<?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>S1665-53462017000300089</article-id>
<article-id pub-id-type="doi">10.21919/remef.v12i3.98</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La influencia de la vivienda en la aversión al riesgo de portafolios familiares]]></article-title>
<article-title xml:lang="en"><![CDATA[The influence of home value in the risk aversion of private investment Portfolios]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Díaz Valencia]]></surname>
<given-names><![CDATA[Gustavo Adolfo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Santo Tomás Maestría en Ciencias Economicas ]]></institution>
<addr-line><![CDATA[Bogotá ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2017</year>
</pub-date>
<volume>12</volume>
<numero>3</numero>
<fpage>89</fpage>
<lpage>119</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462017000300089&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462017000300089&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462017000300089&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: El siguiente artículo tiene como fin presentar una propuesta teórica sobre la tenencia de vivienda propia de un hogar, cuando esta hipotecada y forma parte del portafolio de inversión; así como su relación con el comportamiento del inversionista frente al riesgo, cuando asume el crédito hipotecario. Para tal fin, desde el punto de vista metodológico se tomará como referencia el marco teórico de media varianza, elaborado por Harry Markowitz y la función de utilidad neoclásica del consumo tipo Cobb-Douglas que establece una relación entre el consumo y la tenencia de vivienda. Como resultado de este estudio, se propone una tasa de alquiler óptima que incluye el riesgo de mercado y la aversión al riesgo del inversionista, para obtener un portafolio eficiente y concluye que la vivienda propia puede generar algún tipo de rentabilidad o mantener su punto de equilibrio financiero, cuando el inversionista tiene la opción de escoger entre la compra de vivienda o la inversión de otro tipo de activos financieros de renta variable. Una limitación del estudio, fue no considerar la aversión al riesgo del inversionista de manera subjetiva. Finalmente, la originalidad del artículo radica en incluir la rentabilidad de tener vivienda propia en el portafolio de inversión de los hogares, considerando de manera simultánea la aversión al riesgo y el riesgo de mercado cuando está hipotecada.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This paper shows a theoretical proposal on the ownership of a household's own home, when it is mortgaged and is part of the investment portfolio, as well as its relation to the investor's risk behavior when they get the mortgage. To this end, Markowitz mean-variance is taken as a theoretical reference along with Cobb-Douglas utility function that states a relation between consumption and home. As a result, it is concluded that, homeownership can generate some kind of profitability or maintain its financial equilibrium, when the investor has the option of choosing between the purchase of house and the investment in another type of variable financial income. One limitation of the study was not to consider investor risk aversion in a subjective way. The paper originality lays in the inclusion of own house profitability in a household investment portfolio, simultaneously considering risk aversion and market risk when the house is mortgaged.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Portafolio]]></kwd>
<kwd lng="es"><![CDATA[Vivienda]]></kwd>
<kwd lng="es"><![CDATA[Riesgo de mercado]]></kwd>
<kwd lng="es"><![CDATA[Varianza]]></kwd>
<kwd lng="es"><![CDATA[Utilidad]]></kwd>
<kwd lng="en"><![CDATA[Portfolio]]></kwd>
<kwd lng="en"><![CDATA[Home]]></kwd>
<kwd lng="en"><![CDATA[Market Risk]]></kwd>
<kwd lng="en"><![CDATA[Variance]]></kwd>
<kwd lng="en"><![CDATA[Utility]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Aoki]]></surname>
<given-names><![CDATA[K. P.]]></given-names>
</name>
</person-group>
<source><![CDATA[House price, consumption and monetary policy: a financial accelerator approach]]></source>
<year>2002</year>
<publisher-name><![CDATA[Banco de Inglaterra]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Household Risk Management and Optimal Mortgage Choice]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Campbel]]></surname>
<given-names><![CDATA[J. Y.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Quarterly Journal of Economics]]></source>
<year>2003</year>
<volume>118</volume>
<numero>4</numero>
<issue>4</issue>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cárdenas]]></surname>
<given-names><![CDATA[M. y.]]></given-names>
</name>
</person-group>
<source><![CDATA[La crisis de Financiamiento hipotecario en Colombia: Causas y Consecuencias]]></source>
<year>2003</year>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Los fondos de inversión inmobiliaria y la producción privada de vivienda en Santiago de Chile: ¿un nuevo paso a la financiarización de la ciudad?]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cattaneo]]></surname>
<given-names><![CDATA[P. R.]]></given-names>
</name>
</person-group>
<source><![CDATA[EURE]]></source>
<year>2011</year>
<volume>37</volume>
<numero>112</numero>
<issue>112</issue>
<page-range>5-22</page-range><publisher-name><![CDATA[C. -C. UMR]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chetty]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Sandor]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Szeidl]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[]]></source>
<year>2016</year>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Portfolio choice in the presence of housing]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cocco]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Review of financial Studies]]></source>
<year>2005</year>
<volume>18</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>535-67</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Portfolio choice in the presence of housing]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cocco]]></surname>
<given-names><![CDATA[J. F.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Review of financial Studies]]></source>
<year>2005</year>
<volume>18</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>491-533</page-range><publisher-name><![CDATA[T. S. Studies]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Household risk management and optimal mortgage choice]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cocco.]]></surname>
<given-names><![CDATA[C. J.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Quarterly Journal of Economics]]></source>
<year>2003</year>
<volume>118</volume>
<numero>4</numero>
<issue>4</issue>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Some recent innovations in international finance: different faces of risk management and control]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cornford]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal Of Economic Issues]]></source>
<year>1996</year>
<volume>XXX</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>493-508</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Optimal Versus Naive Diversification: How Inefficient is the 1/N Portfolio Strategy]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[De Miguel Victor]]></surname>
<given-names><![CDATA[G. L.]]></given-names>
</name>
</person-group>
<source><![CDATA[Review of financial Studies]]></source>
<year>2008</year>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Mortgage Terminations, Heterogeneity and the Exercise of Mortgage Options]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Deng]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Quigley]]></surname>
<given-names><![CDATA[J. M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Econometrica]]></source>
<year>2000</year>
<volume>68</volume>
<numero>2</numero>
<issue>2</issue>
</nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Diaz]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<source><![CDATA[El riesgo de mercado y su incidencia en los portafolios de inversión de las economías domésticas]]></source>
<year>2011</year>
<publisher-loc><![CDATA[Bogotá ]]></publisher-loc>
<publisher-name><![CDATA[Universidad Nacional de Colombia, Maestría en Ciencias Económicas]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="confpro">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Flavin]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Housing, Adjustment Costs, and Endogenous Risk Aversion]]></source>
<year>2009</year>
<conf-name><![CDATA[ Bank of Spain conference on Household Finance and Macroeconomics]]></conf-name>
<conf-loc> </conf-loc>
</nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Owner-occupied housing and the composition of the household portfolio]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Flavin]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Takashi]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
</person-group>
<source><![CDATA[The American Economic Review]]></source>
<year>2002</year>
<volume>92</volume>
<numero>1</numero>
<issue>1</issue>
</nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Flemming]]></surname>
<given-names><![CDATA[J. A.]]></given-names>
</name>
</person-group>
<source><![CDATA[The consumption function when capital markets are imperfect]]></source>
<year>1973</year>
</nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fratantoni]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Housing wealth, precautionary saving and the equity premium]]></source>
<year>1996</year>
<publisher-name><![CDATA[Johns Hopkins University]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fuentes]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[La vivienda como un activo de los hogares]]></source>
<year>1999</year>
<publisher-loc><![CDATA[Montevideo ]]></publisher-loc>
<publisher-name><![CDATA[CEPAL]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gallin]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[The long run relationship between house prices and income: evidence from local housing markets]]></source>
<year>2003</year>
<numero>17</numero>
<issue>17</issue>
</nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[The single-family home in the investment portfolio]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Goetzmann]]></surname>
<given-names><![CDATA[W. N.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Real Estate of Financial and Economics]]></source>
<year>1993</year>
<numero>6</numero>
<issue>6</issue>
<page-range>201-22</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Asset Pricing and Optimal Portfolio Choice in the Presence of Illiquid Durable Consumption Goods]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Grossman]]></surname>
<given-names><![CDATA[S. J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Econométrica]]></source>
<year>1990</year>
<volume>58</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>25-51</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Globalización financiera y riesgo sistemático]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Guillen]]></surname>
<given-names><![CDATA[R. H.]]></given-names>
</name>
</person-group>
<source><![CDATA[Revista de Comercio Exterior]]></source>
<year>1997</year>
<volume>47</volume>
<numero>11</numero>
<issue>11</issue>
</nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jorion]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[Valor en Riesgo]]></source>
<year>2003</year>
<publisher-loc><![CDATA[México D.F. ]]></publisher-loc>
<publisher-name><![CDATA[U. d. California]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Maggnin]]></surname>
<given-names><![CDATA[J. L.]]></given-names>
</name>
</person-group>
<source><![CDATA[Managing Investment Portfolios a Dynamic Process]]></source>
<year>2007</year>
<edition>Third</edition>
<publisher-loc><![CDATA[New Jersey, USA ]]></publisher-loc>
<publisher-name><![CDATA[I. John Wiley and Sons]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Marin]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Rubio]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<source><![CDATA[Economía Financiera]]></source>
<year>2001</year>
<publisher-name><![CDATA[Antonio Bosch Editor]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Portfolio Selection]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Markowitz]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Journal of Finance]]></source>
<year>1952</year>
<volume>7</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>77-91</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Markowitz]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Portfolio selection: efficient diversification of investments]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Hart]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Portfolio selection efficient diversification of investments]]></source>
<year>1959</year>
<publisher-loc><![CDATA[New York ]]></publisher-loc>
<publisher-name><![CDATA[Wiley]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Forecasting volatility for portfolio selection]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Meade]]></surname>
<given-names><![CDATA[G. V.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Business Finance and Accounting]]></source>
<year>1996</year>
<volume>23</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>125-43</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[An analytic derivation of the efficient portfolio frontier]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Merton]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Financial and Quantitative Analysis]]></source>
<year>1972</year>
<numero>7</numero>
<issue>7</issue>
<page-range>1851-72</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Meullbauer]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Housing credit constraints and transactions costs in the demand for housing: a theoretical analysis]]></source>
<year>1996</year>
<publisher-name><![CDATA[Mimeo]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Two-moment decision models and expected utility maximization]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Meyer]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[The American Economic Review]]></source>
<year>1987</year>
<volume>77</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>421-30</page-range></nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Booms and busts in the UK housing market]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Muellbauer]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Murphy]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Economic Journal]]></source>
<year>1997</year>
<volume>107</volume>
<numero>445</numero>
<issue>445</issue>
<page-range>1701-27</page-range></nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Nabcini]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Mean-variance econometric analysis household portfolios]]></source>
<year>2008</year>
<publisher-loc><![CDATA[Italy ]]></publisher-loc>
<publisher-name><![CDATA[U. d. Brescia]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Are household portfolios efficient? an analysis conditional on housing]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pelizzon]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Financial and Quantitative Analysis]]></source>
<year>2008</year>
<volume>43</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>401-32</page-range></nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Perali]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<source><![CDATA[Applied Economics with special interest on Political Economy]]></source>
<year>2000</year>
</nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Poterba]]></surname>
<given-names><![CDATA[J. M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Household portfolio allocation over the life cycle]]></source>
<year>1997</year>
<publisher-name><![CDATA[National Bureau of Economic Research]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Risk aversion in the small and in the large]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pratt]]></surname>
<given-names><![CDATA[J. W.]]></given-names>
</name>
</person-group>
<source><![CDATA[Econometrica]]></source>
<year>1964</year>
<volume>32</volume>
</nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[The arbitrage theory of capital assets pricing]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ross]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of economic Theory]]></source>
<year>1976</year>
</nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Risk and Return Real State]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ross]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Randall]]></surname>
<given-names><![CDATA[Z.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Real State Finance in Economics]]></source>
<year>1976</year>
<volume>2</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>175-90</page-range></nlm-citation>
</ref>
<ref id="B39">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Asset pricing and optimal portfolio choice in the presence of illiquid durable consumption goods]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sanford J.]]></surname>
<given-names><![CDATA[Grossman]]></given-names>
</name>
<name>
<surname><![CDATA[Guy]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<source><![CDATA[Econometrica]]></source>
<year>1990</year>
<volume>58</volume>
<numero>1</numero>
<issue>1</issue>
</nlm-citation>
</ref>
<ref id="B40">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Capital assets prices: a theory of market under conditions of risk"]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sharpe]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of finance]]></source>
<year>1964</year>
<numero>19</numero>
<issue>19</issue>
</nlm-citation>
</ref>
<ref id="B41">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Optimal consumption and portfolio choices with risky housing and borrowing constraints]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Source]]></surname>
<given-names><![CDATA[R. Y.]]></given-names>
</name>
</person-group>
<source><![CDATA[Review of financial Studies]]></source>
<year>2005</year>
<volume>18</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>197-239</page-range></nlm-citation>
</ref>
<ref id="B42">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Necessary and sufficient conditions for the mean variance portfolio model with constant risk aversion]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Thomas]]></surname>
<given-names><![CDATA[W. E.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Financial and Quantitative Analysis]]></source>
<year>1981</year>
<volume>XVI</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>169-76</page-range></nlm-citation>
</ref>
<ref id="B43">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Liquidity Preference as Behavior Towards Risk]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Tobin]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Review of Economics Studies]]></source>
<year>1958</year>
<volume>XXV</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>65-86</page-range></nlm-citation>
</ref>
<ref id="B44">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[A portfolio Nobel Laureates, Markowitz, Miller and Sharpe]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Varian]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Economics Perspectives]]></source>
<year>1993</year>
<volume>7</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>159-69</page-range></nlm-citation>
</ref>
<ref id="B45">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Varian]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<source><![CDATA[Microeconomía intermedia. Un enfoque actual]]></source>
<year>2010</year>
<publisher-loc><![CDATA[Barcelona, España ]]></publisher-loc>
<publisher-name><![CDATA[A. B. Editor]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B46">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Vilariño]]></surname>
<given-names><![CDATA[S. A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Turbulencias Financieras y Riesgos de Mercado]]></source>
<year>2001</year>
<publisher-loc><![CDATA[Madrid ]]></publisher-loc>
<publisher-name><![CDATA[Prentice Hall]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B47">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Yamashita]]></surname>
<given-names><![CDATA[F. M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Owner occupied housing and the composition of the household portfolio over the life cycle]]></source>
<year>1998</year>
<publisher-loc><![CDATA[San Diego ]]></publisher-loc>
<publisher-name><![CDATA[Universidad de California]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B48">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Optimal consumption and portfolios choices with risky housing and borrowing constraints]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Zhang]]></surname>
<given-names><![CDATA[R. Y.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Review of financial Studies]]></source>
<year>2005</year>
</nlm-citation>
</ref>
<ref id="B49">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Risk and Return in Real Estate]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Zisler]]></surname>
<given-names><![CDATA[S. A.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Journal of Real Estate Finance and Economics]]></source>
<year>1991</year>
<volume>4</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>175-90</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
