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Cabrera Barbecho, Fanny Narcisa

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1993-07-16

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0000-0003-0745-4921

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57223112092

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Universidad de Cuenca, Cuenca, Ecuador
Universidad de Cueca, Facultad de Ciencias Económicas y Administrativas, Cuenca, Ecuador

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Ecuador

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Facultad de Ciencias Económicas y Administrativas
La carrera de Economía inicia sus actividades en 1960, al crearse la Escuela de Ciencias Económicas anexa a la Facultad de Jurisprudencia y Ciencias Sociales, hasta que en 1967 obtiene su propia categorización de facultad. Conformada por las carreras de: Administración de Empresas, Contabilidad y Auditoría, Economía, Ingeniería de Empresas, Marketing y Sociología; la Facultad de Ciencias Económicas y Administrativas cuenta con una misión investigadora de especialización profesional y servicio universitario. Su gestión se centra en la formación de profesionales y especialistas en los niveles de grado y posgrado, el desarrollo científico y tecnológico, así como, el análisis crítico y propositivo, orientados a resolver los problemas nacionales y regionales, en las carreras y áreas de su competencia. El contar con Certificación de Acreditación Internacional ACBSP con un alto porcentaje de docentes e investigadores con PhD y sus vínculos con instituciones afines, le otorgan reconocimiento y nivel académico de prestigio.

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Cabrera Barbecho

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Fanny Narcisa

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    Cost of Capital in the Energy Sector, in Emerging Markets, the Case of a Dollarized Economy
    (2024) Cabrera Barbecho, Fanny Narcisa; Aguilar Feijó, Víctor Gerardo; Naula Sigua, Freddy Benjamín
    This article estimates the weighted average cost of capital (WACC) for the energy sector in Ecuador, a country with a dollarized economy and illiquid stock markets. Thus, reference companies in the region were taken, and at the same time combined with characteristics of national companies, establishing a useful methodology, which makes sense with the acceptable discount rates in the Ecuadorian economy. For the above, four estimation alternatives were used. In method one, the traditional WACC formula was applied using interest rates and risk premiums from the U.S. market, which resulted in an overestimation due to the double penalty of the country risk and the U.S. market premium. Method two adjusted the market risk premium to consider only the Ecuador-specific risk premium, thus avoiding the double penalty. In method three, the credit default swap (CDS) was used to calculate the country risk premium, and the CDS was excluded from the nominal interest rate, avoiding redundancies. Finally, method four combined the U.S. interest rate with the CDS directly to calculate the market risk premium, more accurately reflecting local economic conditions in a dollarized economy. The WACC results range from 12.63% to 29.70%. In addition, a dummy variable was controlled for during the pandemic period. This article highlights the need for methodologies adapted to emerging markets, since traditional approaches would overestimate the WACC.