The Relative Impact of Different News on Stock Returns: Evidence From New Zealand
Date
Authors
Ma, R
Marshall, BR
Nguyen, NH
Visaltanachoti, N
Supervisor
Item type
Journal Article
Degree name
Journal Title
Journal ISSN
Volume Title
Publisher
Wiley
Abstract
We estimate the effects of different news events on New Zealand stock returns. Our results indicate that local news, such as announcements from the New Zealand Central Bank interest rate changes (official cash rate) and company earnings reports, generally has a greater impact than international news. However, U.S. Federal Open Market Committee interest rate announcements also exert an important impact. There are no consistent differences in the impact of news on stocks with different cross-sectional characteristics, such as small and large, value and growth, and low- and high-leverage stocks.Description
Keywords
38 Economics, 3502 Banking, Finance and Investment, 3801 Applied Economics, 35 Commerce, Management, Tourism and Services, 1402 Applied Economics, 1501 Accounting, Auditing and Accountability, 1502 Banking, Finance and Investment, Accounting, 3501 Accounting, auditing and accountability, earnings, economic policy uncertainty, international news, local news, macroeconomic announcements, stock returns, technical factors
Source
Accounting and Finance, ISSN: 0810-5391 (Print); 1467-629X (Online), Wiley. doi: 10.1111/acfi.70174
Publisher's version
Rights statement
© 2026 The Author(s). Accounting & Finance published by John Wiley & Sons Australia, Ltd on behalf of Accounting and Finance Association of Australia and New Zealand. This is an open access article under the terms of the Creative Commons Attribution-NonCommercial-NoDerivs License, which permits use and distribution in any medium, provided the original work is properly cited, the use is non-commercial and no modifications or adaptations are made.