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dc.contributor.authorShafie, Abdul Ghani-
dc.description.abstractThis study is concerned with investigating the structural relationship between stock markets and economic variables in different countries. In investigating the relationships, the following six questions are posed:- Are stock markets in the United States, the United Kingdom, West Germany, France, Norway, Japan, Singapore, Malaysia, Australia and South Africa related to each other and do they influence each other? Does the level of any relationship change over time? Are variables representing economic activity in each country related to similar variables in the other countries? Does the level of any economic relationship change over time? Are the comovements of both equity markets and economic indicators consistent? and Are stock markets examined in this study influenced by similar common underlying factors? The empirical results suggest positive answers to these questions. The main findings from the study suggest that equity returns are related and although some markets have a higher degree of similarity, the covariance between international equity returns remain stable over the short period but tend to change in the long run. It is also found that economic variables of different countries are related in a consistent way to the equity markets. Finally it is shown that stock prices in each country are systematically affected by similar economic factors.en
dc.publisherUniversity of Stirlingen
dc.subject.lcshInvestments, Foreign Case studiesen
dc.subject.lcshStock exchangesen
dc.subject.lcshInternational financeen
dc.titleThe structural relationship between stock market returns and macroeconomic variables in international equity marketsen
dc.typeThesis or Dissertationen
dc.type.qualificationnameDoctor of Philosophyen
dc.contributor.affiliationStirling Management School-
dc.contributor.affiliationDepartment of Accountancy and Finance-
Appears in Collections:eTheses from Stirling Management School legacy departments

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