Can Financial Ratios Influence the Stock Returns of Financial Sector Companies in Austria?

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F47813059%3A19520%2F18%3A00011081" target="_blank" >RIV/47813059:19520/18:00011081 - isvavai.cz</a>

Výsledek na webu

<a href="http://aak.cms.opf.slu.cz/clanek/432" target="_blank" >http://aak.cms.opf.slu.cz/clanek/432</a>

DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Can Financial Ratios Influence the Stock Returns of Financial Sector Companies in Austria?

Popis výsledku v původním jazyce

The stock prices of companies are influenced by many variables; two basic categories are macroeconomic and microeconomic factors. The objective of this paper is to analyze the existence of a relationship between select microeconomic variables and the stock returns of financial sector companies listed on the Vienna Stock Exchange. The institutions that were chosen are Immofinanz AG, Raiffeisen Bank International AG, Erste Group Bank AG, Uniqa Insurance Group AG and Vienna Insurance Group AG. The focus is on Austria due to the lack of empirical literature on problematics of linkages between stock prices and microeconomic factors. A possibility of the existence of the cointegration relationships can be a useful for share traders and investors who want to make higher profits. A time series with semi-annual frequency are used to examine the occurrence of long-term and short-term cointegration links using the Johansen and the Granger tests. Further the analysis of the Generalized method of m oments. The empirical estimates are calculated for the 2005 - 2015 period, which includes the global financial crisis. According to the theory it is expected positive relationship between selected microeconomic variables and the stock returns.

Název v anglickém jazyce

Can Financial Ratios Influence the Stock Returns of Financial Sector Companies in Austria?

Popis výsledku anglicky

The stock prices of companies are influenced by many variables; two basic categories are macroeconomic and microeconomic factors. The objective of this paper is to analyze the existence of a relationship between select microeconomic variables and the stock returns of financial sector companies listed on the Vienna Stock Exchange. The institutions that were chosen are Immofinanz AG, Raiffeisen Bank International AG, Erste Group Bank AG, Uniqa Insurance Group AG and Vienna Insurance Group AG. The focus is on Austria due to the lack of empirical literature on problematics of linkages between stock prices and microeconomic factors. A possibility of the existence of the cointegration relationships can be a useful for share traders and investors who want to make higher profits. A time series with semi-annual frequency are used to examine the occurrence of long-term and short-term cointegration links using the Johansen and the Granger tests. Further the analysis of the Generalized method of m oments. The empirical estimates are calculated for the 2005 - 2015 period, which includes the global financial crisis. According to the theory it is expected positive relationship between selected microeconomic variables and the stock returns.

Druh

J_ost - Ostatní články v recenzovaných periodicích

CEP obor

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OECD FORD obor

50202 - Applied Economics, Econometrics

Projekt

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Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2018

Kód důvěrnosti údajů

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

Název periodika

Acta academica karviniensia

ISSN

1212-415X

e-ISSN

2533-7610

Svazek periodika

XVIII

Číslo periodika v rámci svazku

1

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

11

Strana od-do

25-35

Kód UT WoS článku

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EID výsledku v databázi Scopus

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