search query: @author Tong, W.H.S. / total: 1
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| Author: | Sun, Q. Tong, W.H.S. |
| Title: | The effect of U.S. trade deficit announcements on the stock prices of U.S. and Japanese automakers |
| Journal: | Journal of Financial Research
2000 : SPRING, VOL. 23:1, p. 15-43 |
| Index terms: | Information Stock markets Prices Industries Cars USA Japan Asia |
| Freeterms: | Trade deficits |
| Language: | eng |
| Abstract: | The existing literature on the trade news effect on asset prices generally looks at exchange rates and stock market indexes. This analysis is focused on individual stocks: the U.S. and Japanese "Big Three" automobile stocks. Japanese automobile American Depositary Receipts (not the stocks per se) are examined to avoid the time lag problem. It is found that deficit news shocks, especially the positive shocks, have a negative effect on the Japanese automobile ADRs. There is found only weak evidence on the news effect being different under different economic conditions. |
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