CLASIFICACIÓN GICS

The Global Industry Classification Standard (GICS®) was developed by MSCI, a premier independent provider of global indexes and benchmark-related products and servic
and Standard & Poor's (S&P), an independent international financial data and investment services company and a leading provider of global equity indexes.
http://www.msci.com/products/indexes/sector/gics/

Beta Sectorial Promedio simple de las Betas desapalancadas

Promedio Beta apalancado Promedio simple de las Betas apalancadas
COMPONENTES Número de empresas que se utilizan para el cáculo
#N/A Acciones que no fueron cáculadas por falta de datos
DESCARTADO (DISCARTED) Los Betas menores a 0,05 y mayores a 5 no se consideran para el cálculo de promedio de los Betas para los sect
ACTIVO (ACTIVE) Empresas consideradas para cálcular el Beta por sector
ENTRADA VACÍA (EMPTY INPUT) Entrada vacía

Fuentes de datos primarios: Thomson Reuters

ÍNDICE .IPSA

FILTRO (COPIA) ACTIVO (ACTIVE)

GICS Industry Group GICS Industry

Banks Commercial Banks
Commercial Banks Result
Banks Result
Diversified Financials Diversified Financial Services
Diversified Financial Services Result
Diversified Financials Result
Energy Oil, Gas & Consumable Fuels
Oil, Gas & Consumable Fuels Result
Energy Result
Food & Staples Retailing Food & Staples Retailing
Food & Staples Retailing Result
Food & Staples Retailing Result
Food, Beverage & Tobacco Beverages

Beverages Result
Food, Beverage & Tobacco Result
Materials Chemicals
Chemicals Result
 Paper & Forest Products
Paper & Forest Products Result
Metals & Mining
Metals & Mining Result
Materials Result
Transportation Transportation Infrastructure
Transportation Infrastructure Result
Transportation Result
Utilities Electric Utilities
Electric Utilities Result
Independent Power and Renewable Electricity Producers
Independent Power and Renewable Electricity Producers Result
Water Utilities
Water Utilities Result
Utilities Result
Retailing Multiline Retail
Multiline Retail Result
Retailing Result
Capital Goods Industrial Conglomerates
Industrial Conglomerates Result
Construction & Engineering
Construction & Engineering Result
Capital Goods Result
Telecommunication Services Wireless Telecommunication Services
Wireless Telecommunication Services Result
Telecommunication Services Result
Pharmaceuticals, Biotechnology & Life ScienPharmaceuticals
Pharmaceuticals Result
Pharmaceuticals, Biotechnology & Life Sciences Result
Software & Services IT Services
IT Services Result
Software & Services Result
Real Estate Real Estate Management & Development

Real Estate Management & Development Result

Real Estate Result
Consumer Durables & Apparel Textiles, Apparel & Luxury Goods
Textiles, Apparel & Luxury Goods Result
Consumer Durables & Apparel Result
benchmark-related products and services,
of global equity indexes.

de promedio de los Betas para los sectores

IPSA Index

Data
GICS Sub-Industry Average - BETA apala Average - Beta Count - BETA apal
Diversified Banks 0.9192412321 0.1528048612 5
0.9192412321 0.1528048612 5
0.9192412321 0.1528048612 5
Multi-Sector Holdings 0.4215249465 0.0625611443 1
0.4215249465 0.0625611443 1
0.4215249465 0.0625611443 1
Oil & Gas Refining & Marketing 1.1758371975 1.174640439 1
1.1758371975 1.174640439 1
1.1758371975 1.174640439 1
Hypermarkets & Super Centers 1.2736661291 0.65583602 1
1.2736661291 0.65583602 1
1.2736661291 0.65583602 1
Brewers 0.6122690349 0.4871042728 1
Soft Drinks 0.4935469917 0.2394285497 2
Distillers & Vintners 0.7602856445 0.5306903541 1
0.5899121657 0.3741629316 4
0.5899121657 0.3741629316 4
Fertilizers & Agricultural Chemicals 1.0787667401 1.0777411081 1
1.0787667401 1.0777411081 1
 Paper Products 1.2058264929 1.2047997767 1
1.2058264929 1.2047997767 1
Steel 1.470950166 1.4615063924 1
1.470950166 1.4615063924 1
1.2518477996 1.248015759 3
Marine Ports & Services 0.4263230449 0.4259402463 1
0.4263230449 0.4259402463 1
0.4263230449 0.4259402463 1
Electric Utilities 0.859485233 0.6757017883 2
0.859485233 0.6757017883 2
Independent Power Producers & Energy Traders 0.8339868531 0.7454352438 3
ucers Result 0.8339868531 0.7454352438 3
Water Utilities 0.4591472523 0.2786545574 2
0.4591472523 0.2786545574 2
0.7341750757 0.5921454889 7
Department Stores 1.0921308129 0.5155830133 3
1.0921308129 0.5155830133 3
1.0921308129 0.5155830133 3
Industrial Conglomerates 0.8707094373 0.8681160225 2
0.8707094373 0.8681160225 2
Construction & Engineering 1.1323913191 0.3082311051 2
1.1323913191 0.3082311051 2
1.0015503782 0.5881735638 4
Wireless Telecommunication Services 0.6780865738 0.3101574744 1
0.6780865738 0.3101574744 1
0.6780865738 0.3101574744 1
Pharmaceuticals 0.5142923445 0.5140687162 1
0.5142923445 0.5140687162 1
0.5142923445 0.5140687162 1
IT Consulting & Other Services 0.8815574481 0.7706228928 1
0.8815574481 0.7706228928 1
0.8815574481 0.7706228928 1
Real Estate Operating Companies 0.9352049748 0.558304531 1
Diversified Real Estate Activities 1.0915693282 0.4566063722 1
1.0133871515 0.5074554516 2
1.0133871515 0.5074554516 2
Footwear 0.6707984309 0.6490087152 1
0.6707984309 0.6490087152 1
0.6707984309 0.6490087152 1
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CLASIFICACIÓN REUTERS BUSINESS
TRBC classifies the primary business activity of over 72,000 listed companies from 130 countries into a five level hierarchy.
Dedicated, local language speaking analysts utilize company filings, Reuters news and Thomson Reuters corporate actions services in order to assign and maintain a comp
http://thomsonreuters.com/business-classification/

Beta Sectorial Promedio simple de las Betas desapalancadas

Promedio Beta apalancado Promedio simple de las Betas apalancadas
COMPONENTES Número de empresas que se utilizan para el cáculo
#N/A Acciones que no fueron cáculadas por falta de datos
DESCARTADO (DISCARTED) Los Betas menores a 0,05 y mayores a 5 no se consideran para el cálculo de promedio de los Betas para los s
ACTIVO (ACTIVE) Empresas consideradas para cálcular el Beta por sector
ENTRADA VACÍA (EMPTY INPUT) Entrada vacía

Fuentes de datos primarios: Thomson Reuters

ÍNDICE .IPSA

FILTRO (COPIA) ACTIVO (ACTIVE)

TRBC Economic Sector TRBC Business Sector Code

Basic Materials Mineral Resources
Mineral Resources Result
Chemicals
Chemicals Result
Applied Resources
Applied Resources Result
Basic Materials Result
Cyclical Consumer Goods & Services Retailers

Retailers Result
Cyclical Consumer Goods & Services Result
Energy Energy
Energy Result
Energy Result
Financials Banking & Investment Services
Banking & Investment Services Result
Real Estate
Real Estate Result
 Investment Trusts
Investment Trusts Result
Financials Result
Industrials Transportation
Transportation Result
Industrial Conglomerates
Industrial Conglomerates Result
Industrial Services
Industrial Services Result
Industrials Result
Non-Cyclical Consumer Goods & Services Food & Beverages
Food & Beverages Result
Non-Cyclical Consumer Goods & Services Result
Utilities Utilities

Utilities Result
Utilities Result
Telecommunications Services Telecommunications Services
Telecommunications Services Result
Telecommunications Services Result
Healthcare Pharmaceuticals & Medical Research
Pharmaceuticals & Medical Research Result
Healthcare Result
Technology Software & IT Services
Software & IT Services Result
Technology Result
vices in order to assign and maintain a company's activity.

el cálculo de promedio de los Betas para los sectores

IPSA Index

Data
TRBC Industry Group Code Average - BETA apala Average - Beta Min - FECHA ACTCount - BETA apalancado
Metals & Mining 1.470950166 1.4615063924 02/06/15 1
1.470950166 1.4615063924 02/06/15 1
Chemicals 1.0787667401 1.0777411081 02/06/15 1
1.0787667401 1.0777411081 02/06/15 1
Paper & Forest Products 1.2058264929 1.2047997767 02/06/15 1
1.2058264929 1.2047997767 02/06/15 1
1.2518477996 1.248015759 02/06/15 3
Diversified Retail 1.137514642 0.550646265 02/06/15 4
Specialty Retailers 0.6707984309 0.6490087152 02/06/15 1
1.0441713998 0.570318755 02/06/15 5
1.0441713998 0.570318755 02/06/15 5
Oil & Gas 1.0502844708 1.0480370502 02/06/15 2
1.0502844708 1.0480370502 02/06/15 2
1.0502844708 1.0480370502 02/06/15 2
Banking Services 0.9192412321 0.1528048612 02/06/15 5
0.9192412321 0.1528048612 02/06/15 5
Real Estate Operations 1.0133871515 0.5074554516 02/06/15 2
1.0133871515 0.5074554516 02/06/15 2
Investment Trusts 0.4215249465 0.0625611443 02/06/15 1
0.4215249465 0.0625611443 02/06/15 1
0.8805631763 0.2301870442 02/06/15 8
Marine Services 0.4263230449 0.4259402463 02/06/15 1
0.4263230449 0.4259402463 02/06/15 1
Industrial Conglomerates 0.8166871306 0.8147983836 02/06/15 1
0.8166871306 0.8147983836 02/06/15 1
Construction & Engineering 1.1323913191 0.3082311051 02/06/15 2
1.1323913191 0.3082311051 02/06/15 2
0.8769482034 0.46430021 02/06/15 4
Beverages 0.5899121657 0.3741629316 02/06/15 4
0.5899121657 0.3741629316 02/06/15 4
0.5899121657 0.3741629316 02/06/15 4
Electric Utilities 0.8441862051 0.7175418616 02/06/15 5
Water & Other Utilities 0.4591472523 0.2786545574 02/06/15 2
0.7341750757 0.5921454889 02/06/15 7
0.7341750757 0.5921454889 02/06/15 7
Telecommunications Services 0.6780865738 0.3101574744 02/06/15 1
0.6780865738 0.3101574744 02/06/15 1
0.6780865738 0.3101574744 02/06/15 1
Pharmaceuticals 0.5142923445 0.5140687162 02/06/15 1
0.5142923445 0.5140687162 02/06/15 1
0.5142923445 0.5140687162 02/06/15 1
Software & IT Services 0.8815574481 0.7706228928 02/06/15 1
0.8815574481 0.7706228928 02/06/15 1
0.8815574481 0.7706228928 02/06/15 1
- BETA apalancado
BETAS POR EMPRESA

Fuentes de datos primarios: Thomson Reuters

ÍNDICE .IPSA IPSA Index

FILTRO (COPIA) - multiple -

COMPAÑÍA BETA apalancado Beta desampalanca

Unable to collect data for the field 'RF.G.Comp0.8186681599 (empty)
Empresas Copec SA 1.1758371975 1.174640439
Enersis SA 0.941676383 0.5748659888
Empresa Nacional de Electricidad SA 0.9022735142 0.6377801639
Banco de Chile 0.774941419 0.1912779204
Banco Santander-Chile 1.0253726271 0.2017295986
Cencosud SA 1.2736661291 0.65583602
Sociedad Quimica y Minera de Chile SA 1.0787667401 1.0777411081
Latam Airlines Group SA 1.1597032449 (empty)
Empresas CMPC SA 1.2058264929 1.2047997767
Banco de Credito e Inversiones 1.0147386396 0.1572190464
Antarchile SA 0.924731744 0.9214336613
Colbun SA 0.8248143724 0.8244744605
AES Gener SA 0.7748726727 0.7740511069
CorpBanca 0.8851872659 0.1406464091
Compania Cervecerias Unidas SA 0.6122690349 0.4871042728
Sociedad Matriz del Banco de Chile SA 0.8959662091 0.0731513315
Aguas Andinas SA 0.4396391212 0.3236803536
Embotelladora Andina SA 0.7151348447 0.3286931352
Empresa Nacional de Telecomunicaciones SA 0.6780865738 0.3101574744
CFR Pharmaceuticals SA 0.5142923445 0.5140687162
Sonda SA 0.8815574481 0.7706228928
Sigdo Koppers SA 0.8166871306 0.8147983836
Parque Arauco SA 0.9352049748 0.558304531
ECL SA 0.7772940831 0.7765375877
Inversiones Aguas Metropolitanas SA 0.4786553834 0.2336287611
Vina Concha y Toro SA 0.7602856445 0.5306903541
Inversiones la Construccion SA 0.4215249465 0.0625611443
Cap SA 1.470950166 1.4615063924
Forus SA 0.6707984309 0.6490087152
Ripley Corp SA 1.0128788144 0.3609930835
Coca Cola Embonor SA 0.2719591387 0.1501639643
Sociedad Matriz SAAM SA 0.4263230449 0.4259402463
Compania Sud Americana de Vapores SA 1.200717476 (empty)
Besalco SA 1.1130169898 0.326260575
SalfaCorp SA 1.1517656485 0.2902016352
Paz Corp SA 1.0915693282 0.4566063722
Empresas Hites SA 1.2144316649 0.5047828583
Empresas La Polar SA 1.1023663909 (empty)
SACI Falabella 1.0490819594 0.6809730981
TRBC Economic Sector TRBC Business Sector Code
Unable to collect data for the field 'RF.G.EconomiUnable to collect data for the field 'R
Energy Energy
Utilities Utilities
Utilities Utilities
Financials Banking & Investment Services
Financials Banking & Investment Services
Cyclical Consumer Goods & Services Retailers
Basic Materials Chemicals
Industrials Transportation
Basic Materials Applied Resources
Financials Banking & Investment Services
Energy Energy
Utilities Utilities
Utilities Utilities
Financials Banking & Investment Services
Non-Cyclical Consumer Goods & Services Food & Beverages
Financials Banking & Investment Services
Utilities Utilities
Non-Cyclical Consumer Goods & Services Food & Beverages
Telecommunications Services Telecommunications Services
Healthcare Pharmaceuticals & Medical Research
Technology Software & IT Services
Industrials Industrial Conglomerates
Financials Real Estate
Utilities Utilities
Utilities Utilities
Non-Cyclical Consumer Goods & Services Food & Beverages
Financials Investment Trusts
Basic Materials Mineral Resources
Cyclical Consumer Goods & Services Retailers
Cyclical Consumer Goods & Services Retailers
Non-Cyclical Consumer Goods & Services Food & Beverages
Industrials Transportation
Industrials Transportation
Industrials Industrial Services
Industrials Industrial Services
Financials Real Estate
Cyclical Consumer Goods & Services Retailers
Cyclical Consumer Goods & Services Retailers
Cyclical Consumer Goods & Services Retailers
TRBC Industry Group Code GICS Sector GICS Industry
Unable to collect data for the field 'RF.G.IndustryG (empty) (empty)
Oil & Gas Energy Oil, Gas & Consumable Fuels
Electric Utilities Utilities Electric Utilities
Electric Utilities Utilities Independent Power and Renewable E
Banking Services Financials Commercial Banks
Banking Services Financials Commercial Banks
Diversified Retail Consumer Staples Food & Staples Retailing
Chemicals Materials Chemicals
Airline Services Industrials Airlines
Paper & Forest Products Materials Paper & Forest Products
Banking Services Financials Commercial Banks
Oil & Gas Industrials Industrial Conglomerates
Electric Utilities Utilities Independent Power and Renewable E
Electric Utilities Utilities Independent Power and Renewable E
Banking Services Financials Commercial Banks
Beverages Consumer Staples Beverages
Banking Services Financials Commercial Banks
Water & Other Utilities Utilities Water Utilities
Beverages Consumer Staples Beverages
Telecommunications Services Telecommunication SerWireless Telecommunication Servic
Pharmaceuticals Health Care Pharmaceuticals
Software & IT Services Information TechnologyIT Services
Industrial Conglomerates Industrials Industrial Conglomerates
Real Estate Operations Financials Real Estate Management & Develo
Electric Utilities Utilities Electric Utilities
Water & Other Utilities Utilities Water Utilities
Beverages Consumer Staples Beverages
Investment Trusts Financials Diversified Financial Services
Metals & Mining Materials Metals & Mining
Specialty Retailers Consumer Discretionar Textiles, Apparel & Luxury Goods
Diversified Retail Consumer Discretionar Multiline Retail
Beverages Consumer Staples Beverages
Marine Services Industrials Transportation Infrastructure
Marine Services Industrials Marine
Construction & Engineering Industrials Construction & Engineering
Construction & Engineering Industrials Construction & Engineering
Real Estate Operations Financials Real Estate Management & Develo
Diversified Retail Consumer Discretionar Multiline Retail
Diversified Retail Consumer Discretionar Multiline Retail
Diversified Retail Consumer Discretionar Multiline Retail
GICS Sub-Industry Min - FECHA ACTUALIZACIÓN
(empty) 02/06/15
Oil & Gas Refining & Marketing 02/06/15
Electric Utilities 02/06/15
Independent Power Producers & Energy Traders 02/06/15
Diversified Banks 02/06/15
Diversified Banks 02/06/15
Hypermarkets & Super Centers 02/06/15
Fertilizers & Agricultural Chemicals 02/06/15
Airlines 02/06/15
Paper Products 02/06/15
Diversified Banks 02/06/15
Industrial Conglomerates 02/06/15
Independent Power Producers & Energy Traders 02/06/15
Independent Power Producers & Energy Traders 02/06/15
Diversified Banks 02/06/15
Brewers 02/06/15
Diversified Banks 02/06/15
Water Utilities 02/06/15
Soft Drinks 02/06/15
Wireless Telecommunication Services 02/06/15
Pharmaceuticals 02/06/15
IT Consulting & Other Services 02/06/15
Industrial Conglomerates 02/06/15
Real Estate Operating Companies 02/06/15
Electric Utilities 02/06/15
Water Utilities 02/06/15
Distillers & Vintners 02/06/15
Multi-Sector Holdings 02/06/15
Steel 02/06/15
Footwear 02/06/15
Department Stores 02/06/15
Soft Drinks 02/06/15
Marine Ports & Services 02/06/15
Marine 02/06/15
Construction & Engineering 02/06/15
Construction & Engineering 02/06/15
Diversified Real Estate Activities 02/06/15
Department Stores 02/06/15
Department Stores 02/06/15
Department Stores 02/06/15
 ACTUALIZACIÓN DEL SISTEMA #REF!

FICHA TÉCNICA

ESPAÑOL

Para el cálculo de los betas se utiliza el método CAPM (Capital Assets Pricing Model).*
Todos los datos son obtenidos de la base de Reuters
Para el cálculo del beta apalancado de cada compañía (Bi) se utilizan las cotizaciones de los últimos 1000 días al precio de
Se utiliza como fecha raíz las fechas de cotización de cada índice.
Por razones técnicas no se consideran los dividendos para este calculó. Se consideraron desestimables.
La rentabilidad de cada acción se calcula diaria utilizando el Logaritmo Neperiano (Ln), y luego es anualizada a 240 días
La deuda se obtiene de el promedio de la Deuda total de los dos últimos reportes trimestre les publicados. Código Reuter
EL patrimonio se calcula multiplicando el precio de cierre de la acción al día por la cantidad de acciones en el mercado. Có
La tasa efectiva de impuestos se obtiene del estado de resultados del último año publicado. Si una tasa efectiva de impues
Para el cálculo promedio de los Betas por sector se consideran los mayores a 0,05 y los menores a 5 , los que no cumplen t
0
Los resultados se presentan agrupados según dos clasificaciones: GICS ( Global Industry Classification Standard)*** y TRBC
Los resultados se presentan como un promedio simple de las betas apalancadas: Promedio Beta Apalancado . Y las Betas

0
0
* Sharpe, William F. 1964. "Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk." Journal of Fina
** Esto tiene su fundamento en el trabajo: Buenaventura Vera, Guillermo; Gómez Restrepo, Carlos Augusto & Ortiz Romo,
*** The Global Industry Classification Standard (GICS®) was developed by MSCI, a premier independent provider of global
**** TRBC classifies the primary business activity of over 72,000 listed companies from 130 countries into a five level hier
0
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INGLES
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mos 1000 días al precio de cierre del índice y de cada acción.** Código de Reuters: TRDPRC_1.CLOSE

es anualizada a 240 días

publicados. Código Reuters: RF.BS.TotLiab
acciones en el mercado. Código Reuters para el precio de la acción: CF_CLOSE . Código Reuters para las acciones en el mercado: RCA.S.Outstanding
una tasa efectiva de impuestos es menor que cero, se considera 0 para ese año.
s a 5 , los que no cumplen tese parámetro se consideranDESCARTADO (DISCARTED)

cation Standard)*** y TRBC (Thomson Reuters Business Classification)****

a Apalancado . Y las Betas desampalancadas : BETA SECTORIAL

ons of Risk." Journal of Finance. 19:3, pp. 425–42.

rlos Augusto & Ortiz Romo, Juan Carlos. 2010. Aplicación de las Teorías de la Firma: Operacionalización del CAPM para empresas de Colombia y Latino
pendent provider of global indexes and benchmark-related products and services, and Standard & Poor's (S&P), an independent international financ
untries into a five level hierarchy. Dedicated, local language speaking analysts utilize company filings, Reuters news and Thomson Reuters corporate a
n el mercado: RCA.S.Outstanding

para empresas de Colombia y Latinoamericanas. En http://www.icesi.edu.co/departamentos/finanzas_contabilidad/workingpapers.php

n independent international financial data and investment services company and a leading provider of global equity indexes.http://www.msci.com/
s and Thomson Reuters corporate actions services in order to assign and maintain a company's activity. http://thomsonreuters.com/business-classifi
dad/workingpapers.php
uity indexes.http://www.msci.com/products/indexes/sector/gics/
omsonreuters.com/business-classification/