The reaction of the WSE to U.S. employment news announcements
Stock markets react to various information. One of the most important information concerns macroeconomic data because it describes the state of the economy. The U.S. is the world’s largest economy and thus American macroeconomic news announcements strongly affects European stock markets. In this pa...
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| Format: | Article |
| Language: | English |
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AGH UNIVERSITY PRESS
2014-03-01
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| Series: | Managerial Economics |
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| Online Access: | https://journals.agh.edu.pl/manage/article/view/1001 |
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| _version_ | 1846115230399070208 |
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| author | Milena Suliga Tomasz Wójtowicz |
| author_facet | Milena Suliga Tomasz Wójtowicz |
| author_sort | Milena Suliga |
| collection | DOAJ |
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Stock markets react to various information. One of the most important information concerns macroeconomic data because it describes the state of the economy. The U.S. is the world’s largest economy and thus American macroeconomic news announcements strongly affects European stock markets. In this paper we investigate the reaction of stock prices on the Warsaw Stock Exchange to values of macroeconomic indicators published in the Employment Report by the U.S. Bureau of Labor Statistics. We study the impact of macroeconomic indicators separately as well as interrelations between them. It allows us to specify which of the indicators under study is the most informative. We analyze the impact of information about the state of the labor market in the U.S. in the period from January 2004 to November 2012. In order to describe duration, direction and significance of the impact we apply the event study analysis to intraday returns of WIG – the main index of WSE.
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| format | Article |
| id | doaj-art-43e27e2387ac47c1ab316954ef5d62c4 |
| institution | Kabale University |
| issn | 1898-1143 2353-3617 |
| language | English |
| publishDate | 2014-03-01 |
| publisher | AGH UNIVERSITY PRESS |
| record_format | Article |
| series | Managerial Economics |
| spelling | doaj-art-43e27e2387ac47c1ab316954ef5d62c42024-12-19T16:10:25ZengAGH UNIVERSITY PRESSManagerial Economics1898-11432353-36172014-03-011410.7494/manage.2013.14.165The reaction of the WSE to U.S. employment news announcementsMilena Suliga0Tomasz Wójtowicz1AGH University of Science and TechnologyAGH University of Science and Technology Stock markets react to various information. One of the most important information concerns macroeconomic data because it describes the state of the economy. The U.S. is the world’s largest economy and thus American macroeconomic news announcements strongly affects European stock markets. In this paper we investigate the reaction of stock prices on the Warsaw Stock Exchange to values of macroeconomic indicators published in the Employment Report by the U.S. Bureau of Labor Statistics. We study the impact of macroeconomic indicators separately as well as interrelations between them. It allows us to specify which of the indicators under study is the most informative. We analyze the impact of information about the state of the labor market in the U.S. in the period from January 2004 to November 2012. In order to describe duration, direction and significance of the impact we apply the event study analysis to intraday returns of WIG – the main index of WSE. https://journals.agh.edu.pl/manage/article/view/1001event studymacroeconomic announcementsunemploymentnonfarm payrolls |
| spellingShingle | Milena Suliga Tomasz Wójtowicz The reaction of the WSE to U.S. employment news announcements Managerial Economics event study macroeconomic announcements unemployment nonfarm payrolls |
| title | The reaction of the WSE to U.S. employment news announcements |
| title_full | The reaction of the WSE to U.S. employment news announcements |
| title_fullStr | The reaction of the WSE to U.S. employment news announcements |
| title_full_unstemmed | The reaction of the WSE to U.S. employment news announcements |
| title_short | The reaction of the WSE to U.S. employment news announcements |
| title_sort | reaction of the wse to u s employment news announcements |
| topic | event study macroeconomic announcements unemployment nonfarm payrolls |
| url | https://journals.agh.edu.pl/manage/article/view/1001 |
| work_keys_str_mv | AT milenasuliga thereactionofthewsetousemploymentnewsannouncements AT tomaszwojtowicz thereactionofthewsetousemploymentnewsannouncements AT milenasuliga reactionofthewsetousemploymentnewsannouncements AT tomaszwojtowicz reactionofthewsetousemploymentnewsannouncements |