Medición Generación de Valor MILA

Abstract

This study investigates the value generation of the stocks traded in the Mercado Integrado Latinoamericano (more commonly known as MILA). We compare the Return on Invested Capital (ROIC) and the Weighted Average Cost of Capital (WACC). We focus on the most representative index of each market. Our results show that the only countries that create value are: Perú with 3.94 % and Colombia with 0.09 %. While for Mexico and Chile, the WACC exceeds the ROIC by 1.66 % and 0.42 % respectively. These results may cause international investors to consider the Latin American market uninteresting and a capital outflow to markets with better performance.