<?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>0124-4639</journal-id>
<journal-title><![CDATA[Revista Universidad y Empresa]]></journal-title>
<abbrev-journal-title><![CDATA[rev.univ.empresa]]></abbrev-journal-title>
<issn>0124-4639</issn>
<publisher>
<publisher-name><![CDATA[Universidad del Rosario]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0124-46392019000100175</article-id>
<article-id pub-id-type="doi">10.12804/revistas.urosario.edu.co/empresa/a.6472.</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Examining the Spillover Effect between the KSE100 and the S&amp;P500 Indexes]]></article-title>
<article-title xml:lang="es"><![CDATA[Examinando el efecto de derrame entre los índices KSE100 y S&amp;P500]]></article-title>
<article-title xml:lang="pt"><![CDATA[Examinando o efeito de derramamento entre o índice KSE100 e o S&amp;P500]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Hasan]]></surname>
<given-names><![CDATA[Mudassar]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ahmad]]></surname>
<given-names><![CDATA[Muhammad Ishfaq]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Naeem]]></surname>
<given-names><![CDATA[Muhammad Abubakr]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Naseem]]></surname>
<given-names><![CDATA[Muhammad Akram]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ramiz-ur-Rehman]]></surname>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,University of Lahore Accounting and Finance Department of Lahore Business School ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Pakistan</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,University of Lahore Accounting and Finance Department oft he Lahore Business School ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Pakistan</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Massey University School of Economics and Finance ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>New Zealand</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,Universityof Lahore Lahore Business School ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Pakistan</country>
</aff>
<aff id="Af5">
<institution><![CDATA[,University of Lahore Accounting and Finance Department of the Lahore Business School ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Pakistan</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2019</year>
</pub-date>
<volume>21</volume>
<numero>36</numero>
<fpage>175</fpage>
<lpage>195</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0124-46392019000100175&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0124-46392019000100175&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0124-46392019000100175&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The volatility spillover is defined as the transmission of instability from market to market. It occurs when the volatility price change in one market causes a lagged impact on volatility price in another market above the local effects of market. In this study the garchmodels are used to examine the possibility of volatility transmission between the KSE100 index (Pakistan) and S&amp;P500 index (USA); in other words, to examine how the volatility in one market mayinfluence the other and vice versa. The egarchmodel is also applied and it was observed that our attempt to analyze symmetry and persistence in the KSE100 index and the S&amp;P500 index volatility proved that there is clear evidence that shocks to the volatitlity of the KSE100 and S&amp;P500 indexes have asymmetric and persistent effects. It is observed from the study that the shocks to the stock returns in one market do not transmit to the other; in other words, it appears that there is no spillover effect between the two stock markets.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El derrame volátil es definido como la inestabilidad entre mercados. Sucede cuando el precio de la volatilidad cambia en un mercado causando un impacto rezagado en el precio de la volatilidad en otro mercado que se encuentra por encima los efectos locales del mercado. En este estudio los modelos GARCH son utilizados para examinar la posiblidad de transmición de volatilidad entre el índice KSE100( Pakistan) y el índice S&amp;P500 (Estados Unidos). En otras palabras, para examinar la influencia de la volatilidad en otro y vice versa. El modelo EGCARCH también fue aplicado y se observa nuestro intento por analizar la simetría y la persistencia de la volatilidad en el KSE100 y el S&amp;P500, se evidencia con claridad que choques en la volatilidad de ambos tiene un efecto asimetrico y persistente. A partir del estudio se observó que los choques al rendimiento de las acciones en un mercado no se transmiten al otro, en otras palabras, no hay presencia de efecto de derrame entre las dos bolsas de Valores.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo O derramamento volátil é definido como a instabilidade entre mercados. Acontece quando o preço da volatilidade muda em um mercado causando um impacto atrasado no preço da volatilidade em outro mercado que se encontra por cima dos efeitos locais do mercado. Neste estudo os modelos GARCH são utilizados para examinar a possibilidade de transmissão de volatilidade entre o índice KSE100 (Paquistão) e o índice S&amp;P500 (Estados Unidos). Em outras palavras, para examinar a influência da volatilidade em outro e vice-versa. O modelo EGCARCH também foi aplicado e se observa nossa tentativa por analisar a simetria e a persistência da volatilidade no KSE100 e o S&amp;P500, se evidencia com claridade que choques na volatilidade de ambos os dois tem um efeito assimétrico e persistente. A partir do estudo se observou que os choques ao rendimento das ações em um mercado não se transmitem ao outro, em outras palavras, não há presença de efeito de derramamento entre as duas bolsas de Valores.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Volatility]]></kwd>
<kwd lng="en"><![CDATA[spillover]]></kwd>
<kwd lng="en"><![CDATA[GARCH]]></kwd>
<kwd lng="en"><![CDATA[EGARCH]]></kwd>
<kwd lng="en"><![CDATA[KSE100 index]]></kwd>
<kwd lng="en"><![CDATA[S&amp;P500]]></kwd>
<kwd lng="es"><![CDATA[volatilidad]]></kwd>
<kwd lng="es"><![CDATA[derrame]]></kwd>
<kwd lng="es"><![CDATA[GARCH]]></kwd>
<kwd lng="es"><![CDATA[EGARCH]]></kwd>
<kwd lng="es"><![CDATA[KSE 100]]></kwd>
<kwd lng="es"><![CDATA[S&amp;P500]]></kwd>
<kwd lng="pt"><![CDATA[volatilidade]]></kwd>
<kwd lng="pt"><![CDATA[derramamento]]></kwd>
<kwd lng="pt"><![CDATA[GARCH]]></kwd>
<kwd lng="pt"><![CDATA[EGARCH]]></kwd>
<kwd lng="pt"><![CDATA[KSE 100]]></kwd>
<kwd lng="pt"><![CDATA[S&amp;P500]]></kwd>
</kwd-group>
</article-meta>
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