تلخیص
This paper attempts to study the impact of pre-specified set of
macroeconomic factors on firms’ stock returns for nine nonfinancial sectors
listed in Karachi Stock Exchange. The macroeconomic factors included are consumer price index, industrial production index, market returns, risk free return
and money supply. The studied sample covers data from 2001 to 2011. Panel
analysis using pooled OLS shows that all studied sectors firm’s stock returns
have negative relationship with consumer price index, money supply and risk
free rate, whereas industrial production index and market returns indicates a
positive relationship. The results of this study have important implications for
the equity investors and policy makers.
Isma Zaighum. (2014) Impact of Macroeconomic Factors on Non-financial Firms’ Stock Returns: Evidence from Sectorial Study of KSE-100 Index, Journal of Management Sciences, Volume 1, Issue 1.
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