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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

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
Publisher site
See Article on Publisher Site

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 MarketsAddleton Academic Publishers

Published: Jan 1, 2014

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