<?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>0123-1472</journal-id>
<journal-title><![CDATA[Cuadernos de Contabilidad]]></journal-title>
<abbrev-journal-title><![CDATA[Cuad. Contab.]]></abbrev-journal-title>
<issn>0123-1472</issn>
<publisher>
<publisher-name><![CDATA[Pontificia Universidad Javeriana]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0123-14722018000100149</article-id>
<article-id pub-id-type="doi">10.11144/javeriana.cc19-47.meem</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Metodología de estudio de eventos como medición del impacto del dictamen del revisor fiscal en el mercado accionario colombiano en 2009-2016]]></article-title>
<article-title xml:lang="en"><![CDATA[A Methodology to Study Events as a Measuring of the Impact of the Statutory Auditor&#8217;s Opinion on the Colombian Stock Market during 2009-2016]]></article-title>
<article-title xml:lang="pt"><![CDATA[Metodologia de estudo de eventos como aferição do impacto do parecer do revisor fiscal no mercado acionário colombiano em 2009-2016]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gutiérrez Castañeda]]></surname>
<given-names><![CDATA[Belky Esperanza]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Barrera Montoya]]></surname>
<given-names><![CDATA[Carlos Andrés]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Antioquia (UdeA)  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Antioquia (UdeA)  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2018</year>
</pub-date>
<volume>19</volume>
<numero>47</numero>
<fpage>149</fpage>
<lpage>170</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0123-14722018000100149&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0123-14722018000100149&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0123-14722018000100149&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen  El fortalecimiento de un mercado accionario está relacionado directamente con la transparencia y la confiabilidad de la información disponible para los usuarios de estos mercados. Con este fin, el revisor fiscal ejerce una de sus funciones, que es el de divulgar la situación administrativa y financiera de la empresa a través del informe del revisor fiscal, convirtiéndose este informe en un garante de la realidad económica de las empresas, al verificar la ausencia de errores y fraudes en las informaciones financieras que estos usuarios reciben. A pesar de la importancia social de los revisores fiscales en el contexto colombiano, aún no se ha cuantificado el verdadero impacto de su trabajo en el mercado accionario, representado por la Bolsa de Valores de Colombia (BVC); como respuesta a la falta de esta medición, en Colombia, de la importancia e impacto que el informe del revisor fiscal pueda ejercer en el contexto empresarial y en los inversionistas, fue que se realizó esta investigación, en la cual se quiere evaluar, a través de la metodología de estudio de eventos, el efecto que el informe emitido por el revisor fiscal ejerce en relación con el dictamen de los estados financieros y su influencia en el comportamiento del precio de 127 empresas durante el periodo 2009-2016, negociadas en la BVC. Los resultados evidencian que el informe de revisoría fiscal, en conjunto con algunas variables de los estados financieros, no genera efectos significativos en los retornos esperados de las empresas que cotizan en BVC, al realizar un análisis de forma general y por sectores económicos. En conclusión, se demuestra, por medio de pruebas estadísticas, que no existe una relación significativa entre la emisión y la divulgación del informe del revisor fiscal y la volatilidad o retorno anormal que influya en la dinámica del mercado accionario.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract  The strengthening of the stock market is directly related to the transparence and reliability of the information available to the users in these markets. To that end, the statutory auditor performs a particular function consisting in disclosing the administrative and financial situation of the company by means of the statutory auditor&#8217;s report. It becomes a guarantee of the company financial reality as it ratifies the absence of mistakes and frauds in the financial information received by the users. Despite the social significance of the statutory auditors in the Colombian context, the true impact of their work has not been quantified so far on the stock market, which is represented by the Colombian Stock Exchange (BVC, Spanish acronym). This research was conducted in response to this measuring of the impact and significance the statutory auditor&#8217;s report may have in the entrepreneurial context and the investors in Colombia. It aims to assess &#8211;through the methodology to study events&#8211; the effect of the statutory auditor&#8217;s report regarding her/his professional opinion about the financial statements and the influence thereof on the price behavior of 127 companies during 2009-2016, which were traded in the BVC. The results indicate that the statutory auditor&#8217;s report together with some variables in the financial statements do not bring about any significant effects on the return expected by the companies trading in the BVC, as found in the analyses both general and per economic sector. In conclusion, the statistical evidence demonstrates that there is not any significant relationship between the issuing and disclosing the statutory auditor&#8217;s report and the abnormal return or volatility that would impact the stock market dynamics.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo  O fortalecimento de um mercado acionário está relacionado diretamente à transparência e a confiabilidade das informações disponíveis para os usuários nesses mercados. Com esse fim, o auditor exerce uma de suas funções, que é a de divulgar a situação administrativa e financeira da empresa através do relatório do auditor, virando este relatório um fiador da realidade econômica das empresas ao verificar a ausência de erros e fraudes nas informações financeiras que esses usuários recebem. Embora a importância social dos auditores no contexto colombiano, ainda não tem-se quantificado o verdadeiro impacto do seu trabalho no mercado acionário, representado pela Bolsa de Valores da Colômbia (BVC); como resposta à falta dessa medição na Colômbia, da importância e impacto que o relatório do auditor pode exercer no contexto empresarial e nos investidores, foi que esta pesquisa foi feita, na qual quer-se avaliar, através da metodologia de estudo de eventos, o efeito que o relatório emitido pelo auditor exerce em relação com o parecer das demonstrações financeiras e sua influência no comportamento do preço de 127 empresas durante o período 2009-2016, negociadas na BVC. Os resultados mostram que o relatório de auditoria, juntamente com algumas variáveis das demonstrações financeiras, não gera efeitos significativos nos retornos esperados das empresas listadas na BVC, ao realizar análise de forma geral e por setores econômicos. Em conclusão, demonstra-se, por meio de dados estatísticos, que não existe relação significativa entre emissão e divulgação do relatório do auditor e a volatilidade ou retorno anormal que influencia a dinâmica do mercado acionário.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[revisor fiscal]]></kwd>
<kwd lng="es"><![CDATA[dictamen]]></kwd>
<kwd lng="es"><![CDATA[mercado accionario]]></kwd>
<kwd lng="es"><![CDATA[retorno de mercado]]></kwd>
<kwd lng="es"><![CDATA[CAMP]]></kwd>
<kwd lng="es"><![CDATA[ARCH]]></kwd>
<kwd lng="en"><![CDATA[statutory auditor]]></kwd>
<kwd lng="en"><![CDATA[professional opinion]]></kwd>
<kwd lng="en"><![CDATA[stock market]]></kwd>
<kwd lng="en"><![CDATA[market return]]></kwd>
<kwd lng="en"><![CDATA[CAMP]]></kwd>
<kwd lng="en"><![CDATA[ARCH]]></kwd>
<kwd lng="pt"><![CDATA[auditor]]></kwd>
<kwd lng="pt"><![CDATA[parecer]]></kwd>
<kwd lng="pt"><![CDATA[mercado acionário]]></kwd>
<kwd lng="pt"><![CDATA[retorno de mercado]]></kwd>
<kwd lng="pt"><![CDATA[CAMP]]></kwd>
<kwd lng="pt"><![CDATA[ARCH]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Abrantes]]></surname>
<given-names><![CDATA[R. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Dellepiane]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[La metodología de estudio de eventos en la estimación de daños en casos de arbitraje internacional]]></article-title>
<source><![CDATA[Ma de México, Instituto de Investigaciones Jurídicas]]></source>
<year>2013</year>
<page-range>199-217</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<collab>Ameen</collab>
<article-title xml:lang=""><![CDATA[Information Content of Qualified Audit Opinions for Over-the-Counter Firms]]></article-title>
<source><![CDATA[Journal of Business Finance and Accounting]]></source>
<year>1994</year>
<volume>21</volume>
<page-range>997-1011</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ashley]]></surname>
<given-names><![CDATA[J. W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Stock Prices and Changes in Earnings and Dividends: Some Empirical Results]]></article-title>
<source><![CDATA[J. Polit. Econ]]></source>
<year>1962</year>
<volume>70</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>82-5</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ball]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Brown]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[An Empirical Evaluation of Accounting Income Numbers]]></article-title>
<source><![CDATA[J. Acc. Res. , Autumn]]></source>
<year>1968</year>
<volume>6</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>159-78</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Barker]]></surname>
<given-names><![CDATA[C. A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Effective Stock Splits]]></article-title>
<source><![CDATA[Harvard Business Review]]></source>
<year>1956</year>
<volume>34</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>101-6</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Barker]]></surname>
<given-names><![CDATA[C. A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Stock Splits in a Bull Market]]></article-title>
<source><![CDATA[Harvard Business Review]]></source>
<year>1957</year>
<volume>35</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>72-9</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Barker]]></surname>
<given-names><![CDATA[C. A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Evaluation of Stock Dividends]]></article-title>
<source><![CDATA[Harvard Business Review]]></source>
<year>1958</year>
<volume>36</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>99-113</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Berggrun]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[La fusión de Bancolombia, Conavi y Corfinsura: una aplicación de la metodología de estudio de eventos]]></article-title>
<source><![CDATA[Estudios Gerenciales]]></source>
<year>2006</year>
<volume>22</volume>
<numero>100</numero>
<issue>100</issue>
<page-range>83-102</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bernard]]></surname>
<given-names><![CDATA[V. L.]]></given-names>
</name>
<name>
<surname><![CDATA[Thomas]]></surname>
<given-names><![CDATA[J. K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Evidence that Stock Prices do not Fully Reflect the Implications of Current Earnings for Future Earnings]]></article-title>
<source><![CDATA[Journal of Accounting and Economics]]></source>
<year>1990</year>
<volume>13</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>305-40</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Black]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Scholes]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Effects of Dividend Yields and Dividend Policy on Common Stock Prices and Returns]]></article-title>
<source><![CDATA[Journal of Financial Economic]]></source>
<year>1974</year>
<volume>1</volume>
<page-range>1-22</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Blanco]]></surname>
<given-names><![CDATA[M. S.]]></given-names>
</name>
</person-group>
<source><![CDATA[Auditoría 2005]]></source>
<year>2003</year>
<publisher-loc><![CDATA[Bogotá ]]></publisher-loc>
<publisher-name><![CDATA[Ecoe Ediciones]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bollerslev]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Generalized Autoregressive Conditional Heteroscedasticity]]></article-title>
<source><![CDATA[Journal of Econometrics]]></source>
<year>1986</year>
<publisher-loc><![CDATA[Amsterdam, Holanda ]]></publisher-loc>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bromwich]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Financial Reporting, Information and Capital Markets]]></source>
<year>1992</year>
<publisher-loc><![CDATA[London ]]></publisher-loc>
<publisher-name><![CDATA[Pitman Publishing]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chen]]></surname>
<given-names><![CDATA[C. J. P]]></given-names>
</name>
<name>
<surname><![CDATA[Su]]></surname>
<given-names><![CDATA[X.]]></given-names>
</name>
<name>
<surname><![CDATA[Zhao]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[An Emerging Market&#8217;s Reaction to Initial Modified Audit Opinions: Evidence from the Shanghai Stock Exchange]]></article-title>
<source><![CDATA[Contemporary Accounting Research]]></source>
<year>2000</year>
<volume>17</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>429-55</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chiang]]></surname>
<given-names><![CDATA[T. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Doong]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Empirical Analysis of Stock Returns and Volatility: Evidence from Seven Asian Stock Markets Based on TAR-GARCH Model]]></article-title>
<source><![CDATA[Review of Quantitative Finance and Accounting, Amsterdam]]></source>
<year>2001</year>
<volume>17</volume>
<numero>NE</numero>
<issue>NE</issue>
<page-range>301-8</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Choi]]></surname>
<given-names><![CDATA[J. D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Effects of Qualified Audit Opinion on Earnings Response Coefficients]]></article-title>
<source><![CDATA[Journal of Accounting and Economics]]></source>
<year>1992</year>
<volume>15</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>229-48</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chow]]></surname>
<given-names><![CDATA[C. W.]]></given-names>
</name>
<name>
<surname><![CDATA[Rice]]></surname>
<given-names><![CDATA[S. J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Qualified Audit Opinions and Share Prices: an Investigation]]></article-title>
<source><![CDATA[Auditing: A Journal of Practice and Theory]]></source>
<year>1982</year>
<volume>57</volume>
<page-range>35-53</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Defond]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Wong]]></surname>
<given-names><![CDATA[T. J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Impact of Improved Auditor Independence on Audit Market Concentration in China]]></article-title>
<source><![CDATA[Journal of Accounting and Economics]]></source>
<year>2000</year>
<volume>28</volume>
<page-range>269-305</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<collab>Dodd</collab>
<article-title xml:lang=""><![CDATA[Qualified Audit Opinions and Stock Prices: Information Content, Announcement Dates, and Concurrent Disclosures]]></article-title>
<source><![CDATA[Journal of Accounting and Economics]]></source>
<year>1984</year>
<volume>6</volume>
<page-range>3-38</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Dolley]]></surname>
<given-names><![CDATA[J. C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Characteristics and Procedure of Common Stock Split-Ups]]></article-title>
<source><![CDATA[Harvard Bus. Rev.]]></source>
<year>1993</year>
<volume>1933</volume>
<numero>11</numero>
<issue>11</issue>
<page-range>316-26</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Elliot]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Subject to; Audit Opinions and Abnormal Security Returns Outcomes and Ambiguities]]></article-title>
<source><![CDATA[Journal of Accounting Research]]></source>
<year>1982</year>
<volume>20</volume>
<page-range>617-38</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Engle]]></surname>
<given-names><![CDATA[R. F.]]></given-names>
</name>
<name>
<surname><![CDATA[Nelson]]></surname>
<given-names><![CDATA[D. B.]]></given-names>
</name>
</person-group>
<source><![CDATA[University of California, San Diego, Department of Economics By and Discussion Paper 93-49]]></source>
<year>1993</year>
</nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fama]]></surname>
<given-names><![CDATA[E. F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Efficient Capital Markets]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1991</year>
<volume>46</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>383-417</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fama]]></surname>
<given-names><![CDATA[E. F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Adjustment Of Stock Prices To New Information]]></article-title>
<source><![CDATA[International Economic Review]]></source>
<year>1969</year>
<volume>10</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-21</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Firth]]></surname>
<given-names><![CDATA[M. A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Qualified Audit Reports: Their Impact on Investment Decisions]]></article-title>
<source><![CDATA[Accounting Review]]></source>
<year>1978</year>
<volume>53</volume>
<page-range>642-50</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[García]]></surname>
<given-names><![CDATA[M. A]]></given-names>
</name>
<name>
<surname><![CDATA[Ruiz]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Vico]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Factores que condicionan la elección y el cambio de auditor en la empresa española]]></article-title>
<source><![CDATA[Revista de Contabilidad]]></source>
<year>2000</year>
<volume>3</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>49-80</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gómez]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<source><![CDATA[Validación de la hipótesis de los mercados eficientes en su nivel semifuerte aplicada al mercado accionario colombiano]]></source>
<year>2009</year>
</nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gutiérrez]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<source><![CDATA[A Auditoria e o Mercado Acionário Latino-Americano: Casos Brasil, Argentina e Colômbia]]></source>
<year>2011</year>
</nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Haw]]></surname>
<given-names><![CDATA[I. M]]></given-names>
</name>
<name>
<surname><![CDATA[Qi]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Wu]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Timeliness of Annual Report Releases and Market Reaction to Earnings Announcement in an Emerging Capital Market: The Case of China]]></article-title>
<source><![CDATA[Journal of International Financial and Accounting]]></source>
<year>2000</year>
<volume>11</volume>
<page-range>108-31</page-range></nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jegadeesh]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Livnat]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Post-Earnings-Announcement Drift: The Role of Revenue Surprises]]></article-title>
<source><![CDATA[Financial Analysts Journal]]></source>
<year>2006</year>
<volume>62</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>22-34</page-range></nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jones]]></surname>
<given-names><![CDATA[F. L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Information Content of the Auditor&#8217;s Going Concern Evaluation]]></article-title>
<source><![CDATA[Journal of Accounting and Public Policy]]></source>
<year>1996</year>
<volume>15</volume>
<page-range>1-27</page-range></nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Knechel]]></surname>
<given-names><![CDATA[R. W.]]></given-names>
</name>
<name>
<surname><![CDATA[Sharma]]></surname>
<given-names><![CDATA[D. S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Auditor-Provided Nonaudit Services and Audit Effectiveness and Efficiency: Evidence from Pre-and Post-SOX Audit Report Lags]]></article-title>
<source><![CDATA[Auditing: A Journal of Practice and Theory]]></source>
<year>2012</year>
<volume>31</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>14-85</page-range></nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="journal">
<collab>Krishnamurthy</collab>
<article-title xml:lang=""><![CDATA[Auditor Reputation, Auditor Independence, and the Stock-Market Impact of Andersen&#8217;s Indictment on its Client Firms]]></article-title>
<source><![CDATA[Contempora]]></source>
<year>2006</year>
<page-range>465-90</page-range></nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lin]]></surname>
<given-names><![CDATA[Z.J]]></given-names>
</name>
<name>
<surname><![CDATA[Q.]]></surname>
<given-names><![CDATA[Tang]]></given-names>
</name>
<name>
<surname><![CDATA[J.]]></surname>
<given-names><![CDATA[Xiao]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[An Experimental Study of Users&#8217; Responses to Qualified Audit Reports in China]]></article-title>
<source><![CDATA[Journal of International Accounting, Auditing and Taxation]]></source>
<year>2003</year>
<volume>12</volume>
<page-range>1-22</page-range></nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="journal">
<collab>Loudder</collab>
<article-title xml:lang=""><![CDATA[The Information Content of Audit Qualification]]></article-title>
<source><![CDATA[Auditing: A Journal of Practice and Theory]]></source>
<year>1992</year>
<volume>11</volume>
<page-range>69-82</page-range></nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[MacKinlay]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Information Content of Audit Qualification]]></article-title>
<source><![CDATA[Journal of Economic Literature]]></source>
<year>1997</year>
<volume>35</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>13-39</page-range></nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mantilla]]></surname>
<given-names><![CDATA[S. A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Auditoría]]></source>
<year>2004</year>
<publisher-loc><![CDATA[Bogotá ]]></publisher-loc>
<publisher-name><![CDATA[Ecoe]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="journal">
<collab>Martínez</collab>
<article-title xml:lang=""><![CDATA[Reactions of the Spanish Capital Market to Qualified Audit Reports. European]]></article-title>
<source><![CDATA[European Accounting Review]]></source>
<year>2004</year>
<volume>13</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>689-711</page-range></nlm-citation>
</ref>
<ref id="B39">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Melumad]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Ziv]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A Theoretical Examination of the Market Reaction to Auditor's Qualifications]]></article-title>
<source><![CDATA[Revista de Investigación Contable]]></source>
<year>1997</year>
<volume>35</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>239-56</page-range></nlm-citation>
</ref>
<ref id="B40">
<nlm-citation citation-type="journal">
<collab>Myers</collab>
<article-title xml:lang=""><![CDATA[Influence of Stock Split-Ups on Market Price]]></article-title>
<source><![CDATA[Harvard Bus. Rev]]></source>
<year>1948</year>
<page-range>251-5</page-range></nlm-citation>
</ref>
<ref id="B41">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Knechel]]></surname>
<given-names><![CDATA[R. W.]]></given-names>
</name>
<name>
<surname><![CDATA[Sharma]]></surname>
<given-names><![CDATA[D. S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Auditor-Provided Nonaudit Services and Audit Effectiveness and Efficiency: Evidence from Evidence from Pre- and Post-SOX]]></article-title>
<source><![CDATA[Audit Report Lags]]></source>
<year>2012</year>
<volume>31</volume>
<page-range>85-114</page-range></nlm-citation>
</ref>
<ref id="B42">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pei]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Opong]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Hamill]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[An Analysis of the Information Content of Qualified Audit Reports: Evidence from China&#8217;s Shenzhen Market. Working Paper]]></source>
<year>2004</year>
</nlm-citation>
</ref>
<ref id="B43">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Soltani]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Some Empirical Evidence to Support the Relationship Between Audit Reports and Stock Prices-The French Case]]></article-title>
<source><![CDATA[International Journal of Auditing]]></source>
<year>2000</year>
<volume>4</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>269-91</page-range></nlm-citation>
</ref>
<ref id="B44">
<nlm-citation citation-type="">
<collab>Teweles</collab>
<source><![CDATA[El mercado de valores]]></source>
<year>1992</year>
<volume>6</volume>
<publisher-loc><![CDATA[Aufl. Nueva York, EE.UU. ]]></publisher-loc>
</nlm-citation>
</ref>
<ref id="B45">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Velásquez]]></surname>
<given-names><![CDATA[G. C.]]></given-names>
</name>
</person-group>
<source><![CDATA[El impacto de anuncio de eventos en el mercado accionario colombiano]]></source>
<year>2009</year>
<publisher-loc><![CDATA[Medellín, Colombia ]]></publisher-loc>
<publisher-name><![CDATA[Universidad Eafit, Escuela de Administración y Finanzas]]></publisher-name>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
