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Information Sets, Macroeconomic Reform, and Stock Prices

Published online by Cambridge University Press:  06 April 2009

Josef Lakonishok  and
Simcha Sadan
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Extract

The purpose of this study is to examine the reaction of the Israeli stock market to a major economic reform that took place in Israel on October 28, 1977. On that Friday afternoon, after the closing of all businesses, TV and radio programs were interrupted fora major address by the Treasury Minister. The thrusts of the reform were the liberalization of foreign currency control, the unification of the exchange rates, and the floatingof the Israeli pound.

Type
Information and Asset Values
Information
Journal of Financial and Quantitative Analysis , Volume 16 , Issue 4 , November 1981 , pp. 495 - 510
Copyright
Copyright © School of Business Administration, University of Washington 1981

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References

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