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Wednesday, April 29, 2020 | History

2 edition of Gradual incorporation of information found in the catalog.

Gradual incorporation of information

pharmaceutical stocks and the evolution of Clinton"s healthcare reform / Sara F. Ellison [and] Wallace P. Mullin

by Sara Fisher Ellison

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  • 15 Currently reading

Published by Massachusetts Institute of Technology, Dept. of Economics in Cambridge, MA .
Written in English


About the Edition

Information moves stock prices. A vast literature has arisen to exploit and explain that fact. Applied researchers in a variety of fields have used stock market reactions to assess public policy changes. Most of that research has assumed that the information is released on a small set of observable dates. But for many public policy changes, information is often revealed not in one announcement but rather through a process of gradual public revelation, which may not be completely observable by a researcher. We examine the effect of the evolution of the Clinton healthcare reform proposal on pharmaceutical stock prices. Applying a new technique, isotonic regression, over January 1992 to October 1993, we find that the major portion of the decline in stock prices occurred gradually, and did not correspond to identified news events. Strikingly, 85% of the total effect of the healthcare reform on stock prices was incorporated by February, 1993, nearly seven months before the Clinton plan was formally unveiled to Congress. Keywords: Pharmaceutical industry; isotonic regression; stock market information.

Edition Notes

SeriesWorking paper series / Massachusetts Institute of Technology, Dept. of Economics -- working paper 01-13, Working paper (Massachusetts Institute of Technology. Dept. of Economics) -- no. 01-13.
ContributionsMullin, Wallace P. (Wallace Patrick), Massachusetts Institute of Technology. Dept. of Economics
The Physical Object
Pagination24 leaves :
Number of Pages24
ID Numbers
Open LibraryOL24639667M
OCLC/WorldCa49801199


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Gradual incorporation of information by Sara Fisher Ellison Download PDF EPUB FB2

Production Per Share: A mathematical ratio used in the oil and gas industry to refer to the number of barrels of oil per day or cubic feet of. An Examination of the Gradual Information Diffusion Hypothesis | Using the monthly data for more than Australian stocks over the period from.

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