<?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>0123-5923</journal-id>
<journal-title><![CDATA[Estudios Gerenciales]]></journal-title>
<abbrev-journal-title><![CDATA[estud.gerenc.]]></abbrev-journal-title>
<issn>0123-5923</issn>
<publisher>
<publisher-name><![CDATA[Universidad Icesi]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0123-59232020000100091</article-id>
<article-id pub-id-type="doi">10.18046/j.estger.2020.154.3476</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La eficiencia media-varianza de un portafolio sobreponderado en acciones socialmente responsables de México y Estados Unidos]]></article-title>
<article-title xml:lang="en"><![CDATA[The mean-variance efficiency of an overweight portfolio in socially responsible actions in Mexico and in United States]]></article-title>
<article-title xml:lang="pt"><![CDATA[A eficiência da variação média de um portfólio sobrestimado em ações socialmente responsáveis no México e nos Estados Unidos]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Macías-Trejo]]></surname>
<given-names><![CDATA[Luis Guadalupe]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[López-Herrera]]></surname>
<given-names><![CDATA[Francisco]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[de la Torre-Torres]]></surname>
<given-names><![CDATA[Oscar Valdemar]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Michoacana de San Nicolás de Hidalgo Facultad de Contaduría y Ciencias Administrativas ]]></institution>
<addr-line><![CDATA[Morelia ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Nacional Autónoma de México Facultad de Contaduría y Administración ]]></institution>
<addr-line><![CDATA[Ciudad de México ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Michoacana de San Nicolás de Hidalgo Facultad de Contaduría y Ciencias Administrativas ]]></institution>
<addr-line><![CDATA[Morelia ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2020</year>
</pub-date>
<volume>36</volume>
<numero>154</numero>
<fpage>91</fpage>
<lpage>99</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0123-59232020000100091&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0123-59232020000100091&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0123-59232020000100091&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen En este artículo se hace una revisión de los beneficios para un inversionista con un portafolio que invierte tanto en un índice de mercado como en acciones de inversión socialmente responsables (ISR) y que está diversificado en Estados Unidos y México. Al emplear el modelo estándar de Markowitz con históricos diarios de los rendimientos de los índices S&amp;P 500, Dow Jones Sustainability, Índice de Precios y Cotizaciones (IPC) e IPC sustentable, se encontró que sobreponderar en acciones de inversión socialmente responsables conlleva mejores resultados en términos de eficiencia media-varianza en ambos países, en comparación con un portafolio que replica el nivel de inversión de acciones ISR de los índices de mercado previamente citados. Los resultados presentados contribuyen a refutar la posición teórica de que se pierden beneficios y rentabilidad si se da preferencia a la inversión socialmente responsable, en comparación a una cartera o índice de mercado convencional. Clasificación JEL: G11; G15; G17.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This article reviews the benefits for an investor with a portfolio that invests in both a market index and socially responsible investment (SRI) stocks, that is diversified in the United States and Mexico. By using the Markowitz standard model with daily historical return data of the S&amp;P 500, the Dow Jones Sustainability, the Price and Quotation Index (PQI), and the PQI sustainability index, it was found that to overweight in SRI stocks leads to a better mean-variance efficiency in both countries, in a comparison with a portfolio replicating the level of investment of SRI stocks of the previously mentioned market indices. The results presented contribute to refute the theoretical position that benefits and profitability are lost if the preference is given to the SRI, in comparison with a conventional portfolio or market index.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo Este artigo analisa os benefícios para um investidor com um portfólio que investe em um índice de mercado e em ações de Investimento Socialmente Responsável (ISR) e que é diversificado nos Estados Unidos e no México. Usando o modelo padrão de Markowitz com retornos históricos diários para o S&amp;P 500, Dow Jones Sustainability, Índice de Preços e Cotações (CPI) e CPI sustentável, verificou-se que supervalorizar nos estoques de investimento socialmente responsável leva a melhores resultados em termos da eficiência de variância média nos dois países, em comparação com um portfólio que replica o nível de investimento das ações ISR dos índices de mercado mencionados anteriormente. Os resultados apresentados ajudam a refutar a posição teórica de que lucros e rentabilidade são perdidos se for dada preferência a Investimentos Socialmente Responsáveis, em comparação com um portfólio ou índice de mercado convencional.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[teoría de portafolios]]></kwd>
<kwd lng="es"><![CDATA[selección de portafolios]]></kwd>
<kwd lng="es"><![CDATA[diversificación internacional]]></kwd>
<kwd lng="es"><![CDATA[inversión socialmente responsable]]></kwd>
<kwd lng="en"><![CDATA[portfolio theory]]></kwd>
<kwd lng="en"><![CDATA[portfolio selection]]></kwd>
<kwd lng="en"><![CDATA[international diversification]]></kwd>
<kwd lng="en"><![CDATA[socially responsible investment]]></kwd>
<kwd lng="pt"><![CDATA[teoria de portfólio]]></kwd>
<kwd lng="pt"><![CDATA[seleção de portfólio]]></kwd>
<kwd lng="pt"><![CDATA[diversificação internacional]]></kwd>
<kwd lng="pt"><![CDATA[investimento socialmente responsável]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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