Betas empresa mercado

“BETAS”
La relación lineal
UNIVERSIDAD GALILEO
FACULTAD DE CIENCIA, TECNOLOGÍA E INDUSTRIA
DOCTORADO EN ADMINISTRAACIÓN CON ESPECIALIDAD
EN FINANZAS
ARQ. ALVARO COUTIÑO G
Carnet 1300-4393

“BETAS”
1
Contenido
A. COCACOLA Y S&P 500 ........................................................................................................... 3
1. Betas empresa Coca-Cola (KO) y mercado (S&P 500) .............................................................. 3
1.1. Primera metodología beta mediante covarianza y varianza: (Datos históricos del más
reciente al menos reciente).............................................................................................................. 3
1.2. Segunda metodología mediante la gráfica de dispersión .................................................... 7
1.3. Tercera metodología mediante la fórmula pendiente.......................................................... 7
1.4. Cuarta metodología mediante la regresión:......................................................................... 8
2. Betas empresa Coca-Cola (KO) y mercado (S&P 500) .............................................................. 8
2.1. Primera metodología beta mediante covarianza y varianza: (Datos históricos del menos
reciente al más reciente).................................................................................................................. 9
2.2. Segunda metodología mediante la gráfica de dispersión .................................................. 13
2.3. Tercera metodología mediante la fórmula pendiente........................................................ 14
2.4. Cuarta metodología mediante la regresión........................................................................ 14
B. PFIZER (PFE) Y MERCADO S&P 500................................................................................... 15
3. Betas empresa Pfizer (PFE) y mercado (S&P 500)................................................................... 15
3.1. Primera metodología: beta empresa pfizer (pfe) y mercado ............................................. 15
3.4. Cuarta metodología: Regresión......................................................................................... 20
4. Betas empresa Pfizer (PFE) y mercado (S&P 500)................................................................... 21
4.1. Primera metodología: beta empresa Pfizer (pfe) y mercado ............................................. 21
4.3. Tercera metodología mediante la fórmula pendiente...................................................... 26
C. FACEBOOK (FB) Y MERCADO NASDAQ .......................................................................... 27
5. Betas empresa Facaebookr (FB) y mercado (NASDAQ).......................................................... 27
5.1. Primera metodología: beta empresa Facebook (FB) y mercado NASDAQ...................... 27
5.2. Segunda metodología: mediante la gráfica de dispersión. ................................................ 30
6. Betas empresa Facaebookr (FB) y mercado (NASDAQ).......................................................... 33

“BETAS”
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6.1. Primera metodología: beta empresa Facebook (FB) y mercado NASDAQ...................... 33
6.2. Segunda metodología: mediante la gráfica de dispersión. ................................................ 36

“BETAS”
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INTRODUCCIÖN
¿Qué es la beta? (β)
Este parámetro mide la volatilidad de los rendimientos sobre una acción individual con
relación al índice de rendimientos del mercado de acciones, como el índice de Standard &
Poor´s 500, Nasdaq, entre otros. Por lo tanto decimos que una acción común con una beta
de 1.0 tiene un riesgo igual al del mercado., mientras que las acciones que tienen betas
inferiores a 1.0 son menos riesgosas que el mercado.
A continuación, procederemos a calcular las Betas de las empresas y su relación con los
mercados en las que cotizan.
A. COCACOLA Y S&P 500
1. Betas empresa Coca-Cola (KO) y mercado (S&P 500)
Metodología:
a. Primer paso descargar información de la empresa. Coca-Cola (KO)
b. Segundo paso descargar la información del mercado. (S&P 500)
c. Determinar las variaciones que ha habido en los precios de las acciones para ellos
hay que utilizar la información de cierre y del mercado, utilizando cualquiera de las
tres fórmulas.
d. Identificar cual es el segmento Y el segmento X.
e. La empresa siempre va ser el eje de las Y, el mercado el eje de las X.
f. El siguiente paso es determinar la covarianza
g. Ahora la Varianza
h. El siguiente paso es determinar la Beta
i. La pendiente (slope)
j. Ahora vamos a determinar la dispersión
k. Calculo de la regresión, es necesario ir a datos y análisis de datos.
1.1. Primera metodología beta mediante covarianza y varianza: (Datos históricos del
más reciente al menos reciente)

“BETAS”
4
30 julio del 2012 / 30 julio 2009
Coca-Cola
KO
empresa
Standard
Poors 500
mercado
Date Adj. Close Y Adj. Close X
30/07/2012 38.06 1385.97
23/07/2012 38.06 0.00% 0.00% 1385.97 0.00% 0.00%
16/07/2012 36.64 3.88% -3.73% 1362.66 1.71% -1.68%
09/07/2012 36.76 -0.33% 0.33% 1356.78 0.43% -0.43%
02/07/2012 37.18 -1.13% 1.14% 1354.68 0.16% -0.15%
25/06/2012 37.19 -0.03% 0.03% 1362.16 -0.55% 0.55%
18/06/2012 35.65 4.32% -4.14% 1335.02 2.03% -1.99%
11/06/2012 36.2 -1.52% 1.54% 1342.84 -0.58% 0.59%
04/06/2012 35.55 1.83% -1.80% 1325.66 1.30% -1.28%
29/05/2012 34.53 2.95% -2.87% 1278.04 3.73% -3.59%
21/05/2012 35.54 -2.84% 2.92% 1317.82 -3.02% 3.11%
14/05/2012 34.99 1.57% -1.55% 1295.22 1.74% -1.71%
07/05/2012 36.6 -4.40% 4.60% 1353.39 -4.30% 4.49%
30/04/2012 36.38 0.60% -0.60% 1369.1 -1.15% 1.16%
23/04/2012 36.21 0.47% -0.47% 1403.36 -2.44% 2.50%
16/04/2012 35.02 3.40% -3.29% 1378.53 1.80% -1.77%
09/04/2012 33.99 3.03% -2.94% 1370.26 0.60% -0.60%
02/04/2012 34.71 -2.07% 2.12% 1398.08 -1.99% 2.03%
26/03/2012 34.97 -0.74% 0.75% 1408.47 -0.74% 0.74%
19/03/2012 33.78 3.52% -3.40% 1397.11 0.81% -0.81%
12/03/2012 33.15 1.90% -1.87% 1404.17 -0.50% 0.51%
05/03/2012 32.6 1.69% -1.66% 1370.87 2.43% -2.37%
27/02/2012 32.45 0.46% -0.46% 1369.63 0.09% -0.09%
21/02/2012 32.36 0.28% -0.28% 1365.74 0.28% -0.28%
13/02/2012 32.39 -0.09% 0.09% 1361.23 0.33% -0.33%
06/02/2012 31.87 1.63% -1.61% 1342.64 1.38% -1.37%
30/01/2012 31.93 -0.19% 0.19% 1344.9 -0.17% 0.17%
23/01/2012 31.63 0.95% -0.94% 1316.33 2.17% -2.12%
17/01/2012 31.94 -0.97% 0.98% 1315.38 0.07% -0.07%
09/01/2012 31.42 1.65% -1.63% 1289.09 2.04% -2.00%
03/01/2012 32.33 -2.81% 2.90% 1277.81 0.88% -0.88%
27/12/2011 32.82 -1.49% 1.52% 1257.6 1.61% -1.58%
19/12/2011 32.8 0.06% -0.06% 1265.33 -0.61% 0.61%
12/12/2011 31.63 3.70% -3.57% 1219.66 3.74% -3.61%
05/12/2011 31.69 -0.19% 0.19% 1255.19 -2.83% 2.91%
28/11/2011 31.13 1.80% -1.77% 1244.28 0.88% -0.87%
21/11/2011 30.15 3.25% -3.15% 1158.67 7.39% -6.88%
14/11/2011 31.38 -3.92% 4.08% 1215.65 -4.69% 4.92%
07/11/2011 31.72 -1.07% 1.08% 1263.85 -3.81% 3.96%
31/10/2011 31.56 0.51% -0.50% 1253.23 0.85% -0.84%
24/10/2011 32.1 -1.68% 1.71% 1285.09 -2.48% 2.54%
17/10/2011 31.75 1.10% -1.09% 1238.25 3.78% -3.64%
10/10/2011 31.59 0.51% -0.50% 1224.58 1.12% -1.10%
03/10/2011 30.69 2.93% -2.85% 1155.46 5.98% -5.64%
26/09/2011 31.46 -2.45% 2.51% 1131.42 2.12% -2.08%
19/09/2011 31.39 0.22% -0.22% 1136.43 -0.44% 0.44%
12/09/2011 33.17 -5.37% 5.67% 1216.01 -6.54% 7.00%
06/09/2011 32.08 3.40% -3.29% 1154.23 5.35% -5.08%
29/08/2011 32.25 -0.53% 0.53% 1173.97 -1.68% 1.71%
22/08/2011 31.68 1.80% -1.77% 1176.8 -0.24% 0.24%
15/08/2011 31.03 2.09% -2.05% 1123.53 4.74% -4.53%
08/08/2011 31.05 -0.06% 0.06% 1178.81 -4.69% 4.92%
01/08/2011 30.88 0.55% -0.55% 1199.38 -1.72% 1.74%
25/07/2011 31.45 -1.81% 1.85% 1292.28 -7.19% 7.75%
18/07/2011 32.25 -2.48% 2.54% 1345.02 -3.92% 4.08%
11/07/2011 31.23 3.27% -3.16% 1316.14 2.19% -2.15%
05/07/2011 31.76 -1.67% 1.70% 1343.8 -2.06% 2.10%
27/06/2011 31.49 0.86% -0.85% 1339.67 0.31% -0.31%

“BETAS”
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20/06/2011 30.03 4.86% -4.64% 1268.45 5.61% -5.32%
13/06/2011 30.35 -1.05% 1.07% 1271.5 -0.24% 0.24%
06/06/2011 30.03 1.07% -1.05% 1270.98 0.04% -0.04%
31/05/2011 30.09 -0.20% 0.20% 1300.16 -2.24% 2.30%
23/05/2011 30.54 -1.47% 1.50% 1331.1 -2.32% 2.38%
16/05/2011 31.36 -2.61% 2.69% 1333.27 -0.16% 0.16%
09/05/2011 31.31 0.16% -0.16% 1337.77 -0.34% 0.34%
02/05/2011 30.72 1.92% -1.88% 1340.2 -0.18% 0.18%
25/04/2011 30.98 -0.84% 0.85% 1363.61 -1.72% 1.75%
18/04/2011 31.17 -0.61% 0.61% 1337.38 1.96% -1.92%
11/04/2011 31.23 -0.19% 0.19% 1319.68 1.34% -1.32%
04/04/2011 30.89 1.10% -1.09% 1328.17 -0.64% 0.64%
28/03/2011 30.87 0.06% -0.06% 1332.41 -0.32% 0.32%
21/03/2011 29.95 3.07% -2.98% 1313.8 1.42% -1.40%
14/03/2011 28.79 4.03% -3.87% 1279.21 2.70% -2.63%
07/03/2011 29.76 -3.26% 3.37% 1304.28 -1.92% 1.96%
28/02/2011 29.73 0.10% -0.10% 1321.15 -1.28% 1.29%
22/02/2011 29.32 1.40% -1.38% 1319.88 0.10% -0.10%
14/02/2011 29.43 -0.37% 0.38% 1343.01 -1.72% 1.75%
07/02/2011 28.98 1.55% -1.53% 1329.15 1.04% -1.03%
31/01/2011 28.52 1.61% -1.59% 1310.87 1.39% -1.38%
24/01/2011 28.36 0.56% -0.56% 1276.34 2.71% -2.63%
18/01/2011 28.61 -0.87% 0.88% 1283.35 -0.55% 0.55%
10/01/2011 28.78 -0.59% 0.59% 1293.24 -0.76% 0.77%
03/01/2011 28.68 0.35% -0.35% 1271.5 1.71% -1.68%
27/12/2010 29.98 -4.34% 4.53% 1257.64 1.10% -1.09%
20/12/2010 29.9 0.27% -0.27% 1256.77 0.07% -0.07%
13/12/2010 29.95 -0.17% 0.17% 1243.91 1.03% -1.02%
06/12/2010 29.47 1.63% -1.60% 1240.4 0.28% -0.28%
29/11/2010 29.4 0.24% -0.24% 1224.71 1.28% -1.26%
22/11/2010 29.03 1.27% -1.26% 1189.4 2.97% -2.88%
15/11/2010 29.12 -0.31% 0.31% 1199.73 -0.86% 0.87%
08/11/2010 28.49 2.21% -2.16% 1199.21 0.04% -0.04%
01/11/2010 28.33 0.56% -0.56% 1225.85 -2.17% 2.22%
25/10/2010 27.76 2.05% -2.01% 1183.26 3.60% -3.47%
18/10/2010 27.89 -0.47% 0.47% 1183.08 0.02% -0.02%
11/10/2010 27.14 2.76% -2.69% 1176.19 0.59% -0.58%
04/10/2010 26.9 0.89% -0.88% 1165.15 0.95% -0.94%
27/09/2010 26.77 0.49% -0.48% 1146.24 1.65% -1.62%
20/09/2010 26.54 0.87% -0.86% 1148.67 -0.21% 0.21%
13/09/2010 26.06 1.84% -1.81% 1125.59 2.05% -2.01%
07/09/2010 26.3 -0.91% 0.92% 1109.55 1.45% -1.43%
30/08/2010 25.86 1.70% -1.67% 1104.51 0.46% -0.45%
23/08/2010 25.23 2.50% -2.44% 1064.59 3.75% -3.61%
16/08/2010 24.85 1.53% -1.51% 1071.69 -0.66% 0.67%
09/08/2010 25.04 -0.76% 0.76% 1079.25 -0.70% 0.71%
02/08/2010 25.5 -1.80% 1.84% 1121.64 -3.78% 3.93%
26/07/2010 24.76 2.99% -2.90% 1101.6 1.82% -1.79%
19/07/2010 24.6 0.65% -0.65% 1102.66 -0.10% 0.10%
12/07/2010 23.53 4.55% -4.35% 1064.88 3.55% -3.43%
06/07/2010 23.55 -0.08% 0.08% 1077.96 -1.21% 1.23%
28/06/2010 22.49 4.71% -4.50% 1022.58 5.42% -5.14%
21/06/2010 22.58 -0.40% 0.40% 1076.76 -5.03% 5.30%
14/06/2010 23.5 -3.91% 4.07% 1117.51 -3.65% 3.78%
07/06/2010 23.21 1.25% -1.23% 1091.6 2.37% -2.32%
01/06/2010 22.84 1.62% -1.59% 1064.88 2.51% -2.45%
24/05/2010 22.9 -0.26% 0.26% 1089.41 -2.25% 2.30%
17/05/2010 22.99 -0.39% 0.39% 1087.69 0.16% -0.16%
10/05/2010 23.77 -3.28% 3.39% 1135.68 -4.23% 4.41%
03/05/2010 23.47 1.28% -1.26% 1110.88 2.23% -2.18%
26/04/2010 23.82 -1.47% 1.49% 1186.69 -6.39% 6.82%
19/04/2010 24.01 -0.79% 0.80% 1217.28 -2.51% 2.58%
12/04/2010 24.49 -1.96% 2.00% 1192.13 2.11% -2.07%

“BETAS”
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05/04/2010 24.32 0.70% -0.69% 1194.37 -0.19% 0.19%
29/03/2010 24.64 -1.30% 1.32% 1178.1 1.38% -1.36%
22/03/2010 24.35 1.19% -1.18% 1166.59 0.99% -0.98%
15/03/2010 24.39 -0.16% 0.16% 1159.9 0.58% -0.57%
08/03/2010 23.77 2.61% -2.54% 1149.99 0.86% -0.85%
01/03/2010 24.17 -1.65% 1.68% 1138.7 0.99% -0.98%
22/02/2010 23.3 3.73% -3.60% 1104.49 3.10% -3.00%
16/02/2010 24.63 -5.40% 5.71% 1109.17 -0.42% 0.42%
08/02/2010 23.86 3.23% -3.13% 1075.51 3.13% -3.03%
01/02/2010 23.46 1.71% -1.68% 1066.19 0.87% -0.87%
25/01/2010 23.98 -2.17% 2.22% 1073.87 -0.72% 0.72%
19/01/2010 23.97 0.04% -0.04% 1091.76 -1.64% 1.67%
11/01/2010 24.88 -3.66% 3.80% 1136.03 -3.90% 4.05%
04/01/2010 24.37 2.09% -2.05% 1144.98 -0.78% 0.79%
28/12/2009 25.19 -3.26% 3.36% 1115.1 2.68% -2.61%
21/12/2009 25.39 -0.79% 0.79% 1126.48 -1.01% 1.02%
14/12/2009 25.16 0.91% -0.91% 1102.47 2.18% -2.13%
07/12/2009 26.12 -3.68% 3.82% 1106.41 -0.36% 0.36%
30/11/2009 25.41 2.79% -2.72% 1105.98 0.04% -0.04%
23/11/2009 25.27 0.55% -0.55% 1091.49 1.33% -1.31%
16/11/2009 25.22 0.20% -0.20% 1091.38 0.01% -0.01%
09/11/2009 24.78 1.78% -1.74% 1093.48 -0.19% 0.19%
02/11/2009 23.91 3.64% -3.51% 1069.3 2.26% -2.21%
26/10/2009 23.39 2.22% -2.17% 1036.19 3.20% -3.10%
19/10/2009 23.36 0.13% -0.13% 1079.6 -4.02% 4.19%
12/10/2009 24.14 -3.23% 3.34% 1087.68 -0.74% 0.75%
05/10/2009 23.98 0.67% -0.66% 1071.49 1.51% -1.49%
28/09/2009 23.64 1.44% -1.42% 1025.21 4.51% -4.32%
21/09/2009 23.24 1.72% -1.69% 1044.38 -1.84% 1.87%
14/09/2009 23.59 -1.48% 1.51% 1068.3 -2.24% 2.29%
08/09/2009 22.6 4.38% -4.20% 1042.73 2.45% -2.39%
31/08/2009 21.74 3.96% -3.81% 1016.4 2.59% -2.53%
24/08/2009 21.35 1.83% -1.79% 1028.93 -1.22% 1.23%
17/08/2009 21.72 -1.70% 1.73% 1026.13 0.27% -0.27%
10/08/2009 21.1 2.94% -2.85% 1004.09 2.20% -2.15%
03/08/2009 21.48 -1.77% 1.80% 1010.48 -0.63% 0.64%
30/07/2009 21.69 -0.97% 0.98% 987.48 2.33% -2.28%
EN RESUMEN:
Primera metodología para encontrar la beta de empresa Coca-Cola (KO) y mercado S&P
500:
Calculo del Beta de KO y S&P 500
COVARIANZA 0.000325961 covarianza empresa mercado
VARIANZA 0.000595167 varianza mercado
BETA 0.54768013 covarianza/varianza

“BETAS”
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1.2. Segunda metodología mediante la gráfica de dispersión
EJES:
1.3. Tercera metodología mediante la fórmula pendiente.
BETA 0.54768013
Donde, la fórmula pendiente es la siguiente:
 = PENDIENTE (conocido Y empresa, conocido X mercado) = 0.54768
 Calculo en base a la función Excel de pendiente. (slope)
y = 0.5477x + 0.0025
R² = 0.3933
-0.01%
0.00%
0.00%
0.00%
0.00%
0.00%
0.01%
-0.01% -0.01% 0.00% 0.01% 0.01%
Retornosempresa
Millares
Retornos mercado
Millares
Beta (KO) y Mercado (Standard and Poors 500)
Series1
EJE X RETORNOS DEL MERCADO
EJE Y RETORNOS EMPRESA A INVERTIR
CONOCIDO Y EMPRESA
CONOCIDO X ÍNDICE DE MERCADO
Resumen
Estadísticas de la regresión

“BETAS”
8
1.4. Cuarta metodología mediante la regresión:
CONOCIDO Y EMPRESA
2. Betas empresa Coca-Cola (KO) y mercado (S&P 500)
Metodología:
a. Primer paso descargar información de la empresa. Coca-Cola (KO)
tres fórmulas.
e. La empresa siempre va ser el eje de las y y el mercado el eje de las x.
Coeficiente de
correlación
múltiple 0.627104174
Coeficiente de
determinación
R^2 0.393259645
R^2 ajustado 0.389345191
Error típico 0.016702914
Observaciones 157
ANÁLISIS DE VARIANZA
Grados de
libertad
Suma de
cuadrados
Promedio
de los
cuadrados F
Valor
crítico de F
Regresión 1 0.02802804 0.02802804 100.463476 1.5392E-18
Residuos 155 0.04324304 0.00027899
Total 156 0.07127108
Coeficientes Error típico
Estadístico
t Probabilidad
Inferior
95%
Superior
95%
Inferior
95.0%
Superior
95.0%
Intercepción 0.002467834 0.0013398 1.84194594 0.06739404
-
0.00017878 0.00511445
-
0.00017878 0.00511445
Variable X 1 0.54768013 0.05464153 10.023147 1.5392E-18 0.43974195 0.65561831 0.43974195 0.65561831

“BETAS”
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2.1. Primera metodología beta mediante covarianza y varianza: (Datos históricos del
menos reciente al más reciente)
30 julio del 2009 / al 30 julio del 2012
Coca-Cola KO Standard Poors 500
Date Adj. Close Adj. Close Empresa Mercado
30/07/2009 21.69 987.48
03/08/2009 21.48 1010.48 -0.00968188 0.02329161
10/08/2009 21.1 1004.09 -0.01769088 -0.00632373
17/08/2009 21.72 1026.13 0.02938389 0.02195022
24/08/2009 21.35 1028.93 -0.01703499 0.0027287
31/08/2009 21.74 1016.4 0.01826698 -0.0121777
08/09/2009 22.6 1042.73 0.03955842 0.02590516
14/09/2009 23.59 1068.3 0.04380531 0.02452217
21/09/2009 23.24 1044.38 -0.0148368 -0.02239071
28/09/2009 23.64 1025.21 0.0172117 -0.01835539
05/10/2009 23.98 1071.49 0.0143824 0.04514197
12/10/2009 24.14 1087.68 0.00667223 0.0151098
19/10/2009 23.36 1079.6 -0.03231152 -0.00742866
26/10/2009 23.39 1036.19 0.00128425 -0.04020934
02/11/2009 23.91 1069.3 0.02223172 0.0319536
09/11/2009 24.78 1093.48 0.03638645 0.02261292
16/11/2009 25.22 1091.38 0.01775626 -0.00192047
23/11/2009 25.27 1091.49 0.00198255 0.00010079
30/11/2009 25.41 1105.98 0.00554017 0.01327543
07/12/2009 26.12 1106.41 0.02794176 0.0003888
14/12/2009 25.16 1102.47 -0.03675345 -0.00356107
21/12/2009 25.39 1126.48 0.00914149 0.02177837
28/12/2009 25.19 1115.1 -0.00787712 -0.01010227
04/01/2010 24.37 1144.98 -0.0325526 0.0267958
11/01/2010 24.88 1136.03 0.02092737 -0.00781673
19/01/2010 23.97 1091.76 -0.03657556 -0.03896904
25/01/2010 23.98 1073.87 0.00041719 -0.01638639
01/02/2010 23.46 1066.19 -0.02168474 -0.0071517
08/02/2010 23.86 1075.51 0.0170503 0.00874141
16/02/2010 24.63 1109.17 0.03227158 0.03129678
22/02/2010 23.3 1104.49 -0.05399919 -0.00421937
01/03/2010 24.17 1138.7 0.03733906 0.03097357
08/03/2010 23.77 1149.99 -0.01654944 0.00991482
15/03/2010 24.39 1159.9 0.0260833 0.00861747
22/03/2010 24.35 1166.59 -0.00164002 0.00576774
𝐼𝑛𝑑𝑖𝑐𝑒 𝑎𝑛𝑡𝑒𝑖𝑜𝑟
𝐼𝑛𝑑𝑖𝑐𝑒 𝑚𝑎𝑠 𝑎𝑐𝑡𝑢𝑎𝑙
− 1 = Variación porcentual

“BETAS”
10
29/03/2010 24.64 1178.1 0.01190965 0.00986636
05/04/2010 24.32 1194.37 -0.01298701 0.01381037
12/04/2010 24.49 1192.13 0.00699013 -0.00187547
19/04/2010 24.01 1217.28 -0.01959984 0.02109669
26/04/2010 23.82 1186.69 -0.00791337 -0.0251298
03/05/2010 23.47 1110.88 -0.01469353 -0.06388358
10/05/2010 23.77 1135.68 0.01278228 0.02232464
17/05/2010 22.99 1087.69 -0.03281447 -0.04225662
24/05/2010 22.9 1089.41 -0.00391475 0.00158133
01/06/2010 22.84 1064.88 -0.00262009 -0.02251678
07/06/2010 23.21 1091.6 0.01619965 0.02509203
14/06/2010 23.5 1117.51 0.01249461 0.0237358
21/06/2010 22.58 1076.76 -0.03914894 -0.036465
28/06/2010 22.49 1022.58 -0.00398583 -0.05031762
06/07/2010 23.55 1077.96 0.04713206 0.05415713
12/07/2010 23.53 1064.88 -0.00084926 -0.01213403
19/07/2010 24.6 1102.66 0.04547386 0.03547818
26/07/2010 24.76 1101.6 0.00650407 -0.00096131
02/08/2010 25.5 1121.64 0.02988691 0.01819172
09/08/2010 25.04 1079.25 -0.01803922 -0.03779287
16/08/2010 24.85 1071.69 -0.00758786 -0.00700486
23/08/2010 25.23 1064.59 0.01529175 -0.00662505
30/08/2010 25.86 1104.51 0.02497027 0.037498
07/09/2010 26.3 1109.55 0.01701469 0.00456311
13/09/2010 26.06 1125.59 -0.00912548 0.01445631
20/09/2010 26.54 1148.67 0.01841903 0.0205048
27/09/2010 26.77 1146.24 0.00866616 -0.00211549
04/10/2010 26.9 1165.15 0.00485618 0.01649742
11/10/2010 27.14 1176.19 0.00892193 0.00947517
18/10/2010 27.89 1183.08 0.02763449 0.0058579
25/10/2010 27.76 1183.26 -0.00466117 0.00015215
01/11/2010 28.33 1225.85 0.02053314 0.03599378
08/11/2010 28.49 1199.21 0.00564772 -0.02173186
15/11/2010 29.12 1199.73 0.02211302 0.00043362
22/11/2010 29.03 1189.4 -0.00309066 -0.00861027
29/11/2010 29.4 1224.71 0.01274544 0.02968724
06/12/2010 29.47 1240.4 0.00238095 0.0128112
13/12/2010 29.95 1243.91 0.01628775 0.00282973
20/12/2010 29.9 1256.77 -0.00166945 0.01033837
27/12/2010 29.98 1257.64 0.00267559 0.00069225
03/01/2011 28.68 1271.5 -0.04336224 0.01102064
10/01/2011 28.78 1293.24 0.00348675 0.01709792
18/01/2011 28.61 1283.35 -0.00590688 -0.00764746

“BETAS”
11
24/01/2011 28.36 1276.34 -0.0087382 -0.00546227
31/01/2011 28.52 1310.87 0.00564175 0.02705392
07/02/2011 28.98 1329.15 0.01612903 0.01394494
14/02/2011 29.43 1343.01 0.01552795 0.01042772
22/02/2011 29.32 1319.88 -0.00373768 -0.01722251
28/02/2011 29.73 1321.15 0.01398363 0.00096221
07/03/2011 29.76 1304.28 0.00100908 -0.01276918
14/03/2011 28.79 1279.21 -0.03259409 -0.01922133
21/03/2011 29.95 1313.8 0.04029177 0.02704013
28/03/2011 30.87 1332.41 0.03071786 0.01416502
04/04/2011 30.89 1328.17 0.00064788 -0.0031822
11/04/2011 31.23 1319.68 0.0110068 -0.00639225
18/04/2011 31.17 1337.38 -0.00192123 0.01341234
25/04/2011 30.98 1363.61 -0.0060956 0.01961297
02/05/2011 30.72 1340.2 -0.00839251 -0.01716767
09/05/2011 31.31 1337.77 0.01920573 -0.00181316
16/05/2011 31.36 1333.27 0.00159693 -0.00336381
23/05/2011 30.54 1331.1 -0.02614796 -0.00162758
31/05/2011 30.09 1300.16 -0.01473477 -0.02324393
06/06/2011 30.03 1270.98 -0.00199402 -0.02244339
13/06/2011 30.35 1271.5 0.01065601 0.00040913
20/06/2011 30.03 1268.45 -0.01054366 -0.00239874
27/06/2011 31.49 1339.67 0.04861805 0.05614727
05/07/2011 31.76 1343.8 0.00857415 0.00308285
11/07/2011 31.23 1316.14 -0.01668766 -0.02058342
18/07/2011 32.25 1345.02 0.0326609 0.02194295
25/07/2011 31.45 1292.28 -0.0248062 -0.03921131
01/08/2011 30.88 1199.38 -0.01812401 -0.07188845
08/08/2011 31.05 1178.81 0.00550518 -0.01715053
15/08/2011 31.03 1123.53 -0.00064412 -0.04689475
22/08/2011 31.68 1176.8 0.02094747 0.04741306
29/08/2011 32.25 1173.97 0.01799242 -0.00240483
06/09/2011 32.08 1154.23 -0.00527132 -0.01681474
12/09/2011 33.17 1216.01 0.03397756 0.05352486
19/09/2011 31.39 1136.43 -0.05366295 -0.06544354
26/09/2011 31.46 1131.42 0.00223001 -0.00440854
03/10/2011 30.69 1155.46 -0.02447552 0.02124764
10/10/2011 31.59 1224.58 0.02932551 0.05982033
17/10/2011 31.75 1238.25 0.00506489 0.01116301
24/10/2011 32.1 1285.09 0.01102362 0.03782758
31/10/2011 31.56 1253.23 -0.01682243 -0.02479204
07/11/2011 31.72 1263.85 0.00506971 0.0084741
14/11/2011 31.38 1215.65 -0.01071879 -0.03813744

“BETAS”
12
21/11/2011 30.15 1158.67 -0.03919694 -0.04687204
28/11/2011 31.13 1244.28 0.03250415 0.07388644
05/12/2011 31.69 1255.19 0.01798908 0.00876812
12/12/2011 31.63 1219.66 -0.00189334 -0.02830647
19/12/2011 32.8 1265.33 0.0369902 0.03744486
27/12/2011 32.82 1257.6 0.00060976 -0.00610908
03/01/2012 32.33 1277.81 -0.01492992 0.01607029
09/01/2012 31.42 1289.09 -0.02814723 0.0088276
17/01/2012 31.94 1315.38 0.01654997 0.02039423
23/01/2012 31.63 1316.33 -0.0097057 0.00072222
30/01/2012 31.93 1344.9 0.00948467 0.02170428
06/02/2012 31.87 1342.64 -0.00187911 -0.00168042
13/02/2012 32.39 1361.23 0.01631628 0.01384586
21/02/2012 32.36 1365.74 -0.00092621 0.00331318
27/02/2012 32.45 1369.63 0.00278121 0.00284827
05/03/2012 32.6 1370.87 0.0046225 0.00090535
12/03/2012 33.15 1404.17 0.01687117 0.02429114
19/03/2012 33.78 1397.11 0.01900452 -0.00502788
26/03/2012 34.97 1408.47 0.03522795 0.00813107
02/04/2012 34.71 1398.08 -0.00743494 -0.0073768
09/04/2012 33.99 1370.26 -0.0207433 -0.01989872
16/04/2012 35.02 1378.53 0.03030303 0.00603535
23/04/2012 36.21 1403.36 0.03398058 0.01801194
30/04/2012 36.38 1369.1 0.00469484 -0.02441284
07/05/2012 36.6 1353.39 0.00604728 -0.01147469
14/05/2012 34.99 1295.22 -0.04398907 -0.04298096
21/05/2012 35.54 1317.82 0.01571878 0.01744877
29/05/2012 34.53 1278.04 -0.02841868 -0.03018622
04/06/2012 35.55 1325.66 0.02953953 0.03726018
11/06/2012 36.2 1342.84 0.01828411 0.01295958
18/06/2012 35.65 1335.02 -0.01519337 -0.00582348
25/06/2012 37.19 1362.16 0.04319776 0.02032928
02/07/2012 37.18 1354.68 -0.00026889 -0.00549128
09/07/2012 36.76 1356.78 -0.0112964 0.00155018
16/07/2012 36.64 1362.66 -0.00326442 0.00433379
23/07/2012 38.06 1385.97 0.03875546 0.01710625
30/07/2012 38.06 1385.97 0 0
COVARIANZA 0.00032596 covarianza empresa mercado
VARIANZA 0.00059517 varianza mercado

“BETAS”
13
BETA 0.54768013 Covarianza / varianza
Ejes:
y = 0.5477x + 0.0025
R² = 0.3933
-0.06
-0.04
-0.02
0
0.02
0.04
0.06
-0.1 -0.05 0 0.05 0.1
Beta KO y S&P 500
Series1
Lineal (Series1)

“BETAS”
14
2.3. Tercera metodología mediante la fórmula pendiente
Pendiente = 0.54768013 (conocido y empresa, conocido x, mercado)
serie x= datos del mercado
serie y= datos de la empresa
2.4. Cuarta metodología mediante la regresión
Regresión
Resumen
Coeficiente de
correlación
Coeficiente de
determinación
R^2 0.39325964
R^2 ajustado 0.38934519
Observaciones 157
Grados de
libertad
Suma de
cuadrados
Promedio
de los
cuadrados F
Valor
crítico de F
Regresión 1 0.02802804 0.02802804 100.463476 1.5392E-18
Residuos 155 0.04324304 0.00027899
Total 156 0.07127108
Coeficientes
Error
típico
Estadístico
t Probabilidad
Inferior
95%
Superior
95%
Inferior
95.0%
Superior
95.0%
Intercepción 0.00246783 0.0013398 1.84194594 0.06739404
-
0.00017878 0.00511445
-
0.00017878 0.00511445
Variable X 1 0.54768013 0.05464153 10.023147 1.5392E-18 0.43974195 0.65561831 0.43974195 0.65561831
CONOCIDO Y EMPRESA

“BETAS”
15
B. PFIZER (PFE) Y MERCADO S&P 500
3. Betas empresa Pfizer (PFE) y mercado (S&P 500)
3.1. Primera metodología: beta empresa Pfizer (PFE) y mercado
Metodología:
a. Primer paso descargar información de la empresa. Pfizer (PFE)
tres fórmulas.
Primera metodología beta mediante covarianza y varianza: (Datos históricos del más
reciente al menos reciente).
Por lo tanto, podemos realizar el calculo mediante culaquiera de las fórmulas siguientes:
Fómrula 1:
Formula 2:
Fórmula 3:
1:
𝐼𝑛𝑑𝑖𝑐𝑒 𝑎𝑛𝑡𝑒𝑟𝑖𝑜𝑟
𝐼𝑛𝑑𝑖𝑐𝑒 𝑚á𝑠 𝑎𝑐𝑡𝑢𝑎𝑙
2:
𝐼𝑛𝑑𝑖𝑐𝑒 𝑎𝑛𝑡𝑒𝑟𝑖𝑜𝑟 −𝑖𝑛𝑑𝑖𝑐𝑒 𝑚𝑎𝑠 𝑎𝑐𝑡𝑢𝑎𝑙
= Variación porcentual
3: LN
=Variación porcentual

“BETAS”
16
25 junio del 2012 al 1 junio del 2009: (Del más actual al más lejano)
PRIMERA METODOLOGÍA: BETA EMPRESA PFIZER (PFE) Y MERCADO
1 2 3 1 2 3
Date Close Close
PFIZER
Mercado Standard / Poor
500
25/06/2012 23 1362.16 Y (Empresa) X (mercado)
18/06/2012 22.73 1335.02 -1.17% -1.17% -1.18% -1.99% -1.99% -2.01%
11/06/2012 22.61 1342.84 -0.53% -0.53% -0.53% 0.59% 0.59% 0.58%
04/06/2012 22.14 1325.66 -2.08% -2.08% -2.10% -1.28% -1.28% -1.29%
29/05/2012 21.64 1278.04 -2.26% -2.26% -2.28% -3.59% -3.59% -3.66%
21/05/2012 22.13 1317.82 2.26% 2.26% 2.24% 3.11% 3.11% 3.07%
14/05/2012 22.57 1295.22 1.99% 1.99% 1.97% -1.71% -1.71% -1.73%
07/05/2012 22.65 1353.39 0.35% 0.35% 0.35% 4.49% 4.49% 4.39%
30/04/2012 22.38 1369.1 -1.19% -1.19% -1.20% 1.16% 1.16% 1.15%
23/04/2012 23.08 1403.36 3.13% 3.13% 3.08% 2.50% 2.50% 2.47%
16/04/2012 22.56 1378.53 -2.25% -2.25% -2.28% -1.77% -1.77% -1.79%
09/04/2012 21.85 1370.26 -3.15% -3.15% -3.20% -0.60% -0.60% -0.60%
02/04/2012 22.34 1398.08 2.24% 2.24% 2.22% 2.03% 2.03% 2.01%
26/03/2012 22.65 1408.47 1.39% 1.39% 1.38% 0.74% 0.74% 0.74%
19/03/2012 21.82 1397.11 -3.66% -3.66% -3.73% -0.81% -0.81% -0.81%
12/03/2012 21.94 1404.17 0.55% 0.55% 0.55% 0.51% 0.51% 0.50%
05/03/2012 21.48 1370.87 -2.10% -2.10% -2.12% -2.37% -2.37% -2.40%
27/02/2012 21.41 1369.63 -0.33% -0.33% -0.33% -0.09% -0.09% -0.09%
21/02/2012 21.18 1365.74 -1.07% -1.07% -1.08% -0.28% -0.28% -0.28%
13/02/2012 21.19 1361.23 0.05% 0.05% 0.05% -0.33% -0.33% -0.33%
06/02/2012 21.05 1342.64 -0.66% -0.66% -0.66% -1.37% -1.37% -1.38%
30/01/2012 21.2 1344.9 0.71% 0.71% 0.71% 0.17% 0.17% 0.17%
23/01/2012 21.48 1316.33 1.32% 1.32% 1.31% -2.12% -2.12% -2.15%
17/01/2012 21.9 1315.38 1.96% 1.96% 1.94% -0.07% -0.07% -0.07%
09/01/2012 21.84 1289.09 -0.27% -0.27% -0.27% -2.00% -2.00% -2.02%
03/01/2012 21.57 1277.81 -1.24% -1.24% -1.24% -0.88% -0.88% -0.88%
27/12/2011 21.64 1257.6 0.32% 0.32% 0.32% -1.58% -1.58% -1.59%
19/12/2011 21.83 1265.33 0.88% 0.88% 0.87% 0.61% 0.61% 0.61%
12/12/2011 21.03 1219.66 -3.66% -3.66% -3.73% -3.61% -3.61% -3.68%
05/12/2011 20.56 1255.19 -2.23% -2.23% -2.26% 2.91% 2.91% 2.87%
28/11/2011 19.89 1244.28 -3.26% -3.26% -3.31% -0.87% -0.87% -0.87%
21/11/2011 18.45 1158.67 -7.24% -7.24% -7.52% -6.88% -6.88% -7.13%
14/11/2011 19.53 1215.65 5.85% 5.85% 5.69% 4.92% 4.92% 4.80%
07/11/2011 19.99 1263.85 2.36% 2.36% 2.33% 3.96% 3.96% 3.89%
31/10/2011 19.66 1253.23 -1.65% -1.65% -1.66% -0.84% -0.84% -0.84%
24/10/2011 19.82 1285.09 0.81% 0.81% 0.81% 2.54% 2.54% 2.51%
17/10/2011 19.06 1238.25 -3.83% -3.83% -3.91% -3.64% -3.64% -3.71%
10/10/2011 19.04 1224.58 -0.10% -0.10% -0.10% -1.10% -1.10% -1.11%
03/10/2011 18.44 1155.46 -3.15% -3.15% -3.20% -5.64% -5.64% -5.81%
26/09/2011 17.68 1131.42 -4.12% -4.12% -4.21% -2.08% -2.08% -2.10%
19/09/2011 17.45 1136.43 -1.30% -1.30% -1.31% 0.44% 0.44% 0.44%
12/09/2011 18.15 1216.01 4.01% 4.01% 3.93% 7.00% 7.00% 6.77%
06/09/2011 18.28 1154.23 0.72% 0.72% 0.71% -5.08% -5.08% -5.21%
29/08/2011 18.46 1173.97 0.98% 0.98% 0.98% 1.71% 1.71% 1.70%
22/08/2011 18.21 1176.8 -1.35% -1.35% -1.36% 0.24% 0.24% 0.24%
15/08/2011 17.67 1123.53 -2.97% -2.97% -3.01% -4.53% -4.53% -4.63%
08/08/2011 17.86 1178.81 1.08% 1.08% 1.07% 4.92% 4.92% 4.80%
01/08/2011 17.49 1199.38 -2.07% -2.07% -2.09% 1.74% 1.74% 1.73%
25/07/2011 19.25 1292.28 10.06% 10.06% 9.59% 7.75% 7.75% 7.46%
18/07/2011 20.07 1345.02 4.26% 4.26% 4.17% 4.08% 4.08% 4.00%
11/07/2011 19.75 1316.14 -1.59% -1.59% -1.61% -2.15% -2.15% -2.17%
05/07/2011 20.16 1343.8 2.08% 2.08% 2.05% 2.10% 2.10% 2.08%

“BETAS”
17
27/06/2011 20.75 1339.67 2.93% 2.93% 2.88% -0.31% -0.31% -0.31%
20/06/2011 20.08 1268.45 -3.23% -3.23% -3.28% -5.32% -5.32% -5.46%
13/06/2011 20.26 1271.5 0.90% 0.90% 0.89% 0.24% 0.24% 0.24%
06/06/2011 20.11 1270.98 -0.74% -0.74% -0.74% -0.04% -0.04% -0.04%
31/05/2011 20.84 1300.16 3.63% 3.63% 3.57% 2.30% 2.30% 2.27%
23/05/2011 20.93 1331.1 0.43% 0.43% 0.43% 2.38% 2.38% 2.35%
16/05/2011 20.69 1333.27 -1.15% -1.15% -1.15% 0.16% 0.16% 0.16%
09/05/2011 20.92 1337.77 1.11% 1.11% 1.11% 0.34% 0.34% 0.34%
02/05/2011 20.55 1340.2 -1.77% -1.77% -1.78% 0.18% 0.18% 0.18%
25/04/2011 20.97 1363.61 2.04% 2.04% 2.02% 1.75% 1.75% 1.73%
18/04/2011 19.79 1337.38 -5.63% -5.63% -5.79% -1.92% -1.92% -1.94%
11/04/2011 20.53 1319.68 3.74% 3.74% 3.67% -1.32% -1.32% -1.33%
04/04/2011 20.46 1328.17 -0.34% -0.34% -0.34% 0.64% 0.64% 0.64%
28/03/2011 20.38 1332.41 -0.39% -0.39% -0.39% 0.32% 0.32% 0.32%
21/03/2011 20.35 1313.8 -0.15% -0.15% -0.15% -1.40% -1.40% -1.41%
14/03/2011 20.18 1279.21 -0.84% -0.84% -0.84% -2.63% -2.63% -2.67%
07/03/2011 19.47 1304.28 -3.52% -3.52% -3.58% 1.96% 1.96% 1.94%
28/02/2011 19.66 1321.15 0.98% 0.98% 0.97% 1.29% 1.29% 1.29%
22/02/2011 18.86 1319.88 -4.07% -4.07% -4.15% -0.10% -0.10% -0.10%
14/02/2011 19.19 1343.01 1.75% 1.75% 1.73% 1.75% 1.75% 1.74%
07/02/2011 18.83 1329.15 -1.88% -1.88% -1.89% -1.03% -1.03% -1.04%
31/01/2011 19.3 1310.87 2.50% 2.50% 2.47% -1.38% -1.38% -1.38%
24/01/2011 18.15 1276.34 -5.96% -5.96% -6.14% -2.63% -2.63% -2.67%
18/01/2011 18.36 1283.35 1.16% 1.16% 1.15% 0.55% 0.55% 0.55%
10/01/2011 18.34 1293.24 -0.11% -0.11% -0.11% 0.77% 0.77% 0.77%
03/01/2011 18.34 1271.5 0.00% 0.00% 0.00% -1.68% -1.68% -1.70%
27/12/2010 17.51 1257.64 -4.53% -4.53% -4.63% -1.09% -1.09% -1.10%
20/12/2010 17.61 1256.77 0.57% 0.57% 0.57% -0.07% -0.07% -0.07%
13/12/2010 17.03 1243.91 -3.29% -3.29% -3.35% -1.02% -1.02% -1.03%
06/12/2010 17.02 1240.4 -0.06% -0.06% -0.06% -0.28% -0.28% -0.28%
29/11/2010 16.72 1224.71 -1.76% -1.76% -1.78% -1.26% -1.26% -1.27%
22/11/2010 16.49 1189.4 -1.38% -1.38% -1.39% -2.88% -2.88% -2.93%
15/11/2010 16.8 1199.73 1.88% 1.88% 1.86% 0.87% 0.87% 0.86%
08/11/2010 16.85 1199.21 0.30% 0.30% 0.30% -0.04% -0.04% -0.04%
01/11/2010 17.18 1225.85 1.96% 1.96% 1.94% 2.22% 2.22% 2.20%
25/10/2010 17.42 1183.26 1.40% 1.40% 1.39% -3.47% -3.47% -3.54%
18/10/2010 17.5 1183.08 0.46% 0.46% 0.46% -0.02% -0.02% -0.02%
11/10/2010 17.75 1176.19 1.43% 1.43% 1.42% -0.58% -0.58% -0.58%
04/10/2010 17.46 1165.15 -1.63% -1.63% -1.65% -0.94% -0.94% -0.94%
27/09/2010 17.18 1146.24 -1.60% -1.60% -1.62% -1.62% -1.62% -1.64%
20/09/2010 17.4 1148.67 1.28% 1.28% 1.27% 0.21% 0.21% 0.21%
13/09/2010 17.06 1125.59 -1.95% -1.95% -1.97% -2.01% -2.01% -2.03%
07/09/2010 16.99 1109.55 -0.41% -0.41% -0.41% -1.43% -1.43% -1.44%
30/08/2010 16.46 1104.51 -3.12% -3.12% -3.17% -0.45% -0.45% -0.46%
23/08/2010 16.09 1064.59 -2.25% -2.25% -2.27% -3.61% -3.61% -3.68%
16/08/2010 15.92 1071.69 -1.06% -1.06% -1.06% 0.67% 0.67% 0.66%
09/08/2010 16.08 1079.25 1.01% 1.01% 1.00% 0.71% 0.71% 0.70%
02/08/2010 16.24 1121.64 1.00% 1.00% 0.99% 3.93% 3.93% 3.85%
26/07/2010 15 1101.6 -7.64% -7.64% -7.94% -1.79% -1.79% -1.80%
19/07/2010 14.58 1102.66 -2.80% -2.80% -2.84% 0.10% 0.10% 0.10%
12/07/2010 14.56 1064.88 -0.14% -0.14% -0.14% -3.43% -3.43% -3.49%
06/07/2010 14.77 1077.96 1.44% 1.44% 1.43% 1.23% 1.23% 1.22%
28/06/2010 14.14 1022.58 -4.27% -4.27% -4.36% -5.14% -5.14% -5.27%
21/06/2010 14.64 1076.76 3.54% 3.54% 3.47% 5.30% 5.30% 5.16%
14/06/2010 15.21 1117.51 3.89% 3.89% 3.82% 3.78% 3.78% 3.71%
07/06/2010 15.46 1091.6 1.64% 1.64% 1.63% -2.32% -2.32% -2.35%
01/06/2010 14.76 1064.88 -4.53% -4.53% -4.63% -2.45% -2.45% -2.48%
24/05/2010 15.23 1089.41 3.18% 3.18% 3.13% 2.30% 2.30% 2.28%
17/05/2010 15.4 1087.69 1.12% 1.12% 1.11% -0.16% -0.16% -0.16%
10/05/2010 16.2 1135.68 5.19% 5.19% 5.06% 4.41% 4.41% 4.32%
03/05/2010 16.46 1110.88 1.60% 1.60% 1.59% -2.18% -2.18% -2.21%
26/04/2010 16.72 1186.69 1.58% 1.58% 1.57% 6.82% 6.82% 6.60%
19/04/2010 16.91 1217.28 1.14% 1.14% 1.13% 2.58% 2.58% 2.55%

“BETAS”
18
12/04/2010 16.8 1192.13 -0.65% -0.65% -0.65% -2.07% -2.07% -2.09%
05/04/2010 17.25 1194.37 2.68% 2.68% 2.64% 0.19% 0.19% 0.19%
29/03/2010 17.08 1178.1 -0.99% -0.99% -0.99% -1.36% -1.36% -1.37%
22/03/2010 17.14 1166.59 0.35% 0.35% 0.35% -0.98% -0.98% -0.98%
15/03/2010 16.91 1159.9 -1.34% -1.34% -1.35% -0.57% -0.57% -0.58%
08/03/2010 17.08 1149.99 1.01% 1.01% 1.00% -0.85% -0.85% -0.86%
01/03/2010 17.48 1138.7 2.34% 2.34% 2.31% -0.98% -0.98% -0.99%
22/02/2010 17.55 1104.49 0.40% 0.40% 0.40% -3.00% -3.00% -3.05%
16/02/2010 17.99 1109.17 2.51% 2.51% 2.48% 0.42% 0.42% 0.42%
08/02/2010 17.8 1075.51 -1.06% -1.06% -1.06% -3.03% -3.03% -3.08%
01/02/2010 17.96 1066.19 0.90% 0.90% 0.89% -0.87% -0.87% -0.87%
25/01/2010 18.66 1073.87 3.90% 3.90% 3.82% 0.72% 0.72% 0.72%
19/01/2010 18.96 1091.76 1.61% 1.61% 1.59% 1.67% 1.67% 1.65%
11/01/2010 19.49 1136.03 2.80% 2.80% 2.76% 4.05% 4.05% 3.97%
04/01/2010 18.68 1144.98 -4.16% -4.16% -4.24% 0.79% 0.79% 0.78%
28/12/2009 18.19 1115.1 -2.62% -2.62% -2.66% -2.61% -2.61% -2.64%
21/12/2009 18.6 1126.48 2.25% 2.25% 2.23% 1.02% 1.02% 1.02%
14/12/2009 18.3 1102.47 -1.61% -1.61% -1.63% -2.13% -2.13% -2.15%
07/12/2009 18.3 1106.41 0.00% 0.00% 0.00% 0.36% 0.36% 0.36%
30/11/2009 18.49 1105.98 1.04% 1.04% 1.03% -0.04% -0.04% -0.04%
23/11/2009 18.25 1091.49 -1.30% -1.30% -1.31% -1.31% -1.31% -1.32%
16/11/2009 18.36 1091.38 0.60% 0.60% 0.60% -0.01% -0.01% -0.01%
09/11/2009 17.59 1093.48 -4.19% -4.19% -4.28% 0.19% 0.19% 0.19%
02/11/2009 16.96 1069.3 -3.58% -3.58% -3.65% -2.21% -2.21% -2.24%
26/10/2009 17.03 1036.19 0.41% 0.41% 0.41% -3.10% -3.10% -3.15%
19/10/2009 17.25 1079.6 1.29% 1.29% 1.28% 4.19% 4.19% 4.10%
12/10/2009 17.77 1087.68 3.01% 3.01% 2.97% 0.75% 0.75% 0.75%
05/10/2009 16.92 1071.49 -4.78% -4.78% -4.90% -1.49% -1.49% -1.50%
28/09/2009 16.15 1025.21 -4.55% -4.55% -4.66% -4.32% -4.32% -4.42%
21/09/2009 16.4 1044.38 1.55% 1.55% 1.54% 1.87% 1.87% 1.85%
14/09/2009 16.51 1068.3 0.67% 0.67% 0.67% 2.29% 2.29% 2.26%
08/09/2009 16.25 1042.73 -1.57% -1.57% -1.59% -2.39% -2.39% -2.42%
31/08/2009 16.39 1016.4 0.86% 0.86% 0.86% -2.53% -2.53% -2.56%
24/08/2009 16.81 1028.93 2.56% 2.56% 2.53% 1.23% 1.23% 1.23%
17/08/2009 16.64 1026.13 -1.01% -1.01% -1.02% -0.27% -0.27% -0.27%
10/08/2009 15.77 1004.09 -5.23% -5.23% -5.37% -2.15% -2.15% -2.17%
03/08/2009 15.96 1010.48 1.20% 1.20% 1.20% 0.64% 0.64% 0.63%
27/07/2009 15.93 987.48 -0.19% -0.19% -0.19% -2.28% -2.28% -2.30%
20/07/2009 16.48 979.26 3.45% 3.45% 3.39% -0.83% -0.83% -0.84%
13/07/2009 14.96 940.38 -9.22% -9.22% -9.68% -3.97% -3.97% -4.05%
06/07/2009 14.2 879.13 -5.08% -5.08% -5.21% -6.51% -6.51% -6.74%
29/06/2009 14.48 896.42 1.97% 1.97% 1.95% 1.97% 1.97% 1.95%
22/06/2009 15.19 918.9 4.90% 4.90% 4.79% 2.51% 2.51% 2.48%
15/06/2009 15 921.23 -1.25% -1.25% -1.26% 0.25% 0.25% 0.25%
08/06/2009 14.76 946.21 -1.60% -1.60% -1.61% 2.71% 2.71% 2.68%
01/06/2009 14.51 940.09 -1.69% -1.69% -1.71% -0.65% -0.65% -0.65%
EN RESUMEN:
Primera metodología para encontrar la beta de empresa Pfizer (PFE) y mercado S&P 500:
 La covarianza es la variación entre la empresa y el mercado. Por lo tanto se
necesitan las variaciones del mercado para conocer la beta, por lo tanto la beta es
igual a la división de la covarianza entre la varianza. Por lo tanto tenemos la
fórmula siguiente: = COVAR (datos empresa , datos mercado) = 0.0437%

“BETAS”
19
 La varianza son las todas variaciones del mercado = VARP(datos mercado) =
0.06%
Calculo del Beta de PFE y S&P 500
COVARIANZA 0.0437% covarianza empresa mercado
VARIANZA 0.0634% varianza mercado
 La beta = covarianza / varianza = 0.69 (General)
EJES:
y = 0.6882x - 0.0011
R² = 0.4008
-15.00%
-10.00%
-5.00%
0.00%
5.00%
10.00%
15.00%
-10.00% -5.00% 0.00% 5.00% 10.00%
Retornosdellaempresa
Retornos del mercado
Beta empresa Cocacola (KO) y mercado SP500
Series1
Lineal (Series1)

“BETAS”
20
BETA 0.69
0.68824447
Donde la fórmula de pendiente es la siguiente:
 Pendiente = (conocido Y (empresa), conocido X (mercado)) = 0.69
3.4. Cuarta metodología: Regresión
Procedimiento:
 Introducir datos en datos + análisis de datos + regresión + rango de entrada Y
variaciones empresa + rango de entrada X variaciones mercado + otra página
siguientes + aceptar
Coeficiente de
correlación
Coeficiente de
determinación
R^2 0.40084527
R^2 ajustado 0.39705315
Observaciones 160
Grados de Suma de Promedio F Valor
CONOCIDO Y EMPRESA

“BETAS”
21
libertad cuadrados de los
cuadrados
crítico de F
Regresión 1 0.04808667 0.04808667 105.704838 2.6427E-19
Residuos 158 0.07187651 0.00045491
Total 159 0.11996318
Coeficientes
Error
típico
Estadístico
t Probabilidad
Inferior
95%
Superior
95%
Inferior
95.0%
Superior
95.0%
Intercepción
-
0.00112203 0.00169148
-
0.66334143 0.50807858
-
0.00446287 0.0022188
-
0.00446287 0.0022188
Variable X 1 0.68824447 0.06694148 10.2812858 2.6427E-19 0.55602889 0.82046005 0.55602889 0.82046005
CONOCIDO Y EMPRESA
4. Betas empresa Pfizer (PFE) y mercado (S&P 500)
4.1. Primera metodología: beta empresa Pfizer (pfe) y mercado
antiguo al más reciente).
Por lo tanto, podemos realizar el calculo mediante culaquiera de las fórmulas siguientes:
Formula 1:
Fórmula 2:
Fórmula 3:
1 de junio del 2009 al 25 de junio del 2012; (Del más lejano al más actual)
1:
𝐼𝑛𝑑𝑖𝑐𝑒 𝑎𝑛𝑡𝑒𝑟𝑖𝑜𝑟 −𝑖𝑛𝑑𝑖𝑐𝑒 𝑚𝑎𝑠 𝑎𝑐𝑡𝑢𝑎𝑙
2:
𝐼𝑛𝑑𝑖𝑐𝑒 𝑚á𝑠 𝑎𝑐𝑡𝑢𝑎𝑙
3: LN
=Variación porcentual

“BETAS”
22
empresa mercado empresa mercado empresa mercado
Y X Y X Y X
Date Close Close opción 1 opción 2 opción 3
01/06/2009 14.51 940.09 (14.76-14.51)/14.51 (14.76/14.51)-1 LN(14.76/14.51)
08/06/2009 14.76 946.21 1.72% 0.65% 1.72% 0.65% 1.71% 0.65%
15/06/2009 15 921.23 1.63% -2.64% 1.63% -2.64% 1.61% -2.68%
22/06/2009 15.19 918.9 1.27% -0.25% 1.27% -0.25% 1.26% -0.25%
29/06/2009 14.48 896.42 -4.67% -2.45% -4.67% -2.45% -4.79% -2.48%
06/07/2009 14.2 879.13 -1.93% -1.93% -1.93% -1.93% -1.95% -1.95%
13/07/2009 14.96 940.38 5.35% 6.97% 5.35% 6.97% 5.21% 6.74%
20/07/2009 16.48 979.26 10.16% 4.13% 10.16% 4.13% 9.68% 4.05%
27/07/2009 15.93 987.48 -3.34% 0.84% -3.34% 0.84% -3.39% 0.84%
03/08/2009 15.96 1010.48 0.19% 2.33% 0.19% 2.33% 0.19% 2.30%
10/08/2009 15.77 1004.09 -1.19% -0.63% -1.19% -0.63% -1.20% -0.63%
17/08/2009 16.64 1026.13 5.52% 2.20% 5.52% 2.20% 5.37% 2.17%
24/08/2009 16.81 1028.93 1.02% 0.27% 1.02% 0.27% 1.02% 0.27%
31/08/2009 16.39 1016.4 -2.50% -1.22% -2.50% -1.22% -2.53% -1.23%
08/09/2009 16.25 1042.73 -0.85% 2.59% -0.85% 2.59% -0.86% 2.56%
14/09/2009 16.51 1068.3 1.60% 2.45% 1.60% 2.45% 1.59% 2.42%
21/09/2009 16.4 1044.38 -0.67% -2.24% -0.67% -2.24% -0.67% -2.26%
28/09/2009 16.15 1025.21 -1.52% -1.84% -1.52% -1.84% -1.54% -1.85%
05/10/2009 16.92 1071.49 4.77% 4.51% 4.77% 4.51% 4.66% 4.42%
12/10/2009 17.77 1087.68 5.02% 1.51% 5.02% 1.51% 4.90% 1.50%
19/10/2009 17.25 1079.6 -2.93% -0.74% -2.93% -0.74% -2.97% -0.75%
26/10/2009 17.03 1036.19 -1.28% -4.02% -1.28% -4.02% -1.28% -4.10%
02/11/2009 16.96 1069.3 -0.41% 3.20% -0.41% 3.20% -0.41% 3.15%
09/11/2009 17.59 1093.48 3.71% 2.26% 3.71% 2.26% 3.65% 2.24%
16/11/2009 18.36 1091.38 4.38% -0.19% 4.38% -0.19% 4.28% -0.19%
23/11/2009 18.25 1091.49 -0.60% 0.01% -0.60% 0.01% -0.60% 0.01%
30/11/2009 18.49 1105.98 1.32% 1.33% 1.32% 1.33% 1.31% 1.32%
07/12/2009 18.3 1106.41 -1.03% 0.04% -1.03% 0.04% -1.03% 0.04%
14/12/2009 18.3 1102.47 0.00% -0.36% 0.00% -0.36% 0.00% -0.36%
21/12/2009 18.6 1126.48 1.64% 2.18% 1.64% 2.18% 1.63% 2.15%
28/12/2009 18.19 1115.1 -2.20% -1.01% -2.20% -1.01% -2.23% -1.02%
04/01/2010 18.68 1144.98 2.69% 2.68% 2.69% 2.68% 2.66% 2.64%
11/01/2010 19.49 1136.03 4.34% -0.78% 4.34% -0.78% 4.24% -0.78%
19/01/2010 18.96 1091.76 -2.72% -3.90% -2.72% -3.90% -2.76% -3.97%
25/01/2010 18.66 1073.87 -1.58% -1.64% -1.58% -1.64% -1.59% -1.65%
01/02/2010 17.96 1066.19 -3.75% -0.72% -3.75% -0.72% -3.82% -0.72%
08/02/2010 17.8 1075.51 -0.89% 0.87% -0.89% 0.87% -0.89% 0.87%
16/02/2010 17.99 1109.17 1.07% 3.13% 1.07% 3.13% 1.06% 3.08%
22/02/2010 17.55 1104.49 -2.45% -0.42% -2.45% -0.42% -2.48% -0.42%
01/03/2010 17.48 1138.7 -0.40% 3.10% -0.40% 3.10% -0.40% 3.05%
08/03/2010 17.08 1149.99 -2.29% 0.99% -2.29% 0.99% -2.31% 0.99%
15/03/2010 16.91 1159.9 -1.00% 0.86% -1.00% 0.86% -1.00% 0.86%
22/03/2010 17.14 1166.59 1.36% 0.58% 1.36% 0.58% 1.35% 0.58%
29/03/2010 17.08 1178.1 -0.35% 0.99% -0.35% 0.99% -0.35% 0.98%
05/04/2010 17.25 1194.37 1.00% 1.38% 1.00% 1.38% 0.99% 1.37%
12/04/2010 16.8 1192.13 -2.61% -0.19% -2.61% -0.19% -2.64% -0.19%
19/04/2010 16.91 1217.28 0.65% 2.11% 0.65% 2.11% 0.65% 2.09%
26/04/2010 16.72 1186.69 -1.12% -2.51% -1.12% -2.51% -1.13% -2.55%
03/05/2010 16.46 1110.88 -1.56% -6.39% -1.56% -6.39% -1.57% -6.60%
10/05/2010 16.2 1135.68 -1.58% 2.23% -1.58% 2.23% -1.59% 2.21%
17/05/2010 15.4 1087.69 -4.94% -4.23% -4.94% -4.23% -5.06% -4.32%
24/05/2010 15.23 1089.41 -1.10% 0.16% -1.10% 0.16% -1.11% 0.16%
01/06/2010 14.76 1064.88 -3.09% -2.25% -3.09% -2.25% -3.13% -2.28%
07/06/2010 15.46 1091.6 4.74% 2.51% 4.74% 2.51% 4.63% 2.48%
14/06/2010 15.21 1117.51 -1.62% 2.37% -1.62% 2.37% -1.63% 2.35%
21/06/2010 14.64 1076.76 -3.75% -3.65% -3.75% -3.65% -3.82% -3.71%
28/06/2010 14.14 1022.58 -3.42% -5.03% -3.42% -5.03% -3.47% -5.16%
06/07/2010 14.77 1077.96 4.46% 5.42% 4.46% 5.42% 4.36% 5.27%
12/07/2010 14.56 1064.88 -1.42% -1.21% -1.42% -1.21% -1.43% -1.22%
19/07/2010 14.58 1102.66 0.14% 3.55% 0.14% 3.55% 0.14% 3.49%
26/07/2010 15 1101.6 2.88% -0.10% 2.88% -0.10% 2.84% -0.10%
02/08/2010 16.24 1121.64 8.27% 1.82% 8.27% 1.82% 7.94% 1.80%
09/08/2010 16.08 1079.25 -0.99% -3.78% -0.99% -3.78% -0.99% -3.85%

“BETAS”
23
16/08/2010 15.92 1071.69 -1.00% -0.70% -1.00% -0.70% -1.00% -0.70%
23/08/2010 16.09 1064.59 1.07% -0.66% 1.07% -0.66% 1.06% -0.66%
30/08/2010 16.46 1104.51 2.30% 3.75% 2.30% 3.75% 2.27% 3.68%
07/09/2010 16.99 1109.55 3.22% 0.46% 3.22% 0.46% 3.17% 0.46%
13/09/2010 17.06 1125.59 0.41% 1.45% 0.41% 1.45% 0.41% 1.44%
20/09/2010 17.4 1148.67 1.99% 2.05% 1.99% 2.05% 1.97% 2.03%
27/09/2010 17.18 1146.24 -1.26% -0.21% -1.26% -0.21% -1.27% -0.21%
04/10/2010 17.46 1165.15 1.63% 1.65% 1.63% 1.65% 1.62% 1.64%
11/10/2010 17.75 1176.19 1.66% 0.95% 1.66% 0.95% 1.65% 0.94%
18/10/2010 17.5 1183.08 -1.41% 0.59% -1.41% 0.59% -1.42% 0.58%
25/10/2010 17.42 1183.26 -0.46% 0.02% -0.46% 0.02% -0.46% 0.02%
01/11/2010 17.18 1225.85 -1.38% 3.60% -1.38% 3.60% -1.39% 3.54%
08/11/2010 16.85 1199.21 -1.92% -2.17% -1.92% -2.17% -1.94% -2.20%
15/11/2010 16.8 1199.73 -0.30% 0.04% -0.30% 0.04% -0.30% 0.04%
22/11/2010 16.49 1189.4 -1.85% -0.86% -1.85% -0.86% -1.86% -0.86%
29/11/2010 16.72 1224.71 1.39% 2.97% 1.39% 2.97% 1.39% 2.93%
06/12/2010 17.02 1240.4 1.79% 1.28% 1.79% 1.28% 1.78% 1.27%
13/12/2010 17.03 1243.91 0.06% 0.28% 0.06% 0.28% 0.06% 0.28%
20/12/2010 17.61 1256.77 3.41% 1.03% 3.41% 1.03% 3.35% 1.03%
27/12/2010 17.51 1257.64 -0.57% 0.07% -0.57% 0.07% -0.57% 0.07%
03/01/2011 18.34 1271.5 4.74% 1.10% 4.74% 1.10% 4.63% 1.10%
10/01/2011 18.34 1293.24 0.00% 1.71% 0.00% 1.71% 0.00% 1.70%
18/01/2011 18.36 1283.35 0.11% -0.76% 0.11% -0.76% 0.11% -0.77%
24/01/2011 18.15 1276.34 -1.14% -0.55% -1.14% -0.55% -1.15% -0.55%
31/01/2011 19.3 1310.87 6.34% 2.71% 6.34% 2.71% 6.14% 2.67%
07/02/2011 18.83 1329.15 -2.44% 1.39% -2.44% 1.39% -2.47% 1.38%
14/02/2011 19.19 1343.01 1.91% 1.04% 1.91% 1.04% 1.89% 1.04%
22/02/2011 18.86 1319.88 -1.72% -1.72% -1.72% -1.72% -1.73% -1.74%
28/02/2011 19.66 1321.15 4.24% 0.10% 4.24% 0.10% 4.15% 0.10%
07/03/2011 19.47 1304.28 -0.97% -1.28% -0.97% -1.28% -0.97% -1.29%
14/03/2011 20.18 1279.21 3.65% -1.92% 3.65% -1.92% 3.58% -1.94%
21/03/2011 20.35 1313.8 0.84% 2.70% 0.84% 2.70% 0.84% 2.67%
28/03/2011 20.38 1332.41 0.15% 1.42% 0.15% 1.42% 0.15% 1.41%
04/04/2011 20.46 1328.17 0.39% -0.32% 0.39% -0.32% 0.39% -0.32%
11/04/2011 20.53 1319.68 0.34% -0.64% 0.34% -0.64% 0.34% -0.64%
18/04/2011 19.79 1337.38 -3.60% 1.34% -3.60% 1.34% -3.67% 1.33%
25/04/2011 20.97 1363.61 5.96% 1.96% 5.96% 1.96% 5.79% 1.94%
02/05/2011 20.55 1340.2 -2.00% -1.72% -2.00% -1.72% -2.02% -1.73%
09/05/2011 20.92 1337.77 1.80% -0.18% 1.80% -0.18% 1.78% -0.18%
16/05/2011 20.69 1333.27 -1.10% -0.34% -1.10% -0.34% -1.11% -0.34%
23/05/2011 20.93 1331.1 1.16% -0.16% 1.16% -0.16% 1.15% -0.16%
31/05/2011 20.84 1300.16 -0.43% -2.32% -0.43% -2.32% -0.43% -2.35%
06/06/2011 20.11 1270.98 -3.50% -2.24% -3.50% -2.24% -3.57% -2.27%
13/06/2011 20.26 1271.5 0.75% 0.04% 0.75% 0.04% 0.74% 0.04%
20/06/2011 20.08 1268.45 -0.89% -0.24% -0.89% -0.24% -0.89% -0.24%
27/06/2011 20.75 1339.67 3.34% 5.61% 3.34% 5.61% 3.28% 5.46%
05/07/2011 20.16 1343.8 -2.84% 0.31% -2.84% 0.31% -2.88% 0.31%
11/07/2011 19.75 1316.14 -2.03% -2.06% -2.03% -2.06% -2.05% -2.08%
18/07/2011 20.07 1345.02 1.62% 2.19% 1.62% 2.19% 1.61% 2.17%
25/07/2011 19.25 1292.28 -4.09% -3.92% -4.09% -3.92% -4.17% -4.00%
01/08/2011 17.49 1199.38 -9.14% -7.19% -9.14% -7.19% -9.59% -7.46%
08/08/2011 17.86 1178.81 2.12% -1.72% 2.12% -1.72% 2.09% -1.73%
15/08/2011 17.67 1123.53 -1.06% -4.69% -1.06% -4.69% -1.07% -4.80%
22/08/2011 18.21 1176.8 3.06% 4.74% 3.06% 4.74% 3.01% 4.63%
29/08/2011 18.46 1173.97 1.37% -0.24% 1.37% -0.24% 1.36% -0.24%
06/09/2011 18.28 1154.23 -0.98% -1.68% -0.98% -1.68% -0.98% -1.70%
12/09/2011 18.15 1216.01 -0.71% 5.35% -0.71% 5.35% -0.71% 5.21%
19/09/2011 17.45 1136.43 -3.86% -6.54% -3.86% -6.54% -3.93% -6.77%
26/09/2011 17.68 1131.42 1.32% -0.44% 1.32% -0.44% 1.31% -0.44%
03/10/2011 18.44 1155.46 4.30% 2.12% 4.30% 2.12% 4.21% 2.10%
10/10/2011 19.04 1224.58 3.25% 5.98% 3.25% 5.98% 3.20% 5.81%
17/10/2011 19.06 1238.25 0.11% 1.12% 0.11% 1.12% 0.10% 1.11%
24/10/2011 19.82 1285.09 3.99% 3.78% 3.99% 3.78% 3.91% 3.71%
31/10/2011 19.66 1253.23 -0.81% -2.48% -0.81% -2.48% -0.81% -2.51%
07/11/2011 19.99 1263.85 1.68% 0.85% 1.68% 0.85% 1.66% 0.84%
14/11/2011 19.53 1215.65 -2.30% -3.81% -2.30% -3.81% -2.33% -3.89%

“BETAS”
24
21/11/2011 18.45 1158.67 -5.53% -4.69% -5.53% -4.69% -5.69% -4.80%
28/11/2011 19.89 1244.28 7.80% 7.39% 7.80% 7.39% 7.52% 7.13%
05/12/2011 20.56 1255.19 3.37% 0.88% 3.37% 0.88% 3.31% 0.87%
12/12/2011 21.03 1219.66 2.29% -2.83% 2.29% -2.83% 2.26% -2.87%
19/12/2011 21.83 1265.33 3.80% 3.74% 3.80% 3.74% 3.73% 3.68%
27/12/2011 21.64 1257.6 -0.87% -0.61% -0.87% -0.61% -0.87% -0.61%
03/01/2012 21.57 1277.81 -0.32% 1.61% -0.32% 1.61% -0.32% 1.59%
09/01/2012 21.84 1289.09 1.25% 0.88% 1.25% 0.88% 1.24% 0.88%
17/01/2012 21.9 1315.38 0.27% 2.04% 0.27% 2.04% 0.27% 2.02%
23/01/2012 21.48 1316.33 -1.92% 0.07% -1.92% 0.07% -1.94% 0.07%
30/01/2012 21.2 1344.9 -1.30% 2.17% -1.30% 2.17% -1.31% 2.15%
06/02/2012 21.05 1342.64 -0.71% -0.17% -0.71% -0.17% -0.71% -0.17%
13/02/2012 21.19 1361.23 0.67% 1.38% 0.67% 1.38% 0.66% 1.38%
21/02/2012 21.18 1365.74 -0.05% 0.33% -0.05% 0.33% -0.05% 0.33%
27/02/2012 21.41 1369.63 1.09% 0.28% 1.09% 0.28% 1.08% 0.28%
05/03/2012 21.48 1370.87 0.33% 0.09% 0.33% 0.09% 0.33% 0.09%
12/03/2012 21.94 1404.17 2.14% 2.43% 2.14% 2.43% 2.12% 2.40%
19/03/2012 21.82 1397.11 -0.55% -0.50% -0.55% -0.50% -0.55% -0.50%
26/03/2012 22.65 1408.47 3.80% 0.81% 3.80% 0.81% 3.73% 0.81%
02/04/2012 22.34 1398.08 -1.37% -0.74% -1.37% -0.74% -1.38% -0.74%
09/04/2012 21.85 1370.26 -2.19% -1.99% -2.19% -1.99% -2.22% -2.01%
16/04/2012 22.56 1378.53 3.25% 0.60% 3.25% 0.60% 3.20% 0.60%
23/04/2012 23.08 1403.36 2.30% 1.80% 2.30% 1.80% 2.28% 1.79%
30/04/2012 22.38 1369.1 -3.03% -2.44% -3.03% -2.44% -3.08% -2.47%
07/05/2012 22.65 1353.39 1.21% -1.15% 1.21% -1.15% 1.20% -1.15%
14/05/2012 22.57 1295.22 -0.35% -4.30% -0.35% -4.30% -0.35% -4.39%
21/05/2012 22.13 1317.82 -1.95% 1.74% -1.95% 1.74% -1.97% 1.73%
29/05/2012 21.64 1278.04 -2.21% -3.02% -2.21% -3.02% -2.24% -3.07%
04/06/2012 22.14 1325.66 2.31% 3.73% 2.31% 3.73% 2.28% 3.66%
11/06/2012 22.61 1342.84 2.12% 1.30% 2.12% 1.30% 2.10% 1.29%
18/06/2012 22.73 1335.02 0.53% -0.58% 0.53% -0.58% 0.53% -0.58%
25/06/2012 23 1362.16 1.19% 2.03% 1.19% 2.03% 1.18% 2.01%
EN RESUMEN:
Primera metodología para encontrar la beta de empresa Pfizer (PFE) y mercado S&P 500:
 La varianza son las todas variaciones del mercado = VARP(datos mercado) =
0.06%
COVARIANZA 0.0437% covarianza empresa mercado
VARIANZA 0.0634% varianza mercado

“BETAS”
25
 La beta = covarianza / varianza = 0.69 (General)
EJES:
y = 0.6913x + 0.0014
R² = 0.393
-15.00%
-10.00%
-5.00%
0.00%
5.00%
10.00%
15.00%
-10.00% -5.00% 0.00% 5.00% 10.00%
Beta Pfizer (PFE) y S&P 500
Series1
Lineal (Series1)

“BETAS”
26
BETA 0.69
0.68824447
Resumen
Coeficiente de
correlación
Coeficiente de
determinación
R^2 0.392957964
R^2 ajustado 0.389115925
Observaciones 160
Grados de
libertad
Suma de
cuadrados
Promedio
de los
cuadrados F
Valor
crítico de F
Regresión 1 0.04840357 0.04840357 102.278515 7.4978E-19
Residuos 158 0.07477391 0.00047325
Total 159 0.12317749
Coeficientes
Error
típico
Estadístico
t Probabilidad
Inferior
95%
Superior
95%
Inferior
95.0%
Superior
95.0%
Intercepción 0.001441566 0.00172926 0.8336336 0.40574597
-
0.00197387 0.004857
-
0.00197387 0.004857
Variable X 1 0.691300097 0.06835565 10.1132841 7.4978E-19 0.5562914 0.8263088 0.5562914 0.8263088
CONOCIDO Y EMPRESA

“BETAS”
27
CONOCIDO Y EMPRESA
C. FACEBOOK (FB) Y MERCADO NASDAQ
5. Betas empresa Facebook (FB) y mercado (NASDAQ)
5.1. Primera metodología: beta empresa Facebook (FB) y mercado NASDAQ
Metodología:
a. Primer paso descargar información de la empresa. Pfizer (PFE)
tres fórmulas.
Por lo tanto, podemos realizar el cálculo mediante cualquiera de las fórmulas siguientes:
Formula 1:
Fórmula 2:
1:
𝐼𝑛𝑑𝑖𝑐𝑒 𝑚𝑎𝑠 𝑟𝑒𝑐𝑖𝑒𝑛𝑡𝑒 −𝑖𝑛𝑑𝑖𝑐𝑒 𝑎𝑛𝑡𝑒𝑟𝑖𝑜𝑟
2:
𝐼𝑛𝑑𝑖𝑐𝑒 𝑚𝑎𝑠 𝑟𝑒𝑐𝑖𝑒𝑛𝑡𝑒
− 1 = Variación

“BETAS”
28
Del 5 de Agosto del 2013 al 18 de mayo del 2012. (Del más actual al más lejano)
Empresa Mercado Empresa Mercado Empresa Mercado
Facebook Nasdaq X Y X Y
Date Adj Close Adj Close 1 1 2 2
05/08/2013 39.19 3692.95
29/07/2013 38.05 3689.59 0.02996058 0.00091067 0.02996058 0.00091067
22/07/2013 34.01 3613.16 0.11878859 0.02115323 0.11878859 0.02115323
15/07/2013 25.88 3587.61 0.31414219 0.00712173 0.31414219 0.00712173
08/07/2013 25.91 3600.08 -0.00115785 -0.00346381 -0.00115785 -0.00346381
01/07/2013 24.37 3479.38 0.06319245 0.03469009 0.06319245 0.03469009
24/06/2013 24.88 3403.25 -0.02049839 0.02236979 -0.02049839 0.02236979
17/06/2013 24.53 3357.25 0.01426824 0.01370169 0.01426824 0.01370169
10/06/2013 23.63 3423.56 0.03808718 -0.01936873 0.03808718 -0.01936873
03/06/2013 23.29 3469.22 0.01459854 -0.01316146 0.01459854 -0.01316146
28/05/2013 24.35 3455.91 -0.04353183 0.00385137 -0.04353183 0.00385137
20/05/2013 24.31 3459.14 0.00164541 -0.00093376 0.00164541 -0.00093376
13/05/2013 26.25 3498.97 -0.07390476 -0.01138335 -0.07390476 -0.01138335
06/05/2013 26.68 3436.58 -0.01611694 0.01815468 -0.01611694 0.01815468
29/04/2013 28.31 3378.63 -0.05757683 0.01715192 -0.05757683 0.01715192
22/04/2013 26.85 3279.26 0.05437616 0.03030257 0.05437616 0.03030257
15/04/2013 25.73 3206.06 0.04352895 0.02283176 0.04352895 0.02283176
08/04/2013 27.4 3294.95 -0.06094891 -0.02697765 -0.06094891 -0.02697765
01/04/2013 27.39 3203.86 0.0003651 0.02843133 0.0003651 0.02843133
25/03/2013 25.58 3267.52 0.07075841 -0.01948267 0.07075841 -0.01948267
18/03/2013 25.73 3245 -0.00582977 0.00693991 -0.00582977 0.00693991
11/03/2013 26.65 3249.07 -0.03452158 -0.00125267 -0.03452158 -0.00125267
04/03/2013 27.96 3244.37 -0.04685265 0.00144866 -0.04685265 0.00144866
25/02/2013 27.78 3169.74 0.00647948 0.02354452 0.00647948 0.02354452
19/02/2013 27.13 3161.82 0.02395872 0.00250489 0.02395872 0.00250489
11/02/2013 28.32 3192.03 -0.04201977 -0.0094642 -0.04201977 -0.0094642
04/02/2013 28.55 3193.87 -0.00805604 -0.0005761 -0.00805604 -0.0005761
28/01/2013 29.73 3179.1 -0.03969055 0.00464597 -0.03969055 0.00464597
22/01/2013 31.54 3149.71 -0.05738744 0.00933102 -0.05738744 0.00933102
14/01/2013 29.66 3134.71 0.06338503 0.00478513 0.06338503 0.00478513
07/01/2013 31.72 3125.64 -0.06494325 0.00290181 -0.06494325 0.00290181

“BETAS”
29
31/12/2012 28.76 3101.66 0.10292072 0.00773134 0.10292072 0.00773134
24/12/2012 25.91 2960.31 0.10999614 0.04774838 0.10999614 0.04774838
17/12/2012 26.26 3021.01 -0.01332826 -0.02009262 -0.01332826 -0.02009262
10/12/2012 26.81 2971.33 -0.02051473 0.01671979 -0.02051473 0.01671979
03/12/2012 27.49 2978.04 -0.02473627 -0.00225316 -0.02473627 -0.00225316
26/11/2012 28 3010.24 -0.01821429 -0.01069682 -0.01821429 -0.01069682
19/11/2012 24 2966.85 0.16666667 0.01462494 0.16666667 0.01462494
12/11/2012 23.56 2853.13 0.01867572 0.03985798 0.01867572 0.03985798
05/11/2012 19.21 2904.87 0.22644456 -0.01781147 0.22644456 -0.01781147
31/10/2012 21.18 2982.13 -0.09301228 -0.02590766 -0.09301228 -0.02590766
22/10/2012 21.94 2987.95 -0.03463993 -0.00194782 -0.03463993 -0.00194782
15/10/2012 19 3005.62 0.15473684 -0.00587899 0.15473684 -0.00587899
08/10/2012 19.52 3044.11 -0.02663934 -0.01264409 -0.02663934 -0.01264409
01/10/2012 20.91 3136.19 -0.06647537 -0.02936047 -0.06647537 -0.02936047
24/09/2012 21.66 3116.23 -0.03462604 0.00640518 -0.03462604 0.00640518
17/09/2012 22.86 3179.96 -0.05249344 -0.02004113 -0.05249344 -0.02004113
10/09/2012 22 3183.95 0.03909091 -0.00125316 0.03909091 -0.00125316
04/09/2012 18.98 3136.42 0.15911486 0.01515422 0.15911486 0.01515422
27/08/2012 18.06 3066.96 0.05094131 0.02264783 0.05094131 0.02264783
20/08/2012 19.41 3069.79 -0.06955178 -0.00092189 -0.06955178 -0.00092189
13/08/2012 19.05 3076.59 0.01889764 -0.00221024 0.01889764 -0.00221024
06/08/2012 21.81 3020.86 -0.12654746 0.01844839 -0.12654746 0.01844839
30/07/2012 21.09 2967.9 0.0341394 0.01784427 0.0341394 0.01784427
23/07/2012 23.71 2958.09 -0.1105019 0.00331633 -0.1105019 0.00331633
16/07/2012 28.76 2925.3 -0.1755911 0.01120911 -0.1755911 0.01120911
09/07/2012 30.72 2908.47 -0.06380208 0.00578655 -0.06380208 0.00578655
02/07/2012 31.73 2937.33 -0.03183107 -0.00982525 -0.03183107 -0.00982525
25/06/2012 31.1 2935.05 0.02025723 0.00077682 0.02025723 0.00077682
18/06/2012 33.05 2892.42 -0.05900151 0.01473852 -0.05900151 0.01473852
11/06/2012 30.01 2872.8 0.10129957 0.00682957 0.10129957 0.00682957
04/06/2012 27.1 2858.42 0.10738007 0.00503075 0.10738007 0.00503075
29/05/2012 27.72 2747.48 -0.02236652 0.04037882 -0.02236652 0.04037882
21/05/2012 31.91 2837.53 -0.1313068 -0.03173535 -0.1313068 -0.03173535
18/05/2012 38.23 2778.79 -0.1653152 0.0211387 -0.1653152 0.0211387
EN RESUMEN:

“BETAS”
30
Primera metodología para encontrar la beta de empresa Facebook (FB) y mercado Nasdaq:
 La varianza son las todas variaciones del mercado = VARP (datos mercado) =
0.00029763%
Donde la fórmula para encontrar la Beta es la siguiente:
COVARIANZA 0.00025767 Covarianza empresa-mercado
VARIANZA 0.00029763 Varianza mercado
EN RESUMEN:
 Lo que podemos advertir de la beta de 0.86 es lo siguiente: Lo que significa es que
esta empresa no muy susceptible a los movimientos del mercado (Nasdaq). Por lo
tanto, la empresa es poco sensible a las variaciones del mercado (Nasdaq) ya la Beta
(0.86) es menor que 1, por lo tanto, si el mercado subiera un 10% la empresa
Facebook subiría un 8.6%.
5.2. Segunda metodología: mediante la gráfica de dispersión.
𝛽 =
𝐶𝑜𝑣𝑎𝑟𝑖𝑎𝑛𝑧𝑎 𝑖 (𝑒𝑚𝑝𝑟𝑒𝑠𝑎), 𝑐𝑜𝑣𝑎𝑟𝑖𝑎𝑛𝑧𝑎 𝑀 (𝑚𝑒𝑟𝑐𝑎𝑑𝑜)
𝑉𝑎𝑟𝑖𝑎𝑛𝑧𝑎 𝑚𝑒𝑟𝑐𝑎𝑑𝑜

“BETAS”
31
EJES:
BETA 0.86
0.86575066
y = 0.8658x - 6E-06
R² = 0.0298
-0.3
-0.2
-0.1
0
0.1
0.2
0.3
0.4
-0.04 -0.02 0 0.02 0.04 0.06
Beta Facebook (FB) y Nasdaq.
Series1
Lineal (Series1)
CONOCIDO Y EMPRESA

“BETAS”
32
Procedimiento:
serie X = datos del mercado variable independiente
serie Y = datos de la empresa variable dependiente
Resumen
Coeficiente de
correlación
Coeficiente de
determinación
R^2 0.02976529
R^2 ajustado 0.01411634
Observaciones 64
Grados de
libertad
Suma de
cuadrados
Promedio de
los F
Valor
crítico de F

“BETAS”
33
CONOCIDO Y EMPRESA
6. Betas empresa Facebook (FB) y mercado (NASDAQ)
6.1. Primera metodología: beta empresa Facebook (FB) y mercado NASDAQ
Por lo tanto, podemos realizar el cálculo mediante cualquiera de las fórmulas siguientes:
Fórmula 1:
Del 18 de mayo del 2012 al 5 de agosto del 2013 (Del más lejano al más actual)
1 1
Facebook Nasdaq empresa mercado
Date Adj Close Adj Close Facebook Nasdaq
18/05/2012 38.23 2778.79 Retorno Retorno
cuadrados
Regresión 1 0.01427705 0.014277046 1.90206357 0.17280247
Residuos 62 0.46537711 0.007506082
Total 63 0.47965416
Coeficientes
Error
típico Estadístico t Probabilidad
Inferior
95%
Superior
95%
Inferior
95.0%
Superior
95.0%
Intercepción
-6.4441E-
06 0.01120836
-
0.000574938 0.99954311
-
0.02241164 0.02239875
-
0.02241164 0.02239875
Variable X 1 0.86575066 0.62774074 1.379153207 0.17280247
-
0.38908521 2.12058652
-
0.38908521 2.12058652
𝐼𝑛𝑑𝑖𝑐𝑒 𝑎𝑛𝑡𝑒𝑟𝑖𝑜𝑟 −𝑖𝑛𝑑𝑖𝑐𝑒 𝑚𝑎𝑠 𝑟𝑒𝑐𝑖𝑛𝑒𝑡𝑒𝑙
𝐼𝑛𝑑𝑖𝑐𝑒 𝑚𝑎𝑠 𝑟𝑒𝑐𝑖𝑒𝑛𝑡𝑒

“BETAS”
34
21/05/2012 31.91 2837.53 -0.1653 0.0211
29/05/2012 27.72 2747.48 -0.1313 -0.0317
04/06/2012 27.1 2858.42 -0.0224 0.0404
11/06/2012 30.01 2872.8 0.1074 0.0050
18/06/2012 33.05 2892.42 0.1013 0.0068
25/06/2012 31.1 2935.05 -0.0590 0.0147
02/07/2012 31.73 2937.33 0.0203 0.0008
09/07/2012 30.72 2908.47 -0.0318 -0.0098
16/07/2012 28.76 2925.3 -0.0638 0.0058
23/07/2012 23.71 2958.09 -0.1756 0.0112
30/07/2012 21.09 2967.9 -0.1105 0.0033
06/08/2012 21.81 3020.86 0.0341 0.0178
13/08/2012 19.05 3076.59 -0.1265 0.0184
20/08/2012 19.41 3069.79 0.0189 -0.0022
27/08/2012 18.06 3066.96 -0.0696 -0.0009
04/09/2012 18.98 3136.42 0.0509 0.0226
10/09/2012 22 3183.95 0.1591 0.0152
17/09/2012 22.86 3179.96 0.0391 -0.0013
24/09/2012 21.66 3116.23 -0.0525 -0.0200
01/10/2012 20.91 3136.19 -0.0346 0.0064
08/10/2012 19.52 3044.11 -0.0665 -0.0294
15/10/2012 19 3005.62 -0.0266 -0.0126
22/10/2012 21.94 2987.95 0.1547 -0.0059
31/10/2012 21.18 2982.13 -0.0346 -0.0019
05/11/2012 19.21 2904.87 -0.0930 -0.0259
12/11/2012 23.56 2853.13 0.2264 -0.0178
19/11/2012 24 2966.85 0.0187 0.0399
26/11/2012 28 3010.24 0.1667 0.0146
03/12/2012 27.49 2978.04 -0.0182 -0.0107
10/12/2012 26.81 2971.33 -0.0247 -0.0023
17/12/2012 26.26 3021.01 -0.0205 0.0167
24/12/2012 25.91 2960.31 -0.0133 -0.0201
31/12/2012 28.76 3101.66 0.1100 0.0477
07/01/2013 31.72 3125.64 0.1029 0.0077
14/01/2013 29.66 3134.71 -0.0649 0.0029
22/01/2013 31.54 3149.71 0.0634 0.0048
28/01/2013 29.73 3179.1 -0.0574 0.0093
04/02/2013 28.55 3193.87 -0.0397 0.0046
11/02/2013 28.32 3192.03 -0.0081 -0.0006
19/02/2013 27.13 3161.82 -0.0420 -0.0095
25/02/2013 27.78 3169.74 0.0240 0.0025
04/03/2013 27.96 3244.37 0.0065 0.0235
11/03/2013 26.65 3249.07 -0.0469 0.0014

“BETAS”
35
18/03/2013 25.73 3245 -0.0345 -0.0013
25/03/2013 25.58 3267.52 -0.0058 0.0069
01/04/2013 27.39 3203.86 0.0708 -0.0195
08/04/2013 27.4 3294.95 0.0004 0.0284
15/04/2013 25.73 3206.06 -0.0609 -0.0270
22/04/2013 26.85 3279.26 0.0435 0.0228
29/04/2013 28.31 3378.63 0.0544 0.0303
06/05/2013 26.68 3436.58 -0.0576 0.0172
13/05/2013 26.25 3498.97 -0.0161 0.0182
20/05/2013 24.31 3459.14 -0.0739 -0.0114
28/05/2013 24.35 3455.91 0.0016 -0.0009
03/06/2013 23.29 3469.22 -0.0435 0.0039
10/06/2013 23.63 3423.56 0.0146 -0.0132
17/06/2013 24.53 3357.25 0.0381 -0.0194
24/06/2013 24.88 3403.25 0.0143 0.0137
01/07/2013 24.37 3479.38 -0.0205 0.0224
08/07/2013 25.91 3600.08 0.0632 0.0347
15/07/2013 25.88 3587.61 -0.0012 -0.0035
22/07/2013 34.01 3613.16 0.3141 0.0071
29/07/2013 38.05 3689.59 0.1188 0.0212
05/08/2013 39.19 3692.95 0.0300 0.0009
EN RESUMEN:
Primera metodología para encontrar la beta de empresa Facebook (FB) y mercado Nasdaq:
 La varianza son las todas variaciones del mercado = VARP (datos mercado) =
0.00029763%
Donde la fórmula para encontrar la Beta es la siguiente:
𝛽 =
𝐶𝑜𝑣𝑎𝑟𝑖𝑎𝑛𝑧𝑎 𝑖 (𝑒𝑚𝑝𝑟𝑒𝑠𝑎), 𝑐𝑜𝑣𝑎𝑟𝑖𝑎𝑛𝑧𝑎 𝑀 (𝑚𝑒𝑟𝑐𝑎𝑑𝑜)
𝑉𝑎𝑟𝑖𝑎𝑛𝑧𝑎 𝑚𝑒𝑟𝑐𝑎𝑑𝑜

“BETAS”
36
COVARIANZA 0.00025767 Covarianza empresa-mercado
VARIANZA 0.00029763 Varianza mercado
EN RESUMEN:
 Lo que podemos advertir de la beta de 0.86 es lo siguiente: Lo que significa es que
esta empresa no muy susceptible a los movimientos del mercado (Nasdaq). Por lo
tanto, la empresa es poco sensible a las variaciones del mercado (Nasdaq) ya la Beta
(0.86) es menor que 1, por lo tanto, si el mercado subiera un 10% la empresa
Facebook subiría un 8.6%.
6.2. Segunda metodología: mediante la gráfica de dispersión.

“BETAS”
37
EJES:
6.3. Tercera metodología mediante la fórmula pendiente
BETA 0.86
0.86575066
y = 0.8658x - 6E-06
R² = 0.0298
-0.3000
-0.2000
-0.1000
0.0000
0.1000
0.2000
0.3000
0.4000
-0.0400 -0.0200 0.0000 0.0200 0.0400 0.0600
Beta Facebook (FB) Y Nasdaq
Series1
Lineal (Series1)
CONOCIDO Y EMPRESA

“BETAS”
38
Procedimiento:
serie X = datos del mercado variable independiente
serie Y = datos de la empresa variable dependiente
Coeficiente de
correlación
Coeficiente de
determinación
R^2 0.02976529
R^2 ajustado 0.01411634
Observaciones 64
Grados de
libertad
Suma de
cuadrados
Promedio
de los
cuadrados F
Valor
crítico de F
Regresión 1 0.01427705 0.01427705 1.90206357 0.17280247
Residuos 62 0.46537711 0.00750608
Total 63 0.47965416
Coeficientes
Error
típico
Estadístico
t Probabilidad
Inferior
95%
Superior
95%
Inferior
95.0%
Superior
95.0%
Intercepción
-6.4441E-
06 0.01120836
-
0.00057494 0.99954311
-
0.02241164 0.02239875
-
0.02241164 0.02239875
Variable X 1 0.86575066 0.62774074 1.37915321 0.17280247
-
0.38908521 2.12058652
-
0.38908521 2.12058652
CONOCIDO Y EMPRESA

“BETAS”
39
BIBLIOGRAFÍA
Block, S. B., Hirt, G. A., & Danielse, B. R. (2011). Fundamentos administracion financiera. México D.
F.: McGraww HillmInteramericana Editorres S. A. de C. V.
Fabozzi, F. J., Modigliano, F., & Ferri, M. G. (1996). Mercados e Instituciones Financieras. México D.
F.: Prentice-Hall Hispanoamericana, S. A.
Ross, S. A., Westerfield, R. W., & Jaffe, J. F. (2010). Finanzas corporativas. México: Edamsa
Impresiones, S. A. de C. V.

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