“…For example, the impact of macro news on equities has been studied by Thorbecke (), Thornton (), Lobo (, ), Bomfim (), Nikkinen and Sahlström (), Bernanke and Kuttner (), Savor and Wilson (, ), Miao et al (), Scholtus, van Dijk, and Frijns (), Lucca and Moench (), Bernile, Hu, and Tang (), Kurov and Gu (), and Fernandez‐Perez et al, . Interest rates and bonds are studied by Ederington and Lee (), Jones, Lamont, and Lumsdaine (), Fleming and Remolona (), Balduzzi et al (), and Thomakos, Wang, Wu, and Chuderewicz ().…”