%0 Journal Article
%T Surpresas com rela£¿£¿o ¨¤ pol¨ªtica monet¨¢ria e o mercado de capitais: evid¨ºncias do caso brasileiro
%A Gon£¿alves Junior
%A Walter
%A Eid Junior
%A William
%J Revista de Economia Pol¨ªtica
%D 2011
%I Editora 34
%R 10.1590/S0101-31572011000300007
%X this article evaluates the effects that monetary policy actions exert on brazilian stock market. by the measures defined to estimate the surprise caused by comit¨º de pol¨ªtica monet¨¢ria do banco central do brasil (copom) decisions, it was verified that to a hypothetic unexpected 1% increase in the target rate is associated an 1.3% average fall of bovespa index. additional tests did not show distinct reactions caused by direction decisions, neither evidences from relevant recent economic events or decision contexts having influences on the surprise responses.
%K monetary policy
%K bovespa
%K surprises
%K event study.
%U http://www.scielo.br/scielo.php?script=sci_abstract&pid=S0101-31572011000300007&lng=en&nrm=iso&tlng=en