<?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>1665-5346</journal-id>
<journal-title><![CDATA[Revista mexicana de economía y finanzas]]></journal-title>
<abbrev-journal-title><![CDATA[Rev. mex. econ. finanz]]></abbrev-journal-title>
<issn>1665-5346</issn>
<publisher>
<publisher-name><![CDATA[Instituto Mexicano de Ejecutivos de Finanzas A.C.]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1665-53462019000500583</article-id>
<article-id pub-id-type="doi">10.21919/remef.v14i0.424</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Terrorism and Latin-American Stocks Markets]]></article-title>
<article-title xml:lang="es"><![CDATA[Terrorismo y mercados bursátiles latinoamericanos]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Magner]]></surname>
<given-names><![CDATA[Nicolás S.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Roa]]></surname>
<given-names><![CDATA[Cinthia K.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Finis Terrae  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>00</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>00</month>
<year>2019</year>
</pub-date>
<volume>14</volume>
<numero>spe</numero>
<fpage>583</fpage>
<lpage>599</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462019000500583&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462019000500583&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462019000500583&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper investigates the effects of major terrorist attacks of the last 20 years on a set of stocks listed at Latin-American stock markets. Utilizing the capital market model, we calculate abnormal returns during the day of the terror attacks for 115 stocks listed in 6 Latin-American countries. In this sense, we appreciate different reaction between countries, where Brazil, Peru, and Chile have a significant market reaction of terrorism. These results promote international diversification and the use of this loss to avoid significant capital losses. However, the results are limited by the validity of the capital market model. This paper has important implications for international investors and their investment risk management strategies. Despite the frequency of terrorist events, this is the first work that addresses a wide range of these in Latin American countries. The main conclusion is that there is a negative effect of terrorist events on Latin American markets, but this effect is mixed; there is a negative and significant impact of the US terrorist attacks and a weak and non-significant effect when the attacks occur outside the US.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este artículo investiga los efectos de los grandes ataques terroristas de los últimos 20 años en un conjunto de acciones que cotizan en los mercados bursátiles latinoamericanos. Utilizando el modelo de mercado de capitales, calculamos rendimientos anormales durante el día de los ataques terroristas para 115 acciones que cotizan en 6 países de América Latina. En este sentido, apreciamos diferentes reacciones entre países, donde Brasil, Perú y Chile tienen una reacción significativa del terrorismo en el mercado. Estos resultados promueven la diversificación internacional y el uso de esta pérdida para evitar pérdidas significativas de capital. Sin embargo, los resultados están limitados por la validez del modelo de mercado de capitales. Este documento tiene importantes implicaciones para los inversores internacionales y sus estrategias de gestión de riesgos de inversión. A pesar de la frecuencia de los eventos terroristas, este es el primer trabajo que aborda una amplia gama de estos en los países de América Latina. La principal conclusión es que hay un efecto negativo de los acontecimientos terroristas en los mercados latinoamericanos, pero este efecto es mixto; hay un impacto negativo y significativo de los ataques terroristas estadounidenses y un efecto débil y no significativo cuando los ataques ocurren fuera de los Estados Unidos.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Event study]]></kwd>
<kwd lng="en"><![CDATA[terrorism]]></kwd>
<kwd lng="en"><![CDATA[Latin-America stocks]]></kwd>
<kwd lng="es"><![CDATA[Estudio de eventos]]></kwd>
<kwd lng="es"><![CDATA[terrorismo]]></kwd>
<kwd lng="es"><![CDATA[reservas de América Latina]]></kwd>
</kwd-group>
</article-meta>
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