Apropiación social del conocimiento - IFC

URI permanente para esta colecciónhttp://hdl.handle.net/10906/78241

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Análisis comparativo del tratamiento contable dado a los impuestos diferidos: Decreto 2646, ET, NIC 12 y FASB 109
(Universidad de Medellín, 2008-01-01) López Ávila, César Omar; Villegas Jaramillo, Luz Adriana
Contiene: Introducción -- Contenido temático -- Aplicación bajo PCGA -- Aplicación bajo la NIC -- Aplicación US GAAP -- Sinopsis
Aplicación de las teorías de la firma: operacionalización del CAPM para empresas de Colombia y latinoamericanas
(Universidad Icesi, 2010-01-01) Buenaventura Vera, Guillermo
To calculate the CAPM, we need to know variables such as risk-free rate, beta and market premium. The calculation of these parameters is given generally for application in strong equity markets (near efficiency) which is not the case of emerging markets, for this reason, the paper proposes a methodology for calculating parameters of the CAPM for emerging countries to make recommendations to facilitate its implementation.
Are Governance Practices Associated with Good Results? The Case of Colombia
(SSRN, 2012-06-29) Benavides Franco, Julián
Since 2007 Colombian listed firms, non-financial and financial, are required to disclose their compliance to a governance country code. The compliance is interpreted as the level of governance and used as independent variable for regressions looking for the determinants of performance and dividends. The results mostly confirm a positive association of governance with performance, and a U-shaped effect of governance on dividend payout. The effect of governance is higher for non-financial firms and for large non-financial firms.
Assessing the Forecasting Performance of Structural Models for the Nominal Exchange Rate : The Colombian Case *
(Researchgate, 2005-06-27) Alonso Cifuentes, Julio Cesar
This paper analyses the out-of-sample forecasting performance of three models for the USD/COP nominal exchange rate during the period 1984:I – 2004:I. The sticky price monetary (Dornbusch (1976) – Frankel (1979)) and the Balassa–Samuelson (which gives a central role to the productivity differentials) approaches are used. Additionally, the Purchasing Power Par ity condition (PPP) is analyzed. The forecasting ability of these models is comp ared using a random walk as a benchmark model. The metrics employed in evalua ting the forecasting performance are RMS, MAE, MAPE and U-Theil. It is found that despite the great ability to predict, no model outperforms the random walk. This conclusion strengthens the previous results in the nominal exchange rate modeling literature.
El capital intelectual en los modelos de valoración de empresas: Propuesta de incorporación
(Universidad de Medellín, 2008-01-01) López Ávila, César Omar
Contiene: Introducción -- Consideraciones generales -- Modelos tradicionales basados en el valor contable -- Modelos mixtos de valoración de empresas -- Modelos basados en indicadores -- Modelos de flujo de caja descontado -- Modelo de capital intelectual -- El capital intelectual en el método de CASH FLOW: Propuesta y hallazgos -- Estudio de caso -- Consideraciones finales
Corporate governance index in emerging markets: Peruvian listed companies
(Emerald Group Publishing Ltd., 2016-01-01) Berggrun Preciado, Luis
Companies are wishing to incorporate good corporate governance practices into their organization in order to be more attractive to investors, knowing whether this influences their financial indicators and profitability or not. This, in fact, is beneficial for investors so they know that a company who applies the principles of corporate governance (CG) presents best management practices and transparent information, safeguarding the interests of all its stakeholders, which helps their investment decision; reducing market uncertainty, making it more efficient and liquid. The research focuses on the companies listed in the Stock Exchange of Lima that had implemented CG strategies in their organizations
Cost of Capital when Dividends are Deductible
(Sociedade Brasileira de Finanças, 2011-01-01) Benavides Franco, Julián
When calculating Tax Savings, TS we are confronted with a strange mix of accounting accrual and market value when involving TS in the calculation of the Weighted Average Cost of Capital, WACC or the Cost of Equity, Ke. Firms earn the right to TS once they accrue the interest expense and they actually earn the TS when taxes are paid. Tax savings and the discount rate () we use to calculate their value are involved in the calculation of WACC and Ke. Textbook WACC formulation is a very special and unique case that is not typical. Based on previous findings, we derive a general approach to those formulas that take into account any kind of TS related to the financing decision of a firm and any date when the TS is earned. These formulations can be used to introduce any type of externality that creates value through tax savings not captured by neither the cost of debt nor the cost of equity. In this paper we develop the formulations for Ke, the cost of levered equity and the average cost of capital when dividends, interest on equity or monetary correction of equity are deductible. This is the case of Brazil. We show that using the proper formulation the most known valuation methods, i) Firm value with Free Cash Flow and WACC for the FCF; ii) value with the Capital Cash Flow and WACC for the CCF; iii) equity value with the Cash Flow to Equity and Ke, the levered cost of equity plus debt; iv) Adjusted Present Value, APV are consistent and give identical results.
Dimensional reduction in digital synthesizers GUI using parameter analysis
(2011-01-01) Botero, Juan Sebastián
Digital synthesizers have cognitive overload issues for interaction, specially for novice or intermediate users. A system is developed to generate a custom GUI based on timbre clustering and parameter data analysis of preset programs present in VST synthesizers. The result is a new interface with dynamic control of the amount of variables maintaining full functionality of synthesizer performance. This system is designed to adapt to the degree of knowledge and cognitive control of synthesizer parameters of the user. The results of using diverse clustering techniques for synthesizers sound analysis and an original statistical analysis of preset programs parameter data are exposed. Implications of the use of our system in real world scenarios and reviewed.
Diseño metodológico de la evaluación de proyectos energéticos bajo incertidumbre en precios : caso de cogeneración de energía en una empresa en Cali
(Universidad Icesi, 2013-01-01) Buenaventura Vera, Guillermo; Nuñez Viveros, Carlos Andrés; Gallego Hidalgo, Gabriel José
Energy resources in the industry have increased in importance and competitiveness, representing the second or third major item in the cost of manufacture. The fluctuating behavior of historical costs, as well as the uncertainty of their future trend, accentuated by the imminent removal of the tax contribution on electricity (20% of the tariff), has led to questioning whether energy co-generation projects will be viable in the near future. This paper shows, from the development of an innovative methodology to assess the feasibility of the implementation of projects of co-generation based on three simulations that used statistical information and mathematical projections, as well as a performing a sensitivity analysis of the expected behaviors of future prices of electrical energy and fuels.
Disertación acerca de la “comparabilidad” de la información contable y el proceso de toma de decisiones en las empresas de la economía social.
(Cootradian, 2009-09-01) Olaya, Daniel
Develar esta especificidad desde la naturaleza de la multiactividad cooperativa (o polivalencia) y divulgar algunas pautas que sirvan para orientar la gestión y la toma de decisiones en cooperativas multiactivas es el objetivo de este documento y se procura considerando los elementos que fundamentan la racionalidad de la cooperación como fundamento conductual en las empresas y el rol que juegan las redes, el capital social y la responsabilidad empresarial en la gestión organizacional.
Dividend payout policies: Evidence from Latin America
(Elsevier, 2016-05-01) Berggrun Preciado, Luis
This paper examines dividend payout policies for firms in six Latin American countries from 1995 to 2013. As predicted by the pecking order and trade-off models, the dividend payout is positively linked to profitability and negatively related to past indebtedness and investment opportunities. We also find that the target dividend payout ratio is positively related to governance indicators at the country level. In addition, the speed to which firms adjust their dividends to changes in earnings is lower in high governance countries in the region. Thus, firms smooth dividends more in countries with higher governance scores. We do not find evidence supporting the lifecycle theory nor illiquidity effects on dividends levels.
Efectos de la regulación bursátil sobre la efi ciencia de los mercados de valores . Comparación entre España y Reino Unido
(Routledge, 2010-06-01) Tobar Arias, Jose Elias
Este trabajo presenta el primer estudio comparado sobre la rentabilidad obtenida por los directivos en sus operaciones con acciones propias en dos mercados de valores caracterizados por marcos legales diferentes: España y Reino Unido. Analiza si las diferencias en el grado de regulación y coerción del «abuso de mercado» producen diferencias en el grado de eficiencia del mercado. Esto permitirá expresarnos sobre el grado de efectividad de los denominados close periods o periodos de censura implantados en Reino Unido o sobre el mayor rigor en el cumplimiento de los plazos fijados por ley para el anuncio pùblico de las operaciones de directivos. Los resultados evidencian que las mayores restricciones establecidas en el Reino Unido no impiden que los directivos obtengan rentabilidades anormales, detectadas por igual en ambos países, pero sí contribuyen positivamente sobre la transparencia del mercado y la correcta formación de precios al favorecer la forma semi-fuerte de eficiencia.
Financiación empresarial en Colombia, la mezcla de endeudamiento y patrimonio
(Emerald, 2012-01-01) Benavides Franco, Julián
This article studies the financing decisions of a set of Colombian companies between 1995 and 2009 in response to their investment requirements and their operational cash flow. We structured a SUR (Seemingly Unrelated Regressions) equation system based on the cash flow of these companies. Our results suggest that the shareholders' new equity contribution is virtually non-existent; instead, Colombian companies build up cash and use it as their primary source of financing for fixed assets and working capital. © 2012 de Cladea.
Fund flows and performance in Brazil
(Elsevier, 2015-02-01) Berggrun Preciado, Luis
This study analyzes how fund flows react to past performance in the dynamic Brazilian equity fund market over the period from 2001 to 2012. The study also tests for a “smart money” effect (Zheng, 1999), or whether funds that receive more money subsequently outperform those that receive less money. We find that investor flows chase past performance, and document some differences in the flow–performance relationship between retail and institutional funds. We do not find evidence of a “smart money” effect for the entire sample of funds. Nonetheless, flows in small and retail funds, which are often seen as populated by less sophisticated investors, do anticipate future fund performance.
Fundamentos de Finanzas Internacionales
(Universidad Icesi, 2011-01-01) Buenaventura Vera, Guillermo
El libro presenta la temática de las Finanzas Internacionales en sus aspectos básicos, desarrollando los conceptos matemáticos necesarios para su abordaje y aplicación. Se muestra novedoso el manejo matemático que se le da a las relaciones entre las variables fundamentales que afectan las decisiones corporativas en el ámbito internacional de las finanzas, presentado en un desarrollo estructurado, cuantitativo y modelar. La obra se propone como un muy buen ingreso del lector al campo de las Finanzas Internacionales. En la lectura de la obra se encuentran cuatro partes bien definidas. En la primera se establece la ubicación de los grandes temas de las Finanzas Aplicadas y su conexión con la Teoría Financiera, permitiendo de comienzo una muy buena visión panorámica, no solo del tema específico, sino de las finanzas en general.
Gerencia de presupuestos. El proceso de planeación y la preparación del presupuesto maestro
(Universidad Icesi, 2012-01-01) Tello Rodríguez, Luis Bernardo
Analizar y comprender el papel que juegan los presupuestos dentro de la función de planeación de negocios, así como su naturaleza, ventajas, limitaciones y mecanismos para su elaboración.
Governance codes: facts or fictions? a study of governance codes in Colombia
(Universidad Icesi, 2011-01-24T21:11:58Z) Mongrut Montalvan, Samuel; Benavides Franco, Julián
This article studies the effects on accounting performance and financing decisions of Colombian firms after issuing a corporate governance code. We assemble a database of Colombian issuers and test the hypotheses of improved performance and higher leverage after issuing a code. The results show that the firms’ return on assets after the code introduction improves in excess of 1%; the effect is amplified by the code quality. Additionally, the firms leverage increased, in excess of 5%, when the code quality was factored into the analysis. These results suggest that controlling parties commitment to self restrain, by reducing their private benefits and/or the expropriation of non controlling parties, through the code introduction, is indeed an effective measure and that the financial markets agree, increasing the supply of funds to the firms.
Idiosyncratic volatility and stock returns: Evidence from the MILA
(Elsevier Ltd, 2016-05-01) Cardona, Emilio
This paper examines the association between idiosyncratic volatility and stock returns in the MILA from 2001 to 2014. Based on portfolio strategies that rely on one- or two-way sorts, we find that idiosyncratic risk is not a predictor of returns in the whole period or during high or low volatility months in the integrated market. We confirm the lack of an idiosyncratic volatility effect in a multivariate setting conducting errors-in-variables-free panel regressions. Overall, unsystematic risk is not a priced factor in the MILA, in line with predictions of several pricing models and recent literature in the U.S. market. © 2016 Elsevier B.V.
La Impredicibilidad del Mercado Cambiario en Colombia: ¿Es posible obtener beneficios de ello?
(2010-01-01) Buenaventura Vera, Guillermo
The research focuses on the test and use of a tool that allows the investor to operate dollar forward market in Colombia in an efficient and safe way. It defines a series of factors which are related to the behavior or tendency that these types of financial instruments follow, taking historical observations of the currency as guides for the study. The investigation uses a risk versus profitability analysis with the aim of showing the correct action to take by the investor, in agreement with a specific situation in the market. Finally, it mentions and explains the problems that occur at the time to predict the market’s tendency, suggesting statistic methods to deal with those complications.
Incentives for wind power investment in Colombia
(Pergamon, 2016-03-01) Rodríguez, Yeny E.
This paper develops an energy policy measure for renewable sources in Colombia, in particular wind generation. The proposal is done at the decentralized level, in isolated areas of the country, where electricity coverage is below 12% and wind speed is suitable for power generation. The goal of this policy is focused on increasing electricity coverage in those remote areas of the country that have high winds in order to develop clean generation investments that can represent a benefit for low-income users. Thus, a mechanism for financing these kinds of investments is proposed, involving the private sector and using the mechanism known as Public Private Partnerships – PPPs. PPPs are mechanisms used by the public sector to establish a contract with the private sector. The private sector provides capital and ability to develop projects, while the public sector holds the responsibility in service delivery. To model the relationship between public sector and private investors, a bilevel programming method for efficient resource allocation, combining an auction mechanism and moral hazard, is presented. A case study is shown in the Colombian context.

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