Maestría en Administración Financiera (tesis)
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Ítem Impacto de la educación financiera en la productividad de empresas del sector privado en Colombia(Universidad EAFIT, 2024) Escobar Puerta, Juan José; Osorio Ortiz, David; Correa Lafaurie, Luisa FernandaÍtem Diseño de una estructura de buenas prácticas de gobierno corporativo para ESAL : caso CORDESSOL(Universidad EAFIT, 2024) Franco Sepúlveda, Esteban; Gil Cárdenas, Fabio Mauricio; Téllez Falla, Diego FernandoThe present thesis aims to analyze and propose good corporate governance practices applicable to CORDESSOL, a Non-Profit Organization (NPO) in Colombia. Corporate governance refers to the set of principles, norms, and procedures that regulate decision-making and management within an organization, in order to ensure transparency, accountability, and the fulfillment of institutional objectives. In the Colombian context, NPOs play a crucial role in promoting social welfare and community development. However, they often face governance challenges as they typically operate with limited resources and heavily rely on donations and external financing. The research was conducted using a mixed-method approach, which included a literature review and analysis of NPO cases in Colombia.Ítem Cuantificación de las variables explicativas del precio nacional del aceite de palma crudo para la estructuración de una estrategia de cobertura financiera para el productor en Colombia(Universidad EAFIT, 2024) Moreno Romero, Cynthia Constanza; Corredor Ramírez, Silvia Viviana; Cardona Llano, Juan FelipeColombia´s opening to the international crude palm oil market, which originated in the 1990s as part of public policies to promote exports, brought with it the creation of a price stabilization mechanism that resolved the use of a price reference for sales tied to the international prices of the commodity and its substitutes, freight, tariff and exchange rate, thus creating an exposure to market risk for the domestic palm grower. In this context, the present work seeks to quantify the variables that explain the national price of crude palm oil based on a multiple linear regression model with time series of the last ten years, in order to structure a financial hedging strategy for the producer that can be useful as a market risk management tool.Ítem Estructuración y gestión activa de portafolios de inversión de renta variable(Universidad EAFIT, 2024) Giraldo García, Carlos David; Bustamante Sánchez, Juan Camilo; Mejía Kambourova, DavidThe purpose of this research is to structure three investment portfolios in variable income assets from the United States market based on the active management methodology. To do this, initially the assets of the S&P 500 index were evaluated, of which ten were selected for each portfolio that met the capital allocation criteria, according to the definition of each strategy, and had a greater market capitalization. Next, a weight of 10% was assigned to each asset and backtesting of the profitability of the portfolios was carried out over horizons of five, ten and fifteen years, taking the S&P 500 as a benchmark. The strategies proposed were the following: Profitable growth (Portfolio 1), Risk-low debt ratio (Portfolio 2) and Cash generation (Portfolio 3). From the backtesting it was possible to establish that the three portfolios beat the benchmark index over the fifteen years, and select the winning strategy —Profitable Growth— based on financial indicators such as ROIC, WACC, ROE and revenue growth, which delivered a compound annual return (CAGR) of 32.5% over this period.Ítem Diseño y análisis de una estrategia de inversión enfocada en momentum y aplicada en el mercado accionario colombiano(Universidad EAFIT, 2024) Uribe Restrepo, Andrés; Orozco Echeverry, César AugustoInvesting in the stock market, or "the biggest game in town" as Burton G. Malkiel calls it in his book A Random Walk Down Wall Street, has been a topic of wide interest worldwide. From stay-at-home parents to pure mathematicians like Jim Simons (1938-2024) interact in a public market where they set prices according to strategies or opinions. One of the strategies known in financial jargon is momentum. Within its applications there may be variations or modifications, but its basis is based on selecting assets based on recent price behavior, taking advantage of market inertia. Brought to Colombia, and through the analysis of the behavior of stock prices, we seek to evaluate the viability and performance of a strategy based on momentum to generate consistent returns over one year applied in Colombia’s stock market.Ítem Evaluación de la rentabilidad en los créditos otorgados por una entidad financiera. El costo de adquisición de datos frente al rendimiento de la colocación(Universidad EAFIT, 2024) Lopera Pino, Lorenzo; Medina García, Santiago; Gómez Cardeño, LauraÍtem Estructuración financiera de un Fondo de Capital Privado (FCP) en Colombia como alternativa de inversión para proyectos de compensación de carbono de Soluciones Basadas en la Naturaleza (SBN)(Universidad EAFIT, 2024) Gómez Gil, Daniel; Trujillo Mainieri, José Fernando; Botero Ramírez, Juan CarlosClimate change is a significant macroeconomic challenge due to its uneven impact on social capital and geography. These natural phenomena create distortions in global trade flows, food production, the exchange of goods and services, infrastructure, and overall social well-being, necessitating investments for adaptation. This requires higher levels of public investment and the involvement of the private sector with diverse financing sources for climate mitigation and adaptation projects. A disorderly transition to a carbon-free economy could result in substantial financial losses. Structuring a Private Equity Fund with an investment strategy in Nature-Based Solutions (NbS) applied to carbon offset projects offers an effective strategy for investing in climate assets, generating additional financial, environmental, and social benefits.Ítem Modelo de monitoreo para establecimientos de crédito en Colombia incorporando criterios de liquidez de Basilea III en la metodología CAMELS : caso aplicado para el sector energético(Universidad EAFIT, 2024) Franco Reátegui, Andrea; Alzate Arias, Hernán AlonsoÍtem Metodología para valorar inversiones inmobiliarias con base en criterios ESG : caso Colombia(Universidad EAFIT, 2024) Herrera Mira, Carolina; Romero Jaller, Nestor Josué; Gaitán Riaño, Sandra ConstanzaÍtem La influencia de la calificación ESG sobre los rendimientos de los ETFs de renta variable(Universidad EAFIT, 2024) Aponte Sarria, Jaime; Casas Riascos, José de Jesús; Téllez Falla, Diego FernandoThis study evaluates the performance of 1,075 U.S. domiciled ETFs during 2023 based on their ESG rating, in order to determine the relationship between rating and investor returns. To do so, performance measures such as Jensen's alpha and Sharpe ratio are calculated, and an expansion to the CAPM is performed through the Fama-French three-factor model. Using panel data, a positive and significant relationship was found between the ESG rating of the ETFs and their excess returns. However, when analyzing the ratings according to the ESG quality ranking established by MCSI, no significant differences were found between the excess returns of funds with high ratings and ETFs with average ratings, unlike what happened with funds located in the lower part of the ESG ranking, since they reflect a negative and significant impact on returns.Ítem Fusiones y adquisiciones en el contexto del sector financiero colombiano : medición de su efectividad desde un enfoque financiero(Universidad EAFIT, 2024) Valencia Jaramillo, Steven; Arrubla Valencia, Jonatan; Arango Mejía, Juan ManuelThe research addresses the phenomenon of mergers and acquisitions (M&A) in the Colombian financial sector from 2010 to 2023, a period characterized by intense banking consolidation activity, which was driven by the search for operational efficiency, market expansion and competitive strengthening. This study aims to analyze the effectiveness of M&A in terms of value creation for the involved entities and their impact on the country's economic development. This paper questions whether those operations act as true catalysts for value or, conversely, dilute corporate value and negatively affect the market dynamics. The theoretical framework is based on the Market Efficiency Theory, the Synergy Theory, the Diversification Theory, and the Theory of Shareholder Wealth Maximization. Together, they allow a deep look into the dynamics and impact of M&A in the financial sector. The research methodology combines descriptive and experimental approaches to assess the impact of M&A on critical financial management indicators. Data was collected through an exhaustive review of primary and secondary sources, followed by a quantitative analysis using descriptive statistics, the Difference in Differences (DiD) model, regression analysis, and correlation. Such quantitative analysis was processed via the statistical software R. This approach allows for a detailed evaluation of the impact of M&A on the profitability, productivity, operational efficiency and solvency of Colombian financial entities, as well as of their effect on market competitiveness and national economic development.Ítem Estructura de capital óptima de empresas del sector renting de vehículos en Colombia(Universidad EAFIT, 2024) Mejía Oquendo, Juan Diego; Jiménez Ramírez, Mariza; Durango Gutiérrez, María PatriciaThis project will answer the question of what the optimal capital structure of the vehicle rental sector in Colombia could be; the local economy is increasingly migrating towards a pay-per-use model, which is why companies need to balance their financial structure to leverage their growth. To do so, the financial statements of different companies in the same sector will be analyzed, addressing theories applied to capital structure, such as the CAPM, the theory of the trade-off between debt and capital, and others related, allowing to find the optimal structure by maximizing the value of the company and minimizing the cost of capital. This research could be a determining input permitting the reader to define the optimal capital structure for companies in the vehicle rental sector in Colombia.Ítem Efectos de las finanzas comportamentales en la gestión del riesgo de la tasa de cambio en las pymes en Colombia(Universidad EAFIT, 2024) Carvajal Gómez, Valentina; Argüelles Jaramillo, Santiago; Villamil Villamil, Fernando AlonsoThis research analyzes the effects of biases associated with behavioral finance on exchange rate risk management in SMEs companies in the Colombian real sector. Although behavioral finance has been widely studied in the investment field, it is relevant to analyze its impact on hedging decisions to anticipate and mitigate exchange rate risk. To this end, a survey was applied to thirty SMEs and thirty risk managers of financial institutions, in order to examine the intersection between the literature on behavioral finance and the decision-making process for managing the exchange rate risk of these firms. The results reveal the prevalence of cognitive biases in this process, suggesting the necessity to present strategies and recommendations to mitigate them.Ítem Impacto del riesgo soberano en financiamiento de emisores corporativos y financieros en deuda externa(Universidad EAFIT, 2024) Pérez Rodríguez, Angie Tatiana; Londoño Lopera, Diana Carolina; Castaño Londoño, Laura Melissa; Alzate Arias, Hernán AlonsoÍtem Impacto de la divulgación de las políticas ASG en el costo de la deuda (KD) : análisis multivariable en compañías de los principales sectores de la economía europea(Universidad EAFIT, 2024) Arroyave Zapata, Daniel; Saldarriaga Parra, Alejandro; Téllez Falla, Diego Fernando; Restrepo Ochoa, Diana ConstanzaThe main objective of this study is to determine to what extent the level of disclosure of the investments made by companies, in the environmental, social and governance (ESG) in the cost of debt (Kd). The methodology used to resolve this question was a data panel type model, for which a database was built with companies from the main economic sectors in the European market, along with the main financial indicators and the scores of each pillar. ASG as predictors or independent variables, and Kd as response variable; additionally, control variables considered important were used, such as company size, liquidity, and growth, to give greater reliability to the model regressions. The results showed that companies that present better financial results have been able to make greater investments in socio-environmental aspects, which has allowed them to obtain a lower cost of debt; however, companies that already make high investments and obtain very high scores stop receiving this benefit and once again have a higher cost of debtÍtem Technological Transformations in Financial Forecasting : An Integrative Literature Review(Universidad EAFIT, 2024) Brüesch, Corsin Andri; Cruz Castañeda, VivianÍtem Análisis de la implementación de la tecnología blockchain en la industria de bienes raíces : perspectivas y desafíos para el sector fintech(Universidad EAFIT, 2024) Useche Rojas, Juan Camilo; Durango Gutiérrez, María PatriciaThis work evaluates the impact of Blockchain technology, reviewing its principles, accelerated growth, and immediate and long-term direction, emphasizing a special focus on activating this technology for the real estate sector, through a descriptive, predictive, and fundamental analysis of pioneering companies in the field. This is supported by a financial modeling methodology backed by backtesting and market capitalization weighting, allowing the valuation of assets used by these companies over time and determining their stock market relevance. Finally, the results will be examined to conclude the current and future effect of Blockchain on the real estate industry, as well as its financial viability and feasibility, both in the United States and Colombia.Ítem Los límites de inversión y asignación de capital determinados por la Ley 100 para el R.A.I.S. ¿contribuyen a la maximización de la mesada pensional del cotizante?(Universidad EAFIT, 2024) Hill Donadio, Martín; Colorado González, José AdolfoColombian legislation in Law 100 Decree 2955 of 2010 establishes the regulations under which Pension Fund Administrators (PFAs) must govern the investment of contributors' resources to the Individual Savings with Solidarity Regime (ISSR). This regime may or may not be optimal or efficient, considering that the challenge is to achieve the maximization of pension payments for contributors, closing the income gap between their active life and the pension period. Some contributors may not even attain a pension payment. In contributing to the expansion of pension coverage in the country, it is essential to ask: Is a law that is rigid regarding capital allocation, without flexibility to adapt to changing market conditions over time, appropriate?Ítem Impacto de las tasas de interés en la liquidez de los concesionarios automotores en Colombia durante el período 2015-2022(Universidad EAFIT, 2024) Echeverry Piedrahíta, Lina Marcela; Hernández Gómez, José Alejandro; Yepes Raigosa, David AlejandroCorporate liquidity plays a crucial role in financial management of companies, as proper management of liquid resources positively impacts economic performance, allowing business objectives to be achieved. Given the importance of the automotive sector to the Colombian economy, this research aimed to evaluate the impact of changes in interest rates on the liquidity of vehicle dealerships in the country during the period 2015-2022. For this, financial ratios, statistics, and regression models such as ordinary least squares (OLS) were calculated. The study revealed that high interest rates negatively impact operating cash flows and liquidity of automotive dealerships. Factors such as efficient accounts receivable management, tangible assets, and positive ebitda improve cash flow generation; however, high indebtedness, concentration of short-term debt, and excessive asset growth diminish liquidityÍtem Desempeño financiero y la calificación de gobernanza en compañías del sector tecnológico en Latinoamérica(Universidad EAFIT, 2024) Mesa Gómez, Deysy Milena; Olarte Morales, Alejandra; Yepes Raigosa, David AlejandroConsidering the projection that technology companies have, as well as the global trend towards measuring ESG indicators as a reference for good business performance, especially those related to governance, this study analyzed whether there is a relationship between corporate governance compliance standards and the financial performance of organizations in the technology sector in Latin America. For this analysis, information was taken from companies in this sector and their financial performance, measured as ROA, ROE, Tobin's Q and Price-to-Book was analyzed; likewise, the Governance pillar rating (GScore) indicated by Refinitiv was reviewed for each of the reference companies. After using OLS and GLS regressions, the study found a positive and statistically significant relationship between the governance pillar rating and the financial performance of companies in the technology sector in Latin America between 2013 and 2022.