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

Dr.Abdullahi Ibrahim Bello

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

Dr.Abdullahi Ibrahim Bello * §

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University of Ilorin, Nigeria

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

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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.

References

27 Cites in Article

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

Ethical Approval

No ethics committee approval was required for this article type.

Data Availability

Not applicable for this article.

How to Cite This Article

Dr.Abdullahi Ibrahim Bello. 1970. "The Effects of Macr economic factors on Nigerian capital market: Sectoral approach". Global Journal of Management and Business Research - B: Economic & Commerce GJMBR-B Volume 11 (GJMBR Volume 11 Issue B7).

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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

Keywords

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Classification

GJMBR-B Classification FOR Code:150205

JEL Code E22

Submission ReceivedApril 22, 2011
Peer Review Double Blind
Handling Editor
Accepted May 13, 2011
Published May 27, 2011

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Language

English

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Total Score: 153

Country: Nigeria

Subject: Global Journal of Management and Business Research

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

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