El riesgo medido a través del Modelo CAPM ajustado para Mercados emergentes: El caso ecuatoriano
Two well-known and Nobel winner (1990) economists, Harry Markowitz and William Sharpe, developed the Capital Asset Pricing Model (CAPM). This model has allowed entrepreneurs and project managers to find a new technical and objective way to determine the discount rate (DR) or cost of capital for eval...
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| Format: | article |
| Status: | Published version |
| Publication Date: | 2014 |
| Country: | Ecuador |
| Institution: | Universidad Tecnológica Equinoccial |
| Repository: | Revistas Universidad Tecnológica Equinoccial |
| Language: | Spanish |
| OAI Identifier: | oai:revistas.ute.edu.ec:article/209 |
| Online Access: | https://revistas.ute.edu.ec/index.php/economia-y-negocios/article/view/209 |
| Access Level: | Open access |
| Keyword: | CAPM discount rate betas market risk premium tasa de descuento prima por riesgo de mercado |
| Summary: | Two well-known and Nobel winner (1990) economists, Harry Markowitz and William Sharpe, developed the Capital Asset Pricing Model (CAPM). This model has allowed entrepreneurs and project managers to find a new technical and objective way to determine the discount rate (DR) or cost of capital for evaluating ongoing enteiprises or investment projects because for the first time the market risk could be assessed and quantified using a single mathematical model. Until recently, it was believed that the CAPM was only applicable in countries with efficient stock markets. This article, however, purports to demonstrate that this model, with some adjustments, is also applicable in developing countries that still have shallow stock markets, such as Ecuador. This will contribute to set aside outdated and non—technical methods that are still being used in the Ecuadorian academic and business spheres. |
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