Announcements and revisions of Australian macroeconomic data and their news content for Australian financial markets *

Robert D. Brooks, Gabrielle Berman, Sinclair Davidson, T. Y. Tan

Research output: Contribution to journalArticleResearchpeer-review

2 Citations (Scopus)

Abstract

This paper investigates the responsiveness of nine Australian financial markets to announcements and revisions of balance on current account and GDP data. We find that current account announcements have a significant effect. Globally, the whole set of revisions are not significant but some individual revisions are statistically significant. When we partition announcements and revisions into good news and bad news we find that with respect to announcements only bad news about the current account has a significant impact. While the global set of revisions are not significant, an increased number of isolated revisions are significant. However, our general conclusion as to the overall lack of significance of the revisions data still holds true.

Original languageEnglish
Pages (from-to)195-215
Number of pages21
JournalJournal of International Financial Markets, Institutions and Money
Volume9
Issue number2
DOIs
Publication statusPublished - 1 Jan 1999
Externally publishedYes

Keywords

  • Data revisions
  • Macroeconomic announcements
  • Market efficiency

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