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Este artículo analiza la causalidad y volatilidad del índice Colcap de la Bolsa de Valores de Colombia por contagios y muertes por Covid-19. La metodología es econométrica mediante la estimación de los tests de causalidad de Granger lineal y no lineal. Los resultados obtenidos con los tests muestran que hubo una sobrerreacción de los inversionistas de la Bolsa de valores a los contagios y muertes por COVID-19. Así mismo, el test de causalidad no lineal determinó que los inversionistas tuvieron en cuenta para la decisión de inversión, la evolución de los contagios de los últimos tres a 10 días y del número de muertes los últimos 15 días. En cambio, el test de Granger lineal indica que tuvieron en cuenta la evolución de los contagios y muertes en los últimos 11 días.

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Recibido 2023-04-26
Aceptado 2024-01-18
Publicado 2024-02-26