<?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>1657-4206</journal-id>
<journal-title><![CDATA[Ecos de Economía]]></journal-title>
<abbrev-journal-title><![CDATA[ecos.econ.]]></abbrev-journal-title>
<issn>1657-4206</issn>
<publisher>
<publisher-name><![CDATA[Universidad EAFIT]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1657-42062019000200071</article-id>
<article-id pub-id-type="doi">10.17230/ecos.2019.49.4</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Stock price reactions to capital structure changes in chilean firms: examining the effects of ownership structure, growth opportunities and leverage]]></article-title>
<article-title xml:lang="es"><![CDATA[Reacción del precio de las acciones a los cambios de estructura de capital en empresas chilenas: Examinando los efectos de la estructura de propiedad, oportunidades de crecimiento y leverage]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Muñoz Mendoza]]></surname>
<given-names><![CDATA[Jorge A]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sepúlveda Yelpo]]></surname>
<given-names><![CDATA[Sandra M]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Veloso Ramos]]></surname>
<given-names><![CDATA[Carmen L]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Concepción  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Concepción  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad de Concepción  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2019</year>
</pub-date>
<volume>23</volume>
<numero>49</numero>
<fpage>71</fpage>
<lpage>94</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S1657-42062019000200071&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S1657-42062019000200071&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S1657-42062019000200071&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract We analyzed the effects of ownership structure, capital structure and growth opportunities on stock price reactions when companies issued debt or equity. Our results, based on event study methodology and IV regressions from a sample of 70 Chilean firms, indicate that controlling shareholder ownership has a negative effect on stock price reactions for debt issuances and a positive effect for equity issuance. These results indicate that debt issuances are a substitute for majority shareholder monitoring, and that equity issuances are associated with superior corporate performance. Equity issuances are a means for expropriating wealth from non-controlling shareholders. Debt and growth opportunities have a non-linear effect. JEL Classification: G14, G31, G32, G34]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen En este artículo analizamos los efectos de la estructura de propiedad, estructura de capital y las oportunidades de crecimiento sobre la reacción del precio de las acciones cuando las empresas emiten deuda o capital. Nuestros resultados, basados en la metodología de análisis de eventos y regresiones IV sobre una muestra de 70 empresas chilenas, indican que la propiedad de los accionistas controladores tiene un efecto negativo en la reacción del precio de las acciones cuando las empresas emiten deuda y positivo cuando emiten acciones. Este resultado indica que las emisiones de deuda son un sustituto del control mayoritario de los accionistas y las emisiones de capital se asocian con un mayor desempeño corporativo. Las emisiones de capital son un medio para expropiar riqueza de los accionistas no controladores. Las oportunidades de deuda y crecimiento tienen un efecto no lineal. JEL Classification: G14, G31, G32, G34]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Abnormal returns]]></kwd>
<kwd lng="en"><![CDATA[Debt]]></kwd>
<kwd lng="en"><![CDATA[Capital structure]]></kwd>
<kwd lng="en"><![CDATA[Wealth expropriation.]]></kwd>
<kwd lng="es"><![CDATA[Retornos anormales]]></kwd>
<kwd lng="es"><![CDATA[Deuda]]></kwd>
<kwd lng="es"><![CDATA[Estructura de capital]]></kwd>
<kwd lng="es"><![CDATA[Expropiación de riqueza.]]></kwd>
</kwd-group>
</article-meta>
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