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https://hdl.handle.net/10419/57713
Kompletter Metadatensatz
DublinCore-Feld | Wert | Sprache |
---|---|---|
dc.contributor.author | Hess, Dieter | en |
dc.contributor.author | Niessen, Alexandra | en |
dc.date.accessioned | 2012-04-27 | - |
dc.date.accessioned | 2012-05-02T15:44:26Z | - |
dc.date.available | 2012-05-02T15:44:26Z | - |
dc.date.issued | 2007 | - |
dc.identifier.uri | http://hdl.handle.net/10419/57713 | - |
dc.description.abstract | There is strong evidence that macroeconomic releases influence prices in financial markets. However, why do markets react to some announcements while they ignore others with a similar content? Based on a Bayesian learning model, we show that market impact is mainly determined by information quality and timeliness of a release. To test the model's implications, we analyze the successive introduction of the two largest German business surveys: the well-known IFO index and the recently introduced ZEW economic indicator. In line with the model's prediction, we find a diminishing market impact of the IFO index after the ZEW indicator was introduced. | en |
dc.language.iso | eng | en |
dc.publisher | |aUniversity of Cologne, Centre for Financial Research (CFR) |cCologne | en |
dc.relation.ispartofseries | |aCFR Working Paper |x07-03 | en |
dc.subject.jel | E44 | en |
dc.subject.jel | G14 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | Bayesian Learning | en |
dc.subject.keyword | Macroeconomic Announcements | en |
dc.subject.keyword | Information Processing | en |
dc.title | The early news catches the attention: On the relative price impact of similar economic indicators | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 702992909 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
dc.identifier.repec | RePEc:zbw:cfrwps:0703 | en |
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