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Macroeconomic variables and their association to stock market returns in sub-Saharan Africa

Cole, Edouard; Dankwah, Isaac Kwakye
Master thesis
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URI
http://hdl.handle.net/11250/2485822
Date
2017
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  • Master of Science [1116]
Abstract
The thesis examines the relationship between stock market returns and

macroeconomic variables in seventeen countries that are included in the IMF’s

definition of Sub-Saharan Africa. The study is conducted using a multivariate OLS

regression and a Granger Causality test. The results suggest that macroeconomic

variables do affect stock market returns in the given region, but that the relationship

between the two is not necessarily what economic theory suggests. Even so, as

Gross Domestic Product per Capita, inflation, net inflows in the form of Foreign

Direct Investment and Real Interest Rates are significantly explaining returns of

stock market indices, they should be considered for investment decisions and

further studies.
Description
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2017 Masteroppgave(MSc) in Master of Science in Finance - Handelshøyskolen BI, 2017
Publisher
BI Norwegian Business School

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