<?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>1665-5346</journal-id>
<journal-title><![CDATA[Revista mexicana de economía y finanzas]]></journal-title>
<abbrev-journal-title><![CDATA[Rev. mex. econ. finanz]]></abbrev-journal-title>
<issn>1665-5346</issn>
<publisher>
<publisher-name><![CDATA[Instituto Mexicano de Ejecutivos de Finanzas A.C.]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1665-53462015000200115</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Revisión de la inversión sustentable en la Bolsa Mexicana durante periodos de crisis]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Torre Torres]]></surname>
<given-names><![CDATA[Oscar V. De la]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Martínez Torre-Enciso]]></surname>
<given-names><![CDATA[Ma. Isabel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Michoacana de San Nicolás de Hidalgo Facultad de Contaduría y Ciencias Administrativas ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Autónoma de Madrid Departamento de Financiación e Investigación Comercial ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>00</month>
<year>2015</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>00</month>
<year>2015</year>
</pub-date>
<volume>10</volume>
<numero>2</numero>
<fpage>115</fpage>
<lpage>130</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462015000200115&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462015000200115&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462015000200115&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El presente trabajo estudia la eficiencia media-varianza de la inversión sustentable (IS) en México. Esto al comparar el índice IPC sustentable (IPCS) con el IPC compuesto (IPCcomp). Utilizando valores de periodicidad diarios de noviembre de 2008 a septiembre de 2014, así como un modelo CAPM estándar, la prueba de expansión de Huberman y Kandel (1987) y un modelo AR(0) markoviano de cambio de régimen, el presente estudio demuestra que existe una igualdad estadística en el desempeño del IPCS y el IPCcomp. Esto sugiere que la IS (como estilo de inversión) es un buen sustituto ante la inversión convencional en un índice de mercado más amplio. Esto último sin exponer al inversionista a una pérdida significativa de eficiencia media-varianza. Las dos aportaciones torales del trabajo son 1) que es de los primeros en realizarse en la inversión sustentable mexicana y 2) que los resultados se sostienen ante la presencia de dos regímenes de volatilidad.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The present paper studies the mean-variance efficiency of sustainable investment (SI) in Mexico by testing the IPC sustainability (IPCS) index against the broad market IPCcomp one. Using daily index values from November 2008 to September 2014, along with a standard CAPM model, a Huberman and Kandel (1987) CAPM spanning test and an AR(0) Markov-Switching Model, the present study shows a statistically equal performance between the IPCS and the IPCcomp, suggesting SI (as investment style) as a good substitute of the broad market one without a significant loss of mean-variance efficiency. The two breakthroughs of the present paper are 1) these tests are the first ones of its type in the Mexican Sustainable investment and 2) the fact that our conclusions give support to SI in the presence of two volatility regimes.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Modelos Markovianos de Cambio de Régimen]]></kwd>
<kwd lng="es"><![CDATA[Diversificación]]></kwd>
<kwd lng="es"><![CDATA[Selección de Portafolios]]></kwd>
<kwd lng="es"><![CDATA[Simulación y Pronóstico Financiero]]></kwd>
<kwd lng="es"><![CDATA[Inversión ética]]></kwd>
<kwd lng="es"><![CDATA[Sustentabilidad]]></kwd>
</kwd-group>
</article-meta>
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