<?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>S0186-10422015000300578</article-id>
<article-id pub-id-type="doi">10.1016/j.cya.2015.02.001</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Financial ratios used by equity analysts in Mexico and stock returns]]></article-title>
<article-title xml:lang="es"><![CDATA[Razones financieras usadas por analistas del mercado de capital en México y rendimiento de acciones]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Trejo Pech]]></surname>
<given-names><![CDATA[Carlos Omar]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Noguera]]></surname>
<given-names><![CDATA[Magdy]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[White]]></surname>
<given-names><![CDATA[Susan]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Panamericana School of Business and Economics ]]></institution>
<addr-line><![CDATA[Mexico ]]></addr-line>
<country>MX</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,University of Idaho College of Business and Economics Department of Business]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>US</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,University of Maryland Robert H. Smith School of Business Department of Finance]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>US</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2015</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2015</year>
</pub-date>
<volume>60</volume>
<numero>3</numero>
<fpage>578</fpage>
<lpage>592</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422015000300578&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422015000300578&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422015000300578&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[A sample of recommendation reports by equity analysts covering Mexican publicly traded firms in Mexico is studied. We propose a set of "most preferred" financial ratios from this sample. It is found that the most preferred ratios by equity analysts, a group of sophisticated users, are not those ratios typically covered in financial textbooks. Moreover, by using panel regression analysis, we test the relationship between financial ratios and leading stock returns during the 1995-2011 period. Overall, consistent with the efficient market hypothesis, the results show that estimates of financial ratios most preferred by equity analysts have predictive power on 1-year future stock returns. We find no evidence of predictive power on 2-year stock returns.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Se estudia una muestra de recomendaciones por analistas del mercado de capital en México. Proponemos un grupo de razones financieras "preferidas" en base a esa muestra. Encontramos que las razones financieras preferidas de los analistas, un grupo sofisticado de usuarios de información financiera, no son aquellas típicamente incluidas en los libros de texto de finanzas. Más aún, usando análisis de regresión de panel, probamos estadísticamente la relación entre razones financieras y rendimientos futuros de acciones durante el periodo de 1995-2011. En general, en consistencia con la hipótesis de mercados eficientes, los resultados muestran que los coeficientes de las razones financieras preferidas por analistas tienen capacidad predictiva sobre rendimientos futuros a un año. No encontramos evidencia de capacidad predictiva en rendimientos a dos años.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Razones financieras]]></kwd>
<kwd lng="es"><![CDATA[Analistas financieros]]></kwd>
<kwd lng="es"><![CDATA[Empresas Mexicanas]]></kwd>
<kwd lng="es"><![CDATA[Regresiones de panel]]></kwd>
<kwd lng="en"><![CDATA[Financial ratios]]></kwd>
<kwd lng="en"><![CDATA[Equity analysts]]></kwd>
<kwd lng="en"><![CDATA[Mexican firms]]></kwd>
<kwd lng="en"><![CDATA[Panel regression]]></kwd>
</kwd-group>
</article-meta>
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