<?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>S0186-10422024000100111</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2023.4911</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Construcción de portafolios condicionales vs tradicionales: aplicación al Mercado Integrado Latinoamericano (MILA)]]></article-title>
<article-title xml:lang="en"><![CDATA[Construction of conditional vs. traditional portfolios; Application to the Latin American Integrated Market (MILA)]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sosa Castro]]></surname>
<given-names><![CDATA[Magnolia Miriam]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Cabello Rosales]]></surname>
<given-names><![CDATA[Alejandra]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ortiz Calisto]]></surname>
<given-names><![CDATA[Edgar]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Nacional Autónoma de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Autónoma Metropolitana  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2024</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2024</year>
</pub-date>
<volume>69</volume>
<numero>1</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422024000100111&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422024000100111&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422024000100111&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El objetivo de este trabajo es construir portafolios, a partir del cálculo de parámetros no condicionales (tradicionales) y condicionales, estos últimos mediante modelos Generalizados Autoregresivos con Heteroscedasticidad Condicional (GARCH) univariados y de Correlación Condicional Dinámica (GARCH-DCC), bajo una distribución t-Student. Una vez realizada la estimación con ambos tipos de parámetros, se comparan los portafolios tradicionales con respecto a los condicionales, determinando cuál de ellos resulta en estimar una mejor relación riesgo-rendimiento. Para el diseño de los portafolios óptimos se emplean los índices bursátiles del Mercado Integrado Latinoamericano (MILA) constituido por Colombia, Chile, México y Perú, precios de cierre diarios de enero 2017 a junio 2022. Los resultados señalan que, los portafolios condicionales tienen mejor desempeño que los portafolios construidos de manera tradicional. Los hallazgos tienen importantes implicaciones en términos del desarrollo de estrategias de inversión internacional en mercados emergentes.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper aims to propose the construction of portfolios using conditional parameters obtained with univariate and multivariate GARCH models under the t-Student distribution. For the design of the optimal portfolios, the MILA (Latin American Integrated Market) indexes from 2017 to 2022 are used. The results reveal that conditional portfolios have a better risk-return ratio and lower risk exposure (measured by Value at Risk) compared to traditional portfolios. Empirical evidence is crucial for developing international investment strategies in emerging markets.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[portafolios condicionales]]></kwd>
<kwd lng="es"><![CDATA[mercado integrado latinoamericano]]></kwd>
<kwd lng="es"><![CDATA[modelos GARCH]]></kwd>
<kwd lng="es"><![CDATA[modelos de correlación condicional dinámica]]></kwd>
<kwd lng="en"><![CDATA[conditional portfolios]]></kwd>
<kwd lng="en"><![CDATA[Latin American integrated market]]></kwd>
<kwd lng="en"><![CDATA[GARCH models]]></kwd>
<kwd lng="en"><![CDATA[dynamic conditional correlation model]]></kwd>
</kwd-group>
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