<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>1657-4206</journal-id>
<journal-title><![CDATA[Ecos de Economía]]></journal-title>
<abbrev-journal-title><![CDATA[ecos.econ.]]></abbrev-journal-title>
<issn>1657-4206</issn>
<publisher>
<publisher-name><![CDATA[Universidad EAFIT]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1657-42062019000200045</article-id>
<article-id pub-id-type="doi">10.17230/ecos.2019.49.3</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Riesgo de Crédito, Costo del Capital y Apalancamiento Financiero Excesivo]]></article-title>
<article-title xml:lang="en"><![CDATA[Credit Risk, Cost of Capital and Excessive Financial Leverage]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Mejía-Kambourova]]></surname>
<given-names><![CDATA[David]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gómez-Cardeño]]></surname>
<given-names><![CDATA[Laura]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gutiérrez-Betancur]]></surname>
<given-names><![CDATA[Juan Carlos]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad EAFIT  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad EAFIT  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad EAFIT  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2019</year>
</pub-date>
<volume>23</volume>
<numero>49</numero>
<fpage>45</fpage>
<lpage>70</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S1657-42062019000200045&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S1657-42062019000200045&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S1657-42062019000200045&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Convencionalmente, los métodos de valoración de empresas no suelen incorporar explícitamente los efectos que podrían tener los probables costos de quiebra de la firma sobre el costo del capital. Hacer esto introduce una prueba de estrés en la estimación de la tasa de descuento, que puede ser muy relevante para la valoración justa de empresas excesivamente apalancadas transadas en bolsa. En este sentido, el propósito de este artículo consiste en evidenciar la vulnerabilidad financiera resultante para este tipo de firmas al ajustar explícitamente por riesgo de quiebra el costo del capital, y resaltar sus implicaciones para el mercado de deuda bursátil y bancaria, partiendo de un análisis comparativo entre tres métodos alternativos de cálculo del costo promedio de capital: costo promedio ponderado del capital clásico sin riesgo de incumplimiento, costo promedio ponderado del capital con costo de la deuda esperado ajustado internamente por riesgo de incumplimiento y costo promedio ponderado del capital con costo de la deuda ajustado externamente por riesgo de incumplimiento. JEL Classification: G32, G33]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract Conventionally, business valuation methods do not usually incorporate explicitly the effects that the probable bankruptcy costs of the firm could have on the cost of capital. Doing this introduces a stress test in the estimation of the discount rate, which can be very relevant for the fair valuation of excessively leveraged companies traded on the stock market. In this sense, the purpose of this article is to demonstrate the resulting financial vulnerability for this type of firms by explicitly adjusting the cost of capital for bankruptcy risk, and highlighting its implications for the stock market and bank debt market, based on a comparative analysis between three alternative methods of calculating the weighted average cost of capital. JEL Classification: G32, G33]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Deuda]]></kwd>
<kwd lng="es"><![CDATA[Costo de la deuda]]></kwd>
<kwd lng="es"><![CDATA[Riesgo de crédito]]></kwd>
<kwd lng="es"><![CDATA[Costo del patrimonio]]></kwd>
<kwd lng="es"><![CDATA[WACC]]></kwd>
<kwd lng="es"><![CDATA[Beneficio fiscal.]]></kwd>
<kwd lng="en"><![CDATA[Debt]]></kwd>
<kwd lng="en"><![CDATA[Cost of debt]]></kwd>
<kwd lng="en"><![CDATA[Cost of equity]]></kwd>
<kwd lng="en"><![CDATA[WACC]]></kwd>
<kwd lng="en"><![CDATA[Tax shield.]]></kwd>
</kwd-group>
</article-meta>
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