Maestría en Administración Financiera (tesis)

URI permanente para esta colección

Examinar

Envíos recientes

Mostrando 1 - 20 de 905
  • Ítem
    Impacto financiero a través del uso de coberturas con Forward para una empresa exportadora de servicios BPO en Colombia
    (Universidad EAFIT, 2023) Martínez Osorio, Valery Tatiana; Marín Orozco, Stivenson; Cardona Llano, Juan Felipe
    Colombia has had a financial derivatives market for over 20 years, and for approximately ten years, there has been a trading platform for standardized instruments (Hernández, 2018). Despite this, the participation of companies in this sector has been very low. Consequently, it is necessary to conduct a financial analysis to determine the impact generated by the use of forwards in foreign trade operations. This analysis allows for the identification of how this financial instrument contributes to minimizing exchange rate risk and ensuring the financial efficiency of a company. It is worth noting that the efficient use of these derivatives can contribute to minimizing the exchange rate risk faced by companies in the BPO sector from 2019 to 2022. It also enables them to experience less uncertainty, providing stability in their revenues and cash flow projections. This, in turn, helps ensure the normal development of business units.
  • Ítem
    Estrategias con instrumentos financieros para mitigar el riesgo cambiario en el sector farmacéuticos animal en Colombia
    (Universidad EAFIT, 2023) Pérez Gómez, Fredy Herney; Arias Sánchez, Juan Manuel
    This work seeks to evaluate and model, using descriptive statistics and econometric methods, the viability of strategies that mitigate the effects caused by exchange risk that impacts the liquidity and continuity over time of organizations. For this case study, the focus will be on the pharmaceutical laboratories of the animal sector in Colombia, based on the change exposure you have due to the composition of their operational structure, which becomes a critical point for its financial and operational performance. The development of this field case will focus on the review of a statistical method applied in Excel where the different financial instruments used in Colombia, such as Forward, futures and others, will be evaluated using an econometric model; validating its economic and accounting application, which must be aligned with the normal ones currently accepted for hedge accounting according to International Standard, the result will validate which actions will be indicated to implement and have a lower level of exposure to currency risk for these companies in Colombia, the date range is from January 2015 to 2021 years of greatest devaluation recorded between the peso versus dollar pair.
  • Ítem
    Generación de la frontera eficiente : un enfoque de muestreo aleatorio
    (Universidad EAFIT, 2023) Aponte Rodríguez, Daniel Mauricio; González Usuga, Miguel Ángel; Arias Sánchez, Juan Manuel
    This research analyzes the S&P500 stock market through a random sampling of 81 traded stocks over the last five years (between 2018 and 2022). From this sampling, portfolios of stocks based on combinations are generated to construct the market’s efficient frontier. These portfolios are later on evaluated by incorporating variables from fundamental analysis, such as profitability indicators, liquidity, indebtedness, and valuation. This analysis will enable an understanding of how fundamental analysis variables impact stock price movements, as well as the behaviors exhibited by portfolio returns, achieved by retrospectively evaluating the holding returns that would have been achieved at different time intervals. In practice, this research contributes a methodology to the financial world and its stakeholders for evaluating sets of stocks when constructing portfolios. It enables planning, projecting outcomes, and assessing potential risks associated with investments in the capital market.
  • Ítem
    Recomendaciones para la estimación de la tasa de descuento de empresas de acueducto y alcantarillado en Colombia
    (Universidad EAFIT, 2023) Rodríguez Acevedo, Sergio Andrés; Gaitán Riaño, Sandra Constanza
  • Ítem
    Descomposición de brechas de género en la inclusión financiera en Bolivia, Brasil, Colombia y Perú
    (Universidad EAFIT, 2023) Serna Rangel, Stefanía; Vergara Garavito, Judith Cecilia
  • Ítem
    Estructura de capital óptima para la sostenibilidad del sector de transporte de carga en Colombia
    (Universidad EAFIT, 2023) Cely Salinas, Cristian Felipe Rodolfo; Durango Gutiérrez, María Patricia
    The research focuses on the analysis of economic sustainability in the road freight transportation sector in Colombia, which highlights the influence of external variables, such as the price of the dollar and costs in the operation of this sector. Despite the constant increase in operating costs, freight prices fluctuate due to various factors, which poses a challenge to the profitability of companies. The main objective is to determine an optimal capital structure for small and medium-sized companies in the sector, considering factors such as financing, debt management and long-term investment needs. To this end, an analysis of freight costs and prices is carried out, as well as a review of national practices in terms of capital structure in freight transportation, to contrast it with a linear regression model. Recommendations are offered to improve the financial sustainability of PYMES in this sector.
  • Ítem
    Análisis del impacto de las variables macroeconómicas en la dinámica de ventas de vivienda VIS y No VIS en Colombia en los años 2010-2022
    (Universidad EAFIT, 2023) Sánchez Vásquez, David Alejandro; Herrera Gómez, Natalia; Alzate Arias, Hernán Alonso
    The acquisition of housing and construction are essential pillars of the Colombian economy, but their behavior in the inflation and other current challenges is an underexplored topic. In this context, a research study is proposed to analyze the impact of various macroeconomic variables such as monetary policy, interest rate, the housing acquisition rate, the Economic Tracking Indicator, construction materials, among others, on the dynamics of housing sales in Colombia from January 2010 to May 2023. Through the execution of a multiple linear regression analysis, this study aims to precisely identify which macro variables explain fluctuations in housing demand. Additionally, qualitative and quantitative tools are proposed as risk coverage options for interest rate volatility and economic uncertainty scenarios.
  • Ítem
    Insolvencia empresarial de una empresa farmacéutica desde un enfoque del valor económico agregado
    (Universidad EAFIT, 2023) Bedolla Benjumea, Valentina; Amortegui Robayo, Aura Cristina; Támara Ayús, Armando Lenin
  • Ítem
    Diseño de un modelo financiero Proptech en Colombia, para facilitar el acceso a la inversión en activos inmobiliarios a través de la tokenización
    (Universidad EAFIT, 2023) Córdoba Zapata, Alexis; Vélez Mesa, Juan Esteban; Botero Ramírez, Juan Carlos
    The main goal of the “Design of a Proptech financial model in Colombia, to facilitate access to investment in real estate assets through tokenization” is to design a financial model that facilitates access to investment in real estate assets for small and medium investors through tokenization. The authors try to introduce the reader to the world of tokenization applied to the Colombian real estate sector, a concept that currently does not have developed technical evidence, beyond business visions. The target population will be delimited, identifying the main inputs required in the development of the research, selecting the different financial models applicable in Colombia for investments in real estate assets. In accordance with the above, it is intended to effectively design a model, to facilitate access to investment in real estate assets through tokenization, based on the analysis of the legal, technological, operational, market and feasibility. financial of the selected model.
  • Ítem
    Predicción del precio de transacción sobre el tipo de cambio XAU-USD (oro) para el mercado de contado del commodittie a corto plazo
    (Universidad EAFIT, 2023) Cardona Restrepo, Jorge Esteban; Castilla Rueda, Rafael Andrés; Almonacid Hurtado, Paula María
  • Ítem
    Evaluación comparativa de un portafolio de inversión óptimo mediante el modelo de Markowitz con acciones listadas en el Mercado Global Colombiano y sus pares en Estados Unidos
    (Universidad EAFIT, 2023) Díez Peláez, Sebastián; Cardona Llano, Juan Felipe
    This study focuses on the construction and comparison of two portfolios that include the same stocks in both the Colombian Global Market (Mercado Global Colombiano, MGC) and the U.S. market (Mercado estadounidense, ME) during the period 2018-2022 using the Markowitz model. The main objective is to measure the generation of alpha with respect to the portfolio invested directly in the United States. The analysis focused on the comparison of profitability and volatility between both portfolios, for which two types of simulations were carried out: i) considering each year as a single period; and ii) covering a continuous period of five years. The results reveal that the MGC portfolio consistently outperformed its counterpart in terms of profitability, but not in risk. The research showed a challenge related to price dynamics in the MGC, where the value of shares remains constant for successive days, followed by sudden changes that can alter the calculation of simulations and statistics. The study provides valuable insights into the comparative performance of two different markets and highlights the opportunities generated by evaluating portfolios in international terms. Likewise, it proposes topics for future research, particularly addressing the characteristics of the MGC that influence the profitability of consolidated portfolios in said market.
  • Ítem
    Determinantes de la distribución de dividendos en las empresas pymes en Colombia
    (Universidad EAFIT, 2023) Hincapié Galeano, Kelvi Danilo; Saravia Matus, Jimmy Augustin
    This study analyzes the variables that have a direct relationship with the dividend distribution policy in small and medium-sized companies in Colombia, understood as legal entities, using descriptive statistics techniques and econometric analysis techniques such as censored regression models (Tobit model). The econometric model allows identifying the positive and/or negative relationship between the financial ratios analyzed and the distribution of dividends delivered by the company in the period under study.
  • Ítem
    Optimización de la estructura de capital de las empresas PYMES de seguridad electrónica en Colombia, una visión de sostenibilidad financiera
    (Universidad EAFIT, 2023) Higuita Varela, Sara Isabel; Durango Gutiérrez, María Patricia
    PYMES in Colombia represent 90 percent of the companies in the country, according to reports from the Ministry of Labor (Mintrabajo, 2019). Among these, those belonging to the electronic security sector are in an exponential growth and need to have the necessary tools to seek financial sustainability. Thus, with this work, we seek to develop a model of financial analysis of optimal capital structure that allows to help with the achievement of this objective. For this purpose, a selection of the most representative companies in the electronic security market in Colombia is taken as a reference and their financial information is compared in order to find the appropriate data to evaluate the model.
  • Ítem
    Fondeo alternativo para el financiamiento de grandes productores agroindustriales en Colombia
    (Universidad EAFIT, 2023) Santamaría Vásquez, Isabella; Álvarez Giraldo, Laura Victoria; Mejía Kambourova, David
  • Ítem
    Metodología para la gestión del riesgo de liquidez en compañías de servicios BPO
    (Universidad EAFIT, 2024) Gaitán Zuleta, Lady Johanna; Estrada Villamarín, Leyda Andrea; Peña Higuavita, Germán Adolfo
    The BPO services sector has shown significant growth in Colombia given the demand from companies abroad that have established service centers in different regions of the country. From a profitability perspective, this growth is an ideal scenario; however, the capital requirements to maintain these operations have generated significant challenges in the liquidity of companies in the sector. Although it is common to have some sources of resources via credit, through this research we aim to design a methodology for BPOs that allows them to sustain market demands without generating any type of financial stress because of poor liquidity management. This work is just one of the first contributions in the study of the subject, considering that there are no good practices for liquidity risk management in the real sector.
  • Ítem
    Impacto en el inductor de valor de la empresa EMCALI en un escenario óptimo de pronóstico
    (Universidad EAFIT, 2024) Álvarez Moreno, William Giovanni; Arango Londoño, Carlos Mario
  • Ítem
    Impacto en el estado de resultados de una compañía importadora del sector metalmecánico en Colombia ante el uso de diferentes estrategias de cobertura cambiaria
    (Universidad EAFIT, 2023) Botero Gaviria, Andrea; Ossa Salazar, David; Cardona Llano, Juan Felipe
    This study presents a retrospective analysis of the use of different financial derivative products and structures to mitigate exchange rate risk, with the objective of quantifying their impact on the financial results of an importing company in the metal-mechanic sector in Colombia. To this end, real and real and historical data of the exchange rate (USD/COP) are taken for the period between 2019 and 2022. At the same time, the purpose of the research is to expose how to obtain a better performance in the financial results from different financial alternatives, which results in the to improvement of the decision-making of the exchange risk management in a globalized market where there are not only many changes, but also high volatility in the exchange rate. In this order of ideas, the strategies that could have had a better performance are described, their value in the financial management of the company under study is demonstrated, and the conclusions and recommendations for those interested in managing this type of exchange rate risk are presented.
  • Ítem
    Valoración del riesgo de crédito de empresas aplicando métodos analíticos e inteligencia artificial
    (Universidad EAFIT, 2023) Montoya Arias, José Andrés; Támara Ayús, Armando Lenin
  • Ítem
    Predicción del precio de la energía eléctrica en Colombia mediante un enfoque de machine learning
    (Universidad EAFIT, 2023) Villarreal Marimon, Yeison José; Flores San Martín, Luis Armando; Almonacid Hurtado, Paula María
    In this research, numerous predictive models are developed, including regression models, VAR models, ARIMA models, ARIMAX models and SARIMAX models, which were further used to estimate and predict the electricity spot price, and therefore obtaining an approximate value for the sale of a kilowatt-hour, a critical input for calculating the revenues in the valuation models of electric power generations projects in Colombia. This was accomplished using the historical records from XM’s databases, analyzing the relationship between the historical spot price for electricity in the frame of time from January 2000 to July 2023, other input variables were also considered such as hydrological contributions, hydrological discharges and hydrological reserves expressed in terms of energy, as well as the potential effects of climatological phenomena like the El Niño Southern Oscillation (ENSO) that occurs in the country. The results of the research indicate that the prices of the kilowatt-hour are affected by the rainy season and specially by the occurrence of the El Niño phenomena, during which prices increase triggering the scarcity price of the system, which can be observed in the years 2015 and 2016. Finally, as a result, all models follow the price behavior trends. The models were subjected to different time horizon tests, finding that the model to be used depends on the time horizon that the investor needs to analyze: VAR models for the short-term, SARIMAX models for the medium-term and multiple regression models for the long-term.
Todo persona que consulte en este repositorio podrá copiar apartes del texto citando siempre la fuentes, es decir el título del trabajo y el autor. Esta autorización no implica la renuncia a la facultad que tiene el autor de publicar total o parcialmente la obra.
La Universidad no será responsable de ninguna reclamación que pudiera surgir de terceros que invoquen autoría de la obra que presenta el autor.
Todos los derechos reservados.