haku: @author Peiró, A. / yhteensä: 4
viite: 4 / 4
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| Tekijä: | Peiro, A. |
| Otsikko: | Stock prices, production and interest rates: comparison of three European countries with the USA |
| Lehti: | Empirical Economics
1996 : VOL. 21:2, p. 221-234 |
| Asiasana: | ECONOMICS USA SHARE PRICES |
| Kieli: | eng |
| Tiivistelmä: | This paper investigates the relationship between stock returns, changes in production, and changes in interest rates in three European countries: France, Germany, and the United Kingdom. The results obtained using annual data are much more conclusive than those obtained using quarterly data. Stock returns are affected by current changes in interest rates and by future changes in production. The dependence on changes in interest rates seems to be higher than on changes in production. Furthermore, the influence of future changes in production on stock returns diminishes substantially when contemporaneous changes in interest rates are taken into account. |
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