<?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>S1665-53462016000200039</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Effect of the Business Cycle on Investment Strategies: Evidence from Mexico]]></article-title>
<article-title xml:lang="es"><![CDATA[Efecto del Ciclo Económico sobre Estrategias de Inversión: Evidencia para México]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Cervantes Zepeda]]></surname>
<given-names><![CDATA[Mauricio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Montoya Bayardo]]></surname>
<given-names><![CDATA[Miguel Ángel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Bernal Ponce]]></surname>
<given-names><![CDATA[Luis Arturo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Tecnológico de Monterrey Escuela de Posgrado ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Tecnológico de Monterrey Dirección de Posgrado e Investigación ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Tecnológico de Monterrey Departamento de Contabilidad y Finanzas ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2016</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2016</year>
</pub-date>
<volume>11</volume>
<numero>2</numero>
<fpage>39</fpage>
<lpage>49</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462016000200039&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462016000200039&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462016000200039&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The main objective of this research is to analyze whether the business cycle has an effect on investment strategies. In order to ascertain this, we use as methodology, a multifactorial time series analysis. Specifically, we test whether short-term cycle investment strategies and long-term cycle investment strategies can be observed. We use data from the Mexican Stock Exchange, for the period 1993 - 2006. Our results show statistical evidence of short-term cycle but not for long-term cycle investment opportunities. One of the implications of this discovery is that these results add to the works that challenge the efficient market hypothesis. As a conclusion, this work adds some evidence to the writing that link the financial sector with economic activity. In particular, we found some evidence of a relationship between business cycle and short-term investment strategies. JEL Classification: F30, G11, G12, G14.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El objetivo principal de ésta investigación es analizar si el ciclo económico tiene un efecto sobre las estrategias de inversión. Para conseguir el objetivo usamos como metodología un análisis de series de tiempo multifactorial. En particular, buscamos verificar si las estrategias de inversión de ciclos de corto plazo y las estrategias de inversión de ciclos de largo plazo se observan en la Bolsa Mexicana de Valores. Usamos como muestra datos de la Bolsa Mexicana de Valores, del periodo de 1993 - 2006. Los resultados muestran evidencia estadística de oportunidades para estrategias de inversión de ciclos de corto plazo, pero no para estrategias de inversión de ciclos de largo plazo. Una de las implicaciones de estos hallazgos es que estos resultados se suman a los trabajos que cuestionan la hipótesis de mercados eficientes. En suma, este trabajo aporta más evidencia a la literatura que ha encontrado una relación entre el sector financiero con la actividad económica, en particular se documenta evidencia de una relación entre el ciclo económico y estrategias de inversión de corto plazo. Clasificación JEL: F30, G11, G12, G14.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[International Finance]]></kwd>
<kwd lng="en"><![CDATA[Investment Decisions]]></kwd>
<kwd lng="en"><![CDATA[Asset Pricing]]></kwd>
<kwd lng="en"><![CDATA[Market Efficiency]]></kwd>
<kwd lng="es"><![CDATA[Finanzas Internacionales]]></kwd>
<kwd lng="es"><![CDATA[Decisiones de Inversión]]></kwd>
<kwd lng="es"><![CDATA[Valuación de Activos]]></kwd>
<kwd lng="es"><![CDATA[Eficiencia de Mercados]]></kwd>
</kwd-group>
</article-meta>
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