Estimación de los betas patrimoniales de los principales sectores económicos del Ecuador

Abstract

This paper estimates the equity betas for different sectors in Ecuador during the period of 2017- 2021. To achieve this, information is collected from Latin American companies that are comparable to the Ecuadorian case, since Ecuador does not have a developed and sufficiently liquid stock market. The methodology used to estimate the betas is based on the CAPM model, which has not been previously used in the country. The results obtained show that the Manufacturing sector (excluding oil refining) and Construction have betas greater than 1, meaning that these sectors are more sensitive to market fluctuations. The sectors of Education and Social Services, Transportation, Commerce, and Agriculture, Livestock, Hunting, and Forestry have betas less than 1, which implies that they are less risky and their returns are less volatile with respect to the market. The information provided serves as a reference for investors, regulators, financial authorities, or other stakeholders, considering the market uncertainty that can vary over time, depending on market conditions and sector evolution.