It is the cache of It is a snapshot of the page. The current page could have changed in the meantime.
Tip: To quickly find your search term on this page, press Ctrl+F or ⌘-F (Mac) and use the find bar.

Maxwell Science/Journal Page
  Home           Contact us           FAQs           
    Journal Page   |    Aims & Scope   |    Author Guideline   |    Editorial Board   |    Search
2011 (Vol. 3, Issue: 1)
Article Information:

An Econometric Analysis of the Impact of Macroecomomic Variables on Stock Market Movement in Nigeria

T.O. Asaolu and M.S. Ogunmuyiwa
Corresponding Author:  Michael Segun Ogunmuyiwa 

Key words:  Granger causality, macroeconomic variables, stock market, , , ,
Vol. 3 , (1): 72-78
Submitted Accepted Published
2010 August, 31 2010 December, 18 2011 February, 15

This study investigates the impact of macroeconomic variables on Average Share Price (ASP) and goes further to determine whether changes in macroeconomic variables explain movements in stock prices in Nigeria. Various econometric analysis such as Augmented Dickey Fuller (ADF) test, Granger Causality test, Co-integration and Error Correction Method (ECM) were employed on time series data from 1986-2007 and the results revealed that a weak relationship exists between ASP and macroeconomic variables in Nigeria. The findings further point that ASP is not a leading indicator of macroeconomic performance in Nigeria, albeit, a long run relationship was found between ASP and macroeconomic variables for the period under review.
Abstract PDF HTML
  Cite this Reference:
T.O. Asaolu and M.S. Ogunmuyiwa, 2011. An Econometric Analysis of the Impact of Macroecomomic Variables on Stock Market Movement in Nigeria.  Asian Journal of Business Management, 3(1): 72-78.
    Advertise with us
ISSN (Online):  2041-8752
ISSN (Print):   2041-8744
Submit Manuscript
   Current Information
   Sales & Services
   Contact Information
  Executive Managing Editor
  Publishing Editor
  Account Manager
  Journal Editor
  Press Department
Home  |  Contact us  |  About us  |  Privacy Policy
Copyright © 2009. MAXWELL Science Publication, a division of MAXWELLl Scientific Organization. All rights reserved