Vinsamlegast notið þetta auðkenni þegar þið vitnið til verksins eða tengið í það: http://hdl.handle.net/1946/28158
The aim of this study was to analyze the effects of interest rate changes on stocks and to examine Icelandic stock market efficiency between 2009 and 2017. The study employed a constant mean return model and a market model to estimate expected returns. In addition, a linear regression analysis was employed to estimate the effects that unanticipated interest rate changes have on stock prices. The results demonstrate that anticipated interest rate changes do not affect stock prices on the announcement day. However, unanticipated interest rate changes have a statistically significant effect on stock returns on the announcement day. The findings of the study indicate that the Icelandic stock market is efficient when incorporating interest rate changes, suggesting semi-strong market efficiency.
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