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Determinants Of Stock Price Movements In Nigeria: Evidence From Monetary Variables, Anthony Orji
Determinants Of Stock Price Movements In Nigeria: Evidence From Monetary Variables, Anthony Orji
ANTHONY ORJI
Abstract Most studies conducted on the determinants of stock price movements in Nigeria have been done on theoretical basis with no quantitative empirical evidence to support their postulations. Consequently, this study examined the macroeconomic determinants of stock price movements in Nigeria using detailed econometric framework in order to provide the foundation for evidence-based policies. Both the long-run and short run dynamic relationships between the stock price movement and the macroeconomic variables were analyzed with time series data that spanned from 1985 to 2010 using the Engle-Granger two-step cointegration test. We established that there is no cointegration between the variables, indicating …