Actividad No.

4: Taller parte 2 Anualidades y liquidación de instrumentos de inversión

Electiva CPC Mercado de capitales

LAURA VIVIANA AMAYA GARCIA

CONTADURIA PUBLICA
CORPORACION UNIVERSITARA MINUTO DE DIOS
BUCARAMANGA
2022
de inversión
 Activity 4
Part 2: Workshop annuities and liquidation of investment instruments

1. Read carefully the questions asked and answer them according to the topics covered from the suggested readings.

a. What is the equity market?

Variable income is a type of investment made up of all those financial assets in which the return is uncertain. In other
guaranteed, neither the return of the capital invested nor the profitability of the asset. In this we do not know the cash
receive from the company. It may even be that the return is negative and that we lose money with the investment. Thi
depends on various factors such as the evolution of the company, the economic situation or the behavior of the financ
factors. Some equities are commodities assets, currencies, stocks.

b. What are the characteristics of the stock market?

* They have a fluctuating value in the stock market.

* Your purchase and sale is considered an investment.

* No tienen garantías de ganancias.

* The creditor of the shares can keep them indefinitely.

* The value of the shares is based on current supply and demand, and is conditioned by the performance of the compa

* The person who buys shares becomes the owner of a part of the company's capital stock.

* Anyone can buy shares through the stock market

C. How are shares classified?

* Common or ordinary shares

* Preferred stock
* Investment shares

D. What are the main characteristics of the bonds?

* price
* maturity value
* term
* risk
* Guarantee
* debt status
* government laws
* registered or bearer form
* priority over assets and profits
* issue contracts
* buyback option
* amortization
* sinking funds

E. What are the risks associated with the bonds?

* Interest rate risk or market risk

* Reinvestment risk
* Credit or default risk

F. What institutions offer fixed income instruments?

stock brokerage companies

G. What are options?

Financial options are financial instruments that give the buyer the right, and the seller the obligation to carry out the tr
on a certain date where it is used as an investment hedge.

H. What is a call option and what is a put option? Say what they consist of with an example and their differenc

A Call option, whenever the investor has bullish expectations about the market or when a stock is going to have this
the asset has had a strong upward trajectory, since by buying it you can take advantage of the rises, if the stock conti
losses, if it falls. If an investor wants to buy securities in the near future because they are going to rise but they do n
they can take advantage of the rise by buying Call options.
EXAMPLE

Imagine that we are keeping an eye on some shares and we think that they are going to rise, but like everything in this
After seeing the different investment routes (stocks, futures) we opted for options. Currently the shares are trading at
the market and buying them directly, we opted for a package of options, an option contract that in this case is equivale
you to understand the concept) and the shares are trading at €10.

In this case the option costs 10 sorry (it could even cost less), time passes and we are right in the movement of the sha
€10 to €20 and as in the story of Tales of Miletus we have the right to buy by contract something at €10 that is worth
gentlemen, is a Call option.
The put option
They are contracts that grant the holder the right to sell an underlying at a certain price before the expiration date.
Put options are used in two possible scenarios:
Benefit from the fall of some shares, Cover our portfolio shares against possible falls, since they act as "insurance".
If for any reason the price of the shares falls, the investor can exercise his right to sell the shares at the agreed price (e
price rises, there is no obligation to exercise the options and the maximum loss is limited to the premium paid.

EJEMPLO
Imagine that you have some shares in your portfolio and analyzing the market you realize that a bearish period is com
most likely go down, but you are not entirely sure either.
One way to avoid losing a lot of money is to sell the stock, but another way is to buy a put option.
By buying a put option you have the right to have the shares bought from you at a certain price by paying a small prem
cents to pay that premium, this premium gives us the right to sell something worth less than €10 to €10 on the market
taking out an insurance policy for our shares.

OPCIÓN CALL VENDEDOR

Derecho u obligación Obligación
Expectativas del inversor Bajistas
Beneficios Prima
Pérdidas Ilimitadas

I. What are forwards and futures? State the main difference between them.

DIFFERENCES
FORWARDS FUTURES

They are traded directly between the parties

Se negocian en mercados regulados
(what is known as the OTC market)

Forward currency contracts, which are futures contracts

more liquid than currency futures
Futures contracts are traded on organized
The terms and conditions are adapted to the
markets and provide daily liquidity, ability to
needs of the parties involved
unwind high position
The terms and conditions are adapted to the They are standardized contracts in terms of
needs of the parties involved contract sizes and terms and conditions.
Forwards are bilateral contracts with their A single clearinghouse is the counterparty to
own counterparty, so they contain a higher all futures contracts. The chamber commits
risk of being able to go bankrupt and not the members by forcing them to deposit a
comply with the provisions of the contract capital and a guarantee.
Futures contracts have a daily mark-to-
Forward contracts are generally not mark- market, this means that the price of the
to-market. contract is reviewed every day and each of
the parties deposits the guarantee or not.
Forward contracts are normally not
The government regulates futures markets.
regulated.
the suggested readings.

urn is uncertain. In other words, profitability is not

we do not know the cash flows that we are going to
with the investment. This is because profitability
he behavior of the financial markets, among other

erformance of the company in question.

igation to carry out the transaction at a fixed price and

mple and their differences.

ock is going to have this trend. It is also a good time if

e rises, if the stock continues to rise, and have limited
oing to rise but they do not have the necessary funds,
ll options.

but like everything in this life we ​are not 100% sure.

the shares are trading at €10 and instead of going to
at in this case is equivalent to 100 shares. (I just want

the movement of the shares. They have gone from

hing at €10 that is worth €20 on the market, this,
e the expiration date.

hey act as "insurance".

res at the agreed price (exercise price). If the share
he premium paid.

t a bearish period is coming and that these shares will

ption.
ce by paying a small premium. In this case we put 10
€10 to €10 on the market. Buying a put option is like

COMPRADOR OPCIÓN PUT VENDEDOR

Derecho Derecho u obligación Obligación
Alcistas Expectativas del inversor Alcistas
Ilimitados Beneficios Prima
Prima Pérdidas Ilimitadas
COMPRADOR
Derecho
Bajistas
Ilimitados
Prima
2. Make a comparative chart between:
- Flow discount model in preferred shares
- Gordon's model
- Multiple growth model

COMPARISON CHART

Cash flow
discount model in Gordon's model
preferred shares

Preferred stock, like bonds,

offers a steady, periodic cash
Gordon's growth model is a method
flow through the payment of
of valuing a company's share price
preferred dividends. These
using constant growth and
dividends are stipulated as a
discounting the value of future
fixed monetary amount or as a
dividends to today.
percentage of the par value of
the preferred stock.

P = Div/r Vo = Valor actual

P: share value Div 1 = Dividend in year 1 r =
required return on shares
Div: Dividends g = expected dividend growth
r: interest rate or required return

Formula : Formula:
N CHART

Multiple growth model

The approach in this model is that, for a

certain number of years, indicated by T,
the dividend growth will not have a
constant growth pattern but after this
period the investor will assume a specific
growth pattern.

D T+1 = D t ( 1+g)
D T+2 = D t +1 ( 1+g) = D t (1+g) 2
D T +3 = D t+2 ( 1+g) = D t (1+g) 3

Formula:

Vo = __DIV 1____
R-g
 3. Solve the following exercises in Excel format, based on the annex "Settlement models".

a. Liquide el valor de una acción preferente de Ecope

DIV $120,000
r 6%
p $2,000,000

b. Settle at the value of a current share of Ecopetrol that in year one paid $120,000; the rate deman
Additionally, write what you conclude about this estimated result of growth, compared to the solut

DIV 1 $120,000
g 6%
r -2%
p $1,500,000

C. Calculate the share price of the company Ecopetrol, considering that the return required by th

Div1 $120.000
Div2 $110.000
Div3 $130.000
Div4 $132.000

D. Encuentre el precio de los siguientes bonos con las siguientes caracteristicas:

BONO 1

VALOR NOMINAL: $ 1.000.000 FORMULA:

RENTABILIDAD : 6%
VENCIMIENTO: 5 AÑOS

BONO 2
VALOR NOMINAL: $ 1.000.000 FORMULA:
RENTABILIDAD : 6%
VENCIMIENTO : 5 AÑOS
CUPON SEMESTRAL : $ 30.000

E. Calculate the cost and profitability of the following option:

You, as an investor, wish to acquire a call option to buy 1,000 shares of Ecopetrol, in which the exercise price is
trading at $3,335. Perform the same

Formula: B = (S-E)*N-C*N

According to the results given in this operation, we can sh

CONCLUSÓN therefore, as

F. As an importer, you need to pay a merchandise in 6 months for a value of USD 30,000, you want
$3,600 pesos per dollar - Expected semi-annual return USD: 7% - Expected semi-annual return pe
to return in six months.

Inversión USD 30.000

TIiempo (MESES) 6
Tasa Spot $ 3,600.00
usd 7%
Peso 1%
Compra usd USD 28,037
Equivalencia A USD 8
Peso para devover al año (prestamo) $7.87
Tasa Forward $ 3,813.86
the annex "Settlement models". Finally, for each answer write a conclusion or an analysis of the result obtained.

una acción preferente de Ecopetrol que paga un dividendo anual de $120.000; la tasa exigida por los accionistas es de 6 %

R/: in this case the value of the preferred share in Ecopetrol is $2,000,000

paid $120,000; the rate demanded by shareholders is 6%, and dividends are expected to grow at a rate of -2% due to CO
growth, compared to the solution of the previous exercise.

A/: In the exercise, it can be seen that through the COVID 19 health emergency, a growt
if it is in the market for a higher value it is not profitable but if it has a lower market valu

that the return required by the shareholder is 6% and that the growth rate of dividends, from the following year, remain

Año 1 2 3
Dividendo $120,000 $110,000 $130,000
r 0.06
R 0.03

Flujos actualizados $113,208 $97,900 $109,151

$116,604 $427,547 $1,136,887

entes caracteristicas:
 P= (𝐶𝑚
)/((1+𝑟)ˆ𝑡)
p valor del bono p
t tiempo de vencimiento t
r rentabilidad r
cm valor nominal (efectivo) cm

p=Ʃ
𝑐𝑠/((1+𝑟)^ P valor del bono p
𝑡) t tiempo de vencimiento t
r rentabilidad r
cs cupon semestral cs
vn valor nominal vn

etrol, in which the exercise price is $3,000. The maturity is 12 months and the premium is $100; Suppose that on the day of expiration of the
ading at $3,335. Perform the same operation if it is trading at $2,900, and draw conclusions

B beneficio B $ 235,000.00
E precio de ejercicio E $ 3,000
S precio de mercado S $ 3,335
C prima N 1000
N numero de acciones C 100

ven in this operation, we can show that a greater profit is obtained when $3,335 is quoted than when it is quoted at $2,900, which
therefore, as an investor, I would take the call option as long as when the quoted value is greater than $3,335

value of USD 30,000, you want to fix the exchange rate so as not to pay more than budgeted, you acquire a futures contra
pected semi-annual return pesos 1% CALCULATE: forward exchange rate, required purchase of dollars by the bank, t
ained.

accionistas es de 6 %.

etrol is $2,000,000

ate of -2% due to COVID.

emergency, a growth rate of -2% has been estimated, so it can be seen that the expected exchange rate can have a signifi
s a lower market value can also be obtained..

ollowing year, remains constant and will be 3%. The estimated dividends will be:

4 TOTAL En esta ecuación:

$132,000 Po = Precio de las acciones comunes hoy
D0(1 + g)1 = Dividendo en el año 1, D1
D0(1 + g)2 = Dividendo en el año 2, D2
g = Tasa constante de crecimiento de los dividendos
$166,647 Ke = Tasa de rendimiento esperada para las acciones co
$2,052,226 $3,733,264
 $ 747,258.17
5
6%
1,000,000

$ 777,258.17
5
6%
30,000
1,000,000

e day of expiration of the option, Ecopetrol's share is

B $ 200,000.00 P $100
E $ 3,000 Ve ($235)
S $ 2,900 Vi $335
N 1000 E $3,000
C 100 S $3,335
C $100

uoted at $2,900, which is also a lower value than the exercise price,
is greater than $3,335

uire a futures contract in a bank: - Today's exchange rate (spot):

dollars by the bank, the equivalence in pesos, the amount of pesos
hange rate can have a significant impact on the price of the shares, in turn this result of the exercise illustrates that the va

s comunes hoy
n el año 1, D1
n el año 2, D2
cimiento de los dividendos
esperada para las acciones comunes
P $100
Ve $200
Vi ($100)
E $3,000
S $2,900
C $100
xercise illustrates that the value of the share is $1,500,000, in which