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1、外文題目:外文題目:MacroeconomicFactsStockMarketMovement:EvidencefromGhana出處:處:SchoolofManagementUniversityofLeicesterUK作者:者:AdamAnokyeM.TweneboahGege原文:文:MacroeconomicFactsStockMarketMovement:EvidencefromGhanaByAdamAnokyeM.Twene
2、boahGegeAbstractThisstudyexaminestheeffectsofmacroeconomicvariablesonthemovementstockpricesinGhana.Weanalyzebothlongrunshtrundynamicrelationshipsbetweenthestockmarketindexmacroeconomicvariablesincludinginwardfeigndirecti
3、nvestmentsTreasurybillrateconsumerpriceindexexchangeratefrom1991:1to2006:4usingJohansensmultivariatecointegrationtestinnovationaccountingtechniques.Weestablishedthatthereiscointegrationbetweenmacroeconomicvariablesstockp
4、ricesinGhanaindicatinglongrunrelationship.FurthertestsindicatethatintheshtruninflationexchangeratesmatterfsharepricemovementsinGhanahoweverinterestrateinflationproveverysignificantinthelongrun.Keywds:CointegrationFeignDi
5、rectInvestmentInnovationAccounting1.IntroductionTherelationshipbetweenmacroeconomicfactsstockmarketdevelopmenthasdominatedintheacademicpractitioners’literatureoverthepastdecades.Somefundamentalmacroeconomicvariablessucha
6、sexchangerateinterestrateindustrialproductioninflationhavebeenarguedtobethedeterminantsofstockprices.Itisbelievedthatgovernmentfinancialpoliciesmacroeconomiceventshavelargereturnexpectedcashflows(seeOyama1997Ganetal2006H
7、umpeMcmillan2007LeibowitzSensenArnottHansen1989Tessaromatis2003)suggestingthateconomicfactsthatinfluencetheexpectedfuturecashflowrequiredrateofreturnaffecttheshareprice.FamaGibbon(1982)findthatexpectedrealreturnsonbillse
8、xpectedinflationratesareinverselyrelated.Thisisduetothepositivecrelationbetweenexpectedrealreturnsonfinancialassetsrealactivity.UsingthemultifactAPTframewkHamao(1988)showsthatinflationsignificantlyinfluencedJapanesestock
9、returns.AninvestigationoftherelationshipsbetweenstockpricesrealactivityinflationmoneyconductedbyFamain1981showsastrongpositivecrelationbetweencommonstockreturnsrealvariables.KanekoLee(1995)Lee(1992)findsimilarresults.Bye
10、xaminingtherelationshipbetweeninflationstockpricesin16industrializedcountriesRapach(2002)aguesthatincreaseininflationdoesnotresultinpersistentdepreciationofsharerealvalue.Theexchangeratewhichindicatesthemovementofcurrenc
11、yaffectsstockpricesinawaysimilartotheinflationvariable.Depreciationofthelocalcurrencymakesimptexpensivecomparedtoexptleadingtoincreasedproductioncostofimptcompanies.Sinceallthecostcannotbepassedontotheconsumerduetothecom
12、petitivenessofthemarketcpateearningswhichareadeterminantofstockpricesaccdingtotheDDMfall.AlthoughSolnik(1987)provedthatexchangerateisanonsignificantfactinexplainingdevelopmentofstockpricesJion(1990)findssomerelationshipb
13、etweenstockreturnsofUSmultinationalcompaniestheeffectiveUSdollarexchangerateftheperiod197187.Aggarwal(1981)alsofindsapositiverelationshipbetweenrevaluationoftheUSdollarstockprices.MukherjeeNaka(1995)alsofindthatexchanger
14、atepositivelyrelatestostockpricesinJapanIndonesia.OnthecontrarySoenenHennigar(1988)reptedthatUSdollareffectiveexchangeratenegativelyaffectUSstockmarketindexduring198086.AdlerDumas(1984)arguethatevenfirmswhoseentireoperat
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