محددات أسعار الأسهم – دراسة تطبيقية على مؤشرات الأسهم الأمريكية
Keywords:Stock Prices - Economic Factors
The study aims at searching for the nature of the factors affecting the movements of shares by reviewing many theories and models that formed the cognitive framework and paved the way for changes in the study of the fundamental determinants of stock prices.
In spite of the overlaps in the form of factors and determinants, our main focus on macroeconomic factors and their ability to explain stock price volatility. Three of these factors were selected: gold prices, oil prices and exchange rates, while stock prices were expressed by the )S & p 500( and the Nasdac index.
The study period included weekly data for the variables from July 2017 to June 2018. The study found that there was no effect on both gold prices and exchange rates, while the strong effect of oil prices on the movements of the value of the indices. Which calls attention to movements in oil prices when making a decision to invest in shares.