<?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>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422022000100257</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2022.3035</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Producto estructurado para minimizar costos energéticos de producción sustituyendo petróleo por gas]]></article-title>
<article-title xml:lang="en"><![CDATA[Structured product to minimize production energy costs by substituting oil with gas]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Climent Hernández]]></surname>
<given-names><![CDATA[José Antonio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rodríguez Benavides]]></surname>
<given-names><![CDATA[Domingo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Martínez Palacios]]></surname>
<given-names><![CDATA[María Teresa Verónica]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma Metropolitana  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Instituto Politécnico Nacional  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2022</year>
</pub-date>
<volume>67</volume>
<numero>1</numero>
<fpage>257</fpage>
<lpage>282</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422022000100257&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422022000100257&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422022000100257&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este trabajo presenta innovaciones con procesos &#945;-estables para valuar un producto estructurado para minimizar costos energéticos en un periodo dado suponiendo que una organización selecciona entre petróleo y gas para producir electricidad. La posición corta de la opción europea de venta es para minimizar los costos energéticos y la posición larga del bono libre de riesgo tiene un valor nominal equivalente a un contrato a plazo (forward) y es el costo energético estimado que la organización está dispuesta a pagar. La innovación es la valuación del producto estructurado modelando el rendimiento subyacente con un proceso estocástico &#945;-estable. El comportamiento de los rendimientos es analizado con las estimaciones de los estadísticos descriptivos y los parámetros &#945; -estables, justificando estadísticamente la pertinencia del proceso &#945;-estable con pruebas de bondad de ajuste. Concluyendo que la cobertura para el riesgo de precio minimiza los costos energéticos, las opciones &#945;-estables son estadísticamente más eficientes y menos costosas que las opciones gaussianas y que el gas es menos costoso que el petróleo en el periodo estudiado.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This work presents innovations with &#945;-stable processes to value a structured product to minimize energy costs in a given period assuming that an organization selects between oil and gas to produce electricity. The short position of the European put option is to minimize energy costs and the long position of the risk-free bond has a nominal value equivalent to a forward contract and is the estimated energy cost that the organization is willing to pay. The innovation is the valuation of the structured product modeling the underlying returns with an &#945;-stable stochastic process. The performance of the returns is analyzed with descriptive statistics and the &#945;-stable parameters estimation, statistically justifying the relevance of the &#945;stable process with goodness of fit tests. Concluding that hedging for price risk minimizes energy costs, &#945;-stable options are statistically more efficient and less expensive than Gaussian options and that gas is less expensive than oil in the period studied.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Procesos estocásticos]]></kwd>
<kwd lng="es"><![CDATA[ingeniería financiera]]></kwd>
<kwd lng="es"><![CDATA[productos estructurados]]></kwd>
<kwd lng="en"><![CDATA[stochastic processes]]></kwd>
<kwd lng="en"><![CDATA[financial engineering]]></kwd>
<kwd lng="en"><![CDATA[structured products]]></kwd>
</kwd-group>
</article-meta>
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