Record Details

SHORT TERM INTEREST RATES IMPACT ON GHANA STOCK MARKET

European Journal of Business and Economics

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Field Value
 
Title SHORT TERM INTEREST RATES IMPACT ON GHANA STOCK MARKET
 
Creator Addo, Augustine; Kumasi Polytechnic
Sunzuoye, Fidelis; Kumasi Polytechnic
 
Subject Treasury bill, Interest rate, Stock Market Returns, Ghana Stock Exchange.
G22
 
Description The study examines the joint impact of interest rate and Treasury bill rate on stock market returns on Ghana Stock Exchange over the period between January 1995 and December 2011. Using Johansen’s Multivariate Cointegration Model and Vector Error Correction Model the study establish that there is cointegration between Interest rate, Treasury bill rate and stock market returns indicating long run relationship. On the basis of the Multiple Regression Analysis (OLS) carried out by Eviews 7 program, the results shows that Treasury bill rate and interest rate both have a negative relationship with stock market returns but are not significant.  These results show that interest rate and Treasury bill rate have both negative relationship but weak predictive power on stock market returns independently. The study conclude that interest rate and Treasury bill rate jointly impact on stock market returns in the long run.
 
Publisher CBU, o.p.s.
 
Contributor —
 
Date 2013-10-01
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/msword
 
Identifier https://ojs.journals.cz/index.php/EJBE/article/view/391
10.12955/ejbe.v8i3.391
 
Source European Journal of Business and Economics; Vol 8, No 3 (2013)
1804-9699
10.12955/ejbe.v8i3
 
Language eng
 
Relation https://ojs.journals.cz/index.php/EJBE/article/view/391/385
 
Rights Copyright (c) 2013 Augustine Addo, Fidelis Sunzuoye
https://creativecommons.org/licenses/by/3.0/