<?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>S0186-10422019000500005</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2018.1651</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La eficiencia de los múltiplos de capital: caso México]]></article-title>
<article-title xml:lang="en"><![CDATA[The efficiency of capital multiples: Case of Mexico]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Téllez Pérez]]></surname>
<given-names><![CDATA[Julio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Anáhuac  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2019</year>
</pub-date>
<volume>64</volume>
<numero>4</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422019000500005&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422019000500005&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422019000500005&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Los múltiplos de capital son razones financieras ampliamente utilizadas por los analistas financieros con el propósito de tomar decisiones de inversión en acciones (P) de las empresas que cotizan en los mercados bursátiles. Los dos principales indicadores son el precio de la acción a utilidad neta (PU) y el valor mercado a valor en libros (P/VL). Ambos múltiplos tienen como factor común la perspectiva del mercado con respecto al valor en libros de la utilidad neta y el capital contable. Se tomó una muestra de 30 empresas que cotizaron en la bolsa mexicana de valores entre 2008 y 2016 (9 años), estableciendo tres periodos de análisis de 3 años cada uno en función a la volatilidad de la economía mexicana medido a través del índice global de la actividad económica (Igae). El primero se le denomino crisis (1), el segundo recuperación (2) y el tercero expansión (3). Para encontrar la posible asociación de P/U y P/VL con P, se utilizó el método generalizado de los momentos (GMM) para las estimaciones, encontrando que P/ VL presentan la mayor relación con P en los 3 periodos económicos mientras que P/U solo presento relación significativa en el periodo (2) y (3) concluyendo que este medidor es muy sensible a los cambios económicos mientras que P/VL es robusto y no pierde significancia ante la volatilidad económica.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract Capital multiples are financial ratios widely used by financial analysts for the purpose of making investment decisions in shares (S) of companies listed in stock markets. The two main indicators are the share price-to-earnings (P/E) and the market value to book value (P/B). Both multiples have the market perspective with respect to the book value of net income and the total equity as a common factor. A sample of 30 companies listed on the Mexican stock exchange between 2008 and 2016 (9 years) was taken, establishing three analysis periods of 3 years each depending on the volatility of the Mexican economy measured through the index of global economic activity (IGAE for its acronym in Spanish). The first was called crisis (1), the second recovery (2), and the third expansion (3). In order to find the possible association of P/E and P/B with S, the generalized method of moments (GMM) was used for the estimations, finding that P/B presents the highest relationship with S in the 3 economic periods, while P/E only presents a significant relationship in periods (2) and (3) concluding that this measuring device is very sensitive to economic changes, whereas P/B is robust and does not lose significance in the face of economic volatility.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Valuación]]></kwd>
<kwd lng="es"><![CDATA[Análisis financiero]]></kwd>
<kwd lng="es"><![CDATA[Múltiplos]]></kwd>
<kwd lng="es"><![CDATA[Volatilidad]]></kwd>
<kwd lng="en"><![CDATA[Valuation]]></kwd>
<kwd lng="en"><![CDATA[Financial analysis]]></kwd>
<kwd lng="en"><![CDATA[Multiples]]></kwd>
<kwd lng="en"><![CDATA[Volatility]]></kwd>
</kwd-group>
</article-meta>
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