)UDQFLVFR-DYLHUGHO 3LQR 6XiUH]
'LVSRVLWLYRV2SWRHOHFWUyQLFRV
)RWRGHWHFWRUHV
)UDQFLVFR-DYLHUGHO3LQR6XiUH]
,QWURGXFFLyQ
6RQODVHQFDUJDGDVGHUHDOL]DUODFRQYHUVLyQRSWRHOHFWUyQLFD3RW ÏSWLFD → 3RW(OHFWULFD
&DUDFWHUtVWLFDV
± $OWDVHQVLELOLGDGDODλ GHWUDEDMR
± $OWDYHORFLGDGGHUHVSXHVWD
± $QFKRGHEDQGD↑
± $xDGLUSRFRUXLGRDOFLUFXLWRUHFHSWRU
± &RPSDWLEOHVFRQODVGLPHQVLRQHVGHODDSOLFDFL yQSH
)2
± 3RFDGHSHQGHQFLDFRQOD7
± 7LHPSRGHYLGD↑
± &RVWH↓
'LVSRVLWLYRV2SWRHOHFWUyQLFRV
)UDQFLVFR-DYLHUGHO 3LQR 6XiUH]
7LSRVGH'HWHFWRUHVÏSWLFRV
'HWLHPSRGHUHVSXHVWDOHQWR
'HWLHPSRGHUHVSXHVWDUiSLGR
REWHQHPRVPiVVHxDOSDUDODPLVPDH[FLWDFLyQ
±
)RWRUUHVLVWHQFLDV
REWHQHPRVPHQRVVHxDOSDUDODPLVPDH[FLWDFLyQ
±
6LQJDQDQFLD
±
&RQJDQDQFLD
)RWRGLRGRV31
)RWRGLRGRV3,1
)RWRGLRGRV$3'
)RWRWUDQVLVWRUHV
$EVRUFLyQ)RWRUUHFHSWRUHV
$%625&,¾1
(
(
KQ
(J
¢4XH]RQDGHOHVSHFWURVHGHWHFWD"
6HHPSLH]DDGHWHFWDUFXDQGR
&RPR
9HORFLGDG
K
HVSDFLR
oF
WLHPSR
(J
F
O
o O
Q
oO
KF
K Q
PP
K Q
/RQJLWXGGHRQGDPi[LPDTXHGHWHFWDHOVHPLFRQGXFWRU /RQJLWXGGHRQGD
GHFRUWH λF
OF !
PP
(J
'LVSRVLWLYRV2SWRHOHFWUyQLFRV
)UDQFLVFR-DYLHUGHO 3LQR 6XiUH]
$EVRUFLyQ)RWRUUHFHSWRUHV
¢/RQJLWXGGHRQGDPtQLPDTXHGHWHFWDHOVHPLFRQGXFWRU"
6Lλ↓↓ → HQHUJtD↑↑ → DEVRUFLyQ↑↑ →
)RWRUUHVLVWHQFLDV
/
FDVLWRGDODOX]VHDEVRUEHUiHQOD
VXSHUILFLHGHOVHPLFRQGXFWRU\QR
OOHJDUiDOLQWHULRUGHOPLVPR
7UR]RVHVHPLFRQGXFWRU&G6
SRODUL]DGR→ DLVODQWH→ 5 ↑↑
&XDQGRVHJHQHUDXQSDUH KSRU
DEVRUFLyQGHXQIRWyQSDVDQDIRUPDU
SDUWHGHODFRQGXFFLyQ→ 5↓
6RQOHQWRVSRUTXHSDUDTXHKD\D
FRUULHQWHORVSRUWDGRUHVJHQHUDGRV
GHEHQOOHJDUDORVFRQWDFWRV
*DQDQFLDQ~PHURGHYHFHVTXH
DWUDYLHVDODSDVWLOODVHPLFRQGXFWRUDHO
SDUHK
*
'LVSRVLWLYRV2SWRHOHFWUyQLFRV
YQ W Q
/
PQ H W Q
/
PQ 9 W Q
)UDQFLVFR-DYLHUGHO 3LQR 6XiUH]
8QLyQ31
*
PQ 9 W Q
/
3DUDKDFHUGLVSRVLWLYRVPiVUiSLGRV
τQ↑ → ODGLVWDQFLDUHFRUULGDSRUORVSRUWDGRUHVHVDOWD → PDOR
/↓ → GLVPLQX\HHOQ GHSDUHVHK TXHVHJHQHUDQ→ VHQVLELOLGDG↓
6ROXFLyQ81,Ï131
8QLyQ31
6HPLFRQGXFWRU
6HPLFRQGXFWRU
LQWUtQVHFR
6HPLFRQGXFWRU
7LSR1
7LSR3
()
()
()
()1LYHOGH)HUPL →1LYHOGHHQHUJtDSDUDHOFXDOKD\XQGHSUREDELOLGDGHV
GHHQFRQWUDUXQSRUWDGRU
'LVSRVLWLYRV2SWRHOHFWUyQLFRV
)UDQFLVFR-DYLHUGHO 3LQR 6XiUH]
8QLyQ31
8QLyQ31HQHTXLOLEULR
()
1
3
=&(
=&(=RQDGH&DUJD(VSDFLDO→ LRQHV→ FDPSRHOpFWULFR↑
8QLyQ31
8QLyQ31HQGLUHFWD
1
3
8QLyQ31HQLQYHUVD
1
=&(p
3
=&(n
,G
,G
'LVSRVLWLYRV2SWRHOHFWUyQLFRV
,VDW T9G
K N 7
9G
)UDQFLVFR-DYLHUGHO 3LQR 6XiUH]
)RWRGLRGRV31
8QLyQ31VLQSRODUL]DURHQLQYHUVD
/RVSDUHVH K JHQHUDGRVSRUDEVRUFLyQGHXQIRWyQ
HQODV]RQDV1\3QRWLHQHQFRQTXLHQ UHFRPELQDUVH
\SRUWDQWRHQHVDV]RQDVτ↑
/RVSDUHVH K JHQHUDGRVSRUDEVRUFLyQGHXQIRWyQ
HQOD=&(VtWLHQHQFRQTXLHQ UHFRPELQDUVH \SRU
WDQWRHQHVDV]RQDVτ↓SHUR FRPRHVWiQDIHFWDGRV
SRUXQFDPSRHOpFWULFRJUDQGHVHPXHYHQFDGDXQR
DVXODGRUiSLGDPHQWH\JHQHUDQFRUULHQWH
6RQUiSLGRVSRUTXHODGLVWDQFLDTXHGHEHQUHFRUUHU
ORVSRUWDGRUHVSDUDTXHKD\DFRUULHQWHHVSHTXH xD
,G
,G
T9G
,VDW HKN 7 ,I
6LQOX]
9G
,I
&RQOX]
)RWRGLRGRV3,1
8QLyQ3,1VLQSRODUL]DURHQLQYHUVD
6XIXQFLRQDPLHQWRHVLGpQWLFRDOGHORV IRWRGLRGRV
31
$XPHQWDODIRWRFRUULHQWHSXHVWRTXHOD]RQDGRQGH
VHJHQHUDQORVSDUHVH KHVPD\RU
'LVPLQX\HODYHORFLGDGSRUODPLVPDUD] yQ
,G
,G
,VDW T9G
K N 7
,I
6LQOX]
9G
,I
&RQOX]
'LVSRVLWLYRV2SWRHOHFWUyQLFRV
)UDQFLVFR-DYLHUGHO 3LQR 6XiUH]
)RWRGLRGRV3,1
5
5HVSRQVLYLGDG
IRWRFRUULHQWH
SRWHQFLD ySWLFD LQFLGHQWH
,S
3R
)RWRGLRGRV$3'
8QLyQ31SRODUL]DGDIXHUWHPHQWHHQLQYHUVD →
=&(↑FDPSR(↑
/RVSDUHVH K DOGHVSOD]DUVHUiSLGDPHQWHGHELGR
DOFDPSRHOpFWULFRHOHYDGRFKRFDQFRQORViWRPRV
JHQHUDQGRDVXYH]PiVSRUWDGRUHVTXHHPSLH]DQD
GHVSOD]DUVHWDPELpQUiSLGDPHQWH$9$/$1&+$
/DIRWRFRUULHQWHDXPHQWDSHURGLVPLQX\HOD
YHORFLGDGSRUTXHODGLVWDQFLDHVPD\RU
,G
,G
,VDW T9G
K N 7
,I
6LQOX]
9G
,I
&RQOX]
'LVSRVLWLYRV2SWRHOHFWUyQLFRV
)UDQFLVFR-DYLHUGHO 3LQR 6XiUH]
)RWRGLRGRV$3'
5HVSRQVLYLGDG
5
53,1 0
0
$3'
3,1
$03/,)
)RWRWUDQVLVWRUHV
'LVSRVLWLYRV2SWRHOHFWUyQLFRV
)UDQFLVFR-DYLHUGHO 3LQR 6XiUH]
)RWRHPLVRU)RWRUUHFHSWRU
5HFHSWRU
(PLVRU
λ
'LVSRVLWLYRV2SWRHOHFWUyQLFRV
0
