The Review of Stock Returns and Macroeconomic Variables
This study aims to review a number of studies on stock market returns and macroeconomic variables. The reviewed literature are categorised into three groups: literature related to developed countries, literature related to developing countries, and literature related to group countries. Moreover, the various empirical studies reviewed show mixed results and conclusions. In some studies, strong positive relationships are found to exist between stock returns and macroeconomic fundamentals and in some the relationship is a bit weak. Other researches report different results. This mixture of findings and conclusions emanates from differences in methodology, variables used and the period of study. There is also disparity in study area that fundamentally affects the behaviour of the macroeconomic variables.
Volume (Year): 5 (2015)
Issue (Month): 5 (May)
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References listed on IDEAS
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- Pramod Kumar, Naik & Puja, Padhi, 2012. "The impact of Macroeconomic Fundamentals on Stock Prices revisited: An Evidence from Indian Data," MPRA Paper 38980, University Library of Munich, Germany.
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- Haruna Issahaku & Yazidu Uztarz & Paul Bata Domanban, 2013. "Macroeconomic Variables and Stock Market Returns in Ghana: Any Causal Link?," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 3(8), pages 1044-1062, August.
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- Rashid, Abdul, 2008. "Macroeconomic Variables and Stock Market Performance: Testing for Dynamic Linkages with a Known Structural Break," MPRA Paper 26937, University Library of Munich, Germany.
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- Surachai CHANCHARAT & Abbas VALADKHANI & Charles HAVIE, 2007. "The Influence Of International Stock Markets And Macroeconomic Variables On The Thai Stock Market," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 7(1).
- Yu HSING, 2011. "Effects of Macroeconomic Variables on the Stock Market: The Case of the Czech Republic," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(7(560)), pages 54-64, July.
- Park, Kwangwoo & Ratti, Ronald A, 2000. "Real Activity, Inflation, Stock Returns, and Monetary Policy," The Financial Review, Eastern Finance Association, vol. 35(2), pages 59-77, May.
- Wongbangpo, Praphan & Sharma, Subhash C., 2002. "Stock market and macroeconomic fundamental dynamic interactions: ASEAN-5 countries," Journal of Asian Economics, Elsevier, vol. 13(1), pages 27-51.
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- Anthony Kyereboah-Coleman, 2008. "Impact of macroeconomic indicators on stock market performance: The case of the Ghana Stock Exchange," Journal of Risk Finance, Emerald Group Publishing, vol. 9(4), pages 365-378, August.
- Yu Hsing, 2011. "The Stock Market and Macroeconomic Variables in a BRICS Country and Policy Implications," International Journal of Economics and Financial Issues, Econjournals, vol. 1(1), pages 12-18.
- Naseri, Marjan & Masih, Mansur, 2013. "Causality between Malaysian Islamic Stock Market and Macroeconomic Variables," MPRA Paper 60247, University Library of Munich, Germany.
- Hunjra, Ahmed Imran & Chani, Muhammad Irfan & Ijaz, Muhammad Shahzad & Farooq, Muhammad & Khan, Kamran, 2014. "The Impact of Macroeconomic Variables on Stock Prices in Pakistan," MPRA Paper 60791, University Library of Munich, Germany. Full references (including those not matched with items on IDEAS)
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