Macroeconomic (Economy Wide) Factors as Determinants of Equity Returns

  • Manolis G. Kavussanos
  • Stelios N. Marcoulis
Chapter

Abstract

This chapter builds upon the findings of chapter 5, which focused on the microeconomic factors affecting stock returns, and attempts to uncover the macroeconomic factors affecting stock returns of the industries analysed in this book. The use of risk measures derived from the market and the economy are appropriate for comparing risk profiles between industries under the assumption that markets are reasonably efficient. However, although a very interesting issue, the number of studies comparing risk across industries, in a macroeconomic context is limited both in number and in scope.

Keywords

Interest Rate Stock Return Term Structure Transportation Sector Electricity Industry 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer Science+Business Media Dordrecht 2001

Authors and Affiliations

  • Manolis G. Kavussanos
    • 1
  • Stelios N. Marcoulis
    • 1
    • 2
  1. 1.City University Business SchoolLondonUK
  2. 2.Laiki InvestmentsCyprus Popular Bank GroupNicosiaCyprus

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