La tasa de descuento en países emergentes aplicación al caso Colombiano

the financial evaluation is considered a fundamental issue to determine the feasibility of projects. in this process, the capital cost becomes a basic tool to measure not only the expected return, but also the risk as seen by shareholders. to an expected high capital return rate, projects would become more demanding and would require higher profitability rates that recover investment and generate the expected return for those who assume the risk of financing. in this paper, two financial models are presented as used to calculate capital cost and to make the necessary adjustments to also calculate this cost when investing in emerging countries. both models are based on capm model (capital assets pricing model) or capital active pricing model and develop the necessary adaptations to calculate the highest risk observed in emerging countries that is finally reflected in a discount rate. both models are applied to the colombian case to determine the capital cost of investments made in this country.