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LONG-RUN RELATIONSHIP BETWEEN ECONOMIC GROWTH AND STOCK RETURNS: AN EMPIRICAL INVESTIGATION ON CANADA AND THE UNITED STATES

100%
Sawhney B., Anoruo E., Feridun M.
Ekonomický časopis (Journal of Economics)
|
2006
|
vol. 54
|
issue 6
584-596
EN
This article examines the long run relationship between economic growth and stock prices for Canada and the United States through cointegration estimation procedure, and it implements the Vector Error Correction Models (VECM) to abstract simultaneously the short- and long-run information in the modelling process. The results from the cointegration tests reveal that economic growth and stock prices share long run equilibrium relationship for both Canada and the U.S. The results from the VECM indicate that for the U.S., causality runs from economic growth to stock prices but not vice versa. However for Canada, the results reveal that there is a bi-directional causality between economic growth and stock prices.
2

LOW PRICE ANOMALY IN M&A TRANSACTIONS

88%
Pastusiak R., Jasiniak M., Pluskota A.
Ekonomický časopis (Journal of Economics)
|
2019
|
vol. 67
|
issue 2
195 – 214
EN
Low price anomaly describes the phenomenon in which low-priced stocks grow faster than high-priced stocks and generate higher rates of return. The aim of this article is to verify the existence of low price anomaly on the example of mergers and acquisitions of European companies. The authors’ proposal was to analyse this phenomenon in case of stocks up to 1 euro and above 100 euro. Authors proved that rate of returns differ according to price what corresponds to the literature. The study shows that in case of M&A it is more likely that the investors will gain when purchasing stocks of overtaking companies valued up to 1 euro, than those valued above 100 euro. Investments in low-priced stocks are more likely to generate higher profits than investments in high-priced stocks. However, they are also characterized by higher risk.
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