Estimation of beta coeficiente calculation for companies listed on de Boliviana Stock Exchange
DOI:
https://doi.org/10.35319/bhq7hx90Keywords:
Beta, Investement, Risk, YieldAbstract
The lack of a systematic risk indicator in Bolivia is a problem that affects investments in the country, without this indicator, investments in general become riskier. The Beta coefficient is an indicator of systematic risk used in investments worldwide for its degree of importance, unfortunately this coefficient was not calculated and therefore is not used in Bolivia, for this reason, the objective of this study is Estimate the calculation of the beta coefficient for the companies listed on the Bolivian Stock Exchange.
Through the use of a methodology deductive and exploratory was accomplished the calculation of the beta coefficient to the sample proposed, applying the different methodologies studied and analyzing the different variables that are involved in those methodologies, was selected The Copeland-Weston method and the linear regression method as recommended calculation methods for the companies studied, as well as the accounting and profit methods for companies not listed on the Bolivian Stock Exchange due to their informality, emphasizing the mixture of qualitative and quantitative calculations for an internal and external analysis of the beta.
Downloads
References
Bloomberg. (20 de junio de 2019). Bloomberg. Obtenido de Bloomberg Professional Services: https://www.bloomberg.com/professional/
Bolsa Boliviana de Valores. (05 de julio de 2019). Bolsa Boliviana de Valores S.A. Obtenido de: https://www.bbv.com.bo/
Fernández, P., & Carabias, J. M. (2007). El peligro de utilizar betas calculadas. IESE Business School, 01-30.
Flores Sánchez, P., & Quevedo Barahona, P. (2001). Análisis de riesgo: Obtención de betas patrimoniales para empresas del Ecuador (Tesis de Licenciatura). Escuela Superior Politécnica del Litoral, Guayaquil.
Gimeno Torres, M. (2014). Evolución del modelo CAPM a lo largo de la historia de la economía financiera (Tesis de Maestría). Universidad Pontificia Comillas Madrid, Madrid, España.
Markowitz, H. (1952). Portfolio Selection. The Journal of Finance, 7(1), 77–91. https://www.jstor.org/stable/2975974
Rubio, F. (2004). Contrastación de metodologías para el cálculo de beta de mercado: el caso de España. Programa Doctoral de Finanzas y Economía, 25–40.
Sharpe, W. F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. The Journal of Finance, 19(3), 425–442. https://www.jstor.org/stable/2977928
Támara Ayús, A. L., Chica Arrieta, I. E., & Montiel Ensuncho, A. (2017). Metodología de cálculo del Beta: Beta de los activos, Beta apalancado y Beta corregido por Cash. Espacios, 38(34), 15. https://www.revistaespacios.com/a17v38n34/a17v38n34p15.pdf
Terrazas Pastor, R. A. (2018). Metodología de la Investigación. Cochabamba, Bolivia: Tersil.
Downloads
Published
Issue
Section
License
Copyright (c) 2020 Revista Perspectivas
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
La Revista Perspectivas de la Universidad Católica Boliviana, es una revista de acceso abierto, por lo tanto, es de libre acceso en su integridad. Está permitida su lectura, búsqueda, descarga, distribución y reutilización legal en cualquier tipo de soporte únicamente para fines no comerciales, siempre y cuando la obra sea debidamente citada.
