%0 Journal Article
%T Portafolio management: A critical view beyond Markowitz Gesti車n de portafolios. Una mirada cr赤tica m芍s all芍 de Markowitz
%A Duv芍n Dar赤o Grajales Bedoya
%J AD-minister
%D 2009
%I Escuela de Administraci車n Universidad EAFIT
%X Since its first appearance, the Markowitz model for portfolio selection has been a basic theoretical reference, opening several new development options. However, practically it has not been used among portfolio managers and investment analysts in spite of its success in the theoretical field. This paper presents and discusses the Markowitz＊s model limitations modal to its practical implementation, the existence of transaction costs, equilibrium considerations, technical and fundamental analysis importance and the focus on behavioural finance as that of limited rationality, determine that the decision process of the individuals possesses limitations so much cognitive as computing that reduce perfection to their decisions, nevertheless, these theories of behavioural portfolios is possible to consider to be more a descriptive theory of how the investors construct their portfolios, in contrast with the theory of Markowitz's portfolios that is more prescriptive on having tried to instruct the investors how they must their portfolios. Desde su aparici車n, el modelo de Markowitz ha sido un referente te車rico fundamental para la selecci車n de carteras de valores y ha dado lugar a m迆ltiples desarrollos y derivaciones. Su utilizaci車n en la pr芍ctica, entre gestores de carteras y analistas de inversiones, no es tan amplia como podr赤a esperarse de su 谷xito te車rico. Aqu赤 se presentan y discuten sus limitaciones en cuanto a implementaci車n pr芍ctica, presencia de costos de transacci車n, consideraciones de rebalanceo, importancia de los an芍lisis fundamental y t谷cnico, y el enfoque de finanzas del comportamiento que, como el de racionalidad limitada, determinan que el proceso de decisi車n de los individuos posee especificaciones cognitivas y computacionales que le restan perfecci車n a las decisiones. Tales teor赤as de comportamiento se pueden considerar descriptivas de c車mo los inversionistas construyen sus portafolios, en contraste con la de Markowitz, m芍s prescriptiva, pues procura instruir a los inversionistas acerca de c車mo deben configurar sus portafolios.
%K Portfolio selection
%K portfolio management
%K mean-variance
%K decision choice
%K multicriterion analysis
%K uncertainty
%K Behavioral Finance.
%U http://publicaciones.eafit.edu.co/index.php/administer/article/view/259