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EXPECTATIONS OR MACROECONOMIC INNOVATIONS: WHAT DRIVES THE STAKEHOLDERS’ DECISIONS? EVIDENCE FROM THE EURO AREA
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S. Ali Shah Syed, Hélène Syed Zwick 
Abstract
This study brings new evidence supporting the existence of the linkage between equity market and macroeconomic variables in the Euro area. Using the monthly data from January 1999 to September 2014 we show empirical relationship between stock returns and interest rate in the 19 countries using the euro. The results confirm that in Euro Area stock markets, the stockowners decisions are significantly influenced by the macroeconomic expectations, particularly the long run interest rate.
Keywords: Interest Rate, Stock Price, Ownership, Vector Error Correction
How to cite this paper: Syed, S. A. S., & Syed Zwick, H. (2015). Expectations or macroeconomic innovations: What drives the stakeholders’ decisions? Evidence from the euro area. Corporate Ownership & Control, 12(3-1), 185-189. https://doi.org/10.22495/cocv12i3c1p6
