References
- Ariff, M.; Chung, T.; Shamsher, M. 2012. Money supply, interest rate, liquidity and share prices: a test of their linkage, Global Finance Journal 23(3): 202–220. http://dx.doi.org/10.1016/j.gfj.2012.10.005
- Bilson, C. M.; Brailsford, T. J.; Hooper, V. J. 2001. Selecting macroeconomic variables as explanatory factors of emerging stock market returns, Pacific–Basin Finance Journal 9(4): 401–426. http://dx.doi.org/10.1016/S0927-538X(01)00020-8
- Buyuksalvarci, A. 2010. The effects of macroeconomics variables on stock returns: evidence from Turkey, European Journal of Social Sciences 14(3/4): 13.
- Chandran, V. G. R.; Rasiah, R. 2013. Firm size, technological capability, exports and economic performance: the case of electronics industry in Malaysia, Journal of Business Economics and Management 14(4): 741–757. http://dx.doi.org/10.3846/16111699.2012.668860
- Chatziantoniou, I.; Duffy, D.; Filis, G. 2013. Stock market response to monetary and fiscal policy shocks: multi-country evidence, Economic Modelling 30: 754–769. http://dx.doi.org/10.1016/j.econmod.2012.10.005
- Chen, N.; Roll, R.; Ross, S. 1986. Economic forces and the stock market, The Journal of Business 59(3): 383–403. http://dx.doi.org/10.1086/296344
- Ciner, C. 2001. Energy shocks and financial markets: nonlinear linkages, Studies in Nonlinear Dynamics and Econometrics 5(3): 203–212. http://dx.doi.org/10.2202/1558-3708.1079
- Dubinskas, P.; Stungurienė, S. 2010. Alterations in the financial markets of the Baltic countries and Russia in the period of economic downturn, Technological and Economic Development of Economy 16(3): 502–515. http://dx.doi.org/10.3846/tede.2010.31
- Eurostat database data. 2011. [online], [cited 30 october 2014]. European Commission. Available from Internet: http://epp.eurostat.ec.europa.eu/portal/page/portal/statistics/search_database
- Fama, E. 1981. Stock return, real activity, inflation and money, The American Economic Review 65: 269–282.
- Filis, G. 2010. Macro economy, stock market and oil prices: do meaningful relationships exist among their cyclical fluctuations?, Energy Economics 32(4): 877–886. http://dx.doi.org/10.1016/j.eneco.2010.03.010
- Geske, R.; Roll, R. 1983. The fiscal and monetary linkage between stock returns and inflation, The Journal of Finance 38(1): 1–33. http://dx.doi.org/10.1111/j.1540-6261.1983.tb03623.x
- Gjerde, O.; Sattem, F. 1999. Causal relations among stock returns and macroeconomic variables in a small, open economy, Journal of International Financial Markets, Institutions and Money 9(1): 61–74. http://dx.doi.org/10.1016/S1042-4431(98)00036-5
- Glen, J. 2002. Devaluations and emerging stock market returns, Emerging Markets Review 3(4): 409–428. http://dx.doi.org/10.1016/S1566-0141(02)00044-4
- Hamao, Y. 1988. An empirical examination of the Arbitrage Pricing Theory: using Japanese data, Japan and the World Economy 1(1): 45–61. http://dx.doi.org/10.1016/0922-1425(88)90005-9
- Hondroyiannis, G.; Papapetrou, E. 2001. Macroeconomic influence on the stock market, Journal of Economics and Finance 25(1): 33–49. http://dx.doi.org/10.1007/BF02759685
- Hosseini, S. M.; Ahmad, Z.; Lai, Y. W. 2011. The role of macroeconomic variables on stock market index in China and India, International Journal of Economics and Finance 3(6): 12. http://dx.doi.org/10.5539/ijef.v3n6p233
- Hsing, Y.; Hsieh, W. 2012. Impacts of macroeconomic variables on the stock market index in Poland: new evidence, Journal of Business Economics and Management 13(2): 334–343. http://dx.doi.org/10.3846/16111699.2011.620133
- Humpe, A.; Macmillan, P. 2009. Can macroeconomic variables explain long–term stock market movements? A comparison of the US and Japan, Applied Financial Economics 19(2): 111–119. http://dx.doi.org/10.1080/09603100701748956
- Ibrahim, M. H. 2011. Stock market development and macroeconomic performance in Thailand, Inzinerine Ekonomika – Engineering Economics 22(3): 230–240. http://dx.doi.org/10.5755/j01.ee.22.3.513
- Jones, C. M.; Kaul, G. 1996. Oil and the stock markets, The Journal of Finance 51(2): 463–491. http://dx.doi.org/10.1111/j.1540-6261.1996.tb02691.x
- Laskienė, D., & Pekarskienė, I. 2007. The relation between the stock price of Lithuanian enterprise and macroeconomic factors, Economics and Management 12: 791–797.
- Maysami, R. C., Howe, L. C., & Hamzah, M. A. 2004. Relationship between macroeconomic variables and stock market indices: cointegration evidence from stock exchange of Singapore's all–S sector indices, Journal Pengurusan 24: 47–77.
- Maysami, R. C.; Koh, T. S. 2000. A vector error correction model of the Singapore stock market, International Review of Economics and Finance 9(1): 79–96. http://dx.doi.org/10.1016/S1059-0560(99)00042-8
- Maysami, R. C., & Sim, H. H. 2002. Macroeconomic variables and their relationship with stock returns: error correction model evidence from Hong Kong and Singapore, The Asian Economic Review: Journal of the Indian Institute of Economics 44(1): 69–85.
- Maysami, R. C., & Sim, H. H. 2001. Macroeconomic forces and stock returns: a general–to–specific ECM analysis of the Japanese and South Korean markets, International Quarterly Journal of Finance 1(1): 83–99.
- Martinez, I. 1999. Fundamental and macroeconomic information for the security prices valuation: the French case, Managerial Finance 25(12): 17–30. http://dx.doi.org/10.1108/03074359910766316
- Martinez, M. A.; Rubio, G. 1989. Arbitrage pricing with macroeconomic variables: an empirical investigation using Spanish data, Working paper, Universidad del Pais Vasco.
- Miller, J. I.; Ratti, R. A. 2009. Crude oil and stock markets: stability, instability, and bubbles, Energy Economics 31(4): 559–568. http://dx.doi.org/10.1016/j.eneco.2009.01.009
- Morelli, D. 2002. The relationship between conditional stock market volatility and conditional macroeconomic volatility: empirical evidence based on UK data, International Review of Financial Analysis 11(1): 101–110. http://dx.doi.org/10.1016/S1057-5219(01)00066-7
- Mukherjee, T. K., & Naka, A. 1995. Dynamic relations between macroeconomic variables and the Japanese stock market: an application of a vector error correction model, The Journal of Financial Research 18(2): 223–237.
- Nasseh, A.; Strauss, J. 2000. Stock prices and domestic and international macroeconomic activity: a cointegration approach, The Quarterly Review of Economics and Finance 40(2): 229–245. http://dx.doi.org/10.1016/S1062-9769(99)00054-X
- Nikkinen, J.; Piljak, V.; Aijo, J. 2012. Baltic stock markets and the financial crisis of 2008–2009, Research in International Business and Finance 26(3): 398–409. http://dx.doi.org/10.1016/j.ribaf.2012.03.003
- OMX Baltic security market data. 2011. [online], [cited 30 October 2014]. Nasdaq. Available from Internet: http://www.nasdaqomxbaltic.com/market/?lang=lt
- O'Neill, T. J.; Penm, J.; Terrell, R. D. 2008. The role of higher oil prices: a case of major developed countries, Research in Finance 24: 287–299. http://dx.doi.org/10.1016/S0196-3821(07)00211-0
- Panetta, F. 2002. The stability of the relation between the stock market and macroeconomic forces, Economic Notes, Review of Banking, Finance and Monetary economics 31(3): 417–450. http://dx.doi.org/10.1111/1468-0300.00093
- Pearce, D. K.; Roley, V. V. 1983. The reaction of stock prices to unanticipated changes in money: a note, The Journal of Finance 38(4): 1323–1333. http://dx.doi.org/10.1111/j.1540-6261.1983.tb02303.x
- Pilinkus, D. 2010. Macroeconomic indicators and their impact on stock market performance in the short and long run: the case of the Baltic states, Technological and Economic Development of Economy 16(2): 291–304. http://dx.doi.org/10.3846/tede.2010.19
- Pyeman, J., & Ahmad, I. 2009. Dynamic relationship between sector-specific indices and macroeconomic fundamentals, Malaysian Accounting Review 8(1): 81–100.
- Poon, S.; Taylor, S. J. 1991. Macroeconomic factors and the UK stock market, Journal of Business Finance & Accounting 18(5): 619–636. http://dx.doi.org/10.1111/j.1468-5957.1991.tb00229.x
- Rafael, Ž., & Tvaronavičienė, M. 2005. Quantitative analysis of influential factors in the Lithuanian enterprises stock and stock indexes, Business: Theory and Practise VI(3): 159–170.
- Ratanapakorn, O.; Sharma, S. C. 2007. Dynamic analysis between the US stock returns and the macroeconomic variables, Applied Financial Economics 17(5): 369–377. http://dx.doi.org/10.1080/09603100600638944
- Ratneswary, R.; Rasiah, V. 2010. Macroeconomic activity and the Malaysian stock market: empirical evidence of dynamic relations, The International Journal of Business and Finance Research 4(2): 59–69.
- Ritter, J. R. 2005. Economic growth and equity returns, Pacific–Basin Finance Journal 13(5): 489–503. http://dx.doi.org/10.1016/j.pacfin.2005.07.001
- Sadorsky, P. 1999. Oil price shocks and stock market activity, Energy Economics 21(5): 449–469. http://dx.doi.org/10.1016/S0140-9883(99)00020-1
- Shanken, J.; Weinstein, M. I. 1990. Macroeconomic variables and asset pricing: estimation and tests, Working paper, University of Rochester.
- Uzdanavičiūtė, R.; Rudzkis, R. 2011. The Baltic countries sectoral share price indexes VAR model, in Proc. of the Lithuanian Mathematical Society: VU Institute of Mathematics and Informatics 52: 332–337.
- Wang, G.; Lim, C. 2010. Effects of macroeconomic factors on share prices, Journal of International Finance and Economics 10(2): 113–123.
- Wong, C. Y.; Govindaraju, V. G. R. C. 2012. Technology stocks and economic performance of government-linked companies: the case of Malaysia, Technological and Economic Development of Economy 18(2): 248–261. http://dx.doi.org/10.3846/20294913.2012.688313
- Yartey, C. A. 2010. The institutional and macroeconomic determinants of stock market development in emerging economies, Applied Financial Economics 20(21): 1615–1625. http://dx.doi.org/10.1080/09603107.2010.522519