Discussion: Information Sets, Macroeconomic Reform, and Stock Prices

Dennis W. Draper

Journal of Financial and Quantitative Analysis, 1981, vol. 16, issue 4, 511-513

Abstract: The paper by Lakonishok and Sadan represents an interesting attempt to link major economic reform to fundamental issues in financial valuation. Changes instituted by the Israeli government in the fall, 1977, are related to subsequent changes in security returns on the Tel Aviv Securities Exchange. The authors employ an event study methodology to investigate the market reaction to the announced reform, the market reaction to raw data and partially analyzed data, and the market reaction to easily acquired data and less easily acquired data.

Date: 1981
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