<?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>S0186-10422023000100058</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2023.3080</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Volatilidad y creación de valor en el mercado integrado Latinoamericano]]></article-title>
<article-title xml:lang="en"><![CDATA[Volatility and value creation in the Latin American integrated market]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gaitán Riaño]]></surname>
<given-names><![CDATA[Sandra]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ospina Mejía]]></surname>
<given-names><![CDATA[Jaime]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sierra Jaramillo]]></surname>
<given-names><![CDATA[Ana María]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad EAFIT  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2023</year>
</pub-date>
<volume>68</volume>
<numero>1</numero>
<fpage>58</fpage>
<lpage>76</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422023000100058&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422023000100058&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422023000100058&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen En la actualidad, la integración apunta a reducir la atomización del mercado al concentrar la liquidez y profundidad de cada uno de los actores que integran el Mercado Integrado Latinoamericano (MILA) en un solo lugar. Facilita la incorporación al mercado de capitales internacional, permitiendo el acceso a mayores fuentes de financiamiento diferentes a las tradicionales que ofrece la banca. Por esta razón se considera importante estudiar la relación entre la creación de valor y la volatilidad de las firmas que hacen parte del MILA durante el periodo comprendido entre 2007 y 2017. Para contrastar esta relación se utilizan diferentes modelos econométricos que permiten evidenciar una relación negativa y estadísticamente significativa entre la creación de valor para el accionista y la volatilidad. Esto implica que las compañías que generan más incertidumbre reflejada en una mayor volatilidad, medida en términos de los rendimientos diarios, presentan menor creación de valor para el accionista.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract In the present day, integration aims to reduce market atomization by concentrating the liquidity and penetration of each of the actors that constitute MILA (Mercado Integrado Latinoamericano) in a single place. This facilitates the incorporation into international capital markets and allows access to financing sources different from traditional funding from banks. For this reason, it is relevant to study the relationship between value creation and the volatility of the firms that are part of MILA for the period from 2007 to 2017. Different econometric models are used, and a negative and statistically significant relationship is evidenced between shareholder value creation and volatility. This implies that the companies that generate greater uncertainty, reflected in higher volatility, (measured in terms of daily returns) exhibit lower value creation for the shareholder.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[volatilidad]]></kwd>
<kwd lng="es"><![CDATA[creación de valor]]></kwd>
<kwd lng="es"><![CDATA[MILA]]></kwd>
<kwd lng="en"><![CDATA[volatility]]></kwd>
<kwd lng="en"><![CDATA[value creation]]></kwd>
<kwd lng="en"><![CDATA[MILA]]></kwd>
</kwd-group>
</article-meta>
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