<?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>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422016000200283</article-id>
<article-id pub-id-type="doi">10.1016/j.cya.2015.11.005</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[The implicit impact of cross-listing on stock prices: A market microstructure perspective - The case of Latin American markets]]></article-title>
<article-title xml:lang="es"><![CDATA[El impacto implícito de enlistar ADRs sobre los precios accionarios: una perspectiva de microestructura - El caso de los mercados latinoamericanos]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Zavaleta Vázquez]]></surname>
<given-names><![CDATA[Osmar Hazael]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[González Maiz Jiménez]]></surname>
<given-names><![CDATA[Jaime]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Tecnológico de Monterrey EGADE Business School ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de las Américas Puebla  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2016</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2016</year>
</pub-date>
<volume>61</volume>
<numero>2</numero>
<fpage>283</fpage>
<lpage>297</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422016000200283&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422016000200283&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422016000200283&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: The objective of this research is to evaluate the unobserved effect of cross-listing on stock prices of companies from Latin America. Particularly, we study the impact of the issuance of ADRs on volatility and efficiency in the local markets. We employ GARCH models to assess the impact on volatility, once the ADR has been issued, and ARMA models to evaluate the impact on efficiency, once the ADR is listed. Overall, we find that in 82% of the analyzed cases, at least one result shows improvement (i.e. lower volatility and/or more efficiency, once the corresponding ADR has been issued). Further, we find that once the electronic trading systems are implemented in emerging markets, there is an improvement in terms of the information environment, thus reducing the effects of cross-listing. This study contributes to the financial literature because it tests the impact of cross-listing on two specified market microstructure variables, namely volatility and efficiency, through a robust methodology.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: El objetivo de esta investigación es evaluar el efecto no aparente sobre los precios accionarios de Latinoamérica en el momento de emitir ADRs. En particular, se estudia el impacto sobre la volatilidad y la eficiencia en los mercados locales, empleando modelos de la familia GARCH, para medir el impacto sobre la volatilidad, y modelos ARMA, para evaluar el impacto sobre la eficiencia. En general, se encontró que en el 82% de los casos analizados, al menos un resultado muestra mejora (esto es, decremento en la volatilidad y/o mejora en la eficiencia). También se encontró que una vez que los sistemas electrónicos, para comprar y vender activos, son implementados en los mercados bajo estudio, hay una mejora en el ambiente de información, por lo que se reduce el efecto de emisión de los ADR. Finalmente, este estudio contribuye a la literatura financiera porque evalúa el impacto de la emisión de ADR sobre 2 variables específicas de la microestructura de los mercados financieros, volatilidad y eficiencia, mediante el uso de metodologías estadísticas consistentes.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Enlistar en el extranjero]]></kwd>
<kwd lng="es"><![CDATA[Ambiente de información]]></kwd>
<kwd lng="es"><![CDATA[Microestructura]]></kwd>
<kwd lng="es"><![CDATA[Volatilidad y eficiencia]]></kwd>
<kwd lng="en"><![CDATA[Cross-listing]]></kwd>
<kwd lng="en"><![CDATA[Information environment]]></kwd>
<kwd lng="en"><![CDATA[Microstructure]]></kwd>
<kwd lng="en"><![CDATA[Volatility and efficiency]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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