EMPIRICAL ANALYSIS OF THE RELATIONSHIP BETWEEN MACROECONOMIC FACTORS AND STOCK RETURNS IN NIGERIA

David Umoru () and Alexander Olawumi Dabor ()
Additional contact information
David Umoru: Associate Professor of Economics, Department of Economics, Edo University Iyamho, Edo State, Nigeria
Alexander Olawumi Dabor: Department of Accounting, Edo University Iyamho

Management Strategies Journal, 2019, vol. 43, issue 1, 38-46

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

Keywords: Currency conversion; money flow; return on stock; inflation (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.strategiimanageriale.ro/papers/190104.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:brc:journl:v:43:y:2019:i:1:p:38-46

Access Statistics for this article

More articles in Management Strategies Journal from Constantin Brancoveanu University
Bibliographic data for series maintained by Dan MICUDA ().