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首页> 外文期刊>Research Journal of Finance and Accounting >Stock Returns Under Political and Macroeconomic Instabilities: An Empirical Analysis from United Kingdom
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Stock Returns Under Political and Macroeconomic Instabilities: An Empirical Analysis from United Kingdom

机译：政治和宏观经济不稳定下的股票收益：来自英国的实证分析

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The main purpose of our paper is to empirically explore the effect of political and macroeconomic risk on stock returns. We constructed a multivariate model to explore behavior of stock returns under political risk and macroeconomic uncertainty. The annual panel data of our study consists of 23 manufacturing firms listed at London Stock Exchange for period covering 2005 to 2016. We utilized robust two-step system GMM to estimate the empirical model of the study. The findings showed significance of uncertainties for predicting the stock returns in the UK. Specifically, it showed statistical but differential significant impact of political risk and macroeconomic uncertainty on stock returns of the firms that are listed at FTSE-100 index. However, macroeconomic uncertainty showed higher statistical impact on the stock returns as compared to political risk. Our study provides guidance to policymakers and investors. It provides guidance for investors to know about the timings of entry and exit into stock markets and helps managers and policy makers in risk management.
机译：本文的主要目的是从经验上探索政治风险和宏观经济风险对股票收益的影响。我们构建了一个多元模型来探索在政治风险和宏观经济不确定性下的股票收益行为。我们研究的年度面板数据由2005年至2016年期间在伦敦证券交易所上市的23家制造公司组成。我们使用了稳健的两步法GMM来评估研究的经验模型。调查结果表明不确定性对于预测英国的股票收益具有重要意义。具体而言，它显示了政治风险和宏观经济不确定性对在FTSE-100指数中列出的公司的股票收益率的统计性但有差别的显着影响。但是，与政治风险相比，宏观经济的不确定性表明对股票收益的统计影响更大。我们的研究为决策者和投资者提供了指导。它为投资者提供了有关进入和退出股票市场的时间的指导，并帮助风险管理人员和决策者。

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