<?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>0124-4639</journal-id>
<journal-title><![CDATA[Revista Universidad y Empresa]]></journal-title>
<abbrev-journal-title><![CDATA[rev.univ.empresa]]></abbrev-journal-title>
<issn>0124-4639</issn>
<publisher>
<publisher-name><![CDATA[Universidad del Rosario]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0124-46392021000100067</article-id>
<article-id pub-id-type="doi">10.12804/revistas.urosario.edu.co/empresa/a.8558</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Risk of Insolvency and Return of Shares: Empirical Analysis of Altman's Z-Score in the Peruvian Mining Sector between 2008 and 2018]]></article-title>
<article-title xml:lang="es"><![CDATA[Riesgo de insolvencia y devolución de acciones: análisis empírico de la puntuación Z de Altman en el sector minero peruano entre 2008 y 2018]]></article-title>
<article-title xml:lang="pt"><![CDATA[Risco de inadimplência e devolução de ações: análise empírica da pontuação Z de Altman no setor mineiro peruano entre 2008-2018]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Lizarzaburu]]></surname>
<given-names><![CDATA[Edmundo R.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Burneo]]></surname>
<given-names><![CDATA[Kurt]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Berggrun]]></surname>
<given-names><![CDATA[Luis]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Esan  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Peru</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Pontificia Universidad Católica del Perú  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Peru</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,CESA Business School  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2021</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2021</year>
</pub-date>
<volume>23</volume>
<numero>40</numero>
<fpage>67</fpage>
<lpage>99</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0124-46392021000100067&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0124-46392021000100067&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0124-46392021000100067&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This research pretends to evaluate the significance of the insolvency risk, referred by Altman's Z-Score, in the explanation of the historical return of the seven most liquid mining companies listed in the Lima Stock Exchange (BVL) based on a Market Return Model (MRM) under a cross-sectional approach. In this sense, daily data was collected from the S&amp;P/BVL Peru Select index and the Peruvian 10-year Sovereign Bond between 2008 and 2018, approximated quarterly by the geometric average to homogenize them with the frequency of the Z. Thus, two central results were obtained: (1) The Z-Score, as an estimator of insolvency risk, is not valid to explain the behavior of the historical return of the shares, and (2) The Market Premium is statistically significant within the yield analysis. Additionally, contrary to the common literature, the results suggest the validity of Sharpe's conventional CAPM.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Esta investigación pretendía evaluar la importancia del riesgo de insolvencia, referido por la puntuación Z de Altman, en la explicación del rendimiento histórico de las siete empresas mineras más líquidas que cotizan en la Bolsa de Valores de Lima (BVL) con base en un modelo de retorno de mercado bajo un enfoque transversal. En este sentido, se recolectaron datos diarios del índice S&amp;P/BVL Peru Select y del Bono Soberano Peruano a diez años entre 2008 y 2018, aproximados trimestralmente por el promedio geométrico para homogeneizarlos con la frecuencia de Z. Así, se obtuvieron dos resultados centrales: (1) el  Z-Score, como estimador de riesgo de insolvencia, que no es válido para explicar el comportamiento de la rentabilidad histórica de las acciones, y (2) la prima de mercado, que es estadísticamente significativa dentro del análisis de rentabilidad. Además, contrariamente a la literatura común, los resultados sugieren la validez del CAPM convencional de Sharpe.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo Esta pesquisa pretende avaliar a importância do risco de inadimplência, calculado pela pontuação Z de Altman, na explicação de rendimento histórico das 7 empresas mineiras mais proeminentes na bolsa de valores de Lima, com base em um Modelo de Retorno de Mercado sobre um enfoque transversal. Neste sentido, coletaram-se dados diários do indicador S&amp;P/BVL Peru Select e do Bônus Soberano Peruano no período de 10 anos entre 20082018, calculados trimestralmente pela média geométrica para homogeneizá-los com a frequência Z. Dessa forma, obteve-se como resultados centrais: (1) o score Z, como estimativa de risco de inadimplência, que não é válido para explicar o comportamento de rentabilidade histórica das ações, e (2) a taxa de mercado, que é estatisticamente significativa dentro da análise de rentabilidade. Adicionalmente, contrário ao descrito na literatura, os resultados sugerem a validade do CAPM convencional de Sharpe.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Financial distress]]></kwd>
<kwd lng="en"><![CDATA[insolvency risk]]></kwd>
<kwd lng="en"><![CDATA[Z-Score]]></kwd>
<kwd lng="en"><![CDATA[historical stock performance]]></kwd>
<kwd lng="en"><![CDATA[emerging markets]]></kwd>
<kwd lng="en"><![CDATA[mining sector]]></kwd>
<kwd lng="es"><![CDATA[problemas financieros]]></kwd>
<kwd lng="es"><![CDATA[riesgo de insolvencia]]></kwd>
<kwd lng="es"><![CDATA[puntuación Z]]></kwd>
<kwd lng="es"><![CDATA[rendimiento histórico de las acciones]]></kwd>
<kwd lng="es"><![CDATA[mercados emergentes]]></kwd>
<kwd lng="es"><![CDATA[sector minero]]></kwd>
<kwd lng="pt"><![CDATA[problemas financeiros]]></kwd>
<kwd lng="pt"><![CDATA[risco de inadimplência]]></kwd>
<kwd lng="pt"><![CDATA[pontuação Z]]></kwd>
<kwd lng="pt"><![CDATA[rendimento histórico das ações]]></kwd>
<kwd lng="pt"><![CDATA[mercados emergentes]]></kwd>
<kwd lng="pt"><![CDATA[setor mineiro]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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