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Public Interpretation of Federal Reserve Discount Rate Changes: Evidence on the "Announcement Effect"
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This article is published in Econometrica.The article was published on 1970-03-01. It has received 171 citations till now. The article focuses on the topics: Interpretation (philosophy).read more
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Efficient capital markets: a review of theory and empirical work*
TL;DR: Efficient Capital Markets: A Review of Theory and Empirical Work Author(s): Eugene Fama Source: The Journal of Finance, Vol. 25, No. 2, Papers and Proceedings of the Twenty-Eighth Annual Meeting of the American Finance Association New York, N.Y. December, 28-30, 1969 (May, 1970), pp. 383-417 as mentioned in this paper
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Stock returns and the weekend effect
TL;DR: In this paper, the authors examined two alternative models of the process generating stock returns: calendar time hypothesis and trading time hypothesis, and found that returns are generated only during active trading and the expected return is the same for each day of the week.
Journal ArticleDOI
The Random Character of Stock Market Prices.
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Stock Prices and Economic News
Douglas K. Pearce,V. Vance Roley +1 more
TL;DR: This article examined the daily response of stock prices to announcements about the money supply, inflation, real economic activity, and the discount rate, and found that only the unexpected part of any announcement, the surprise, moves stock prices.
ReportDOI
Stock Prices and Economic News
Douglas K. Pearce,V. Vance Roley +1 more
TL;DR: The authors examined the daily response of stock prices to announcements about the money supply, inflation, real economic activity, and the discount rate, and found that only the unexpected part of any announcement, the surprise, moves stock prices.
References
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Journal ArticleDOI
The Adjustment of Stock Prices to New Information
TL;DR: In this paper, the authors examine the process by which common stock prices adjust to the information (if any) that is implicit in a stock split and show that the independence of successive price changes is consistent with a market that adjusts rapidly to new information.
Book
A program for monetary stability
TL;DR: The only really sure way to beat inflation is to cut off inflation at the root as mentioned in this paper, and this is controversial stuff, and Professor Friedman doesn't blanch at what he feels is his call of duty.
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The random character of stock market prices
TL;DR: This paper showed that the text, first written in 1964, is still relevant and relevant at the beginning of the 21st century, which is known to a generation of financial economists having marked the beginnings of the field known as financial econometrics.
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