LIGOCKÁ, Marie. Can Financial Ratios Influence the Stock Returns of Financial Sector Companies in Austria?. Online. In Proceedings of the 8th International Scientific Conference. Zlín: Tomas Bata University, 2017, p. 582-591. ISBN 9788074546532.
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Basic 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
Original language English
Type of outcome Proceedings paper
Field of Study 50202 Applied Economics, Econometrics
Confidentiality degree is not subject to a state or trade secret
Publication form electronic version available online
WWW URL
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
Changed by Changed by: RNDr. Daniel Jakubík, učo 139797. Changed: 7/2/2020 10:58.
Abstract
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.
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