The Review of Macroeconomic Factors and Stock Returns

Nopphon Tangjitprom


This paper aims to review a number of studies on macroeconomic factors and stock returns. All of the macroeconomic variables are classified into four groups: variables reflecting general economic conditions, variables related to interest rate and monetary policy, variables concerning price level, and variables concerning international activities. Furthermore, various studies on macroeconomics factors and stock returns have employed different methodologies based on their purposes and interpretations. Although the results are mixed, most studies have shown evidence that there are significant relationships between macroeconomic variables and stock returns.

Full Text:



Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

International Business Research  ISSN 1913-9004 (Print), ISSN 1913-9012 (Online)

Copyright © Canadian Center of Science and Education

To make sure that you can receive messages from us, please add the '' domain to your e-mail 'safe list'. If you do not receive e-mail in your 'inbox', check your 'bulk mail' or 'junk mail' folders.