Guía 3. Riesgo, Rendimiento y Financiamiento

UNIVERSIDAD EAN
FACULTAD DE ESTUDIOS EN AMBIENTES VIRTUALES

GESTIÓN FINANCIERA
GUÍA NO. 3
RIESGO, RENDIMIENTO Y FINANCIAMIENTO
AUTORES
OSCAR ORLANDO CESPEDES GRAU
NANCY CHAPARRO SANCHEZ
CESAR AUGUSTO RODRÍGUEZ RIVERA
YURI ANDREA TORRES RAMIREZ
TUTOR
LIDA NEIDU MURILLO MORENO
BOGOTÁ, D.C., 21 DE MAYO DE 2019

RESUMEN
El desarrollo de la Guía No. 3 – Riesgo, Rendimeitno y finaciamiento de la unidad de estudio gestión financiera
tiene como propósito entender la relación riesgo - rendimiento, el modelo Capital Asset Pricing Model (CAPM), el
modelo para valorar acciones, el flujo efectivo y el presupuesto de capital.
En el desarrollo de la guía se deben plasmar como producto un video en inglés – con audio - exponiendo sobre la
temática de calificación y valoración de bonos corporativos (corporate bond rating).; además cada uno de los
integrantes del grupo debe presentar un Excel formulado de los ejercicios del Study Plan.
ABSTRACT
The development of Guide No. 3 - Risk, Rendimeitno and financing of the financial management study unit is
intended to understand the risk - return relationship, the Capital Asset Pricing Model (CAPM), the model for
valuing shares, the flow cash and the capital budget.
In the development of the guide, a video in English - with audio - must be expressed as a product, explaining the
subject matter of rating and rating corporate bonds (corporate bond rating); In addition, each member of the group
must present an Excel formulated from the exercises of the Study Plan.
CONTENIDO
Pág.
1. INTRODUCCIÓN 5
2. RIESGO, RENDIMIENTO Y FINANCIAMIENTO
2.1. Video en inglés – con audio - exponiendo sobre la temática de calificación y valoración de
6
bonos corporativos (corporate bond rating).
2.2. Actividad individual. Desarrollo de los ejercicios del Study Plan (MyFinanceLab) 7
2.2.1. Oscar Orlando Céspedes Grau 7
2.2.2. Nancy Chaparro Sánchez 8
2.2.3. Cesar Augusto Rodríguez Rivera 9
2.2.4. Yuri Andrea Torres Ramírez 10
BIBLIOGRAFÍA 11
1. INTRODUCCIÓN
La gestión financiera, con el pasar de los años, ha dejado de ser una disciplina exlusiva para grandes inversionistas
y empresas y se ha convertido en un instrumento fundamental para que tanto personas como empresas -de estas
últimas sin importar su tamaño- puedan hacer un diagnóstico y/o proyección de sus ingresos y/o egresos. Aprender
a interpretar indicadores de liquidez y estados financieros de las diferentes compañías permite tomar mejores
decisiones tanto de inversión como de gestión empresarial, logrando así mejores resultados para todos los
“stakeholders” de la empresa. De igual forma, para el emprendedor es también una necesidad tanto para conocer la
viabilidad de su emprendimiento como para conocer sus necesidades de financiación y en efecto conseguirla.
En la presente guía lograremos comprender las características del riesgo y el rendimiento de un portafolio de
inversión. Así como explicar la relación entre las decisiones financieras, de riesgo, rendimiento y valor de la
empresa. Para finalmente comprender cómo se calcula el valor presente neto (VPN) y la tasa interna de retorno
(TIR) para elegir proyectos de inversión y financiación.
2. RIESGO, RENDIMIENTO Y FINANCIAMIENTO
2.1. Video en inglés – con audio - exponiendo sobre la temática de calificación y valoración de bonos corporativos (corporate bond rating).
2.1.1. Elabore un video en inglés - con audio – exponiendo sobre:
a. La calificación de bonos corporativos (corporate bond rating) que incluya – mínimo– las escalas de riesgos que se manejan, los efectos de las
“calificaciones de bonos” sobre los inversionistas, las ventajas y desventajas que para las compañías emisoras tienen estos procesos.
b. Los procesos financieros para la valoración o valuación de Bonos. Este punto debe ser evidenciado mediante 2 ejemplos prácticos de valoración
de bonos.
Stock Portfolio weight
Alpha 14%
Centauri 9%
Zen 20%
Wren 9%
Yukos 48%
0.14
0.09
0.33
0.11
0.87
1.54
Number of securities Portfolio risk
1 18.20%
2 16.50%
3 14.90%
4 13.30%
5 12.30%
6 11.50%
7 10.70%
8 10.10%
9 9.30%
10 8.60%
11 7.70%
12 7.10%
13 6.50%
14 6.00%
15 5.70%
16 5.50%
17 5.30%
18 5.25%
19 5.20%
20 5.15%
Annual return
Year Market portfolio Asset A
2006 16% 28%
2007 13% 22%
2008 7% 14%
2009 14% 18%
2010 12% 20%
2011 -5% -2%
2012 -9% 2%
2013 -12% -8%
2014 4% 9%
2015 8% 13%
Increased 19%
Decreased 6%
Beta 1.6
Impact onasset's return= 30.4%

Impact onasset's return= -9.6%
Impact would 15%

Impact would 10%
Asset Beta
A -0.6 -9.0%
B 1.8 27.0%
C 0.5 7.5%
D 1.6 24.0%
Portfolio weights
Asset Asset beta Portfolio A
1 1.92 20%
2 0.35 30%
3 1.71 10%
4 1.11 15%
5 0.44 25%
Totals 100%
beta 1.39 11.66%
rate 5.4% 15.55%
Market 9.9%
Rises 12.7%
Risk 7.0%
Market 15.0% 15.80%
Beta 1.1
currently 6.0%
Stock 16.0% 0.6000
return 12.0%
a 1.97 3.0%
b 13.382% 1.42
c 14.098% 1.21
d 19.282% 5.0%
Invested $ 100,000
Retrun 11%
Averaged 4%
Beta at
Asset Cost
purchase
A $ 24,000 0.72
B $ 36,000 0.94
C $ 30,000 1.46
D $ 10,000 1.27
Currently 6.00%
Currently 13.00%
Beta 0.40
Beta 1.50
Currently 6%
market return 11% 16%
Beta 0.64
Declined 2%
Lowering 4% 9%
rise 2% 13%
a 9.20%
b 7.20%
c 10.48%
Item Rate of return Beta, b

isk-free asset
R 7% -
Market portfolio 11% 1.00
Project 1.68
Risk(standard
Asset Expected return, r deviation), sigma
Subscript rσr
V 11% 9%
W 15% 15%
purchased 5000
shares 24.5
sold them 29.25
pesos was 14.21
exchange 14.79
pesos per 1
a 19.39%
b 1.724
c 1.978 14.71%
Beta
1.02
0.95
1.63
1.27
1.81
20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
ual return
Asset B
19%
15%
16%
9%
13%
-5%
0%
-2%
6%
10%
6.0%
-18.0%
-5.0%
-16.0%
Portfolio weights
Portfolio B
25% 0.38 0.48 0.26
5% 0.11 0.02 0.12
35% 0.17 0.60 0.10
15% 0.17 0.17 0.14
20% 0.11 0.09 0.38
100% 0.9365 1.3505 0.9950
7.0% 10.88%
12.0% 8.71%
8.0% 13.04%
12.4% 1.93
Yearly income Value today $ 2,675
$ 1,000 $ 24,000 0.240 0.17 4.17% 9.04%

$ 1,200 $ 37,000 0.360 0.34 6.11% 10.58%
$ - $ 36,500 0.300 0.44 21.67% 14.22%
$ 475 $ 10,500 0.100 0.13 9.75% 12.89%
1.08
Market premium 7.00%
Return for asset 8.80%
Return os assed 16.50%
13.72%
6.72%
$ 108,000 $ 100,000
###
precio ayer ganancias x accion p/e de hoy
20.3 7.6 9.081578947
0.3 3.4
20.6 2.235294118
p/e de ayer
9.215789474
2. FUNDAMENTOS DE FINANZAS
2.2. Desarrollo de los ejercicios del Study Plan (MyFinanceLab)
2.2.3. Cesar Augusto Rodríguez Rivera
2.6 Discuss business taxes and their importance in financial decisions.
1. Warm-Up 2-6 (static)
2. Additional Problem 2
Firm earned $ 94,200
The base tax is $ 13,750

The marginal rate is 34%
Amount over basebracket $ 75,000
The amount over the base
$ 19,200
bracket is
Thefirm's tax liability is $ 20,278
Thefirm's taxable income is $ 94,200

Thefirm's after-tax earnings is $ 73,922
The firm's average tax rate is 21.5%
Thefirm's marginal tax rate is 34%

Tax calculation
Range of taxable income Base tax + (Marginal rate X amount over basebracket)
$ - $ 50,000 $0 + 15% x amount over $ -
$ 50,000 $ 75,000 $ 7,500 + 25% x amount over $ 50,000
$ 75,000 $ 100,000 $ 13,750 + 34% x amount over $ 75,000
$ 100,000 $ 335,000 $ 22,250 + 39% x amount over $ 100,000
$ 335,000 $ 10,000,000 $ 113,900 + 34% x amount over $ 335,000
$ 10,000,000 $ 15,000,000 $ 3,400,000 + 35% x amount over $ 10,000,000
$ 15,000,000 $ 18,333,333 $ 5,150,000 + 38% x amount over $ 15,000,000
$ 18,333,333 Over $ 6,416,667 + 35% x amount over $ 18,333,333
Taxable income $ 7,900

The base tax is $ -
Amount over $ -
The tax liability for earnings bef $ 1,185
Theafter-tax earnings on
$ 6,715
$9.600 are
Average tax rat 15.0%

Amount over $ 75,000
$ 65,672
$9.600 are


$ 197,920
$9.600 are

$ 331,320
$9.600 are
Taxable income $ 1,800,000

Amount over basebracket $ 1,465,000
$ 1,188,000
$9.600 are

The tax liability for earnings bef $ 3,298,000
$ 6,402,000
$9.600 are

The base tax is $ 6,416,667
Amount over $ 18,333,333
The tax liability for earnings bef $ 6,895,000
$ 12,805,000
$9.600 are
Tax calculation
Range of taxable income Base tax + (Marginal rate X amount over basebracket)
$ - $ 9,525 $ - + 10% x amount over $ -
$ 9,525 $ 38,700 $ 953 + 12% x amount over $ 9,525
$ 38,700 $ 82,500 $ 4,454 + 22% x amount over $ 38,700
$ 82,500 $ 157,500 $ 14,090 + 24% x amount over $ 82,500
$ 157,500 $ 200,000 $ 32,090 + 32% x amount over $ 157,500
$ 200,000 $ 500,000 $ 45,690 + 35% x amount over $ 200,000
$ 500,000 Over $ 150,690 + 37% x amount over $ 500,000

The base tax is $ 953
Amount over $ 9,525






Operating earnings $ 495,000

Received $ 28,000
Tax rate 21%
The tax on operating earnings is $ 103,950
Interest Income
Before-tax amount $ 28,000
Less: Applicable exclusion $ -
Taxable amount $ 28,000
Tax (21%) $ 5,880
After-tax amount $ 22,120
Dividend Income
Before-tax amount $ 28,000
Less: Applicable exclusion $ 14,000
Taxable amount $ 14,000
Tax (21%) $ 2,940
After-tax amount $ 25,060
The after-tax amount of dividends received, $ 23 comma 270, exceeds the after-tax amount of interest, $ 20 comma 540, due to
the 50
Since % corporate
theafter-tax dividend
amount exclusion.
of dividends exceeds theafter-tax amount ofinterest, this increases the attractiveness of stock investments
by one corporation in another relative to bond investments.
The total tax liability for the
$ 112,770
year is
Expects earnings before interest

$ 50,000
and taxes to be
Interest $ 11,900
Preferred stock dividends. $ 11,900
Tax rate 40%
EBIT $ 50,000
Less: Interest expense $ 11,900
Earnings before taxes $ 38,100
Less: Taxes (35%) $ 15,240
Earnings after taxes $ 22,860
Less: Preferred dividends $ -
Earnings available for common
$ 22,860
stockholders
EBIT $ 50,000
Less: Interest expense $ -
Earnings before taxes $ 50,000
Less: Taxes (35%) $ 20,000
Earnings after taxes $ 30,000
Less: Preferred dividends $ 11,900
Earnings available for common
$ 18,100
stockholders
The sale price for asset X is $ 2,330
The purchase price for asset X
$ 1,890
was
The capital gain realized on
$ 440
asset X is
The sale price for asset Y is $ 34,500

The purchase price for asset Y
$ 29,200
was
The capital gain realized on
$ 5,300
asset Y is
The tax rate is 34%
The tax on the sale of asset X is $ 150
The tax on the sale of asset Y is

$ 1,802
$
Asset Sale price Purchase price Capital gain Tax

A $ 2,174 $ 2,070 $ 104 $ 35
B $ 12,930 $ 12,930 $ - $ -
C $ 75,228 $ 62,690 $ 12,538 $ 4,263
D $ 44,946 $ 40,860 $ 4,086 $ 1,389
E $ 18,197 $ 17,330 $ 867 $ 295
The corporate tax rate on capital

34%
gains is
9. Chapter 2 Case (static)

A. By goingpublic, the owner can diversify their portfolio. Infact, without goingpublic, it is difficult to determine the value of their
firm.
B. For a publicly-listed company shareholders provide cash without having an ability to take the company to bankruptcy court if a
payment is not made.
C. Going public gives the owner the chance to get a return for his or her hard effort.
D. Being apublicly-listed company provides access to the money they need to grow.
B. One disadvantage to going public is that going publicly leaves the owner open to the potential that an individual or firm might
purchase all the publicly available shares, or at least enough to control the board of directors, and remove the founder from the
management team.
C. One disadvantage to going public is that there is no guarantee that shareholders will want to invest in one's firm. If they avoid its
shares, it will be priced below expected value.
D. One disadvantage to going public is that there may be low trading volume for thecompany's shares.
B. Not enough information is provided to determine whetherRobo-Tech meets the listing requirements to be on the NYSE Euronext.
That would be the goal because it is the largest and have the largest number of potential investors.
B. If the market is efficient, the firm will have an increased number of potential investors and this will help Robo-Tech sell shares
now and in thefuture, as it continues to need funds to finance expansions.
C. If the market isefficient, the more confidence investors will have in thefirm's market price.
D. If the market isefficient, prices are an unbiased estimate of firm value.
7.1 Differentiate between debt and equity
1. Warm-Up 2-6 (static)
The debt ratio of the firm is

8.2 Describe procedures for assessing and measuring the risk of a single asset.
YEAR RETURN PROBABILITIES RETURN IS :

1 4% 26%
2 -5% 7%
3 8% 19%
4 2% 48%
ANNUAL RETURNSTANDARD DEVIATION

14% 12% Coefficient of variation (CV)
10% 7%
Expansion A Expansion B
Amount Amount RANGE FOR RATE OF RETU
Initial 14000 14000
investment AVERAGE RETURN
Annual rate of return
Pessimistic 14% 13%
Most likely 20% 20%
Optimistic 27% 28%
optimistic outcomes 25%

most likely outcome 50%
Camera R Camera S
amount probability amount probability
Initial investme 5000 1.00 5000 1.00
Annual rate of return
Pessimistic 18% 0.22 17% 0.25
Most likely 29% 0.52 26% 0.55
Optimistic 32% 0.26 34% 0.20
camera R camera S
RANGE FOR RATE OF RETURN 14.00% 17.00%
AVERAGE RETURN 27.36% 25.35%
MARKET PROBABILITY ANNUAL RATE OF
ACCEPTANCE RETURN
Very poor 0.08 0.012 The expected return for the line is
Poor 0.24 0.045
Average 0.41 0.087
Good 0.18 0.149
Excellent 0.09 0.216
STANDARD
EXPECTED
ALTERNATIVE DEVIATION OF
RETURN
RETURN
A 20% 7.30% coefficient of variation
B 25% 8.80%
C 18% 6.20%
D 14% 4.60%
PROJECT EXPECTED RANGE STANDARD
RETURN DEVIATION
A 12.90% 5.90% 2.90%
B 12.60% 5.50% 2.70%
C 13.30% 4.50% 3.10%
D 13.20% 6.10% 2.80%
A B C D
coefficient of va 0.225 0.214 0.233 0.212
STOCK PRICE
YEAR BEGINNING END
2012 $ 14.63 $ 22.24
2013 $ 22.24 $ 64.09
2014 $ 64.09 $ 71.07
2015 $ 71.07 $ 91.95
not pay any dividends during these 4 years.
2012 2013 2014 2015

RATE OF RETUR 52.02% 188.17% 10.89% 29.38%
expected value ofreturn 70.12%
Standard deviati 80.48%
coefficient of v 1.15
RATE OF PROBABILITY
RETURN
5% 0.05 Range for the rate of return
The expected rate of
10% 0.05 return for the project is
15% 0.05 standard deviation of return
20% 0.05 coefficient of variation
25% 0.4
30% 0.15
35% 0.05
40% 0.1
45% 0.1
j pr return, r
1 0.05 25.00%
2 0.05 20.00%
3 0.60 10.00%
4 0.25 5.00%
5 0.05 -5.00%
expected rate of return 9.25%

standard
deviation 0.124%
0.058%
0.003%
0.045% 0.332%
0.102% 5.76%
coefficient of
variation 0.62
standard
R 14.5% deviation 3.625%
CV 0.25 10.88%
68% 18.13%
7.25%
95% 21.75%
3.63%
99% 25.38%
8.3Discuss the measurement of return and standard deviation for a portfolio and the c
Additional Problem 1
U.S. governmentT-bills account 49%

large-company stocks 33%
small-company stocks 18%
expected returns
U.S. governmentT-bills account 2.13%
large-company stocks 10.81%
small-company stocks 14.99%
the expected return on your portfolio is 7.31%
INVESTMENT EXPECTED RETURN

stock L 80% YEAR STOCK L
stock M 20% 2015 15%
2016 17%
5017 18%
2018 19%
2019 19%
2020 20%
R 2015 16.00%
R 2016 17.20%
expected R 2017 17.60%
portfolio
return R 2018 18.00%
R 2019 17.60%
R 2020 18.00%
expected value of portfolio

17.40%
return
0.020% 0.028%
0.000% 5.6E-05
0.000% 0.75%
0.004%
0.000%
0.004%
EXPECTED RETURN
YEAR ASSET F ASSET G ASSET H
2016 18% 19% 16%
2017 19% 18% 17%

2018 20% 17% 18%
2019 21% 16% 19%
0.18 18.50% 17.00%

0.19 18.50% 18.00%
0.20 18.50% 19.00%
0.21 18.50% 20.00%
1 2 3
expected return 19.50% 18.50% 18.50%
standard deviat 1.21% 0.00% 1.21%
coefficient of va 0.062 0.000 0.065
2.3 Describe the differences between the capital markets and the money markets
Warm-Up 2-3 (static)
2.4 Explain the root causes of the 2008 financial crisis and recession.
2.5 Understand the major regulations and regulatory bodies that affect financial instit
single asset.
3.17%
0.86
0.70
A B
13.00% 15.00%
20.25% 20.25%
return for the line is 9.37%
A B C D
0.365 0.352 0.344 0.329

40.00%
27.25%
10.18%
0.374
a portfolio and the concept of correlation.
CTED RETURN
STOK M
20%
18%
16%
14%
12%
10%
Alternative Investment
100% of asset
1F
50% of asset F
2 and50% of
asset G
50% of asset F
3 and50% of
asset H
affect financial institutions and markets.
BIBLIOGRAFÍA
Gitman, Z. (s.f.). Principios de Administración Financiera. Decimocuarta edición. Mexico: Pearson Education.

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Formatos disponibles

UNIVERSIDAD EAN

FACULTAD DE ESTUDIOS EN AMBIENTES VIRTUALES

BOGOTÁ, D.C., 21 DE MAYO DE 2019

2.1.1. Elabore un video en inglés - con audio – exponiendo sobre:

Impact on​asset's return​= 30.4%

Impact would 15%

Item Rate of return ​Beta, b

$ 1,000 $ 24,000 0.240 0.17 4.17% 9.04%

2.2. Desarrollo de los ejercicios del Study Plan (MyFinanceLab)

2.2.3. Cesar Augusto Rodríguez Rivera

2.6 Discuss business taxes and their importance in financial decisions.

1. Warm-Up 2-6 (static)

Firm earned $ 94,200

The base tax is $ 13,750

The​firm's taxable income is $ 94,200

The​ firm's average tax rate is 21.5%

The​firm's marginal tax rate is 34%

Taxable income $ 7,900

Amount over base​bracket $ 7,900

The tax liability for earnings bef $ 1,185

Average tax rat 15.0%

Taxable income $ 81,700

Amount over base​bracket $ 6,700

The tax liability for earnings bef $ 16,028

Average tax rat 19.6%

Taxable income $ 297,000

Amount over base​bracket $ 197,000

The tax liability for earnings bef $ 99,080

Average tax rat 33.4%

Taxable income $ 502,000

Amount over base​bracket $ 167,000

The tax liability for earnings bef $ 170,680

Average tax rat 34.0%

Taxable income $ 1,800,000

Amount over base​bracket $ 1,465,000

The tax liability for earnings bef $ 612,000

Average tax rat 34.0%

Taxable income $ 9,700,000

Amount over base​bracket $ 9,365,000

The tax liability for earnings bef $ 3,298,000

Average tax rat 34.0%

Taxable income $ 19,700,000

Amount over base​bracket $ 1,366,667

The tax liability for earnings bef $ 6,895,000

Average tax rat 35.0%

Taxable income $ 14,200

Amount over base​bracket $ 4,675

The tax liability for earnings bef $ 1,514

Taxable income $ 58,800

Amount over base​bracket $ 20,100

The tax liability for earnings bef $ 8,876

Taxable income $ 90,900

Amount over base​bracket $ 8,400

The tax liability for earnings bef $ 16,106

Taxable income $ 155,000

Amount over base​bracket $ 72,500

The tax liability for earnings bef $ 31,490

Taxable income $ 245,000

Amount over base​bracket $ 45,000

The tax liability for earnings bef $ 61,440

Amount over base​bracket $ 246,000

The tax liability for earnings bef $ 131,790

Taxable income $ 1,300,000

Impact onasset's return= 30.4%

Item Rate of return Beta, b

Thefirm's taxable income is $ 94,200

The firm's average tax rate is 21.5%

Thefirm's marginal tax rate is 34%

Amount over basebracket $ 7,900

Amount over basebracket $ 6,700

Amount over basebracket $ 197,000

Amount over basebracket $ 167,000

Amount over basebracket $ 1,465,000

Amount over basebracket $ 9,365,000

Amount over basebracket $ 1,366,667

Amount over basebracket $ 4,675

Amount over basebracket $ 20,100

Amount over basebracket $ 8,400

Amount over basebracket $ 72,500

Amount over basebracket $ 45,000

Amount over basebracket $ 246,000

Amount over basebracket $ 800,000

U.S. governmentT-bills account 49%

expected value of portfolio