IMF-related announcements and stock market returns: Evidence from financial and non-financial sectors in Indonesia, Korea, and Thailand

摘要: Abstract We examine the changes in daily financial sector stock returns Indonesia, Korea, and Thailand response to IMF-related news during Asian crisis compare them with those non-financial sectors. find that of both program negotiations approval increased Indonesia whereas only is associated higher Thailand. Sectors such as cyclical consumer goods non-cyclical services experienced while almost all sectors enjoyed South Korea. interpret empirical results based on characteristics corporate governance industrial development policies these countries.