The impact of announcement of changes in the overnight rates of the Bangko Sentral ng Pilipinas on the stock returns of publicly listed universal and commercial banks in the Philippine stock exchange from 2003-2008
Based on Madura and Schnusenberg's (2000) study entitled Effect of Federal Reserve Policies on Bank Equity Returns, this paper investigated the impact of announcement of changes in the overnight borrowing rate and the overnight lending rate of the Bangko Sentral ng Pilipinas on the stock return...
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| Main Authors: | , |
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| Format: | text |
| Language: | English |
| Published: |
Animo Repository
2008
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| Subjects: | |
| Online Access: | https://animorepository.dlsu.edu.ph/etd_bachelors/17486 |
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| Institution: | De La Salle University |
| Language: | English |
| Summary: | Based on Madura and Schnusenberg's (2000) study entitled Effect of Federal Reserve Policies on Bank Equity Returns, this paper investigated the impact of announcement of changes in the overnight borrowing rate and the overnight lending rate of the Bangko Sentral ng Pilipinas on the stock returns of publicly listed universal and commercial banks in the Philippine Stock Exchange, covering the period from January 2003 to April 2008, using monthly data. It was found announcements of changes in the overnight rates generally do not have an impact on stock returns of banks. Further examination using daily data still yielded significant results. |
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