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The Colombian Stock Market: 1930-1998
Pareja, Ignacio Vélez - MASTER CONSULTORES - 1999
This article explores the behavior of the stock market in Colombia with the information given by the Bolsa de Bogota Index (Indice de la Bolsa de Bogota, IBB). The index is analyzed from January, 1930 to December, 1998. The inflation rate covers the same period; the inflation rate as measured by...
Persistent link: https://www.econbiz.de/10010827952
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Optimal Portfolio Selection: A Note with a VBA Solution
Velez-Pareja, Ignacio; Ávila, Pedro Fabián Castilla; … - MASTER CONSULTORES - 2012
, given her preference curves and an efficient frontier. On the other hand, the Capital Asset Pricing Model (CAPM) is …
Persistent link: https://www.econbiz.de/10010762986
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Costo de capital para empresas no transadas en bolsa
Vélez-Pareja, Ignacio - MASTER CONSULTORES - 2002
el Capital Assets Pricing Model (CAPM), otras utilizan información contable o simplemente, una apreciación subjetiva del …
Persistent link: https://www.econbiz.de/10010763040
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Ambiguita Nell´Applicazione del CAPM per la valutazione degli investimenti
Magni, Carlo Alberto - MASTER CONSULTORES - 2009
Il presente lavoro tratta del classico criterio di capital budgeting derivato dal CAPM,secondo il quale un investimento …
Persistent link: https://www.econbiz.de/10010763038
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Aggregate Return on Investment for Investments under Uncertainty
Magni, Carlo Alberto - MASTER CONSULTORES - 2014
This paper deals with with capital budgeting decisions under uncertainty. We present an Aggregate Return On Investment (AROI), obtained as the ratio of total (undiscounted) cash flow to total invested capital and show that it is a genuine rate of return which, compared with the risk-adjusted...
Persistent link: https://www.econbiz.de/10010827956
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Estimating the Appropriate Risk Profile for the Tax Savings: A Contingent Claim Approach
Hoyos, Gonzalo Diaz; Pareja, Ignacio Velez - MASTER CONSULTORES - 2010
about the appropriate discount rate for tax savings under CAPM approach. On this paper we evaluate tax savings from a …
Persistent link: https://www.econbiz.de/10010762920
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The AIRR Approach for Investment Performance Measurement
Magni, Carlo Alberto - MASTER CONSULTORES - 2012
This paper introduces a new method of investment performance analysis, based on the recent approach of Average Internal Rate of Return (AIRR). We show that the approach generates rates of return suitable for assessing both a fund´s (portfolio´s) performance and a manager´s performance. The...
Persistent link: https://www.econbiz.de/10010762942
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The Internal-Rate-of-Return approach and the AIRR paradigm: A refutation and a corroboration
Magni, Carlo Alberto - MASTER CONSULTORES - 2012
This paper shows that the Internal-Rate-of-Return (IRR) approach is unreliable, and that the recently introduced Average-Internal-Rate-of-Return (AIRR) model constitutes the basis for an alternative theoretical paradigm of rate of return. To this end, we divide the paper into two parts: a pars...
Persistent link: https://www.econbiz.de/10010762951
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The use of Npv and CAPM for capital budgeting is not a good idea. A reply to De Reyck (2005)
Magni, Carlo Alberto - MASTER CONSULTORES - 2009
-present-value criterion, as currently used in finance. This paper shows that the standard use of CAPM for capital budgeting, based on … disequilibrium values, is at odds with arbitrage theory, and that the corresponding CAPM-based NPV rule is meaningless even in the …-arbitrage principle. To use NPV and CAPM for capital budgeting is not a good idea. …
Persistent link: https://www.econbiz.de/10010762957
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Calculating Betas
Pareja, Ignacio Vélez - MASTER CONSULTORES - 2001
This teaching note shows the relationship between levered and unlevered betas and the general formulation for the cost of equity. It also shows, step by step, the procedure to estimate betas from data found in the stock market.It shows well known procedures for estimating betas: correlation...
Persistent link: https://www.econbiz.de/10010762963