Revista Soluciones de Posgrado

URI permanente para esta colección

https://repository.eia.edu.co/handle/11190/54

Noticias

Navegar

Mostrando 1 - 20 de 99

Acceso abierto
Determinación de la estructura de capital de las empresas colombianas
(2014-05-12) Wadnipar-Herazo, S. M. (Sandra Milena); Cruz-Merchán, J. S. (Juan Sergio)
The analysis that is made in this paper has as a purpose to find if in Colombia the shareholder rationality has into account the hierarchical order of the financing sources, which is the main contribution of the Pecking Order Theory, or if cost balance model versus debt benefits is followed, which is explained for the Tradeoff Static Theory, or if, on the contrary, there is not a shareholder behavior related with this theories.
Acceso abierto
Recuperación urbanística del corredor urbano de la salud Juan del Corral
(2014-05-12) Naranjo-Jaramillo, M. V. (María Victoria); Pardo-Cárdenas, D. A. (Diego Augusto)
With the constructions of the Hospital San Vicente de Paul building at Medellín, started a new zone vocation in their surroundings. Several health institutions have being settled close to 51D avenue, “Avenida Juan del Corral”. The main ones are the Hospital itself, the Clínica León XIII, the faculties of medicine, public health, odontology, and nursery of Universidad de Antioquia and Clínica CES and Universidad de Antioquia IPS. A spontaneous increase of ground uses related with health was generated, and is still growing. From the point of view of urban planning, this is an opportunity to re-order and to improve the nearby districts. Generation of positive conditions for the surroundings development is one of the city authority’s responsibilities, especially when the recognition of Medellín by their high-quality health services is a city objective. Accordingly with this issue, the aim of this academic document is to offer to planning authorities guidelines to generate urban-favorable conditions for the Avenida Juan del Corral, with the purpose of being transformed and known as the “Medellín Health Boulevard”.
Acceso abierto
Valoración de un proyecto de inversión a través de opciones reales para una empresa colombiana del sector de telecomunicaciones
(2014-05-12) Salazar-González, L. M. (Lina María)
The traditional methods of discount as the net present value (NPV) not always express appropriately the flexibility of management of a determined investment project. Generally, the accomplishment of the future flows can be different from those were initially considered; when new information is obtained and the uncertainty on the future flows is solved, it is possible to review the strategy thought to carry it out. For that reason, in this work the basic theory of the real options and its application in the evaluation of investment strategies for a Colombian company of the telecommunications sector are exposed. It is insisted on the influence of the flexibility in the formation of strategies and the decision making, considering the impact of the uncertainty that surrounds the company and that could raise its value if it counted on more flexible structures.
Acceso abierto
Aplicación de opciones reales en las telecomunicaciones: el caso de una red de banda ancha
(2014-05-12) Cardona-Londoño, D. M. (Diana Maria); Herrera-Restrepo, R. A. (Rafael Alberto)
Determining the financial viability to build a broadband network in a medium size Colombian city such as Armenia requires a financial model that can estimate the free cash flow for this project. However, calculating the net present value with such a model is not enough to determine the project viability. Therefore, the methodology of real options appears as an alternative that offers more flexibility in the valuation and takes into consideration the uncertainty that comes with these types of decisions where the strategies initially planned can be abandoned, reoriented or completely changed.
Acceso abierto
Medición y análisis de un modelo para determinar la estructura óptima de capital
(2014-05-12) Grajales-Bedoya, D. D. (Duvan Dario)
The way in which a company finances itself is named the capital structure. Actually, the capital structure talks about the proportion of debt financing that the company has and their leverage rate. The capital structure election is a simple compensatory interchange risk-yield. A critical aspect of the capital structure is to answer the question if this affects the company value. Capital structure is not a static result; it varies in time, with base in the fluctuations of the external and inner variables affecting an economic sector or a company, and even, they can change with the expectations of growth held. This paper firstly reviews the existing theory in the capital structure field, then designs a model with a clear methodology that can be found from a minimum cost and a maximum value from the company point of view to determine an optimum composition of the capital structure.
Acceso abierto
Equipamiento urbano en el sector educativo del municipio de Envigado
(2014-05-12) Gómez-Herrera, J. M. (Juan Mauricio); Montoya-Montoya, J. C. (Juan Carlos)
This document portrays the current situation of urban equipment in the municipality of Envigado in the education sector, specifically in reference to its occupation. It begins with the international agreements that has subscribed Colombia. It has into account the Colombian Political Constitution which guarantees the right of children and youngsters to basic education and the obligation of the government to fulfill this right; it follows with the policy established by the last two local Government’s Development Plans, from 2003 to 2006 (education policy, infrastructure and operation investment, coverage, transfers from the national government, allocations by students according to the General Contributions System and municipal expenses by student); then, the occupation of all educational public institutions in relation with their installed capacity is assessed, evaluating the growth of student population in each institution and in the zone in which they are located, compared with the population growth in the aforementioned zones; lastly, and based on the previous evaluations, several conclusions are drawn and some recommendations, made.
Acceso abierto
Valoración de una empresa de representaciones turísticas en Antioquia
(2014-05-12) Garzón-Palacio, F. J. (Francisco Javier); González-Posada, A. (Alejandro)
This article describes the development of a model of valuation by means of the method of net present value of free cash flows for a company of tourist representations in Antioquia acting in different business niches, especially in the representation of an international airline of passengers transportation, an international rent a car company, a network of hotels abroad and a local company of transportation to Rionegro airport and in the distribution of prepayment phone card for international calls. At the end of the exercise, considering variable, like the opportunity cost, volatility of the sector, policies of portfolio, and exchange rate, the value of the company is obtained, which facilitates the decisions and the generation of financial recommendations.
Acceso abierto
Proyecto urbanístico Camino del Indio, municipio de Barbosa
(2014-05-12) Posada-Vélez, L. M. (Lina María); Toro-Quijano, A. J. (Antonio José)
The article talks about the definition of the guidelines for the formulation and development of the city-planning project “The Indian Way” in Barbosa (Antioquia), as structuring and articulator axis of the public space system of the municipality, recognizing with harmonic way the cultural, natural, and landscaping conditions that, together the Medellín river, turn it a solid element of planning. With the definition the intention is advancing in the formulation of the project, which only is identified in the Metropolitan Directives of Territorial Ordering. These guidelines will be given to the municipal administration of Barbosa and to the Metropolitan Area of the Valley of Aburrá, so that they are constituted in a fundamental tool for development and the project is part of the Metropolitan Agenda.
Acceso abierto
Relatoría del foro-debate Venta de ISA e Isagén
(2014-05-12) Londoño-Álvarez, C. F. (Carlos Felipe)
Acceso abierto
Análisis de proyecciones y valoración de una compañía del sector de alimentos
(2014-05-12) Pérez-Linaza, A. (Andrés); Muñoz-Aristizábal, C. (Camilo)
The project consists in the valuation of a Colombian company following the method of discounted free cash flow, using a financial model that allows projecting the future performance of the company. The valuation project is described, including the used method, the historical evolution of the company, the assumptions of projection, the financial projections, the calculation of the value and the statistical sensitization, with use of software Crystal Ball. The article ends with some recommendations and conclusions for the valuation of the company, based in the experience of the authors during the project, as well as in its academic and professional trajectory.
Acceso abierto
Las comunicaciones de mercadeo a la luz de las neurociencias
(2014-05-13) Villa-Gómez, C. F. (Carlos Fernando)
This article is a literatura of the approach to the generation an diffusion of marketing communicational strategies based on an effective sensory stimulation, multiple internal and external human variables inherent in the processes of sensory perception are considered. The human brain makes those processes wich are affected substantially by elements of the cultura called memes wich are units of cultural information that can be inherited, stored, trasmitted and evolve in similar way to he genes.
Acceso abierto
Estructuración de portafolios que incluyen opciones
(2014-05-13) Solano-Atehortúa, J. A. (José Antonio)
The main goal of this paper is to formulate portfolio selection problems in terms of quadratic optimization problems. For the mean-variance optimal portfolio selection problem we consider that the expected returns of the European-style options, risky and risk-free assets as well as the covariance matrix of the risky assets are exactly known. In the course of the presentation, the covariance matrix can be seen as a numerical approximation of an improper integral, so that some of the powerful numerical packages nowadays available for this class of problems can be used.
Acceso abierto
Sistema de gestión urbana para el desarrollo de la estación multimodal del sur del Valle de Aburrá
(2014-05-13) Zuluaga-García, T. (Tatiana); Pérez-Díaz, C. A. (Carlos Andrés)
Accomplishing the urban operation of South Intermodal Transportation Hub as starting point for a new Metropolitan Center in the South of the Aburrá Valley implies developing a methodological path for the complete management of the project from its initial draft up to its construction. An associative scheme among public entities, private investors and land owners, where the State's investment is minimized, is achieved using instruments of planning, land management, finance and social management aiming at the balance of burdens and benefits for all actors.
Acceso abierto
Estructuración de portafolios de acciones en el mercado de valores de España
(2014-05-13) Mesa-López, M. (Miriam); Colorado-González, J. A. (José Adolfo)
This paper uses the portfolio’s modern theory developed by Harry Markowitz in 1952 to find an optimal portfolio that beats the benchmark in the Spanish market. The portfolio selected includes the application of the CAPM model for capital asset pricing. The result is a market’s portfolio with a better yield than that of benchmark and minimum risk levels in the international context.
Acceso abierto
Modelo gerencial para la implementación de la figura del operador urbano
(2014-05-13) Montoya-Martínez, M. C. (Martha Cecilia); Gutiérrez-Zapata, L. P. (Lina Patricia)
In order to obtain better-planned cities it is necessary to create a managerial model for urban operators, that contributes to territorial development in a more efficient and opportune way. The collaboration of the public and private sector as actors for the urban development, and the elimination of isolated projects will make way to complementary and articulated constructions which will fulfill the needs of any given city sector for mobility and public space, real estate developments, equipment and environment.
Acceso abierto
Diseño de plan de mercadeo para ofrecer servicios como operador logístico de frío en Colombia
(2014-05-13) López-Mesa, M. I. (María Isabel ); Villegas-Moreno, J. E. (Jorge Eugenio)
This article aims to design a marketing plan for a logistic operator specialized in the management of the cool chain, that offers all the logistics services in an integral way (management, storage, transportation and distribution) of products from clients and additionally to intend to create a winwin relationship, where the client feels total security that the products are in the best conditions of quality and environment and that would result in a competitive advantage for the company. With this work it is intended to do a detailed analysis of the current situation development of the logistic sector (National and International) how are the logistic operators in Colombia and the analysis of the management of the cool chain to identify the market opportunities and a detailed understanding of what clients want and which are their expectations in this type of services, finally, to design a mixture of marketing with strategies based on price, product, place, and promotion, where the development of the business of the specialized logistic operator is outlined in the handling of the cool chain so that the final mission is managed to become a strategic ally for each client.
Acceso abierto
Desviación respecto al óptimo teórico de la estructura de capital de las grandes empresas del sector químico colombiano
(2014-05-13) Marulanda-Velásquez, A. C. (Adriana Cecilia); Sepúlveda-Tamayo, J. A. (Jesús Albeiro)
This work shows the deviation of the capital structure of companies in the Colombian chemical sector of manufacture of paints, varnishes and similar coatings, printing inks and mastics for 2008 compared to the optimum capital structure built for a company type in this sector. The term “company type’’ refers to a company structured with consolidated financial statements of the most representative companies in this sector, belonging to the sample selected for this analysis. To achieve this goal, we use a business valuation model and develop a model to qualify the credit risk that provide the basis to determine the optimum capital structure for different scenarios and the dispersion of the selected companies compared with it. These results are accompanied by an analysis to find the relationship of leverage with some of the determinants of capital structure.
Acceso abierto
Aplicación de los modelos Garch a la estimacion del VaR de acciones colombianas
(2014-05-13) Ospina-D’Aleman, F. (Federico); Giraldo-Sánchez, D. A. (David Alejandro)
The increased volatility in financial markets over recent decades has led researchers, experts, and regulators to design and develop more sophisticated risk management tools. Value at Risk (VaR) has become the standard measure that financial analysts use to measure market risk due to its conceptual simplicity and easy interpretation. In this paper, Value at Risk (VaR) was applied to the returns of the biggest marketability shares of the Colombian stock market and it was calculated by the parametric method with the RiskMetrics approach and the econometric GARCH models. Under the RiskMetrics approach the variance of the series is computed using an IGARCH (1.1) model. For the calculation of VaR with econometric GARCH models, ARIMA methodology is applied to find the model that will help to forecast the returns of the series, this returns does not generally have a constant variance, showing the existence of Heteroscedasticity and should be used generalized autoregressive conditional heteroscedasticity models (GARCH), such as PGARCH, TGARCH, EGARCH, and other models as IGARCH, GARCH-M to find the conditional variance.
Acceso abierto
Calificación crediticia para la empresa Tablemac S. A.
(2014-05-13) Saldarriaga-Botero, S. (Sergio); Trujillo-Marín, G. C. (Gloria Cecilia)
In this article, the results of the fundamental analysis of the financial information for Tablemac and the sector it belongs are presented along with the qualitative and quantitative aspects used to determine the company’s achievement and identify the risks and to assign a qualification. The assigned score, obtained through the analysis of the different aspects and their incidence for the company´s result, is strictly for academic purposes, whose main objective is to show the methodology used in such analysis.
Acceso abierto
Aplicación de la teoría de restricciones (TOC) a los procesos de producción de la planta de fundición de Imusa
(2014-05-13) Abisambra-Lemus, A. J. (Abraham José); Mantilla-Cuadros, L. A. (Luis Andelfo)
The plant of smelting of IMUSA S.A., like many productive plants of the metal mechanics sector that export their products, has complex and changing processes that, in addition to being flexible to the different exigencies from the market, must be prepared for a constantly variable demand. In this paper the present situation of the smelting plant is described and a practical application for the reduction of inventories, the improvement of the cash flow and capital under the methodology is formulated by Theory of Constraints TOC. This paper becomes a guide for the possible improvements that can be obtained in a plant, following the stages of TOC and using the resources at the correct moment. This work is based on a particular plant, but the improvements and changes can be applied to any industrial or service sector.