<?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>S1665-53462018000300325</article-id>
<article-id pub-id-type="doi">10.21919/remef.v13i3.326</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Volatility Contagion of Stock Returns of Microfinance Institutions in Emerging Markets: A DCC-M-GARCH Model]]></article-title>
<article-title xml:lang="es"><![CDATA[Contagio en la volatilidad de los rendimientos de las Instituciones Microfinancieras en los mercados emergentes: un modelo DCC-M-GARCH]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ramírez-Silva]]></surname>
<given-names><![CDATA[Roberto Alejandro]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Cruz-Aké]]></surname>
<given-names><![CDATA[Salvador]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Venegas-Martínez]]></surname>
<given-names><![CDATA[Francisco]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Instituto Politécnico Nacional  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2018</year>
</pub-date>
<volume>13</volume>
<numero>3</numero>
<fpage>325</fpage>
<lpage>343</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462018000300325&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462018000300325&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462018000300325&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: The objective of this paper is to analyze the contagion in the returns on the volatilities of the Microfinance Institutions (MFIs) that are listed in emerging stock markets in India, Indonesia, and Mexico. For this, local benchmarking variables and the global index-All Countries World Index (ACWI)-are included in the analysis. The methodology used is a Dynamic Conditional Correlation (DCC) multivariable GARCH model. The empirical findings show that contagion e&#64256;ects only occur in periods of high volatility. One limitation of this research is that there are still few MFIs listed in stock markets, which does not allow for a broader study. The originality of this paper is the analysis of contagion in the returns of MFIs listed in stock markets. It is concluded that the performance of the analyzed MFIs is not a&#64256;ected by external e&#64256;ects of volatility, but rather for its fundamental results reflected in their level of liquidity in the stock market.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: El objetivo del presente trabajo es analizar el contagio en los rendimientos en las volatilidades de las Instituciones Microfinancieras (IMFs) que cotizan en mercados bursátiles emergentes en India, Indonesia y México. Para ello se incluyen en el análisis variables benchmarck locales y el índice global &#8211;All Countries World Index (ACWI). La metodología que se utiliza es la de un modelo multivariable GARCH de Correlación Condicional Dinámica (DCC). Los resultados empíricos encontrados muestran que los efectos de contagio sólo se dan en periodos de alta volatilidad. Una limitación que presenta esta investigación es que aún son pocas las IMFs listadas en bolsas, lo que impide realizar un estudio más amplio. La originalidad de este trabajo es el análisis de contagio en los rendimientos de las IMFs listadas en bolsa. Se concluye que el desempeño de las IMFs analizadas no se ve afectado por efectos externos de volatilidad, sino por sus resultados fundamentales reflejados en su nivel de liquidez bursátil.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[C01]]></kwd>
<kwd lng="en"><![CDATA[C32]]></kwd>
<kwd lng="en"><![CDATA[G2]]></kwd>
<kwd lng="en"><![CDATA[Microfinance institutions]]></kwd>
<kwd lng="en"><![CDATA[volatility of returns]]></kwd>
<kwd lng="en"><![CDATA[GARCH and M-GARCH models]]></kwd>
<kwd lng="en"><![CDATA[Dynamic Conditional Correlation (DCC)]]></kwd>
<kwd lng="es"><![CDATA[C01]]></kwd>
<kwd lng="es"><![CDATA[C32]]></kwd>
<kwd lng="es"><![CDATA[G2]]></kwd>
<kwd lng="es"><![CDATA[Instituciones microfinancieras]]></kwd>
<kwd lng="es"><![CDATA[volatilidad de rendimientos]]></kwd>
<kwd lng="es"><![CDATA[modelos GARCH and M-GARCH]]></kwd>
<kwd lng="es"><![CDATA[Correlación Dinámica Condicional (DCC)]]></kwd>
</kwd-group>
</article-meta>
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