<?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>S0186-10422016000200298</article-id>
<article-id pub-id-type="doi">10.1016/j.cya.2015.12.002</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Efecto manada en sectores económicos de las bolsas latinoamericanas: una visión pre y poscrisis subprime]]></article-title>
<article-title xml:lang="en"><![CDATA[Herding effect in economic sectors of the Latin American stock markets: A pre and post-subprime crisis vision]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Duarte Duarte]]></surname>
<given-names><![CDATA[Juan Benjamín]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Garcés Carreño]]></surname>
<given-names><![CDATA[Laura Daniela]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sierra Suárez]]></surname>
<given-names><![CDATA[Katherine Julieth]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Industrial de Santander  ]]></institution>
<addr-line><![CDATA[Santander ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Santander  ]]></institution>
<addr-line><![CDATA[Santander ]]></addr-line>
<country>Colombia</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>298</fpage>
<lpage>323</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422016000200298&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422016000200298&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422016000200298&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: En los últimos años, el comportamiento de los agentes y lo que los motiva a tomar sus decisiones de inversión ha sido foco de estudio de muchos investigadores en las ramas de economía, finanzas y afines. Teniendo en cuenta esto, en este artículo se busca comprobar empíricamente uno de estos comportamientos, el efecto manada, mediante los modelos propuestos por Christie y Huang (1995) y Chang, Cheng y Khorana (2000), en el índice más representativo y en los sectores que lo componen, de los principales mercados de América Latina (Brasil, México, Chile, Colombia, Perú y Argentina) para el periodo 2002-2014, así como en los subperiodos pre y poscrisis originados por las hipotecas subprime. Los hallazgos de esta investigación muestran que el efecto manada está presente en el índice más representativo del mercado bursátil de Colombia, Chile y Perú y en algunos de los sectores que lo componen, ya sea en el periodo total y/o en los subperiodos de pre y poscrisis; en el mercado de Brasil, el efecto está presente en el sector bancario en el periodo total y en el subperiodo de precrisis; en el mercado de Argentina tal efecto se presentó en el sector bancario y en el sector de petróleo y gas, y en el mercado de México no existe ninguna evidencia de dicho efecto.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: In recent years the behavior of the agents and what motivates them to make their investment decisions; it has been the focus of study by many researchers in the fields of economics, finance and related fields. With this in mind, this article seeks to test empirically one of these behaviors, the herd effect, using the models proposed by Christie y Huang (1995) and Chang, Cheng y Khorana (2000), in the most representative index and the sectors that compose it, of the main markets in Latin America (Brazil, Mexico, Chile, Colombia, Peru and Argentina) in the period 2002-2014, as well as in the sub periods pre and post crisis caused by the subprime mortgage. The findings of this research show that the herd effect is present in the most representative stock index in Colombia, Chile and Peru and in some of the sectors that comprise it, either in the total period and/or in sub periods pre and post crisis; in the Brazilian stock market, the effect is present in the banking sector in the total period and in the sub period of pre-crisis; Argentina stock market that effect is present in the banking sector and in the oil and gas sector, and Mexico stock market there is no evidence of this effect.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Herd effect]]></kwd>
<kwd lng="en"><![CDATA[Latin America stock markets]]></kwd>
<kwd lng="en"><![CDATA[Cross sectional dispersion of returns]]></kwd>
<kwd lng="es"><![CDATA[Efecto manada]]></kwd>
<kwd lng="es"><![CDATA[Mercados latinoamericanos]]></kwd>
<kwd lng="es"><![CDATA[Dispersión de sección cruzada de los retornos]]></kwd>
</kwd-group>
</article-meta>
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