| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w3520
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| 来源ID | Working Paper 3520
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| Stock Prices, News, and Business Conditions |
| Grant McQueen; V. Vance Roley
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| 发表日期 | 1990-11-01
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| 出版年 | 1990
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| 语种 | 英语
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| 摘要 | Previous research finds that fundamental macroeconomic news has little effect on stock prices. This study shows that after allowing for different stages of the business cycle, a stronger relationship between stock prices and news is evident. In particular, the empirical results suggest that the effect of news about real economic activity depends on the varying responses of expected cash flows relative to equity discount rates. When the economy is strong, for example, the stock market responds negatively to good news about real economic activity, reflecting the larger effect on discount rates relative to expected cash flows. |
| 主题 | Macroeconomics
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| URL | https://www.nber.org/papers/w3520
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560809
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推荐引用方式
GB/T 7714 |
Grant McQueen,V. Vance Roley. Stock Prices, News, and Business Conditions. 1990.
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文件名：
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w3520.pdf
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格式：
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Adobe PDF
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