Decisiones de inversión, desempeño económico, colaboración y apertura de información en tiempos de Covid-19
DOI:
https://doi.org/10.29105/vtga7.1-137Keywords:
Covid-19, Decisiones de inversión, Portafolio.Abstract
Desde la publicación de la teoría de la selección del portafolio de Markowitz 1952 se han creados diversas estrategias de inversión; sin embargo, no todas de ellas ofrecen un rendimiento excesivo por periodos largos de tiempo; esto puede deberse a variaciones en la economía y a factores externos. El articulo pretende cumplir dos objetivos: el primero es realizar una revisión a la literatura sobre decisiones de inversión durante Covid-19, evaluando factores internos y externos sobre los efectos económicos relacionados en algunas empresas mexicanas ganadoras. Con lo anterior se aportarán estrategias de inversión con miras a entender para así mejorar el desempeño financiero de los individuos inversionistas sobre tiempos de incertidumbre en el terreno internación y nacional. El segundo objetivo es: una examinación a la filología sobre compartir información en ambientes de volatilidad que podrían mejorar la colaboración y apertura de información entre los individuos y empresas.
Downloads
References
Abel, A. B. (1988). Stock prices under time-varying dividend risk: An exact solution in an infinite-horizon general equilibrium model. Journal of Monetary Economics, 22(3), 375-393. En: https://doi.org/10.1016/0304-3932(88)90004-9 DOI: https://doi.org/10.1016/0304-3932(88)90004-9
Afari, E., & Khine, M. S. (2017). Robotics as an educational tool: Impact of lego mindstorms. International Journal of Information and Education Technology, 7(6), 437-442. En: http://www.ijiet.org/show-88-1038-1.html DOI: https://doi.org/10.18178/ijiet.2017.7.6.908
Aït-Youcef, C. (2019). How index investment impacts commodities: A story about the financialization of agricultural commodities. Economic Modelling, 80, 23-33. En: https://www.sciencedirect.com/science/article/abs/pii/S0264999317309598 DOI: https://doi.org/10.1016/j.econmod.2018.04.007
Asness, C. S., Moskowitz, T. J., & Pedersen, L. H. (2013). Value and momentum everywhere. The Journal of Finance, 68(3), 929-985. En: https://doi.org/10.1111/jofi.12021 DOI: https://doi.org/10.1111/jofi.12021
August, R., Schiereck, D., & Weber, M. (2000). Momentumstrategien am deutschen Aktienmarkt: neue empirische Evidenz zur Erklärung des Erfolgs (No. 35294). Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL). En: https://ideas.repec.org/p/dar/wpaper/35294.html
Badawy, H. (2021). The Effect of Quality and Timeliness of Limited Review Report on Perceived Interim Financial Reporting Quality during COVID-19 Pandemic Crisis: Evidence from Egypt. المجلة العلمية للدراسات والبحوث المالية والتجارية, 2(العدد الثاني-الجزء الأول), 25-74. En: https://journals.ekb.eg/article_146711.html DOI: https://doi.org/10.21608/cfdj.2021.146711
Bartik, A. W., Bertrand, M., Cullen, Z. B., Glaeser, E. L., Luca, M., & Stanton, C. T. (2020). How are small businesses adjusting to COVID-19? Early evidence from a survey (No. w26989). National Bureau of Economic Research. En: https://www.nber.org/papers/w26989 DOI: https://doi.org/10.3386/w26989
Bajgrowicz, P., & Scaillet, O. (2012). Technical trading revisited: False discoveries, persistence tests, and transaction costs. Journal of Financial Economics, 106(3), 473-491. En: https://doi.org/10.1016/j.jfineco.2012.06.001 DOI: https://doi.org/10.1016/j.jfineco.2012.06.001
Barsky, R. B. (1986). Why don't the prices of stocks and bonds move together? (No. w2047). National Bureau of Economic Research. En: https://www.nber.org/papers/w2047 DOI: https://doi.org/10.3386/w2047
Basu, S. (1997). The conservatism principle and the asymmetric timeliness of earnings1. Journal of accounting and economics, 24(1), 3-37. En: https://doi.org/10.1016/S0165-4101(97)00014-1 DOI: https://doi.org/10.1016/S0165-4101(97)00014-1
Baur, D. G., & Lucey, B. M. (2010). Is gold a hedge or a safe haven? An analysis of stocks, bonds and gold. Financial Review, 45(2), 217-229. En: https://doi.org/10.1111/j.1540-6288.2010.00244.x DOI: https://doi.org/10.1111/j.1540-6288.2010.00244.x
Bohl, M. T., Czaja, M. G., & Kaufmann, P. (2016). Momentum profits, market cycles, and rebounds: Evidence from Germany. The Quarterly Review of Economics and Finance, 61, 139-159. En: https://doi.org/10.1016/j.qref.2016.01.003 DOI: https://doi.org/10.1016/j.qref.2016.01.003
Bordo, M. D., & Haubrich, J. G. (2017). Deep recessions, fast recoveries, and financial crises: Evidence from the American record. Economic Inquiry, 55(1), 527-541. En: https://doi.org/10.1111/ecin.12374 DOI: https://doi.org/10.1111/ecin.12374
Brown, S., Lo, K., & Lys, T. (1999). Use of R2 in accounting research: measuring changes in value relevance over the last four decades. Journal of Accounting and Economics, 28(2), 83-115. En: https://doi.org/10.1016/S0165-4101(99)00023-3 DOI: https://doi.org/10.1016/S0165-4101(99)00023-3
Cassar, G. (2004). The financing of business start-ups. Journal of business venturing, 19(2), 261-283. En: https://doi.org/10.1016/S0883-9026(03)00029-6 DOI: https://doi.org/10.1016/S0883-9026(03)00029-6
ChanZuckerberg Foundation. CZF (2021). CZI COVID-19 Response. 05/03/2021, de ChanZuckerberg Foundation. En: https://chanzuckerberg.com/covid-19/
Chesbrough, H. W. (2003). Open innovation: The new imperative for creating and profiting from technology. Harvard Business Press.
Chesbrough, H. (2019). Open innovation results: Going beyond the hype and getting down to business. Oxford University Press. DOI: https://doi.org/10.1093/oso/9780198841906.001.0001
Chesbrough, H., & Bogers, M. (2014). Explicating open innovation: Clarifying an emerging paradigm for understanding innovation. New Frontiers in Open Innovation. Oxford: Oxford University Press, Forthcoming, 3-28. En: https://ssrn.com/abstract=2427233 DOI: https://doi.org/10.1093/acprof:oso/9780199682461.003.0001
Chesbrough, H. (2020). To recover faster from Covid-19, open up: Managerial implications from an open innovation perspective. Industrial Marketing Management, 88, 410-413. En: https://doi.org/10.1016/j.indmarman.2020.04.010 DOI: https://doi.org/10.1016/j.indmarman.2020.04.010
Choi, J., Kim, Y. S., & Mitov, I. (2015). Reward-risk momentum strategies using classical tempered stable distribution. Journal of Banking & Finance, 58, 194-213. En: https://doi.org/10.1016/j.jbankfin.2015.05.002 DOI: https://doi.org/10.1016/j.jbankfin.2015.05.002
Durand, R. B., Junker, M., & Szimayer, A. (2010). The flight‐to‐quality effect: a copula‐based analysis. Accounting & Finance, 50(2), 281-299. En: https://doi.org/10.1111/j.1467-629X.2009.00320.x DOI: https://doi.org/10.1111/j.1467-629X.2009.00320.x
Ely, K., & Waymire, G. (1999). Accounting standard-setting organizations and earnings relevance: longitudinal evidence from NYSE common stocks, 1927-93. Journal of accounting Research, 37(2), 293-317. En: https://doi.org/10.2307/2491411 DOI: https://doi.org/10.2307/2491411
El-Erian, M. A. (2010). Navigating the new normal in industrial countries. Washington, DC: Per Jacobsson Foundation.
Fama, E. F., & French, K. R. (1992). The cross‐section of expected stock returns. the Journal of Finance, 47(2), 427-465. DOI: https://doi.org/10.1111/j.1540-6261.1992.tb04398.x
Francis, J., & Schipper, K. (1999). Have financial statements lost their relevance? Journal of accounting Research, 37(2), 319-352. En: https://doi.org/10.2307/2491412 DOI: https://doi.org/10.2307/2491412
Garber, P. M. (2001). Famous first bubbles: The fundamentals of early manias. mit Press. DOI: https://doi.org/10.7551/mitpress/2958.001.0001
Hetkamp, M., Schweda, A., Bäuerle, A., Weismüller, B., Kohler, H., Musche, V., ... & Skoda, E. M. (2020). Sleep disturbances, fear, and generalized anxiety during the COVID-19 shut down phase in Germany: relation to infection rates, deaths, and German stock index DAX. Sleep medicine, 75, 350-353. En: https://doi.org/10.1016/j.sleep.2020.08.033 DOI: https://doi.org/10.1016/j.sleep.2020.08.033
Hirvonen, T. (2021). Behavioural Finance in Financial Crises: The Case of Covid-19. En: https://aaltodoc.aalto.fi/handle/123456789/107346
Levy, R. A. (1967). Relative strength as a criterion for investment selection. The Journal of finance, 22(4), 595-610. En: https://doi.org/10.2307/2326004 DOI: https://doi.org/10.1111/j.1540-6261.1967.tb00295.x
Lifshitz-Assaf, H. (2018). Dismantling knowledge boundaries at NASA: The critical role of professional identity in open innovation. Administrative science quarterly, 63(4), 746-782. En: https://doi.org/10.1177/0001839217747876 DOI: https://doi.org/10.1177/0001839217747876
Hausman, A., & Johnston, W. J. (2014). Timeline of a financial crisis: Introduction to the special issue. Journal of Business Research,Volume 67, Issue 1, 2667-2670. En: https://doi.org/10.1016/j.jbusres.2013.03.014. DOI: https://doi.org/10.1016/j.jbusres.2013.03.014
Tan, H., & Mathews, J. A. (2010). Identification and analysis of industry cycles. Journal of Business Research, 63(5), 454-462. En: https://doi.org/10.1016/j.jbusres.2009.04.012 DOI: https://doi.org/10.1016/j.jbusres.2009.04.012
Huckman R.S, Pisano C.P and Kind L. (2008). Amazon Web Services. Harvard Business School Case# 9-609-048. En: https://www.hbs.edu/faculty/Pages/item.aspx?num=36511
Huston, L., & Sakkab, N. (2006). Inside Procter & Gamble’s new model for innovation.
Harvard business review, 84(3), 58-66. En: https://hbr.org/2006/03/connect-and-develop-inside-procter-gambles-new-model-for-innovation
Jegadeesh, N., & Titman, S. (1993). Returns to buying winners and selling losers: Implications for stock market efficiency. The Journal of finance, 48(1), 65-91. En: https://doi.org/10.1111/j.1540-6261.1993.tb04702.x DOI: https://doi.org/10.1111/j.1540-6261.1993.tb04702.x
Krugman, P. (2004). The great unraveling: Losing our way in the new century. WW Norton & Company. En: http://www.krugmanonline.com/books/the-great-unraveling-losing-our-way-in-the-new-century.php
Langenstein, L., Užík, M., & Warias, R. (2021). Winner Strategies in Crisis. In SHS Web of Conferences (Vol. 92). EDP Sciences. En: DOI:10.1051/shsconf/20219203015 DOI: https://doi.org/10.1051/shsconf/20219203015
Lucey, B. M., & Li, S. (2015). What precious metals act as safe havens, and when? Some US evidence. Applied Economics Letters, 22(1), 35-45. En: https://doi.org/10.1080/13504851.2014.920471 DOI: https://doi.org/10.1080/13504851.2014.920471
Malkiel, B. G., & Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. The journal of Finance, 25(2), 383-417. En: http://efinance.org.cn/cn/fm/Efficient%20Capital%20Markets%20A%20Review%20of%20Theory%20and%20Empirical%20Work.pdf DOI: https://doi.org/10.1111/j.1540-6261.1970.tb00518.x
Narayan, P. K., Phan, D. H. B., & Liu, G. (2021). COVID-19 lockdowns, stimulus packages, travel bans, and stock returns. Finance research letters, 38, 101732. En: https://doi.org/10.1016/j.frl.2020.101732 DOI: https://doi.org/10.1016/j.frl.2020.101732
O'Brien, P. C., & Tian, Y. (2006). Financial Analysts' Role in the 1996-2000 Internet Bubble. Available at SSRN 964311. En: https://dx.doi.org/10.2139/ssrn.964311 DOI: https://doi.org/10.2139/ssrn.964311
Organisation for Economic Co-operation and Development (OECD) (2020) Coronavirus (COVID-19): SME policy responses. En: http://www.oecd.org/coronavirus/policy-responses/coronavirus-covid19-sme-policy-responses-04440101/
Öztek, M. F., & Öcal, N. (2017). Financial crises and the nature of correlation between commodity and stock markets. International Review of Economics & Finance, 48, 56-68. En: https://www.sciencedirect.com/science/article/abs/pii/S1059056016302830 DOI: https://doi.org/10.1016/j.iref.2016.11.008
Pástor, Ľ., & Veronesi, P. (2006). Was there a Nasdaq bubble in the late 1990s?. Journal of Financial Economics, 81(1), 61-100. En: https://doi.org/10.1016/j.jfineco.2005.05.009 DOI: https://doi.org/10.1016/j.jfineco.2005.05.009
Pena-Marin, J., Adaval, R., & Shen, L. (2020). Fear in the Stock Market: How COVID-19 Affects Preference for High-and Low-Priced Stocks. En: https://www.journals.uchicago.edu/doi/abs/10.1086/711930?journalCode=jacr DOI: https://doi.org/10.2139/ssrn.3759382
Penman, S. H. (2002). The quality of financial statements: Perspectives from the recent stock market bubble. En: https://dx.doi.org/10.2139/ssrn.319262 DOI: https://doi.org/10.2139/ssrn.319262
Rosser, J. B. (2000). From Catastrophe to Chaos: A General Theory of Economic Discontinuities: Mathematics, Microeconomics and Finance (Vol. 1). Springer Science & Business Media. DOI: https://doi.org/10.1007/978-94-017-1613-0_1
Rachev, S., Jašić, T., Stoyanov, S., & Fabozzi, F. J. (2007). Momentum strategies based on reward–risk stock selection criteria. Journal of Banking & Finance, 31(8), 2325-2346. En: https://doi.org/10.1016/j.jbankfin.2007.02.006 DOI: https://doi.org/10.1016/j.jbankfin.2007.02.006
Salas, C., Quintana, L., Mendoza, M. Á., & Valdivia, M. (2020). Distribución del ingreso laboral y la pobreza en México durante la pandemia de la Covid-19. Escenarios e impactos potenciales. El Trimestre Económico, 87(348), 929-962. En: https://doi.org/10.20430/ete.v87i348.1148 DOI: https://doi.org/10.20430/ete.v87i348.1148
Shiller, R. J. (2000). Measuring bubble expectations and investor confidence. The Journal of Psychology and Financial Markets, 1(1), 49-60. En: https://doi.org/10.1207/S15327760JPFM0101_05 DOI: https://doi.org/10.1207/S15327760JPFM0101_05
Siegel, J. J. (2003). What is an asset price bubble? An operational definition. European financial management, 9(1), 11-24. En: https://doi.org/10.1111/1468-036X.00206 DOI: https://doi.org/10.1111/1468-036X.00206
Sneader, K., & Sternfels, B. (2020). From surviving to thriving: Reimagining the post-COVID-19 return. McKinsey Global Institute. En: https://www.mckinsey.com/~/media/McKinsey/Industries/Public%20and%20Social%20Sector/Our%20Insights/Future%20of%20Organizations/From%20surviving%20to%20thriving%20Reimagining%20the%20post%20COVID%2019%20return/From-surviving-to-thriving-Reimagining-the-post-COVID-19-return.pdf
Sousa, M., & Pinho, M. (2014). Is Internet industry facing an IPO bubble 2.0? En: https://dx.doi.org/10.2139/ssrn.2533383 DOI: https://doi.org/10.2139/ssrn.2533383
Weerakoon, S. M., Jetelina, K. K., & Knell, G. (2020). Longer time spent at home during COVID-19 pandemic is associated with binge drinking among US adults. The American Journal of Drug and Alcohol Abuse. En: https://doi.org/10.1080/00952990.2020.1832508 DOI: https://doi.org/10.1080/00952990.2020.1832508
WHO - OMS Coronavirus disease 2019 situation report-67. World Health Organ. 2020 En: https://apps.who.int/iris/handle/10665/331613
Zhang, J., Lai, Y., & Lin, J. (2017). The day-of-the-week effects of stock markets in different countries. Finance Research Letters, 20, 47-62. En: https://www.sciencedirect.com/science/article/abs/pii/S1544612316301611 DOI: https://doi.org/10.1016/j.frl.2016.09.006
Zhang, D., & Broadstock, D. C. (2018). Global financial crisis and rising connectedness in the international commodity markets. International Review of Financial Analysis, 101239. En: https://www.sciencedirect.com/science/article/abs/pii/S1057521918304587 DOI: https://doi.org/10.1016/j.irfa.2018.08.003
Downloads
Published
How to Cite
Issue
Section
License
This work is licensed under a Creative Commons Attribution 4.0 International License.
a). Authors keep copyright and give the journal the right of the first publication of the work under a Creative Commons attribution license. This license allows others to share the work as long as original authorship and initial publication in this journal is acknowledged.
b). Authors may make other independent and additional contractual agreements for the non-exclusive distribution of the version of the article published in this journal (e.g., include it in an institutional repository or publish it in a book) as long as they clearly indicate that the work was published for the first time in this journal.
c). Authors are allowed to self-archive their work in institutional repositories or on their own website before and during the submission process, as this may encourage productive exchanges and increase early and overall citation of the published work.
