<?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>S1665-53462021000500007</article-id>
<article-id pub-id-type="doi">10.21919/remef.v16i0.657</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Strategies in Retirement Fund Selection in the Mexican Retirement Market 1997-2018]]></article-title>
<article-title xml:lang="es"><![CDATA[Estrategias de elección de AFORE en el mercado mexicano de ahorro para el retiro 1997-2018]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rodríguez-Reyes]]></surname>
<given-names><![CDATA[Luis Raúl]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Samaniego]]></surname>
<given-names><![CDATA[Ángel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pasillas]]></surname>
<given-names><![CDATA[Mireya]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Instituto Tecnológico y de Estudios Superiores de Occidente  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>00</month>
<year>2021</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>00</month>
<year>2021</year>
</pub-date>
<volume>16</volume>
<numero>spe</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462021000500007&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462021000500007&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462021000500007&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract Objective: This research studies individual investment strategies that can be employed by Mexican workers to choose a retirement savings company, to provide evidence that can guide workers and governments in their pursuit for a higher replacement rate. Methods: To accomplish such task, more than 200,000 individual decisions in rolling-windows are simulated, based on more than twenty-years of market prices on retirement funds in Mexico (1997-2018). Outcome: Results indicate that contrarian-based strategies dominate momentum-based strategies in three out of four categories of funds. Recommendations: Moreover, in two out of four categories of funds the highest return is reached by the system&#8217;s average, calling for the introduction of an ETF-type of product to the Mexican financial market. Originality: The novelty of this research resides in the perspective of the analysis, positioning the Mexican worker in the role of an investor making a financial choice. Conclusions: The maximum average return is the best way to select a retirement fund manager when there is a guaranteed minimum pension, which acts as a risk-hedge, as it is in the Mexican case.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Objetivo: Se analizan varias estrategias de inversión para elegir una administradora de ahorro para el retiro (AFORE), proporcionando evidencia que pueda orientar a trabajadores y gobierno a elevar la tasa de reemplazo. Metodología: Para lograr el objetivo se simulan más de doscientas mil decisiones individuales en ventanas móviles, con base en más de veinte años de precios de mercado de fondos de retiro en México (1997-2018). Resultados: Las simulaciones indican que las estrategias contrarias dominan a las estrategias momentum en tres de las cuatro categorías de fondos. Recomendaciones: En dos de las cuatro categorías de fondos, el rendimiento más alto se alcanza con el promedio del sistema, por ello se propone la creación de un producto tipo ETF en el mercado mexicano. Originalidad: La novedad de esta investigación reside en la perspectiva del análisis, en la que se posiciona al trabajador mexicano en el rol de inversionista tomando una decisión financiera. Conclusiones: El retorno promedio máximo es la mejor forma de seleccionar una AFORE cuando existe una pensión mínima garantizada, que actúa como cobertura de riesgo, como es el caso mexicano.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[AFORE]]></kwd>
<kwd lng="en"><![CDATA[Contrarian Strategy]]></kwd>
<kwd lng="en"><![CDATA[Defined-Contribution]]></kwd>
<kwd lng="en"><![CDATA[Momentum Strategy]]></kwd>
<kwd lng="es"><![CDATA[AFORE]]></kwd>
<kwd lng="es"><![CDATA[Contribución Definida]]></kwd>
<kwd lng="es"><![CDATA[Estrategia Contraria]]></kwd>
<kwd lng="es"><![CDATA[Estrategia Momentum]]></kwd>
</kwd-group>
</article-meta>
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