What Macroeconomic Variables Drive the Stock Returns of Austrian Financial Institutions?

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F47813059%3A19520%2F18%3A00011083" target="_blank" >RIV/47813059:19520/18:00011083 - isvavai.cz</a>

Result on the web

<a href="https://fes.upce.cz/sites/default/files/public/mika0267/obsah_casopisu_scipap_42_2018_109452.pdf" target="_blank" >https://fes.upce.cz/sites/default/files/public/mika0267/obsah_casopisu_scipap_42_2018_109452.pdf</a>

DOI - Digital Object Identifier

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Result language

angličtina

Original language name

What Macroeconomic Variables Drive the Stock Returns of Austrian Financial Institutions?

Original language description

The stock prices of companies are influenced by many variables; the predominant ones are macroeconomic factors. The objective of this paper is to analyze the existence of a relationship between select macroeconomic variables and the stock returns of financial sector companies listed on the Vienna Stock Exchange. The institutions that were chosen are CA Immobilien Anlagen, Erste Group Bank AG, Immofinanz AG, Raiffeisen Bank International AG, Uniqa Insurance Group AG and Vienna Insurance Group AG. The focus is on Austria due to the lack of empirical literature on stock prices, stock returns and the indicators that influence them. A time series with a quarterly frequency is used to examine the occurrence of long term and short-term relationship links using the Johansen cointegration test and the Vector Error Correction Model (VECM). The empirical estimates are calculated for the 2005 - 2015 period, which includes the global financial crisis. Our main finding is that the macroeconomic fact ors used have a primarily negative impact on the stock returns of the select institutions.

Czech name

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Czech description

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Type

J_SC - Article in a specialist periodical, which is included in the SCOPUS database

CEP classification

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OECD FORD branch

50202 - Applied Economics, Econometrics

Project

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Continuities

S - Specificky vyzkum na vysokych skolach

Publication year

2018

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Name of the periodical

Scientific Papers of the University of Pardubice Series D

ISSN

1211-555X

e-ISSN

1804-8048

Volume of the periodical

25

Issue of the periodical within the volume

42

Country of publishing house

CZ - CZECH REPUBLIC

Number of pages

12

Pages from-to

128-139

UT code for WoS article

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EID of the result in the Scopus database

2-s2.0-85046248316