Macroeconomic Factor with positive for relationship with stock returns | Studies | Positive score of factor out of 18 studies reviewed (A) | Positive score out of studies that featured factor (B) | Weighted average score (C) |
Interest rate | | 61% | 73% | 45% |
Inflation | Chen et al. (1986 as cited in | 39% | 58% | 23% |
Exchange rates | Barakat et al. (2016, as cited in | 39% | 64% | 25% |
GDP | | 17% | 75% | 13% |
Industrial production | Chen et al. (1986 as cited in | 33% | 75% | 25% |
CPI | Barakat et al. (2016, as cited in | 11% | 67% | 7% |
Money supply | Barakat et al. (2016, as cited in | 28% | 83% | 23% |
Oil prices | | 11% | 66% | 7% |
Market index | | 6% | 33% | 2% |
Reserves | | 6% | 50% | 3% |