{"id":"https://openalex.org/W2106034995","doi":"https://doi.org/10.2139/ssrn.1571938","title":"The Impact of the Federal Reserve's Interest Rate Target Announcement on Stock Prices: A Closer Look at how the Market Impounds New Information","display_name":"The Impact of the Federal Reserve's Interest Rate Target Announcement on Stock Prices: A Closer Look at how the Market Impounds New Information","publication_year":2010,"publication_date":"2010-01-01","ids":{"openalex":"https://openalex.org/W2106034995","doi":"https://doi.org/10.2139/ssrn.1571938","mag":"2106034995"},"language":"en","primary_location":{"id":"doi:10.2139/ssrn.1571938","doi":"https://doi.org/10.2139/ssrn.1571938","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.1571938","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},"volume":null,"type":"preprint","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.2139/ssrn.1571938","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5030337240","display_name":"Justin Birru","orcid":"https://orcid.org/0000-0001-6607-6380","observed_orcids":["https://orcid.org/0000-0001-6607-6380"]},"institutions":[{"id":"https://openalex.org/I57206974","display_name":"New York University","ror":"https://ror.org/0190ak572","country_code":"US","type":"education","lineage":["https://openalex.org/I57206974"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Justin Birru","raw_affiliation_strings":["New York University - Stern School of Business, 44 West 4th Street, Suite 9-160, New York, NY NY 10012, United States","New York University - Stern School of Business"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"New York University - Stern School of Business, 44 West 4th Street, Suite 9-160, New York, NY NY 10012, United States","institution_ids":["https://openalex.org/I57206974"]},{"raw_affiliation_string":"New York University - Stern School of Business","institution_ids":["https://openalex.org/I57206974"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5007228365","display_name":"Stephen Figlewski","orcid":"https://orcid.org/0000-0001-8388-913X","observed_orcids":["https://orcid.org/0000-0001-8388-913X"]},"institutions":[{"id":"https://openalex.org/I57206974","display_name":"New York University","ror":"https://ror.org/0190ak572","country_code":"US","type":"education","lineage":["https://openalex.org/I57206974"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Stephen Figlewski","raw_affiliation_strings":["New York University - Stern School of Business, NY, United States","New York University - Stern School of Business"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"New York University - Stern School of Business, NY, United States","institution_ids":["https://openalex.org/I57206974"]},{"raw_affiliation_string":"New York University - Stern School of Business","institution_ids":["https://openalex.org/I57206974"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5007228365"],"corresponding_institution_ids":["https://openalex.org/I57206974"],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":28,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9883000254631042,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9883000254631042,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10067","display_name":"Stochastic processes and financial applications","score":0.007400000002235174,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11059","display_name":"Market Dynamics and Volatility","score":0.0019000000320374966,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/federal-funds-rate","display_name":"federal funds rate","score":0.699999988079071},{"id":"https://openalex.org/keywords/stock-price-reaction","display_name":"stock price reaction","score":0.6639999747276306},{"id":"https://openalex.org/keywords/efficient-market-hypothesis","display_name":"efficient market hypothesis","score":0.7129999995231628},{"id":"https://openalex.org/keywords/market-microstructure","display_name":"market microstructure","score":0.6919999718666077},{"id":"https://openalex.org/keywords/risk-neutral-density","display_name":"risk-neutral density","score":0.5669999718666077},{"id":"https://openalex.org/keywords/option-prices","display_name":"option prices","score":0.7919999957084656}],"concepts":[{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.6615550518035889},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.5117673873901367},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.5026769638061523},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.47727957367897034},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.45345139503479004},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.4438515901565552},{"id":"https://openalex.org/C2988984586","wikidata":"https://www.wikidata.org/wiki/Q1020013","display_name":"Stock price","level":3,"score":0.43199366331100464},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.42447561025619507},{"id":"https://openalex.org/C205649164","wikidata":"https://www.wikidata.org/wiki/Q1071","display_name":"Geography","level":0,"score":0.11325889825820923},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C143724316","wikidata":"https://www.wikidata.org/wiki/Q312468","display_name":"Series (stratigraphy)","level":2,"score":0.0},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.2139/ssrn.1571938","doi":"https://doi.org/10.2139/ssrn.1571938","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.1571938","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"}],"best_oa_location":{"id":"doi:10.2139/ssrn.1571938","doi":"https://doi.org/10.2139/ssrn.1571938","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.1571938","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":48,"referenced_works":["https://openalex.org/W5365639","https://openalex.org/W66483636","https://openalex.org/W1489916452","https://openalex.org/W1504687966","https://openalex.org/W1597049962","https://openalex.org/W1966926926","https://openalex.org/W1967848090","https://openalex.org/W1985018066","https://openalex.org/W1989532041","https://openalex.org/W2007068257","https://openalex.org/W2016012896","https://openalex.org/W2026454108","https://openalex.org/W2031720746","https://openalex.org/W2034241492","https://openalex.org/W2040315127","https://openalex.org/W2063230866","https://openalex.org/W2064160920","https://openalex.org/W2066282534","https://openalex.org/W2072229627","https://openalex.org/W2090637028","https://openalex.org/W2108855171","https://openalex.org/W2109718988","https://openalex.org/W2110321237","https://openalex.org/W2111682960","https://openalex.org/W2114203845","https://openalex.org/W2118854883","https://openalex.org/W2119703512","https://openalex.org/W2143817924","https://openalex.org/W2158580072","https://openalex.org/W2165100677","https://openalex.org/W2168718710","https://openalex.org/W2241256817","https://openalex.org/W2493701669","https://openalex.org/W2890453835","https://openalex.org/W3022492005","https://openalex.org/W3121364726","https://openalex.org/W3121384633","https://openalex.org/W3121451293","https://openalex.org/W3121545291","https://openalex.org/W3121897461","https://openalex.org/W3122247971","https://openalex.org/W3123251549","https://openalex.org/W3123696883","https://openalex.org/W3123928694","https://openalex.org/W3125131813","https://openalex.org/W4239754684","https://openalex.org/W4240307802","https://openalex.org/W4285719527"],"related_works":["https://openalex.org/W7097103262","https://openalex.org/W2572082100","https://openalex.org/W7065496088","https://openalex.org/W2087493413","https://openalex.org/W1550243521","https://openalex.org/W7100956838","https://openalex.org/W1990945405","https://openalex.org/W2109706639","https://openalex.org/W4413786840","https://openalex.org/W4214642854"],"abstract_inverted_index":null,"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":2},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":2},{"year":2019,"cited_by_count":2},{"year":2018,"cited_by_count":4},{"year":2017,"cited_by_count":1},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":5},{"year":2013,"cited_by_count":1},{"year":2012,"cited_by_count":4}],"updated_date":"2026-10-14T16:39:01.820549","created_date":"2016-06-24T00:00:00"}