The Effect of News on Bond Prices: Evidence from the United Kingdom, 1900-1920
研究非量化新闻与债券价格的关系，基于历史学家认定的重大新闻事件，发现新闻对债券价格有影响但只能解释一小部分变动。
We study the relationship of non-quantitative news to bond prices. We select a set of major news events based solely on their significance as judged by historians, and examine the corresponding bond price movements. We find strong evidence that news has some influence on bond price movements, but we find no evidence that news can explain more than a small fraction of those movements.