The Relationship between Return of Companies Listed in Tehran Stock Exchanges and Some Macro Economic Variables

Document Type : Research Paper

Authors

Abstract
This article aims at identifying effective variables of macroeconomic on Tehran Stock Exchange returns. Variables which have been used to do the hypothesis test are Interest Rates, Interest Rates growth, GOP, GOP growth, Oil Prices and growth of Oil Prices. These variables have been considered as independent variables. The stock market return has been used as dependent variable. The measurement scope is over the period 1376-1385. The research shows that stock market return is relative to only interest rate.

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  • Receive Date 22 June 2008
  • Revise Date 02 August 2008
  • Accept Date 18 August 2009