<?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>0120-3592</journal-id>
<journal-title><![CDATA[Cuadernos de Administración]]></journal-title>
<abbrev-journal-title><![CDATA[Cuad. Adm.]]></abbrev-journal-title>
<issn>0120-3592</issn>
<publisher>
<publisher-name><![CDATA[Pontificia Universidad Javeriana]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-35922016000200007</article-id>
<article-id pub-id-type="doi">10.11144/Javeriana.cao29-53.elae</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[(In)Efficiencies in Latin American ETFs]]></article-title>
<article-title xml:lang="en"><![CDATA[(In)Eficiencias en los Fondos Cotizados en Bolsa -ETFs- latinoamericanos]]></article-title>
<article-title xml:lang="pt"><![CDATA[(In)Eficiêndas nos Fundos de Índice -ETFs- latinoamericanos]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Kreis]]></surname>
<given-names><![CDATA[Yvonne]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Licht]]></surname>
<given-names><![CDATA[Johannes W.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Useche]]></surname>
<given-names><![CDATA[Alejandro J.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Johannes Gutenberg Universität Mainz  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Alemania</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Johannes Gutenberg Universität Mainz  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Alemania</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad del Rosario  ]]></institution>
<addr-line><![CDATA[Bogotá ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2016</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2016</year>
</pub-date>
<volume>29</volume>
<numero>53</numero>
<fpage>7</fpage>
<lpage>48</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-35922016000200007&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-35922016000200007&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-35922016000200007&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este estudio evalúa empíricamente la eficiencia en la valoración de varios ETFs latinoamericanos, expresada en desviaciones de sus precios de mercado frente a los valores liquidativos subyacentes. Se cuantifican tales ineficiencias y se implementa una estrategia de negociación verificada por regresiones basadas en el CAPM y el Modelo Fama-French. Los resultados discrepan con la Hipótesis de los Mercados Eficientes y son mejor explicados por aspectos de las finanzas comportamentales. Finalmente, se examina cómo las desviaciones influyen sobre la decisión de creación o redención de ETFs, mediante un análisis de regresión logística. Los resultados evidencian que los participantes autorizados reaccionan ante las ineficiencias realizando transacciones en el mercado primario.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This study empirically evaluates the pricing efficiency of several Latin American Exchange Traded Funds (ETFs) regarding deviations of ETF prices from their underlying net asset values (NAVs). A measure of these inefficiencies is made by implementing a trading strategy and running CAPM and Fama-French regressions to determine the excess return of the trading. Results do not conform to the Efficient Market Hypothesis, but rather support aspects of behavioral finance. Finally, it is addressed how these inefficiencies influence the decision for ETF share creation and redemption via logit regression analyses. Results highlight that ETF authorized partners react to inefficiencies by trading within the ETF primary market.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo Este estudo avalia empiricamente a eficiência na valoração de vários ETFs (exchange traded funds) latino-americanos expressa em desvios de seus preços de mercado em comparação aos valores liquidativos subjacentes. Quantificam-se essas ineficiências e implementa-se uma estratégia de negociação verificada por regressões baseadas no CAPM e no Modelo Fama-French. Os resultados divergem com a hipótese dos mercados eficientes e são mais bem explicados por aspectos das finanças comportamentais. Finalmente, examina-se como os desvios influenciam na decisão de criação ou retenção de ETFs, mediante uma análise de regressão logística. Os resultados evidenciam que os participantes autorizados reagem ante as ineficiências realizando transações no mercado primário.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Exchange-traded funds]]></kwd>
<kwd lng="en"><![CDATA[inefficiency]]></kwd>
<kwd lng="en"><![CDATA[price/ NAV ratio]]></kwd>
<kwd lng="en"><![CDATA[creation &amp; redemption]]></kwd>
<kwd lng="en"><![CDATA[investments]]></kwd>
<kwd lng="es"><![CDATA[fondos cotizados en bolsa]]></kwd>
<kwd lng="es"><![CDATA[ineficiencia]]></kwd>
<kwd lng="es"><![CDATA[coeficiente precio/valor liquidativo]]></kwd>
<kwd lng="es"><![CDATA[creación y redención]]></kwd>
<kwd lng="es"><![CDATA[inversiones]]></kwd>
<kwd lng="pt"><![CDATA[fundos de índice]]></kwd>
<kwd lng="pt"><![CDATA[ineficiência]]></kwd>
<kwd lng="pt"><![CDATA[coeficiente preço- valor liquidativo]]></kwd>
<kwd lng="pt"><![CDATA[criação e retenção]]></kwd>
<kwd lng="pt"><![CDATA[investimento]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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