<?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>S1665-53462024000400006</article-id>
<article-id pub-id-type="doi">10.21919/remef.v19i4.1074</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Extensión del modelo de tres factores de Fama y French, rendimientos de mercado y sustentabilidad corporativa]]></article-title>
<article-title xml:lang="en"><![CDATA[A Three-Factor Fama and French Model Extension, Market Returns and Corporate Sustainability]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Silva-Noreña]]></surname>
<given-names><![CDATA[Raúl]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gavira-Durón]]></surname>
<given-names><![CDATA[Nora]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Alonso-Rivera]]></surname>
<given-names><![CDATA[Angélica]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de las Américas Puebla  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2024</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2024</year>
</pub-date>
<volume>19</volume>
<numero>4</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462024000400006&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462024000400006&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462024000400006&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Objetivo: demostrar si la sustentabilidad corporativa representa un factor que impacta los retornos de mercado de las empresas. Metodología: una extensión del modelo lineal de tres factores de Fama y French, analiza el exceso de rendimiento esperado sobre de la tasa libre de riesgo en función de la sensibilidad a tres factores (prima de riesgo sistemático, factor de tamaño de la empresa y factor capitalización); con un cuarto factor (sustentabilidad de la empresa), medido por su calificación ESG. Datos históricos mensuales del precio de las acciones de 505 empresas del SP500 de 2002 a 2021. Resultados: la sustentabilidad no representa un factor determinante en los rendimientos de mercado. Recomendación: utilizar rezagos en futuras investigaciones. Limitación: no considera las controversias en las calificaciones ESG, lo que podría modificar los resultados. Originalidad: la forma de medir el rendimiento considerando su evaluación de sustentabilidad. Conclusión: la sustentabilidad en las empresas tiene un costo económico en el corto plazo que impacta en los retornos, pero a mediano o largo plazo, representa un incentivo para inversionistas y clientes.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract Objective: to demonstrate if corporate sustainability represents a factor that impacts the market returns of companies. Methodology: An extension of Fama and French's three-factor linear model, it analyzes the expected excess return over the risk-free rate as a function of sensitivity to three factors (systematic risk premium, firm size factor, and factor capitalization); with a fourth factor (company sustainability), measured by its ESG rating. Monthly historical data on the share price of 505 SP500 companies from 2002 to 2021. Results: Sustainability is not a determining factor in market returns. Recommendation: use lags in future research. Limitation: Does not consider disputes in ESG ratings, which could change results. Originality: the way to measure performance considering its sustainability evaluation. Conclusion: sustainability in companies has an economic cost in the short term that impacts returns, but in the medium or long term, it represents an incentive for investors and clients.]]></p></abstract>
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<kwd lng="es"><![CDATA[Sustentabilidad corporativa]]></kwd>
<kwd lng="es"><![CDATA[FF3FM]]></kwd>
<kwd lng="es"><![CDATA[ETFs]]></kwd>
<kwd lng="es"><![CDATA[inversión socialmente responsable]]></kwd>
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<kwd lng="en"><![CDATA[Corporate sustainability]]></kwd>
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<kwd lng="en"><![CDATA[ETFs]]></kwd>
<kwd lng="en"><![CDATA[Socially Responsible Investing]]></kwd>
</kwd-group>
</article-meta>
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