FACULTAD DE CIENCIAS EMPRESARIALES Y ECONOMICAS

CARRERA DE ECONOMIA

FINANZAS 1 – NIVEL 6
PLAN DE TRABAJO
(*) Información complementaria al silabo de la asignatura

UNIDAD 1: EL EFECTIVO, EL PRESUPUESTO DE CAJA Y LA TEORÍA

DEL INTERES

PRIMERA SEMANA

LECTURAS OBLIGATORIAS
 ROSS, Stephen A; WESTERFIELD, Randolph W; JAFFE, Jeffrey F. Finanzas
Corporativas. 11th. Ed. Capitulo 27 – Administración del Efectivo. Capitulo 28 –
Administración de Crédito e Inventario.
 DAMODARAN, Aswath, Investment Valuation, 3rd ed. Chapter 9 – Measuring
Earnings. Chapter 10 - From Earnings to Cash Flows.
 BERK, Jonathan; DEMARZO, Peter. Corporate Finance. 3rd Ed. Chapter 5 –
Interest Rates.
 BUCHANAN, Robert. Introduction to Financial Mathematics. 3rd Ed. Chapter 1
– The Theory of Interest.
 CVITANIC, Jaksa; ZAPATERO, Fernando. Introduction to the Economics and
Mathematics of Financial Markets. 1st Ed. Chapter 2 – Interest Rates (solo 2.1
y 2.2).

ACTIVIDAD
 GUÍA DE EJERCICIOS

UNIDAD 2: VALUACIÓN Y PRESUPUESTO DE CAPITAL

SEGUNDA SEMANA

LECTURAS OBLIGATORIAS
 ROSS, Stephen A; WESTERFIELD, Randolph W; JAFFE, Jeffrey F. Finanzas
Corporativas. 11th. Ed. Capitulo 4 – Valuación con Flujos de Efectivo
Descontados. Capitulo 5 – Valor Presente Neto y Otras Reglas de Inversión.
 BERK, Jonathan; DEMARZO, Peter. Corporate Finance. 3rd. Ed. Chapter 8 –
Fundamentals of Capital Budgeting. Chapter 19 – Valuation and Financial
Modeling: A Case Study.
 DAMODARAN, Aswath, Applied Corporate Finance, 4th ed. Chapter 4 – Risk
Measurement and Hurdle Rates in Practice. Chapter 5 – Measuring Return on
Investments.

ACTIVIDAD
 GUÍA DE EJERCICIOS

TERCERA SEMANA

LECTURAS OBLIGATORIAS
 ROSS, Stephen A; WESTERFIELD, Randolph W; JAFFE, Jeffrey F. Finanzas
Corporativas. 11th. Ed. Capitulo 6 – Toma de Decisiones de Inversiones de
Capital.

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CARRERA DE ECONOMIA

 BERK, Jonathan; DEMARZO, Peter. Corporate Finance. 3rd. Ed. Chapter 4 –

The Time Value of Money. Chapter 7 – Investment Decision Rules.
 DAMODARAN, Aswath, Applied Corporate Finance, 4th ed. Chapter 6 – Project
Interaction, Side Costs and Side Benefits.

ACTIVIDAD
 EC1 – EVAL 1: CL SEMANAS 1 A 3

UNIDAD 3: EL FINANCIAMIENTO A LARGO PLAZO

CUARTA SEMANA

LECTURAS OBLIGATORIAS
 WILMOTT, P. Paul Wilmott Introduces Quantitative Finance. 2nd Ed. Chapter
14 – Fixed-Income Products and Analysis: Yield, Duration and Convexity
 BERK, Jonathan; DEMARZO, Peter. Corporate Finance. 3rd Ed. Chapter 3 –
Financial Decision Making and the Law of One Price. Chapter 6 – Valuing Bonds.
 FABOZZI, Frank J. Bond Markets, Analysis and Strategies. Chapter 1 -
Introduction (pp. 1-12). Chapter 2 – Pricing of Bonds (pp. 14-32). Chapter 3 –
Measuring Yield (pp. 33-54)
 CVITANIC, Jaksa; ZAPATERO, Fernando. Introduction to the Economics and
Mathematics of Financial Markets. 1st Ed. Chapter 8 – Fixed-Income Market
Models and Derivatives (solo 8.1.2 y 8.2.2).
 FABOZZI, Frank; FOCARDI, Sergio. The Mathematics of Financial Modeling
and Investment Management. Chapter 20 – Term Structure and Valuation of
Bonds and Bond Options.

ACTIVIDAD
 GUÍA DE EJERCICIOS

QUINTA SEMANA

LECTURAS OBLIGATORIAS
 CVITANIC, Jaksa; ZAPATERO, Fernando. Introduction to the Economics and
Mathematics of Financial Markets. 1st Ed. Chapter 1 – Financial Markets (solo
1.1). Chapter 2 – Interest Rates (solo 2.3).
 HEATH, D., JARROW, R., and Morton, A. (1990). Bond pricing and the term
structure of interest rates: A discrete time approximation.
 HEATH, D., JARROW, R., and Morton, A. (1992). Bond pricing and the term
structure of interest rates: A new methodology for contingent claims valuation.
 COCHRANE, JOHN. (2005). Asset Pricing. Chapter 19 – Term Structure of
Interest Rate.
 MISHKIN, FREDERIC. (2022). The Economics of Money, Banking and
Financial Markets. Chapter 6 – The Risk and Term Structure of Interest Rates

ACTIVIDAD
 EC2 – EVAL 2: CL SEMANAS 4 Y 5

SEXTA SEMANA

LECTURAS OBLIGATORIAS

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CARRERA DE ECONOMIA

 ROSS, Stephen A; WESTERFIELD, Randolph W; JAFFE, Jeffrey F. Finanzas

Corporativas. 11th Ed. Capitulo 9 – Valuación de Acciones.
 BERK, Jonathan; DEMARZO, Peter. Corporate Finance. 3rd Ed. Chapter 9 –
Valuing Stocks.
 DAMODARAN, Aswath, Investment Valuation, 3rd ed. Chapter 11 – Estimating
Growth.
 BLACK, Fischer (1976). The dividend puzzle. The journal of Portfolio
Management, 2(2), 5-8. DOI:https://doi.org/10.3905/jpm.1976.408558.
 BRENNAN, Michael (1971). A note on dividend irrelevance and the Gordon
valuation model. The Journal of Finance, 26(5), 1115-1121.
 LINTNER, John (1956). Distribution of incomes of corporations among dividends,
retained earnings, and taxes. The American Economic Review, 46(2), 97-113.
 LINTNER, John (1962). Dividends, earnings, leverage, stock prices and the supply
of capital to corporations. The Review of Economics and Statistics, 44(3), 243-
269.

ACTIVIDAD
 GUÍA DE EJERCICIOS

SÉPTIMA SEMANA

LECTURAS OBLIGATORIAS
 DAMODARAN, Aswath, Applied Corporate Finance, 4th ed. Chapter 10 – Dividend
Policy. Chapter 11 – Analyzing Cash Returned to Stockholders.
 DAMODARAN, Aswath, Investment Valuation, 3rd ed. Chapter 13 – Dividend
Discount Models. Chapter 17 – Fundamental Principles of Relative Valuation.
 GORDON, M.J. (1959). Dividends, earnings, and stock prices. The Review of
Economics and Statistics, 41(2), 99-105.
 GORDON, M.J. (1962). The savings investment and valuation of a corporation.
The Review of Economics and Statistics, 44(1), 37-51.
 MARSH, Terry, A. and MERTON, Robert, T. (1987). Dividend behavior for the
aggregate stock market. The Journal of Business, 60(1), 1-40.
 MILLER, H. Merton and MODIGLIANI, Franco (1961). Dividend policy, growth,
and the valuation of shares. The Journal of Business, 34(4), 411-433.

ACTIVIDAD
 EC1 – EVAL 3: EE/CL SEMANAS 6 Y 7/UNIDADES 1 A 3

OCTAVA SEMANA
Actividades de apoyo a la asignatura.
Retroalimentación del proceso de aprendizaje.

UNIDAD 4: EL TEOREMA DE NO ARBITRAJE EN FINANZAS

NOVENA SEMANA

LECTURAS OBLIGATORIAS
 BUCHANAN, Robert. Introduction to Financial Mathematics. 3rd Ed. Chapter 4
– The Arbitrage Theorem.

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CARRERA DE ECONOMIA

 FABOZZI, Frank; FOCARDI, Sergio. The Mathematics of Financial Modeling

and Investment Management. Chapter 14 – Arbitrage Pricing: Finite -State
Models.
 VARIAN, H.R. (1987). The arbitrage principle in financial economics.
 COCHRANE, JOHN. (2005). Asset Pricing. Chapter 4 – The Discount Factor.

ACTIVIDAD
 GUÍA EJERCICIOS

DÉCIMA SEMANA

LECTURAS OBLIGATORIAS
 DELBAEN, F., and SCHACHERMAYER, W. (1994). A general version of the
fundamental theorem of asset pricing.
 FABOZZI, Frank; FOCARDI, Sergio. The Mathematics of Financial Modeling
and Investment Management. Chapter 15 – Arbitrage Pricing: Continuous-State,
Continuous-Time Models.
 CVITANIC, Jaksa; ZAPATERO, Fernando. Introduction to the Economics and
Mathematics of Financial Markets. 1st Ed. Chapter 3 – Models of Securities
Prices in Financial Markets (solo 3.6).

ACTIVIDAD
 GUÍA DE EJERCICIOS

UNIDAD 5: FINANZAS CUANTIATIVAS: PASEOS ALEATORIOS Y

MOVIMIENTOS BROWNIANOS

DECIMOPRIMERA SEMANA

LECTURAS OBLIGATORIAS
 BUCHANAN, Robert. Introduction to Financial Mathematics. 3rd Ed. Chapter 5
– Random Walks and Brownian Motion.
 WILMOTT, Paul. Paul Wilmott Introduces Quantitative Finance. Chapter 4 –
The Random Behavior of Assets.
 ERMOGENOUS, A. (2006). Brownian motion and its application in the stock
market.
 CVITANIC, Jaksa; ZAPATERO, Fernando. Introduction to the Economics and
Mathematics of Financial Markets. 1st Ed. Chapter 3 – Models of Securities
Prices in Financial Markets (3.1 al 3.5 y 3.7).
 BENITEZ, A. El modelo de Arrow-Debreu y de la demostración de existencia del
equilibrio general.
 LOZANO, F., VILLA, E., y MONSALVE, S. El modelo Arrow-Debreu es un modelo
estático.

ACTIVIDAD
 EC2 – EVAL 1: CL SEMANAS 9 A 11

UNIDAD 6: LA ADMINISTRACION DEL RIESGO Y LOS DERIVADOS

DECIMOSEGUNDA SEMANA

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FACULTAD DE CIENCIAS EMPRESARIALES Y ECONOMICAS
CARRERA DE ECONOMIA

LECTURAS OBLIGATORIAS
 HULL, John. Options, Futures and Other Derivatives. 11th ed. Chapter 1 –
Introduction. Chapter 2 – Futures Markets and Central Counterparties. Chapter 5
– Determinants of Forward and Future Prices.
 McDONALD, Robert. Derivatives Markets. 3rd ed. Chapter 1 – Introduction to
Derivatives.

ACTIVIDAD
 GUÍA DE EJERCICIOS

DECIMOTERCERA SEMANA

LECTURAS OBLIGATORIAS
 HULL, John. Options, Futures and Other Derivatives. 11th ed. Chapter 4 – Interest
Rates. Chapter 6 – Interest rate Futures. Chapter 7 – Swaps
 McDONALD, Robert. Derivatives Markets. 3rd ed. Chapter 5 – Financial Forwards
and Futures. Chapter 6 – Commodity Forwards and Futures. Chapter 7 – Interest
Rate Forwards and Futures. Chapter 8 - Swaps.

ACTIVIDAD
 EC2 – EVAL 2: CL SEMANAS 12 Y 13

DECIMOCUARTA SEMANA

LECTURAS OBLIGATORIAS
 HULL, John. Options, Futures and Other Derivatives. 11th ed. Chapter 10 –
Mechanics of Option Markets. Chapter 11 – Properties of Stock Options.
 McDONALD, Robert. Derivatives Markets. 3rd ed. Chapter 9 – Parity and Other
Option Relationship. Chapter 10 – Binomial Option Pricing: Basic Concepts.

ACTIVIDAD
 GUÍA DE EJERCICIOS

DECIMOQUINTA SEMANA

LECTURAS OBLIGATORIAS
 HULL, John. Options, Futures and Other Derivatives. 11th ed. Chapter 13 –
Binomial Trees. Chapter 19 – The Greek Letters.
 McDONALD, Robert. Derivatives Markets. 3rd ed. Chapter 11 – Binomial Option
Pricing: Selected Topics.

ACTIVIDAD
 EC2 – EVAL 3: EE/CL SEMANAS 14 Y 15/UNIDADES 4 A 6

DECIMOSEXTA SEMANA
Evaluación del aprendizaje.
Retroalimentación del proceso de aprendizaje.

Observaciones:
 En el silabo de la asignatura se incluye información detallada sobre el contenido
y metodología.

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CARRERA DE ECONOMIA

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