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EFFECTS OF BUSINESS AND CONSUMER CONFIDENCE ON STOCK MARKET RETURNS: CROSS-SECTIONAL EVIDENCE

EFFECTS OF BUSINESS AND CONSUMER CONFIDENCE ON STOCK MARKET RETURNS: CROSS-SECTIONAL EVIDENCE This paper examines the effects of business and consumer confidence on stock market returns. Based on the analysis of monthly data from thirty-one countries, the results show that business and consumer confidence has a positive effect on stock market returns. The findings reveal that change in consumer confidence has a stronger effect on stock market returns across countries than the change in business confidence. The results are useful for stock market valuation, investment and risk management. JEL Codes: G10; G12; G14 Keywords: business confidence; consumer confidence; stock market returns http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Economics, Management, and Financial Markets Addleton Academic Publishers

EFFECTS OF BUSINESS AND CONSUMER CONFIDENCE ON STOCK MARKET RETURNS: CROSS-SECTIONAL EVIDENCE

VICHET SUM
Economics, Management, and Financial Markets , Volume 9 (1): 5 – Jan 1, 2014
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Publisher
Addleton Academic Publishers
Copyright
© 2009 Addleton Academic Publishers
ISSN
1842-3191
eISSN
1938-212X
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Abstract

This paper examines the effects of business and consumer confidence on stock market returns. Based on the analysis of monthly data from thirty-one countries, the results show that business and consumer confidence has a positive effect on stock market returns. The findings reveal that change in consumer confidence has a stronger effect on stock market returns across countries than the change in business confidence. The results are useful for stock market valuation, investment and risk management. JEL Codes: G10; G12; G14 Keywords: business confidence; consumer confidence; stock market returns

Journal

Economics, Management, and Financial Markets – Addleton Academic Publishers

Published: Jan 1, 2014

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