<?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>S1665-53462017000300067</article-id>
<article-id pub-id-type="doi">10.21919/remef.v12i3.97</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Los beneficios de la inversión socialmente responsable en el desempeño de fondos de pensiones mexicanos]]></article-title>
<article-title xml:lang="en"><![CDATA[The benefits of Socially Responsible Investment in the performance of Mexican pension funds]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Torre Torres]]></surname>
<given-names><![CDATA[Oscar Valdemar De la]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Macías Trejo]]></surname>
<given-names><![CDATA[Luis Guadalupe]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Michoacana de San Nicolás de Hidalgo  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2017</year>
</pub-date>
<volume>12</volume>
<numero>3</numero>
<fpage>67</fpage>
<lpage>87</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462017000300067&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462017000300067&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462017000300067&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: En el presente artículo se simula el impacto que tiene, en la política de inversión de las SIEFOREs, el invertir su componente de renta variable nacional en acciones mexicanas socialmente responsables, mismas que formen parte del índice de precios y cotizaciones sustentable (IPCS). Para lograr esto, se empleó la política de inversión autorizada por la CONSAR y se recalculó el IPCS a enero de 2004 con el método de capitalización. Con este índice como insumo, se simuló el comportamiento de tres SIEFOREs cuya única diferencia es emplear el IPCS, el IPCcomp y el IPC en un portafolio de mínima varianza y otro que maximiza el índice de Sharpe. Los resultados observan que, al invertir su componente de acciones en el IPCS, las SIEFOREs no pierden eficiencia media-varianza, respecto al desempeño logrado ya sea con el IPC o el IPCcomp. De manera complementaria se aprecia que si una SIEFORE utilizara el IPCS en un portafolio que maximice el índice de Sharpe durante periodos de alta volatilidad, el desempeño del mismo es mayor que el observado al emplear los otros dos índices.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: In the present paper we simulate the impact of investing in socially responsible stocks (members of the IPC sustainable index or IPCS) in Mexican pension funds or SIEFOREs. In order to do this, we used the authorized investment policy by CONSAR and we recalculated the IPCS index from January 2004 by using the market cap method. With this recalculated index we simulated the performance of three SIEFOREs that invest their Mexican equity proceedings either in the IPCS, the IPCcomp or the IPC index. Our results show a sound mean-variance efficiency if the SIEFOREs invest in the IPCS index only. We also found that if the SIEFOREs invest in the IPCS in a Max Sharpe portfolio, they would have a better performance in high volatility periods than investing on the other two indexes.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Modelos Markovianos de cambio de régimen]]></kwd>
<kwd lng="es"><![CDATA[Diversificación]]></kwd>
<kwd lng="es"><![CDATA[Selección de portafolios]]></kwd>
<kwd lng="es"><![CDATA[Simulación y pronóstico financiero]]></kwd>
<kwd lng="es"><![CDATA[Inversión socialmente responsable]]></kwd>
<kwd lng="en"><![CDATA[Markov-Switching models]]></kwd>
<kwd lng="en"><![CDATA[Diversification]]></kwd>
<kwd lng="en"><![CDATA[Portfolio choice]]></kwd>
<kwd lng="en"><![CDATA[Financial forecasting and simulation]]></kwd>
<kwd lng="en"><![CDATA[Socially responsible investment]]></kwd>
</kwd-group>
</article-meta>
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