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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w1296 |
来源ID | Working Paper 1296 |
Stock Prices and Economic News | |
Douglas K. Pearce; V. Vance Roley | |
发表日期 | 1984-03-01 |
出版年 | 1984 |
语种 | 英语 |
摘要 | This paper examines the daily response of stock prices to announcements about the money supply, inflation, real economic activity, and the discountrate. Except for the discount rate, survey data on market participants' expectations of these announcements are used to identify the unexpected component of the announcements in order to test the efficient markets hypothesis that only the unexpected part of any announcement, the surprise,moves stock prices. The empirical results support this hypothesis and indicate further that surprises related to monetary policy significantly affect stock prices. There is only limited evidence of an impact from inflation surprises and no evidence of an impact from real activity surprises on the announcement days. There is also only weak evidence of stock price responses to surprises beyond the announcement day. |
主题 | Macroeconomics |
URL | https://www.nber.org/papers/w1296 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/558524 |
推荐引用方式 GB/T 7714 | Douglas K. Pearce,V. Vance Roley. Stock Prices and Economic News. 1984. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w1296.pdf(477KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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