<?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>0120-3592</journal-id>
<journal-title><![CDATA[Cuadernos de Administración]]></journal-title>
<abbrev-journal-title><![CDATA[Cuad. Adm.]]></abbrev-journal-title>
<issn>0120-3592</issn>
<publisher>
<publisher-name><![CDATA[Pontificia Universidad Javeriana]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-35922017000100065</article-id>
<article-id pub-id-type="doi">10.11144/javeriana.cao30-54.remcf</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Los retornos a la educación en México ante la crisis financiera de 2008. Un análisis desde la teoría de portafolios]]></article-title>
<article-title xml:lang="en"><![CDATA[Returns to education in Mexico in the face of the financial crisis of 2008. An analysis from portfolio theory]]></article-title>
<article-title xml:lang="pt"><![CDATA[Os retornos sobre a educaçâo no México diante da crise financeira de 2008. Uma análise a partir da teoria de portfolios]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Fernández Domínguez]]></surname>
<given-names><![CDATA[Amílcar Orlian]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gómez Hernández]]></surname>
<given-names><![CDATA[Denise]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Banda Ortiz]]></surname>
<given-names><![CDATA[Humberto]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma de Querétaro  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Autónoma de Querétaro  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Autónoma de Querétaro  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2017</year>
</pub-date>
<volume>30</volume>
<numero>54</numero>
<fpage>65</fpage>
<lpage>90</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-35922017000100065&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-35922017000100065&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-35922017000100065&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen En este artículo se utilizan métodos de análisis financiero -teoría de portafolios- para examinar cambios estructurales entre 2005 y 2016 en los retornos de inversión en educación de pregrado en México considerando el riesgo. Los resultados del análisis econométrico muestran que antes de la crisis financiera era óptimo diversificar (no enviando a todos los miembros a estudiar el pregrado) dado el nivel de riesgo promedio al que se enfrentaban los hogares. Sin embargo, posterior a la crisis financiera, la diferencia entre los ingresos o utilidad esperada de los hogares diversificados y algunos no diversificados se redujo, de manera que el riesgo pesaría más que el rendimiento en la decisión de los hogares de invertir en educación de pregrado.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper uses financial analysis methods -portfolio theory- to examine structural changes between 2005 and 2016 in the investment returns to undergraduate education in Mexico, considering the risk faced by households. Econometric analysis results show that before the financial crisis diversification was optimum (not sending all members to pursue undergraduate level studies) given the average risk level faced by households. However, after the financial crisis, the difference in income or expected utilities between diversified and some non-diversified households was reduced, causing decisions to invest in undergraduate education more dependent on risk than on the return of that investment.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo Neste artigo, utilizam-se métodos de análise financeira -teoria de portfólios- para examinar mudanças estruturais entre 2005 e 2016 nos retornos sobre o investimento em educação de graduação no México considerando o risco. Os resultados da análise econométrica mostram que antes da crise financeira era ótimo diversificar (não enviando a todos os membros para estudar a graduação) dado o nível de risco médio ao quais os lares se enfrentavam. Contudo, posterior à crise financeira, a diferença entre os ingressos ou o rendimento esperado dos lares diversificados e alguns não diversificados se reduziu, de maneira que o risco pesaria mais que o rendimento na decisão dos lares de investir em educação universitária.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[retornos a la educación]]></kwd>
<kwd lng="es"><![CDATA[teoría de portafolios]]></kwd>
<kwd lng="es"><![CDATA[crisis financiera]]></kwd>
<kwd lng="en"><![CDATA[returns to education]]></kwd>
<kwd lng="en"><![CDATA[portfolio theory]]></kwd>
<kwd lng="en"><![CDATA[financial crisis]]></kwd>
<kwd lng="pt"><![CDATA[crise financeira]]></kwd>
<kwd lng="pt"><![CDATA[retornos sobre a educalo]]></kwd>
<kwd lng="pt"><![CDATA[teoria de portfolios]]></kwd>
</kwd-group>
</article-meta>
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