The impact of treasury bill rate and inflation rate on stock returns. The Ghana Stock Exchange (GSE)

      Аннотация: Studies have suggested that macroeconomic variables affect Stock market returns on the Ghanaian Stock Exchange. The study examined the joint impact of inflation rates and Treasury bill rate on stock market returns on Ghana Stock Exchange (GSE) over the period between January 2000 and September 2010. Using multiple linear regression models the study established that there is a correlation between Inflation rate, Treasury bill rate and stock market returns. On the basis of the Multiple Regression Analysis carried out by SPSS 16 program, the results show that Treasury bill rate and inflation rate both have a positive relationship with stock market returns. The study concluded that inflation rate and Treasury bill rate jointly impact on stock market returns on the Ghana Stock Exchange. Understanding the effects of both Treasury bill rate and inflation rate dynamics on stock market returns will help fund and portfolio managers, investors and firms make better investment decisions.

Ключевые слова: Inflation rate, Stock Returns, Ghana Stock Exchange (GSE), Treasury bill rate