<?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>S2448-718X2009000200433</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[El efecto momentum en la Bolsa Mexicana de Valores]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Muga]]></surname>
<given-names><![CDATA[Luis]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Santamaría]]></surname>
<given-names><![CDATA[Rafael]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Pública de Navarra  ]]></institution>
<addr-line><![CDATA[ Pamplona]]></addr-line>
<country>Spain</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2009</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2009</year>
</pub-date>
<volume>76</volume>
<numero>302</numero>
<fpage>433</fpage>
<lpage>463</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2009000200433&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2009000200433&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2009000200433&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: En el presente artículo se realiza un análisis del efecto momentum en la Bolsa Mexicana de Valores. Inicialmente se presenta pruebas acerca de la existencia del citado efecto durante el periodo 1993-2006 y se muestra que las rentabilidades obtenidas por las diferentes estrategias no parecen ser justificadas por factores de riesgo ni por los costos de transacción. En una segunda parte del artículo se encuentra cierta relación entre el efecto momentum en el mercado mexicano y variables que aproximan cuestiones como la difusión de información en los títulos o la dificultad de valoración de los mismos, que proporciona apoyo a alguna de las teorías de finanzas de comportamiento.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This paper tests the momentum effect in the Mexican Stock Exchange. We document a strong momentum effect for this stock market during the period 1993-2006. In addition, we also find that neither risk factors nor transaction costs can explain the returns of the momentum strategies in this market. Finally, our results reveal that momentum returns are linked to some variables that proxy slow information diffusion or over confidence. These results support some behavioural finance models.]]></p></abstract>
<kwd-group>
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<kwd lng="es"><![CDATA[riesgo]]></kwd>
<kwd lng="es"><![CDATA[finanzas de comportamiento]]></kwd>
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