<?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>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422016000300535</article-id>
<article-id pub-id-type="doi">10.1016/j.cya.2015.11.009</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Matriz de covarianza bajo la familia hiperbólica generalizada y la construcción de portafolios]]></article-title>
<article-title xml:lang="en"><![CDATA[Covariances matrix under the multivariate-Gh funtion to desing portfolios]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Núñez Mora]]></surname>
<given-names><![CDATA[José Antonio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Mata Mata]]></surname>
<given-names><![CDATA[Leovardo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Tecnologico de Monterrey Business School EGADE]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2016</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2016</year>
</pub-date>
<volume>61</volume>
<numero>3</numero>
<fpage>535</fpage>
<lpage>550</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422016000300535&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422016000300535&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422016000300535&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: En este artículo desarrollamos la implementación de la estimación de la distribución hiperbólica generalizada multivariada (GH) con el parámetro de la función no fija de Bessel. La matriz de covarianzas estimada mediante GH complementa el procedimiento de Markowitz para construir un portafolio eficiente y reduce el coeficiente de variación del rendimiento esperado. La muestra de datos comprende las acciones que conforman el índice OMX Stockholm 30 para el periodo entre enero de 2010 y abril de 2014.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: In this paper we developed the estimation implementation of the generalized hyperbolic multivariate (GH) distribution with a non-fixed Bessel function. The covariance matrix estimated through the GH distribution complements the use of the Markowitz procedure to construct an efficient portfolio and reduce the variation coefficient of the expected return. The data are from the Stockholm index 30 from January 2010 to April 2014.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Algoritmo expectation-maximization]]></kwd>
<kwd lng="es"><![CDATA[Distribución hiperbólica generalizada]]></kwd>
<kwd lng="es"><![CDATA[Portafolio de Markowitz]]></kwd>
<kwd lng="es"><![CDATA[Matriz de covarianzas]]></kwd>
<kwd lng="en"><![CDATA[Expectation-maximization algorithm]]></kwd>
<kwd lng="en"><![CDATA[Generalized hyperbolic distribution]]></kwd>
<kwd lng="en"><![CDATA[Markowitz portfolio]]></kwd>
<kwd lng="en"><![CDATA[Covariance matrix]]></kwd>
</kwd-group>
</article-meta>
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