Examining the Relationship Between Macroeconomics Variables and Stock Market Return in Tehran Stock Exchange

摘要

Objective: The current research aims to examine the relationship betweenmacroeconomics variables and stock market return in Tehran stock exchange.Macroeconomics variables have been used as independent variables including: interestrate, foreign currency rate, cash volume, and also, dependent variable is stock marketreturn. The methodology is correlative in terms of studies, and descriptive in terms ofmethod, and applied in terms of goal. The time period starts from 2001 to 2010. Toanalyze data, econometrics and Regression, value determining test of Regression,Expanded Dickey Fouler, Philips Prone, and Dourbin Watson statistic, and self-AxisRegression (VAR) have been implemented to test the research hypotheses. Conclusion:The research findings indicate the relationship between independent variablesincluding: interest rate, inflation rate, cash volume, and dependent variable which isstock market return. All hypotheses of the research have been proved at the 99%confidence level.