کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
980430 1480463 2010 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
How do stock prices respond to fundamental shocks in the case of the United States? Evidence from NASDAQ and DJIA
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
How do stock prices respond to fundamental shocks in the case of the United States? Evidence from NASDAQ and DJIA
چکیده انگلیسی

In this paper, we use both the Dow Jones and NASDAQ indices to test the robustness of Binswanger's (2004c) finding that US stock market dynamics are governed mostly by nonfundamental shocks or speculative bubbles after the 1982 debt crisis. We estimate a total of 72 SVAR models and 36 SVECM models. We determine that the findings are robust indeed and that fundamental shocks have become less and less important over the years, irrespective of which US stock market index is considered.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: The Quarterly Review of Economics and Finance - Volume 50, Issue 3, August 2010, Pages 310–322
نویسندگان
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