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论文作者:留学生论文论文属性:短文 essay登出时间:2014-10-30编辑:felicia点击率:9827
论文字数:3082论文编号:org201410301810042015语种:英语 English地区:澳大利亚价格:免费论文
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Fisher (1930) posed a hypothesis which suggests that stock returns should have a positive relationship with an expectable inflation in an efficient market. In other words, Fisher believes that when the interest rates, discount rates, and inflation rates are expected, a higher inflation can cause a higher stock price. He is one of economists who mainly support the positive relationship. As we all known, inflation can be definite as a process of eroding in the purchasing power of money. Based on Fisher’s hypothesis, a considerable number of scholars think that purchasing shares as a hedging tool that can be used to against inflation, because a higher inflation rate always predict a higher stock return. ‘Broadly selected common stocks are considered to be a good hedge against inflation in the long run’ Cagan (1974) who agrees with the Fisher on the relationship.
Moreover, Boundoukh.J and Richardson.M (1993) tested Fisher’s hypothesis and found that during a long periods the positive relationship between inflation and stock prices is exists.
Furthermore, to examine the relationship, a new approach-------wavelet multiscaling method was invented by Kim. S & In. F (2005) in few years ago. They presented that ‘there is a positive relationship at the shortest scale 1 month period and at the longest scale 128-month period, while a negative relationship is shown at the intermediate scales.’ On the one hand, he confirmed Fisher’s hypothesis, on the other hand, he also suggested that the relationship between inflation and stock prices should be considered within a more or less periods.
Hasan. M.S, (1995) attempted to analyses the relationship in the UK, using a range of relative methodologies, such as regression results, VEC model. The result is also accordance with the Fisher’s view. However, in the article, he also compared and explained some different views by other economists who claim inflation and stock prices have a negative relationship.
With different views, several classic articles include Nelson (1976), Fama and Schwert (1977), Jaffe and Mandelker (1976) suggested an inverse relationship between inflation and stock returns. Various discussions of the negative relationship have been offered.
Fama (l977) who is an American economist on behalf of the negative The Assignment is provided by UK Assignment correlation between inflation and stock returns created two assumptions: the money supply was exogenous and kept stable; people’s expectation was rational. And according to the quantity theory of money MV = PY, in the process of inflation, because M was stable, it is clear that real economy (presented as Y) would decline, and because the whole economy downturn, the prospect of the economy looked gloomy and less optimist. Therefore, shareholders would sell stocks, and then stock prices fell (Fama EF., 1981).
Many scholars researched the relationship based on Fama’s theory, for instance, Solnik (1983) found that the stock prices of a significant number of countries had a negative correlation with infl本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。