<> "The repository administrator has not yet configured an RDF license."^^ . <> . . "Long-Term Volatility Shapes the Stock Market’s Sensitivity to News"^^ . "We show that the S&P 500’s instantaneous response to surprises in U.S. macroeconomic announcements depends on the level of long-term stock market volatility. When long-term volatility is high, stock returns are more sensitive to news, and there is a pronounced asymmetry in the response to good and bad news. We explain this by combining the Campbell-Shiller log-linear present value framework with a two-component volatility model for the conditional variance of cash flow news and allowing for volatility feedback. In our model, innovations to the long-term volatility component are the most important driver of discount rate news. Large announcement surprises lead to upward revisions in future required returns, which dampens/amplifies the effect of good/bad news."^^ . "2023" . . . "0739" . . . . . . . . . . . "Nikoleta"^^ . "Tushteva"^^ . "Nikoleta Tushteva"^^ . . "Christian"^^ . "Conrad"^^ . "Christian Conrad"^^ . . "Julius Theodor"^^ . "Schoelkopf"^^ . "Julius Theodor Schoelkopf"^^ . . . . . . "Long-Term Volatility Shapes the Stock Market’s Sensitivity to News (Other)"^^ . . . . . . "lightbox.jpg"^^ . . . "Long-Term Volatility Shapes the Stock Market’s Sensitivity to News (Other)"^^ . . . . . . "preview.jpg"^^ . . . "Long-Term Volatility Shapes the Stock Market’s Sensitivity to News (Other)"^^ . . . . . . "medium.jpg"^^ . . . "Long-Term Volatility Shapes the Stock Market’s Sensitivity to News (PDF)"^^ . . . "Conrad_Schoelkopf_Tushteva_dp739_2023.pdf"^^ . . . "Long-Term Volatility Shapes the Stock Market’s Sensitivity to News (Other)"^^ . . . . . . "small.jpg"^^ . . . "Long-Term Volatility Shapes the Stock Market’s Sensitivity to News (Other)"^^ . . . . . . "indexcodes.txt"^^ . . "HTML Summary of #34102 \n\nLong-Term Volatility Shapes the Stock Market’s Sensitivity to News\n\n" . "text/html" . . . "330 Wirtschaft"@de . "330 Economics"@en . .