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ABSTRACT. This paper examines the effects of business and consumer confidence on stock market returns. Based on the analysis of monthly data from thirty-one countries, the results show that business and consumer confidence has a positive effect on stock market returns. The findings reveal that change in consumer confidence has a stronger effect on stock market returns across countries than the change in business confidence. The results are useful for stock market valuation, investment and risk management. pp. 21–25
JEL Codes: G10; G12; G14

Keywords: business confidence; consumer confidence; stock market returns

How to cite: Sum, Vichet (2014), “Effects of Business and Consumer Confidence on Stock Market Returns: Cross-sectional Evidence,” Economics, Management, and Financial Markets 9(1): 21–25.

VICHET SUM
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University of Maryland, Eastern Shore

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