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Determinants of Stock Prices
T. Oyama
其他書名
The Case of Zimbabwe
出版International Monetary Fund, 1997-09-01
主題Business & Economics / Economics / MacroeconomicsBusiness & Economics / Finance / GeneralBusiness & Economics / Investments & Securities / Stocks
ISBN14519416179781451941616
URLhttp://books.google.com.hk/books?id=w4kYEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋This paper examines the general relationship between stock prices and macroeconomic variables in Zimbabwe, using the revised dividend discount model, error-correction model, and multi-factor return-generating model. Despite the large fluctuation in stock prices since 1991, this analysis indicates that the Zimbabwe Stock Exchange has been functioning quite consistently during this period. Whereas sharp increases in stock prices during 1993-94 were mainly due to the shift of risk premium that was caused by the partial capital account liberalization, the recent rapid increase in stock prices can be explained by the movements of monetary aggregates and market interest rates.