EL BETA Y EL COSTO

CAPITAL

Aplica las funcines estadsticas respetando l

histogramas y polgono de frecuencia, as com
diferentes medidas de tendencia central.
Mg. Jess Caldern Contreras
 COSTO DEL
TAL

espetando la sintaxis. Elabora

ncia, as como calcula las
entral.
central.
 COEFICIENTE DE
CORRELACIN
Elcoeficiente
coeficientede decorrelacin:
correlacin:R, R,mide
mideelelgrado
gradodederelacin
relacinexistente
existenteen en
El
loscambios
los cambiosen enuna
unadedeellas
ellasinfluyen
influyenenenlos
losvalores
valoresde delalaotra.
otra.ElElvalor
valordd
enlalaprctica
en prcticasesetrabaja
trabajacon
conelelvalor
valorabsoluto
absolutode deR,
R,entonces,
entonces,aamedida
medidaq
grandees
grande eselelgrado
gradodedecorrelacin
correlacinentre
entrelos
losdatos,
datos,dedeacuerdo
acuerdoconconesto
estoe
.sepuede
.se puedeclasificar
clasificarde
devarias
variasformas,
formas,c

CORREACIN VALOR O RANGO

Perfecta |R| = 1
Excelente 0.9 <= |R| < 1
Buena 0.8 <= |R| < 0.9

Regular 0.5 <= |R| <0.8

Mala |R|< 0.5

Cov ( r A , r B
A ,B
Var ( r A ) * Var

Cov( rA , rB ) A, B Var ( rA ) *Var ( rB )

Cov ( r , rB )
A
A ,B
A B
 Cov ( r , rB )
A
A ,B
A B

clic
Y = Gasto de consumo familiar semanal
X = Ingreso familiar por semana

N Y X YX
1 70 80 5600
2 65 100 6500
3 90 120 10800
4 95 140 13300
5 110 160 17600
6 115 180 20700
7 120 200 24000
8 140 220 30800
9 155 240 37200
10 150 260 39000
TOTALES : 1110 1700 205500

MEDIA : 111 170

El coeficiente de correlacin:
E DE
IN
do derelacin
relacinexistente
existenteentre
entrelas
lasvariables,
variables,es
esdecir,
decir,sisi
o de
alores
ores dedelalaotra.
otra.ElElvalor
valorde
deRRvaria
variaentre
entre-1-1yy1,1,pero
pero
de R,entonces,
e R, entonces,aamedida
medidaque
queRRse seaproxime
aproximeaa1,1,msms
atos, deacuerdo
os, de acuerdoconconesto
estoelelcoeficiente
coeficientededecorrelacin
correlacin
lasificarde
asificar devarias
variasformas,
formas,como
comose seobserva
observaen enlalaTabla
Tabla

ov ( r A , r B )
r A ) * Var ( r B )

A ) *Var ( rB )

r A , rB )
Jess Caldern

A B
r A , rB )
A B

X2 x=(X - X) y=(Y - Y) x2 xy y2
6400 -60 62 3600 -3720 3844
10000 -40 57 1600 -2280 3249
14400 -20 82 400 -1640 6724
19600 0 87 0 0 7569
25600 20 102 400 2040 10404
32400 40 107 1600 4280 11449
40000 60 112 3600 6720 12544
48400 80 132 6400 10560 17424
57600 100 147 10000 14700 21609
67600 120 142 14400 17040 20164
322000 300 1030 42000 47700 114980

r= 47700 0.68641 Formula

69492

r= 0.98085 Funcin

COEF.DE.CORREL
 EL BETA
ElElBETA
BETAexpresa
expresaelelriesgo
riesgosistemtico
sistemticode deun
unvalor
valorrespecto
respectoalalriesgo
riesgodel
delnd
n
mercado.Es
mercado. Eselelcoeficiente
coeficientede
devariabilidad
variabilidadde
delalarentabilidad
rentabilidaddel
delvalor
valoroode
del
respectodel
respecto delriesgo
riesgodel
delmercado,
mercado,por
porloloque
quees
esununindicador
indicadordel
delRiesgo
RiesgoSist
Sis
. .valor
valoroode
delalacartera
cartera

Concepto Valor
Covarianza acc y mcdo = Cov (Ri,RM) 0.032074
Varianza mercado = Var (RM) 0.0611

Formula del Beta

Cov raccin , rmercado

mercado 2
oalalriesgo
riesgodel
delndice
ndicedel
del
ddel
delvalor
valoroode
delalacartera,
cartera,
rdel
delRiesgo
RiesgoSistemtico
Sistemticodel del
 BETA
CLCULO DEL BETA
DATOS PRIMARIOS S&P 500 INDEX,RTH (^G

1. CLCULO DE RENTABILIDAD DE EMPRESA 2. CLCULO DE RENTABILIDAD

Empresa American State Water Mercado

N Fecha Precio Retorno Mes N

Mes US$ AWR
1 8/26/2015 36.80000 1
2 8/27/2015 37.36000 2
3 8/28/2015 37.90000 3
4 8/31/2015 37.75000 4
5 9/1/2015 36.95000 5
6 9/2/2015 37.16000 6
7 9/3/2015 37.22000 7
8 9/4/2015 36.98000 8
9 9/8/2015 37.98000 9
10 9/9/2015 37.56000 10
11 9/10/2015 37.55000 11
12 9/11/2015 38.29000 12
13 9/14/2015 38.99000 13
14 9/15/2015 39.01000 14
15 9/16/2015 38.94000 15
16 9/17/2015 39.49000 16
17 9/18/2015 39.60000 17
18 9/21/2015 40.43000 18
19 9/22/2015 40.06000 19
20 9/23/2015 40.73000 20
21 9/24/2015 41.29000 21
22 9/25/2015 41.03000 22
23 9/28/2015 40.98000 23
24 9/29/2015 41.09000 24
25 9/30/2015 41.40000 25
26 10/1/2015 41.26000 26
27 10/2/2015 41.88000 27
28 10/5/2015 42.34000 28
29 10/6/2015 41.33000 29
30 10/7/2015 41.23000 30
31 10/8/2015 41.80000 31
32 10/9/2015 41.50000 32
33 10/12/2015 41.88000 33
34 10/13/2015 41.61000 34
35 10/14/2015 41.38000 35
36 10/15/2015 42.31000 36
37 10/16/2015 40.95000 37
38 10/19/2015 41.59000 38
39 10/20/2015 41.93000 39
40 10/21/2015 40.66000 40
41 10/22/2015 41.33000 41
42 10/23/2015 41.14000 42
43 10/26/2015 41.12000 43
44 10/27/2015 41.06000 44
45 10/28/2015 41.03000 45
46 10/29/2015 40.68000 46
47 10/30/2015 40.75000 47
48 11/2/2015 40.58000 48
49 11/3/2015 41.13000 49
50 11/4/2015 40.97000 50
51 11/5/2015 41.51000 51
52 11/6/2015 40.17000 52
53 11/9/2015 40.50000 53
54 11/10/2015 40.81000 54
55 11/11/2015 40.95000 55
56 11/12/2015 40.22000 56
57 11/13/2015 40.08000 57
58 11/16/2015 40.79000 58
59 11/17/2015 40.22000 59
60 11/18/2015 40.53000 60
61 11/19/2015 40.89000 61
62 11/20/2015 41.29000 62
63 11/23/2015 41.04000 63
64 11/24/2015 40.73000 64
65 11/25/2015 40.80000 65
66 11/27/2015 41.82000 66
67 11/30/2015 41.83000 67
68 12/1/2015 42.01000 68
69 12/2/2015 41.73000 69
70 12/3/2015 41.33000 70
71 12/4/2015 41.93000 71
72 12/7/2015 41.82000 72
 73 12/8/2015 42.14000 73
74 12/9/2015 41.73000 74
75 12/10/2015 40.70000 75
76 12/11/2015 40.09000 76
77 12/14/2015 39.91000 77
78 12/15/2015 40.58000 78
79 12/16/2015 41.48000 79
80 12/17/2015 42.51000 80
81 12/18/2015 42.63000 81
82 12/21/2015 42.70000 82
83 12/22/2015 42.34000 83
84 12/23/2015 42.39000 84
85 12/24/2015 42.77000 85
86 12/28/2015 43.57000 86
87 12/29/2015 43.46000 87
88 12/30/2015 43.06000 88
89 12/31/2015 41.95000 89
90 1/4/2016 40.50000 90
91 1/5/2016 40.79000 91
92 1/6/2016 41.35000 92
93 1/7/2016 40.49000 93
94 1/8/2016 40.46000 94
95 1/11/2016 40.81000 95
96 1/12/2016 40.92000 96
97 1/13/2016 40.44000 97
98 1/14/2016 40.79000 98
99 1/15/2016 40.12000 99
100 1/19/2016 41.02000 100
101 1/20/2016 40.14000 101
102 1/21/2016 40.18000 102
103 1/22/2016 41.03000 103
104 1/25/2016 40.80000 104
105 1/26/2016 41.13000 105
106 1/27/2016 41.25000 106
107 1/28/2016 43.86000 107
108 1/29/2016 45.40000 108
109 2/1/2016 46.11000 109
110 2/2/2016 46.54000 110
111 2/3/2016 45.91000 111
112 2/4/2016 45.16000 112
113 2/5/2016 44.16000 113
114 2/8/2016 45.65000 114
115 2/9/2016 46.23000 115
116 2/10/2016 46.38000 116
117 2/11/2016 46.43000 117
118 2/12/2016 46.48000 118
119 2/16/2016 45.95000 119
120 2/17/2016 46.05000 120
121 2/18/2016 46.54000 121
122 2/19/2016 46.56000 122
123 2/22/2016 46.84000 123
124 2/23/2016 46.97000 124
125 2/24/2016 47.18000 125
126 2/25/2016 46.87000 126
127 2/26/2016 42.53000 127
128 2/29/2016 42.41000 128
129 3/1/2016 41.98000 129
130 3/2/2016 42.44000 130
131 3/3/2016 41.47000 131
132 3/4/2016 41.73000 132
133 3/7/2016 41.38000 133
134 3/8/2016 41.39000 134
135 3/9/2016 41.54000 135
136 3/10/2016 41.29000 136
137 3/11/2016 41.01000 137
138 3/14/2016 40.62000 138
139 3/15/2016 39.57000 139
140 3/16/2016 38.92000 140
141 3/17/2016 38.72000 141
142 3/18/2016 39.48000 142
143 3/21/2016 38.98000 143
144 3/22/2016 39.49000 144
145 3/23/2016 38.92000 145
146 3/24/2016 38.97000 146
147 3/28/2016 38.75000 147
148 3/29/2016 39.51000 148
149 3/30/2016 39.81000 149
150 3/31/2016 39.36000 150
151 4/1/2016 39.86000 151
152 4/4/2016 39.80000 152
153 4/5/2016 39.23000 153
154 4/6/2016 38.76000 154
155 4/7/2016 38.79000 155
156 4/8/2016 38.90000 156
157 4/11/2016 39.06000 157
158 4/12/2016 39.11000 158
159 4/13/2016 39.28000 159
160 4/14/2016 39.57000 160
161 4/15/2016 40.58000 161
162 4/18/2016 41.03000 162
163 4/19/2016 42.03000 163
164 4/20/2016 40.87000 164
165 4/21/2016 39.46000 165
166 4/22/2016 40.47000 166
167 4/25/2016 40.51000 167
168 4/26/2016 40.92000 168
169 4/27/2016 40.96000 169
170 4/28/2016 41.51000 170
171 4/29/2016 41.69000 171
172 5/2/2016 42.81000 172
173 5/3/2016 41.81000 173
174 5/4/2016 42.48000 174
175 5/5/2016 39.60000 175
176 5/6/2016 40.78000 176
177 5/9/2016 40.70000 177
178 5/10/2016 39.73000 178
179 5/11/2016 40.62000 179
180 5/12/2016 39.73000 180
181 5/13/2016 40.08000 181
182 5/16/2016 39.80000 182
183 5/17/2016 38.70000 183
184 5/18/2016 37.94000 184
185 5/19/2016 37.92000 185
186 5/20/2016 38.10000 186
187 5/23/2016 37.94000 187
188 5/24/2016 39.06000 188
189 5/25/2016 38.22000 189
190 5/26/2016 38.81000 190
191 5/27/2016 38.98000 191
192 5/31/2016 39.06000 192
193 6/1/2016 39.83000 193
194 6/2/2016 39.78000 194
195 6/3/2016 40.60000 195
196 6/6/2016 40.14000 196
197 6/7/2016 40.49000 197
198 6/8/2016 41.13000 198
199 6/9/2016 41.27000 199
200 6/10/2016 41.34000 200
201 6/13/2016 40.89000 201
202 6/14/2016 40.98000 202
203 6/15/2016 40.68000 203
204 6/16/2016 41.22000 204
205 6/17/2016 40.83000 205
206 6/20/2016 40.90000 206
207 6/21/2016 41.37000 207
208 6/22/2016 41.40000 208
209 6/23/2016 42.12000 209
210 6/24/2016 42.07000 210
211 6/27/2016 42.28000 211
212 6/28/2016 42.43000 212
213 6/29/2016 42.45000 213
214 6/30/2016 43.82000 214
215 7/1/2016 43.37000 215
216 7/5/2016 44.12000 216
217 7/6/2016 43.93000 217
218 7/7/2016 42.94000 218
219 7/8/2016 43.37000 219
220 7/11/2016 43.43000 220
221 7/12/2016 42.95000 221
222 7/13/2016 43.77000 222
223 7/14/2016 43.03000 223
224 7/15/2016 43.42000 224
225 7/18/2016 43.27000 225
226 7/19/2016 43.16000 226
227 7/20/2016 43.25000 227
228 7/21/2016 43.35000 228
229 7/22/2016 43.84000 229
230 7/25/2016 43.72000 230
231 7/26/2016 43.67000 231
232 7/27/2016 43.36000 232
233 7/28/2016 43.16000 233
234 7/29/2016 43.20000 234
235 8/1/2016 43.48000 235
236 8/2/2016 42.89000 236
237 8/3/2016 42.32000 237
238 8/4/2016 42.03000 238
239 8/5/2016 43.29000 239
240 8/8/2016 42.63000 240
241 8/9/2016 42.22000 241
242 8/10/2016 42.42000 242
243 8/11/2016 42.03000 243
244 8/12/2016 41.92000 244
245 8/15/2016 41.37000 245
246 8/16/2016 40.02000 246
247 8/17/2016 40.96000 247
248 8/18/2016 41.34000 248
249 8/19/2016 40.51000 249
250 8/22/2016 40.90000 250
251 8/23/2016 40.43000 251
252 8/24/2016 40.13000 252
253 8/25/2016 40.73000 253
254 8/26/2016 39.41000 254
255 8/29/2016 39.29000 255
256 8/30/2016 39.26000 256
257 8/31/2016 38.98000 257
258 9/1/2016 38.85000 258
259 9/2/2016 39.60000 259
260 9/6/2016 39.79000 260
261 9/7/2016 40.38000 261
262 9/8/2016 40.18000 262
263 9/9/2016 38.85000 263
264 9/12/2016 38.56000 264
265 9/13/2016 37.78000 265
266 9/14/2016 37.88000 266
267 9/15/2016 38.21000 267
268 9/16/2016 38.89000 268
269 9/19/2016 39.57000 269
270 9/20/2016 39.71000 270
271 9/21/2016 40.69000 271
272 9/22/2016 41.36000 272
273 9/23/2016 40.63000 273
274 9/26/2016 40.46000 274
275 9/27/2016 39.82000 275
276 9/28/2016 39.77000 276
277 9/29/2016 39.54000 277
278 9/30/2016 40.05000 278
279 10/3/2016 39.69000 279
280 10/4/2016 38.62000 280
281 10/5/2016 38.26000 281
282 10/6/2016 38.08000 282
283 10/7/2016 37.62000 283
284 10/10/2016 38.63000 284
285 10/11/2016 38.60000 285
286 10/12/2016 38.81000 286
287 10/13/2016 38.78000 287
288 10/14/2016 38.33000 288
289 10/17/2016 38.13000 289
290 10/18/2016 38.14000 290
291 10/19/2016 37.65000 291
292 10/20/2016 37.74000 292
293 10/21/2016 37.91000 293
294 10/24/2016 38.21000 294
295 10/25/2016 38.44000 295
296 10/26/2016 38.42000 296
297 10/27/2016 38.81000 297
298 10/28/2016 38.69000 298
299 10/31/2016 39.98000 299
300 11/1/2016 39.32000 300
301 11/2/2016 38.87000 301
302 11/3/2016 39.76000 302
303 11/4/2016 38.71000 303
304 11/7/2016 39.75000 304
305 11/8/2016 39.80000 305
306 11/9/2016 39.84000 306
307 11/10/2016 39.36000 307
308 11/11/2016 40.94000 308
309 11/14/2016 41.29000 309
310 11/15/2016 41.45000 310
311 11/16/2016 42.26000 311
312 11/17/2016 42.47000 312
313 11/18/2016 42.81000 313
314 11/21/2016 42.89000 314
315 11/22/2016 44.49000 315
316 11/23/2016 42.37000 316
317 11/25/2016 43.79000 317
318 11/28/2016 44.18000 318
319 11/29/2016 44.22000 319
320 11/30/2016 42.40000 320
321 12/1/2016 42.69000 321
322 12/2/2016 43.63000 322
323 12/5/2016 44.46000 323
324 12/6/2016 44.62000 324
325 12/7/2016 45.38000 325
326 12/8/2016 46.18000 326
327 12/9/2016 45.54000 327
328 12/12/2016 45.77000 328
329 12/13/2016 45.81000 329
330 12/14/2016 44.74000 330
331 12/15/2016 45.00000 331
332 12/16/2016 44.94000 332
333 12/19/2016 45.64000 333
334 12/20/2016 45.31000 334
335 12/21/2016 45.21000 335
336 12/22/2016 45.28000 336
337 12/23/2016 45.64000 337
338 12/27/2016 46.05000 338
339 12/28/2016 45.32000 339
340 12/29/2016 45.68000 340
341 12/30/2016 45.56000 341
342 1/3/2017 44.95000 342
343 1/4/2017 45.63000 343
344 1/5/2017 44.77000 344
345 1/6/2017 44.21000 345
346 1/9/2017 43.29000 346
347 1/10/2017 43.46000 347
348 1/11/2017 43.89000 348
349 1/12/2017 43.18000 349
350 1/13/2017 43.66000 350
351 1/17/2017 43.14000 351
352 1/18/2017 42.82000 352
353 1/19/2017 42.39000 353
354 1/20/2017 42.62000 354
355 1/23/2017 42.68000 355
356 1/24/2017 43.59000 356
357 1/25/2017 44.25000 357
358 1/26/2017 44.10000 358
359 1/27/2017 43.84000 359
360 1/30/2017 43.20000 360
361 1/31/2017 43.78000 361
362 2/1/2017 42.74000 362
363 2/2/2017 44.24000 363
364 2/3/2017 44.09000 364
365 2/6/2017 43.78000 365
366 2/7/2017 43.57000 366
367 2/8/2017 43.88000 367
368 2/9/2017 43.96000 368
369 2/10/2017 44.48000 369
370 2/13/2017 44.05000 370
371 2/14/2017 43.49000 371
372 2/15/2017 43.91000 372
373 2/16/2017 43.81000 373
374 2/17/2017 44.20000 374
375 2/21/2017 44.54000 375
376 2/22/2017 44.42000 376
377 2/23/2017 44.90000 377
378 2/24/2017 44.89000 378
379 2/27/2017 44.48000 379
380 2/28/2017 44.72000 380
381 3/1/2017 44.89000 381
382 3/2/2017 44.84000 382
383 3/3/2017 43.88000 383
384 3/6/2017 43.20000 384
385 3/7/2017 42.82000 385
386 3/8/2017 41.55000 386
387 3/9/2017 41.22000 387
388 3/10/2017 42.09000 388
389 3/13/2017 42.41000 389
390 3/14/2017 42.63000 390
391 3/15/2017 44.12000 391
392 3/16/2017 43.95000 392
393 3/17/2017 44.92000 393
394 3/20/2017 44.13000 394
395 3/21/2017 43.97000 395
396 3/22/2017 44.05000 396
397 3/23/2017 43.46000 397
398 3/24/2017 43.53000 398
399 3/27/2017 43.55000 399
400 3/28/2017 43.72000 400
401 3/29/2017 43.55000 401
402 3/30/2017 43.51000 402
403 3/31/2017 44.30000 403
404 4/3/2017 43.29000 404
405 4/4/2017 43.96000 405
406 4/5/2017 44.11000 406
407 4/6/2017 43.92000 407
408 4/7/2017 43.98000 408
409 4/10/2017 44.22000 409
410 4/11/2017 45.01000 410
411 4/12/2017 44.86000 411
412 4/13/2017 44.79000 412
413 4/17/2017 44.89000 413
414 4/18/2017 44.84000 414
415 4/19/2017 45.28000 415
416 4/20/2017 45.01000 416
417 4/21/2017 45.14000 417
418 4/24/2017 45.49000 418
419 4/25/2017 45.64000 419
420 4/26/2017 46.50000 420
421 4/27/2017 45.64000 421
422 4/28/2017 44.52000 422
423 5/1/2017 44.47000 423
424 5/2/2017 44.12000 424
425 5/3/2017 45.07000 425
426 5/4/2017 43.66000 426
427 5/5/2017 44.80000 427
428 5/8/2017 44.00000 428
429 5/9/2017 43.32000 429
430 5/10/2017 44.29000 430
431 5/11/2017 44.22000 431
432 5/12/2017 44.35000 432
433 5/15/2017 44.59000 433
434 5/16/2017 44.76000 434
435 5/17/2017 44.62000 435
436 5/18/2017 44.26000 436
437 5/19/2017 44.39000 437
438 5/22/2017 44.99000 438
439 5/23/2017 45.17000 439
440 5/24/2017 45.18000 440
441 5/25/2017 45.66000 441
442 5/26/2017 45.72000 442
443 5/30/2017 45.48000 443
444 5/31/2017 45.79000 444
445 6/1/2017 46.75000 445
446 6/2/2017 47.10000 446
447 6/5/2017 46.97000 447
448 6/6/2017 47.23000 448
449 6/7/2017 47.41000 449
450 6/8/2017 48.27000 450
451 6/9/2017 49.90000 451
452 6/12/2017 49.24000 452
453 6/13/2017 49.47000 453
454 6/14/2017 49.69000 454
455 6/15/2017 49.86000 455
456 6/16/2017 49.94000 456
457 6/19/2017 49.17000 457
458 6/20/2017 48.67000 458
459 6/21/2017 48.06000 459
460 6/22/2017 48.04000 460
461 6/23/2017 48.20000 461
462 6/26/2017 48.09000 462
463 6/27/2017 47.61000 463
464 6/28/2017 47.32000 464
465 6/29/2017 47.43000 465
466 6/30/2017 47.41000 466
467 7/3/2017 47.84000 467
468 7/5/2017 47.32000 468
469 7/6/2017 46.90000 469
470 7/7/2017 47.45000 470
471 7/10/2017 47.12000 471
472 7/11/2017 47.53000 472
473 7/12/2017 47.52000 473
474 7/13/2017 46.95000 474
475 7/14/2017 46.73000 475
476 7/17/2017 47.04000 476
477 7/18/2017 47.57000 477
478 7/19/2017 48.09000 478
479 7/20/2017 48.94000 479
480 7/21/2017 49.69000 480
481 7/24/2017 48.58000 481
482 7/25/2017 49.20000 482
483 7/26/2017 49.95000 483
484 7/27/2017 49.06000 484
485 7/28/2017 49.71000 485
486 7/31/2017 49.45000 486
487 8/1/2017 50.03000 487
488 8/2/2017 48.79000 488
489 8/3/2017 49.81000 489
490 8/4/2017 50.75000 490
491 8/7/2017 50.82000 491
492 8/8/2017 50.56000 492
493 8/9/2017 51.38000 493
494 8/10/2017 51.45000 494
495 8/11/2017 49.71000 495
496 8/14/2017 50.31000 496
497 8/15/2017 50.14000 497
498 8/16/2017 49.25000 498
499 8/17/2017 48.44000 499
500 8/18/2017 48.88000 500
501 8/21/2017 49.13000 501
502 8/22/2017 49.04000 502
503 8/23/2017 48.95000 503
504 8/24/2017 48.97000 504
505 8/25/2017 49.01000 505
&P 500 INDEX,RTH (^GSPC)

CLCULO DE RENTABILIDAD DE NDICE S&P500 3. CLCULO DE BETA

ndice S&P500 3.1. Mtodo de Varianza

Fecha Precio Retorno Mes COV ( r i , r M )

Mes ndice S&P500
8/26/2015 1940.5100 VAR ( r M )
8/27/2015 1987.6600
8/28/2015 1988.8700 Concepto Valor
8/31/2015 1972.1801 Cov (Ri,RM)
9/1/2015 1913.8500 Var (RM)
9/2/2015 1948.8600 Beta
9/3/2015 1951.1300
9/4/2015 1921.2200 3.2. Mtodo de Correlacin
9/8/2015 1969.4100
9/9/2015 1942.0400
Cov ( r i , rM )
9/10/2015 1952.2900
i,M
9/11/2015
9/14/2015
1961.0500
1953.0300
i M
9/15/2015 1978.0900
9/16/2015
9/17/2015
1995.3101
1990.2000
Cov(r i , rM ) i, Mi M
9/18/2015 1958.0300
9/21/2015 1966.9700
i, M i M
9/22/2015 1942.7400 2
9/23/2015 1938.7600 M
9/24/2015 1932.2400
9/25/2015 1931.3400
9/28/2015 1881.7700 i,M i
9/29/2015 1884.0900
9/30/2015
10/1/2015
1920.0300
1923.8199
M
10/2/2015 1951.3600
 10/5/2015 1987.0500 Concepto Valor
10/6/2015 1979.9200 Correl (Ri,RM)
10/7/2015 1995.8300 Desv Est (Ri)
10/8/2015 2013.4301 Desv Est (RM)
10/9/2015 2014.8900 Beta
10/12/2015 2017.4600
10/13/2015 2003.6899
10/14/2015 1994.2400
10/15/2015 2023.8600
10/16/2015 2033.1100
10/19/2015 2033.6600 3.3. Mtodo de Regresin
10/20/2015 2030.7700
10/21/2015 2018.9399
R i rM
10/22/2015 2052.5100
10/23/2015 2075.1499
10/26/2015 2071.1799 SUMMARY OUTPUT DATA ANALYSIS, REGRESIOEN
10/27/2015 2065.8899
10/28/2015 2090.3501
10/29/2015 2089.4099
10/30/2015 2079.3601
11/2/2015 2104.0500
11/3/2015 2109.7900
11/4/2015 2102.3101
11/5/2015 2099.9299
11/6/2015 2099.2000
11/9/2015 2078.5801
11/10/2015 2081.7200
11/11/2015 2075.0000
11/12/2015 2045.9700
11/13/2015 2023.0400
11/16/2015 2053.1899
11/17/2015 2050.4399
11/18/2015 2083.5801
11/19/2015 2081.2400
11/20/2015 2089.1699
11/23/2015 2086.5901
11/24/2015 2089.1399
11/25/2015 2088.8701
11/27/2015 2090.1101
11/30/2015 2080.4099
12/1/2015 2102.6299
12/2/2015 2079.5100
12/3/2015 2049.6201
12/4/2015 2091.6899
12/7/2015 2077.0701
 12/8/2015 2063.5901
12/9/2015 2047.6200
12/10/2015 2052.2300
12/11/2015 2012.3700
12/14/2015 2021.9399
12/15/2015 2043.4100
12/16/2015 2073.0701
12/17/2015 2041.8900
12/18/2015 2005.5500
12/21/2015 2021.1500
12/22/2015 2038.9700
12/23/2015 2064.2900
12/24/2015 2060.9900
12/28/2015 2056.5000
12/29/2015 2078.3601
12/30/2015 2063.3601
12/31/2015 2043.9399
1/4/2016 2012.6600
1/5/2016 2016.7100
1/6/2016 1990.2600
1/7/2016 1943.0900
1/8/2016 1922.0300
1/11/2016 1923.6700
1/12/2016 1938.6801
1/13/2016 1890.2800
1/14/2016 1921.8400
1/15/2016 1880.3300
1/19/2016 1881.3300
1/20/2016 1859.3300
1/21/2016 1868.9900
1/22/2016 1906.9000
1/25/2016 1877.0800
1/26/2016 1903.6300
1/27/2016 1882.9500
1/28/2016 1893.3600
1/29/2016 1940.2400
2/1/2016 1939.3800
2/2/2016 1903.0300
2/3/2016 1912.5300
2/4/2016 1915.4500
2/5/2016 1880.0500
2/8/2016 1853.4399
2/9/2016 1852.2100
2/10/2016 1851.8600
2/11/2016 1829.0800
2/12/2016 1864.7800
2/16/2016 1895.5800
2/17/2016 1926.8199
2/18/2016 1917.8300
2/19/2016 1917.7800
2/22/2016 1945.5000
2/23/2016 1921.2700
2/24/2016 1929.8000
2/25/2016 1951.7000
2/26/2016 1948.0500
2/29/2016 1932.2300
3/1/2016 1978.3500
3/2/2016 1986.4500
3/3/2016 1993.4000
3/4/2016 1999.9900
3/7/2016 2001.7600
3/8/2016 1979.2600
3/9/2016 1989.2600
3/10/2016 1989.5699
3/11/2016 2022.1899
3/14/2016 2019.6400
3/15/2016 2015.9301
3/16/2016 2027.2200
3/17/2016 2040.5900
3/18/2016 2049.5801
3/21/2016 2051.6001
3/22/2016 2049.8000
3/23/2016 2036.7100
3/24/2016 2035.9399
3/28/2016 2037.0500
3/29/2016 2055.0100
3/30/2016 2063.9500
3/31/2016 2059.7400
4/1/2016 2072.7800
4/4/2016 2066.1299
4/5/2016 2045.1700
4/6/2016 2066.6599
4/7/2016 2041.9100
4/8/2016 2047.6000
4/11/2016 2041.9900
4/12/2016 2061.7200
4/13/2016 2082.4199
4/14/2016 2082.7800
4/15/2016 2080.7300
4/18/2016 2094.3401
4/19/2016 2100.8000
4/20/2016 2102.3999
4/21/2016 2091.4800
4/22/2016 2091.5801
4/25/2016 2087.7900
4/26/2016 2091.7000
4/27/2016 2095.1499
4/28/2016 2075.8101
4/29/2016 2065.3000
5/2/2016 2081.4299
5/3/2016 2063.3701
5/4/2016 2051.1201
5/5/2016 2050.6299
5/6/2016 2057.1399
5/9/2016 2058.6899
5/10/2016 2084.3899
5/11/2016 2064.4600
5/12/2016 2064.1101
5/13/2016 2046.6100
5/16/2016 2066.6599
5/17/2016 2047.2100
5/18/2016 2047.6300
5/19/2016 2040.0400
5/20/2016 2052.3201
5/23/2016 2048.0400
5/24/2016 2076.0601
5/25/2016 2090.5400
5/26/2016 2090.1001
5/27/2016 2099.0601
5/31/2016 2096.9500
6/1/2016 2099.3301
6/2/2016 2105.2600
6/3/2016 2099.1299
6/6/2016 2109.4099
6/7/2016 2112.1299
6/8/2016 2119.1201
6/9/2016 2115.4800
6/10/2016 2096.0701
6/13/2016 2079.0601
6/14/2016 2075.3201
6/15/2016 2071.5000
6/16/2016 2077.9900
6/17/2016 2071.2200
6/20/2016 2083.2500
6/21/2016 2088.8999
6/22/2016 2085.4500
6/23/2016 2113.3201
6/24/2016 2037.4100
6/27/2016 2000.5400
6/28/2016 2036.0900
6/29/2016 2070.7700
6/30/2016 2098.8601
7/1/2016 2102.9500
7/5/2016 2088.5500
7/6/2016 2099.7300
7/7/2016 2097.8999
7/8/2016 2129.8999
7/11/2016 2137.1599
7/12/2016 2152.1399
7/13/2016 2152.4299
7/14/2016 2163.7500
7/15/2016 2161.7400
7/18/2016 2166.8899
7/19/2016 2163.7800
7/20/2016 2173.0200
7/21/2016 2165.1699
7/22/2016 2175.0300
7/25/2016 2168.4800
7/26/2016 2169.1799
7/27/2016 2166.5801
7/28/2016 2170.0601
7/29/2016 2173.6001
8/1/2016 2170.8401
8/2/2016 2157.0300
8/3/2016 2163.7900
8/4/2016 2164.2500
8/5/2016 2182.8701
8/8/2016 2180.8899
8/9/2016 2181.7400
8/10/2016 2175.4900
8/11/2016 2185.7900
8/12/2016 2184.0500
8/15/2016 2190.1499
8/16/2016 2178.1499
8/17/2016 2182.2200
8/18/2016 2187.0200
8/19/2016 2183.8701
8/22/2016 2182.6399
8/23/2016 2186.8999
8/24/2016 2175.4399
 8/25/2016 2172.4700
8/26/2016 2169.0400
8/29/2016 2180.3799
8/30/2016 2176.1201
8/31/2016 2170.9500
9/1/2016 2170.8601
9/2/2016 2179.9800
9/6/2016 2186.4800
9/7/2016 2186.1599
9/8/2016 2181.3000
9/9/2016 2127.8101
9/12/2016 2159.0400
9/13/2016 2127.0200
9/14/2016 2125.7700
9/15/2016 2147.2600
9/16/2016 2139.1599
9/19/2016 2139.1201
9/20/2016 2139.7600
9/21/2016 2163.1201
9/22/2016 2177.1799
9/23/2016 2164.6899
9/26/2016 2146.1001
9/27/2016 2159.9299
9/28/2016 2171.3701
9/29/2016 2151.1299
9/30/2016 2168.2700
10/3/2016 2161.2000
10/4/2016 2150.4900
10/5/2016 2159.7300
10/6/2016 2160.7700
10/7/2016 2153.7400
10/10/2016 2163.6599
10/11/2016 2136.7300
10/12/2016 2139.1799
10/13/2016 2132.5500
10/14/2016 2132.9800
10/17/2016 2126.5000
10/18/2016 2139.6001
10/19/2016 2144.2900
10/20/2016 2141.3401
10/21/2016 2141.1599
10/24/2016 2151.3301
10/25/2016 2143.1599
10/26/2016 2139.4299
10/27/2016 2133.0400
10/28/2016 2126.4099
10/31/2016 2126.1499
11/1/2016 2111.7200
11/2/2016 2097.9399
11/3/2016 2088.6599
11/4/2016 2085.1799
11/7/2016 2131.5200
11/8/2016 2139.5601
11/9/2016 2163.2600
11/10/2016 2167.4800
11/11/2016 2164.4500
11/14/2016 2164.2000
11/15/2016 2180.3899
11/16/2016 2176.9399
11/17/2016 2187.1201
11/18/2016 2181.8999
11/21/2016 2198.1799
11/22/2016 2202.9399
11/23/2016 2204.7200
11/25/2016 2213.3501
11/28/2016 2201.7200
11/29/2016 2204.6599
11/30/2016 2198.8101
12/1/2016 2191.0801
12/2/2016 2191.9500
12/5/2016 2204.7100
12/6/2016 2212.2300
12/7/2016 2241.3501
12/8/2016 2246.1899
12/9/2016 2259.5300
12/12/2016 2256.9600
12/13/2016 2271.7200
12/14/2016 2253.2800
12/15/2016 2262.0300
12/16/2016 2258.0701
12/19/2016 2262.5300
12/20/2016 2270.7600
12/21/2016 2265.1799
12/22/2016 2260.9600
12/23/2016 2263.7900
12/27/2016 2268.8799
12/28/2016 2249.9199
12/29/2016 2249.2600
12/30/2016 2238.8301
1/3/2017 2257.8301
 1/4/2017 2270.7500
1/5/2017 2269.0000
1/6/2017 2276.9800
1/9/2017 2268.8999
1/10/2017 2268.8999
1/11/2017 2275.3201
1/12/2017 2270.4399
1/13/2017 2274.6399
1/17/2017 2267.8899
1/18/2017 2271.8899
1/19/2017 2263.6899
1/20/2017 2271.3101
1/23/2017 2265.2000
1/24/2017 2280.0701
1/25/2017 2298.3701
1/26/2017 2296.6799
1/27/2017 2294.6899
1/30/2017 2280.8999
1/31/2017 2278.8701
2/1/2017 2279.5500
2/2/2017 2280.8501
2/3/2017 2297.4199
2/6/2017 2292.5601
2/7/2017 2293.0801
2/8/2017 2294.6699
2/9/2017 2307.8701
2/10/2017 2316.1001
2/13/2017 2328.2500
2/14/2017 2337.5801
2/15/2017 2349.2500
2/16/2017 2347.2200
2/17/2017 2351.1599
2/21/2017 2365.3799
2/22/2017 2362.8201
2/23/2017 2363.8101
2/24/2017 2367.3401
2/27/2017 2369.7500
2/28/2017 2363.6399
3/1/2017 2395.9600
3/2/2017 2381.9199
3/3/2017 2383.1201
3/6/2017 2375.3101
3/7/2017 2368.3899
3/8/2017 2362.9800
3/9/2017 2364.8701
3/10/2017 2372.6001
3/13/2017 2373.4700
3/14/2017 2365.4500
3/15/2017 2385.2600
3/16/2017 2381.3799
3/17/2017 2378.2500
3/20/2017 2373.4700
3/21/2017 2344.0200
3/22/2017 2348.4500
3/23/2017 2345.9600
3/24/2017 2343.9800
3/27/2017 2341.5901
3/28/2017 2358.5701
3/29/2017 2361.1299
3/30/2017 2368.0601
3/31/2017 2362.7200
4/3/2017 2358.8401
4/4/2017 2360.1599
4/5/2017 2352.9500
4/6/2017 2357.4900
4/7/2017 2355.5400
4/10/2017 2357.1599
4/11/2017 2353.7800
4/12/2017 2344.9299
4/13/2017 2328.9500
4/17/2017 2349.0100
4/18/2017 2342.1899
4/19/2017 2338.1699
4/20/2017 2355.8401
4/21/2017 2348.6899
4/24/2017 2374.1499
4/25/2017 2388.6101
4/26/2017 2387.4500
4/27/2017 2388.7700
4/28/2017 2384.2000
5/1/2017 2388.3301
5/2/2017 2391.1699
5/3/2017 2388.1299
5/4/2017 2389.5200
5/5/2017 2399.2900
5/8/2017 2399.3799
5/9/2017 2396.9199
5/10/2017 2399.6299
5/11/2017 2394.4399
5/12/2017 2390.8999
5/15/2017 2402.3201
5/16/2017 2400.6699
5/17/2017 2357.0300
5/18/2017 2365.7200
5/19/2017 2381.7300
5/22/2017 2394.0200
5/23/2017 2398.4199
5/24/2017 2404.3899
5/25/2017 2415.0701
5/26/2017 2415.8201
5/30/2017 2412.9099
5/31/2017 2411.8000
6/1/2017 2430.0601
6/2/2017 2439.0701
6/5/2017 2436.1001
6/6/2017 2429.3301
6/7/2017 2433.1399
6/8/2017 2433.7900
6/9/2017 2431.7700
6/12/2017 2429.3899
6/13/2017 2440.3501
6/14/2017 2437.9199
6/15/2017 2432.4600
6/16/2017 2433.1499
6/19/2017 2453.4600
6/20/2017 2437.0300
6/21/2017 2435.6101
6/22/2017 2434.5000
6/23/2017 2438.3000
6/26/2017 2439.0701
6/27/2017 2419.3799
6/28/2017 2440.6899
6/29/2017 2419.7000
6/30/2017 2423.4099
7/3/2017 2429.0100
7/5/2017 2432.5400
7/6/2017 2409.7500
7/7/2017 2425.1799
7/10/2017 2427.4299
7/11/2017 2425.5300
7/12/2017 2443.2500
7/13/2017 2447.8301
7/14/2017 2459.2700
7/17/2017 2459.1399
7/18/2017 2460.6101
7/19/2017 2473.8301
7/20/2017 2473.4500
7/21/2017 2472.5400
7/24/2017 2469.9099
7/25/2017 2477.1299
7/26/2017 2477.8301
7/27/2017 2475.4199
7/28/2017 2472.1001
7/31/2017 2470.3000
8/1/2017 2476.3501
8/2/2017 2477.5701
8/3/2017 2472.1599
8/4/2017 2476.8301
8/7/2017 2480.9099
8/8/2017 2474.9199
8/9/2017 2474.0200
8/10/2017 2438.2100
8/11/2017 2441.3201
8/14/2017 2465.8401
8/15/2017 2464.6101
8/16/2017 2468.1101
8/17/2017 2430.0100
8/18/2017 2425.5500
8/21/2017 2428.3701
8/22/2017 2452.5100
8/23/2017 2444.0400
8/24/2017 2438.9700
8/25/2017 2443.0500
TA
NALYSIS, REGRESIOEN RANGO DE Y--RETONO DE ACC, EN x, RETORNO DEL INDICE
 CLCULO DEL BETA
DATOS PRIMARIOS KO S&P 500 INDEX,RTH (^GSPC)

1. CLCULO DE RENTABILIDAD DE EMPRESA 2. CLCULO DE RENTABILIDAD DE NDICE

Empresa Coca-Cola Company (KO) Mercado ndice S&P500

N Fecha Precio Retorno Mes N Fecha

Mes US$ AWR Mes
1 8/26/2015 38.7300 1 8/26/2015
2 8/27/2015 39.2700 2 8/27/2015
3 8/28/2015 39.4500 3 8/28/2015
4 8/31/2015 39.3200 4 8/31/2015
5 9/1/2015 38.7500 5 9/1/2015
6 9/2/2015 38.9000 6 9/2/2015
7 9/3/2015 39.1600 7 9/3/2015
8 9/4/2015 38.5200 8 9/4/2015
9 9/8/2015 38.9000 9 9/8/2015
10 9/9/2015 38.3000 10 9/9/2015
11 9/10/2015 38.4200 11 9/10/2015
12 9/11/2015 38.1300 12 9/11/2015
13 9/14/2015 38.1000 13 9/14/2015
14 9/15/2015 38.5000 14 9/15/2015
15 9/16/2015 39.1500 15 9/16/2015
16 9/17/2015 39.3800 16 9/17/2015
17 9/18/2015 38.9800 17 9/18/2015
18 9/21/2015 39.1900 18 9/21/2015
19 9/22/2015 38.7900 19 9/22/2015
20 9/23/2015 38.7600 20 9/23/2015
21 9/24/2015 39.1500 21 9/24/2015
22 9/25/2015 39.6200 22 9/25/2015
23 9/28/2015 39.5300 23 9/28/2015
24 9/29/2015 39.6600 24 9/29/2015
25 9/30/2015 40.1200 25 9/30/2015
26 10/1/2015 39.8000 26 10/1/2015
27 10/2/2015 40.3900 27 10/2/2015
28 10/5/2015 41.0100 28 10/5/2015
29 10/6/2015 40.9600 29 10/6/2015
30 10/7/2015 41.5200 30 10/7/2015
31 10/8/2015 41.9800 31 10/8/2015
32 10/9/2015 42.0200 32 10/9/2015
33 10/12/2015 42.0000 33 10/12/2015
34 10/13/2015 41.6500 34 10/13/2015
35 10/14/2015 41.6800 35 10/14/2015
36 10/15/2015 41.9200 36 10/15/2015
37 10/16/2015 42.0200 37 10/16/2015
38 10/19/2015 41.9900 38 10/19/2015
39 10/20/2015 42.2900 39 10/20/2015
40 10/21/2015 42.1900 40 10/21/2015
41 10/22/2015 43.2400 41 10/22/2015
42 10/23/2015 42.7900 42 10/23/2015
43 10/26/2015 42.5900 43 10/26/2015
44 10/27/2015 42.6100 44 10/27/2015
45 10/28/2015 42.7300 45 10/28/2015
46 10/29/2015 42.7900 46 10/29/2015
47 10/30/2015 42.3500 47 10/30/2015
48 11/2/2015 42.2400 48 11/2/2015
49 11/3/2015 42.1600 49 11/3/2015
50 11/4/2015 41.9700 50 11/4/2015
51 11/5/2015 42.3300 51 11/5/2015
52 11/6/2015 41.9600 52 11/6/2015
53 11/9/2015 41.5400 53 11/9/2015
54 11/10/2015 41.7700 54 11/10/2015
55 11/11/2015 42.0400 55 11/11/2015
56 11/12/2015 41.5800 56 11/12/2015
57 11/13/2015 41.3800 57 11/13/2015
58 11/16/2015 41.9600 58 11/16/2015
59 11/17/2015 41.6700 59 11/17/2015
60 11/18/2015 42.2800 60 11/18/2015
61 11/19/2015 43.1100 61 11/19/2015
62 11/20/2015 42.4300 62 11/20/2015
63 11/23/2015 42.9600 63 11/23/2015
64 11/24/2015 43.3600 64 11/24/2015
65 11/25/2015 43.3600 65 11/25/2015
66 11/27/2015 43.1500 66 11/27/2015
67 11/30/2015 42.6200 67 11/30/2015
68 12/1/2015 42.8900 68 12/1/2015
69 12/2/2015 42.7700 69 12/2/2015
70 12/3/2015 42.4600 70 12/3/2015
71 12/4/2015 43.2900 71 12/4/2015
72 12/7/2015 43.2000 72 12/7/2015
 73 12/8/2015 43.0100 73 12/8/2015
74 12/9/2015 42.6600 74 12/9/2015
75 12/10/2015 42.7600 75 12/10/2015
76 12/11/2015 42.2700 76 12/11/2015
77 12/14/2015 42.4500 77 12/14/2015
78 12/15/2015 43.0700 78 12/15/2015
79 12/16/2015 43.8400 79 12/16/2015
80 12/17/2015 43.4900 80 12/17/2015
81 12/18/2015 42.5000 81 12/18/2015
82 12/21/2015 42.7800 82 12/21/2015
83 12/22/2015 43.2900 83 12/22/2015
84 12/23/2015 43.6700 84 12/23/2015
85 12/24/2015 43.5400 85 12/24/2015
86 12/28/2015 43.4900 86 12/28/2015
87 12/29/2015 43.7100 87 12/29/2015
88 12/30/2015 43.5700 88 12/30/2015
89 12/31/2015 42.9600 89 12/31/2015
90 1/4/2016 42.4000 90 1/4/2016
91 1/5/2016 42.5500 91 1/5/2016
92 1/6/2016 42.3200 92 1/6/2016
93 1/7/2016 41.6200 93 1/7/2016
94 1/8/2016 41.5100 94 1/8/2016
95 1/11/2016 41.5800 95 1/11/2016
96 1/12/2016 42.1200 96 1/12/2016
97 1/13/2016 41.8500 97 1/13/2016
98 1/14/2016 41.8800 98 1/14/2016
99 1/15/2016 41.5000 99 1/15/2016
100 1/19/2016 41.9200 100 1/19/2016
101 1/20/2016 41.3800 101 1/20/2016
102 1/21/2016 41.3900 102 1/21/2016
103 1/22/2016 42.0600 103 1/22/2016
104 1/25/2016 42.1600 104 1/25/2016
105 1/26/2016 42.0800 105 1/26/2016
106 1/27/2016 42.0900 106 1/27/2016
107 1/28/2016 42.5700 107 1/28/2016
108 1/29/2016 42.9200 108 1/29/2016
109 2/1/2016 43.0000 109 2/1/2016
110 2/2/2016 42.4400 110 2/2/2016
111 2/3/2016 42.7200 111 2/3/2016
112 2/4/2016 42.5300 112 2/4/2016
113 2/5/2016 42.4400 113 2/5/2016
114 2/8/2016 42.6500 114 2/8/2016
115 2/9/2016 43.3000 115 2/9/2016
116 2/10/2016 42.5500 116 2/10/2016
117 2/11/2016 42.4100 117 2/11/2016
118 2/12/2016 43.1100 118 2/12/2016
119 2/16/2016 43.3600 119 2/16/2016
120 2/17/2016 43.4900 120 2/17/2016
121 2/18/2016 43.6100 121 2/18/2016
122 2/19/2016 43.7700 122 2/19/2016
123 2/22/2016 43.9400 123 2/22/2016
124 2/23/2016 43.6900 124 2/23/2016
125 2/24/2016 43.9100 125 2/24/2016
126 2/25/2016 44.1600 126 2/25/2016
127 2/26/2016 43.1400 127 2/26/2016
128 2/29/2016 43.1300 128 2/29/2016
129 3/1/2016 43.6900 129 3/1/2016
130 3/2/2016 43.7700 130 3/2/2016
131 3/3/2016 43.9600 131 3/3/2016
132 3/4/2016 44.1100 132 3/4/2016
133 3/7/2016 44.0100 133 3/7/2016
134 3/8/2016 44.3200 134 3/8/2016
135 3/9/2016 44.8100 135 3/9/2016
136 3/10/2016 45.2300 136 3/10/2016
137 3/11/2016 45.2000 137 3/11/2016
138 3/14/2016 45.2900 138 3/14/2016
139 3/15/2016 45.2400 139 3/15/2016
140 3/16/2016 45.0500 140 3/16/2016
141 3/17/2016 45.7700 141 3/17/2016
142 3/18/2016 45.6000 142 3/18/2016
143 3/21/2016 45.6700 143 3/21/2016
144 3/22/2016 45.5000 144 3/22/2016
145 3/23/2016 45.4600 145 3/23/2016
146 3/24/2016 45.5800 146 3/24/2016
147 3/28/2016 45.8000 147 3/28/2016
148 3/29/2016 46.4800 148 3/29/2016
149 3/30/2016 46.5800 149 3/30/2016
150 3/31/2016 46.3900 150 3/31/2016
151 4/1/2016 46.8300 151 4/1/2016
152 4/4/2016 46.8900 152 4/4/2016
153 4/5/2016 46.5300 153 4/5/2016
154 4/6/2016 46.7100 154 4/6/2016
155 4/7/2016 46.3600 155 4/7/2016
156 4/8/2016 46.8700 156 4/8/2016
157 4/11/2016 46.4400 157 4/11/2016
158 4/12/2016 46.6500 158 4/12/2016
159 4/13/2016 46.0400 159 4/13/2016
160 4/14/2016 45.8300 160 4/14/2016
161 4/15/2016 46.1000 161 4/15/2016
162 4/18/2016 46.2200 162 4/18/2016
163 4/19/2016 46.6000 163 4/19/2016
164 4/20/2016 44.3700 164 4/20/2016
165 4/21/2016 43.6600 165 4/21/2016
166 4/22/2016 44.5400 166 4/22/2016
167 4/25/2016 44.7100 167 4/25/2016
168 4/26/2016 44.5300 168 4/26/2016
169 4/27/2016 44.6800 169 4/27/2016
170 4/28/2016 44.6300 170 4/28/2016
171 4/29/2016 44.8000 171 4/29/2016
172 5/2/2016 44.9800 172 5/2/2016
173 5/3/2016 44.8400 173 5/3/2016
174 5/4/2016 44.9800 174 5/4/2016
175 5/5/2016 45.0600 175 5/5/2016
176 5/6/2016 45.3200 176 5/6/2016
177 5/9/2016 45.2400 177 5/9/2016
178 5/10/2016 45.7500 178 5/10/2016
179 5/11/2016 45.4600 179 5/11/2016
180 5/12/2016 45.8300 180 5/12/2016
181 5/13/2016 45.3500 181 5/13/2016
182 5/16/2016 45.6200 182 5/16/2016
183 5/17/2016 44.7500 183 5/17/2016
184 5/18/2016 44.4800 184 5/18/2016
185 5/19/2016 44.3200 185 5/19/2016
186 5/20/2016 43.9500 186 5/20/2016
187 5/23/2016 43.9700 187 5/23/2016
188 5/24/2016 44.3700 188 5/24/2016
189 5/25/2016 44.3800 189 5/25/2016
190 5/26/2016 44.6900 190 5/26/2016
191 5/27/2016 44.7800 191 5/27/2016
192 5/31/2016 44.6000 192 5/31/2016
193 6/1/2016 44.7000 193 6/1/2016
194 6/2/2016 44.7200 194 6/2/2016
195 6/3/2016 45.0400 195 6/3/2016
196 6/6/2016 45.3700 196 6/6/2016
197 6/7/2016 45.3200 197 6/7/2016
198 6/8/2016 45.5500 198 6/8/2016
199 6/9/2016 45.7600 199 6/9/2016
200 6/10/2016 45.9900 200 6/10/2016
201 6/13/2016 45.1200 201 6/13/2016
202 6/14/2016 45.0400 202 6/14/2016
203 6/15/2016 45.0100 203 6/15/2016
204 6/16/2016 45.3100 204 6/16/2016
205 6/17/2016 44.7900 205 6/17/2016
206 6/20/2016 44.9800 206 6/20/2016
207 6/21/2016 45.1300 207 6/21/2016
208 6/22/2016 44.8600 208 6/22/2016
209 6/23/2016 45.0800 209 6/23/2016
210 6/24/2016 43.9300 210 6/24/2016
211 6/27/2016 43.7800 211 6/27/2016
212 6/28/2016 44.1800 212 6/28/2016
213 6/29/2016 44.4400 213 6/29/2016
214 6/30/2016 45.3300 214 6/30/2016
215 7/1/2016 45.1200 215 7/1/2016
216 7/5/2016 45.4300 216 7/5/2016
217 7/6/2016 45.2700 217 7/6/2016
218 7/7/2016 45.0900 218 7/7/2016
219 7/8/2016 45.3800 219 7/8/2016
220 7/11/2016 45.5700 220 7/11/2016
221 7/12/2016 45.5800 221 7/12/2016
222 7/13/2016 45.7400 222 7/13/2016
223 7/14/2016 45.6900 223 7/14/2016
224 7/15/2016 45.6300 224 7/15/2016
225 7/18/2016 45.6300 225 7/18/2016
226 7/19/2016 45.6300 226 7/19/2016
227 7/20/2016 45.5100 227 7/20/2016
228 7/21/2016 45.4500 228 7/21/2016
229 7/22/2016 45.8300 229 7/22/2016
230 7/25/2016 45.5700 230 7/25/2016
231 7/26/2016 44.8800 231 7/26/2016
232 7/27/2016 43.4000 232 7/27/2016
233 7/28/2016 43.6500 233 7/28/2016
234 7/29/2016 43.6300 234 7/29/2016
235 8/1/2016 43.4500 235 8/1/2016
236 8/2/2016 43.5300 236 8/2/2016
237 8/3/2016 43.6400 237 8/3/2016
238 8/4/2016 43.5100 238 8/4/2016
239 8/5/2016 43.4800 239 8/5/2016
240 8/8/2016 43.4400 240 8/8/2016
241 8/9/2016 43.4700 241 8/9/2016
242 8/10/2016 43.6100 242 8/10/2016
243 8/11/2016 43.7500 243 8/11/2016
244 8/12/2016 44.0300 244 8/12/2016
245 8/15/2016 44.2400 245 8/15/2016
246 8/16/2016 43.8300 246 8/16/2016
247 8/17/2016 44.0600 247 8/17/2016
248 8/18/2016 44.1000 248 8/18/2016
249 8/19/2016 43.9200 249 8/19/2016
250 8/22/2016 43.7400 250 8/22/2016
251 8/23/2016 43.8500 251 8/23/2016
252 8/24/2016 43.8500 252 8/24/2016
253 8/25/2016 43.6700 253 8/25/2016
254 8/26/2016 43.3200 254 8/26/2016
255 8/29/2016 43.5400 255 8/29/2016
256 8/30/2016 43.2400 256 8/30/2016
257 8/31/2016 43.4300 257 8/31/2016
258 9/1/2016 43.3500 258 9/1/2016
259 9/2/2016 43.6600 259 9/2/2016
260 9/6/2016 43.7900 260 9/6/2016
261 9/7/2016 43.6400 261 9/7/2016
262 9/8/2016 43.6300 262 9/8/2016
263 9/9/2016 42.2700 263 9/9/2016
264 9/12/2016 43.1900 264 9/12/2016
265 9/13/2016 42.2800 265 9/13/2016
266 9/14/2016 42.1100 266 9/14/2016
267 9/15/2016 42.3600 267 9/15/2016
268 9/16/2016 42.1400 268 9/16/2016
269 9/19/2016 42.1000 269 9/19/2016
270 9/20/2016 42.3400 270 9/20/2016
271 9/21/2016 42.5300 271 9/21/2016
272 9/22/2016 42.9600 272 9/22/2016
273 9/23/2016 42.7400 273 9/23/2016
274 9/26/2016 42.0500 274 9/26/2016
275 9/27/2016 42.5900 275 9/27/2016
276 9/28/2016 42.1500 276 9/28/2016
277 9/29/2016 42.0300 277 9/29/2016
278 9/30/2016 42.3200 278 9/30/2016
279 10/3/2016 42.0300 279 10/3/2016
280 10/4/2016 41.8400 280 10/4/2016
281 10/5/2016 41.8100 281 10/5/2016
282 10/6/2016 41.7100 282 10/6/2016
283 10/7/2016 41.7300 283 10/7/2016
284 10/10/2016 41.7300 284 10/10/2016
285 10/11/2016 41.5400 285 10/11/2016
286 10/12/2016 41.7800 286 10/12/2016
287 10/13/2016 41.7600 287 10/13/2016
288 10/14/2016 41.6700 288 10/14/2016
289 10/17/2016 41.6000 289 10/17/2016
290 10/18/2016 41.9700 290 10/18/2016
291 10/19/2016 42.0500 291 10/19/2016
292 10/20/2016 41.9300 292 10/20/2016
293 10/21/2016 42.1300 293 10/21/2016
294 10/24/2016 42.5600 294 10/24/2016
295 10/25/2016 42.5400 295 10/25/2016
296 10/26/2016 42.4400 296 10/26/2016
297 10/27/2016 42.1200 297 10/27/2016
298 10/28/2016 42.2300 298 10/28/2016
299 10/31/2016 42.4000 299 10/31/2016
300 11/1/2016 42.1200 300 11/1/2016
301 11/2/2016 42.0500 301 11/2/2016
302 11/3/2016 42.0300 302 11/3/2016
303 11/4/2016 41.6900 303 11/4/2016
304 11/7/2016 42.4600 304 11/7/2016
305 11/8/2016 42.8800 305 11/8/2016
306 11/9/2016 42.2700 306 11/9/2016
307 11/10/2016 40.9400 307 11/10/2016
308 11/11/2016 41.0300 308 11/11/2016
309 11/14/2016 41.1700 309 11/14/2016
310 11/15/2016 41.4400 310 11/15/2016
311 11/16/2016 41.2600 311 11/16/2016
312 11/17/2016 41.1200 312 11/17/2016
313 11/18/2016 40.9100 313 11/18/2016
314 11/21/2016 41.3600 314 11/21/2016
315 11/22/2016 41.3700 315 11/22/2016
316 11/23/2016 41.1200 316 11/23/2016
317 11/25/2016 41.5300 317 11/25/2016
318 11/28/2016 41.7500 318 11/28/2016
319 11/29/2016 41.1500 319 11/29/2016
320 11/30/2016 40.3500 320 11/30/2016
321 12/1/2016 40.1700 321 12/1/2016
322 12/2/2016 40.3600 322 12/2/2016
323 12/5/2016 40.6200 323 12/5/2016
324 12/6/2016 40.5700 324 12/6/2016
325 12/7/2016 41.2900 325 12/7/2016
326 12/8/2016 40.9800 326 12/8/2016
327 12/9/2016 42.0000 327 12/9/2016
328 12/12/2016 41.9000 328 12/12/2016
329 12/13/2016 41.7600 329 12/13/2016
330 12/14/2016 41.2100 330 12/14/2016
331 12/15/2016 41.5500 331 12/15/2016
332 12/16/2016 41.7400 332 12/16/2016
333 12/19/2016 41.6700 333 12/19/2016
334 12/20/2016 41.6600 334 12/20/2016
335 12/21/2016 41.5700 335 12/21/2016
336 12/22/2016 41.5500 336 12/22/2016
337 12/23/2016 41.6000 337 12/23/2016
338 12/27/2016 41.6100 338 12/27/2016
339 12/28/2016 41.3900 339 12/28/2016
340 12/29/2016 41.6000 340 12/29/2016
341 12/30/2016 41.4600 341 12/30/2016
342 1/3/2017 41.8000 342 1/3/2017
343 1/4/2017 41.6500 343 1/4/2017
344 1/5/2017 41.7500 344 1/5/2017
345 1/6/2017 41.7400 345 1/6/2017
346 1/9/2017 41.3200 346 1/9/2017
347 1/10/2017 41.0400 347 1/10/2017
348 1/11/2017 41.0500 348 1/11/2017
349 1/12/2017 40.9500 349 1/12/2017
350 1/13/2017 40.8800 350 1/13/2017
351 1/17/2017 41.2200 351 1/17/2017
352 1/18/2017 41.2900 352 1/18/2017
353 1/19/2017 41.1400 353 1/19/2017
354 1/20/2017 41.3200 354 1/20/2017
355 1/23/2017 41.4300 355 1/23/2017
356 1/24/2017 41.9000 356 1/24/2017
357 1/25/2017 42.1200 357 1/25/2017
358 1/26/2017 41.8100 358 1/26/2017
359 1/27/2017 41.4500 359 1/27/2017
360 1/30/2017 41.3800 360 1/30/2017
361 1/31/2017 41.5700 361 1/31/2017
362 2/1/2017 41.2600 362 2/1/2017
363 2/2/2017 41.4000 363 2/2/2017
364 2/3/2017 41.5400 364 2/3/2017
365 2/6/2017 41.5600 365 2/6/2017
366 2/7/2017 41.9000 366 2/7/2017
367 2/8/2017 42.0200 367 2/8/2017
368 2/9/2017 41.2500 368 2/9/2017
369 2/10/2017 40.5800 369 2/10/2017
370 2/13/2017 40.6200 370 2/13/2017
371 2/14/2017 40.5300 371 2/14/2017
372 2/15/2017 40.4400 372 2/15/2017
373 2/16/2017 41.2000 373 2/16/2017
374 2/17/2017 41.2300 374 2/17/2017
375 2/21/2017 41.4600 375 2/21/2017
376 2/22/2017 41.6000 376 2/22/2017
377 2/23/2017 41.6600 377 2/23/2017
378 2/24/2017 41.7800 378 2/24/2017
379 2/27/2017 41.6700 379 2/27/2017
380 2/28/2017 41.9600 380 2/28/2017
381 3/1/2017 42.1600 381 3/1/2017
382 3/2/2017 42.4700 382 3/2/2017
383 3/3/2017 42.4800 383 3/3/2017
384 3/6/2017 42.1800 384 3/6/2017
385 3/7/2017 41.9900 385 3/7/2017
386 3/8/2017 41.9900 386 3/8/2017
387 3/9/2017 42.0300 387 3/9/2017
388 3/10/2017 42.2900 388 3/10/2017
389 3/13/2017 42.0300 389 3/13/2017
390 3/14/2017 41.9700 390 3/14/2017
391 3/15/2017 42.1200 391 3/15/2017
392 3/16/2017 42.2500 392 3/16/2017
393 3/17/2017 42.0300 393 3/17/2017
394 3/20/2017 42.1800 394 3/20/2017
395 3/21/2017 42.5000 395 3/21/2017
396 3/22/2017 42.3800 396 3/22/2017
397 3/23/2017 42.1700 397 3/23/2017
398 3/24/2017 42.1200 398 3/24/2017
399 3/27/2017 42.3200 399 3/27/2017
400 3/28/2017 42.4300 400 3/28/2017
401 3/29/2017 42.4200 401 3/29/2017
402 3/30/2017 42.6000 402 3/30/2017
403 3/31/2017 42.4400 403 3/31/2017
404 4/3/2017 42.4100 404 4/3/2017
405 4/4/2017 42.6800 405 4/4/2017
406 4/5/2017 42.5700 406 4/5/2017
407 4/6/2017 42.6700 407 4/6/2017
408 4/7/2017 42.6100 408 4/7/2017
409 4/10/2017 42.6900 409 4/10/2017
410 4/11/2017 42.6600 410 4/11/2017
411 4/12/2017 42.9400 411 4/12/2017
412 4/13/2017 42.7900 412 4/13/2017
413 4/17/2017 43.0700 413 4/17/2017
414 4/18/2017 43.4800 414 4/18/2017
415 4/19/2017 43.2300 415 4/19/2017
416 4/20/2017 43.0900 416 4/20/2017
417 4/21/2017 43.0700 417 4/21/2017
418 4/24/2017 43.2800 418 4/24/2017
419 4/25/2017 43.1100 419 4/25/2017
420 4/26/2017 43.2400 420 4/26/2017
421 4/27/2017 43.0100 421 4/27/2017
422 4/28/2017 43.1500 422 4/28/2017
423 5/1/2017 43.2200 423 5/1/2017
424 5/2/2017 43.3900 424 5/2/2017
425 5/3/2017 43.3200 425 5/3/2017
426 5/4/2017 43.6600 426 5/4/2017
427 5/5/2017 43.6900 427 5/5/2017
428 5/8/2017 43.8900 428 5/8/2017
429 5/9/2017 43.5100 429 5/9/2017
430 5/10/2017 43.5700 430 5/10/2017
431 5/11/2017 43.6700 431 5/11/2017
432 5/12/2017 43.5900 432 5/12/2017
433 5/15/2017 43.7300 433 5/15/2017
434 5/16/2017 43.8500 434 5/16/2017
435 5/17/2017 43.9300 435 5/17/2017
436 5/18/2017 43.8000 436 5/18/2017
437 5/19/2017 43.9000 437 5/19/2017
438 5/22/2017 44.1800 438 5/22/2017
439 5/23/2017 44.3900 439 5/23/2017
440 5/24/2017 45.0300 440 5/24/2017
441 5/25/2017 45.4100 441 5/25/2017
442 5/26/2017 45.3900 442 5/26/2017
443 5/30/2017 45.4300 443 5/30/2017
444 5/31/2017 45.4700 444 5/31/2017
445 6/1/2017 45.7900 445 6/1/2017
446 6/2/2017 45.8900 446 6/2/2017
447 6/5/2017 45.9900 447 6/5/2017
448 6/6/2017 45.9800 448 6/6/2017
449 6/7/2017 45.5100 449 6/7/2017
450 6/8/2017 45.1300 450 6/8/2017
451 6/9/2017 45.3200 451 6/9/2017
452 6/12/2017 45.3300 452 6/12/2017
453 6/13/2017 45.0300 453 6/13/2017
454 6/14/2017 45.3000 454 6/14/2017
455 6/15/2017 45.2500 455 6/15/2017
456 6/16/2017 45.3100 456 6/16/2017
457 6/19/2017 45.3800 457 6/19/2017
458 6/20/2017 45.6100 458 6/20/2017
459 6/21/2017 45.2200 459 6/21/2017
460 6/22/2017 45.0700 460 6/22/2017
461 6/23/2017 45.2500 461 6/23/2017
462 6/26/2017 45.4300 462 6/26/2017
463 6/27/2017 45.0500 463 6/27/2017
464 6/28/2017 45.3200 464 6/28/2017
465 6/29/2017 44.8300 465 6/29/2017
466 6/30/2017 44.8500 466 6/30/2017
467 7/3/2017 44.7600 467 7/3/2017
468 7/5/2017 44.8200 468 7/5/2017
469 7/6/2017 44.4000 469 7/6/2017
470 7/7/2017 44.3900 470 7/7/2017
471 7/10/2017 44.3800 471 7/10/2017
472 7/11/2017 44.3300 472 7/11/2017
473 7/12/2017 44.5100 473 7/12/2017
474 7/13/2017 44.4300 474 7/13/2017
475 7/14/2017 44.6800 475 7/14/2017
476 7/17/2017 44.7300 476 7/17/2017
477 7/18/2017 44.6700 477 7/18/2017
478 7/19/2017 44.8300 478 7/19/2017
479 7/20/2017 44.8200 479 7/20/2017
480 7/21/2017 45.0300 480 7/21/2017
481 7/24/2017 44.8400 481 7/24/2017
482 7/25/2017 45.2400 482 7/25/2017
483 7/26/2017 45.7400 483 7/26/2017
484 7/27/2017 46.1200 484 7/27/2017
485 7/28/2017 46.0100 485 7/28/2017
486 7/31/2017 45.8400 486 7/31/2017
487 8/1/2017 45.7000 487 8/1/2017
488 8/2/2017 45.5900 488 8/2/2017
489 8/3/2017 45.6700 489 8/3/2017
490 8/4/2017 45.5000 490 8/4/2017
491 8/7/2017 45.6400 491 8/7/2017
492 8/8/2017 45.6000 492 8/8/2017
493 8/9/2017 45.5900 493 8/9/2017
494 8/10/2017 45.7400 494 8/10/2017
495 8/11/2017 45.5900 495 8/11/2017
496 8/14/2017 45.8000 496 8/14/2017
497 8/15/2017 46.1900 497 8/15/2017
498 8/16/2017 46.2000 498 8/16/2017
499 8/17/2017 45.8600 499 8/17/2017
500 8/18/2017 45.6700 500 8/18/2017
501 8/21/2017 45.6800 501 8/21/2017
502 8/22/2017 45.6000 502 8/22/2017
503 8/23/2017 45.5400 503 8/23/2017
504 8/24/2017 45.4100 504 8/24/2017
505 8/25/2017 45.5700 505 8/25/2017
DEX,RTH (^GSPC)

E RENTABILIDAD DE NDICE S&P500 3. CLCULO DE BETA

ndice S&P500 3.1. Mtodo de Varianza

Precio Retorno Mes COV ( r i , r M )

ndice S&P500
1940.5100 VAR ( r M )
1987.6600
1988.8700 Concepto Valor
1972.1801 Cov (Ri,RM)
1913.8500 Var (RM)
1948.8600 Beta
1951.1300
1921.2200 3.2. Mtodo de Correlacin
1969.4100
1942.0400
Cov ( r i , rM )
1952.2900 i,M
1961.0500 i M
1953.0300
1978.0900
1995.3101 Cov(ri , rM ) i, Mi M
1990.2000
1958.0300
1966.9700
i,M i M
1942.7400 2
1938.7600 M
1932.2400
1931.3400
1881.7700 i,M i
1884.0900
1920.0300 M
1923.8199
1951.3600
1987.0500 Concepto Valor
1979.9200 Correl (Ri,RM)
1995.8300 Desv Est (Ri)
2013.4301 Desv Est (RM)
2014.8900 Beta
2017.4600
2003.6899
1994.2400
2023.8600
2033.1100
2033.6600 3.3. Mtodo de Regresin
2030.7700
2018.9399
R i rM
2052.5100
2075.1499
2071.1799 SUMMARY OUTPUT DATA ANALYSIS, REGRESIOEN RANGO DE Y--RETO
2065.8899
2090.3501
2089.4099
2079.3601
2104.0500
2109.7900
2102.3101
2099.9299
2099.2000
2078.5801
2081.7200
2075.0000
2045.9700
2023.0400
2053.1899
2050.4399
2083.5801
2081.2400
2089.1699
2086.5901
2089.1399
2088.8701
2090.1101
2080.4099
2102.6299
2079.5100
2049.6201
2091.6899
2077.0701
2063.5901
2047.6200
2052.2300
2012.3700
2021.9399
2043.4100
2073.0701
2041.8900
2005.5500
2021.1500
2038.9700
2064.2900
2060.9900
2056.5000
2078.3601
2063.3601
2043.9399
2012.6600
2016.7100
1990.2600
1943.0900
1922.0300
1923.6700
1938.6801
1890.2800
1921.8400
1880.3300
1881.3300
1859.3300
1868.9900
1906.9000
1877.0800
1903.6300
1882.9500
1893.3600
1940.2400
1939.3800
1903.0300
1912.5300
1915.4500
1880.0500
1853.4399
1852.2100
1851.8600
1829.0800
1864.7800
1895.5800
1926.8199
1917.8300
1917.7800
1945.5000
1921.2700
1929.8000
1951.7000
1948.0500
1932.2300
1978.3500
1986.4500
1993.4000
1999.9900
2001.7600
1979.2600
1989.2600
1989.5699
2022.1899
2019.6400
2015.9301
2027.2200
2040.5900
2049.5801
2051.6001
2049.8000
2036.7100
2035.9399
2037.0500
2055.0100
2063.9500
2059.7400
2072.7800
2066.1299
2045.1700
2066.6599
2041.9100
2047.6000
2041.9900
2061.7200
2082.4199
2082.7800
2080.7300
2094.3401
2100.8000
2102.3999
2091.4800
2091.5801
2087.7900
2091.7000
2095.1499
2075.8101
2065.3000
2081.4299
2063.3701
2051.1201
2050.6299
2057.1399
2058.6899
2084.3899
2064.4600
2064.1101
2046.6100
2066.6599
2047.2100
2047.6300
2040.0400
2052.3201
2048.0400
2076.0601
2090.5400
2090.1001
2099.0601
2096.9500
2099.3301
2105.2600
2099.1299
2109.4099
2112.1299
2119.1201
2115.4800
2096.0701
2079.0601
2075.3201
2071.5000
2077.9900
2071.2200
2083.2500
2088.8999
2085.4500
2113.3201
2037.4100
2000.5400
2036.0900
2070.7700
2098.8601
2102.9500
2088.5500
2099.7300
2097.8999
2129.8999
2137.1599
2152.1399
2152.4299
2163.7500
2161.7400
2166.8899
2163.7800
2173.0200
2165.1699
2175.0300
2168.4800
2169.1799
2166.5801
2170.0601
2173.6001
2170.8401
2157.0300
2163.7900
2164.2500
2182.8701
2180.8899
2181.7400
2175.4900
2185.7900
2184.0500
2190.1499
2178.1499
2182.2200
2187.0200
2183.8701
2182.6399
2186.8999
2175.4399
2172.4700
2169.0400
2180.3799
2176.1201
2170.9500
2170.8601
2179.9800
2186.4800
2186.1599
2181.3000
2127.8101
2159.0400
2127.0200
2125.7700
2147.2600
2139.1599
2139.1201
2139.7600
2163.1201
2177.1799
2164.6899
2146.1001
2159.9299
2171.3701
2151.1299
2168.2700
2161.2000
2150.4900
2159.7300
2160.7700
2153.7400
2163.6599
2136.7300
2139.1799
2132.5500
2132.9800
2126.5000
2139.6001
2144.2900
2141.3401
2141.1599
2151.3301
2143.1599
2139.4299
2133.0400
2126.4099
2126.1499
2111.7200
2097.9399
2088.6599
2085.1799
2131.5200
2139.5601
2163.2600
2167.4800
2164.4500
2164.2000
2180.3899
2176.9399
2187.1201
2181.8999
2198.1799
2202.9399
2204.7200
2213.3501
2201.7200
2204.6599
2198.8101
2191.0801
2191.9500
2204.7100
2212.2300
2241.3501
2246.1899
2259.5300
2256.9600
2271.7200
2253.2800
2262.0300
2258.0701
2262.5300
2270.7600
2265.1799
2260.9600
2263.7900
2268.8799
2249.9199
2249.2600
2238.8301
2257.8301
2270.7500
2269.0000
2276.9800
2268.8999
2268.8999
2275.3201
2270.4399
2274.6399
2267.8899
2271.8899
2263.6899
2271.3101
2265.2000
2280.0701
2298.3701
2296.6799
2294.6899
2280.8999
2278.8701
2279.5500
2280.8501
2297.4199
2292.5601
2293.0801
2294.6699
2307.8701
2316.1001
2328.2500
2337.5801
2349.2500
2347.2200
2351.1599
2365.3799
2362.8201
2363.8101
2367.3401
2369.7500
2363.6399
2395.9600
2381.9199
2383.1201
2375.3101
2368.3899
2362.9800
2364.8701
2372.6001
2373.4700
2365.4500
2385.2600
2381.3799
2378.2500
2373.4700
2344.0200
2348.4500
2345.9600
2343.9800
2341.5901
2358.5701
2361.1299
2368.0601
2362.7200
2358.8401
2360.1599
2352.9500
2357.4900
2355.5400
2357.1599
2353.7800
2344.9299
2328.9500
2349.0100
2342.1899
2338.1699
2355.8401
2348.6899
2374.1499
2388.6101
2387.4500
2388.7700
2384.2000
2388.3301
2391.1699
2388.1299
2389.5200
2399.2900
2399.3799
2396.9199
2399.6299
2394.4399
2390.8999
2402.3201
2400.6699
2357.0300
2365.7200
2381.7300
2394.0200
2398.4199
2404.3899
2415.0701
2415.8201
2412.9099
2411.8000
2430.0601
2439.0701
2436.1001
2429.3301
2433.1399
2433.7900
2431.7700
2429.3899
2440.3501
2437.9199
2432.4600
2433.1499
2453.4600
2437.0300
2435.6101
2434.5000
2438.3000
2439.0701
2419.3799
2440.6899
2419.7000
2423.4099
2429.0100
2432.5400
2409.7500
2425.1799
2427.4299
2425.5300
2443.2500
2447.8301
2459.2700
2459.1399
2460.6101
2473.8301
2473.4500
2472.5400
2469.9099
2477.1299
2477.8301
2475.4199
2472.1001
2470.3000
2476.3501
2477.5701
2472.1599
2476.8301
2480.9099
2474.9199
2474.0200
2438.2100
2441.3201
2465.8401
2464.6101
2468.1101
2430.0100
2425.5500
2428.3701
2452.5100
2444.0400
2438.9700
2443.0500
EN RANGO DE Y--RETONO DE ACC, EN x, RETORNO DEL INDICE
BETAS FINANCIEROS DE EMPRESAS DEL NYSE
Prima 0.00%
RM Fuente: Damodaran

rf Fuente: Damodaran

http://finance.yahoo.com
http://www.reuters.com/finance/markets
Empresa Ticker Beta Yahoo Beta Reuters Promedio
MICROSOFT MSFT
WALMART WMT
COCA COLA KO
APPLE AAPL
DUKE ENERGY DUK
Fuente: Yahoo! Fuente: Reuters
rs.com/finance/markets
KE
 EL COSTO DE CAPITAL
ElEl
El Elcosto
costodedecapital
capitaleseslalatasa
tasade
derendimiento
rendimientoquequedebe
debeobtener
obtenerlalaempre
empre
inversionespara
inversiones paraque
quesusuvalor
valoren
enelelmercado
mercadopermanezca
permanezcainalterado,
inalterado,tenien
tenie
cuentaque
cuenta queeste
estecosto
costoesestambin
tambinlalatasa
tasade
dedescuento
descuentodedelas
lasutilidades
utilidadesem e
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futuras, espor
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elloque
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administradorde delas
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delas
de lasherramientas
herramientasnecesarias
necesariaspara
paratomar
tomarlas
lasdecisiones
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sobrelaslasinversi
invers
.realizaryypor
.realizar porende
endelaslasque
quemsmsleleconvengan
convenganaalalaorganizacin
organizacin

r = rf + (rm - rf)
r = Rendimiento del activo a calcular
rf = Tasa libre de riesgo
rm = Rendimiento del mercado

= 0, Prima de Riesgo = 0 ==> r = rf

= 1, Prima de Riesgo = 0 ==> r = rm

= 2, Prima de Riesgo = 0 ==> r = es ms sensible al riesgo de mercado

Accin Beta Suponga que la rentabilidad de la letra del tesoro es

Suponga que la rentabilidad de la letra del tesoro es d
mercado es del 10%, adems se cuenta con la siguie
Amazon.com 3,25 mercado es del 10%, adems se cuenta con la siguien
a) Calcular la rentabilidad esperada de Mc Donald`s
a) Calcular la rentabilidad esperada de Mc Donald`s
Boeing 0,56 .b) Hallar la mayor rentabilidad esperada segn las a
.b) Hallar la mayor rentabilidad esperada segn las ac
.c) Hallar la menor rentabilidad esperada segn las a
Coca-Cola 0,74 .c) Hallar la menor rentabilidad esperada segn las ac
d) Ofrecera Dell Computer una rentabilidad esperad
d) Ofrecera Dell Computer una rentabilidad esperada
Dell Computer 2,21 inters libre de riesgo fuera el 6% en vez del 4% y la
inters libre de riesgo fuera el 6% en vez del 4% y la ta
Exxon Mobil 0,40 ?constante
?constante
 .b) Hallar la mayor rentabilidad esperada segn las a
.b) Hallar la mayor rentabilidad esperada segn las ac
.c) Hallar la menor rentabilidad esperada segn las a
.c) Hallar la menor rentabilidad esperada segn las ac
d) Ofrecera Dell Computer una rentabilidad esperad
d) Ofrecera Dell Computer una rentabilidad esperada
inters libre de riesgo fuera el 6% en vez del 4% y la
inters libre de riesgo fuera el 6% en vez del 4% y la ta
?constante
?constante
General Electric 1,18
General Motors 0,91
McDonald's 0,68
Pfizer 0,71
Reebok 0,69

a) Rent. McDonald's b) MAYOR RENTABILIDAD

r= r=
rf = 4% rf = 4%
rm = 10% rm = 10%
= 0.68 = 3.25

r= r=

c) Menor Rentabilidad d) Dell Computer

r= Exxon Mobil r=
rf = 4% rf = 6%
rm = 10% rm = 10%
= 0.4 = 2.21

r= r=

Formula del Beta

PITAL
debeobtener
debe obtenerlalaempresa
empresasobre
sobresus
sus
nezca inalterado,teniendo
ezca inalterado, teniendoen
en
ntode
nto delas
lasutilidades
utilidadesempresariales
empresariales
zas empresarialesdebe
as empresariales debeproveerse
proveerse
siones sobrelas
ones sobre lasinversiones
inversionesaa
organizacin
rganizacin

sgo de mercado

entabilidad de la letra del tesoro es del 4% y la esperada del

ntabilidad de la letra del tesoro es del 4% y la esperada del
0%, adems se cuenta con la siguiente informacin
%, adems se cuenta con la siguiente informacin
abilidad esperada de Mc Donald`s
bilidad esperada de Mc Donald`s
r rentabilidad esperada segn las acciones
rentabilidad esperada segn las acciones
r rentabilidad esperada segn las acciones
rentabilidad esperada segn las acciones
Computer una rentabilidad esperada mayor o menor si la tasa de
omputer una rentabilidad esperada mayor o menor si la tasa de
sgo fuera el 6% en vez del 4% y la tasa de mercado permanece
go fuera el 6% en vez del 4% y la tasa de mercado permanece
r rentabilidad esperada segn las acciones
rentabilidad esperada segn las acciones
r rentabilidad esperada segn las acciones
rentabilidad esperada segn las acciones
Computer una rentabilidad esperada mayor o menor si la tasa de
omputer una rentabilidad esperada mayor o menor si la tasa de
sgo fuera el 6% en vez del 4% y la tasa de mercado permanece
go fuera el 6% en vez del 4% y la tasa de mercado permanece

4%
10%
2.21
FUENTE DE INFORMACIO
Terra
http://economia.terra.com.pe/mercados/acciones

Yahho Finance
http://finance.yahoo.com/q?s=BAP&ql=1

Bloomberg
http://www.bloomberg.com/

Wall Street Journal

http://online.wsj.com/home-page

Conceptos
http://www.seminariosab.com.pe/web/glosario/inf_bursatil_gl
RMACION

cciones

sario/inf_bursatil_glosarioF.html