APPRAISING THE EFFECT OF MACROECONOMIC VARIABLES ON STOCK RETURNS

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POURZAMANI ZAHRA; JAHANSHAD AZITA; KAMALI REZAEI HASHEM

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Journal: Journal of Management Future Research Year:2011 | Volume:23 | Issue:89 Page(s): 37-47

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Title

APPRAISING THE EFFECT OF MACROECONOMIC VARIABLES ON STOCK RETURNS

Author(s)

POURZAMANI ZAHRA | JAHANSHAD AZITA | KAMALI REZAEI HASHEM | Issue Writer Certificate

Keywords

MACROECONOMIC VARIABLESQ2

GROWTH OF EMPLOYEE RATEQ2

GDPQ2

INFLATIONQ2

GROWTH OF STOCK PRICE INDEXQ2

STOCK RETURNSQ2

TEHRAN SECURITY EXCHANGEQ2

Abstract

Investors consider macroeconomics variables in making decision about their investments. This implies that they seek to decline investment risk (systematic risk) and obtain expected returns. The goal of this study is to investigate the effect of MACROECONOMIC VARIABLES of employee rate, Gross Domestic Product (GDP), INFLATION and GROWTH OF STOCK PRICE INDEX on STOCK RETURNS in TEHRAN SECURITY EXCHANGE in period 1379-1385 using the regression model. The results of research indicate that GROWTH OF EMPLOYEE RATE do not have significant effect on returns and GDP (limit effect), INFLATION (negative limit effect) and GROWTH OF STOCK PRICE INDEX (significant effect) affect returns affect returns. To understand the effect of MACROECONOMIC VARIABLES on share returns can help investors to make decisions appropriately and also can help policymakers to direct macroeconomic policies and to determine the effect of these policies on security exchange.

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APA: Copy

POURZAMANI, ZAHRA, JAHANSHAD, AZITA, & KAMALI REZAEI, HASHEM. (2011). APPRAISING THE EFFECT OF MACROECONOMIC VARIABLES ON STOCK RETURNS. JOURNAL OF MANAGEMENT FUTURES RESEARCH(JOURNAL OF MANAGEMENT RESEARCH), 23(89), 37-47. SID. https://sid.ir/paper/204153/en

Vancouver: Copy

POURZAMANI ZAHRA, JAHANSHAD AZITA, KAMALI REZAEI HASHEM. APPRAISING THE EFFECT OF MACROECONOMIC VARIABLES ON STOCK RETURNS. JOURNAL OF MANAGEMENT FUTURES RESEARCH(JOURNAL OF MANAGEMENT RESEARCH)[Internet]. 2011;23(89):37-47. Available from: https://sid.ir/paper/204153/en

IEEE: Copy

ZAHRA POURZAMANI, AZITA JAHANSHAD, and HASHEM KAMALI REZAEI, “APPRAISING THE EFFECT OF MACROECONOMIC VARIABLES ON STOCK RETURNS,” JOURNAL OF MANAGEMENT FUTURES RESEARCH(JOURNAL OF MANAGEMENT RESEARCH), vol. 23, no. 89, pp. 37–47, 2011, [Online]. Available: https://sid.ir/paper/204153/en

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