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  • 标题:Can Stocks Hedge against Inflation in the Long Run? Evidence from Ghana Stock Market
  • 本地全文:下载
  • 作者:Anokye Adam ; Siaw Frimpong
  • 期刊名称:International Journal of Business and Management
  • 印刷版ISSN:1833-3850
  • 电子版ISSN:1833-8119
  • 出版年度:2010
  • 卷号:5
  • 期号:6
  • 页码:188
  • DOI:10.5539/ijbm.v5n6p188
  • 出版社:Canadian Center of Science and Education
  • 摘要:Based on Fisher (1930) hypothesis, we test whether Ghana stock market can provide hedge against inflation in
    the long run using cointegration analysis. Using data for the Databank stock Index (DSI) from January 1991 to
    December 2007, the results give strong support for the hedge property. Thus Ghana stock market provides full
    hedge against inflation. The outcome of this study holds important lesson for the market participants in
    developing market (many of which have experienced decades of higher inflation) that current inflation may not
    necessarily be associated with expectations of lower future returns.

     

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