Abstract
This article investigates the announcement effect of military intervention in Ukraine on the performance of 23 countries with developed stock markets and their respective relationship with the economic growth of the year 2022. For the above, four models are contrasted, being the time-varying model of five Fama & French factors with heteroscedastic residuals the best. The results indicate that those global investors who opportunely took refuge in the stock markets of Norway and the United States and who liquidated positions in the Hong Kong stock market had superior stock market performance in economies with positive and negative economic growth, respectively.