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Abstract
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Article Information:
Determinants of Stock Prices in Ghana
Sampson Wiredu, Nasiru Suleman and Boateng M. Adjartey
Corresponding Author: Sampson Wiredu
Submitted: November 08, 2012
Accepted: December 21, 2012
Published: December 20, 2013 |
Abstract:
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In this study the determinants of Stock prices were modelled using a regression model with ARIMA errors. The results showed that a regression model with AR (1) errors was best for modelling the Stock prices. A diagnostic test of the model with the ARCH-LM test showed that the model was free from conditional heteroscedasticity. Also, the Breusch-Godfrey test and the Ljung-Box test showed that the model was free from serial correlation. In addition, the CUSUM test showed that the model parameters were stable. Finally, the results showed that the Gold price and the 91 day Treasury bill do not contribute significantly to the variation in the Stock prices. The Cocoa price and the Consumer Price Index were positively related to the Stock price while the Broad Money supply was negatively related to the Stock price.
Key words: Ghana, macroeconomic variables, regression with ARIMA errors, stock prices, , ,
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Cite this Reference:
Sampson Wiredu, Nasiru Suleman and Boateng M. Adjartey, . Determinants of Stock Prices in Ghana. Current Research Journal of Economic Theory, (4): 66-70.
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ISSN (Online): 2042-485X
ISSN (Print): 2042-4841 |
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