<?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>1657-4206</journal-id>
<journal-title><![CDATA[Ecos de Economía]]></journal-title>
<abbrev-journal-title><![CDATA[ecos.econ.]]></abbrev-journal-title>
<issn>1657-4206</issn>
<publisher>
<publisher-name><![CDATA[Universidad EAFIT]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1657-42062017000100037</article-id>
<article-id pub-id-type="doi">10.17230/ecos.2017.44.2</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[ESTIMACIÓN ROBUSTA DE BETAS Y EL RATIO DE COBERTURA SOBRE FUTUROS DE ÍNDICES BURSÁTILES EN EL MERCADO INTEGRADO LATINOAMERICANO (MILA)]]></article-title>
<article-title xml:lang="en"><![CDATA[Robust Estimation of beta and the hedging ratio in Stock Index Futures In the Integrated Latin American Market]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gómez]]></surname>
<given-names><![CDATA[Andrés]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gutiérrez]]></surname>
<given-names><![CDATA[Astrid K.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gutiérrez]]></surname>
<given-names><![CDATA[Juan C.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
<xref ref-type="aff" rid="Aaf"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Empresas Públicas de Medellín  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Empresas Públicas de Medellín  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad EAFIT  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>01</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>01</month>
<year>2017</year>
</pub-date>
<volume>21</volume>
<numero>44</numero>
<fpage>37</fpage>
<lpage>71</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S1657-42062017000100037&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S1657-42062017000100037&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S1657-42062017000100037&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El presente trabajo tiene por objeto estudiar el efecto que ejercen los datos atípicos en el parámetro beta de acciones pertenecientes al Mercado Integrado Latinoamericano (MILA), estimado por dos diferentes métodos: mínimos cuadrados ordinarios (MCO) y método robusto MM (RMM). Adicionalmente, para ilustrar la relevancia empírica de las betas calculadas, se efectuó una aplicación de cobertura con futuros sobre índices. Los resultados indican que las estimaciones realizadas por el método RMM, ofrecen un mejor ajuste y una mayor eficiencia de la cobertura cuando existe presencia de datos atípicos en la ventana de estimación de la beta.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper examines the effect exerted by outliers in the equity betas in the Integrated Latin American Market (MILA), estimated by two different methods: ordinary least squares (OLS) and robust estimation (RMM). To illustrate the empirical relevance of the estimated betas, we evaluate the hedging ratio using stock index futures. The results indicate that the estimates made by the RMM method provide a better fit and increase the efficiency of a hedging strategy when there are outliers in the estimation window of beta.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[estimación de beta]]></kwd>
<kwd lng="es"><![CDATA[método robusto MM (RMM)]]></kwd>
<kwd lng="es"><![CDATA[método mínimos cuadrados ordinarios (MCO)]]></kwd>
<kwd lng="es"><![CDATA[cobertura con futuros sobre índices MILA]]></kwd>
<kwd lng="en"><![CDATA[estimation of beta]]></kwd>
<kwd lng="en"><![CDATA[robust statistics MM (RMM)]]></kwd>
<kwd lng="en"><![CDATA[ordinary least squares (OLS)]]></kwd>
<kwd lng="en"><![CDATA[hedging ratio with stock MILA market index futures]]></kwd>
</kwd-group>
</article-meta>
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