{"title":"股市对就业消息的反应:坏消息不再是好消息","authors":"Badrinath Kottimukkalur","doi":"10.2139/ssrn.3544378","DOIUrl":null,"url":null,"abstract":"I document a shift in the stock market's reaction to employment news beginning early 2000s. Good employment news increases stock prices during expansions but has no effect during recessions. Overall, good employment news is good for stocks, a shift from the relationship documented in earlier studies. Furthermore, good employment news continues to decrease bond returns. The opposite response of stock and bond returns to employment news is consistent with the negative stock and bond return correlation in recent times. Risk premium drives the recent stock price reaction to employment news whereas interest rate was the dominant channel prior to 2000s.","PeriodicalId":119398,"journal":{"name":"Political Economy - Development: Fiscal & Monetary Policy eJournal","volume":"32 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2020-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Stock Market's Reaction to Employment News: Bad News is Not Good Anymore\",\"authors\":\"Badrinath Kottimukkalur\",\"doi\":\"10.2139/ssrn.3544378\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"I document a shift in the stock market's reaction to employment news beginning early 2000s. Good employment news increases stock prices during expansions but has no effect during recessions. Overall, good employment news is good for stocks, a shift from the relationship documented in earlier studies. Furthermore, good employment news continues to decrease bond returns. The opposite response of stock and bond returns to employment news is consistent with the negative stock and bond return correlation in recent times. Risk premium drives the recent stock price reaction to employment news whereas interest rate was the dominant channel prior to 2000s.\",\"PeriodicalId\":119398,\"journal\":{\"name\":\"Political Economy - Development: Fiscal & Monetary Policy eJournal\",\"volume\":\"32 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2020-02-25\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Political Economy - Development: Fiscal & Monetary Policy eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3544378\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Political Economy - Development: Fiscal & Monetary Policy eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3544378","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Stock Market's Reaction to Employment News: Bad News is Not Good Anymore
I document a shift in the stock market's reaction to employment news beginning early 2000s. Good employment news increases stock prices during expansions but has no effect during recessions. Overall, good employment news is good for stocks, a shift from the relationship documented in earlier studies. Furthermore, good employment news continues to decrease bond returns. The opposite response of stock and bond returns to employment news is consistent with the negative stock and bond return correlation in recent times. Risk premium drives the recent stock price reaction to employment news whereas interest rate was the dominant channel prior to 2000s.
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