This paper examines the role of main microeconomic factors on the stock prices of selected Swiss companies listed on … efficient market hypothesis (Fama, 1970) assumes that stock prices already contain all the relevant information and the theory … of impact on stock prices. The relationship between the observed variables is explored using panel regression analysis …

, interest rates tend to fall in response to sales of the domestic currency, whereas stock prices of large (exporting) firms …

in the African stock market. The conclusions drawn from the study is the relevance of using past historical stock prices …

The total output of an economy usually follows cyclical movements which are accompanied by similar movements in stock … prices. The common explanation relies on the demand side. It points out that stock market wealth drives consumption which …. If optimism is wide spread among stock investors however, investment behaviour is also correlated through the stock …

, interest rates tend to fall in response to sales of the domestic currency, whereas stock prices of large (exporting) firms …

and international stock prices heterogeneously, but generally negatively overall, increasing market uncertainty, lowering …

model. We show that this result hinges on a cointegrating relationship between TFP and stock prices that is not stationary …