| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4339 |
| DP4339 Are Foreign Ownership and Good Institutions Substitutes? The Case of Non-Traded Equity | |
| Harry Huizinga; Cecile Denis | |
| 发表日期 | 2004-04-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | Reuters news reports have become an accepted tool for empirical studies analysing informational asymmetries in FX markets. This Paper tests the accuracy of the Reuters announcements against Swiss interventions. The evidence finds that the Reuters announcements are not tightly clustered just after the first intervention transaction as is commonly assumed in empirical studies. The variance of the prediction error is measured in hours and not in minutes. A further assumption that the Reuters announcement always follows after the first intervention transaction is found to be violated. These and other empirical results question the accuracy of Reuters reports for Swiss interventions. |
| 主题 | International Macroeconomics |
| 关键词 | Central bank interventions Intra-daily data Reuters news reports |
| URL | https://cepr.org/publications/dp4339 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533299 |
| 推荐引用方式 GB/T 7714 | Harry Huizinga,Cecile Denis. DP4339 Are Foreign Ownership and Good Institutions Substitutes? The Case of Non-Traded Equity. 2004. |
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