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Information Sets, Macroeconomic Reform, and Stock Prices

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  • Lakonishok, Josef
  • Sadan, Simcha

Abstract

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.

Suggested Citation

  • Lakonishok, Josef & Sadan, Simcha, 1981. "Information Sets, Macroeconomic Reform, and Stock Prices," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 16(4), pages 495-510, November.
    • Handle: RePEc:cup:jfinqa:v:16:y:1981:i:04:p:495-510_00
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