{"title":"宏观经济信息的调整速度:来自加纳股票市场的证据","authors":"S. Frimpong","doi":"10.2139/ssrn.1595513","DOIUrl":null,"url":null,"abstract":"This study examines the speed of adjustment of stock prices to macroeconomic information using monthly Databank stock Index (DSI) from November 1990 to December 2007. We use Granger-Causality test to show unidirectional causality from macroeconomic information to stock prices. Our findings suggest slow adjustment of stock prices to macroeconomic information with exchange rate being the slowest. We argue that the speed of adjustment of exchange rate reflects the behaviour of foreign investors.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"112 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2010-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Speed of Adjustment to Macroeconomic Information: Evidence from Ghanaian Stock Market (GSE)\",\"authors\":\"S. Frimpong\",\"doi\":\"10.2139/ssrn.1595513\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This study examines the speed of adjustment of stock prices to macroeconomic information using monthly Databank stock Index (DSI) from November 1990 to December 2007. We use Granger-Causality test to show unidirectional causality from macroeconomic information to stock prices. Our findings suggest slow adjustment of stock prices to macroeconomic information with exchange rate being the slowest. We argue that the speed of adjustment of exchange rate reflects the behaviour of foreign investors.\",\"PeriodicalId\":188920,\"journal\":{\"name\":\"INTL: Managing in Emerging Markets (Topic)\",\"volume\":\"112 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2010-04-25\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"INTL: Managing in Emerging Markets (Topic)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.1595513\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"INTL: Managing in Emerging Markets (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.1595513","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Speed of Adjustment to Macroeconomic Information: Evidence from Ghanaian Stock Market (GSE)
This study examines the speed of adjustment of stock prices to macroeconomic information using monthly Databank stock Index (DSI) from November 1990 to December 2007. We use Granger-Causality test to show unidirectional causality from macroeconomic information to stock prices. Our findings suggest slow adjustment of stock prices to macroeconomic information with exchange rate being the slowest. We argue that the speed of adjustment of exchange rate reflects the behaviour of foreign investors.
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