External macroeconomic shocks and stock price behavior in Nigeria
Mojeed Olanrewaju Saliu ORCID ↗
International Journal of Research in Business and Social Science · 2021 · Vol. 10 / Issue 6 · 174-180
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Abstract
This research work investigates the relationship between external macroeconomic shocks and stock price behavior in Nigeria. Variables such as exchange rate (EXR), US real interest rate (USRINTR), and world oil price (WOP) are adopted to capture external macroeconomic shocks while all share price index is used to proxy stock price. The research work uses Johansen cointegration and structural vector autoregressive model as the estimation method. Findings from the study confirm that no long-term co-movement exists between the stock price and the selected external shocks. Findings from the study equally show that both US real interest rate (USRINTR) and world oil price (WOP) are the major external shock predictors of the stock price in Nigeria.
Keywords: {'name': 'External Macroeconomic Shocks, Stock Price, Exchange Rate, US Real Interest Rate, World Oil Price.'}
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Mojeed Olanrewaju Saliu
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