<?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>S0186-10422017000401317</article-id>
<article-id pub-id-type="doi">10.1016/j.cya.2017.02.007</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Empirical evidence of the existence of speculative bubbles in the prices of stocks traded on the São Paulo Stock Exchange]]></article-title>
<article-title xml:lang="es"><![CDATA[Evidencia empírica de la existencia de burbujas especulativas en los precios de las acciones negociadas en la Bolsa de Valores de São Paulo]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Costa]]></surname>
<given-names><![CDATA[Carol Thiago]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Silva]]></surname>
<given-names><![CDATA[Wesley Vieira da]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Almeida]]></surname>
<given-names><![CDATA[Laura Brito de]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Veiga]]></surname>
<given-names><![CDATA[Claudimar Pereira da]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Pontifical Catholic University of Paraná  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Federal University of Paraná, UFPR  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2017</year>
</pub-date>
<volume>62</volume>
<numero>4</numero>
<fpage>1317</fpage>
<lpage>1334</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422017000401317&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422017000401317&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422017000401317&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract Speculative price bubbles are defined as a significant deviation between an asset's intrinsic value and its market value and in this paper it refers to stock values. Literature about the theme has noted the existence of bubbles in various types of markets and their respective assets. A great deal of effort has been directed toward identifying bubbles in stock price indices. However, few research endeavors focus on assets as the unit of analysis. Studies about stocks in Brazil have identified the presence of bubbles in IBOVESPA (São Paulo Stock Exchange Index). Given this context and assuming that the speculative bubbles are present in the Brazilian stock market, this research is focused on the following question: Is there evidence of the existence of speculative bubbles in stock prices traded on the São Paulo Stock Exchange? Econometric tests were performed on twenty-seven stocks, based upon their positions each semester, for the period between the first semesters of 1990 until the first semester of 2010. The nominal values of the selected stocks were adjusted for inflation by the IPCA (Brazilian Consumer Price Index). In order to identify the presence of bubbles, we applied the Johansen non-cointegration test and/or the Granger non-causality test between the intrinsic value, dividends and interest on equity capital, and the market value (semester closing price) of the stocks. The primary findings reveal a presence of bubbles in twenty of the twenty-seven stocks, at a 5% significance level. Of the seven stocks not showing evidence of bubbles, six are financial institutions. In five stocks the tests reveal Granger causality stemming from the market value toward the intrinsic value. The study findings are consistent and contribute with previous research in the literature and, are useful for investors, financial institutions, academics, government agents, and traders.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Las burbujas de precios especulativas se definen como una desviación significativa entre el valor intrínseco de un activo y su valor de mercado y en este artículo se refiere a los valores de las acciones. La literatura sobre el tema ha señalado la existencia de burbujas en diversos tipos de mercados y sus respectivos activos. Un gran esfuerzo se ha dirigido hacia la identificación de burbujas en los índices de precios de las acciones. Sin embargo, pocos esfuerzos de investigación se centran en los activos como la unidad de análisis. Los estudios sobre existencias en Brasil han identificado la presencia de burbujas en IBOVESPA (Índice de Bolsa de São Paulo). Dado este contexto y suponiendo que las burbujas especulativas están presentes en el mercado de valores brasileño, esta investigación se centra en la siguiente pregunta: ¿Existe evidencia de la existencia de burbujas especulativas en los precios de las acciones cotizadas en la Bolsa de Valores de São Paulo? Las pruebas econométricas se realizaron en veintisiete acciones, con base en sus posiciones cada semestre, para el período comprendido entre los primeros semestres de 1990 hasta el primer semestre de 2010. Los valores nominales de las acciones seleccionadas fueron ajustados por inflación por el IPCA (Índice de precio). Para identificar la presencia de burbujas, se aplicó la prueba de no cointegración de Johansen y / o la prueba de no causalidad de Granger entre el valor intrínseco, los dividendos y los intereses sobre el capital social, y el valor de mercado (precio de cierre semestral). Los hallazgos primarios revelan una presencia de burbujas en veinte de las veintisiete poblaciones con UN nivel de significación del 5%. De las siete acciones que no muestran evidencia de burbujas, seis son instituciones financieras. En cinco poblaciones las pruebas revelan la causalidad de Granger, derivada del valor de mercado hacia el valor intrínseco. Los resultados del estudio son consistentes y contribuyen con investigaciones previas en la literatura y son útiles para inversionistas, instituciones financieras, académicos, agentes gubernamentales y comerciantes.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Speculative bubbles]]></kwd>
<kwd lng="en"><![CDATA[Stocks]]></kwd>
<kwd lng="en"><![CDATA[Brazil]]></kwd>
<kwd lng="en"><![CDATA[Johansen cointegration]]></kwd>
<kwd lng="en"><![CDATA[Granger causality]]></kwd>
<kwd lng="en"><![CDATA[M1]]></kwd>
<kwd lng="en"><![CDATA[M10]]></kwd>
<kwd lng="en"><![CDATA[M21]]></kwd>
<kwd lng="en"><![CDATA[M40]]></kwd>
<kwd lng="es"><![CDATA[Burbujas especulativas]]></kwd>
<kwd lng="es"><![CDATA[Acciones]]></kwd>
<kwd lng="es"><![CDATA[Brasil]]></kwd>
<kwd lng="es"><![CDATA[Cointegración de Johansen]]></kwd>
<kwd lng="es"><![CDATA[Causalidad de Granger]]></kwd>
<kwd lng="es"><![CDATA[M1]]></kwd>
<kwd lng="es"><![CDATA[M10]]></kwd>
<kwd lng="es"><![CDATA[M21]]></kwd>
<kwd lng="es"><![CDATA[M40]]></kwd>
</kwd-group>
</article-meta>
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