Publicado dic 1, 2010



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Jaime Humberto Sierra González

David Andrés Londoño Bedoya

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Resumen

El uso de instrumentos derivados es particularmente importante en la gestión del


riesgo, pues esto influye directamente en el patrimonio de las organizaciones y


en su potencial de generación de valor. En el presente estudio se explora una


hipótesis explicativa sobre el empleo que de los instrumentos derivados hicieron


las empresas industriales y comerciales nacionales antes de la apertura


del Mercado de Derivados de la Bolsa de Valores de Colombia. Este trabajo


analiza dos hipótesis planteadas por la literatura internacional: los instrumentos


derivados usados por empresas caracterizadas por estrés financiero o sofistificación


financiera y una combinación de estas dos razones. Para ello se utiliza


un modelo de regresión logística, el cual evidencia que el estrés y la sofisticación


financiera son razones importantes de la utilización de los instrumentos


derivados, en el caso de las empresas colombianas.

Keywords

derivatives, risk management, financial stress, financial sophistication, logistic regressionderivados, gestão de riscos, estresse financeiro, sofisticação financeira, regressão logísticaderivados, gestión de riesgos, estrés financiero, sofisticación financiera, regresión logística

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Cómo citar
Sierra González, J. H., & Londoño Bedoya, D. A. (2010). Cobertura con derivados en empresas manufactureras colombianas: análisis previo a la apertura del mercado de derivados en la bolsa de valores de Colombia. Cuadernos De Administración, 23(41). https://doi.org/10.11144/Javeriana.cao23-41.cdem
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