Abstract

BOTELLO-PENALOZA, Hector Alberto  and  GUERRERO-RINCON, Isaac. CAPM model for valuing investor risk from accounting information before and after IFRS in Colombian banks. Entramado [online]. 2021, vol.17, n.1, pp.122-135.  Epub May 05, 2021. ISSN 1900-3803.  https://doi.org/10.18041/1900-3803/entramado.1.7242.

The objective of this paper is to assess the risk of investors based on accounting information before and after the International Financial Reporting Standards (IFRS) in credit institutions in Colombia. For this purpose, the Financial Asset Pricing Model (CAPM) was calculated for I5 banks in Colombia before and after 2015, the year of IFRS implementation in this country It could be evidenced that the accounting changes have changed the magnitude of the risk of the companies decreasing the cost of capital. Most of the improvement is located in the estimation of financial risk. Finally the cost of capital showed a wide variability according to bank ownership.

JEL CLASSIFICATION G12, G31

Keywords : Investor risk; International Financial Reporting Standards (IFRS); Cost of capital; Accounting information; Colombia.

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