search query: @indexterm arbitrage pricing theory / total: 66
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Author: | Cheng, A. |
Title: | The UK stock market and economic factors: a new approach |
Journal: | Journal of Business Finance and Accounting
1995 : JAN, VOL. 22:1, p. 129-142 |
Index terms: | ARBITRAGE PRICING THEORY UNITED KINGDOM ACCOUNTING |
Language: | eng |
Abstract: | This paper explores the relationship between stock returns and economic factors using U.K. data and canonical correlation methods. It is found that while security returns are significantly influenced by a number of systematic economic forces, the market return remains the dominant factor and plays a major role in the APT for the U.K. security market. The market factor alone appears to incorporate most of the information contained in the underlying multiple factors. |
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