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Una aproximación al impacto del “efecto portafolio” en los resultados de una muestra de empresas cotizantes

Author

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  • José Pablo Dapena
  • Patricio Villavicencio

Abstract

Contextos inflacionarios pueden dar lugar a fuentes de ganancias o renta que no se encuentran directamente vinculadas a los aspectos operativos del foco de negocios de una firma sino más bien a los aspectos financieros, y que surgen de la administración del portafolio de activos y pasivos de la empresa. Esta renta financiera puede provenir del efecto de la inflación en los activos y pasivos monetarios, de intereses financieros por créditos a los clientes, y del efecto de la tenencia por apreciación o depreciación relativa del valor de bienes con precios propios respecto de la inflación. En el presente trabajo resumimos los principales aspectos del “efecto portafolio” y procedemos a estimar el monto de dicho efecto para un conjunto de seis empresas cotizantes en el mercado local de capitales a partir de la información contenida en los balances por el período 2012.

Suggested Citation

  • José Pablo Dapena & Patricio Villavicencio, 2013. "Una aproximación al impacto del “efecto portafolio” en los resultados de una muestra de empresas cotizantes," CEMA Working Papers: Serie Documentos de Trabajo. 530, Universidad del CEMA.
  • Handle: RePEc:cem:doctra:530
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    File URL: http://www.ucema.edu.ar/publicaciones/download/documentos/530.pdf
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    References listed on IDEAS

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    1. N. Gregory Mankiw & Matthew Weinzierl & Danny Yagan, 2009. "Optimal Taxation in Theory and Practice," Journal of Economic Perspectives, American Economic Association, vol. 23(4), pages 147-174, Fall.
    2. Feldstein, Martin, 2008. "Effects of Taxes on Economic Behavior," National Tax Journal, National Tax Association, vol. 61(1), pages 131-139, March.
    3. Martin S. Feldstein, 2008. "Effects of Taxes on Economic Behavior," NBER Working Papers 13745, National Bureau of Economic Research, Inc.
    4. Feldstein, Martin, 2008. "Effects of Taxes on Economic Behavior," Scholarly Articles 2943922, Harvard University Department of Economics.
    5. Adrián C. Guisarri, 2005. "Negocios: Oportunidades Reales o Desequilibrios en Mercados?," Temas de Management, Universidad del CEMA, vol. 0, pages 4-11, July.
    6. José Pablo Dapena, 2014. "Un enfoque económico de los efectos de la inflación en las ganancias de capital para los estados contables y el impuesto a las ganancias," CEMA Working Papers: Serie Documentos de Trabajo. 538, Universidad del CEMA.
    7. Baumol, William J & Bradford, David F, 1970. "Optimal Departures from Marginal Cost Pricing," American Economic Review, American Economic Association, vol. 60(3), pages 265-283, June.
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    More about this item

    Keywords

    Finanzas corporativas; Gestión financiera; Inflación; Costo del capital; Portafolio de inversión; Efectos de tenencia y devaluación.;

    JEL classification:

    • N2 - Economic History - - Financial Markets and Institutions
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • G00 - Financial Economics - - General - - - General

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