Valdemar, De la Torre Torres Oscar; Enciso, Martínez Torre - In: Contaduría y Administración 58 (2013) 4, pp. 223-252
The present paper questions the financial efficiency of the most used market portfolio proxies in Spain and Mexico (IBEX35 and IPC) in order to determine if these can be considered a proper market portfolio proxy. The paper questions if they can be used as “neutrals”, according to Black &...