Monetary policy and stock returns: Financing constraints and asymmetries in bull and bear markets


Article history: Received 18 September 2009 Received in revised form 21 July 2010 Accepted 11 August 2010 Available online 18 August 2010 We examine asymmetries in the impact of monetary policy surprises on stock returns between bull and bear markets in the period 1994 to 2005. We ask how these impacts respond to the relative ability of firms to obtain… (More)