The Impact of Macroeconomic and Firm-Specific Information on Market in America

碩士 === 元智大學 === 財務金融研究所 === 91 === This study investigates market price reaction around macroeconomic and firm-specific announcements in the Wall Street Journal Index and CRSP for January 1993 to October 2002. We find that both macroeconomic and firm-specific news can explain part of the...

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Main Authors: Min-Hsi Tsai, 蔡旻羲
Other Authors: Shin-Rong Shiah Hou
Format: Others
Language:en_US
Published: 2003
Online Access:http://ndltd.ncl.edu.tw/handle/06511070944492222771
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spelling ndltd-TW-091YZU003040032015-10-13T13:39:20Z http://ndltd.ncl.edu.tw/handle/06511070944492222771 The Impact of Macroeconomic and Firm-Specific Information on Market in America 總體與個體訊息宣告對美國股票市場的影響 Min-Hsi Tsai 蔡旻羲 碩士 元智大學 財務金融研究所 91 This study investigates market price reaction around macroeconomic and firm-specific announcements in the Wall Street Journal Index and CRSP for January 1993 to October 2002. We find that both macroeconomic and firm-specific news can explain part of the reaction to stock returns. Moreover, good news has more persistent effect on stock price movement than bad news. As to the results for our multiple announcements, we find that: (1) if announcements with same information come up on the same day, stock prices have a strong and consistent relation toward the releases of good news; (2) if announcements with opposite information content take place on the same day, firm-specific news may dominate the stock price movements than macroeconomic news and good news may dominate the stock price movements than bad news. Shin-Rong Shiah Hou Robin K. Chou 夏侯欣榮 周冠男 2003 學位論文 ; thesis 27 en_US
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description 碩士 === 元智大學 === 財務金融研究所 === 91 === This study investigates market price reaction around macroeconomic and firm-specific announcements in the Wall Street Journal Index and CRSP for January 1993 to October 2002. We find that both macroeconomic and firm-specific news can explain part of the reaction to stock returns. Moreover, good news has more persistent effect on stock price movement than bad news. As to the results for our multiple announcements, we find that: (1) if announcements with same information come up on the same day, stock prices have a strong and consistent relation toward the releases of good news; (2) if announcements with opposite information content take place on the same day, firm-specific news may dominate the stock price movements than macroeconomic news and good news may dominate the stock price movements than bad news.
author2 Shin-Rong Shiah Hou
author_facet Shin-Rong Shiah Hou
Min-Hsi Tsai
蔡旻羲
author Min-Hsi Tsai
蔡旻羲
spellingShingle Min-Hsi Tsai
蔡旻羲
The Impact of Macroeconomic and Firm-Specific Information on Market in America
author_sort Min-Hsi Tsai
title The Impact of Macroeconomic and Firm-Specific Information on Market in America
title_short The Impact of Macroeconomic and Firm-Specific Information on Market in America
title_full The Impact of Macroeconomic and Firm-Specific Information on Market in America
title_fullStr The Impact of Macroeconomic and Firm-Specific Information on Market in America
title_full_unstemmed The Impact of Macroeconomic and Firm-Specific Information on Market in America
title_sort impact of macroeconomic and firm-specific information on market in america
publishDate 2003
url http://ndltd.ncl.edu.tw/handle/06511070944492222771
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