haku: @indexterm CAPITAL ASSETS / yhteensä: 92
viite: 39 / 92
Tekijä: | Orazem, P. Falk, B. |
Otsikko: | Measuring Market Responses to Error- Ridden Government Announcements |
Lehti: | Quarterly Review of Economics and Business
1989 : SUMMER, VOL. 29:2, p.41-55 |
Asiasana: | ASSETS CAPITAL ASSETS |
Kieli: | eng |
Tiivistelmä: | The authors analyze how asset prices respond to government announcements that contain errors. In cases where government forecast errors are correlated with available market information, market agents will respond to the new information on the final value conveyed by the announcements rather than to the announcements themselves. The paper shows that systematic government errors may cause biases in deriving the structural response of asset prices to these announcements. An illustration is given on USDA soybean forecasts and the FED's weekly money supply announcement. |
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