<?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>S0186-10422015000600009</article-id>
<article-id pub-id-type="doi">10.1016/j.cya.2015.05.006</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Liquidity premium in emerging markets during the International Credit Financial Crisis: The Mexico and Chile cases]]></article-title>
<article-title xml:lang="es"><![CDATA[Prima por liquidez en mercados emergentes durante la Crisis Financiera Internacional Crediticia, los casos de México y Chile]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Valencia Herrera]]></surname>
<given-names><![CDATA[Humberto]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="A01">
<institution><![CDATA[,Instituto Tecnológico y de Estudios Superiores de Monterrey  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2015</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2015</year>
</pub-date>
<volume>60</volume>
<fpage>9</fpage>
<lpage>23</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422015000600009&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422015000600009&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422015000600009&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[The stochastic discount factor persistently has a liquidity premium for the most traded stocks in the years of the international financial credit crises 2007-2008, effect that persists during 2009 in Mexico and Chile. This effect it is not persistent in the period 2010-2012, when it is only statistically observable in some years, but it disappears in others.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[El factor de descuento estocástico tiene una prima de riesgo en forma persistente para los activos más negociados en los años de la crisis crediticia financiera internacional 2007-2008, efecto que persiste durante 2009 en México y Chile. Este efecto no es persistente en el período 2010-2012, cuando es solo estadísticamente observable en algunos años, pero desaparece en otros.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Factor de descuento estocástico]]></kwd>
<kwd lng="es"><![CDATA[México]]></kwd>
<kwd lng="es"><![CDATA[Chile]]></kwd>
<kwd lng="es"><![CDATA[Prima por liquidez]]></kwd>
<kwd lng="en"><![CDATA[Stochastic discount factor]]></kwd>
<kwd lng="en"><![CDATA[Mexico]]></kwd>
<kwd lng="en"><![CDATA[Chile]]></kwd>
<kwd lng="en"><![CDATA[Liquidity premium]]></kwd>
</kwd-group>
</article-meta>
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