{"title":"探索股票与宏观经济变量共同运动的哲学","authors":"Umer Ilyas, Mattiullah Butt, M. Gulzar","doi":"10.15408/ETK.V20I1.17614","DOIUrl":null,"url":null,"abstract":"Ilyas, U., Ullah, M., & Gulzar, M. (2021). Exploring Philosophy of Co-Movements Between Stocks and Macroeconomic Variables. Etikonomi, 20(1), 67 – 76. https://doi.org/10.15408/etk.v20i1.17614. Abstract This study’s background is to explore how significant are macroeconomic variables (MEV) in explaining stock movements in the developing economy for every sector and each firm of those sectors. To overcome the deficiencies of traditional index base studies, which provide only cumulative impact and response of MEV and Stock movements, fill the gap of existing literature that is not available for all Pakistan stock exchange (PSX). Panel ARDL Model with Co-Integration is using to achieve this objective. The results show that the overall sector response for changing independent variables was different from the firms from the same sectors in many cases. These results show superiority over the conventional method of using a stock index as the dependent variable, which shows only cumulative response, which was not comprehensive for taking the right portfolio and designing policy for economic development. This study has general applicability to developing economies.","PeriodicalId":41552,"journal":{"name":"Etikonomi","volume":null,"pages":null},"PeriodicalIF":1.0000,"publicationDate":"2021-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Exploring Philosophy of Co-Movements Between Stocks and Macroeconomic Variables\",\"authors\":\"Umer Ilyas, Mattiullah Butt, M. Gulzar\",\"doi\":\"10.15408/ETK.V20I1.17614\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Ilyas, U., Ullah, M., & Gulzar, M. (2021). Exploring Philosophy of Co-Movements Between Stocks and Macroeconomic Variables. Etikonomi, 20(1), 67 – 76. https://doi.org/10.15408/etk.v20i1.17614. Abstract This study’s background is to explore how significant are macroeconomic variables (MEV) in explaining stock movements in the developing economy for every sector and each firm of those sectors. To overcome the deficiencies of traditional index base studies, which provide only cumulative impact and response of MEV and Stock movements, fill the gap of existing literature that is not available for all Pakistan stock exchange (PSX). Panel ARDL Model with Co-Integration is using to achieve this objective. The results show that the overall sector response for changing independent variables was different from the firms from the same sectors in many cases. These results show superiority over the conventional method of using a stock index as the dependent variable, which shows only cumulative response, which was not comprehensive for taking the right portfolio and designing policy for economic development. This study has general applicability to developing economies.\",\"PeriodicalId\":41552,\"journal\":{\"name\":\"Etikonomi\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":1.0000,\"publicationDate\":\"2021-02-22\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Etikonomi\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.15408/ETK.V20I1.17614\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Etikonomi","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.15408/ETK.V20I1.17614","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 1
摘要
Ilyas, U, Ullah, M., & Gulzar, M.(2021)。探索股票与宏观经济变量共同运动的哲学。中华医学杂志,20(1),67 - 76。https://doi.org/10.15408/etk.v20i1.17614。摘要本研究的背景是探讨宏观经济变量(MEV)在解释发展中经济体中每个部门和这些部门的每个公司的股票变动方面的重要性。为了克服传统的指数基研究仅提供MEV和股票运动的累积影响和反应的不足,填补了现有文献无法用于所有巴基斯坦证券交易所(PSX)的空白。使用协整面板ARDL模型来实现这一目标。结果表明,在许多情况下,行业对自变量变化的总体反应与来自同一行业的企业不同。这些结果较传统的以股票指数作为因变量的方法具有明显的优越性,因为传统的方法只显示了累积反应,对于经济发展的正确投资组合和政策设计并不全面。这项研究普遍适用于发展中经济体。
Exploring Philosophy of Co-Movements Between Stocks and Macroeconomic Variables
Ilyas, U., Ullah, M., & Gulzar, M. (2021). Exploring Philosophy of Co-Movements Between Stocks and Macroeconomic Variables. Etikonomi, 20(1), 67 – 76. https://doi.org/10.15408/etk.v20i1.17614. Abstract This study’s background is to explore how significant are macroeconomic variables (MEV) in explaining stock movements in the developing economy for every sector and each firm of those sectors. To overcome the deficiencies of traditional index base studies, which provide only cumulative impact and response of MEV and Stock movements, fill the gap of existing literature that is not available for all Pakistan stock exchange (PSX). Panel ARDL Model with Co-Integration is using to achieve this objective. The results show that the overall sector response for changing independent variables was different from the firms from the same sectors in many cases. These results show superiority over the conventional method of using a stock index as the dependent variable, which shows only cumulative response, which was not comprehensive for taking the right portfolio and designing policy for economic development. This study has general applicability to developing economies.