News of changes in stock prices can be heard almost every day. The news media often report that stock prices have fallen because of bad economic circumstances or political news or, conversely, have risen because of encouraging economic or political events. Thus, one of the most important areas of finance literature includes studies that have tried to outline the major determinants of stock prices. Since it is not easy to quantify political events, most studies have concentrated on economic variables for which data are readily available.


Exchange Rate Stock Market Stock Price Stock Return Stock Prex 
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  1. 1.
    As indicated by Cheung and Ng (1996), the CCF approach also has some limitations. This approach is designed to detect neither causation patterns that yield zero cross-correlations, nor non-linear causation patterns.Google Scholar

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© Springer Science+Business Media New York 2003

Authors and Affiliations

  • Shigeyuki Hamori
    • 1
  1. 1.Kobe UniversityJapan

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