Publication: La gestión de carteras de renta fija
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1991
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Facultad de Ciencias Económicas y Empresariales. Decanato
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En este trabajo se pretende analizar la gestión de las carteras de valores formadas exclusivamente por títulos de renta fija (bonos, obligaciones, deuda del Estado, etc.). Para ello se divide en tres partes. En la primera de ellas se estudia cómo se calcula el rendimiento de los títulos de renta fija y de las carteras formadas por ellos. En la segunda se analiza el riesgo de dichos títulos o carteras a través de los importantes conceptos de duración y convexidad, cuyo cálculo, usos, ventajas y desventajas se analizan en profundidad. En la última parte se entra en la gestión de las carteras de renta fija, para ello se estudia la gestión pasiva, que es la que acometen los inversores que piensan que el mercado es eficiente en su forma intermedia, y la gestión activa que es la que realizan los inversores que piensan que el mercado es ineficiente.
In this paper, the bond portfolio management is analyzed. It is divided in three parts. The first of them studies how the bond's yield to the maturity and of their portfolios are obtained. In the second part, the bond's risk is studied through the two very importants concepts as they are duration and convexity; their uses, advantages and drawbacks are analyzed deeply. In the last part, we enter in the bond portfolio management. We will study the pasive management that is undertaken by the managers that believe in the efficient market intermediate hipothesis. And, al so, we will continue with the active management for the investors that think the market is not so efficient.
In this paper, the bond portfolio management is analyzed. It is divided in three parts. The first of them studies how the bond's yield to the maturity and of their portfolios are obtained. In the second part, the bond's risk is studied through the two very importants concepts as they are duration and convexity; their uses, advantages and drawbacks are analyzed deeply. In the last part, we enter in the bond portfolio management. We will study the pasive management that is undertaken by the managers that believe in the efficient market intermediate hipothesis. And, al so, we will continue with the active management for the investors that think the market is not so efficient.
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