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Market resiliency conundrum: is it a predicator of economic growth?
Open accessAbstract
Resiliency provides fundamental insights on the speed at which the marginal price impact increases as transaction volume increases in the stock market yet very few empirical research has been dedicated to its study. Consequently, this study was directed towards determining whether market resiliency is a predicator of economic growth. Secondly, the study also sought to examine whether real interest rate and risk premium moderate the relationship between stock market resiliency and the economic growth in Kenya. To solve the conundrum on the relationship between market resiliency and economic resiliency growth, a sagacious moderating regression analysis (MRA) was used. The liquidity and variance ratios were used as measures of resiliency while real interest rate and risk premium were taken as moderating variables. The CUSUM plots were used to determine the stability of the model. The results of this study shows that market resiliency is a predicator of economic growth and both real interest rates and risk premium moderates the relationship between stock market resilience and the economic growth in Kenya.
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“To avoid survivorship bias, the study only included CSFs that were consistently listed at NSE during this period (Wanzala 2018;Wanzala et al. 2018).”
From The Effects of Working Capital Management on the Financial Performance of Commercial and Service Firms Listed on the Nairobi Securities Exchange in Kenya (2024) · cites this paper as Wanzala et al. 2018
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Research works printed but not linked: 22
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Cited by
Sorted by citations
Wanzala, R. W., & Obokoh, L. (2024) · Risks · doi:10.3390/risks12080119 · Cited by 8
“To avoid survivorship bias, the study only included CSFs that were consistently listed at NSE during this period (Wanzala 2018; Wanzala et al. 2018).”
MethodSelf-citation
Metadata
- Authors
- Wanzala, R. W., Muturi, W., & Olweny, T.
- Affiliations
- Jomo Kenyatta University of Agriculture and Technology (KE)
- Corresponding author
- Wanzala, Richard Wamalwa
- Venue
- The Journal of Finance and Data Science
- Publisher
- Elsevier BV
- Published
- 2018-03
- Volume
- 4
- Issue
- 1
- Pages
- 1-15
- ISSN
- 2405-9188 (ISSN-L)
- OpenAlex
- W2775678387
- Cited by
- 15
- References
- 0
- Citations by year
- 2024: 4 · 2023: 3 · 2022: 1 · 2021: 3 · 2020: 1 · 2019: 2 · 2018: 1
- FWCI
- 1.59
- Type
- journal article
- Language
- en
- Open access
- gold
- doi.org
- Licence
- Locations
- The Journal of Finance and Data Science (publishedVersion, cc-by-nc-nd)
- DOAJ (DOAJ: Directory of Open Access Journals) (submittedVersion, cc-by-sa)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Market Dynamics and Volatility
- Keywords
- economic growth, stock liquidity, liquidity ratios, variance ratio, real interest rates, risk premium, moderating effect
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- Wanzala, R. W., Muturi, W., & Olweny, T. (2018). Market resiliency conundrum: is it a predicator of economic growth? The Journal of Finance and Data Science. https://doi.org/10.1016/j.jfds.2017.11.004
