INFORMATION SETS, MACROECONOMIC REFORM, AND STOCK PRICES.

The paper is organized as follows. Section I describes the background of the study by identifying the main components of the economic reform and some features of the Israeli stock market. These are pertinent to the understanding of the context of the study. In Section II, we turn to the main issues addressed by this paper. These issues provide the infrastructure for the formation of specific hypotheses. Section III outlines the empirical design and is followed by a description of the sample data in Section IV. In Section V we report the tests performed and their results, and Section VI is devoted to concluding remarks. [ABSTRACT FROM AUTHOR]