Oliveira, Fernando Nascimento de; Costa, Alexandre … - In: Brazilian Business Review 10 (2013) 3, pp. 53-81
To analyze empirically the impact of unexpected changes in the basic interest rate (SELIC rate) on the Brazilian stock market between January 2003 and May 2012, we constructed a surprise measure based on the market consensus. Our sample of events is composed of 88 meetings of the Brazilian...