文章基本信息

标题：IMPACT OF MACROECONOMIC FACTORS IN THE ISSUE OF SHARES IN THE EXCHANGE
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作者：Jailson da Conceição Teixeira de Oliveira ; Bruno Ferreira Frascaroli
期刊名称：Revista de Gestão, Finanças e Contabilidade
印刷版ISSN：2238-5320
出版年度：2014
卷号：4
期号：2
页码：30-51
语种：
出版社：University of State of Bahia
摘要：This study intended to analyze which are the relations between the emission of public offers of shares and the following variables: interest rate, industrial production, inflation rate, and the return of assets of the brazilian capital market. The series that analyzed in this paper were obtained from IPEA and BM&FBOVESPA, in a monthly frequency, from january 1998 to january 2012. Given the fact that the all the variables were found stationary it was adopted the Vector Autorregression model. It was recurred to the techniques of Variance Decomposition and Impulse Response Functions to verify the significance of shocks on these variables on the emission of pubic offer of shares and it was found that most of the deviations caused on the variance are explained by variations on this variable itself, with a participation higher then 90%, along ten months. After it, there are the variables Selic and IPCA. In Parallel it was applied the Granger Causality test, that indicated that all variables affect the emission of public offers, except Ibovespa.