<?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>S2448-66552021000200127</article-id>
<article-id pub-id-type="doi">10.24275/uam/azc/dcsh/ae/2021v36n92/olivares</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Mejores estrategias de cobertura en acciones del MexDer durante el primer año de la COVID-19]]></article-title>
<article-title xml:lang="en"><![CDATA[Best hedging strategies in MexDer stocks during the first year of COVID-19]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Olivares Aguayo]]></surname>
<given-names><![CDATA[Héctor Alonso]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Medina Conde]]></surname>
<given-names><![CDATA[Analaura]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad La Salle  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Autónoma de Tlaxcala  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>08</month>
<year>2021</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>08</month>
<year>2021</year>
</pub-date>
<volume>36</volume>
<numero>92</numero>
<fpage>127</fpage>
<lpage>144</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-66552021000200127&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-66552021000200127&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-66552021000200127&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN Los derivados son instrumentos financieros que proporcionan ventajas competitivas y las opciones financieras proporcionan un margen de protección como seguro financiero. El objetivo del trabajo es determinar la mejor estrategia de cobertura de riesgos con opciones financieras americanas sobre las acciones: AMX-L, CEMEX-CPO, GMEXICO-B, TLEVISA-CPO y WALMEX-V que cotizan en el MexDer, se analizan cincuenta estrategias durante el primer año de la pandemia COVID-19. Como principal limitación se asume volatilidad constante mediante el modelo de Cox-Ross-Rubinstein, por lo que para futuras investigaciones se recomienda romper este supuesto considerando modelos más robustos. Los resultados muestran que independientemente si sube, baja o se mantiene el precio de la acción a la fecha de vencimiento del contrato es posible obtener ganancias durante la pandemia.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT Derivatives are financial instruments that provide competitive advantages and financial options provide a margin of protection such as financial insurance. The objective of the paper is to determine the best risk hedging strategy with American financial options on the shares: AMX-L, CEMEX-CPO, GMEXICO-B, TLEVISA-CPO and WALMEX-V that are listed on the MexDer, fifty strategies are analyzed during the first year of the COVID-19 pandemic. The main limitation is constant volatility using the Cox-Ross-Rubinstein model, future research it is recommended to break this assumption by considering more robust models. The results show that regardless of whether the share price rises, falls, or remains at the expiration date of the contract, it is possible to obtain profits during the pandemic.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Cox-Ross-Rubinstein]]></kwd>
<kwd lng="es"><![CDATA[inversión]]></kwd>
<kwd lng="es"><![CDATA[opciones financieras]]></kwd>
<kwd lng="es"><![CDATA[G13]]></kwd>
<kwd lng="es"><![CDATA[G17]]></kwd>
<kwd lng="es"><![CDATA[G32]]></kwd>
<kwd lng="en"><![CDATA[Cox-Ross-Rubinstein]]></kwd>
<kwd lng="en"><![CDATA[investment]]></kwd>
<kwd lng="en"><![CDATA[financial options]]></kwd>
<kwd lng="en"><![CDATA[G13]]></kwd>
<kwd lng="en"><![CDATA[G17]]></kwd>
<kwd lng="en"><![CDATA[G32]]></kwd>
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