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Templo, F., (2024). Formadores de mercado y su rol como proveedores de liquidez en la Bolsa de Valores de Lima [Pontificia Universidad Católica del Perú]. http://hdl.handle.net/20.500.12404/28155
Templo, F., Formadores de mercado y su rol como proveedores de liquidez en la Bolsa de Valores de Lima []. PE: Pontificia Universidad Católica del Perú; 2024. http://hdl.handle.net/20.500.12404/28155
@misc{renati/13065,
title = "Formadores de mercado y su rol como proveedores de liquidez en la Bolsa de Valores de Lima",
author = "Templo Viena, Fernando Carlos",
publisher = "Pontificia Universidad Católica del Perú",
year = "2024"
}
Title: Formadores de mercado y su rol como proveedores de liquidez en la Bolsa de Valores de Lima
Authors(s): Templo Viena, Fernando Carlos
Advisor(s): Villavicencio Vásquez, Julio Alberto
OCDE field: https://purl.org/pe-repo/ocde/ford#5.02.01
Issue Date: 28-Jun-2024
Institution: Pontificia Universidad Católica del Perú
Abstract: Desde el año 2015, y durante años posteriores, la Bolsa de Valores de Lima (BVL) sufrió las advertencia del Índice Morgan Stanley Capital International (MSCI), sobre reclasificar y rebajar su categoría de mercado emergente a frontera debido a problemas de liquidez que presentaba la misma. Así, este índice, al ser una guía para inversionistas en todo el mundo, generaría, según expertos, una salida de capitales de por lo menos 1500 millones de dólares, lo que, a su vez, provocaría un encarecimiento en el costo de la deuda para las empresas que se encuentran en el mercado de valores, y también, evitaría la llegada de nuevos inversionistas a este último. Si bien el panorama fue desalentador, el Estado peruano promulgó diversas leyes y decretos para revertir dicha situación, y entre estas, se encuentra la implementación del formador de mercado (FM) en la Bolsa peruana. De esta forma, la presente investigación tiene como objetivo demostrar que los FM tuvieron una influencia positiva en la liquidez de la Bolsa de valores de Lima, y, para lograrlo, se evaluó, a través de la metodología de Diferencias en Diferencias, variables que permiten identificar la liquidez en un mercado, como lo son el ratio de rotación de activos, el spread y el monto negociado. Así, posterior a dicho análisis, los resultados muestran una influencia positiva a favor del FM sobre la liquidez de las acciones con las que trabajaron, y refuerza la hipótesis planteada en este trabajo investigativo.
Since 2015, and in subsequent years, the Lima Stock Exchange (BVL) faced warnings from the Morgan Stanley Capital International (MSCI) Index about reclassifying and downgrading its status from an emerging market to a frontier market due to liquidity issues it was experiencing. As such, this index, being a guide for investors worldwide, would, according to experts, lead to a capital outflow of at least $1.5 billion, which in turn, would result in an increase in the cost of debt for companies in the stock market, and also prevent the arrival of new investors to the latter. Although the outlook was discouraging, the Peruvian government enacted various laws and decrees to reverse this situation, among them the implementation of the market maker (FM) in the Peruvian stock exchange. Thus, the present research aims to demonstrate that the FMs had a positive influence on the liquidity of the Lima Stock Exchange, and to achieve this, it was evaluated through the Difference-in-Differences methodology, variables that allow identifying liquidity in a market, such as the asset turnover ratio, the spread, and the traded amount. Thus, following this analysis, the results show a positive influence of the FM on the liquidity of the stocks they worked with, and reinforces the hypothesis proposed in this research work.
Since 2015, and in subsequent years, the Lima Stock Exchange (BVL) faced warnings from the Morgan Stanley Capital International (MSCI) Index about reclassifying and downgrading its status from an emerging market to a frontier market due to liquidity issues it was experiencing. As such, this index, being a guide for investors worldwide, would, according to experts, lead to a capital outflow of at least $1.5 billion, which in turn, would result in an increase in the cost of debt for companies in the stock market, and also prevent the arrival of new investors to the latter. Although the outlook was discouraging, the Peruvian government enacted various laws and decrees to reverse this situation, among them the implementation of the market maker (FM) in the Peruvian stock exchange. Thus, the present research aims to demonstrate that the FMs had a positive influence on the liquidity of the Lima Stock Exchange, and to achieve this, it was evaluated through the Difference-in-Differences methodology, variables that allow identifying liquidity in a market, such as the asset turnover ratio, the spread, and the traded amount. Thus, following this analysis, the results show a positive influence of the FM on the liquidity of the stocks they worked with, and reinforces the hypothesis proposed in this research work.
Link to repository: http://hdl.handle.net/20.500.12404/28155
Discipline: Ciencias Sociales con mención en Finanzas
Grade or title grantor: Pontificia Universidad Católica del Perú. Facultad de Ciencias Sociales
Grade or title: Bachiller en Ciencias Sociales con mención en Finanzas
Register date: 28-Jun-2024
This item is licensed under a Creative Commons License