<?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>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2010000400937</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Sesgos en los modelos de sincronización tradicionales]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ferruz]]></surname>
<given-names><![CDATA[Luis]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Muñoz]]></surname>
<given-names><![CDATA[Fernando]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Vargas]]></surname>
<given-names><![CDATA[María]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Zaragoza  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Zaragoza  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad de Zaragoza  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2010</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2010</year>
</pub-date>
<volume>77</volume>
<numero>308</numero>
<fpage>937</fpage>
<lpage>976</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2010000400937&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2010000400937&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2010000400937&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: En este artículo se reúne por primera vez todos los sesgos evidenciados por la bibliografía que afectan a los modelos de sincronización (timing) tradicionales generando coeficientes espurios y se intenta aplicar las correcciones oportunas. Algunas de estas correcciones se proponen en el trabajo. Estos sesgos tienen relación con la con sideración de la sincronización en riesgo -además de en rentabilidad- , con la incorporación de información pública, con el efecto de la negociación dinámica, con la opción implícita en las actividades de sincronización, con el efecto de la negociación infrecuente, así como con la variación en las condiciones del mercado.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This paper represents, to the best of our knowledge, the first attempt to bring together all of the biases affecting traditional timing models that have been identified in the literature. These biases are the cause of spurious coefficients and our aim is to propose certain corrective measures. The biases analysed in this paper are related with volatility timing, as well as return timing; the incorporation of public information; the dynamic trading effect; the options implied in timing activities; infrequent trading and the variations in market conditions.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[sesgos en modelos de sincronización]]></kwd>
<kwd lng="es"><![CDATA[efecto de la negociación dinámica]]></kwd>
<kwd lng="es"><![CDATA[fondos de inversión]]></kwd>
<kwd lng="es"><![CDATA[opciones]]></kwd>
<kwd lng="es"><![CDATA[efecto de sincronización pasiva]]></kwd>
<kwd lng="es"><![CDATA[información pública]]></kwd>
<kwd lng="es"><![CDATA[efecto de estrechez del mercado]]></kwd>
<kwd lng="es"><![CDATA[sincronización en volatilidad]]></kwd>
</kwd-group>
</article-meta>
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