Graduation Year

Spring 2012

Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts

Department

Economics

Reader 1

Darren Filson

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Terms of Use for work posted in Scholarship@Claremont.

Rights Information

© 2012 Nathan A. Jiwanlal

Abstract

On June 29, 2011, President Barack Obama held a press conference regarding the nation's budget deficit. During the conference, President Obama mentioned corporate jet owners six times, criticizing their desire to maintain an accelerated depreciation tax break. The President's comments were met with strong criticism from aircraft manufacturers and members of the aviation community. Based on the underlying assumption that new information is rapidly incorporated into stock prices, the press conference likely had a negative impact on the stock returns of aircraft and aircraft parts manufacturers. This paper uses a financial events study to determine whether or not the press conference significantly hurt the stock prices of aircraft manufacturers.

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