El efecto del anuncio de intervención militar en Ucrania en el desempeño de los mercados accionarios desarrollados y su relación con el crecimiento económico: un caso para el estudio de eventos

• Eduardo Sandoval-Álamos ^[1]
  1. [1] Universidad Tecnológica Metropolitana

     Universidad Tecnológica Metropolitana

     Santiago, Chile

     
• Localización: GCG: revista de globalización, competitividad y gobernabilidad, ISSN 1988-7116, Vol. 17, Nº. 3, 2023, págs. 101-115
• Idioma: español
• DOI: 10.58416/GCG.2023.V17.N3.05
• Títulos paralelos:
  • O efeito do anúncio da intervenção militar na Ucrânia sobre o desempenho das bolsas de valores desenvolvidas e sua relação com o crescimento econômico: um estudo de caso de eventos
  • The announcement effect of military intervention in Ukraine on the performance of developed stock markets and its relationship with economic growth: a case for event study
• Enlaces
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• Dialnet Métricas: 1 Cita
• Resumen
  • español

    Este artículo investiga el efecto del anuncio de intervención militar en Ucrania en el desempeño de 23 países con mercados accionarios desarrollados y su respectiva relación con el crecimiento económico del año 2022. Para lo anterior, se contrastan cuatro modelos, siendo el modelo time-varying de cinco factores de Fama & French con residuos heterocedásticos el mejor. Los resultados indican que aquellos inversionistas globales que oportunamente se refugiaron en los mercados accionarios de Noruega y de Estados Unidos y que liquidaron posiciones en el de Hong Kong lograron un desempeño bursátil superior en economías con crecimiento económico positivo y negativo respectivamente.

  • English

    This article investigates the announcement effect of military intervention in Ukraine on the performance of 23 countries with developed stock markets and their respective relationship with the economic growth of the year 2022. For the above, four models are contrasted, being the time-varying model of five Fama & French factors with heteroscedastic residuals the best. The results indicate that those global investors who opportunely took refuge in the stock markets of Norway and the United States and who liquidated positions in the Hong Kong stock market had superior stock market performance in economies with positive and negative economic growth, respectively.

  • português

    Este artigo investiga o efeito do anúncio da intervenção militar na Ucrânia sobre o desempenho de 23 países com bolsas desenvolvidas e sua respectiva relação com o crescimento econômico no ano de 2022. Para o exposto, quatro modelos são contrastados, sendo o modelo o Fama & French com variação temporal e resíduos heterocedásticos, o melhor.

    Os resultados indicam que os investidores globais que se refugiaram pontualmente nas bolsas norueguesas e norteamericanas e liquidaram posições na bolsa de valores de Hong Kong superaram em desempenho em mercado de ações em economias com crescimento econômico positivo e negativo, respectivamente.

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