<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0185-1667</journal-id>
<journal-title><![CDATA[Investigación económica]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. Econ]]></abbrev-journal-title>
<issn>0185-1667</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0185-16672023000200098</article-id>
<article-id pub-id-type="doi">10.22201/fe.01851667p.2023.324.83713</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Herding Behavior of Business Groups During COVID-19: Evidence in Chile]]></article-title>
<article-title xml:lang="es"><![CDATA[Conducta de manada de grupos empresariales durante la COVID-19: evidencia en Chile]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Espinosa-Méndez]]></surname>
<given-names><![CDATA[Christian]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Maquieira]]></surname>
<given-names><![CDATA[Carlos P.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Santiago de Chile Faculty of Economy and Business ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Pontificia Universidad Católica de Perú CENTRUM Católica Graduate Business School ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Peru</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2023</year>
</pub-date>
<volume>82</volume>
<numero>324</numero>
<fpage>98</fpage>
<lpage>125</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672023000200098&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672023000200098&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672023000200098&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT This article investigates whether herding behavior is present in stock returns of business groups during the COVID-19 pandemic. Using series of prices and daily traded volume of the companies that make up the General Index of Stock Prices of the Santiago de Chile Stock Exchange (S&amp;P/CLIGPA) from January 1, 2010 to October 9, 2020 the results show herding behavior during COVID-19. Nevertheless, the herding behavior is weaker in business group firms compared to companies which are not affiliated to business groups. Then, when analyzing how herding behavior evolves in business groups during the presence of COVID-19, it is found that herding behavior changes to reverse herding behavior during May 2020 onwards. When inquiring about this point, it is found that herding behavior in business groups is lower under increasing uncertainty (number of cases and deaths due to COVID-19 increases).]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN Este artículo investiga si la conducta de manada está presente en los rendimientos de las acciones de los grupos empresariales durante la pandemia COVID-19. Utilizando series de precios y volumen diario negociado de las empresas que integran el Índice General de Precios de Acciones de la Bolsa de Comercio de Santiago de Chile (S&amp;P/CLIGPA) del 1 de enero de 2010 al 9 de octubre de 2020, los resultados muestran una conducta de manada durante el COVID-19. Sin embargo, esta conducta es más débil en las empresas afiliadas al grupo empresarial, en comparación con las no afiliadas. Es así como encontramos que la conducta de manada para el grupo de interés evoluciona durante el periodo del COVID-19 a tal punto que cambia a lo que se denomina conducta de manada inversa durante mayo de 2020 en adelante. Al analizar este comportamiento nos encontramos con que la conducta de manada en grupos empresariales es menor en presencia de un aumento de la incertidumbre (número de casos de muertes debido al COVID-19).]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Herding behavior]]></kwd>
<kwd lng="en"><![CDATA[business groups]]></kwd>
<kwd lng="en"><![CDATA[emerging markets]]></kwd>
<kwd lng="en"><![CDATA[COVID-19]]></kwd>
<kwd lng="en"><![CDATA[Chilean Stock Markets]]></kwd>
<kwd lng="es"><![CDATA[conducta de manada]]></kwd>
<kwd lng="es"><![CDATA[grupos empresariales]]></kwd>
<kwd lng="es"><![CDATA[mercados emergentes]]></kwd>
<kwd lng="es"><![CDATA[COVID-19]]></kwd>
<kwd lng="es"><![CDATA[Bolsa de Comercio de Chile]]></kwd>
</kwd-group>
</article-meta>
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