One of the tasks that financial managers must accomplish on a regular basis is the financial analysis of the firm. Although there are many tools available within certainty, stochastic and fuzzy paradigms, it is not clear which tools are particularly useful in which paradigms, nor how the tools can be combined to yield more powerful insights. In this work, the authors suggest a methodological framework that will enable managers to identify the most appropriate tool(s) for each paradigm and how to combine them to obtain powerful chains of interrelated tools with which it will be possible to exploit as much as possible the available information.

La estimación de la tasa de descuento para un proyecto de inversión se basa en dos supuestos: la existencia de un mercado completo y de inversionistas bien diversificados (BD). Si bien ambos supuestos son aceptables en mercados desarrollados, no son apropiados en mercados emergentes. En mercados emergentes no hay suficientes títulos gemelos para obtener un único factor de descuento estocástico y por lo tanto un solo valor de mercado para el proyecto que se evalúa. Además usualmente los inversionistas no se encuentran bien diversificados y no suelen utilizar mecanismos como el préstamo de acciones y las ventas a corto para realizar sus transacciones. En este trabajo se derivan dos expresiones matemáticas para estimar la tasa de descuento utilizando la ecuación fundamental de valoración en dos situaciones extremas: cuando los inversionistas poseen un portafolio de inversiones bi...

One of the tasks that financial managers must accomplish on a regular basis is the financial analysis of the firm. Although there are many tools available within certainty, stochastic and fuzzy paradigms, it is not clear which tools are particularly useful in which paradigms, nor how the tools can be combined to yield more powerful insights. In this work, the authors suggest a methodological framework that will enable managers to identify the most appropriate tool(s) for each paradigm and how to combine them to obtain powerful chains of interrelated tools with which it will be possible to exploit as much as possible the available information.