1、2100 单词， 11800 英文字符， 3500 汉字 出处： Adam A M, Tweneboah G. Macroeconomic Factors and Stock Market Movement: Evidence from GhanaJ. Social Science Electronic Publishing, 2008. 原 文： Macroeconomic Factors and Stock Market Movement: Evidence from Ghana By Adam, Anokye M. and Tweneboah , George Abstract This
2、 study examines the effects of macroeconomic variables on the movement stock prices in Ghana. We analyze both long-run and short-run dynamic relationships between the stock market index and macroeconomic variables including inward foreign direct investments, Treasury bill rate, consumer price index,
3、 and exchange rate from 1991:1 to 2006:4 using Johansens multivariate counteraction test and innovation accounting techniques. We established that there is counteraction between macroeconomic variables and stock prices in Ghana indicating long-run relationship. Further tests indicate that, in the sh
4、ort-run, inflation and exchange rates matter for share price movements in Ghana, however, interest rate and inflation prove very significant in the long-run. Keywords: Counteraction, Foreign Direct Investment, Innovation Accounting 1. Introduction The relationship between macroeconomic factors and s
5、tock market development has dominated in the academic and practitioners literature over the past decades. Some fundamental macroeconomic variables such as exchange rate, interest rate, industrial production and inflation have been argued to be the determinants of stock prices. It is believed that go
6、vernment financial policies and macroeconomic events have large influence on general economic activities including the stock market. This has motivated many researchers to investigate the dynamic relationship between stock returns and macroeconomic variables. For example, using the Arbitrage Pricing Theory (APT) developed by Ross (1976), Chen et al. (1986) used some macroeconomic variables to explain stock returns in the US stock markets. They show that industrial production, ch
