{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2024,11,27]],"date-time":"2024-11-27T17:12:03Z","timestamp":1732727523249,"version":"3.29.0"},"reference-count":37,"publisher":"SAGE Publications","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["IFS"],"published-print":{"date-parts":[[2021,2,2]]},"abstract":"The objective of the paper is to present a multiple criteria hierarchical process (MCHP) approach for portfolio selection in a stock exchange. One of the problems that investors usually face is which stock should be included in the portfolio. This paper helps investors answer that question, and the paper presents an MCHP approach using different criteria based on financial ratios that the decision maker (in this case, the investor) will give different weights to make a portfolio based on her preferences; different importance is given to each criterion. An example using the Mexican Stock Exchange is presented.<\/jats:p>","DOI":"10.3233\/jifs-189198","type":"journal-article","created":{"date-parts":[[2021,2,2]],"date-time":"2021-02-02T20:42:14Z","timestamp":1612298534000},"page":"1945-1955","source":"Crossref","is-referenced-by-count":0,"title":["A multicriteria hierarchical approach for portfolio selection in a stock exchange"],"prefix":"10.1177","volume":"40","author":[{"given":"Maria","family":"Bernal","sequence":"first","affiliation":[{"name":"Doctoral Program in Management Sciences, Universidad Aut\u00f3moma de Occidente, Mexico"}]},{"given":"Pavel","family":"Anselmo Alvarez","sequence":"additional","affiliation":[{"name":"Department of Economic and Management Sciences, Universidad Aut\u00f3moma de Occidente, Mexico"}]},{"given":"Manuel","family":"Mu\u00f1oz","sequence":"additional","affiliation":[{"name":"Management Department, Universidad de Sonora, Mexico"}]},{"given":"Ernesto","family":"Leon-Castro","sequence":"additional","affiliation":[{"name":"Facultad de Ciencias Economicas y Administrativas, Universidad Cat\u00f3lica de la Sant\u00edsima Concepci\u00f3n, Chile"}]},{"given":"Diego Alonso","family":"Gastelum-Chavira","sequence":"additional","affiliation":[{"name":"Department of Economic and Management Sciences, Universidad Aut\u00f3moma de Occidente, Mexico"}]}],"member":"179","reference":[{"issue":"5","key":"10.3233\/JIFS-189198_ref2","doi-asserted-by":"crossref","first-page":"519","DOI":"10.1016\/j.jbusvent.2017.05.005","article-title":"Diversification, risk, and returns in venture capital","volume":"32","author":"Buchner","year":"2017","journal-title":"Journal of Business Venturing"},{"key":"10.3233\/JIFS-189198_ref3","doi-asserted-by":"crossref","first-page":"217","DOI":"10.1016\/j.pacfin.2013.09.001","article-title":"Analyst coverage, optimism, and stock price crash risk: Evidence from China","volume":"25","author":"Xu","journal-title":"Pacific-Basin Finance Journal"},{"issue":"2","key":"10.3233\/JIFS-189198_ref5","doi-asserted-by":"crossref","first-page":"46","DOI":"10.2469\/faj.v28.n2.46","article-title":"Risk-return classes of New York stock exchange common stocks, 1931\u20131967","volume":"28","author":"Sharpe","year":"1972","journal-title":"Financial Analysts Journal"},{"issue":"2","key":"10.3233\/JIFS-189198_ref6","doi-asserted-by":"crossref","first-page":"633","DOI":"10.3233\/IFS-141345","article-title":"A novel fuzzy goal programming approach with preemptive structure for optimal investment decisions","volume":"28","author":"Keskin","year":"2015","journal-title":"Journal of Intelligent & Fuzzy Systems"},{"key":"10.3233\/JIFS-189198_ref7","unstructured":"Markowitz H. , Portfolio Selection: Efficient Diversification of Investment. John Wiley & Sons, Hoboken. New Haven, CT (1959)."},{"issue":"2","key":"10.3233\/JIFS-189198_ref8","doi-asserted-by":"crossref","first-page":"947","DOI":"10.3934\/jimo.2016055","article-title":"An optimal trade-off model for portfolio selection with sensitivity of parameters,","volume":"13","author":"Bai","year":"2017","journal-title":"Journal of Industrial & Management Optimization"},{"issue":"1\u20134","key":"10.3233\/JIFS-189198_ref9","doi-asserted-by":"crossref","first-page":"333","DOI":"10.1023\/A:1010909632198","article-title":"Portfolio selection problem with minimax type risk function","volume":"101","author":"Teo","year":"2001","journal-title":"Annals of Operations Research"},{"issue":"1","key":"10.3233\/JIFS-189198_ref10","doi-asserted-by":"crossref","first-page":"3","DOI":"10.21314\/JCF.2010.213","article-title":"Portfolio selection with marginal risk control","volume":"14","author":"Zhu","year":"2010","journal-title":"Journal of Computational Finance"},{"key":"10.3233\/JIFS-189198_ref11","doi-asserted-by":"crossref","first-page":"1275","DOI":"10.3934\/jimo.2015.11.1275","article-title":"Portfolio optimization using a new probabilistic risk measure","volume":"11","author":"Sun","year":"2015","journal-title":"Journal of Industrial and Management Optimization"},{"issue":"3","key":"10.3233\/JIFS-189198_ref12","doi-asserted-by":"crossref","first-page":"1041","DOI":"10.3934\/jimo.2016.12.1041","article-title":"Cardinality constrained portfolio selection problem: A completely positive programming approach,","volume":"12","author":"Tian","year":"2016","journal-title":"Journal of Industrial & Management Optimization"},{"issue":"2","key":"10.3233\/JIFS-189198_ref13","doi-asserted-by":"crossref","first-page":"227","DOI":"10.5267\/j.dsl.2014.11.003","article-title":"Portfolio selection using ELECTRE III: evidence from Tehran Stock Exchange","volume":"4","author":"Vezmelai","year":"2015","journal-title":"Decision Science Letters"},{"issue":"3","key":"10.3233\/JIFS-189198_ref14","doi-asserted-by":"crossref","first-page":"752","DOI":"10.1016\/S0377-2217(02)00881-0","article-title":"An MCDM approach to portfolio optimization","volume":"155","author":"Ehrgott","year":"2004","journal-title":"European Journal of Operational Research"},{"volume-title":"A multidimensional framework for portfolio management","year":"1997","author":"Hallerbach","key":"10.3233\/JIFS-189198_ref15"},{"issue":"4","key":"10.3233\/JIFS-189198_ref16","first-page":"383","article-title":"Portfolio selection with fuzzy returns,","volume":"18","author":"Huang","year":"2007","journal-title":"Journal of Intelligent & Fuzzy Systems"},{"issue":"2","key":"10.3233\/JIFS-189198_ref17","doi-asserted-by":"crossref","first-page":"394","DOI":"10.1108\/JM2-02-2017-0021","article-title":"Investment portfolio formation via multicriteria decision aid: a Brazilian stock market study","volume":"13","author":"Basilio","year":"2018","journal-title":"Journal of Modeling in Management"},{"key":"10.3233\/JIFS-189198_ref18","doi-asserted-by":"publisher","DOI":"10.1016\/j.eswa.2019.07.027"},{"issue":"4\u20135","key":"10.3233\/JIFS-189198_ref19","doi-asserted-by":"crossref","first-page":"269","DOI":"10.1002\/mcda.334","article-title":"A multi-criterion approach for selecting an attractive portfolio","volume":"11","author":"Bouri","year":"2002","journal-title":"Journal of Multi-Criteria Decision Analysis"},{"issue":"3","key":"10.3233\/JIFS-189198_ref20","doi-asserted-by":"crossref","first-page":"189","DOI":"10.1023\/A:1008660309379","article-title":"Portfolio selection using the adelais multiobjective linear programming system","volume":"11","author":"Zopounidis","year":"1998","journal-title":"Computational Economics"},{"issue":"4\u20135","key":"10.3233\/JIFS-189198_ref21","doi-asserted-by":"crossref","first-page":"167","DOI":"10.1002\/mcda.333","article-title":"Multicriteria decision aid in financial decision making: methodologies and literature review","volume":"11","author":"Zopounidis","year":"2002","journal-title":"Journal of Multi-Criteria Decision Analysis"},{"volume-title":"On the use of multicriteria decision aid methods to portfolio selection","year":"1997","author":"Hurson","key":"10.3233\/JIFS-189198_ref22","doi-asserted-by":"crossref","DOI":"10.1007\/978-3-642-60667-0_47"},{"key":"10.3233\/JIFS-189198_ref23","doi-asserted-by":"crossref","unstructured":"Elselmy H.S. , Ghoneim A. , Elkhodary I.A. , Portfolio Selection Factors: Egypt Equity Market Case Study. In Proceedings of the 2019 8th International Conference on Software and Information Engineering (2019, April). (pp. 212\u2013216). ACM.","DOI":"10.1145\/3328833.3328858"},{"issue":"2","key":"10.3233\/JIFS-189198_ref25","doi-asserted-by":"crossref","first-page":"313","DOI":"10.1111\/j.1540-5915.1999.tb01612.x","article-title":"Stock evaluation using a preference disaggregation methodology","volume":"30","author":"Zopounidis","year":"1999","journal-title":"Decision Sciences"},{"issue":"2","key":"10.3233\/JIFS-189198_ref26","first-page":"21","article-title":"Evaluaci\u00f3n de Alternativas de Inversi\u00f3n Utilizando el Proceso Jer\u00e1rquico Anal\u00edtico,\u00f3","volume":"1","author":"S\u00e1nchez","year":"2010","journal-title":"n"},{"issue":"2","key":"10.3233\/JIFS-189198_ref27","first-page":"15","article-title":"Selection of portfolio by using multi attributed decision making (Tehran stock exchange)","volume":"44","author":"Janani","year":"2012","journal-title":"American Journal of Scientific Research"},{"issue":"1","key":"10.3233\/JIFS-189198_ref28","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1504\/IJMCDM.2013.052455","article-title":"A combined analytic hierarchy process and goal programming approach to international portfolio selection in the presence of investment barriers","volume":"3","author":"Bahloul","year":"2013","journal-title":"International Journal of Multicriteria Decision Making"},{"issue":"12","key":"10.3233\/JIFS-189198_ref29","first-page":"321","article-title":"An application of the analytic hierarchy process (AHP) to investment portfolio selection in the banking sector of the Nigerian capital market","volume":"2","author":"Oyatoye","year":"2010","journal-title":"Journal of Economics and International Finance"},{"issue":"2","key":"10.3233\/JIFS-189198_ref30","first-page":"346","article-title":"Metodolog\u00eda para la toma de decisiones de inversi\u00f3n en portafolio de acciones utilizando la t\u00e9cnica multicriterio AHP,\u00ed\u00f3","volume":"60","author":"Escobar","year":"2015","journal-title":"n"},{"issue":"2","key":"10.3233\/JIFS-189198_ref31","doi-asserted-by":"crossref","first-page":"655","DOI":"10.1016\/j.ejor.2017.08.001","article-title":"Comparison of the multicriteria decision-making methods for equity portfolio selection: The US evidence","volume":"265","author":"P\u00e4t\u00e4ri","year":"2018","journal-title":"European Journal of Operational Research"},{"issue":"2","key":"10.3233\/JIFS-189198_ref33","doi-asserted-by":"crossref","first-page":"673","DOI":"10.1016\/j.ejor.2005.11.022","article-title":"Decision making in stock trading: An application of PROMETHEE","volume":"177","author":"Albadvi","year":"2007","journal-title":"European Journal of Operational Research"},{"issue":"17","key":"10.3233\/JIFS-189198_ref34","doi-asserted-by":"crossref","first-page":"281","DOI":"10.15603\/1982-8756\/roc.v9n17p281-319","article-title":"Financial ratios applied to portfolio selection: Electre III methodology in buy-and-hold strategy","volume":"9","author":"Lima","year":"2013","journal-title":"Revista Organizac\u0328\u00f5es em Contexto"},{"issue":"2","key":"10.3233\/JIFS-189198_ref36","doi-asserted-by":"crossref","first-page":"200","DOI":"10.5539\/ijef.v2n2p200","article-title":"Economic value added (EVA)-literature review and relevant issues","volume":"2","author":"Sharma","year":"2010","journal-title":"International Journal of Economics and Finance"},{"issue":"3","key":"10.3233\/JIFS-189198_ref38","doi-asserted-by":"crossref","first-page":"660","DOI":"10.1016\/j.dss.2012.03.004","article-title":"Multiple criteria hierarchy process in robust ordinal regression","volume":"53","author":"Corrente","year":"2012","journal-title":"Decision Support Systems"},{"issue":"1","key":"10.3233\/JIFS-189198_ref39","doi-asserted-by":"crossref","first-page":"183","DOI":"10.1109\/21.87068","article-title":"On ordered weighted averaging aggregation operators in multicriteria decision-making","volume":"18","author":"Yager","year":"1988","journal-title":"IEEE Transactions on Systems, Man, and Cybernetics"},{"issue":"1","key":"10.3233\/JIFS-189198_ref40","doi-asserted-by":"crossref","first-page":"26","DOI":"10.1080\/01969722.2017.1412883","article-title":"Heavy moving averages and their application in econometric forecasting,a)","volume":"49","author":"Le\u00f3n-Castro","year":"2018","journal-title":"Cybernetics and Systems"},{"issue":"4","key":"10.3233\/JIFS-189198_ref41","doi-asserted-by":"crossref","first-page":"576","DOI":"10.3846\/tede.2019.9374","article-title":"A new measure of volatility using induced heavy moving averages","volume":"25","author":"Le\u00f3n-Castro","year":"2019","journal-title":"Technological and Economic Development of Economy"},{"key":"10.3233\/JIFS-189198_ref42","doi-asserted-by":"crossref","unstructured":"Olazabal-Lugo M. , Leon-Castro E. , Espinoza-Audelo L.F. , Merigo J.M. , Gil A.M. , Lafuente, Forgotten effects and heavy moving averages in exchange rate forecasting, Economic Computation & Economic Cybernetics Studies & Research 53(4) (2019).","DOI":"10.24818\/18423264\/53.4.19.05"},{"issue":"11","key":"10.3233\/JIFS-189198_ref43","doi-asserted-by":"crossref","first-page":"3020","DOI":"10.1002\/int.22184","article-title":"Variances with Bonferroni means and ordered weighted averages","volume":"34","author":"Blanco-Mesa","year":"2019","journal-title":"International Journal of Intelligent Systems"}],"container-title":["Journal of Intelligent & Fuzzy Systems"],"original-title":[],"link":[{"URL":"https:\/\/content.iospress.com\/download?id=10.3233\/JIFS-189198","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,11,26]],"date-time":"2024-11-26T13:52:51Z","timestamp":1732629171000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.medra.org\/servlet\/aliasResolver?alias=iospress&doi=10.3233\/JIFS-189198"}},"subtitle":[],"editor":[{"given":"Ernesto","family":"Leon-Castro","sequence":"additional","affiliation":[]},{"given":"Fabio","family":"Blanco-Mesa","sequence":"additional","affiliation":[]},{"given":"Victor","family":"Alfaro-Garcia","sequence":"additional","affiliation":[]},{"given":"Anna M.","family":"Gil-Lafuente","sequence":"additional","affiliation":[]},{"given":"Jose M.","family":"Merigo","sequence":"additional","affiliation":[]}],"short-title":[],"issued":{"date-parts":[[2021,2,2]]},"references-count":37,"journal-issue":{"issue":"2"},"URL":"https:\/\/doi.org\/10.3233\/jifs-189198","relation":{},"ISSN":["1064-1246","1875-8967"],"issn-type":[{"type":"print","value":"1064-1246"},{"type":"electronic","value":"1875-8967"}],"subject":[],"published":{"date-parts":[[2021,2,2]]}}}