tailieunhanh - Stock Prices, Firm Size, and Changes in the Federal Funds Rate Target

The results on the persistence of the difference between new moon and full moon returns are stronger in Panels B, C, and D, as compared to those for the DJIA in Panel A. The percentage of years in which mean new moon daily returns are higher than full moon returns ranges from a low of percent to a high of percent. Binomial tests similar to those for the DJIA yield p-values ranging from a low of to a high of , with 4 of the 6 specifications significant at the five percent level or. | WORKING PAPER SERIES Stock Prices Firm Size and Changes in the Federal Funds Rate Target Hui Guo Working Paper 2002-004B http wp 2002 January 2002 Revised November 2003 FEDERAL RESERVE BANK OF ST. LOUIS Research Division 411 Locust Street St. Louis MO 63102 The views expressed are those of the individual authors and do not necessarily reflect official positions of the Federal Reserve Bank of St. Louis the Federal Reserve System or the Board of Governors. Federal Reserve Bank of St. Louis Working Papers are preliminary materials circulated to stimulate discussion and critical comment. References in publications to Federal Reserve Bank of St. Louis Working Papers other than an acknowledgment that the writer has had access to unpublished material should be cleared with the author or authors. Photo courtesy of The Gateway Arch St. Louis MO. Stock Prices Firm Size and Changes in the Federal Funds Rate Target Hui Guo Federal Reserve Bank of St. Louis First Version January 2002 This Version October 2003 Correspondence Research Division Federal Reserve Bank of St. Louis 411 Locust St. St. Louis MO 63112 Phone 314 444-8717 Fax 314 444-8731 E-mail . I thank Bill Gavin Bob Rasche and two anonymous referees for very helpful suggestions and George Fortier for superb editorial support. I also thank Bill Bock for excellent research assistance. The views expressed here are the author s and do not necessarily reflect the views of the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of St. Louis. Stock Prices Firm Size and Changes in the Federal Funds Rate Target Abstract The Fed targeted the federal funds rate during the period 1974-79 they returned to that procedure in the late 1980s and have maintained it since then. For both periods we find that stock prices reacted significantly to unanticipated changes in the federal funds rate target but not to anticipated ones. Consistent

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