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| Tekijä: | Park, S. |
| Otsikko: | Rationality of negative stock-price responses to strong economic activity |
| Lehti: | Financial Analysts' Journal
1997 : SEP/OCT, VOL. 53:5, p. 52-56 |
| Asiasana: | RATIONALITY SHARE PRICES ECONOMICS |
| Kieli: | eng |
| Tiivistelmä: | Monthly, quarterly, and annual data between 1956 and 1995 were used to examine the effects of real economic variables on stock returns, future corporate cash flows, and future inflation. In general, relative effects of various economic variables on stock returns are justified by their effects on future corporate cash flows and on inflation. In particular, employment growth shows the strongest negative effect on stock returns, claims the author of the article. |
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