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Big Beautiful Numbers: The Impact of Governmental Data on Firms' Valuations

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  • Derek Lemoine

Abstract

I use the prices of financial options to study the value of macroeconomic data produced by the Bureau of Labor Statistics and the Bureau of Economic Analysis. I show that options traders expect several data products to contain information relevant to valuations of firms throughout the economy. The most affected firms tend to be larger and more capital-intensive. Traders especially anticipate data releases in more recent years and in periods of high uncertainty about economic policy. Traders expect more relevant information from U.S. government data products than from Federal Reserve policy statements and minutes.

Suggested Citation

  • Derek Lemoine, 2025. "Big Beautiful Numbers: The Impact of Governmental Data on Firms' Valuations," NBER Working Papers 34350, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:34350
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    JEL classification:

    • C8 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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