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Solving Stock Price-Gross Domestic Product Puzzle: Evidence from Sri Lanka

Athambawa Jahfer and Tohru Inoue
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Athambawa Jahfer: Department of Accountancy and Finance, Faculty of Management and Commerce, South Eastern University of Sri Lanka, Oluvil, Sri Lanka,
Tohru Inoue: Graduate School of International Social Sciences, Yokohama National University, 79-4 Tokiwadai, Hodogaya-ku, Yokohama City, Japan

International Journal of Economics and Financial Issues, 2017, vol. 7, issue 5, 465-474

Abstract: This paper investigates the macroeconomic factors influencing on stock market performances in the long run while solving " Stock price-GDP puzzle" in the Sri Lankan market. The results show that money supply and inflation are positively related with stock market performances and exchange rate, GDP and interest rate are negatively related to the stock market performances.

Keywords: All Share Price Index(ASPI); Market capitalization; Macro Economic factors; Sri Lanka (search for similar items in EconPapers)
JEL-codes: E44 F36 G00 O16 (search for similar items in EconPapers)
Date: 2017
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