<?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>S2448-718X2018000400801</article-id>
<article-id pub-id-type="doi">10.20430/ete.v85i340.292</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Selectividad, timing y liderazgo de los multifondos-AFP en Chile]]></article-title>
<article-title xml:lang="en"><![CDATA[Selectivity, market timing and leadership of the multifunds-PFAs in Chile]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sandoval Álamos]]></surname>
<given-names><![CDATA[Eduardo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Germany Morrison]]></surname>
<given-names><![CDATA[Benjamín]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Tecnológica Metropolitana Facultad de Ingeniería Departamento de Industria]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Concepción Magíster en gestión industrial ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2018</year>
</pub-date>
<volume>85</volume>
<numero>340</numero>
<fpage>801</fpage>
<lpage>832</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2018000400801&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2018000400801&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2018000400801&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen  Antecedentes: La evaluación de habilidades de selectividad, market timing y liderazgo en inversiones ejercido por los multifondos dependientes de las Administradoras de Fondos de Pensiones (AFP) es un tema de particular interés para los trabajadores en Chile, en especial luego de la implementación del primer proceso de licitación de cartera de nuevos afiliados.  Metodología: Haciendo uso del modelo de mercado cuadrático, con ventanas móviles de tiempo, junto con pruebas de causalidad de Granger, este artículo analiza el desempeño y liderazgo en políticas de inversión de seis AFP en los cinco multifondos existentes en Chile, durante el periodo que va desde septiembre de 2010 hasta marzo de 2016.  Resultados: Se indica que los multifondos muestran habilidades que no alcanzan a compensar las comisiones cobradas. Sin embargo, en términos de desempeño neto de comisiones, en comparación con el promedio de la industria destacan en todos los multifondos las AFP Modelo y Habitat, respectivamente. Además, no se detecta relación entre liderazgo en inversiones y desempeño.  Conclusiones: El artículo finaliza destacando la importancia de las comisiones en el desempeño neto de los multifondos y en el potencial efecto que una mayor cantidad de competidores tendría en la industria. En este sentido, destaca la AFP Modelo, la cual muestra aproximadamente 1.63% de mejor desempeño que el promedio de la industria, debido a su más baja comisión detectada en el periodo completo de análisis.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract  Background: The evaluation of selectivity, market timing and investment leadership exercised by the multifunds dependent on the Pension Fund Administrators (PFAS) is a topic of particular interest for workers in Chile, especially after the implementation of the first new affiliates&#8217; portfolio bidding process.  Methodology: Using the Quadratic Market Model, with mobile time windows, along with Granger causality tests, this article analyzes the performance and leadership in investments of six PFAS in the five existing multifunds in Chile, from September 2010 to March 2016.  Results: The results indicate that the multifunds show abilities that do not reach to compensate the commissions charged. However, in terms of net performance of commissions, compared to the industry average, the pension fund administrators, Modelo and Habitat respectively, stand out in all the multifunds. In addition, no relationship between investment leadership and net performance of commissions is detected.  Conclusions: The article concludes by highlighting the importance of the commissions in the net performance of the multifunds and the potential effect that a greater number of competitors would have on the industry. In this regard, the Pension Fund Administrator Modelo stands out, which shows approximately 1.63% of better performance than the industry average, due to its lower commission detected in the entire analysis period.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[selectivity]]></kwd>
<kwd lng="en"><![CDATA[market timing]]></kwd>
<kwd lng="en"><![CDATA[leadership]]></kwd>
<kwd lng="en"><![CDATA[multifunds-PFAs industry]]></kwd>
<kwd lng="es"><![CDATA[selectividad]]></kwd>
<kwd lng="es"><![CDATA[market timing]]></kwd>
<kwd lng="es"><![CDATA[liderazgo]]></kwd>
<kwd lng="es"><![CDATA[industria de multifondos-AFP]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Antolin]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[Pension Fund Performance]]></source>
<year>2008</year>
<numero>20</numero>
<issue>20</issue>
<publisher-name><![CDATA[OCDE]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Alexander]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Benson]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Eger]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Timing Decisions and the Behavior of Mutual Fund Systematic Risk]]></article-title>
<source><![CDATA[Journal of Financial and Quantitative Analysis]]></source>
<year>1982</year>
<volume>13</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>567-72</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Berstein]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Castro]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Costos y rentabilidad de los fondos de pensiones: ¿qué informar a los afiliados?]]></source>
<year>2005</year>
<numero>1</numero>
<issue>1</issue>
<publisher-name><![CDATA[Superintendencia de Pensiones]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Berstein]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Fuentes]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
<name>
<surname><![CDATA[Torrealba]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<source><![CDATA[Esquema de multifondos en Chile]]></source>
<year>2011</year>
<numero>43</numero>
<issue>43</issue>
<publisher-name><![CDATA[Superintendencia de Pensiones]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bhattacharya]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Pfleiderer]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[A Note on Performance Evaluation]]></source>
<year>1983</year>
<publisher-loc><![CDATA[Graduate School of Business ]]></publisher-loc>
<publisher-name><![CDATA[Stanford University]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Brinson]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Hood]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Beebower]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Determinants of Portfolio Performance]]></article-title>
<source><![CDATA[Financial Analysts Journal]]></source>
<year>1986</year>
<volume>50</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>29-44</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Coggin]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Fabozzi]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Rahman]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Investment Performance of U. S Equity Pension Fund Managers: An Empirical Investigation]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1993</year>
<volume>48</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>1039-55</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="book">
<collab>Corporación de Investigación, Estudio y Desarrollo de la Seguridad Social</collab>
<source><![CDATA[Garantía de rentabilidad mínima de las AFP: origen, función y aplicación del encaje]]></source>
<year>2012</year>
<publisher-name><![CDATA[Unidad de Estudios Cuantitativos, Área de Investigación y Estudios]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cumby]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Modest]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Testing for Market timing Ability]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>1987</year>
<volume>19</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>169-89</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cuthbertson]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Nitzsche]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[O&#8217;Sullivan]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Market timing Ability of U. K. Mutual Funds]]></article-title>
<source><![CDATA[Journal of Business, Finance and Accounting]]></source>
<year>2010</year>
<volume>37</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>270-84</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fama]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Efficient Capital Markets: A Review of Theory and Empirical Work]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1970</year>
<volume>25</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>383-417</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fama]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Components of Investment Performance]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1972</year>
<volume>27</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>551-67</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ferson]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
<name>
<surname><![CDATA[Haitao]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Performance Evaluation with Market Volatility Timing and Selectivity]]></source>
<year>2012</year>
<publisher-name><![CDATA[University of Southern California]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ferson]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
<name>
<surname><![CDATA[Schadt]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Measuring Fund Strategy and Performance in Changing Economic Conditions]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1996</year>
<volume>51</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>425-61</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Francis]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Fabozzi]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Stability of Mutual Fund Systematic Risk Statistics]]></article-title>
<source><![CDATA[Journal of Business Research]]></source>
<year>1980</year>
<volume>8</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>263-75</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gallo]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Swanson]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Comparative Measures of Performance for U. S. Based International Equity Mutual Funds]]></article-title>
<source><![CDATA[Journal of Banking and Finance]]></source>
<year>1996</year>
<volume>20</volume>
<numero>10</numero>
<issue>10</issue>
<page-range>1635-50</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Granger]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Investigating Causal Relations by Econometric Models and Cross-Spectral Methods]]></article-title>
<source><![CDATA[Econometrica]]></source>
<year>1969</year>
<volume>37</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>424-38</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Grinblatt]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Titman]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A Study of Monthly Mutual Fund Returns and Performance Evaluation Techniques]]></article-title>
<source><![CDATA[Journal of Financial and Quantitative Analysis]]></source>
<year>1994</year>
<volume>29</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>419-44</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Henriksson]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Merton]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[On Market timing and Investment Performance]]></article-title>
<source><![CDATA[Journal of Business]]></source>
<year>1981</year>
<volume>54</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>513-34</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jensen]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Performance of Mutual Funds in the Period 1945-1964]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1968</year>
<volume>23</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>389-461</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lehman]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Modest]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Mutual Fund Performance Evaluations: A Comparison of Benchmarks and Benchmarks Comparisons]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1987</year>
<volume>42</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>233-65</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lockwood]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Kadiyala]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Measuring Investment Performance with a Stochastic Parameter Regression Model]]></article-title>
<source><![CDATA[Journal of Banking and Finance]]></source>
<year>1988</year>
<volume>12</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>457-67</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Roll]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A Critique of the Asset Pricing Theory&#8217;s Tests]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>1977</year>
<volume>4</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>129-76</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ross]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Arbitrage Theory of Capital Asset Pricing]]></article-title>
<source><![CDATA[Journal of Economic Theory]]></source>
<year>1976</year>
<volume>13</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>341-60</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sharpe]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1964</year>
<volume>19</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>425-42</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sharpe]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Mutual Fund Performance]]></article-title>
<source><![CDATA[Journal of Business]]></source>
<year>1965</year>
<volume>39</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>119-38</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sharpe]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Asset Allocation: Management Style and Performance Measurement]]></article-title>
<source><![CDATA[Journal of Portfolio Management]]></source>
<year>1992</year>
<volume>18</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>7-19</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Swinkels L.]]></surname>
<given-names><![CDATA[P. Van der Sluis]]></given-names>
</name>
<name>
<surname><![CDATA[Verbeek]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Market timing: A Decomposition of Mutual Fund Returns]]></source>
<year>2003</year>
<page-range>1-39</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Treynor]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[How to Rate Management of Investments Funds]]></article-title>
<source><![CDATA[Harvard Business Review]]></source>
<year>1965</year>
<volume>43</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>63-75</page-range></nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Treynor]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Mazuy]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Can Mutual Funds Outguess the Market?]]></article-title>
<source><![CDATA[Harvard Business Review]]></source>
<year>1966</year>
<volume>44</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>131-6</page-range></nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Walker]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Desempeño financiero de las carteras de renta fija de los fondos de pensiones en Chile. ¿Ha tenido desventajas ser grandes?]]></article-title>
<source><![CDATA[Cuadernos de Economía]]></source>
<year>1993</year>
<volume>30</volume>
<numero>89</numero>
<issue>89</issue>
<page-range>1-34</page-range></nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Walker]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Desempeño financiero de las carteras accionarias de los fondos de pensiones en Chile. ¿Ha tenido desventajas ser grandes?]]></article-title>
<source><![CDATA[Cuadernos de Economía]]></source>
<year>1993</year>
<volume>30</volume>
<numero>89</numero>
<issue>89</issue>
<page-range>35-76</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
