Confidence Indexes and Their Influence on Macroeconomic Information on the Romanian Market

Þiþan Alexandra Gabriela ()
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Þiþan Alexandra Gabriela: Faculty of Finance, Insurance, Banking and Stock Exchange, Bucharest University of Economic Studies

Ovidius University Annals, Economic Sciences Series, 2014, vol. XIV, issue 2, 597-601

Abstract: Investors’ behavior is considered one of the factors influencing the economy in general. Whether their behavior is rational or irrational is an extensively discussed subject, presented on a large body of literature. This paper presents a research of how financial analysts’ opinions may affect the future of the Romanian economy. We use the CFA Romania Macroeconomic Confidence Index in an empirical research to find whether the past values of the CFA Index have a significant influence on the future values of macroeconomic information on the Romanian market. After performing normality tests and after testing the data for autocorrelation, cross correlation, multicollinearity, regressions were performed. Using regressions’ indicators, projected data was obtained and compared with real data. Tests were realized to determine whether the projected data are significantly different from the real data or not. The conclusion is that part of the macroeconomic data is influenced by analysts’ opinions regarding the evolution of the Romanian market.

Keywords: Behavior finance; investors’ confidence; CFA Romania Macroeconomic Confidence Index (search for similar items in EconPapers)
JEL-codes: G1 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:ovi:oviste:v:xiv:y:2014:i:2:p:597-601

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