<?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>0123-5923</journal-id>
<journal-title><![CDATA[Estudios Gerenciales]]></journal-title>
<abbrev-journal-title><![CDATA[estud.gerenc.]]></abbrev-journal-title>
<issn>0123-5923</issn>
<publisher>
<publisher-name><![CDATA[Universidad Icesi]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0123-59232023000300286</article-id>
<article-id pub-id-type="doi">10.18046/j.estger.2023.168.5796</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Day of the Week Effect and Adaptive Markets in Latin American Stock Indices]]></article-title>
<article-title xml:lang="es"><![CDATA[El Efecto Día de la Semana y la Hipótesis del Mercado Adaptativo en las Bolsas de Valores de América Latina]]></article-title>
<article-title xml:lang="pt"><![CDATA[O efeito do dia-da-semana e a hipótese de mercado adaptativo nas bolsas de valores latino-americanas]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Villarreal-Samaniego]]></surname>
<given-names><![CDATA[Dacio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Santillán]]></surname>
<given-names><![CDATA[Roberto J.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Tecnológico Nacional de México Departamento de Ciencias Económico - Administrativas ]]></institution>
<addr-line><![CDATA[Hidalgo del Parral ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Autónoma de Nuevo León Facultad de Economía ]]></institution>
<addr-line><![CDATA[San Nicolás de los Garza ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2023</year>
</pub-date>
<volume>39</volume>
<numero>168</numero>
<fpage>286</fpage>
<lpage>296</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0123-59232023000300286&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0123-59232023000300286&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0123-59232023000300286&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The objective of this work is to examine the Day-of-the-Week anomaly from the perspective of the Adaptive Markets Hypothesis for the stock market indices of Argentina, Brazil, Chile, Colombia, Mexico, and Peru in different subperiods and under different market conditions. The Autoregressive-Moving-Average, Generalized-Autoregressive-Conditional-Heteroskedasticity specifications, and the Kruskal-Wallis test used in the study reveal that the Day-of-the-Week effect appears and disappears in three of the indices and that its presence varies under different market conditions in all of them. This empirical evidence supports the Adaptive Markets Hypothesis.  JEL classification:  C58; G14; G15.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El objetivo de este trabajo es examinar la anomalía Día-de-la-Semana (DOW) desde la perspectiva de la Hipótesis de Mercados Adaptativos en los índices bursátiles de Argentina, Brasil, Chile, Colombia, México y Perú en diferentes subperíodos y bajo diferentes condiciones de mercado. Las especificaciones de Promedio-Móvil-Autorregresivo, Heteroscedasticidad-Condicional-Autorregresiva-Generalizada, y las pruebas de Kruskal-Wallis utilizadas en el estudio revelan que el efecto Día-de-la-Semana aparece y desaparece en tres de los índices y que su presencia varía bajo diferentes condiciones del Mercado en todos ellos. Esta evidencia empírica apoya la Hipótesis de Mercados Adaptativos.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo O objetivo deste artigo é examinar o efeito dia-da-semana (DOW) sob a perspectiva da hipótese dos mercados adaptativos nos índices de ações da Argentina, Brasil, Chile, Colômbia, México e Peru em diferentes subperíodos e sob diferentes condições de mercado. As especificações dos testes média móvel autoregressiva, heterocedasticidade condicional autoregressiva generalizada e Kruskal-Wallis, utilizados no estudo, revelam que o efeito dia-da-semana aparece e desaparece em três dos índices e que sua presença varia de acordo com diferentes condições de mercado em todos eles. Esta evidência empírica apoia a hipótese dos mercados adaptativos.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[day-of-the-week effect]]></kwd>
<kwd lng="en"><![CDATA[Latin American stock indices]]></kwd>
<kwd lng="en"><![CDATA[adaptive markets hypothesis]]></kwd>
<kwd lng="en"><![CDATA[efficient markets hypothesis]]></kwd>
<kwd lng="es"><![CDATA[efecto día de la semana]]></kwd>
<kwd lng="es"><![CDATA[índices bursátiles latinoamericanos]]></kwd>
<kwd lng="es"><![CDATA[hipótesis de los mercados adaptativos]]></kwd>
<kwd lng="es"><![CDATA[hipótesis de los mercados eficientes]]></kwd>
<kwd lng="pt"><![CDATA[efeito do dia-da-semana]]></kwd>
<kwd lng="pt"><![CDATA[índices de ações latino-americanos]]></kwd>
<kwd lng="pt"><![CDATA[hipótese de mercados adaptativos]]></kwd>
<kwd lng="pt"><![CDATA[hipótese de mercados eficientes]]></kwd>
</kwd-group>
</article-meta>
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