Macroeconomics

The Effect of Macroeconomic Variables on Stock Market Returns in Ghana Charles Barnor , Walden University Follow. Variations in macroeconomic indicators affect the performance of the stock markets.

Impact of Macroeconomic Variables on Stock Prices: Empirical Evidence from Karachi Stock Exchange, Pakistan | SpringerLink

In Ghana, although the performance of the Ghana Stock Exchange GSE has been affected by macroeconomic variables from January to December , the mechanisms of these relationships have not been studied. The purpose of this research was to examine the relationships between selected macroeconomic variables and their effect on the stock market returns on the Ghana stock market.

The research questions addressed whether macroeconomic variables had significant effect on stock market returns in Ghana within the specified period. The target sample was all 36 listed firms on the Ghana stock market.

Data were obtained from the Bank of Ghana bulletins, the Ghana Statistical Service website, and the GSE website. Time-series data analysis was used to determine whether there was a statistically significant relationship between stock market returns and inflation rate, exchange rate, interest rate, and money supply.

The findings revealed that interest rates and money supply had a significant negative effect on stock market returns; however, exchange rates had a significant positive effect on stock market returns. Moreover, inflation rate did not significantly affect stock market returns in Ghana. The implications for positive social change include improved knowledge about the effects of macroeconomic variables on stock returns that could guide policy makers and household agents to improve investment decisions, thus increasing the net worth of these economic agents.

"The Effect of Macroeconomic Variables on Stock Market Returns in Ghana" by Charles Barnor

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Skip to main content My Account FAQ About Home. Walden Dissertations and Doctoral Studies. Title The Effect of Macroeconomic Variables on Stock Market Returns in Ghana Author Charles Barnor , Walden University Follow.

Abstract Variations in macroeconomic indicators affect the performance of the stock markets. Downloads Since January 06, Included in Finance and Financial Management Commons , Other Economics Commons. Search Enter search terms: Use the example formatting below to keep styling consistent.