{"product_id":"economic-factors-and-stock-returns-sectoral-analysis-von-babar-zaheer-butt-und-kashif-ur-rehman","title":"Economic Factors and Stock Returns: Sectoral Analysis","description":"\u003cp\u003eThe purpose of this study is to examine the stock  returns variation to specific macroeconomic and  industry variables by applying multi-factor model.  The model consists of macroeconomic and industry  variables. The study attempts to determine which, if  any, of the macroeconomic and industry variables are  of use in explaining the variability of stock returns  of Pakistani Industries. The firms relating to 09  different sectors are selected for this study on the  basis of data availability, profitability and  performance on the Karachi Stock Exchange 100 index.  Descriptive statistics performed for the temporal  properties of the data and Augmented Dickey Fuller  (ADF) test applied to find out the data stationarity.  GARCH model used to analyze the risk and returns  relationship. The tests applied on the stock returns  of each firm of the industry and on the data set of  the entire industry as well to generalize the  results. The results reveal that market return is  mainly responsible for the stock returns variation,  however the inclusion of other macroeconomic and  industry related variables has added additional  explanatory power in describing the stock returns  variation.\u003c\/p\u003e\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783843390675\"\u003e\u003ch3\u003eAn Investigation at Firm and Industry Level\u003c\/h3\u003e\u003c\/div\u003e","brand":"Autorenwelt Shop","offers":[{"title":"Softcover - 9783843390675","offer_id":39470045036637,"sku":"9783843390675","price":68.0,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/486ceeb2-c5d5-4b50-a3d9-2bbaa8bd6aa6.jpg?v=1776143431","url":"https:\/\/shop.autorenwelt.de\/products\/economic-factors-and-stock-returns-sectoral-analysis-von-babar-zaheer-butt-und-kashif-ur-rehman","provider":"Autorenwelt Shop","version":"1.0","type":"link"}