The rationality paradigm in an organization case study: Copetrán

Abstract

The investigation was developed to reduce the cognitive and empirical gap in the level of implementation of the CAPM model for investors in efficient markets, and those analyzed for emerging markets; under the scope of the analysis of the state of the art and mainly in the revision of the assumption of efficient markets along with the application of the CAPM model or Forward Looking for emerging market contexts; instrument applied to the calculation of profitability for capital assets, cornerstone for the determination of cost of capital applicable to investors, used for the calculation of the rate of discount of alternatives of investment.

The model may be more precise in developed markets, but, in different analysis and empirical developments has shown the flaw that it has applying to contexts, such as the Colombian, and mainly towards the profitability of the market, that for the national case is taken from the analysis of the variability of the COLCAP indicator; established as Benchmark, since its birth dates recently as an index of measurement for the market, along with the downward trend that has shown the national market, offering as a result negative rates for investors.