Do investors consider composite leading indicators? Time series evidence from emerging countries

Mert Topcu and Ulas Unlu
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Ulas Unlu: Nevsehir University, Vocational High School, Turkey

Theoretical and Applied Economics, 2013, vol. XX, issue 9(586), 51-62

Abstract: The nexus between macroeconomic indicators and stock market has been worthy of examination in emerging markets in the recent years. This paper therefore aims to investigate the long run and causal relationship between Composite Leading Indicators (CLI) and share prices in the thirteen emerging markets. Findings obtained from the analyses do not provide consistent results across all emerging markets. Empirical evidences of this study indicate that component structure of CLI and financial development level of questioned countries appears to play important role in determining the effectiveness of CLI in investors’ decisions.

Keywords: share prices; composite leading indicators; emerging markets. (search for similar items in EconPapers)
Date: 2013
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