The objective of the present paper is to investigate the effect of oil price and income shocks on stocks’ real return in listed firms of Tehran Stocks Exchange. In order to investigate the effect, seasonal data during 1374-1388 were used and ARDL method was applied. In addition, the effect of GDP, inflation rate, trading volume, exchange rate and cash volume on real return of listed firms of Tehran Stocks Exchange were analyzed. The results showed that the effect of oil price and income shocks on real returns of food, chemical and non-metal industries were negative and significant. Furthermore, the effect of exchange rate on real returns of the mentioned industries was positive and significant. In addition, the effect of inflation rate on food industry is positive. Overall, none of the trading volume, cash volume and GDP variables didn’t have a significant contribution on stocks’ real return fluctuations. In addition, these variables didn’t have any effects on real returns of wood and metal industries.
Yahyazadehfar,M. , Larimi,J. and Faramarzi,R. (2012). The effect of oil price and income shocks on stocks’ real return in listed companies of Tehran Stocks Exchange. Accounting and Auditing Studies, 1(2), 44-63. doi: 10.22034/iaas.2012.105381
MLA
Yahyazadehfar,M. , , Larimi,J. , and Faramarzi,R. . "The effect of oil price and income shocks on stocks’ real return in listed companies of Tehran Stocks Exchange", Accounting and Auditing Studies, 1, 2, 2012, 44-63. doi: 10.22034/iaas.2012.105381
HARVARD
Yahyazadehfar M., Larimi J., Faramarzi R. (2012). 'The effect of oil price and income shocks on stocks’ real return in listed companies of Tehran Stocks Exchange', Accounting and Auditing Studies, 1(2), pp. 44-63. doi: 10.22034/iaas.2012.105381
CHICAGO
M. Yahyazadehfar, J. Larimi and R. Faramarzi, "The effect of oil price and income shocks on stocks’ real return in listed companies of Tehran Stocks Exchange," Accounting and Auditing Studies, 1 2 (2012): 44-63, doi: 10.22034/iaas.2012.105381
VANCOUVER
Yahyazadehfar M., Larimi J., Faramarzi R. The effect of oil price and income shocks on stocks’ real return in listed companies of Tehran Stocks Exchange. Accounting and Auditing Studies, 2012; 1(2): 44-63. doi: 10.22034/iaas.2012.105381
