<?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>S2448-66552020000300067</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Hipótesis de Mercados Eficientes y estrategias de inversión en el MILA: 2014-2019]]></article-title>
<article-title xml:lang="en"><![CDATA[Efficient Market Hypothesis and investment strategies in MILA: 2014-2019]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ruiz Dávila]]></surname>
<given-names><![CDATA[Bardo Dage]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[García Muñoz]]></surname>
<given-names><![CDATA[Gerardo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma Metropolitana  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Autónoma Metropolitana Departamento de Economía ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2020</year>
</pub-date>
<volume>35</volume>
<numero>90</numero>
<fpage>67</fpage>
<lpage>90</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-66552020000300067&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-66552020000300067&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-66552020000300067&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN La presente investigación tiene como objetivo comprobar si los principales índices bursátiles del Mercado Integrado Latinoamericano (MILA) siguen una caminata aleatoria y si es posible considerar que dicho mercado muestra un comportamiento acorde con la Hipótesis de Mercados Eficientes (HME), esto durante el periodo de 2014 a 2019. Lo anterior se realiza mediante la prueba de corridas, una prueba robusta bajo heterocedasticidad de cociente de varianzas y se implementa una regla de inversión para verificar si en dichos índices es posible obtener rendimientos extraordinarios. Los resultados muestran que el mercado de México, Chile y Colombia son eficientes, mientras que es posible obtener rendimientos extraordinarios en el mercado peruano y en el índice representativo del MILA.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT The aim of this research is to verify if the main stock indexes of the Latin American Integrated Market (LAIM) follow a random walk and if it is possible to consider that said market shows a behavior in accordance with the Efficient Market Hypothesis (EMH), this during the period of 2014 to 2019. The above is done through the test of runs, a robust test under heteroskedasticity of variance ratio and a trading rule is implemented to verify if in these indexes it is possible to obtain extraordinary returns. The results show that the market of Mexico, Chile and Colombia are efficient, while it is possible to obtain extraordinary returns in the Peruvian market and in the representative index of the LAIM.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[caminata aleatoria]]></kwd>
<kwd lng="es"><![CDATA[mercados eficientes]]></kwd>
<kwd lng="es"><![CDATA[regla de inversión]]></kwd>
<kwd lng="es"><![CDATA[C10]]></kwd>
<kwd lng="es"><![CDATA[G10]]></kwd>
<kwd lng="es"><![CDATA[G14]]></kwd>
<kwd lng="en"><![CDATA[random walk]]></kwd>
<kwd lng="en"><![CDATA[efficient markets]]></kwd>
<kwd lng="en"><![CDATA[trading rule]]></kwd>
<kwd lng="en"><![CDATA[C10]]></kwd>
<kwd lng="en"><![CDATA[G10]]></kwd>
<kwd lng="en"><![CDATA[G14]]></kwd>
</kwd-group>
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