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Terrorism and Latin-American Stocks Markets

Author

Listed:
  • Nicolás S. Magner

    (Universidad Finis Terrae, Chile)

  • Cinthia K. Roa

    (Universidad Finis Terrae, Chile)

Abstract

Este artículo investiga los efectos de los grandes ataques terroristas de los últimos 20 años en un conjunto de acciones que cotizan en los mercados bursátiles latinoamericanos. Utilizando el modelo de mercado de capitales, calculamos rendimientos anormales durante el día de los ataques terroristas para 115 acciones que cotizan en 6 países de América Latina. En este sentido, apreciamos diferentes reacciones entre países, donde Brasil, Perú y Chile tienen una reacción significativa del terrorismo en el mercado. Estos resultados promueven la diversificación internacional y el uso de esta pérdida para evitar pérdidas significativas de capital. Sin embargo, los resultados están limitados por la validez del modelo de mercado de capitales. Este documento tiene importantes implicaciones para los inversores internacionales y sus estrategias de gestión de riesgos de inversión. A pesar de la frecuencia de los eventos terroristas, este es el primer trabajo que aborda una amplia gama de estos en los países de América Latina. La principal conclusión es que hay un efecto negativo de los acontecimientos terroristas en los mercados latinoamericanos, pero este efecto es mixto; hay un impacto negativo y significativo de los ataques terroristas estadounidenses y un efecto débil y no significativo cuando los ataques ocurren fuera de los Estados Unidos.

Suggested Citation

  • Nicolás S. Magner & Cinthia K. Roa, 2019. "Terrorism and Latin-American Stocks Markets," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 14(PNEA), pages 583-599, Agosto 20.
    • Handle: RePEc:imx:journl:v:14:y:2019:i:pnea:p:583-599
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    References listed on IDEAS

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    More about this item

    Keywords

    Estudio de eventos; terrorismo; reservas de América Latina;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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