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1、外文题目:MacroeconomicFactorsandStockMarketMovement:EvidencefromGhana出处:SchoolofManagement,UniversityofLeicester,UK作者:Adam,AnokyeM.andTweneboah,George原文:MacroeconomicFactorsandStockMarketMovement:EvidencefromGhanaByAdam,AnokyeM.andTweneboah,GeorgeAbstractThisstudyexa
2、minestheeffectsofmacroeconomicvariablesonthemovementstockpricesinGhana.Weanalyzebothlong-runandshort-rundynamicrelationshipsbetweenthestockmarketindexandmacroeconomicvariablesincludinginwardforeigndirectinvestments,Treasurybillrate,consumerpriceindex,andexchanger
3、atefrom1991:1to2006:4usingJohansen'smultivariatecointegrationtestandinnovationaccountingtechniques.WeestablishedthatthereiscointegrationbetweenmacroeconomicvariablesandstockpricesinGhanaindicatinglong-runrelationship.Furthertestsindicatethat,intheshort-run,inflat
4、ionandexchangeratesmatterforsharepricemovementsinGhana,however,interestrateandinflationproveverysignificantinthelong-run.Keywords:Cointegration,ForeignDirectInvestment,InnovationAccounting1.IntroductionTherelationshipbetweenmacroeconomicfactorsandstockmarketdevel
5、opmenthasdominatedintheacademicandpractitioners’literatureoverthepastdecades.Somefundamentalmacroeconomicvariablessuchasexchangerate,interestrate,industrialproductionandinflationhavebeenarguedtobethedeterminantsofstockprices.Itisbelievedthatgovernmentfinancialpol
6、iciesandmacroeconomiceventshavelargeinfluenceongeneraleconomicactivitiesincludingthestockmarket.Thishasmotivatedmanyresearcherstoinvestigatethedynamicrelationshipbetweenstockreturnsandmacroeconomicvariables.Forexample,usingtheArbitragePricingTheory(APT)developedb
7、yRoss(1976),Chenetal.(1986)usedsomemacroeconomicvariablestoexplainstockreturnsintheUSstockmarkets.Theyshowthatindustrialproduction,changesinriskpremiums,andchangesinthetermstructurearepositivelyrelatedtotheexpectedstockreturns,whileboththeanticipatedandunanticipa
8、tedinflationratesnegativelyrelatetotheexpectedstockreturns.Otherresearcherswhostudiedtherelationshipbetweenstockreturnsandmacroeconomicvariablesindevelopedcoun