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1、外文題目：外文題目：MacroeconomicFactsStockMarketMovement:EvidencefromGhana出處：處：SchoolofManagementUniversityofLeicesterUK作者：者：AdamAnokyeM.TweneboahGege原文：文：MacroeconomicFactsStockMarketMovement:EvidencefromGhanaByAdamAnokyeM.Twene

2、boahGegeAbstractThisstudyexaminestheeffectsofmacroeconomicvariablesonthemovementstockpricesinGhana.Weanalyzebothlongrunshtrundynamicrelationshipsbetweenthestockmarketindexmacroeconomicvariablesincludinginwardfeigndirecti

3、nvestmentsTreasurybillrateconsumerpriceindexexchangeratefrom1991:1to2006:4usingJohansensmultivariatecointegrationtestinnovationaccountingtechniques.Weestablishedthatthereiscointegrationbetweenmacroeconomicvariablesstockp

4、ricesinGhanaindicatinglongrunrelationship.FurthertestsindicatethatintheshtruninflationexchangeratesmatterfsharepricemovementsinGhanahoweverinterestrateinflationproveverysignificantinthelongrun.Keywds:CointegrationFeignDi

5、rectInvestmentInnovationAccounting1.IntroductionTherelationshipbetweenmacroeconomicfactsstockmarketdevelopmenthasdominatedintheacademicpractitioners’literatureoverthepastdecades.Somefundamentalmacroeconomicvariablessucha

6、sexchangerateinterestrateindustrialproductioninflationhavebeenarguedtobethedeterminantsofstockprices.Itisbelievedthatgovernmentfinancialpoliciesmacroeconomiceventshavelargereturnexpectedcashflows(seeOyama1997Ganetal2006H

7、umpeMcmillan2007LeibowitzSensenArnottHansen1989Tessaromatis2003)suggestingthateconomicfactsthatinfluencetheexpectedfuturecashflowrequiredrateofreturnaffecttheshareprice.FamaGibbon(1982)findthatexpectedrealreturnsonbillse

8、xpectedinflationratesareinverselyrelated.Thisisduetothepositivecrelationbetweenexpectedrealreturnsonfinancialassetsrealactivity.UsingthemultifactAPTframewkHamao(1988)showsthatinflationsignificantlyinfluencedJapanesestock

9、returns.AninvestigationoftherelationshipsbetweenstockpricesrealactivityinflationmoneyconductedbyFamain1981showsastrongpositivecrelationbetweencommonstockreturnsrealvariables.KanekoLee(1995)Lee(1992)findsimilarresults.Bye

10、xaminingtherelationshipbetweeninflationstockpricesin16industrializedcountriesRapach(2002)aguesthatincreaseininflationdoesnotresultinpersistentdepreciationofsharerealvalue.Theexchangeratewhichindicatesthemovementofcurrenc

11、yaffectsstockpricesinawaysimilartotheinflationvariable.Depreciationofthelocalcurrencymakesimptexpensivecomparedtoexptleadingtoincreasedproductioncostofimptcompanies.Sinceallthecostcannotbepassedontotheconsumerduetothecom

12、petitivenessofthemarketcpateearningswhichareadeterminantofstockpricesaccdingtotheDDMfall.AlthoughSolnik(1987)provedthatexchangerateisanonsignificantfactinexplainingdevelopmentofstockpricesJion(1990)findssomerelationshipb

13、etweenstockreturnsofUSmultinationalcompaniestheeffectiveUSdollarexchangerateftheperiod197187.Aggarwal(1981)alsofindsapositiverelationshipbetweenrevaluationoftheUSdollarstockprices.MukherjeeNaka(1995)alsofindthatexchanger

14、atepositivelyrelatestostockpricesinJapanIndonesia.OnthecontrarySoenenHennigar(1988)reptedthatUSdollareffectiveexchangeratenegativelyaffectUSstockmarketindexduring198086.AdlerDumas(1984)arguethatevenfirmswhoseentireoperat

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