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  • 标题:Speed of Adjustment of Stock Prices to Macroeconomic Information: Evidence from Ghanaian Stock Exchange (GSE)
  • 本地全文:下载
  • 作者:Siaw Frimpong
  • 期刊名称:International Business and Management
  • 印刷版ISSN:1923-841X
  • 电子版ISSN:1923-8428
  • 出版年度:2011
  • 卷号:2
  • 期号:1
  • 页码:151-156
  • DOI:10.3968/j.ibm.1923842820110201.010
  • 语种:English
  • 出版社:Canadian Research & Development Center of Sciences and Cultures
  • 摘要:This study examines the speed of adjustment of stock prices to macroeconomic information using monthly Databank stock Index (DSI) from November 1990 to December 2007. We use Granger-Causality test to show unidirectional causality from macroeconomic information to stock prices. Our findings suggest slow adjustment of stock prices to macroeconomic information with exchange rate being the slowest. We argue that the speed of adjustment of exchange rate reflects the behaviour of foreign investors. Key words: Speed of adjustment; Price delay; Half-life; Market efficiency
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