<?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>2448-7678</journal-id>
<journal-title><![CDATA[Investigación administrativa]]></journal-title>
<abbrev-journal-title><![CDATA[Investig. adm.]]></abbrev-journal-title>
<issn>2448-7678</issn>
<publisher>
<publisher-name><![CDATA[Instituto Politécnico Nacional, Escuela Superior de Comercio y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-76782021000200006</article-id>
<article-id pub-id-type="doi">10.35426/iav50n128.06</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Razones de Cobertura con Futuros de los Indices Accionarios de Brasil y México]]></article-title>
<article-title xml:lang="en"><![CDATA[Hedging Ratios with Futures on Brazil and Mexico Stock Exchange Indexes]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Jesús Gutiérrez]]></surname>
<given-names><![CDATA[Raúl de]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Bucio Pacheco]]></surname>
<given-names><![CDATA[Christian]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Carvajal Gutiérrez]]></surname>
<given-names><![CDATA[Lidia]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma del Estado de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Autónoma del Estado de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Autónoma del Estado de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2021</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2021</year>
</pub-date>
<volume>50</volume>
<numero>128</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-76782021000200006&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-76782021000200006&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-76782021000200006&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: El objetivo del trabajo es introducir el modelo VAR bayesiano para estimar las razones dinámicas de cobertura de mínima varianza. El método evalúa la efectividad de las estrategias de cobertura utilizando datos de los mercados accionarios y futuros de Brasil y México. Los hallazgos muestran que el modelo VAR bayesiano presenta el mejor desempeño fuera de la muestra para minimizar la varianza del portafolio de cobertura en la mayoría de los horizontes de tiempo. La originalidad del trabajo se atribuye a que el modelo VAR bayesiano no ha sido aplicado en el diseño de estrategias de cobertura en mercados accionarios desarrollados y emergentes, particularmente para Brasil y México. Entre las limitaciones, la eficiencia de la cobertura puede llegar a ser inestable para los diferentes horizontes de tiempo debido al efecto de la reducción del tamaño de la muestra.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This research aims to introduce the Bayessian VAR model to estimate minimum variance dynamic hedging ratios. The method evaluates the effectiveness of hedging strategies using data from Brazil and Mexico stock and futures markets. The findings show that the Bayesian VAR model has the best out-of-sample performance to minimize the variance of the hedging portfolio in most time horizons. The originality of the paper is attributed to the fact that the Bayessian VAR model has not been applied in the design of hedging strategies in developed and emerging stock markets, particularly Brazil and Mexico. Among the limitations, the hedging effectiveness can become unstable over different time horizons due to the effect of the sample size reduction.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Bolsa de valores de Brasil]]></kwd>
<kwd lng="es"><![CDATA[Bolsa de valores de México]]></kwd>
<kwd lng="es"><![CDATA[Mercados de futuros]]></kwd>
<kwd lng="es"><![CDATA[Razones de cobertura dinámicas]]></kwd>
<kwd lng="es"><![CDATA[Modelo VAR Bayesiano]]></kwd>
<kwd lng="es"><![CDATA[C58]]></kwd>
<kwd lng="es"><![CDATA[G13]]></kwd>
<kwd lng="es"><![CDATA[G15]]></kwd>
<kwd lng="en"><![CDATA[Brazilian stock exchange]]></kwd>
<kwd lng="en"><![CDATA[Mexican stock exchange]]></kwd>
<kwd lng="en"><![CDATA[Futures markets]]></kwd>
<kwd lng="en"><![CDATA[Dynamic hedging ratios]]></kwd>
<kwd lng="en"><![CDATA[Bayesian VAR model]]></kwd>
<kwd lng="en"><![CDATA[C58]]></kwd>
<kwd lng="en"><![CDATA[G13]]></kwd>
<kwd lng="en"><![CDATA[G15]]></kwd>
</kwd-group>
</article-meta>
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