Stocks selection based on Benjamin Graham's methodology: A study appplied to insurance and retirement companies (Financial Sector)

Considering the low interest rates implemented in the main world economies, in 2019, such as Brazil (Nominal Selic at 4.5% p.a. and Real Selic at 0.18% p.a.) and Spain (Nominal Euribor at 0% p.a. and Real Euribor at -0.8% p.a.), the investor tends to diversify their resources between fixed-income an...

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Autores principales: Da Silva Gregorio, Thierry Faria, Tavares Paula, Marcos Antônio, Anna de Matos, Eriko Sant’
Formato: Artículo publishedVersion Articles Artículos de Investigación
Lenguaje:Español
Publicado: FACULTAD DE CIENCIAS ECONÓMICAS - UNIVERSIDAD DE BUENOS AIRES 2020
Materias:
Acciones
Renta variable
Análisis fundamental
Empresas de seguros
Benjamin Graham
Stock
Variable income
Fundamental analysis
Insurance companies
Acceso en línea:https://ojs.economicas.uba.ar/Contyaudit/article/view/1867
https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=contabit&d=1867_oai
Aporte de:
Repositorio Digital de la Universidad de Buenos Aires (UBA) de Universidad de Buenos Aires
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spelling I28-R145-1867_oai2025-02-11 Da Silva Gregorio, Thierry Faria Tavares Paula, Marcos Antônio Anna de Matos, Eriko Sant’ 2020-11-01 Considering the low interest rates implemented in the main world economies, in 2019, such as Brazil (Nominal Selic at 4.5% p.a. and Real Selic at 0.18% p.a.) and Spain (Nominal Euribor at 0% p.a. and Real Euribor at -0.8% p.a.), the investor tends to diversify their resources between fixed-income and variable-income assets. In this regard, this paper aims to identify the insurance and retirement companies (Financial Sector) listed on São Paulo stock exchange and Madrid stock exchange which could be considered profitable, following Benjamin Graham's criteria for stock selection  (“Security Analysis”,1934 and “The Intelligente Investor”, 1973). To achieve this aim, the Quali-Quantitative approach is used, through bibliographical review of publications related to fundamental analysis, searching for historical accounting ratios of companies and implementation of the corresponding criteria stipulated by Graham Earnings, Liquidity, Constant Earnings, Historical Dividends, Annual Earnings Growth, Price Earnings y Price Book Value). Based on this information it was possible to answer the research theme: Which of the stocks analyzed have consistent profitability expectations using the method developed by Benjamin Graham? Con las bajas tasas de interés practicadas en las principales economías mundiales, en el año 2019, como Brasil (Selic Nominal a 4,5% a.a. y Selic Real a 0,18% a.a.) y España (Euribor Nominal a 0% a.a. y Euribor Real a -0,8% a.a.), el inversor tiende a diversificar sus recursos entre activos de renta fija y renta variable. En este sentido, el artículo tiene por objetivo identificar las empresas de Seguros y Previsión Social (Segmento Financiero) cotizadas en la Bolsa de Valores de São Paulo y en la Bolsa de Valores de Madrid que pueden ser consideradas rentables, utilizando la metodología de Filtros de selección de acciones desarrollada por Benjamin Graham en los libros “Security Analysis” (1934) y “The Intelligente Investor” (1973). Para lograr tal objetivo la metodología Cuali-Cuantitativa es utilizada, mediante revisión bibliográfica de publicaciones relacionadas con el análisis fundamental, levantamiento de los ratios contables históricos de las empresas y aplicación de los respectivos Filtros estipulados por Graham (Activos, Liquidez, Beneficios Constantes, Históricos de Dividendos, Crecimiento Anual de Beneficios, Precio Beneficio y Precio Valor Patrimonial). A partir de estos datos fue posible contestar a la temática de la investigación: ¿Cuál de las acciones analizadas tienen expectativas de rentabilidad consistentes mediante la metodología desarrollada por Benjamin Graham? application/pdf text/html https://ojs.economicas.uba.ar/Contyaudit/article/view/1867 spa FACULTAD DE CIENCIAS ECONÓMICAS - UNIVERSIDAD DE BUENOS AIRES https://ojs.economicas.uba.ar/Contyaudit/article/view/1867/2583 https://ojs.economicas.uba.ar/Contyaudit/article/view/1867/2651 Derechos de autor 2020 Contabilidad y Auditoría Contabilidad y Auditoría; Núm. 52 (26): CONTABILIDAD Y AUDITORIA Julio - Diciembre 2020; 61 - 94 1852-446X 1515-2340 Acciones Renta variable Análisis fundamental Empresas de seguros Benjamin Graham Stock Variable income Fundamental analysis Insurance companies Benjamin Graham Stocks selection based on Benjamin Graham's methodology: A study appplied to insurance and retirement companies (Financial Sector) Selección de acciones basado en la metodología de Benjamin Graham: Un estudio aplicado a las empresas de seguros y previsión (segmento financiero) info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Articles Artículos de Investigación https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=contabit&d=1867_oai
institution Universidad de Buenos Aires
institution_str I-28
repository_str R-145
collection Repositorio Digital de la Universidad de Buenos Aires (UBA)
language Español
orig_language_str_mv spa
topic Acciones
Renta variable
Análisis fundamental
Empresas de seguros
Benjamin Graham
Stock
Variable income
Fundamental analysis
Insurance companies
Benjamin Graham
spellingShingle Acciones
Renta variable
Análisis fundamental
Empresas de seguros
Benjamin Graham
Stock
Variable income
Fundamental analysis
Insurance companies
Benjamin Graham
Da Silva Gregorio, Thierry Faria
Tavares Paula, Marcos Antônio
Anna de Matos, Eriko Sant’
Stocks selection based on Benjamin Graham's methodology: A study appplied to insurance and retirement companies (Financial Sector)
topic_facet Acciones
Renta variable
Análisis fundamental
Empresas de seguros
Benjamin Graham
Stock
Variable income
Fundamental analysis
Insurance companies
Benjamin Graham
description Considering the low interest rates implemented in the main world economies, in 2019, such as Brazil (Nominal Selic at 4.5% p.a. and Real Selic at 0.18% p.a.) and Spain (Nominal Euribor at 0% p.a. and Real Euribor at -0.8% p.a.), the investor tends to diversify their resources between fixed-income and variable-income assets. In this regard, this paper aims to identify the insurance and retirement companies (Financial Sector) listed on São Paulo stock exchange and Madrid stock exchange which could be considered profitable, following Benjamin Graham's criteria for stock selection  (“Security Analysis”,1934 and “The Intelligente Investor”, 1973). To achieve this aim, the Quali-Quantitative approach is used, through bibliographical review of publications related to fundamental analysis, searching for historical accounting ratios of companies and implementation of the corresponding criteria stipulated by Graham Earnings, Liquidity, Constant Earnings, Historical Dividends, Annual Earnings Growth, Price Earnings y Price Book Value). Based on this information it was possible to answer the research theme: Which of the stocks analyzed have consistent profitability expectations using the method developed by Benjamin Graham?
format Artículo
publishedVersion
Articles
Artículos de Investigación
author Da Silva Gregorio, Thierry Faria
Tavares Paula, Marcos Antônio
Anna de Matos, Eriko Sant’
author_facet Da Silva Gregorio, Thierry Faria
Tavares Paula, Marcos Antônio
Anna de Matos, Eriko Sant’
author_sort Da Silva Gregorio, Thierry Faria
title Stocks selection based on Benjamin Graham's methodology: A study appplied to insurance and retirement companies (Financial Sector)
title_short Stocks selection based on Benjamin Graham's methodology: A study appplied to insurance and retirement companies (Financial Sector)
title_full Stocks selection based on Benjamin Graham's methodology: A study appplied to insurance and retirement companies (Financial Sector)
title_fullStr Stocks selection based on Benjamin Graham's methodology: A study appplied to insurance and retirement companies (Financial Sector)
title_full_unstemmed Stocks selection based on Benjamin Graham's methodology: A study appplied to insurance and retirement companies (Financial Sector)
title_sort stocks selection based on benjamin graham's methodology: a study appplied to insurance and retirement companies (financial sector)
publisher FACULTAD DE CIENCIAS ECONÓMICAS - UNIVERSIDAD DE BUENOS AIRES
publishDate 2020
url https://ojs.economicas.uba.ar/Contyaudit/article/view/1867
https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=contabit&d=1867_oai
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