<?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>S0186-10422015000300556</article-id>
<article-id pub-id-type="doi">10.1016/j.cya.2015.05.010</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[¿Influyen las Normas Internacionales de Información Financiera en el riesgo de las acciones?]]></article-title>
<article-title xml:lang="en"><![CDATA[Influencing the International Financial Reporting Standard in the equity risk?]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Boz]]></surname>
<given-names><![CDATA[Gokhan]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Menéndez Plans]]></surname>
<given-names><![CDATA[Carlota]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Orgaz Guerrero]]></surname>
<given-names><![CDATA[Neus]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Prior Jiménez]]></surname>
<given-names><![CDATA[Diego]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma de Barcelona  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>ES</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Oberta de Catalunya  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>ES</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2015</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2015</year>
</pub-date>
<volume>60</volume>
<numero>3</numero>
<fpage>556</fpage>
<lpage>577</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422015000300556&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422015000300556&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422015000300556&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[El objetivo del presente trabajo de investigación es doble: estudiar qué información explica el riesgo de las acciones y analizar si la implantación de las Normas Internacionales de Información Financiera (NIIF), realizada en el mercado español en 2005, influye en dicha información. Conocer qué información contable y/o macroeconómica explica el riesgo de una acción es una información útil para el empresario y para el profesional de la gestión, pues nos indica qué variables observar para estimar la evolución del riesgo y, en consecuencia, la evolución del coste de capital o tasa de actualización. La tasa de actualización es una variable muy importante en muchas decisiones financieras, y su valor, que depende entre otras variables del riesgo, tiene una gran influencia en la decisión. Por este motivo es importante que dicha tasa se determine de forma objetiva, algo especialmente difícil en las pequeñas y medianas empresas (PYMES). Una gestión eficiente implica poder anticiparse a los efectos futuros, actuar para capturar los efectos positivos y minimizar los efectos negativos. Si sabemos qué variables explican el riesgo, conoceremos qué indicadores observar para analizar su comportamiento y prever lo que vaya a suceder en el futuro sobre la tasa de actualización.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[The present research has two objectives. First, we study the determinants of stock risk. Second, we analyze whether International Financial Reporting Standard (IFRS) implemented in the Spanish market in 2005 has affected these determinants. It is quite important for both entrepreneurs and management professionals to understand the accounting information and macroeconomic factors that explain stock risk, since it suggests which factors can be used to estimate this risk, and hence, to analyze the evolution of cost of capital or discount rate. The discount rate plays an important role in wide range of financial decisions; whose value depends on the risk among other factors. Therefore, it is significant to obtain an objective estimation of discount rate, which is difficult to handle specifically in the context of small and medium sized enterprises (SMEs). Effective management involves the ability to forecast future changes, capture positive effects, and minimize negative ones. Once we find out the variables that can be utilized to explain the risk, we can observe and analyze their evolution to anticipate future changes in the discount rate.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Riesgo]]></kwd>
<kwd lng="es"><![CDATA[Normas Internacionales de Información Financiera (NIIF)]]></kwd>
<kwd lng="es"><![CDATA[Pequeñas y medianas empresas (PYMES)]]></kwd>
<kwd lng="es"><![CDATA[Coste de capital de las acciones]]></kwd>
<kwd lng="es"><![CDATA[Información contable]]></kwd>
<kwd lng="es"><![CDATA[Macroeconómica]]></kwd>
<kwd lng="en"><![CDATA[Risk]]></kwd>
<kwd lng="en"><![CDATA[International Financial Reporting Standard (IFRS)]]></kwd>
<kwd lng="en"><![CDATA[Small and medium enterprises (SMEs)]]></kwd>
<kwd lng="en"><![CDATA[Cost of equity capital]]></kwd>
<kwd lng="en"><![CDATA[Accounting information]]></kwd>
<kwd lng="en"><![CDATA[Macroeconomic information]]></kwd>
</kwd-group>
</article-meta>
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