Aprendizaje-Servicio Mediante un Modelo Educativo Basado en la Educación Transdisciplinar

Objective: The aim of this study is to analyze the importance of various assets as safe havens (hedges) for investment protection, considering systemic risk events, such as the case of COVID-19. Theoretical Framework: In the study, the behavior of the Brazilian Stock Exchange Indicator is discussed, considering the pandemic period, as well as its relationship with other important financial market assets, such as gold, oil, and the dollar. Method: Due to the adequacy of the data, considering differences and cointegration, the methodology used in the study was the Autoregressive Distributed Lag (ARDL) model, proposed by Pesaran et al. (2001). Results and Discussion: The results reveal significant implications for portfolio management in situations of financial risk, highlighting the volatility of the exchange rate and gold, as well as the impact of oil prices on the Brazilian stock market. The estimation of the error correction term found an adjustment speed of 5.7%, indicating a significant long-term association between the variables. Research Implications: The research highlights that, in the short term, oil and gold prices affect stock indices differently compared to the exchange rate, while in the long term these effects are similar. Thus, for the exchange rate, entry and exit points for investments should be defined. The results are crucial for investment managers and policymakers, especially in contexts of systemic risk. Originality/Value: The research provides valuable insights for managers and investors, highlighting the importance of understanding the historical behavior of economic variables across different time horizons. Future studies can explore alternative methodologies and consider various economic contexts to enhance the understanding of financial asset behavior, as each country may present a different reality.