English, Article edition: THE IMPACT OF FRESH RELEASES ON THE YIELD CURVE Vladimir Pikora; 148 00 Praha 4 (vladimir.pikora@nextfinance.cz)

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Bookmark: http://trove.nla.gov.au/version/198110
Physical Description
  • article
Language
  • English

Edition details

Title
  • THE IMPACT OF FRESH RELEASES ON THE YIELD CURVE
Author
  • Vladimir Pikora
  • 148 00 Praha 4 (vladimir.pikora@nextfinance.cz)
Physical Description
  • article
Notes
  • yield curve, market reaction, information release, expectations, central bank, analysts
  • RePEc:prg:jnlpol:v:2007:y:2007:i:6:id:625:p:809-828
  • The paper deals with the impact of new information on the fixed income market. We expect this to be the first study covering such a topic in Central European markets. We prepared a model of a market reaction and found out that the market is not significantly driven by new macroeconomic figures. The sharpest moves have never been caused by a new number, but developments abroad and unexpected statements of central bankers. Scheduled central bank decisions on the interest rates did not affect yields as much as these two factors. The main message of this text for short term investors is, that in contrast to the USA, it is better for them to follow trading abroad than the Czech fundamentals.
  • yield curve, information release, market reaction, central bank, analysts, expectations
Language
  • English
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