<?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>S0186-10422017000401136</article-id>
<article-id pub-id-type="doi">10.1016/j.cya.2017.06.004</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Valuación de un producto estructurado de compra sobre el SX5E cuando la incertidumbre de los rendimientos está modelada con procesos log-estables]]></article-title>
<article-title xml:lang="en"><![CDATA[Pricing of a structured product on the SX5E when the uncertainty of returns is modeled as a log-stable process]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Climent Hernández]]></surname>
<given-names><![CDATA[José Antonio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Cruz Matú]]></surname>
<given-names><![CDATA[Carolina]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma Metropolitana  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Grupo Bolsa Mexicana de Valores  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2017</year>
</pub-date>
<volume>62</volume>
<numero>4</numero>
<fpage>1136</fpage>
<lpage>1159</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422017000401136&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422017000401136&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422017000401136&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Se presenta el factor de participación y la valuación de un producto estructurado de primera generación con opciones europeas de compra sobre el Eurostoxx cuando la incertidumbre de los rendimientos está modelada a través de procesos log-estables; así mismo se presentan los estadísticos básicos de los rendimientos del índice, se estiman los parámetros &#945;-estables y se compara la valuación de los productos estructurados a través de los modelos log-estable y log-gaussiano utilizando insumos de los mercados de deuda, concluyendo que los inversionistas obtienen rendimientos superiores a los de los mercados de deuda a través de ambos modelos, y que las diferencias de los rendimientos dependen del factor de participación y del valor del índice en la fecha de liquidación.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This work presents the participation factor and the valuation of a first-generation structured product with European call options on the Eurostoxx, when the uncertainty of the yields is modeled through log-stable processes. The basic statistics of the index yields are also exposed, the &#945;-stable parameters are estimated, and the valuation of the of the structured models is compared through the log-stable and log-Gaussian models using inputs from the bond markets; concluding that investors obtain higher yields than those of the bond market through both models, and that the differences of the yields depend on the participation factor and on the value of the index at the time of liquidation.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Bonos]]></kwd>
<kwd lng="es"><![CDATA[Valuación de opciones]]></kwd>
<kwd lng="es"><![CDATA[Productos estructurados]]></kwd>
<kwd lng="es"><![CDATA[Distribuciones &#945;-estables]]></kwd>
<kwd lng="es"><![CDATA[G11]]></kwd>
<kwd lng="es"><![CDATA[G12]]></kwd>
<kwd lng="es"><![CDATA[G13]]></kwd>
<kwd lng="es"><![CDATA[D81]]></kwd>
<kwd lng="es"><![CDATA[C46]]></kwd>
<kwd lng="en"><![CDATA[Bonds]]></kwd>
<kwd lng="en"><![CDATA[Valuation of options]]></kwd>
<kwd lng="en"><![CDATA[Structured products]]></kwd>
<kwd lng="en"><![CDATA[&#945;-Stable distributions]]></kwd>
<kwd lng="en"><![CDATA[G11]]></kwd>
<kwd lng="en"><![CDATA[G12]]></kwd>
<kwd lng="en"><![CDATA[G13]]></kwd>
<kwd lng="en"><![CDATA[D81]]></kwd>
<kwd lng="en"><![CDATA[C46]]></kwd>
</kwd-group>
</article-meta>
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