EMPIRICAL ANALYSIS OF THE RELATIONSHIP BETWEEN MACROECONOMIC FACTORS AND STOCK RETURNS IN NIGERIA
Autor (i): David UMORU; Alexander Olawumi DABOR
Cuvinte cheie: Currency conversion, money flow, return on stock, inflation
Abstract:
This research work is aimed at ascertaining the causality among stock returns, inflationary rate, and money flow alongside with currency conversion rate in Nigeria. This work used quarterly data 2000Q1 – 2016Q4. Pairwise econometric technique was employed for data estimation. Return on stock alongside with inflationary rate were seen to have no causal relationship but return on stock was seen to be mutually related with currency conversion rate. The findings further showed that returns on stock has a unidirectional causation with money flow. The findings also showed that inflationary rate and conversion rate have unidirectional causation .The results implied that financiers can employ macroeconomic factors to predict the of movement
This research work is aimed at ascertaining the causality among stock returns, inflationary rate, and money flow alongside with currency conversion rate in Nigeria. This work used quarterly data 2000Q1 – 2016Q4. Pairwise econometric technique was employed for data estimation. Return on stock alongside with inflationary rate were seen to have no causal relationship but return on stock was seen to be mutually related with currency conversion rate. The findings further showed that returns on stock has a unidirectional causation with money flow. The findings also showed that inflationary rate and conversion rate have unidirectional causation .The results implied that financiers can employ macroeconomic factors to predict the of movement
Articol: Fisier PDF
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