<?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>0188-3380</journal-id>
<journal-title><![CDATA[Economía: teoría y práctica]]></journal-title>
<abbrev-journal-title><![CDATA[Econ: teor. práct]]></abbrev-journal-title>
<issn>0188-3380</issn>
<publisher>
<publisher-name><![CDATA[Universidad Autónoma Metropolitana, a través de la Unidad Iztapalapa, la Unidad Azcapotzalco y la Unidad Xochimilco, División de Ciencias Sociales]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0188-33802020000100207</article-id>
<article-id pub-id-type="doi">10.24275/etypuam/ne/522020/sanchez</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[VaR and CVaR Estimates in BRIC&#8217;s Oil Sector: A Normal Inverse Gaussian Distribution Approach]]></article-title>
<article-title xml:lang="es"><![CDATA[Estimaciones de VaR y CVaR en el sector petrolero de los BRIC: un enfoque con distribución Normal Inversa Gaussiana]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sánchez Ruenes]]></surname>
<given-names><![CDATA[Eduardo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<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[Mota Aragón]]></surname>
<given-names><![CDATA[Martha Beatriz]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Instituto Tecnológico y de Estudios Superiores de Monterrey  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Instituto Tecnológico y de Estudios Superiores de Monterrey  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Autónoma Metropolitana  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2020</year>
</pub-date>
<numero>52</numero>
<fpage>207</fpage>
<lpage>236</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0188-33802020000100207&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0188-33802020000100207&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0188-33802020000100207&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract Value at Risk (VaR) and Conditional Value at Risk (CVaR) measures for estimating risk have been used in the oil sector to measure extreme and unexpected oil price scenarios. Additionally, Normal Inverse Gaussian (NIG) distribution, a special case of the Generalized Hyperbolic (GH) family, has been shown to provide better financial data adjustment than normal distribution. In this paper, we used NIG distribution to model distribution of equity price returns in oil companies in Brazil, Russia, India and China (BRIC) during periods of unstable oil prices between 2004 and 2017, with the objective of demonstrating underestimation of risk measures through normal distribution and greater estimation of those measures when using NIG distribution.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El Valor en Riesgo (VaR) y el Valor en Riesgo Condicional (CVaR) como medidas que estiman el riesgo, se han usado en el sector petrolero para medir escenarios extremos e inesperados en los precios del petróleo. Además, se ha demostrado que la distribución Normal Inversa Gaussiana (NIG), un caso especial de la familia Hiperbólica Generalizada (GH), proporciona un mejor ajuste que la distribución Normal a los datos financieros. En este documento, empleamos la distribución NIG para modelar una distribución de los retornos de precios de acciones en compañías petroleras en economías de Brasil, Rusia, India y China (BRIC) en periodos de inestabilidad en los precios del petróleo de 2004 a 2017, con el objetivo de demostrar una subestimación de las medidas de riesgo cuando se asume una distribución Normal y una mayor estimación de esas medidas cuando se considera una distribución NIG.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Value at Risk (VaR)]]></kwd>
<kwd lng="en"><![CDATA[Conditional Value at Risk (CVaR)]]></kwd>
<kwd lng="en"><![CDATA[Normal Inverse Gaussian (NIG) distribution]]></kwd>
<kwd lng="en"><![CDATA[oil equity returns]]></kwd>
<kwd lng="en"><![CDATA[BRIC economies]]></kwd>
<kwd lng="es"><![CDATA[Valor en Riesgo (VaR)]]></kwd>
<kwd lng="es"><![CDATA[Valor en Riesgo Condicional (CVaR)]]></kwd>
<kwd lng="es"><![CDATA[distribución Normal Inversa Gaussiana (NIG)]]></kwd>
<kwd lng="es"><![CDATA[Retornos en Acciones de Petróleo]]></kwd>
<kwd lng="es"><![CDATA[economías BRIC]]></kwd>
</kwd-group>
</article-meta>
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