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The Review of Stock Returns and Macroeconomic Variables

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Listed:
  • Ali Umar Ahmad
  • Adam Abdullah
  • Zunaidah Sulong
  • Ahmad Tijjani Abdullahi

Abstract

This study aims to review a number of studies on stock market returns and macroeconomic variables. The reviewed literature are categorised into three groups: literature related to developed countries, literature related to developing countries, and literature related to group countries. Moreover, the various empirical studies reviewed show mixed results and conclusions. In some studies, strong positive relationships are found to exist between stock returns and macroeconomic fundamentals and in some the relationship is a bit weak. Other researches report different results. This mixture of findings and conclusions emanates from differences in methodology, variables used and the period of study. There is also disparity in study area that fundamentally affects the behaviour of the macroeconomic variables.

Suggested Citation

  • Ali Umar Ahmad & Adam Abdullah & Zunaidah Sulong & Ahmad Tijjani Abdullahi, 2015. "The Review of Stock Returns and Macroeconomic Variables," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 5(5), pages 154-181, May.
    • Handle: RePEc:hur:ijarbs:v:5:y:2015:i:5:p:154-181
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    2. Zouhaier Dhifaoui, 2022. "Determinism and Non-linear Behaviour of Log-return and Conditional Volatility: Empirical Analysis for 26 Stock Markets," South Asian Journal of Macroeconomics and Public Finance, , vol. 11(1), pages 69-94, June.
    3. Dinh Tran Ngoc Huy & Bui Thi Thu Loan & Pham Tuan Anh, 2020. "Impact of selected factors on stock price: a case study of Vietcombank in Vietnam," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 7(4), pages 2715-2730, June.

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