Analisis de riesgo de los fondos mutuales de renta variable venezolanos, pertenecientes a la asociación venezolana de administradoras de fondos y presentes hasta el 31 de agosto del 2004

Abstract

Se pretende hacer un analisis de riesgo top down de los dos fondos mutuales de renta variable que pertenecen a la Asociacion Venezolana de Administradoras de Fondos al 31 de Agosto de 2004, Portafolio Mercantil Acciones y Banesco Renta Variable. Hacer un analisis top down implica entender la burbuja especulativa mundial segun Naredo y su repercusion en el mercado bursatil venezolano a traves de la globalizacion financiera. Luego explicar la burbuja especulativa del Indice Bursatil Caracas en donde la causa principal es el excedente de liquidez monetario que medimos a traves de depositos a la vista emitido por el Banco Central de Venezuela. Luego de entender el riesgo de romperse la burbuja especulativa, procedemos a aplicar los metodos tradicionales de medir el riesgo. El metodo de la Teoria del Arbitraje de Precios es aplicado en una aproximacion para entender como factores comunes de riesgo pueden influir en el Indice Bursatil Caracas que a su vez esta correlacionado con el rendimiento de los dos fondos mutuales. Mas exacto es luego el analisis de beta y desviacion estandar aplicando el metodo de Minimos Cuadrados Ordinarios y la salida de EVIEW (programa econometrico). Luego se aplican los indices de performance (desempeno) de Sharpe, Treynor y Jensen aplicados a los dos fondos mutuales y al Indice Bursatil Caracas. Por ultimo se hace un analisis fundamental a ambos fondos que permite la informacion financiera de los prospectos. ANALISIS OF RISK OF FUNDS MUTUALES OF VARIABLE RENT VENEZUELAN, PERTAINING To The VENEZUELAN ASSOCIATION OF ADMINISTRATORS OF Funds And PRESENTS UNTIL The 31 OF AUGUST Of The 2004. This paper shows how the Intellectual Capital plays a main role adding value to nowadays firms. So, it helps to look for new action lines –as well as of control and management ones– which give answers to the current competitive demands, because the changes demanded by the firms of this age, not only in their conception but in their way to display the financial information to take decisions, since the value of the intellectual content is overcoming openly to the value of material content. For this reason, the firms which want to be competitive and to obtain success and prestige should invest in the generation and renovation of their intangible assets, in order to enact an appropriate countable policy, assuring their administration and promoting their development, as much in their internal environment as in their external one. Evidently, many of the firms which have obtained a great success in the last years, have made it on the base of factors foreign to material goods, but for developing their intangible assets. Consequently, this paper attempts to expose and explain –by a widespread way– how and where it is possible to create and develop the Intellectual Capital inside a firm. Key words: intellectual capital, intangible assets, generator of success, management.