Information Sets, Macroeconomic Reform, and Stock Prices

Josef Lakonishok and Simcha Sadan

Journal of Financial and Quantitative Analysis, 1981, vol. 16, issue 4, 495-510

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.

Date: 1981
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