http://chineseinput.net/에서 pinyin(병음)방식으로 중국어를 변환할 수 있습니다.
변환된 중국어를 복사하여 사용하시면 됩니다.
- 中文 을 입력하시려면 zhongwen을 입력하시고 space를누르시면됩니다.
- 北京 을 입력하시려면 beijing을 입력하시고 space를 누르시면 됩니다.
RISS 인기검색어
- 검색키워드
- 저자 : Charles E. McMillan (검색결과 1 건)
- 무료
- 기관 내 무료
- 유료
-
Federal Funds Rate Changes: A Test of Market Efficiency
Frank W. Bacon,Charles E. McMillan KINFORMS 2007 Management Review Vol.2 No.2
This study tested the effect of two federal funds rate increase and two federal funds rate decrease announcements on stock price performance. Using standard risk adjusted event study methodology with the market model, the study analyzed 22,444 recent observations for the four event study periods from the thirty DOW firms with total market capitalization of three and one-half trillion dollars and the S&P 500 Index to examine the impact of the federal funds rate change announcements on stock price. Results show a significant negative market reaction prior to the announcements of both increases and decreases in the change in the federal funds rate. This suggests the market associates possible economic instability with any Federal Reserve intervention and views this discretionary monetary policy action as a negative signal. This is consistent with Milton Friedman’s monetarist theory stating that Keynesian discretionary monetary policy creates rather than corrects economic instability. Findings support efficient market theory at the semi-strong form level as documented by Fama (1970). Similar too many other event study findings in the finance literature (stock splits, repurchases, dividend announcements and etc.), effects of trading activity on the basis of the anticipated announcement surfaced prior to it being made public.
연관 검색어 추천
이 검색어로 많이 본 자료
활용도 높은 자료
