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.
|Number of pages||21|
|Journal||Journal of International Financial Markets, Institutions and Money|
|Publication status||Published - 1 Jan 1999|
- Data revisions
- Macroeconomic announcements
- Market efficiency