{"id":2090,"date":"2026-02-07T03:30:23","date_gmt":"2026-02-07T03:30:23","guid":{"rendered":"https:\/\/toposuranos.com\/InvestorInsight\/?p=2090"},"modified":"2026-02-07T03:30:24","modified_gmt":"2026-02-07T03:30:24","slug":"%e0%a4%b8%e0%a4%82%e0%a4%95%e0%a4%9f%e0%a5%8b%e0%a4%82-%e0%a4%ae%e0%a5%87%e0%a4%82-%e0%a4%b5%e0%a4%bf%e0%a4%b5%e0%a4%bf%e0%a4%a7%e0%a5%80%e0%a4%95%e0%a4%b0%e0%a4%a3-%e0%a4%95%e0%a5%8d%e0%a4%af","status":"publish","type":"post","link":"https:\/\/toposuranos.com\/InvestorInsight\/hi\/2026\/02\/07\/%e0%a4%b8%e0%a4%82%e0%a4%95%e0%a4%9f%e0%a5%8b%e0%a4%82-%e0%a4%ae%e0%a5%87%e0%a4%82-%e0%a4%b5%e0%a4%bf%e0%a4%b5%e0%a4%bf%e0%a4%a7%e0%a5%80%e0%a4%95%e0%a4%b0%e0%a4%a3-%e0%a4%95%e0%a5%8d%e0%a4%af\/","title":{"rendered":"\u0938\u0902\u0915\u091f\u094b\u0902 \u092e\u0947\u0902 \u0935\u093f\u0935\u093f\u0927\u0940\u0915\u0930\u0923 \u0915\u094d\u092f\u094b\u0902 \u0935\u093f\u092b\u0932 \u0939\u094b\u0924\u093e \u0939\u0948: \u0938\u0939\u0938\u0902\u092c\u0902\u0927, \u092a\u0941\u091a\u094d\u091b-\u0928\u093f\u0930\u094d\u092d\u0930\u0924\u093e \u0914\u0930 \u091a\u0930\u092e \u091c\u094b\u0916\u093f\u092e"},"content":{"rendered":"<article class=\"post-diversificacion-academica\">\n<header>\n<div style=\"text-align:center;\">\n<h1>\u0938\u0902\u0915\u091f\u094b\u0902 \u092e\u0947\u0902 \u0935\u093f\u0935\u093f\u0927\u0940\u0915\u0930\u0923 \u0915\u094d\u092f\u094b\u0902 \u0935\u093f\u092b\u0932 \u0939\u094b\u0924\u093e \u0939\u0948: \u0938\u0939\u0938\u0902\u092c\u0902\u0927, \u092a\u0941\u091a\u094d\u091b-\u0928\u093f\u0930\u094d\u092d\u0930\u0924\u093e \u0914\u0930 \u091a\u0930\u092e \u091c\u094b\u0916\u093f\u092e<\/h1>\n<p><em>\u0935\u093f\u0935\u093f\u0927\u0940\u0915\u0930\u0923 \u0915\u094b \u0905\u0915\u094d\u0938\u0930 \u201c\u092c\u0939\u0941\u0924 \u0938\u093e\u0930\u0947 \u090f\u0938\u0947\u091f\u094d\u0938 \u0930\u0916\u0928\u093e\u201d \u0938\u092e\u091d \u0932\u093f\u092f\u093e \u091c\u093e\u0924\u093e \u0939\u0948, \u0932\u0947\u0915\u093f\u0928 \u092e\u093e\u0924\u094d\u0930\u093e\u0924\u094d\u092e\u0915 \u0935\u093f\u0924\u094d\u0924 \u092e\u0947\u0902 \u0932\u093e\u092d \u0938\u0939\u0938\u0902\u091a\u0930\u0923 (covariances) \u0915\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0938\u0947 \u0906\u0924\u093e \u0939\u0948 \u0914\u0930 \u091a\u0930\u092e \u092a\u0930\u093f\u0926\u0943\u0936\u094d\u092f\u094b\u0902 \u092e\u0947\u0902 \u0928\u093f\u0930\u094d\u0923\u093e\u092f\u0915 \u092d\u0942\u092e\u093f\u0915\u093e \u092a\u0941\u091a\u094d\u091b-\u0928\u093f\u0930\u094d\u092d\u0930\u0924\u093e \u0928\u093f\u092d\u093e\u0924\u0940 \u0939\u0948\u0964 \u0907\u0938 \u0932\u0947\u0916 \u092e\u0947\u0902 \u092e\u0948\u0902 \u0928\u093f\u092e\u094d\u0928 \u0935\u094d\u092f\u093e\u0916\u094d\u092f\u093e \u092a\u094d\u0930\u0938\u094d\u0924\u093e\u0935\u093f\u0924 \u0915\u0930\u0924\u093e \u0939\u0942\u0901: \u090f\u0915 \u0935\u093f\u0935\u093f\u0927\u0940\u0915\u0943\u0924 \u092a\u094b\u0930\u094d\u091f\u092b\u094b\u0932\u093f\u092f\u094b \u0915\u092e\u091c\u094b\u0930\u093f\u092f\u094b\u0902 \u0914\u0930 \u0924\u093e\u0915\u0924\u094b\u0902, \u0926\u094b\u0928\u094b\u0902 \u092e\u0947\u0902 \u0935\u093f\u0935\u093f\u0927 \u0939\u094b\u0924\u093e \u0939\u0948\u0964 \u092e\u0939\u0924\u094d\u0935\u092a\u0942\u0930\u094d\u0923 \u092f\u0939 \u0939\u0948 \u0915\u093f \u0915\u092e\u091c\u094b\u0930\u093f\u092f\u093e\u0901 \u0924\u0928\u093e\u0935 \u0915\u0947 \u0924\u0939\u0924 \u0938\u092e\u0915\u093e\u0932\u093f\u0915 \u0928 \u0939\u094b\u0902, \u0914\u0930 \u0924\u093e\u0915\u0924\u0947\u0902 \u0935\u094d\u092f\u093e\u092a\u0915 \u0930\u0947\u091c\u0940\u092e\u094b\u0902 \u0915\u0947 \u0938\u0947\u091f \u092e\u0947\u0902 \u092a\u0930\u093f\u0926\u0943\u0936\u094d\u092f\u094b\u0902 \u0915\u094b \u0915\u0935\u0930 \u0915\u0930\u0947\u0902, \u0914\u0930 \u0915\u092d\u0940-\u0915\u092d\u0940 \u090f\u0915-\u0926\u0942\u0938\u0930\u0947 \u0938\u0947 \u0913\u0935\u0930\u0932\u0948\u092a \u092d\u0940 \u0915\u0930\u0947\u0902\u0964 \u0924\u0930\u094d\u0915 \u0915\u094b \u0905\u0927\u093f\u0915 \u0938\u091f\u0940\u0915 \u092c\u0928\u093e\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f, \u092e\u0948\u0902 \u0907\u0938 \u0905\u0902\u0924\u0930\u094d\u091c\u094d\u091e\u093e\u0928 \u0915\u094b \u092a\u094b\u0930\u094d\u091f\u092b\u094b\u0932\u093f\u092f\u094b \u0938\u093f\u0926\u094d\u0927\u093e\u0902\u0924 (Markowitz), \u0917\u0924\u093f\u0936\u0940\u0932 \u0938\u0939\u0938\u0902\u092c\u0902\u0927 \u092e\u0949\u0921\u0932\u094b\u0902, \u0930\u0947\u091c\u0940\u092e-\u092a\u0930\u093f\u0935\u0930\u094d\u0924\u0928, \u092a\u0941\u091a\u094d\u091b-\u0928\u093f\u0930\u094d\u092d\u0930\u0924\u093e (\u0915\u0949\u092a\u0941\u0932\u093e), \u092a\u0941\u091a\u094d\u091b \u091c\u094b\u0916\u093f\u092e (CVaR\/Expected Shortfall) \u0914\u0930 \u0928\u0947\u091f\u0935\u0930\u094d\u0915 \u0915\u0928\u0947\u0915\u094d\u091f\u093f\u0935\u093f\u091f\u0940 \u0926\u0943\u0937\u094d\u091f\u093f\u0915\u094b\u0923\u094b\u0902 \u0938\u0947 \u091c\u094b\u0921\u093c\u0924\u093e \u0939\u0942\u0901\u0964<\/em><\/p>\n<\/p><\/div>\n<\/header>\n<section id=\"motivacion\">\n<h2>\u0935\u093f\u0935\u093f\u0927\u0940\u0915\u0930\u0923 \u0915\u093e \u0905\u0930\u094d\u0925 \u090f\u0938\u0947\u091f\u094d\u0938 \u0917\u093f\u0928\u0928\u093e \u0928\u0939\u0940\u0902 \u0939\u0948<\/h2>\n<p>\u091c\u092c \u092c\u093e\u091c\u093e\u0930 \u0936\u093e\u0902\u0924 \u0939\u094b\u0924\u093e \u0939\u0948, \u092a\u094b\u0930\u094d\u091f\u092b\u094b\u0932\u093f\u092f\u094b \u090f\u0915 \u092e\u094b\u091c\u093c\u0947\u0915 \u091c\u0948\u0938\u093e \u0932\u0917\u0924\u093e \u0939\u0948\u0964 \u0939\u0930 \u091f\u0941\u0915\u0921\u093c\u0947 \u0915\u093e \u0928\u093e\u092e, \u0938\u0947\u0915\u094d\u091f\u0930, \u0915\u0939\u093e\u0928\u0940 \u0939\u094b\u0924\u0940 \u0939\u0948\u0964 \u0932\u0947\u0915\u093f\u0928 \u0939\u0935\u093e \u0915\u093e \u0930\u0941\u0916 \u092c\u0926\u0932\u0924\u0947 \u0939\u0940 \u0935\u0939\u0940 \u092e\u094b\u091c\u093c\u0947\u0915 \u090f\u0915 \u0939\u0940 \u092a\u091f\u094d\u091f\u093f\u0915\u093e \u0915\u0940 \u0924\u0930\u0939 \u0939\u093f\u0932\u0928\u0947 \u0932\u0917\u0924\u093e \u0939\u0948\u0964 \u0935\u094d\u092f\u0935\u0939\u093e\u0930 \u092e\u0947\u0902, \u0915\u0908 \u201c\u0935\u093f\u0935\u093f\u0927\u0940\u0915\u0943\u0924\u201d \u092a\u094b\u0930\u094d\u091f\u092b\u094b\u0932\u093f\u092f\u094b \u0924\u092c \u090f\u0915 \u0939\u0940 \u0926\u093e\u0902\u0935 \u0915\u0940 \u0924\u0930\u0939 \u0935\u094d\u092f\u0935\u0939\u093e\u0930 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902 \u091c\u092c \u092c\u093e\u091c\u093e\u0930 \u0915\u0930\u0947\u0915\u094d\u0936\u0928 \u092e\u0947\u0902 \u091c\u093e\u0924\u093e \u0939\u0948: \u0938\u0939\u0938\u0902\u092c\u0902\u0927 \u092c\u0922\u093c\u0924\u0947 \u0939\u0948\u0902, \u0921\u094d\u0930\u0949\u0921\u093e\u0909\u0928 \u0938\u093f\u0902\u0915\u094d\u0930\u094b\u0928\u093e\u0907\u091c\u093c \u0939\u094b \u091c\u093e\u0924\u0947 \u0939\u0948\u0902, \u0914\u0930 \u091f\u093f\u0915\u0930\u094d\u0938 \u0915\u0940 \u0935\u093f\u0935\u093f\u0927\u0924\u093e \u090f\u0915 \u092a\u094d\u0930\u092e\u0941\u0916 \u092b\u0948\u0915\u094d\u091f\u0930 \u092e\u0947\u0902 \u0938\u093f\u092e\u091f \u091c\u093e\u0924\u0940 \u0939\u0948\u0964 \u092f\u0939 \u0905\u0935\u0932\u094b\u0915\u0928 \u0915\u0947\u0935\u0932 \u0915\u093f\u0938\u094d\u0938\u0947 \u0928\u0939\u0940\u0902 \u0939\u0948\u0902: \u0938\u093e\u0939\u093f\u0924\u094d\u092f \u0926\u093f\u0916\u093e\u0924\u093e \u0939\u0948 \u0915\u093f \u0928\u093f\u0930\u094d\u092d\u0930\u0924\u093e \u0930\u0947\u091c\u0940\u092e \u0915\u0947 \u0938\u093e\u0925 \u092c\u0926\u0932\u0924\u0940 \u0939\u0948, \u0916\u093e\u0938\u0915\u0930 \u092e\u0902\u0926\u0940 \u0914\u0930 \u0909\u091a\u094d\u091a \u0905\u0938\u094d\u0925\u093f\u0930\u0924\u093e \u0935\u093e\u0932\u0947 \u092a\u0930\u093f\u0926\u0943\u0936\u094d\u092f\u094b\u0902 \u092e\u0947\u0902\u0964<\/p>\n<p>\u092f\u0939\u0940\u0902 \u0938\u0947 \u0909\u092a\u092f\u094b\u0917\u0940 \u092a\u094d\u0930\u0936\u094d\u0928 \u201c\u0938\u0942\u091a\u0940 \u092e\u0947\u0902 \u0915\u093f\u0924\u0928\u0947 \u0907\u0902\u0938\u094d\u091f\u094d\u0930\u0942\u092e\u0947\u0902\u091f \u0939\u0948\u0902\u201d \u0938\u0947 \u0939\u091f\u0915\u0930 \u092f\u0939 \u092c\u0928 \u091c\u093e\u0924\u093e \u0939\u0948 \u0915\u093f \u0926\u092c\u093e\u0935 \u092c\u0922\u093c\u0928\u0947 \u092a\u0930 \u0909\u0928\u094d\u0939\u0947\u0902 \u0915\u094c\u0928 \u0938\u0947 \u092c\u0902\u0927\u0928 \u091c\u094b\u0921\u093c\u0924\u0947 \u0939\u0948\u0902\u0964 \u0915\u0947\u0902\u0926\u094d\u0930\u0940\u092f \u0924\u0930\u094d\u0915 \u092f\u0939 \u0939\u0948 \u0915\u093f <strong>\u0935\u093f\u0935\u093f\u0927\u0940\u0915\u0930\u0923 \u092e\u0942\u0932\u0924\u0903 \u0928\u093f\u0930\u094d\u092d\u0930\u0924\u093e \u0915\u0940 \u0938\u092e\u0938\u094d\u092f\u093e \u0939\u0948<\/strong>\u0964 \u0915\u0947\u0935\u0932 \u0935\u091c\u093c\u0928 \u092b\u0948\u0932\u093e\u0928\u093e \u092a\u0930\u094d\u092f\u093e\u092a\u094d\u0924 \u0928\u0939\u0940\u0902 \u0939\u0948; \u0938\u0902\u0930\u091a\u0928\u093e \u0915\u094b \u0907\u0938 \u0924\u0930\u0939 \u0921\u093f\u091c\u093e\u0907\u0928 \u0915\u0930\u0928\u093e \u0939\u094b\u0924\u093e \u0939\u0948 \u0915\u093f \u0917\u0902\u092d\u0940\u0930 \u0928\u0941\u0915\u0938\u093e\u0928 \u0938\u0940\u092e\u093f\u0924 \u0930\u0939\u0947\u0902 \u0914\u0930 \u092a\u094b\u0930\u094d\u091f\u092b\u094b\u0932\u093f\u092f\u094b \u092e\u0947\u0902 \u092b\u0948\u0932\u0947\u0902 \u0928\u0939\u0940\u0902\u0964<\/p>\n<\/section>\n<section id=\"tesis\">\n<h2>\u0935\u0948\u091a\u093e\u0930\u093f\u0915 \u0935\u093f\u092d\u093e\u091c\u0928<\/h2>\n<p>\u092f\u0926\u093f \u0939\u092e \u092a\u094b\u0930\u094d\u091f\u092b\u094b\u0932\u093f\u092f\u094b \u0915\u094b \u090f\u0915 \u092a\u094d\u0930\u0923\u093e\u0932\u0940 \u0915\u0940 \u0924\u0930\u0939 \u0926\u0947\u0916\u0947\u0902, \u0924\u094b \u0926\u094b \u092a\u094d\u0930\u0915\u093e\u0930 \u0915\u0947 \u0924\u0925\u094d\u092f \u0938\u093e\u092e\u0928\u0947 \u0906\u0924\u0947 \u0939\u0948\u0902\u0964 \u0915\u0941\u091b \u0928\u0941\u0915\u0938\u093e\u0928 \u0915\u0940 \u092c\u093e\u0924 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902, \u0915\u0941\u091b \u0928\u093f\u0930\u0902\u0924\u0930\u0924\u093e \u0915\u0940\u0964 \u0915\u0941\u091b \u092c\u0924\u093e\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u092f\u0939 \u0915\u0948\u0938\u0947 \u091f\u0942\u091f\u0924\u093e \u0939\u0948, \u0915\u0941\u091b \u092c\u0924\u093e\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u092f\u0939 \u0915\u0948\u0938\u0947 \u091a\u0932\u0924\u093e \u0930\u0939\u0924\u093e \u0939\u0948\u0964<\/p>\n<p><strong>\u0915\u092e\u091c\u094b\u0930\u093f\u092f\u094b\u0902 \u0915\u0940 \u0935\u093f\u0935\u093f\u0927\u0924\u093e\u0964<\/strong> \u090f\u0915 \u0935\u093f\u0935\u093f\u0927\u0940\u0915\u0943\u0924 \u092a\u094b\u0930\u094d\u091f\u092b\u094b\u0932\u093f\u092f\u094b \u0915\u092e\u091c\u094b\u0930\u093f\u092f\u094b\u0902 \u092e\u0947\u0902 \u092d\u0940 \u0935\u093f\u0935\u093f\u0927 \u0939\u094b\u0924\u093e \u0939\u0948\u0964 \u092e\u0939\u0924\u094d\u0935\u092a\u0942\u0930\u094d\u0923 \u092f\u0939 \u0939\u0948 \u0915\u093f \u092f\u0947 \u0915\u092e\u091c\u094b\u0930\u093f\u092f\u093e\u0901 <strong>\u090f\u0915 \u0938\u093e\u0925 \u0928 \u0918\u091f\u093f\u0924 \u0939\u094b\u0902<\/strong>, \u092f\u093e \u0924\u0928\u093e\u0935 \u092e\u0947\u0902 \u0909\u0928\u0915\u0940 \u0938\u0939-\u0918\u091f\u0928 \u0915\u0940 \u0938\u0902\u092d\u093e\u0935\u0928\u093e \u0915\u092e \u0939\u094b\u0964 \u0924\u0915\u0928\u0940\u0915\u0940 \u092d\u093e\u0937\u093e \u092e\u0947\u0902: \u091a\u0930\u092e \u0928\u0941\u0915\u0938\u093e\u0928\u094b\u0902 \u0915\u0940 \u0938\u093f\u0902\u0915\u094d\u0930\u094b\u0928\u093e\u0907\u091c\u093c\u0947\u0936\u0928 \u0915\u094b \u0915\u092e \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0914\u0938\u0924 \u0938\u0939\u0938\u0902\u092c\u0902\u0927 \u0938\u0947 \u0906\u0917\u0947 \u0926\u0947\u0916\u0928\u093e \u092a\u0921\u093c\u0924\u093e \u0939\u0948, \u0914\u0930 \u0938\u0936\u0930\u094d\u0924 \u0928\u093f\u0930\u094d\u092d\u0930\u0924\u093e \u0924\u0925\u093e \u092a\u0941\u091a\u094d\u091b-\u0928\u093f\u0930\u094d\u092d\u0930\u0924\u093e \u0915\u094b \u0927\u094d\u092f\u093e\u0928 \u092e\u0947\u0902 \u0930\u0916\u0928\u093e \u092a\u0921\u093c\u0924\u093e \u0939\u0948\u0964<\/p>\n<p><strong>\u0924\u093e\u0915\u0924\u094b\u0902 \u0915\u0940 \u0935\u093f\u0935\u093f\u0927\u0924\u093e\u0964<\/strong> \u090f\u0915 \u0935\u093f\u0935\u093f\u0927\u0940\u0915\u0943\u0924 \u092a\u094b\u0930\u094d\u091f\u092b\u094b\u0932\u093f\u092f\u094b \u0924\u093e\u0915\u0924\u094b\u0902 \u092e\u0947\u0902 \u092d\u0940 \u0935\u093f\u0935\u093f\u0927 \u0939\u094b\u0924\u093e \u0939\u0948\u0964 \u0932\u0915\u094d\u0937\u094d\u092f \u092f\u0939 \u0928\u0939\u0940\u0902 \u0915\u093f \u201c\u0938\u092c \u0915\u0941\u091b \u090f\u0915 \u0938\u093e\u0925 \u090a\u092a\u0930 \u091c\u093e\u090f\u201d, \u091c\u094b \u0905\u0915\u094d\u0938\u0930 \u092b\u0948\u0915\u094d\u091f\u0930-\u0915\u0928\u094d\u0938\u0928\u094d\u091f\u094d\u0930\u0947\u0936\u0928 \u0915\u093e \u0939\u0940 \u0926\u0942\u0938\u0930\u093e \u0928\u093e\u092e \u0939\u094b\u0924\u093e \u0939\u0948; \u092c\u0932\u094d\u0915\u093f \u092f\u0939 \u0915\u093f \u0930\u093f\u091f\u0930\u094d\u0928 \u0915\u0947 \u0921\u094d\u0930\u093e\u0907\u0935\u0930\u094d\u0938 \u0915\u093e \u0938\u0947\u091f <strong>\u092e\u0939\u0924\u094d\u0935\u092a\u0942\u0930\u094d\u0923 \u092a\u0930\u093f\u0926\u0943\u0936\u094d\u092f\u094b\u0902 \u0915\u094b \u0915\u0935\u0930<\/strong> \u0915\u0930\u0947 \u0914\u0930 \u0915\u0941\u091b \u0930\u0947\u091c\u0940\u092e\u094b\u0902 \u092e\u0947\u0902 \u0930\u0947\u0921\u0902\u0921\u0947\u0902\u0938\u0940 \u0926\u0947, \u092f\u093e\u0928\u0940 \u090f\u0915 \u0938\u0947 \u0905\u0927\u093f\u0915 \u0921\u094d\u0930\u093e\u0907\u0935\u0930 \u092f\u094b\u0917\u0926\u093e\u0928 \u0926\u0947\u0902\u0964<\/p>\n<\/section>\n<section id=\"marco-teorico\">\n<h2>\u092e\u0941\u0916\u094d\u092f \u0935\u093f\u091a\u093e\u0930<\/h2>\n<p>\u0907\u0938 \u0905\u0902\u0924\u0930\u094d\u091c\u094d\u091e\u093e\u0928 \u0915\u094b \u0915\u0947\u0935\u0932 \u0930\u0942\u092a\u0915 \u0924\u0915 \u0938\u0940\u092e\u093f\u0924 \u0930\u0916\u0928\u0947 \u0915\u0947 \u092c\u091c\u093e\u092f \u0920\u094b\u0938 \u092c\u0928\u093e\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0939\u092e\u0947\u0902 \u092e\u093e\u092a \u091a\u093e\u0939\u093f\u090f\u0964 \u0938\u091c\u093e\u0935\u091f \u0915\u0947 \u0932\u093f\u090f \u0928\u0939\u0940\u0902, \u092c\u0932\u094d\u0915\u093f \u0905\u0926\u0943\u0936\u094d\u092f \u0915\u094b \u0926\u0947\u0916\u0928\u0947 \u0915\u0947 \u0909\u092a\u0915\u0930\u0923 \u0915\u0947 \u0930\u0942\u092a \u092e\u0947\u0902: \u0915\u0921\u093c\u093f\u092f\u093e\u0901, \u0938\u0939-\u092a\u0924\u0928, \u0914\u0930 \u0935\u0947 \u0930\u093e\u0938\u094d\u0924\u0947 \u091c\u093f\u0928\u0938\u0947 \u091d\u091f\u0915\u093e \u0924\u092c \u092f\u093e\u0924\u094d\u0930\u093e \u0915\u0930\u0924\u093e \u0939\u0948 \u091c\u092c \u092c\u093e\u091c\u093e\u0930 \u0938\u0902\u0915\u0941\u091a\u093f\u0924 \u0939\u094b \u091c\u093e\u0924\u093e \u0939\u0948\u0964<\/p>\n<h3>Markowitz: \u0935\u093f\u0935\u093f\u0927\u0940\u0915\u0930\u0923 \u0915\u093e \u0932\u093e\u092d \u0938\u0939\u0938\u0902\u091a\u0930\u0923 \u092e\u0947\u0902 \u0930\u0939\u0924\u093e \u0939\u0948<\/h3>\n<p>\u092a\u0939\u0932\u093e \u092e\u093e\u0928\u091a\u093f\u0924\u094d\u0930 Markowitz \u0926\u0947\u0924\u093e \u0939\u0948: \u0906\u0927\u0941\u0928\u093f\u0915 \u092a\u094b\u0930\u094d\u091f\u092b\u094b\u0932\u093f\u092f\u094b \u0938\u093f\u0926\u094d\u0927\u093e\u0902\u0924 \u092f\u0939 \u0914\u092a\u091a\u093e\u0930\u093f\u0915 \u0915\u0930\u0924\u093e \u0939\u0948 \u0915\u093f \u0915\u0941\u0932 \u091c\u094b\u0916\u093f\u092e \u0935\u0948\u0930\u093f\u090f\u0902\u0938 \u0914\u0930 \u0915\u094b\u0935\u0948\u0930\u093f\u090f\u0902\u0938 \u092a\u0930 \u0928\u093f\u0930\u094d\u092d\u0930 \u0939\u0948, \u090f\u0938\u0947\u091f\u094d\u0938 \u0915\u0940 \u0938\u0902\u0916\u094d\u092f\u093e \u092a\u0930 \u0928\u0939\u0940\u0902\u0964 \u092f\u0939 \u0936\u0941\u0930\u0941\u0906\u0924\u0940 \u092c\u093f\u0902\u0926\u0941 \u0924\u092f \u0915\u0930\u0924\u093e \u0939\u0948: \u201c\u0935\u093f\u0935\u093f\u0927\u0940\u0915\u0930\u0923\u201d \u0930\u093f\u091f\u0930\u094d\u0928\u094d\u0938 \u0915\u0947 \u092c\u0940\u091a \u0938\u0902\u092c\u0902\u0927\u094b\u0902 \u0915\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0939\u0948, \u0907\u0902\u0938\u094d\u091f\u094d\u0930\u0942\u092e\u0947\u0902\u091f\u094d\u0938 \u0915\u093e \u0938\u0902\u0917\u094d\u0930\u0939 \u0928\u0939\u0940\u0902\u0964<sup><a href=\"#ref-markowitz\">[1]<\/a><\/sup><\/p>\n<h3>\u0938\u0939\u0938\u0902\u092c\u0902\u0927 \u0928\u093f\u0930\u094d\u092d\u0930\u0924\u093e \u0928\u0939\u0940\u0902 \u0939\u0948: \u092a\u0941\u091a\u094d\u091b\u094b\u0902 \u0915\u0940 \u0938\u092e\u0938\u094d\u092f\u093e<\/h3>\n<p>\u0932\u0947\u0915\u093f\u0928 \u090f\u0915 \u0938\u0939\u0940 \u092e\u093e\u0928\u091a\u093f\u0924\u094d\u0930 \u092d\u0940 \u0905\u0927\u093f\u0915 \u0915\u0920\u094b\u0930 \u092d\u0942\u092d\u093e\u0917 \u092e\u0947\u0902 \u0915\u092e \u092a\u0921\u093c \u0938\u0915\u0924\u093e \u0939\u0948\u0964 \u0930\u0948\u0916\u093f\u0915 \u0938\u0939\u0938\u0902\u092c\u0902\u0927 \u090f\u0915 \u0906\u0902\u0936\u093f\u0915 \u092e\u093e\u092a \u0939\u0948\u0964 \u0935\u093f\u0936\u0947\u0937 \u0930\u0942\u092a \u0938\u0947, \u092f\u0939 \u091a\u0930\u092e \u0918\u091f\u0928\u093e\u0913\u0902 \u0915\u0940 \u0938\u0939-\u0918\u091f\u0928 \u0915\u093e \u0935\u0930\u094d\u0923\u0928 \u0915\u0930\u0928\u0947 \u092e\u0947\u0902 \u0935\u093f\u092b\u0932 \u0939\u094b \u0938\u0915\u0924\u093e \u0939\u0948\u0964 \u0915\u0949\u092a\u0941\u0932\u093e \u092b\u094d\u0930\u0947\u092e\u0935\u0930\u094d\u0915 \u0914\u0930 <em>tail dependence<\/em> \u0915\u0940 \u0927\u093e\u0930\u0923\u093e \u0920\u0940\u0915 \u0935\u0939\u0940 \u092a\u0915\u0921\u093c\u0924\u0940 \u0939\u0948 \u091c\u094b \u092f\u0939\u093e\u0901 \u092e\u0939\u0924\u094d\u0935\u092a\u0942\u0930\u094d\u0923 \u0939\u0948: \u0915\u094d\u092f\u093e \u092c\u0921\u093c\u0947 \u0928\u0941\u0915\u0938\u093e\u0928 \u0938\u093e\u0925-\u0938\u093e\u0925 \u0906\u0928\u0947 \u0915\u0940 \u092a\u094d\u0930\u0935\u0943\u0924\u094d\u0924\u093f \u0930\u0916\u0924\u0947 \u0939\u0948\u0902\u0964<sup><a href=\"#ref-embrechts\">[2]<\/a><\/sup><\/p>\n<h3>\u0938\u0936\u0930\u094d\u0924 \u0928\u093f\u0930\u094d\u092d\u0930\u0924\u093e \u0914\u0930 \u0930\u0947\u091c\u0940\u092e-\u092a\u0930\u093f\u0935\u0930\u094d\u0924\u0928<\/h3>\n<p>\u092c\u093e\u091c\u093e\u0930 \u0939\u092e\u0947\u0936\u093e \u090f\u0915 \u0939\u0940 \u092e\u094c\u0938\u092e \u0928\u0939\u0940\u0902 \u0926\u094b\u0939\u0930\u093e\u0924\u093e\u0964 \u0939\u0935\u093e \u092c\u0926\u0932\u0924\u0940 \u0939\u0948, \u0926\u092c\u093e\u0935 \u092c\u0926\u0932\u0924\u093e \u0939\u0948, \u0938\u0902\u092c\u0902\u0927 \u092c\u0926\u0932\u0924\u0947 \u0939\u0948\u0902\u0964 \u0905\u0928\u0941\u092d\u0935\u091c\u0928\u094d\u092f \u0938\u093e\u0915\u094d\u0937\u094d\u092f \u092c\u0924\u093e\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u092e\u0902\u0926\u0940 \u0915\u0947 \u092c\u093e\u091c\u093e\u0930\u094b\u0902 \u092e\u0947\u0902 \u0928\u093f\u0930\u094d\u092d\u0930\u0924\u093e \u092c\u0922\u093c\u0924\u0940 \u0939\u0948: \u0938\u0939\u0938\u0902\u092c\u0902\u0927 \u0924\u092c \u201c\u0909\u091b\u0932\u201d \u091c\u093e\u0924\u0947 \u0939\u0948\u0902 \u091c\u092c \u0909\u0928\u0915\u093e \u092e\u0939\u0924\u094d\u0935 \u0938\u092c\u0938\u0947 \u0905\u0927\u093f\u0915 \u0939\u094b\u0924\u093e \u0939\u0948, \u0914\u0930 \u0935\u093f\u0935\u093f\u0927\u0940\u0915\u0930\u0923 \u0915\u092e\u091c\u094b\u0930 \u092a\u0921\u093c \u091c\u093e\u0924\u093e \u0939\u0948\u0964 \u092f\u0939 \u0909\u0926\u093e\u0939\u0930\u0923 \u0915\u0947 \u0932\u093f\u090f bear markets \u092e\u0947\u0902 \u091a\u0930\u092e \u0938\u0939\u0938\u0902\u092c\u0902\u0927\u094b\u0902 \u092a\u0930 \u0926\u0938\u094d\u0924\u093e\u0935\u0947\u091c\u093f\u0924 \u0939\u0948\u0964<sup><a href=\"#ref-longin-solnik\">[3]<\/a><\/sup><\/p>\n<p>\u0930\u0947\u091c\u0940\u092e-\u0938\u094d\u0935\u093f\u091a\u093f\u0902\u0917 \u092e\u0949\u0921\u0932, \u091c\u0948\u0938\u0947 Markov switching, \u092f\u0939 \u0914\u092a\u091a\u093e\u0930\u093f\u0915 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 \u0914\u0930 \u0938\u0939\u0938\u0902\u092c\u0902\u0927 \u0938\u094d\u0925\u093f\u0930 \u0928\u0939\u0940\u0902 \u0939\u094b\u0924\u0947, \u092c\u0932\u094d\u0915\u093f \u092c\u093e\u091c\u093e\u0930 \u0915\u0940 \u0905\u0935\u0938\u094d\u0925\u093e \u092a\u0930 \u0928\u093f\u0930\u094d\u092d\u0930 \u0939\u094b\u0924\u0947 \u0939\u0948\u0902\u0964<sup><a href=\"#ref-ang-bekaert\">[4]<\/a><\/sup> \u092a\u0942\u0930\u0915 \u0930\u0942\u092a \u0938\u0947, Dynamic Conditional Correlation (DCC) \u0938\u092e\u092f \u0915\u0947 \u0938\u093e\u0925 \u092c\u0926\u0932\u0924\u0947 \u0938\u0939\u0938\u0902\u092c\u0902\u0927\u094b\u0902 \u0915\u093e \u0905\u0928\u0941\u092e\u093e\u0928 \u0932\u0917\u093e\u0928\u0947 \u0926\u0947\u0924\u093e \u0939\u0948\u0964<sup><a href=\"#ref-engle-dcc\">[5]<\/a><\/sup><\/p>\n<h3>\u092a\u0941\u091a\u094d\u091b \u091c\u094b\u0916\u093f\u092e: CVaR (Expected Shortfall) \u0915\u094b \u0932\u0915\u094d\u0937\u094d\u092f \u092f\u093e \u092c\u093e\u0927\u093e \u0915\u0947 \u0930\u0942\u092a \u092e\u0947\u0902<\/h3>\n<p>\u0914\u0930 \u091c\u092c \u0924\u0942\u092b\u093e\u0928 \u0906\u0924\u093e \u0939\u0948, \u0914\u0938\u0924 \u092e\u093e\u0930\u094d\u0917\u0926\u0930\u094d\u0936\u0915 \u0928\u0939\u0940\u0902 \u0930\u0939\u0924\u093e\u0964 \u092f\u0926\u093f \u0932\u0915\u094d\u0937\u094d\u092f \u201c\u092c\u0921\u093c\u0947 \u0938\u092e\u0915\u093e\u0932\u093f\u0915 \u091d\u091f\u0915\u094b\u0902\u201d \u0938\u0947 \u092c\u091a\u0928\u093e \u0939\u0948, \u0924\u094b \u0935\u0948\u0930\u093f\u090f\u0902\u0938 \u092a\u0930\u094d\u092f\u093e\u092a\u094d\u0924 \u0928\u0939\u0940\u0902 \u0939\u094b \u0938\u0915\u0924\u0940\u0964 CVaR (Expected Shortfall) \u092a\u0941\u091a\u094d\u091b \u092e\u0947\u0902 \u091c\u094b\u0916\u093f\u092e \u0915\u093e \u090f\u0915 \u0938\u0941\u0938\u0902\u0917\u0924 \u092e\u093e\u092a \u0926\u0947\u0924\u093e \u0939\u0948 \u0914\u0930 \u0917\u0902\u092d\u0940\u0930 \u0905\u092a\u0947\u0915\u094d\u0937\u093f\u0924 \u0928\u0941\u0915\u0938\u093e\u0928\u094b\u0902 \u0915\u094b \u092c\u093e\u0927\u093f\u0924 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u090f\u0915 \u0935\u094d\u092f\u0935\u0939\u093e\u0930\u093f\u0915 \u0911\u092a\u094d\u091f\u093f\u092e\u093e\u0907\u091c\u0947\u0936\u0928 \u092b\u094d\u0930\u0947\u092e\u0935\u0930\u094d\u0915 \u092a\u094d\u0930\u0926\u093e\u0928 \u0915\u0930\u0924\u093e \u0939\u0948\u0964<sup><a href=\"#ref-rockafellar-uryasev\">[6]<\/a><\/sup><\/p>\n<h3>\u0915\u0928\u0947\u0915\u094d\u091f\u093f\u0935\u093f\u091f\u0940 \u0914\u0930 \u0915\u094d\u0932\u0938\u094d\u091f\u0930\u094d\u0938: \u0928\u0947\u091f\u0935\u0930\u094d\u0915 \u0926\u0943\u0937\u094d\u091f\u093f<\/h3>\n<p>\u0905\u0902\u0924\u0924\u0903, \u092f\u0926\u093f \u0939\u092e \u092a\u094d\u0930\u0938\u093e\u0930 \u0915\u0940 \u092c\u093e\u0924 \u0915\u0930 \u0930\u0939\u0947 \u0939\u0948\u0902, \u0924\u094b \u092a\u094b\u0930\u094d\u091f\u092b\u094b\u0932\u093f\u092f\u094b \u0915\u094b \u090f\u0915 \u091f\u094d\u0930\u093e\u0902\u0938\u092e\u093f\u0936\u0928 \u0928\u0947\u091f\u0935\u0930\u094d\u0915 \u0915\u0940 \u0924\u0930\u0939 \u0926\u0947\u0916\u0928\u093e \u0909\u092a\u092f\u094b\u0917\u0940 \u0939\u0948\u0964 \u201c\u092a\u094d\u0930\u0938\u093e\u0930\u201d \u0915\u0940 \u0905\u0902\u0924\u0930\u094d\u091c\u094d\u091e\u093e\u0928 \u0915\u094b \u090f\u0938\u0947\u091f\u094d\u0938 \u092f\u093e \u092c\u094d\u0932\u0949\u0915\u094d\u0938 \u0915\u0947 \u092c\u0940\u091a \u0915\u0928\u0947\u0915\u094d\u091f\u093f\u0935\u093f\u091f\u0940 \u0915\u0947 \u0930\u0942\u092a \u092e\u0947\u0902 \u092e\u0949\u0921\u0932 \u0915\u093f\u092f\u093e \u091c\u093e \u0938\u0915\u0924\u093e \u0939\u0948\u0964 \u0935\u093f\u0924\u094d\u0924 \u092e\u0947\u0902, \u0939\u093e\u092f\u0930\u093e\u0930\u094d\u0915\u093f\u0915\u0932 \u0915\u094d\u0932\u0938\u094d\u091f\u0930\u093f\u0902\u0917 \u0914\u0930 \u0938\u0939\u0938\u0902\u092c\u0902\u0927-\u0935\u094d\u092f\u0941\u0924\u094d\u092a\u0928\u094d\u0928 \u0926\u0942\u0930\u0940 \u0915\u093e \u0909\u092a\u092f\u094b\u0917 \u091f\u0948\u0915\u094d\u0938\u094b\u0928\u0949\u092e\u0940 \u092c\u0928\u093e\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0915\u093f\u092f\u093e \u0917\u092f\u093e \u0939\u0948, \u0938\u093e\u0925 \u0939\u0940 <em>connectedness<\/em> \u092e\u0947\u091f\u094d\u0930\u093f\u0915\u094d\u0938 \u0915\u093e \u0909\u092a\u092f\u094b\u0917 \u0936\u0949\u0915\u094d\u0938 \u0915\u0940 \u091f\u094d\u0930\u093e\u0902\u0938\u092e\u093f\u0936\u0928 \u0915\u094b \u092e\u093e\u0924\u094d\u0930\u093e\u0924\u094d\u092e\u0915 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0915\u093f\u092f\u093e \u0917\u092f\u093e \u0939\u0948\u0964<sup><a href=\"#ref-mantegna\">[7]<\/a><\/sup><sup><a href=\"#ref-diebold-yilmaz\">[8]<\/a><\/sup><\/p>\n<\/section>\n<section id=\"implicancias\">\n<h2>\u0911\u092a\u0930\u0947\u0936\u0928\u0932 \u0928\u093f\u0939\u093f\u0924\u093e\u0930\u094d\u0925: \u0905\u0935\u0927\u093e\u0930\u0923\u093e \u0938\u0947 \u0921\u093f\u091c\u093e\u0907\u0928 \u0928\u093f\u092f\u092e\u094b\u0902 \u0924\u0915<\/h2>\n<p>\u0907\u0938\u0915\u0947 \u0938\u093e\u0925 \u0935\u093f\u091a\u093e\u0930 \u0915\u093e\u0930\u094d\u092f\u093e\u0928\u094d\u0935\u092f\u0928 \u092f\u094b\u0917\u094d\u092f \u0939\u094b \u091c\u093e\u0924\u093e \u0939\u0948: \u0915\u0947\u0935\u0932 \u0928\u093e\u092e \u092c\u0922\u093c\u093e\u0928\u093e \u092a\u0930\u094d\u092f\u093e\u092a\u094d\u0924 \u0928\u0939\u0940\u0902\u0964 \u0938\u092e\u091d\u0928\u093e \u0939\u094b\u0924\u093e \u0939\u0948 \u0915\u093f \u0935\u0947 \u0938\u093e\u0925 \u0915\u094d\u092f\u094b\u0902 \u0917\u093f\u0930\u0924\u0947 \u0939\u0948\u0902, \u0915\u092c \u0938\u093e\u0925 \u0917\u093f\u0930\u0924\u0947 \u0939\u0948\u0902, \u0914\u0930 \u091c\u092c \u0917\u093f\u0930\u0924\u0947 \u0939\u0948\u0902 \u0924\u094b \u0909\u0928\u0915\u093e \u0935\u091c\u093c\u0928 \u0915\u093f\u0924\u0928\u093e \u0939\u0948\u0964 \u0909\u0938 \u092c\u093f\u0902\u0926\u0941 \u092a\u0930, \u0935\u093f\u0935\u093f\u0927\u0940\u0915\u0930\u0923 \u090f\u0915 \u0938\u0942\u091a\u0940 \u0928\u0939\u0940\u0902 \u0930\u0939\u0924\u093e, \u0935\u0939 \u090f\u0915 \u0921\u093f\u091c\u093e\u0907\u0928 \u092c\u0928 \u091c\u093e\u0924\u093e \u0939\u0948\u0964<\/p>\n<h3>\u0928\u093e\u092e\u094b\u0902 \u0938\u0947 \u0928\u0939\u0940\u0902, \u0921\u094d\u0930\u093e\u0907\u0935\u0930\u094d\u0938 \u0938\u0947 \u0935\u093f\u0935\u093f\u0927\u0940\u0915\u0930\u0923<\/h3>\n<p>\u201c\u092e\u0947\u0930\u0947 \u092a\u093e\u0938 \u0915\u093f\u0924\u0928\u0947 \u090f\u0938\u0947\u091f\u094d\u0938 \u0939\u0948\u0902?\u201d \u092a\u0942\u091b\u0928\u0947 \u0915\u0947 \u092c\u091c\u093e\u092f \u201c\u0915\u093f\u0924\u0928\u0947 \u0921\u094d\u0930\u093e\u0907\u0935\u0930\u094d\u0938 P&amp;L \u0915\u094b \u0938\u092e\u091d\u093e\u0924\u0947 \u0939\u0948\u0902?\u201d \u0905\u0927\u093f\u0915 \u0938\u0942\u091a\u0928\u093e\u0924\u094d\u092e\u0915 \u0939\u0948\u0964 \u0921\u094d\u0930\u093e\u0907\u0935\u0930\u094d\u0938 \u0915\u0947 \u0909\u0926\u093e\u0939\u0930\u0923: \u0935\u0948\u0936\u094d\u0935\u093f\u0915 \u0924\u0930\u0932\u0924\u093e (risk-on\/risk-off), \u0935\u093e\u0938\u094d\u0924\u0935\u093f\u0915 \u0926\u0930\u0947\u0902, \u0921\u0949\u0932\u0930, \u0935\u093f\u0915\u093e\u0938, \u092e\u0941\u0926\u094d\u0930\u093e\u0938\u094d\u092b\u0940\u0924\u093f \u0914\u0930 \u0915\u092e\u094b\u0921\u093f\u091f\u0940\u091c, \u0928\u093f\u092f\u093e\u092e\u0915\u0940\u092f \u091c\u094b\u0916\u093f\u092e \u0914\u0930 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0924\u0928\u093e\u0935 \u0918\u091f\u0928\u093e\u090f\u0901\u0964<\/p>\n<h3>\u0928\u093f\u0926\u093e\u0928\u093e\u0924\u094d\u092e\u0915 \u092a\u094d\u0930\u0936\u094d\u0928: \u0921\u094d\u0930\u0949\u0921\u093e\u0909\u0928 \u0915\u094d\u0932\u0938\u094d\u091f\u0930\u094d\u0938 \u0915\u0940 \u092a\u0939\u091a\u093e\u0928<\/h3>\n<p><strong>\u092a\u094d\u0930\u0936\u094d\u0928:<\/strong> \u092f\u0926\u093f \u0921\u094d\u0930\u093e\u0907\u0935\u0930 X \u091c\u094b\u0930 \u0938\u0947 \u092a\u094d\u0930\u0939\u093e\u0930 \u0915\u0930\u0947, \u0924\u094b \u0915\u093f\u0924\u0928\u0947 \u092c\u094d\u0932\u0949\u0915\u094d\u0938 \u0938\u093e\u0925 \u0917\u093f\u0930\u0924\u0947 \u0939\u0948\u0902 \u0914\u0930 \u0909\u0928\u0915\u093e \u0915\u0941\u0932 \u0935\u091c\u093c\u0928 \u0915\u093f\u0924\u0928\u093e \u0939\u0948? \u092f\u0926\u093f \u0909\u0924\u094d\u0924\u0930 \u201c\u092c\u0939\u0941\u0924\u201d \u0914\u0930 \u201c\u092c\u0939\u0941\u0924 \u0905\u0927\u093f\u0915\u201d \u0939\u0948, \u0924\u094b \u090f\u0915 <strong>\u0921\u094d\u0930\u0949\u0921\u093e\u0909\u0928 \u0915\u094d\u0932\u0938\u094d\u091f\u0930<\/strong> \u092e\u094c\u091c\u0942\u0926 \u0939\u0948: \u0938\u0924\u0939\u0940 \u0935\u093f\u0935\u093f\u0927\u0924\u093e, \u0917\u0939\u0930\u0940 \u0928\u093f\u0930\u094d\u092d\u0930\u0924\u093e\u0964<\/p>\n<h3>\u0924\u0940\u0928 \u0932\u0940\u0935\u0930: \u0906\u0915\u093e\u0930, \u092a\u0942\u0930\u0915, \u0928\u093f\u092f\u092e<\/h3>\n<p>\u091c\u092c \u0915\u094d\u0932\u0938\u094d\u091f\u0930 \u092a\u0939\u091a\u093e\u0928 \u0932\u093f\u092f\u093e \u091c\u093e\u0924\u093e \u0939\u0948, \u0924\u094b \u0938\u092e\u091d\u0926\u093e\u0930\u0940 \u092f\u0939 \u0939\u0948 \u0915\u093f \u0938\u0930\u0932, \u0938\u094d\u092a\u0937\u094d\u091f \u0930\u0942\u092a \u0938\u0947 \u0928\u093f\u0937\u094d\u092a\u093e\u0926\u094d\u092f \u0932\u0940\u0935\u0930\u094b\u0902 \u0938\u0947 \u0939\u0938\u094d\u0924\u0915\u094d\u0937\u0947\u092a \u0915\u093f\u092f\u093e \u091c\u093e\u090f\u0964 \u092f\u0947 \u0915\u092e \u0939\u0948\u0902, \u0932\u0947\u0915\u093f\u0928 \u092a\u094d\u0930\u092d\u093e\u0935\u0940 \u0939\u0948\u0902, \u0915\u094d\u092f\u094b\u0902\u0915\u093f \u092f\u0947 \u0938\u0902\u0930\u091a\u0928\u093e \u092a\u0930 \u0915\u093e\u092e \u0915\u0930\u0924\u0947 \u0939\u0948\u0902\u0964<\/p>\n<ul>\n<li><strong>\u0906\u0915\u093e\u0930 (\u0928\u0941\u0915\u0938\u093e\u0928 \u0928\u093f\u092f\u0902\u0924\u094d\u0930\u0923)\u0964<\/strong> \u091c\u094b\u0916\u093f\u092e \u092e\u0947\u0902 \u0915\u0947\u0902\u0926\u094d\u0930\u093f\u0924 \u092f\u094b\u0917\u0926\u093e\u0928 \u0915\u094b \u0938\u0940\u092e\u093f\u0924 \u0915\u0930\u0928\u093e\u0964 \u0905\u0932\u0917-\u0905\u0932\u0917 \u090f\u0938\u0947\u091f\u094d\u0938 \u0915\u0947 \u092c\u093e\u0935\u091c\u0942\u0926, \u0935\u091c\u093c\u0928 \u0915\u093f\u0938\u0940 \u0915\u092e\u091c\u094b\u0930\u0940 \u0915\u094b \u0938\u094d\u0925\u093e\u0928\u0940\u092f \u0938\u0947 \u092a\u094d\u0930\u0923\u093e\u0932\u0940\u0917\u0924 \u092c\u0928\u093e \u0938\u0915\u0924\u093e \u0939\u0948\u0964<\/li>\n<li><strong>\u092a\u0942\u0930\u0915 (\u092a\u0930\u093f\u0926\u0943\u0936\u094d\u092f \u0915\u0935\u0930\u0947\u091c)\u0964<\/strong> \u0905\u0932\u0917 \u0915\u092e\u091c\u094b\u0930\u093f\u092f\u094b\u0902 \u0935\u093e\u0932\u0947 \u0921\u094d\u0930\u093e\u0907\u0935\u0930\u094d\u0938 \u091c\u094b\u0921\u093c\u0928\u093e, \u0906\u0926\u0930\u094d\u0936\u0924\u0903 \u092a\u094d\u0930\u092e\u0941\u0916 \u0915\u094d\u0932\u0938\u094d\u091f\u0930 \u0915\u0947 \u0938\u093e\u092a\u0947\u0915\u094d\u0937 \u0915\u092e \u092a\u0941\u091a\u094d\u091b-\u0928\u093f\u0930\u094d\u092d\u0930\u0924\u093e \u0915\u0947 \u0938\u093e\u0925\u0964<\/li>\n<li><strong>\u0928\u093f\u092f\u092e (\u0917\u0935\u0930\u094d\u0928\u0947\u0902\u0938)\u0964<\/strong> \u0938\u094d\u091f\u0949\u092a, \u0930\u0940\u092c\u0948\u0932\u0947\u0902\u0938\u093f\u0902\u0917 \u0914\u0930 \u0938\u094d\u0915\u0947\u0932\u093f\u0902\u0917 \u0915\u0947 \u0938\u094d\u092a\u0937\u094d\u091f \u092e\u093e\u0928\u0926\u0902\u0921 \u0924\u093e\u0915\u093f \u0924\u0928\u093e\u0935 \u0915\u0947 \u0924\u0939\u0924 \u0906\u0935\u0947\u0917\u0940 \u0928\u093f\u0930\u094d\u0923\u092f\u094b\u0902 \u0938\u0947 \u092c\u091a\u093e \u091c\u093e \u0938\u0915\u0947\u0964<\/li>\n<\/ul>\n<h3>\u201c\u0915\u092e\u091c\u094b\u0930\u093f\u092f\u094b\u0902 \u0915\u094b \u0905\u0932\u0917 \u0915\u0930\u0928\u093e\u201d \u092e\u093e\u092a\u0928\u0940\u092f \u0936\u092c\u094d\u0926\u094b\u0902 \u092e\u0947\u0902<\/h3>\n<p>\u0905\u0932\u0917 \u0915\u0930\u0928\u0947 \u0915\u093e \u0905\u0930\u094d\u0925 \u091c\u094b\u0916\u093f\u092e \u0939\u091f\u093e\u0928\u093e \u0928\u0939\u0940\u0902 \u0939\u0948\u0964 \u0907\u0938\u0915\u093e \u0905\u0930\u094d\u0925 \u0939\u0948 \u0928\u0941\u0915\u0938\u093e\u0928 \u0915\u094b \u0938\u093f\u0902\u0915\u094d\u0930\u094b\u0928\u093e\u0907\u091c\u093c \u0914\u0930 \u090f\u092e\u094d\u092a\u094d\u0932\u093f\u092b\u093e\u0908 \u0939\u094b\u0928\u0947 \u0938\u0947 \u0930\u094b\u0915\u0928\u093e\u0964 \u0907\u0938 \u0938\u093f\u0902\u0915\u094d\u0930\u094b\u0928\u093e\u0907\u091c\u093c\u0947\u0936\u0928 \u0915\u094b \u092e\u093e\u092a\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f, \u092c\u093e\u091c\u093e\u0930 \u0915\u0947 \u201c\u0915\u0938\u0928\u0947\u201d \u092a\u0930 \u0928\u093f\u0930\u094d\u092d\u0930\u0924\u093e \u0926\u0947\u0916\u0928\u093e \u0905\u0927\u093f\u0915 \u0909\u092a\u092f\u094b\u0917\u0940 \u0939\u0948, \u0928 \u0915\u093f \u0915\u0947\u0935\u0932 \u092c\u093e\u091c\u093e\u0930 \u0915\u0947 \u201c\u0938\u093e\u0902\u0938 \u0932\u0947\u0928\u0947\u201d \u092a\u0930\u0964<\/p>\n<ul>\n<li>\u0915\u0928\u0947\u0915\u094d\u091f\u093f\u0935\u093f\u091f\u0940 \u092e\u0947\u0902 \u0935\u0943\u0926\u094d\u0927\u093f \u0915\u0940 \u0928\u093f\u0917\u0930\u093e\u0928\u0940 \u0915\u0947 \u0932\u093f\u090f \u0917\u0924\u093f\u0936\u0940\u0932 \u0938\u0939\u0938\u0902\u092c\u0902\u0927 (DCC) \u0915\u093e \u0909\u092a\u092f\u094b\u0917 \u0915\u0930\u0928\u093e\u0964<sup><a href=\"#ref-engle-dcc\">[5]<\/a><\/sup><\/li>\n<li>\u091a\u0930\u092e \u0938\u0939-\u092a\u0924\u0928 \u0938\u0947 \u092c\u091a\u0928\u0947 \u0915\u0947 \u0932\u0915\u094d\u0937\u094d\u092f \u092a\u0930 \u092a\u0941\u091a\u094d\u091b-\u0928\u093f\u0930\u094d\u092d\u0930\u0924\u093e (\u0915\u0949\u092a\u0941\u0932\u093e \u092f\u093e \u0915\u094d\u0935\u093e\u0902\u091f\u093e\u0907\u0932-\u0906\u0927\u093e\u0930\u093f\u0924 \u0938\u0928\u094d\u0928\u093f\u0915\u091f\u0928) \u0915\u093e \u0935\u093f\u0936\u094d\u0932\u0947\u0937\u0923 \u0915\u0930\u0928\u093e\u0964<sup><a href=\"#ref-embrechts\">[2]<\/a><\/sup><\/li>\n<li>\u0915\u0941\u0932 \u0917\u0902\u092d\u0940\u0930 \u0928\u0941\u0915\u0938\u093e\u0928\u094b\u0902 \u0915\u094b \u0938\u0940\u092e\u093f\u0924 \u0915\u0930\u0928\u0947 \u0939\u0947\u0924\u0941 CVaR\/Expected Shortfall \u0915\u094b \u0911\u092a\u094d\u091f\u093f\u092e\u093e\u0907\u091c\u093c \u092f\u093e \u092c\u093e\u0927\u093f\u0924 \u0915\u0930\u0928\u093e\u0964<sup><a href=\"#ref-rockafellar-uryasev\">[6]<\/a><\/sup><\/li>\n<li>\u0909\u091a\u094d\u091a \u0915\u0928\u0947\u0915\u094d\u0936\u0928 \u0935\u093e\u0932\u0947 \u0918\u091f\u0915\u094b\u0902, \u092f\u093e\u0928\u0940 \u0938\u0902\u092d\u093e\u0935\u093f\u0924 \u0921\u094d\u0930\u0949\u0921\u093e\u0909\u0928 \u0915\u094d\u0932\u0938\u094d\u091f\u0930\u094d\u0938, \u0915\u0940 \u092a\u0939\u091a\u093e\u0928 \u0915\u0947 \u0932\u093f\u090f \u0915\u094d\u0932\u0938\u094d\u091f\u0930\u093f\u0902\u0917 \u0914\u0930 \u0915\u0928\u0947\u0915\u094d\u091f\u093f\u0935\u093f\u091f\u0940 \u092e\u0947\u091f\u094d\u0930\u093f\u0915\u094d\u0938 \u0915\u093e \u0909\u092a\u092f\u094b\u0917 \u0915\u0930\u0928\u093e\u0964<sup><a href=\"#ref-mantegna\">[7]<\/a><\/sup><sup><a href=\"#ref-diebold-yilmaz\">[8]<\/a><\/sup><\/li>\n<\/ul>\n<h3>\u201c\u0915\u0935\u0930 \u0915\u0930\u0928\u0947 \u0935\u093e\u0932\u0940 \u0924\u093e\u0915\u0924\u0947\u0902\u201d \u0930\u0947\u091c\u0940\u092e \u0915\u0935\u0930\u0947\u091c \u0915\u0947 \u0930\u0942\u092a \u092e\u0947\u0902<\/h3>\n<p>\u0926\u0942\u0938\u0930\u0940 \u0913\u0930 \u0928\u093f\u0930\u0902\u0924\u0930\u0924\u093e \u0939\u0948\u0964 \u0917\u093e\u0930\u0902\u091f\u0940 \u0915\u0947 \u0930\u0942\u092a \u092e\u0947\u0902 \u0928\u0939\u0940\u0902, \u092c\u0932\u094d\u0915\u093f \u0921\u093f\u091c\u093e\u0907\u0928 \u0926\u094d\u0935\u093e\u0930\u093e \u0915\u0935\u0930\u0947\u091c \u0915\u0947 \u0930\u0942\u092a \u092e\u0947\u0902\u0964 \u090f\u0915 \u092e\u091c\u092c\u0942\u0924 \u092a\u094b\u0930\u094d\u091f\u092b\u094b\u0932\u093f\u092f\u094b \u092f\u0939 \u091a\u093e\u0939\u0924\u093e \u0939\u0948 \u0915\u093f \u0939\u0930 \u0935\u093f\u0936\u094d\u0935\u0938\u0928\u0940\u092f \u0930\u0947\u091c\u0940\u092e \u0915\u0947 \u0932\u093f\u090f \u0915\u092e \u0938\u0947 \u0915\u092e \u0915\u0941\u091b \u0921\u094d\u0930\u093e\u0907\u0935\u0930\u094d\u0938 \u0915\u093e \u0910\u0938\u093e \u0909\u092a\u0938\u092e\u0941\u091a\u094d\u091a\u092f \u092e\u094c\u091c\u0942\u0926 \u0939\u094b \u091c\u094b \u0909\u091a\u093f\u0924 \u092a\u094d\u0930\u0926\u0930\u094d\u0936\u0928 \u0926\u0947\u0964 \u0930\u0947\u091c\u0940\u092e-\u0938\u094d\u0935\u093f\u091a\u093f\u0902\u0917 \u092e\u0949\u0921\u0932 \u0907\u0938 \u0935\u093f\u091a\u093e\u0930 \u0915\u094b \u0914\u092a\u091a\u093e\u0930\u093f\u0915 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902: \u0932\u0915\u094d\u0937\u094d\u092f \u0914\u0938\u0924 \u0915\u094b \u0905\u0927\u093f\u0915\u0924\u092e \u0915\u0930\u0928\u093e \u0928\u0939\u0940\u0902, \u092c\u0932\u094d\u0915\u093f \u0905\u0935\u0938\u094d\u0925\u093e \u092c\u0926\u0932\u0928\u0947 \u092a\u0930 \u0928\u093e\u091c\u0941\u0915\u0924\u093e \u0938\u0947 \u092c\u091a\u0928\u093e \u0939\u0948\u0964<sup><a href=\"#ref-ang-bekaert\">[4]<\/a><\/sup><\/p>\n<\/section>\n<section id=\"limitaciones\">\n<h2>\u0938\u0940\u092e\u093e\u090f\u0901 \u0914\u0930 \u0938\u093e\u0935\u0927\u093e\u0928\u093f\u092f\u093e\u0901<\/h2>\n<p>\u0907\u0938 \u092f\u093e\u0924\u094d\u0930\u093e \u0915\u094b \u092a\u0926\u094d\u0927\u0924\u093f\u0917\u0924 \u0908\u092e\u093e\u0928\u0926\u093e\u0930\u0940 \u0915\u0947 \u0938\u093e\u0925 \u0938\u092e\u093e\u092a\u094d\u0924 \u0915\u0930\u0928\u093e \u0909\u091a\u093f\u0924 \u0939\u0948\u0964 \u0915\u0941\u091b \u0905\u0928\u0941\u092d\u0935\u091c\u0928\u094d\u092f \u0924\u0925\u094d\u092f \u0914\u0930 \u0905\u0928\u0941\u092e\u093e\u0928-\u0938\u0940\u092e\u093e\u090f\u0901 \u0907\u091a\u094d\u091b\u093e\u092e\u093e\u0924\u094d\u0930 \u0938\u0947 \u0917\u093e\u092f\u092c \u0928\u0939\u0940\u0902 \u0939\u094b\u0924\u0940\u0902, \u0907\u0938\u0932\u093f\u090f \u0909\u0928\u094d\u0939\u0947\u0902 \u0921\u093f\u091c\u093e\u0907\u0928 \u092e\u0947\u0902 \u0936\u093e\u092e\u093f\u0932 \u0939\u094b\u0928\u093e \u091a\u093e\u0939\u093f\u090f\u0964<\/p>\n<ul>\n<li><strong>\u0938\u0902\u0915\u091f \u092e\u0947\u0902 \u0938\u0939\u0938\u0902\u092c\u0902\u0927 \u092c\u0922\u093c\u0928\u0947 \u0915\u0940 \u092a\u094d\u0930\u0935\u0943\u0924\u094d\u0924\u093f \u0930\u0916\u0924\u0947 \u0939\u0948\u0902\u0964<\/strong> \u0935\u093f\u0935\u093f\u0927\u0940\u0915\u0930\u0923 \u0920\u0940\u0915 \u0909\u0938\u0940 \u0938\u092e\u092f \u0915\u092e\u091c\u094b\u0930 \u092a\u0921\u093c \u0938\u0915\u0924\u093e \u0939\u0948 \u091c\u092c \u0909\u0938\u0915\u0940 \u0938\u092c\u0938\u0947 \u0905\u0927\u093f\u0915 \u091c\u0930\u0942\u0930\u0924 \u0939\u094b\u0924\u0940 \u0939\u0948\u0964<sup><a href=\"#ref-longin-solnik\">[3]<\/a><\/sup><\/li>\n<li><strong>\u0905\u0928\u0941\u092e\u093e\u0928 \u091c\u094b\u0916\u093f\u092e \u0914\u0930 \u092e\u0949\u0921\u0932 \u091c\u094b\u0916\u093f\u092e\u0964<\/strong> \u0914\u0938\u0924, \u0938\u0939\u0938\u0902\u091a\u0930\u0923 \u0914\u0930 \u092a\u0941\u091a\u094d\u091b \u092a\u0948\u0930\u093e\u092e\u0940\u091f\u0930 \u0924\u094d\u0930\u0941\u091f\u093f \u0915\u0947 \u0938\u093e\u0925 \u0905\u0928\u0941\u092e\u093e\u0928\u093f\u0924 \u0939\u094b\u0924\u0947 \u0939\u0948\u0902, \u0914\u0930 \u092e\u0949\u0921\u0932 \u0915\u093e \u091a\u092f\u0928 \u092d\u0940 \u0905\u0928\u093f\u0936\u094d\u091a\u093f\u0924\u0924\u093e \u091c\u094b\u0921\u093c\u0924\u093e \u0939\u0948\u0964 \u090f\u0915 \u092a\u0942\u0930\u0915 \u0926\u0943\u0937\u094d\u091f\u093f\u0915\u094b\u0923 \u092f\u0939 \u0939\u0948 \u0915\u093f \u092a\u094b\u0930\u094d\u091f\u092b\u094b\u0932\u093f\u092f\u094b \u091a\u092f\u0928 \u092e\u0947\u0902 \u092a\u0948\u0930\u093e\u092e\u0940\u091f\u0930 \u0914\u0930 \u092e\u0949\u0921\u0932 \u0905\u0928\u093f\u0936\u094d\u091a\u093f\u0924\u0924\u093e \u0915\u094b \u0938\u094d\u092a\u0937\u094d\u091f \u0930\u0942\u092a \u0938\u0947 \u0936\u093e\u092e\u093f\u0932 \u0915\u093f\u092f\u093e \u091c\u093e\u090f\u0964<sup><a href=\"#ref-garlappi-uppal-wang\">[9]<\/a><\/sup><\/li>\n<\/ul>\n<\/section>\n<section id=\"conclusion\">\n<h2>\u0928\u093f\u0937\u094d\u0915\u0930\u094d\u0937<\/h2>\n<p>\u092f\u0926\u093f \u0939\u092e \u0936\u0941\u0930\u0941\u0906\u0924 \u092a\u0930 \u0932\u094c\u091f\u0947\u0902, \u0909\u0938 \u0915\u094d\u0937\u0923 \u092a\u0930 \u091c\u092c \u201c\u0935\u093f\u0935\u093f\u0927\u201d \u092a\u094b\u0930\u094d\u091f\u092b\u094b\u0932\u093f\u092f\u094b \u090f\u0915 \u0939\u0940 \u091a\u0940\u091c\u093c \u0915\u0940 \u0924\u0930\u0939 \u0939\u093f\u0932\u0924\u093e \u0926\u093f\u0916\u0924\u093e \u0939\u0948, \u0924\u094b \u0938\u092c\u0915 \u0938\u093e\u092b \u0939\u094b \u091c\u093e\u0924\u093e \u0939\u0948: \u0935\u093f\u0935\u093f\u0927\u0940\u0915\u0930\u0923 \u090f\u0915 \u0938\u0942\u091a\u0940 \u0928\u0939\u0940\u0902, \u090f\u0915 \u0935\u093e\u0938\u094d\u0924\u0941\u0915\u0932\u093e \u0939\u0948\u0964 \u0935\u093f\u0935\u093f\u0927\u0940\u0915\u0930\u0923 \u0915\u094b \u0928\u093f\u0930\u094d\u092d\u0930\u0924\u093e \u0914\u0930 \u0930\u0947\u091c\u0940\u092e\u094b\u0902 \u0915\u0940 \u0938\u092e\u0938\u094d\u092f\u093e \u0915\u0947 \u0930\u0942\u092a \u092e\u0947\u0902 \u092c\u0947\u0939\u0924\u0930 \u0938\u092e\u091d\u093e \u091c\u093e \u0938\u0915\u0924\u093e \u0939\u0948: <strong>\u0915\u092e\u091c\u094b\u0930\u093f\u092f\u094b\u0902 \u0915\u094b \u0905\u0932\u0917 \u0915\u0930\u0928\u093e<\/strong> \u0915\u093e \u0905\u0930\u094d\u0925 \u0915\u0928\u0947\u0915\u094d\u091f\u093f\u0935\u093f\u091f\u0940 \u0914\u0930 \u0917\u0902\u092d\u0940\u0930 \u0928\u0941\u0915\u0938\u093e\u0928\u094b\u0902 \u0915\u0940 \u0938\u0939-\u0918\u091f\u0928 \u0915\u094b \u0918\u091f\u093e\u0928\u093e \u0939\u0948, \u0916\u093e\u0938\u0915\u0930 \u092a\u0941\u091a\u094d\u091b\u094b\u0902 \u092e\u0947\u0902; \u091c\u092c\u0915\u093f <strong>\u0924\u093e\u0915\u0924\u094b\u0902 \u0915\u094b \u0935\u093f\u0935\u093f\u0927 \u092c\u0928\u093e\u0928\u093e<\/strong> \u0915\u093e \u0905\u0930\u094d\u0925 \u0905\u0932\u0917 \u0921\u094d\u0930\u093e\u0907\u0935\u0930\u094d\u0938 \u0938\u0947 \u092a\u0930\u093f\u0926\u0943\u0936\u094d\u092f\u094b\u0902 \u0915\u094b \u0915\u0935\u0930 \u0915\u0930\u0928\u093e \u0939\u0948 \u0914\u0930 \u0915\u0941\u091b \u0905\u0935\u0938\u094d\u0925\u093e\u0913\u0902 \u092e\u0947\u0902 \u0930\u0947\u0921\u0902\u0921\u0947\u0902\u0938\u0940 \u0930\u0916\u0928\u093e \u0939\u0948\u0964 \u0935\u094d\u092f\u0935\u0939\u093e\u0930 \u092e\u0947\u0902, \u0907\u0938\u0915\u093e \u092e\u0924\u0932\u092c \u0939\u0948 \u0921\u094d\u0930\u0949\u0921\u093e\u0909\u0928 \u0915\u094d\u0932\u0938\u094d\u091f\u0930\u094d\u0938 \u0915\u093e \u0928\u093f\u0926\u093e\u0928, \u0906\u0915\u093e\u0930 \u0928\u093f\u092f\u0902\u0924\u094d\u0930\u0923, \u092a\u0942\u0930\u0915 \u0921\u094d\u0930\u093e\u0907\u0935\u0930\u094d\u0938 \u0915\u0940 \u0916\u094b\u091c, \u0914\u0930 \u0938\u094d\u092a\u0937\u094d\u091f \u0928\u093f\u092f\u092e\u094b\u0902 \u0915\u0947 \u0938\u093e\u0925 \u0938\u0902\u091a\u093e\u0932\u0928\u0964<\/p>\n<p>\u090f\u0915 \u092a\u0902\u0915\u094d\u0924\u093f \u092e\u0947\u0902: <strong>\u0935\u093f\u0935\u093f\u0927\u0940\u0915\u0930\u0923 \u0915\u093e \u0905\u0930\u094d\u0925 \u0939\u0948 \u0907\u0938 \u0924\u0930\u0939 \u0921\u093f\u091c\u093e\u0907\u0928 \u0915\u0930\u0928\u093e \u0915\u093f \u0926\u0941\u0928\u093f\u092f\u093e \u0915\u0940 \u0905\u0935\u0938\u094d\u0925\u093e \u092c\u0926\u0932\u0928\u0947 \u092a\u0930 \u0906\u092a \u091f\u0942\u091f\u0947\u0902 \u0928\u0939\u0940\u0902<\/strong>\u0964<\/p>\n<p><strong>\u0905\u0938\u094d\u0935\u0940\u0915\u0930\u0923:<\/strong> \u0936\u0948\u0915\u094d\u0937\u093f\u0915 \u090f\u0935\u0902 \u0938\u0942\u091a\u0928\u093e\u0924\u094d\u092e\u0915 \u0938\u093e\u092e\u0917\u094d\u0930\u0940, \u092f\u0939 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0938\u0932\u093e\u0939 \u0928\u0939\u0940\u0902 \u0939\u0948\u0964 \u0939\u0930 \u0928\u093f\u0935\u0947\u0936 \u092e\u0947\u0902 \u091c\u094b\u0916\u093f\u092e \u0939\u094b\u0924\u093e \u0939\u0948, \u091c\u093f\u0938\u092e\u0947\u0902 \u0928\u0941\u0915\u0938\u093e\u0928 \u092d\u0940 \u0936\u093e\u092e\u093f\u0932 \u0939\u0948\u0964 \u092a\u093f\u091b\u0932\u093e \u092a\u094d\u0930\u0926\u0930\u094d\u0936\u0928 \u092d\u0935\u093f\u0937\u094d\u092f \u0915\u0947 \u092a\u0930\u093f\u0923\u093e\u092e\u094b\u0902 \u0915\u0940 \u0917\u093e\u0930\u0902\u091f\u0940 \u0928\u0939\u0940\u0902 \u0926\u0947\u0924\u093e\u0964<\/p>\n<\/section>\n<section id=\"referencias\">\n<h2>\u0938\u0902\u0926\u0930\u094d\u092d<\/h2>\n<ol>\n<li id=\"ref-markowitz\">[1] Markowitz, H. (1952). Portfolio Selection. <em>The Journal of Finance<\/em>. <a href=\"https:\/\/doi.org\/10.1111\/j.1540-6261.1952.tb01525.x\" target=\"_blank\" rel=\"noopener\">DOI<\/a><\/li>\n<li id=\"ref-embrechts\">[2] Embrechts, P., McNeil, A., &amp; Straumann, D. (2002). Correlation and dependence in risk management: properties and pitfalls. <em>Risk Management: Value at Risk and Beyond<\/em> \u092e\u0947\u0902\u0964 <a href=\"https:\/\/people.math.ethz.ch\/~embrecht\/ftp\/pitfalls.pdf\" target=\"_blank\" rel=\"noopener\">PDF<\/a><\/li>\n<li id=\"ref-longin-solnik\">[3] Longin, F., &amp; Solnik, B. (2001). Extreme Correlation of International Equity Markets. <em>The Journal of Finance<\/em>. <a href=\"https:\/\/solnik.people.ust.hk\/Articles\/A6-JoFLongin.pdf\" target=\"_blank\" rel=\"noopener\">PDF<\/a><\/li>\n<li id=\"ref-ang-bekaert\">[4] Ang, A., &amp; Bekaert, G. (2002). International Asset Allocation with Regime Shifts. <em>The Review of Financial Studies<\/em>, 15(4), 1137-1187. <a href=\"https:\/\/doi.org\/10.1093\/rfs\/15.4.1137\" target=\"_blank\" rel=\"noopener\">DOI<\/a>. <a href=\"https:\/\/academic.oup.com\/rfs\/article-abstract\/15\/4\/1137\/1568247\" target=\"_blank\" rel=\"noopener\">Oxford Academic<\/a><\/li>\n<li id=\"ref-engle-dcc\">[5] Engle, R. (2002). Dynamic Conditional Correlation: A Simple Class of Multivariate GARCH Models. <em>Journal of Business &amp; Economic Statistics<\/em>. <a href=\"https:\/\/doi.org\/10.1198\/073500102288618487\" target=\"_blank\" rel=\"noopener\">DOI<\/a><\/li>\n<li id=\"ref-rockafellar-uryasev\">[6] Rockafellar, R. T., &amp; Uryasev, S. (2000\/2002). Optimization of Conditional Value-at-Risk. <em>Journal of Risk<\/em>; \u0924\u0925\u093e \u0938\u0902\u092c\u0902\u0927\u093f\u0924 \u0915\u093e\u0930\u094d\u092f\u0964 \u0935\u094d\u092f\u093e\u092a\u0915 \u0930\u0942\u092a \u0938\u0947 \u0909\u0926\u094d\u0927\u0943\u0924 \u0938\u0902\u0938\u094d\u0915\u0930\u0923: <a href=\"https:\/\/sites.math.washington.edu\/~rtr\/papers\/rtr179-CVaR1.pdf\" target=\"_blank\" rel=\"noopener\">PDF<\/a><\/li>\n<li id=\"ref-mantegna\">[7] Mantegna, R. N. (1999). Hierarchical Structure in Financial Markets. <em>The European Physical Journal B<\/em>. \u0915\u094d\u0932\u093e\u0938\u093f\u0915 \u092a\u094d\u0930\u0940\u092a\u094d\u0930\u093f\u0902\u091f: <a href=\"https:\/\/arxiv.org\/abs\/cond-mat\/9802256\" target=\"_blank\" rel=\"noopener\">arXiv<\/a><\/li>\n<li id=\"ref-diebold-yilmaz\">[8] Diebold, F. X., &amp; Yilmaz, K. (2014). On the Network Topology of Variance Decompositions: Measuring the Connectedness of Financial Firms. <em>Journal of Econometrics<\/em>. <a href=\"https:\/\/doi.org\/10.1016\/j.jeconom.2014.04.012\" target=\"_blank\" rel=\"noopener\">DOI<\/a><\/li>\n<li id=\"ref-garlappi-uppal-wang\">[9] Garlappi, L., Uppal, R., &amp; Wang, T. (2007). Portfolio Selection with Parameter and Model Uncertainty: A Multi-Prior Approach. <em>The Review of Financial Studies<\/em>, 20(1), 41-81. <a href=\"https:\/\/doi.org\/10.1093\/rfs\/hhl003\" target=\"_blank\" rel=\"noopener\">DOI<\/a>. <a href=\"https:\/\/academic.oup.com\/rfs\/article-abstract\/20\/1\/41\/1588211\" target=\"_blank\" rel=\"noopener\">Oxford Academic<\/a><\/li>\n<\/ol>\n<\/section>\n<\/article>\n","protected":false},"excerpt":{"rendered":"<p>\u0938\u0902\u0915\u091f\u094b\u0902 \u092e\u0947\u0902 \u0935\u093f\u0935\u093f\u0927\u0940\u0915\u0930\u0923 \u0915\u094d\u092f\u094b\u0902 \u0935\u093f\u092b\u0932 \u0939\u094b\u0924\u093e \u0939\u0948: \u0938\u0939\u0938\u0902\u092c\u0902\u0927, \u092a\u0941\u091a\u094d\u091b-\u0928\u093f\u0930\u094d\u092d\u0930\u0924\u093e \u0914\u0930 \u091a\u0930\u092e \u091c\u094b\u0916\u093f\u092e \u0935\u093f\u0935\u093f\u0927\u0940\u0915\u0930\u0923 \u0915\u094b \u0905\u0915\u094d\u0938\u0930 \u201c\u092c\u0939\u0941\u0924 \u0938\u093e\u0930\u0947 \u090f\u0938\u0947\u091f\u094d\u0938 \u0930\u0916\u0928\u093e\u201d \u0938\u092e\u091d \u0932\u093f\u092f\u093e \u091c\u093e\u0924\u093e \u0939\u0948, \u0932\u0947\u0915\u093f\u0928 \u092e\u093e\u0924\u094d\u0930\u093e\u0924\u094d\u092e\u0915 \u0935\u093f\u0924\u094d\u0924 \u092e\u0947\u0902 \u0932\u093e\u092d \u0938\u0939\u0938\u0902\u091a\u0930\u0923 (covariances) \u0915\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0938\u0947 \u0906\u0924\u093e \u0939\u0948 \u0914\u0930 \u091a\u0930\u092e \u092a\u0930\u093f\u0926\u0943\u0936\u094d\u092f\u094b\u0902 \u092e\u0947\u0902 \u0928\u093f\u0930\u094d\u0923\u093e\u092f\u0915 \u092d\u0942\u092e\u093f\u0915\u093e \u092a\u0941\u091a\u094d\u091b-\u0928\u093f\u0930\u094d\u092d\u0930\u0924\u093e \u0928\u093f\u092d\u093e\u0924\u0940 \u0939\u0948\u0964 \u0907\u0938 \u0932\u0947\u0916 \u092e\u0947\u0902 \u092e\u0948\u0902 \u0928\u093f\u092e\u094d\u0928 \u0935\u094d\u092f\u093e\u0916\u094d\u092f\u093e \u092a\u094d\u0930\u0938\u094d\u0924\u093e\u0935\u093f\u0924 \u0915\u0930\u0924\u093e \u0939\u0942\u0901: \u090f\u0915 \u0935\u093f\u0935\u093f\u0927\u0940\u0915\u0943\u0924 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2064,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-container-style":"default","site-container-layout":"default","site-sidebar-layout":"default","disable-article-header":"default","disable-site-header":"default","disable-site-footer":"default","disable-content-area-spacing":"default","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[74],"tags":[],"class_list":["post-2090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized-hi"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u0938\u0902\u0915\u091f\u094b\u0902 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\u092a\u0941\u091a\u094d\u091b-\u0928\u093f\u0930\u094d\u092d\u0930\u0924\u093e \u0914\u0930 \u091a\u0930\u092e \u091c\u094b\u0916\u093f\u092e\" \/>\n<meta property=\"og:description\" content=\"\u0938\u0902\u0915\u091f\u094b\u0902 \u092e\u0947\u0902 \u0935\u093f\u0935\u093f\u0927\u0940\u0915\u0930\u0923 \u0915\u094d\u092f\u094b\u0902 \u0935\u093f\u092b\u0932 \u0939\u094b\u0924\u093e \u0939\u0948: \u0938\u0939\u0938\u0902\u091a\u0930\u0923, \u0917\u0924\u093f\u0936\u0940\u0932 \u0938\u0939\u0938\u0902\u092c\u0902\u0927, \u0930\u0947\u091c\u0940\u092e, \u0915\u0949\u092a\u0941\u0932\u093e \u0914\u0930 CVaR \u0924\u093e\u0915\u093f \u0915\u092e\u091c\u094b\u0930\u093f\u092f\u094b\u0902 \u0915\u094b \u0905\u0932\u0917 \u0915\u093f\u092f\u093e \u091c\u093e \u0938\u0915\u0947 \u0914\u0930 \u092a\u0930\u093f\u0926\u0943\u0936\u094d\u092f\u094b\u0902 \u0915\u094b \u0939\u0947\u091c \u0915\u093f\u092f\u093e \u091c\u093e \u0938\u0915\u0947\u0964\" \/>\n<meta property=\"og:url\" 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