TY  - JOUR
AU  - Elmendorf,Douglas
AU  - Hirshfeld,Mary
AU  - Weil,David
TI  - The Effect of News on Bond Prices: Evidence from the United Kingdom 1900-1920
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 4234
PY  - 1992
Y2  - December 1992
UR  - http://www.nber.org/papers/w4234
L1  - http://www.nber.org/papers/w4234.pdf
N1  - Author contact info:
Douglas Elmendorf
Director, Congressional Budget Office
Congressional Budget Office
Ford House Office Building, 4th Floor
Second and D Streets, SW
Washington, DC 20515
E-Mail: doug.elmendorf@cbo.gov

David N. Weil
Department of Economics
Box B
Brown University
Providence, RI 02912
Tel: 401/863-1754
Fax: 401/863-1970
E-Mail: david_weil@brown.edu
AB  - We study the relationship of non-quantitative news to bond prices. We select a set of major news events based solely on their significance as judged by historians, and examine the corresponding bond price movements. We find strong evidence that news has some influence on bond price movements, but we find no evidence that news can explain more than a small fraction of those movements.
ER  -