conductistas, aunque la conc<strong>en</strong>tración <strong>d<strong>el</strong></strong> efecto <strong>mom<strong>en</strong>tum</strong> <strong>en</strong> los títulos de baja capitalización es consist<strong>en</strong>te con <strong>el</strong>los, la limitación de la muestra impide obt<strong>en</strong>er resultados concluy<strong>en</strong>tes al respecto. En cualquier caso, antes de poder afirmar que <strong>el</strong> efecto <strong>mom<strong>en</strong>tum</strong> es originado por un comportami<strong>en</strong>to irracional de los inversores se hace necesario comprobar si los <strong>b<strong>en</strong>eficios</strong> <strong>d<strong>el</strong></strong> <strong>mom<strong>en</strong>tum</strong> pued<strong>en</strong> ser explicados a partir de una visión dinámica de la sección cruzada de las r<strong>en</strong>tabilidades esperadas, utilizando para <strong>el</strong>lo versiones condicionales de los mo<strong>d<strong>el</strong></strong>os de valoración [Chordia y Shivakumar (2002), Johnson (2002) y Wu (2002)]. 40
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