1761 words - 8 pages

Clase 2: Portafolios de activos
Profesor: Guillermo Yáñez Teoría de Finanzas

Valoración de acciones ordinarias: ¡Nuestro primer modelo!
La ganancia para los tenedores de acciones se puede generar por dos corrientes:
Ganancia de capital.

¿Cómo se calcula el valor del patrimonio?
r = DIV1 + P1 - P0
P0 O lo que es lo mismo: P0 = DIV1 + P1
1 + r Para el caso de un modelo de dos (2) períodos, considérese lo siguiente: Dada la ecuación anterior: P1 = DIV2 + P2
1 + r

¿Cómo se calcula el valor del patrimonio?

¿Cómo estimar en forma simple la tasa de capitalización ...view middle of the document...

( 1 ( )) (1 )( 2 ( )) 0.6(150000 122000) 0.4(80000 122000) 1176000.2470
1176000247 $34192.86
p W E W p W E Wσ
= − + − −
= − + −
= =

Invertir en activo riesgoso VS libre de riesgo
Teoría de Finanzas Prof.: Guillermo Yáñez 10
W = $ 100000
P = 0,6
1-P = 0,4
Beneficio1 = $ 50000
Beneficio2 = -$ 20000
E(Beneficio) = $ 22000 (por activo riesgoso) E(Beneficio) = beneficio = $ 5000 (por activo libre de riesgo) Premio por riesgo ofrecido = $ 17000 (¿Ud. lo acepta?)
Prospecto riesgoso
Prospecto libre de riesgo
Beneficio = $ 5000

En retorno
Teoría de Finanzas Prof.: Guillermo Yáñez 11
premiorρ = +
Compensación por diferir consumo presente por consumo futuro
Compensación por riesgo
En el ejemplo, comparemos 22% con 5%

Nuestro plan para los próximos minutos
O Retorno y varianza. O Portafolios con activo libre de riesgo y
riesgosos. O ¿Habrá un portafolio óptimo para un
inversionista averso al riesgo?
Teoría de Finanzas Prof.: Guillermo Yáñez 12

Un portafolio entre un activo riesgoso y uno libre de riesgo
Teoría de Finanzas Prof.: Guillermo Yáñez 13
Supongamos que: E(rp)=15% y rf = 7%. Luego, el retorno del portafolio (rc) es:

La varianza del portafolio:
Teoría de Finanzas Prof.: Guillermo Yáñez 14
( ) ( (1 ) ) ( )
rc rp
V rc V yrp y Rf y V rp
yσ σ
= + −
En el ejemplo supongamos que: 22%rpσ =
Luego, ( ) ( ( ) )
( ) ( ( ) )c p
E rc rf y E rp rf
E rc rf E rp rfσ σ
= + −
= + −

Como tenemos la ecuación:
Teoría de Finanzas Prof.: Guillermo Yáñez 15
( ) ( ( ) )
( ) 0.07 (0.15 0.07) 0.22
E rc rf E rp rf
E rc
σ σ
= + −
= + −

El ratio de Sharpe:
Teoría de Finanzas Prof.: Guillermo Yáñez 16
( ) ( ( ) )
( ( ) )( )
c p
E rc rf E rp rf
E rp rfE rc rf
σ σ
σ σ
= + −
− = +
El precio del riesgo En el ejemplo, S=0,08/0,22

Concepto: Ratio de Sharpe
Teoría de Finanzas Prof.: Guillermo Yáñez

Calculemos el ratio de Sharpe
Teoría de Finanzas Prof.: Guillermo Yáñez

Ejemplo de una posición apalancada (con posición corta en rf)
Teoría de Finanzas Prof.: Guillermo Yáñez 19
Supongamos que tenemos un presupuesto d...

More like Essay On MATERIAL

Engineering Review For Chapter 3 And Chapter 4 Of Material Science Class - Prairie View A&M University, CHEG 2013 - Test Review

890 words - 4 pages ... learners: · Focus on things that can be seen, heard, or touched · Like facts and data 7. Global learners: · Tend to learn in large jumps, absorbing material almost randomly without seeing connections 8. Metacognition is: · The process of improving your learning by observing it and making changes based on what you observe 9. Two ways learners differ in the way they prefer to process new information are: · Active vs. reflective 10. "If I have seen a ...

GMAT Study Material-sentence Correction From Ron - GMAT - Assignment

3626 words - 15 pages ... SC Tips By Ron Wednesday, September 26 2012, 8:45 PM Importance of Meaning in Sentence Correction & How to study SC : You should ALWAYS check the meaning, before you look at ANYTHING in the sentence. almost every one of the major SC error types is easier to identify if you are using the meaning of the sentence, and most of them are impossible to understand fully *without* the meaning. for instance: verb tense -- completely impossible without ...

Instrument Anatomy Using A Homemade Guitar Includes Material, Procedure, And Vocabulary - Physics - Physic Essay

1262 words - 6 pages ... Music to Your Ears *Introduction Humans have been making and playing musical instruments for thousands and thousands of years. New instruments are invented, and existing instruments are continually modified to produce different sounds. Probably every culture has used a hollow log as a simple drum. Many instruments are based on vibrating strings. One category of instruments, horns, depends on the vibrating lips of the player to create sound ...

English, Frontline- Telling The Truth Question: Our Access To The Truth Is Impeded By The Powerful. Show How Your Study Of The Text And Additional Material Demonstrates This Assertion

1080 words - 5 pages ... The statement, " Our access to the truth is impeded by the powerful", is truthful, as the main way citizens find out about current affairs, is through various medias, all owned by the most wealthiest and powerful individuals in the world, an example of one of these individuals in Australia, being Mr Murdoch. The accuracy of this statement is established throughout the 'Frontline' series, created by D-Generation, in particular, the episodes 'The ...

Essay On Landforms

1083 words - 5 pages ... through to the other side). Diagram TRANSPORTATION BY THE SEA Read the section on page 7 'How does the sea transport material around the coast?' Task: I have started some notes but left spaces for you to finish off the main points. Notes: Both seas and rivers transport material in basically the same way. Traction Saltation Suspension Solution Traction is large stones rolled along the sea bed. Saltation is smaller sand-sized particles ...

Book Review Of The Book Adventures Of Huckleberry Finn - IQA - Essay

972 words - 4 pages ... DOING BOOK REVIEWS Book reviews require close attention to purpose. Students know that instructors require them to write reviews to demonstrate that they have read the material. Consequently, they write detailed summaries as evidence of their reading. However, a good written review must evaluate the material to give readers a quick grasp of both the book’s purpose and content. Students should also be able to judge the success with which the ...

Statutory Interpretation

1727 words - 7 pages ... Part A The relevant provision which prohibited the production, dissemination, or possession of child abuse material in NSW is section 91H of the Crimes Act 1900 (NSW)[footnoteRef:1]. This provision was inserted within the Crimes Amendment (Child Pornography) Act 2004 (NSW)[footnoteRef:2] and commenced on 1. 1. 2005. This provision outlined the definition of; child pornography and dissemination and penalties for producing, disseminating, and ...

Compare "everyday Use" And The "prodigal Son"

584 words - 3 pages ... Compapare "Everyday Use" and the "Prodical Son" The stories, Everyday Use and The Prodigal Son, comparatively illustrate themes of jealousy and ungratefulness between siblings. From Biblical to present day times siblings have been fighting over material possessions. It is easy for people to get material possessions confused with love. They confuse these possessions that come from their elders with material worth.Jealousy is illustrated in both ...

Raven Chapter 4 Guided Notes: Cell Structure - AP Biology - Guided Notes

662 words - 3 pages ... microscope? ______________________________________________________________________________ ______________________________________________________________________________ JHalloran Text Box membrane JHalloran Text Box Genetic Material JHalloran Text Box Ribosomes JHalloran Text Box Cell is basic unit of life JHalloran Text Box all life made of cells JHalloran Text Box cells come from pre-existing cells JHalloran Text Box surface area to volume ...

Vaccines: How They Work And The 3 Types

288 words - 2 pages Free ... types of vaccines: live vaccines, inactivated vaccines, and synthetic vaccines. Live vaccines are produced by growing the infection causing material under carefully controlled conditions that limit their virtulance. Usually one vaccine injection is sufficient to produced the desired immunity. Inactivated vaccines are produced by killing the infection causing micro-organisms with chemicals or heat. However, most inactivated vaccines stimulate a ...

History Of Canadian Criminal Law - Dalhousie - Essay

750 words - 3 pages ... you are not writing an opinion piece. You need to back up your arguments with material from the course even though you do not need to provide citations. Guidelines for this Assignment: Please do not use materials other than articles prepared for the seminars, video clips (under capital punishment handout), material distributed in seminars and lectures, and material discussed in seminars and lectures. Please do not use footnotes (or endnotes or in ...


864 words - 4 pages ... Exhibit 1: Percentage location of budget for individual head (Original and Revised) Sl No. Budget head Original Budget Revised Budget Percentage of total budget (Original) Percentage of total budget (Revised) 1 Material Development 12478600 25877928 13.9 28.8 2 Translation 351000 281846 0.4 0.3 3 Training 12500000 9853675 13.9 10.9 4 Event 16300000 11704548 18.1 13.0 5 Support Agency ...

Ancient Greece, Archaeological Evidence Pertaining To The Validity Of A Trojan War - La Trobe History - Essay Plan

598 words - 3 pages ... posted: 1. Indicate which week’s ‘Dialogue’ materials and ‘Padlet’ you have chosen to examine? Week 2 (a) What elements of the material studied make it a myth or are related to myth? [remember to expand – needs 3 to 6 sentences and clearly indicate the material chosen; ie your chosen primary source/s] The Iliad, an extensive yet mystifying poem that honors the actions of heroes, unfortunately, is debatably unclear as to what the settings Homer sang ...

Graphene Synthesis, Key Characteristics, And Uses In Future Techologies - Year 11 Chemistry - Scientific Poster

1372 words - 6 pages ... , 2012). Both toxicologists state that it is not known whether graphene flakes can become airborne and be inhaled, but one thing is for sure: further research is necessary. Evaluation Graphene is an allotrope of carbon, composed of a monolayer of carbon atoms covalently bound in a hexagonal lattice. It is the world’s first 2- dimensional material. An allotrope is each of two or more different physical forms in which an element can exist ...

Volcanoes And How They're Formed - Grade 10 - Essay

732 words - 3 pages ... Good morning class, today I will be doing my presentation on volcanoes. So, what is a volcano A volcano is an opening on the surface of a planet that allows material warmer than its surroundings to escape from its interior. When this material escapes, it causes an eruption. An eruption can be explosive, sending material high into the sky. Or it can be calmer, with gentle flows of material. These volcanic areas usually form mountains built from ...