The Effects of Macr economic factors on Nigerian capital market: Sectoral approach

The Effects of Macr economic factors on Nigerian capital market: Sectoral approach

Article ID

H44IM

The Effects of Macr economic factors on Nigerian capital market: Sectoral approach

Dr.Abdullahi Ibrahim Bello and Famous Izedonmi

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Abstract

There is a growing literature on how macro-economic variables can have effects on equity return in both developed and emerging stock markets. The objective of this study is to empirically test the performance of the Arbitrage Pricing Theory (APT) in the Nigerian Stock Exchange (NSE) for the period of 2000 up to 2004 on monthly base. In this paper, 3 macroeconomic variables (inflation, exchange rate and market capitalization) are investigated against 20 sectors of the Nigerian Stock Exchange to observe the effects of inflation exchange rate were carried out by Chen Roll & Ross (1986); Gangem, Brooks & Fatt (2000); Tursoy Gunsel Rjoub (2008); and Nikolaos, Grigoris, Nikolaos & Nikos (2009). This study in addition, includes Market capitalization variable. Using Ordinary Least Square (OLS) we observed there are no significant effects of those variables on the stocks’ return in Nigeria. The results are broadly consistent with similar studies carried for most developed and emerging economies.

The Effects of Macr economic factors on Nigerian capital market: Sectoral approach

There is a growing literature on how macro-economic variables can have effects on equity return in both developed and emerging stock markets. The objective of this study is to empirically test the performance of the Arbitrage Pricing Theory (APT) in the Nigerian Stock Exchange (NSE) for the period of 2000 up to 2004 on monthly base. In this paper, 3 macroeconomic variables (inflation, exchange rate and market capitalization) are investigated against 20 sectors of the Nigerian Stock Exchange to observe the effects of inflation exchange rate were carried out by Chen Roll & Ross (1986); Gangem, Brooks & Fatt (2000); Tursoy Gunsel Rjoub (2008); and Nikolaos, Grigoris, Nikolaos & Nikos (2009). This study in addition, includes Market capitalization variable. Using Ordinary Least Square (OLS) we observed there are no significant effects of those variables on the stocks’ return in Nigeria. The results are broadly consistent with similar studies carried for most developed and emerging economies.

Authors

Dr.Abdullahi Ibrahim Bello and Famous Izedonmi

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How to Cite

Dr.Abdullahi Ibrahim Bello. 1970. “. Global Journal of Management and Business Research – B: Economic & Commerce GJMBR-B Volume 11 (GJMBR Volume 11 Issue B7): .

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Journal Specifications

Crossref Journal DOI 10.17406/GJMBR

Print ISSN 0975-5853

e-ISSN 2249-4588

GJMBR Volume 11 Issue B7
Pg. 25- 29

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Submission Received April 22, 2011
Accepted May 13, 2011
Published May 27, 2011

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Article Matrices

Total Score: 106

Country: Nigeria

Subject: Global Journal of Management and Business Research - B: Economic & Commerce

Authors: Dr.Abdullahi Ibrahim Bello and Famous Izedonmi (PhD/Dr. count: 1)

View Count (all-time): 107

Total Views (Real + Logic): 20802

Total Downloads (simulated): 11129

Publish Date: 1970 01, Thu

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