We examine next-day newspaper accounts of large daily jumps in 19 national stock markets to assess their proximate cause, clarity as to cause, and geographic source. Our sample of over 8,000 jumps, reaching back to 1900 for the United States, yields several novel findings. First, news about monetary...
Keywords:
Stock market jumps, clarity about jump reason, monetary policy, government spending shocks, Fed put, global impact of US, market volatility, text analysis, human readings
