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Do investors consider composite leading indicators? Time series evidence from emerging countries

Author

Listed:
  • Mert TOPCU

    (Nevsehir University, Faculty of Economics and Administrative Sciences, Turkey)

  • Ulas UNLU

    (Nevsehir University, Vocational High School, Turkey)

Abstract

The nexus between macroeconomic indicators and stock market has been worthy of examination in emerging markets in the recent years. This paper therefore aims to investigate the long run and causal relationship between Composite Leading Indicators (CLI) and share prices in the thirteen emerging markets. Findings obtained from the analyses do not provide consistent results across all emerging markets. Empirical evidences of this study indicate that component structure of CLI and financial development level of questioned countries appears to play important role in determining the effectiveness of CLI in investors’ decisions.

Suggested Citation

  • Mert TOPCU & Ulas UNLU, 2013. "Do investors consider composite leading indicators? Time series evidence from emerging countries," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(9(586)), pages 51-62, September.
    • Handle: RePEc:agr:journl:v:xx:y:2013:i:9(586):p:51-62
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    Cited by:

    1. Esra Nazmiye KILCI, 2020. "Forecasting Stock Market Indices with the Composite Leading Indicators: Evidence from Turkey," Sosyoekonomi Journal, Sosyoekonomi Society, issue 28(43).

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