Plano real e a bolsa de valores de São Paulo
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2005-11-24
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The inflationary stabilization recently observed in Brazil brings a lot of changes in all aspects of the country s economic life. In this work we look at the impacts on stock market, specifically at the Bovespa São Paulo Stock Exchange. We analyze the mainly variables and statistics that describes Bovespa s Index behavior as volatility and systematic risk, comparing the four years before and the four years after 1994, when the Real Plan was implemented. In order to eliminate exogenous influences, we use control series made with international Stock Exchanges Index. The results show that after 1994 there was an increase in volatility, a reduction in the Bovespa Index s efficiency and no changes in systematic risk.