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This paper analyzes European financial markets' comprehension and interpretation of ECB communication signals. By …, we find that communication affects the term structure of interest rates in the medium run over a horizon between five …
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Alyoam).EWMA results over thirteen yeas period show with no doubt that media coverage of CBJ communication in the three days … market returns react positively to a CBJ communication of T-Bills issuance. Such contradicting reaction to the news of T … news for the surrounding days. Crises dummy show irrelevance of communication during subsample of 2008. When allowing for …
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We study the impact that macroeconomic news has on equity prices. While the literature has already widely documented the effects of macroeconomic announcements on asset prices, as well as their asymmetric impact during good and bad times, we focus on the reaction to news when the description of...
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stock returns. However, this effect is lower when there is more intense past informal communication with the same …
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