Maestría en Administración Financiera (tesis)
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Ítem Embargo y secuestro de securities : estrategias jurídicas y financieras para gestionar el riesgo de mercado durante trámites judiciales, arbitrales y administrativos. || Seizure and attachment of securities : legal and financial strategies for managing market risk during judicial, arbitral, and administrative proceedings.(Universidad EAFIT, 2024) García Giraldo, Santiago Alpiniano; Giraldo Arango, MateoÍtem Estrategia de inversión a corto plazo en el mercado de divisas, basada en análisis técnico y fundamental para inversionistas independientes(Universidad EAFIT, 2024) Escobar Henao, Daniel; Correa Lafaurie, Luisa FernandaThis project will focus on the evaluation of short-term investment techniques based on technical and fundamental analysis for operations in the foreign exchange market. The research will address how to combine these techniques to generate profits in an environment of high volatility and liquidity. To do so, historical market data will be used and quantitative methodologies will be implemented to analyze price patterns and economic factors. It is expected to find an effective strategy that maximizes returns and manages risks, providing practical solutions for independent investors seeking to improve their investment decisions in the foreign exchange market.Ítem Determinar la viabilidad financiera de una expansión comercial de Prime Flowers China en el mercado norteamericano(Universidad EAFIT, 2024) Pérez Rendón, David; Valencia Ledesma, Gustavo Adolfo; Correa Lafaurie, Luisa FernandaÍtem Optimización de las políticas de gestión financiera de la Corporación Universitaria Adventista : un análisis comparativo con instituciones educativas similares(Universidad EAFIT, 2024) Villamizar Mercado, Sara Elisa; Baquero Loperena, Mario José; Correa Lafaurie, Luisa FernandaThis study aims to propose a set of optimized financial policies for the Adventist University Corporation (UNAC), based on a comparative analysis with similar educational institutions. The project evaluates the current financial policies, identifying their strengths and weaknesses through key financial indicators. From this evaluation and benchmarking, alternative policies will be developed to improve resource management efficiency and adapt to the changing conditions of the educational environment. Additionally, financial projections will be made to estimate the future impact of the proposed policies, ensuring their medium- and long-term viability. These recommendations seek to ensure that UNAC optimizes its financial management, enhancing its ability to respond to market challenges and strengthening its competitive position in the educational sector.Ítem Impacto de los criterios ESG en el desempeño de portafolios : evidencia para el MILA(Universidad EAFIT, 2024) Henríquez Fattoni, Carla Cristina; Garcés Cardenas, Juliana; Cruz Castañeda, VivianThis study evaluates the performance of investment portfolios with ESG (environmental, social and governance) criteria in the Latin American Integrated Market (MILA), comparing them with portfolios without these criteria. Four ESG portfolios and one portfolio without ESG criteria were built, optimized using the mean-variance model, both with and without weight restrictions. Return predictions were made with historical information from 2021 to 2024 using time series analysis techniques. The results showed that, without weight restrictions, all portfolios had returns below the risk-free rate. However, by restricting the weights to a minimum of 1%, the High ESG and Low ESG portfolios achieved positive returns, with the High ESG standing out with a 1.57% monthly return, higher than the market indices. In addition, the High ESG portfolio presented the best Sharpe and Treynor ratios, indicating higher risk-adjusted profitability. In conclusion, the results support the idea that investments in companies with high ESG scores can generate higher returns without increasing risk, suggesting that responsible investment is more profitable in the Latin American context. This research contributes to the debate on the importance of socially responsible investing in Latin America, providing empirical evidence on the impact of ESG criteria on performance and risk management in investment portfolios.Publicación Opciones reales secuenciales compuestas como método para valorar proyectos de inversión de varias etapas para empresas farmacéuticas en Colombia(Universidad EAFIT, 2024) Velásquez Pajón, Simón; Lohle García, Carlos Santiago; Pareja Vasseur, Julián AlbertoPublicación Análisis de la relación entre variables macroeconómicas y el rendimiento del Colcap mediante el análisis de componentes principales (ACP) y la teoría del precio por arbitraje (APT) en el período 2008-2023(Universidad EAFIT, 2024) Salas Portillo, Luis Andrés; Támara Ayús, Armando LeninÍtem Impacto de la reforma pensional aprobada en el año 2024 en el multifondo moderado administrado por un fondo de pensiones y cesantías(Universidad EAFIT, 2024) Ballesteros Hernández , Xiomara; Zuñiga Gómez, Juan Camilo; Carfona Llano, Juan FelipeÍtem Planteamiento e identificación de las variables para la adaptación del modelo de evaluación de crédito Factoring con redes neuronales (Warren) para Redcapital Colombia(Universidad EAFIT, 2024) Jaramillo Hurtado, Andrés; Sánchez Ribero, Gustavo AlbertoPublicación Variables claves en el desempeño financiero de una empresa del sector agroindustrial de la caña, a partir de los factores que inciden en el precio del azúcar(Universidad EAFIT, 2024) Gallego Barrera, Valeria; Enríquez Miranda, Geraldine Dayerly; Yepes Raigosa, David AlejandroThis investigation studied the variables that best describe the financial performance of an agroindustry company, starting from a review of the factors that incite on the sugar price to achieve a global perspective. For this purpose, financial data such as sectorial and macroeconomics from January 2015 to August 2024 were gathered, a statistical descriptive analysis was done correlation analysis, and an OLA regression model and the estimation technique ARMA/ARIMA were used. The results show that the sells growth, monthly devaluation, short term investment, cash reason, EBIT coverage and the net margin have a positive relation with ROA and ROE, while the tangibility negatively affects. Also, the calculated ARIMA models demonstrate that values of even two last periods influence significatively on the current results, highlighting their utility to predict these two indicators for future periods, if past relations persist.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.