<?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>2448-6655</journal-id>
<journal-title><![CDATA[Análisis económico]]></journal-title>
<abbrev-journal-title><![CDATA[Anál. econ.]]></abbrev-journal-title>
<issn>2448-6655</issn>
<publisher>
<publisher-name><![CDATA[Universidad Autónoma Metropolitana, Unidad Azcapotzalco, División de Ciencias Sociales y Humanidades]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-66552019000300041</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Análisis de estrategias de inversión de diversificación internacional: portafolios tradicionales vs ETFS]]></article-title>
<article-title xml:lang="en"><![CDATA[Analysis of investment strategies of international diversification: traditional portfolios vs ETFS]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Arriaga Navarrete]]></surname>
<given-names><![CDATA[Rosalinda]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Castro Olivares]]></surname>
<given-names><![CDATA[Jorge Eduardo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sosa Castro]]></surname>
<given-names><![CDATA[Miriam]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma Metropolitana Departamento de Economía ]]></institution>
<addr-line><![CDATA[Iztapalapa Ciudad de México]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Autónoma Metropolitana Departamento de Economía ]]></institution>
<addr-line><![CDATA[Iztapalapa Ciudad de México]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Autónoma Metropolitana Departamento de Economía ]]></institution>
<addr-line><![CDATA[Iztapalapa Ciudad de México]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2019</year>
</pub-date>
<volume>34</volume>
<numero>87</numero>
<fpage>41</fpage>
<lpage>70</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-66552019000300041&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-66552019000300041&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-66552019000300041&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: El presente trabajo tiene por objetivo analizar y comparar estrategias de diversificación internacional, empleando activos tradicionales (acciones) y exchange traded fund (ETFs) de cuatro diferentes países: Alemania, Reino Unido, Estados Unidos y México; el periodo de estudio es de enero de 2012 a abril del año 2018. La hipótesis es que, la estrategia de inversión que incluye ETFs es más redituable, tanto por la naturaleza de dichos instrumentos, como por las comisiones que se generan a través de la estrategia tradicional, en la cual se emplea un número mayor de activos, con el objeto de diversificar el riesgo de cada mercado local. La metodología implementada consiste en el modelo de Markowitz, para la obtención de la frontera eficiente, además de la estimación del Valor en Riesgo (VaR) de cada portafolio (tradicional vs ETF).]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: The objective of this paper is to analyze and compare international diversification strategies, using traditional assets (stocks) and exchange traded fund (ETFs) from four different countries: Germany, the United Kingdom, the United States and Mexico; the study period is from January 2012 to April 2018. The hypothesis is that the investment strategy that includes ETFs is more profitable, both because of the nature of these instruments and because of the commissions that are generated through the traditional strategy, in which a greater number of assets is used, in order to diversify the risk of each local market. The methodology implemented consists of the Markowitz model, to obtain the efficient frontier, in addition to the estimation of the Value at Risk (VaR) of each portfolio (traditional vs. ETF).]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Diversificación internacional]]></kwd>
<kwd lng="es"><![CDATA[portafolios de inversión]]></kwd>
<kwd lng="es"><![CDATA[modelo de Markowitz]]></kwd>
<kwd lng="es"><![CDATA[valor en riesgo]]></kwd>
<kwd lng="es"><![CDATA[ETFs]]></kwd>
<kwd lng="en"><![CDATA[International diversification]]></kwd>
<kwd lng="en"><![CDATA[investment portfolios]]></kwd>
<kwd lng="en"><![CDATA[markowitz model]]></kwd>
<kwd lng="en"><![CDATA[value at risk]]></kwd>
<kwd lng="en"><![CDATA[ETF]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Agarrwal]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Using Index ETFs for Multi-Asset-Class Investing: Shifting the Efficient Frontier Up]]></article-title>
<source><![CDATA[The Journal of Index Investing]]></source>
<year>2013</year>
<volume>4</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>83-94</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="">
<collab>Bloomberg</collab>
<source><![CDATA[Bases de datos financieras]]></source>
<year>2018</year>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bueno]]></surname>
<given-names><![CDATA[J. A. G.]]></given-names>
</name>
<name>
<surname><![CDATA[Arias]]></surname>
<given-names><![CDATA[O. P. C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Comparación de dos portafolios óptimos de renta variable: caso Colombia y Latinoamérica]]></article-title>
<source><![CDATA[Puente]]></source>
<year>2017</year>
<volume>8</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>27-41</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cavello Serna]]></surname>
<given-names><![CDATA[M. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Salazar]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Williams]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Terrones Alcántara]]></surname>
<given-names><![CDATA[R. J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Las criptomonedas: una estrategia de inversión]]></source>
<year>2018</year>
<publisher-name><![CDATA[ESAN Graduate School of Business]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Contreras]]></surname>
<given-names><![CDATA[O. E.]]></given-names>
</name>
<name>
<surname><![CDATA[Bronfman]]></surname>
<given-names><![CDATA[R. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Vecino Arenas]]></surname>
<given-names><![CDATA[C. E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Investment strategy based on the optimization of the reward to risk ratio: Evidence from the Colombian stock market]]></article-title>
<source><![CDATA[Estudios Gerenciales]]></source>
<year>2015</year>
<volume>31</volume>
<numero>137</numero>
<issue>137</issue>
<page-range>383-92</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Delgado Upegui]]></surname>
<given-names><![CDATA[J. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Gaviria Benítez]]></surname>
<given-names><![CDATA[D. E.]]></given-names>
</name>
</person-group>
<source><![CDATA[Aproximación a la construcción de un portafolio activo de deuda pública colombiana]]></source>
<year>2017</year>
<publisher-name><![CDATA[Universidad EAFIT]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Del Moral]]></surname>
<given-names><![CDATA[Arturo]]></given-names>
</name>
</person-group>
<source><![CDATA[Selección de cartera y gestión de riesgo para una sociedad de inversión con fondos cotizados y su aplicación al mercado financiero mexicano]]></source>
<year>2013</year>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[Universidad Panamericana]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="">
<collab>Economática</collab>
<source><![CDATA[Bases de datos financieras]]></source>
<year>2018</year>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Flores-Ortega]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Castillo]]></surname>
<given-names><![CDATA[L. A. F.]]></given-names>
</name>
<name>
<surname><![CDATA[Gómez]]></surname>
<given-names><![CDATA[A. P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Selección de portafolios de inversión incluyendo el efecto de asimetría: Evidencia con activos de la Bolsa Mexicana de Valores]]></article-title>
<source><![CDATA[Panorama Económico]]></source>
<year>2014</year>
<volume>10</volume>
<numero>19</numero>
<issue>19</issue>
<page-range>25</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[González]]></surname>
<given-names><![CDATA[M. A. C.]]></given-names>
</name>
<name>
<surname><![CDATA[García]]></surname>
<given-names><![CDATA[M. D. P. R.]]></given-names>
</name>
<name>
<surname><![CDATA[Sánchez]]></surname>
<given-names><![CDATA[H. H. G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Análisis del desempeño financiero de portafolios de inversión en fibras y acciones]]></article-title>
<source><![CDATA[Vincula Tégica EFAN]]></source>
<year>2015</year>
<volume>1</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1353-71</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[González]]></surname>
<given-names><![CDATA[R. J. T.]]></given-names>
</name>
<name>
<surname><![CDATA[Calderón]]></surname>
<given-names><![CDATA[G. G. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Santoyo]]></surname>
<given-names><![CDATA[F. G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Selección bajo incertidumbre de portafolios de generación eléctrica]]></article-title>
<source><![CDATA[RIAF]]></source>
<year>2015</year>
<volume>8</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>69-78</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gorman]]></surname>
<given-names><![CDATA[L. R.]]></given-names>
</name>
<name>
<surname><![CDATA[Jorgensen]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Domestic versus international portfolio selection: A statistical examination of the home bias]]></article-title>
<source><![CDATA[Multinational Finance Journal]]></source>
<year>2002</year>
<volume>6</volume>
<numero>3/4</numero>
<issue>3/4</issue>
<page-range>131-66</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Grossmann]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Beach]]></surname>
<given-names><![CDATA[S. L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Expanding a US portfolio internationally: ADRs, their underlying assets, and ETFs]]></article-title>
<source><![CDATA[Financial Services Review]]></source>
<year>2010</year>
<volume>19</volume>
<numero>2</numero>
<issue>2</issue>
</nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gupta]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Diversification premium on Indian ADRs during the financial crisis]]></source>
<year>2010</year>
<numero>23</numero>
<issue>23</issue>
<publisher-name><![CDATA[CMC Senior Theses]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Guevara Ardila]]></surname>
<given-names><![CDATA[Katherine]]></given-names>
</name>
<name>
<surname><![CDATA[Ballen Moreno]]></surname>
<given-names><![CDATA[Marcela]]></given-names>
</name>
</person-group>
<source><![CDATA[Propuesta para la estructuración de portafolios con exchange traded funds (ETFs) para los inversionistas en Colombia]]></source>
<year>2014</year>
<publisher-loc><![CDATA[Colombia ]]></publisher-loc>
<publisher-name><![CDATA[Instituto de Postgrados Forum Especialización en Finanzas y Mercado de Capitales Chia Cundinamarca, Universidad de la Sabana]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jafarzadeh]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Tareghian]]></surname>
<given-names><![CDATA[H. R.]]></given-names>
</name>
<name>
<surname><![CDATA[Rahbarnia]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Ghanbari]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Optimal selection of project portfolios using reinvestment strategy within a flexible time horizon]]></article-title>
<source><![CDATA[European Journal of Operational Research]]></source>
<year>2015</year>
<volume>243</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>658-64</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jaspal]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Prabhdeep]]></surname>
<given-names><![CDATA[K]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Tracking Efficiency of Exchange Traded Funds (ETFs): Empirical Evidence from Indian Equity ETFs]]></article-title>
<source><![CDATA[SAGE Publications, Paradigm]]></source>
<year>2016</year>
<page-range>176-90</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jiménez]]></surname>
<given-names><![CDATA[L. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Acevedo]]></surname>
<given-names><![CDATA[N. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Rojas]]></surname>
<given-names><![CDATA[M. D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Diversificación internacional de portafolios con ETF para el mercado de renta variable en Colombia]]></article-title>
<source><![CDATA[Revista Espacios]]></source>
<year>2017</year>
<volume>38</volume>
<numero>36</numero>
<issue>36</issue>
</nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kajtazi]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Moro]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Bitcoin and Portfolio Diversification: Evidence from Portfolios of US, European and Chinese Assets]]></source>
<year>2018</year>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Konja]]></surname>
<given-names><![CDATA[A. A. F.]]></given-names>
</name>
<name>
<surname><![CDATA[Cruz]]></surname>
<given-names><![CDATA[D. J. S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Los fondos de pensiones y su desempeño durante la crisis 2007-2012]]></article-title>
<source><![CDATA[Quipukamayoc]]></source>
<year>2016</year>
<volume>24</volume>
<numero>45</numero>
<issue>45</issue>
<page-range>99-106</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kono]]></surname>
<given-names><![CDATA[P. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Yatrakis]]></surname>
<given-names><![CDATA[P. G.]]></given-names>
</name>
<name>
<surname><![CDATA[Simon]]></surname>
<given-names><![CDATA[H. K.]]></given-names>
</name>
<name>
<surname><![CDATA[Segal]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Comparing Risk- Adjusted Performance of ETF Portfolios vs. S&amp;P 500 Index]]></article-title>
<source><![CDATA[Financial Decisions (formerly Journal of Financial Decisions)]]></source>
<year>2007</year>
<publisher-loc><![CDATA[Winter ]]></publisher-loc>
</nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lattau]]></surname>
<given-names><![CDATA[Martin]]></given-names>
</name>
<name>
<surname><![CDATA[Ananth]]></surname>
<given-names><![CDATA[Madhavan]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Exchange-Traded Funds 101 for Economist]]></article-title>
<source><![CDATA[Journal of Economic Perspectives]]></source>
<year>2018</year>
<volume>32</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>135-54</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="">
<collab>Laurent Deville</collab>
<article-title xml:lang=""><![CDATA[Exchange Traded Funds: History, Trading and Research]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Zopounidis]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Doumpos]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Pardalos]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[Handbook of Financial Engineering]]></source>
<year>2008</year>
<page-range>1-37</page-range><publisher-loc><![CDATA[Springer ]]></publisher-loc>
</nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Law]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Vahlqvist]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Can Bitcoin be used as a hedge against the Swedish market?: Does Bitcoin have hedging capabilities against the OMXS30, or is it just a diversifier in a portfolio?]]></source>
<year>2017</year>
</nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ledoit]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
<name>
<surname><![CDATA[Wolf]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Nonlinear shrinkage of the covariance matrix for portfolio selection: Markowitz meets Goldilocks]]></article-title>
<source><![CDATA[The Review of Financial Studies]]></source>
<year>2017</year>
<volume>30</volume>
<numero>12</numero>
<issue>12</issue>
<page-range>4349-88</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Li]]></surname>
<given-names><![CDATA[R. Y. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Chan]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[REITs Portfolio Optimization: A Nonlinear Generalized Reduced Gradient Approach]]></article-title>
<source><![CDATA[DEStech Transactions on Computer Science and Engineering]]></source>
<year>2018</year>
<publisher-name><![CDATA[MSO]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lim]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Oh]]></surname>
<given-names><![CDATA[K. W.]]></given-names>
</name>
<name>
<surname><![CDATA[Zhu]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Use of DEA cross-efficiency evaluation in portfolio selection: An application to Korean stock market]]></article-title>
<source><![CDATA[European Journal of Operational Research]]></source>
<year>2014</year>
<volume>236</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>361-8</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Miffre]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Country-specific ETFs: An efficient approach to global asset allocation]]></article-title>
<source><![CDATA[Journal of asset management]]></source>
<year>2007</year>
<volume>8</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>112-22</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="">
<collab>Morningstar</collab>
<source><![CDATA[Bases de datos financieras]]></source>
<year>2018</year>
</nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Nadler]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Schmidt]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Portfolio theory in terms of partial covariance]]></source>
<year>2016</year>
</nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Quintero]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
<name>
<surname><![CDATA[Angarita]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Orostegui]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Robles]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Isidro]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Castro]]></surname>
<given-names><![CDATA[A. S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Análisis de los rendimientos de portafolios de inversión en el mercado norteamericano]]></article-title>
<source><![CDATA[Congreso Internacional en Administración de Negocios Internacionales.: CIANI 2017]]></source>
<year>2017</year>
<page-range>69-79</page-range><publisher-name><![CDATA[Universidad Pontificia Bolivariana]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rodríguez García]]></surname>
<given-names><![CDATA[Martha del Pilar]]></given-names>
</name>
<name>
<surname><![CDATA[Córtez Alejandro]]></surname>
<given-names><![CDATA[Klender Aimer]]></given-names>
</name>
<name>
<surname><![CDATA[Méndez Saénz]]></surname>
<given-names><![CDATA[Alma Berenice]]></given-names>
</name>
<name>
<surname><![CDATA[Garza Sánchez]]></surname>
<given-names><![CDATA[Héctor Horacio]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Análisis de portafolio por sectores mediante el uso de algoritmos genéticos: caso aplicado a la Bolsa Mexicana de Valores]]></article-title>
<source><![CDATA[Contaduría y Administración]]></source>
<year>2015</year>
<volume>60</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>87-112</page-range></nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rodríguez]]></surname>
<given-names><![CDATA[J. N.]]></given-names>
</name>
<name>
<surname><![CDATA[Bueno]]></surname>
<given-names><![CDATA[J. G.]]></given-names>
</name>
<name>
<surname><![CDATA[Barrios]]></surname>
<given-names><![CDATA[G. R.]]></given-names>
</name>
<name>
<surname><![CDATA[Díaz]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Diversificación internacional de portafolio en los mercados accionarios de Argentina, Brasil, Chile, Colombia, México y Perú]]></article-title>
<source><![CDATA[Congreso Internacional en Administración de Negocios Internacionales.: CIANI 2017]]></source>
<year>2017</year>
<page-range>355-75</page-range><publisher-name><![CDATA[Universidad Pontificia Bolivariana]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Saborido]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Ruiz]]></surname>
<given-names><![CDATA[A. B.]]></given-names>
</name>
<name>
<surname><![CDATA[Bermúdez]]></surname>
<given-names><![CDATA[J. D.]]></given-names>
</name>
<name>
<surname><![CDATA[Vercher]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Luque]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Evolutionary multi-objective optimization algorithms for fuzzy portfolio selection]]></article-title>
<source><![CDATA[Applied Soft Computing]]></source>
<year>2016</year>
<volume>39</volume>
<page-range>48-63</page-range></nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Stelk]]></surname>
<given-names><![CDATA[S. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Zhou]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Anderson]]></surname>
<given-names><![CDATA[R. I.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[REITs in a Mixed-Asset Portfolio: An Investigation of Extreme Risks]]></article-title>
<source><![CDATA[The Journal of Alternative Investments]]></source>
<year>2017</year>
<volume>20</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>81-91</page-range></nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Torre Torres]]></surname>
<given-names><![CDATA[Oscar V. De la]]></given-names>
</name>
<name>
<surname><![CDATA[Martínez Torre-Enciso]]></surname>
<given-names><![CDATA[Ma. Isabel.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Revisión de la inversión sustentable en la Bolsa Mexicana durante periodos de crisis]]></article-title>
<source><![CDATA[Revista mexicana de economía y finanzas]]></source>
<year>2015</year>
<volume>10</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>115-30</page-range></nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="">
<collab>Yahoo Finanzas</collab>
<source><![CDATA[Series históricas de bases de datos]]></source>
<year>2018</year>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
