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Determinants of Stock Prices: The Case of Zimbabwe

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  • T. Oyama

Abstract

This paper examines the general relationship between stock prices and macroeconomic variables in Zimbabwe, using the revised dividend discount model, error-correction model, and multi-factor return-generating model. Despite the large fluctuation in stock prices since 1991, this analysis indicates that the Zimbabwe Stock Exchange has been functioning quite consistently during this period. Whereas sharp increases in stock prices during 1993-94 were mainly due to the shift of risk premium that was caused by the partial capital account liberalization, the recent rapid increase in stock prices can be explained by the movements of monetary aggregates and market interest rates.

Suggested Citation

  • T. Oyama, 1997. "Determinants of Stock Prices: The Case of Zimbabwe," IMF Working Papers 1997/117, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1997/117
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    Cited by:

    1. Yavas, Burhan F. & Malladi, Rama K., 2020. "Foreign direct investment and financial markets influences: Results from the United States," The North American Journal of Economics and Finance, Elsevier, vol. 53(C).
    2. Bilson, Christopher M. & Brailsford, Timothy J. & Hooper, Vincent J., 2001. "Selecting macroeconomic variables as explanatory factors of emerging stock market returns," Pacific-Basin Finance Journal, Elsevier, vol. 9(4), pages 401-426, August.
    3. Muinde Patrick Mumo, 2017. "The Determinants of Stock Returns in the Emerging Market of Kenya: An Empirical Evidence," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 9(9), pages 8-21, September.

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