Detailed Information on Publication Record
2017
Can Financial Ratios Influence the Stock Returns of Financial Sector Companies in Austria?
LIGOCKÁ, MarieBasic information
Original name
Can Financial Ratios Influence the Stock Returns of Financial Sector Companies in Austria?
Authors
LIGOCKÁ, Marie (203 Czech Republic, guarantor, belonging to the institution)
Edition
Zlín, Proceedings of the 8th International Scientific Conference, p. 582-591, 10 pp. 2017
Publisher
Tomas Bata University
Other information
Language
English
Type of outcome
Stať ve sborníku
Field of Study
50202 Applied Economics, Econometrics
Confidentiality degree
není předmětem státního či obchodního tajemství
Publication form
electronic version available online
References:
RIV identification code
RIV/47813059:19520/17:00010962
Organization unit
School of Business Administration in Karvina
ISBN
9788074546532
Keywords in English
financial sector,; Austria; cointegration; financial crisis; financial ratios; stock
Změněno: 7/2/2020 10:58, RNDr. Daniel Jakubík
Abstract
V originále
The stock prices of companies are influenced by many variables; two basic categories are macroeconomic and microeconomic factors. The objective of this paper is to analyze the existence of a relationship between select microeconomic variables and the stock returns of financial sector companies listed on the Vienna Stock Exchange. The institutions that were chosen are Immofinanz AG, Raiffeisen Bank International AG, Erste Group Bank AG, Uniqa Insurance Group AG and Vienna Insurance Group AG. The focus is on Austria due to the lack of empirical literature on problematics of linkages between stock prices and microeconomic factors. A time series with an annual frequency are used to examine the occurrence of longterm and short-term cointegration links using Johansen and Granger tests. The empirical estimates are calculated for the 2005 - 2015 period, which includes the global financial crisis. The findings indicate that select microeconomic factors do not belong to the group of economic fundamentals that affect the stock returns.