<?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>0120-4483</journal-id>
<journal-title><![CDATA[Ensayos sobre POLÍTICA ECONÓMICA]]></journal-title>
<abbrev-journal-title><![CDATA[Ens. polit. econ.]]></abbrev-journal-title>
<issn>0120-4483</issn>
<publisher>
<publisher-name><![CDATA[Banco de la República]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-44832018000200178</article-id>
<article-id pub-id-type="doi">10.32468/espe.8602</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[FUSIONES Y ADQUISICIONES EN AMÉRICA LATINA: UN ANÁLISIS DE LOS FACTORES MACROECONÓMICOS]]></article-title>
<article-title xml:lang="en"><![CDATA[MERGERS AND ACQUISITIONS IN LATIN AMERICA: ANALYZING THE INFLUENCE OF MACROECONOMIC VARIABLES]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Cortés]]></surname>
<given-names><![CDATA[Lina M.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[García]]></surname>
<given-names><![CDATA[John J.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Aristizábal López]]></surname>
<given-names><![CDATA[Brayan]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Eafit Escuela de Economía y Finanzas Departamento de Finanzas]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Eafit Escuela de Economía y Finanzas Departamento de Economía]]></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>36</volume>
<numero>86</numero>
<fpage>178</fpage>
<lpage>192</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-44832018000200178&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-44832018000200178&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-44832018000200178&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN Este estudio analiza la influencia de variables macroeconómicas, en especial del ciclo económico, sobre el número de fusiones y adquisiciones (FyA) en Latinoamérica entre 1995 y 2014. Utilizando los modelos PCSE y binomial negativo, se encuentra que las variables macroeconómicas en el país objetivo (target) tienen un efecto sobre las FyA y explican alrededor de un tercio del cambio en la actividad. Específicamente, se encuentra que el ciclo económico, la liquidez y la depreciación tienen un efecto positivo sobre dichas transacciones, mientras que la inflación tiene un efecto negativo. Además, se observa que el impacto del ciclo económico es mucho mayor cuando se trata de transacciones transfronterizas y que, corrigiendo problemas de asimetría del ciclo, durante las épocas de expansión la actividad de FyA es mayor comparativamente con períodos de recesión. Clasificación JEL: C23, G34, E32.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT The present study analyzes the influence of macroeconomic variables, especially the economic cycle, on the number of FyA in Latin America between 1995 and 2014. Using PCSE and Negative Binomial models, it is found that macroeconomic variables at target country level have an effect on FyA and explain around one-third of the activity variation. Specifically, it is noted that the economic cycle, liquidity and depreciation have a positive effect on such transactions, while inflation has a negative effect. In addition, it is observed that the impact of the economic cycle is much greater when dealing with cross-border transactions and, after correcting problems of business cycle symmetry, FyA activity is larger during times of expansion compared to recession periods. JEL Classification: C23, G34, E32.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Fusiones y adquisiciones]]></kwd>
<kwd lng="es"><![CDATA[Variables macroeconómicas]]></kwd>
<kwd lng="es"><![CDATA[Ciclo económico]]></kwd>
<kwd lng="en"><![CDATA[Mergers and acquisitions]]></kwd>
<kwd lng="en"><![CDATA[Macroeconomic variables]]></kwd>
<kwd lng="en"><![CDATA[Economic cycle]]></kwd>
</kwd-group>
</article-meta>
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