Impact of the ECB verbal interventions on the stock market / Tansylu VILDANOVA / 2021

Titre : Impact of the ECB verbal interventions on the stock market Type de document : Mémoire Auteurs : Tansylu VILDANOVA, Auteur Année de publication : 2021 Importance : 28 p. Note générale : Pour accéder aux fichiers PDF, merci de vous identifier sur le catalogue avec votre compte Office 365 via le bouton CONNEXION en haut de page. Langues : Anglais (eng) Mots-clés : Management BOURSE DE COMMERCE ; FINANCE DE MARCHE Résumé : Central banks around the world use various instruments to influence the financial markets. The ECB, as well as many of central banks of developed countries, use verbal interventions to change long-term and short-term expectations in financial markets. The problem of studying the market reaction to verbal intervention is the dependency on different factors. And the papers on this topic have various results. The aim of this work is to study the possible impact of the ECB verbal interventions on the stock market depending on their type using the event study methodology. The ECB press releases classified by topic and regularity of publication were used as verbal interventions. The Euro stoxx 50 index was used as representative indicator of the eurozone stock market. The hypothesis of the work include relation between press-releases publication and the index reaction to them in the form of abnormal returns around the publication day (in the event window). The next one is the dependance of the market reaction on the type of press-releases. The results showed that 3 of 8 types of the ECB press-releases impact the stock market. And this impact is different for different types. The results statistically show the variety in market response depending on the type of press release. Programme : MSc Financial Markets & Technologies Permalink : https://cataloguelibrary.neoma-bs.fr/index.php?lvl=notice_display&id=538633