Stock returns, macroeconomic variables and expectations: Evidence from Brazil
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Redalyc
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| Natura: | Artículo científico |
| Lingua: | en |
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Universidad del Norte
2016
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| _version_ | 1876475048968060928 |
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| author | Lúcio Linck |
| author_facet | Lúcio Linck |
| contents | Stock returns, macroeconomic variables and expectations: Evidence from Brazil Lúcio Linck Roberto Frota Decourt Administración y Contabilidad Stock returns capital Market macroeconomics variables There is not general support to explain the correlation among the ma - croeconomic variables and share returns in different countries and time. The unique characteristics of the Brazilian economy have changed deeply over the last years, thus the purpose of this study is to explore the correla - tion among the macroeconomic variables and share returns in Brazil from 2000 to 2010. The study investigates the causality relationships among real stock returns, basic interest rates, GDP , inflation and the market expec - tation of future behavior of these macroeconomic variables. The method used to find the correlation among the variables studied was the Ste - pwise Multiple Regression. The results show that basic interest rates and GDP affect the stock returns, however inflation and market expectation of future behavior of these macroeconomic variables affect stock returns insignificantly. 2016 artículo científico 1657-6276 https://www.redalyc.org/articulo.oa?id=64646279004 https://www.redalyc.org/journal/646/64646279004/ https://www.redalyc.org/journal/646/64646279004/html/ https://www.redalyc.org/journal/646/64646279004/64646279004.epub https://www.redalyc.org/journal/646/64646279004/movil en http://www.redalyc.org/revista.oa?id=646 Pensamiento & Gestión application/pdf Universidad del Norte Pensamiento & Gestión (Colombia) Num.40 |
| format | Artículo científico |
| id | redalyc_64646279004 |
| institution | Redalyc |
| language | en |
| publishDate | 2016 |
| publisher | Universidad del Norte |
| spellingShingle | Stock returns, macroeconomic variables and expectations: Evidence from Brazil Lúcio Linck Administración y Contabilidad Stock returns capital Market macroeconomics variables Stock returns, macroeconomic variables and expectations: Evidence from Brazil Lúcio Linck Roberto Frota Decourt Administración y Contabilidad Stock returns capital Market macroeconomics variables There is not general support to explain the correlation among the ma - croeconomic variables and share returns in different countries and time. The unique characteristics of the Brazilian economy have changed deeply over the last years, thus the purpose of this study is to explore the correla - tion among the macroeconomic variables and share returns in Brazil from 2000 to 2010. The study investigates the causality relationships among real stock returns, basic interest rates, GDP , inflation and the market expec - tation of future behavior of these macroeconomic variables. The method used to find the correlation among the variables studied was the Ste - pwise Multiple Regression. The results show that basic interest rates and GDP affect the stock returns, however inflation and market expectation of future behavior of these macroeconomic variables affect stock returns insignificantly. 2016 artículo científico 1657-6276 https://www.redalyc.org/articulo.oa?id=64646279004 https://www.redalyc.org/journal/646/64646279004/ https://www.redalyc.org/journal/646/64646279004/html/ https://www.redalyc.org/journal/646/64646279004/64646279004.epub https://www.redalyc.org/journal/646/64646279004/movil en http://www.redalyc.org/revista.oa?id=646 Pensamiento & Gestión application/pdf Universidad del Norte Pensamiento & Gestión (Colombia) Num.40 |
| title | Stock returns, macroeconomic variables and expectations: Evidence from Brazil |
| topic | Administración y Contabilidad Stock returns capital Market macroeconomics variables |
| url | https://www.redalyc.org/articulo.oa?id=64646279004 https://www.redalyc.org/journal/646/64646279004/ https://www.redalyc.org/journal/646/64646279004/html/ https://www.redalyc.org/journal/646/64646279004/64646279004.epub https://www.redalyc.org/journal/646/64646279004/movil |