance achieve significant improvements in profitability and efficiency, while Manufacturing and Distribution companies do not show clear benefits due to their favorable tax regimes. The research concludes that the Delaware Flip can be effective but requires individualized analysis to maximize its advantages.Publicación Diseño de una guía metodológica para mejorar las competencias financieras de los estudiantes de grado once del colegio Seminario Menor de Nuestra Señora del Rosario e Instituto Universitario de Caldas, basada en un diagnóstico inicial de sus conocimientos en finanzas(Universidad EAFIT, 2025) León Cardona, Thomas; Gutiérrez Gutiérrez, Brayan; Cruz Castañeda, VivianFinancial education from an early age is fundamental, as it allows for efficient management of economic resources, reduces poverty, and improves social well-being. In the Colegio Seminario Menor de Nuestra Señora del Rosario and Instituto Universitario de Caldas in Manizales, a diagnostic survey was conducted on 115 eleventh-grade students to identify their sociodemographic characteristics and learning opportunities in the area of finance. To address this problem, a financial capacity index was designed, which was correlated with the main demographic variables of the sample through a multiple regression model. In addition, a methodological guide for financial education was constructed with a pedagogical approach based on learning through technological tools. The guide was adapted to the needs of the students to encourage the appropriation of the topic in a real context. This initiative will benefit not only students in their school stage but also in their adult life, promoting a financially literate society.Publicación Análisis de rentabilidad y estabilidad medioambiental a través de inversiones en bonos temáticos en Colombia para el periodo 2017-2024(Universidad EAFIT, 2025) Polanco Guevara, Andrés David; Rodríguez Ramírez, Jorge Enrique; Arango Giraldo, MateoThe thematic bond market (green, social and sustainable) has experienced significant growth in recent years, driven by the increasing demand for financial instruments that not only generate economic returns, but also contribute to environmental and social sustainability. The main objective was to analyze the performance of thematic bonds compared to traditional or ordinary bonds, in order to identify their advantages and disadvantages in terms of profitability. The methodology was based on a documentary review and the multiple linear regression method to compare the financial returns of thematic bonds versus ordinary bonds based on the cut-off rate, and the reference TES as a continuous variable. The results indicated that sustainable bonds offer competitive cut-off rates and tangible environmental benefits, such as the reduction of carbon emissions, renewable energy and access to services such as clean drinking water. The conclusions highlight the importance of expanding education on these instruments to consolidate the market and promote a more sustainable and resilient economy.Publicación Efecto de la tasa interbancaria en el precio spot del índice Colcap : un enfoque econométrico y predictivo(Universidad EAFIT, 2025) Uribe Arenas, Andrés Mauricio; Restrepo Baena, Andrés Felipe; Botero Ramírez, Juan CarlosThis research investigates how fluctuations in the interbank rate (IBR) influence the spot price of the COLCAP index, using historical data from reliable financial sources. Econometric and machine learning models were employed, such as GARCH-X to measure volatility, SARIMA for time patterns, and neural networks to identify nonlinear relationships. The results indicate that a 1% increase in the IBR reduces Colcap returns by an average of 9.5%, highlighting a significant negative relationship. It is concluded that the COLCAP exerts a unique causation on the IBR, materializing at 5 lags and emphasizing the influence of the stock market on the interbank rate. The neural network models demonstrated greater accuracy in forecasting volatility. Finally, a moderate upward trend for the COLCAP is projected over 12 months, highlighting the monitoring of the IBR as key to strategic financial decision-making.Publicación Tokens digitales para financiar la acción climática y soluciones basadas en la naturaleza mediante tecnología Blockchain(Universidad EAFIT, 2025) Paz Garzón, Juan Fernando; Barona Cajiao, Fabián Fernando; David Díaz, Steven; Zea Chávez, Katherine; Durango Gutiérrez, María Patricia; Vergara Garavito, Judith CeciliaThis study explores how digital tokens powered by blockchain technology can serve as effective tools to support nature-based solutions and finance climate action. It is developed through an analysis of the state of the art, a study of successful cases in different markets, and the creation of a methodological framework to promote and manage tokenized financial instruments. The research examines the regulatory and technological challenges faced in adopting this technology as a mechanism to generate more targeted, transparent, and democratized investments. Consequently, this study provides the Colombian government with a set of guidelines for the adoption, promotion, and scalability of digital tokens to finance climate action, as well as recommendations for public policies that support and promote the funding of nature-based solutions.