Joint research unit 7235

Fundamentals, Macroeconomic Announcements and Asset Prices

Aymen Belgacem

The aim of this paper is to study the impact of macroeconomic announcements on asset prices, with the objectives of both measuring the average response of stock returns to macroeconomic news surprises, and explaining the sources of such a reaction. To assess the importance of scheduled French and US macroeconomic announcements, Stock returns are analyzed on the French stock market. It is shown that, according to previous studies, there is little evidence of the reaction of the market to those surprises. News about inflation, U.S consumption and real economic activity are specially expected by investors. It confirms the leading role of the U.S. economy and in particular of U.S. consumers in determining the development of the world economy and the dynamics of stock markets. Results also show that unexpected positive surprise in the unemployment rate causes a cut on future excess returns and future dividends. The opposite reaction is observed from the housing starts indicator. The consumer price index appears to have an impact not only on future excess returns, but also on future real interest rates.

AGENDA

Thursday 9 February 2023

Gender, competitiveness, and reaction to defeat

Claire Mollier

Gender, competitiveness, and reaction to defeat

Thursday 9 February 2023

Doctorants

Claire Mollier

Gender, competitiveness, and reaction to defeat

Friday 10 February 2023

Colloques et Workshops

Digital Economics Workshop

Friday 10 February 2023

Colloques et Workshops

Digital Economics Workshop

Tuesday 14 February 2023

Recherche et Economie et Socioéconomie Politique, des Institutions et des Régulations (RESPIR)

Thibault Mirabel

Firms and Cooperatives: The Social Organizations of Production in Market Economies

Tuesday 14 February 2023

Firms and Cooperatives: The Social Organizations of Production in Market Economies

Thibault Mirabel

Firms and Cooperatives: The Social Organizations of Production in Market Economies

Wednesday 15 February 2023

Pratique du Takaful en France: l’expérience de SAAFI

Ezzedine GHLAMALLAH (CERGAM, Université Aix-Marseille)

Pratique du Takaful en France: l’expérience de SAAFI

Wednesday 15 February 2023

Économies du monde musulman

Ezzedine GHLAMALLAH (CERGAM, Université Aix-Marseille)

Pratique du Takaful en France: l’expérience de SAAFI

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