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- Title
Effects of Macroeconomic and Firm-Specific Factors on Shareholder Wealth: Some Australian Evidence.
- Authors
BARNES, MARK B.; LEE, VINCENT C. S.
- Abstract
The article examines the effects of macroeconomic and firm-specific factors as well as out-of-sample predictive power of selected inputs on shareholder wealth. In comparing multiple domain models to examine the effect of integrating macroeconomic and firm-specific factors, and predicting out-of-sample performance, the authors examined artificial neural networks. Among the general market factors selected for the study were producer price (PP), price/earnings ratio (PE) and money supply (MS). The article analyzes the feature selection approaches to choose financial variables that boost shareholder wealth and relative shareholder wealth for the Miscellaneous Industrials from the Australian Stock Market.
- Subjects
MACROECONOMICS; STOCKHOLDERS; WEALTH management services; ARTIFICIAL neural networks; STOCK exchanges; CORPORATE finance
- Publication
Journal of Wealth Management, 2009, Vol 12, Issue 1, p41
- ISSN
1534-7524
- Publication type
Article
- DOI
10.3905/JWM.2009.12.1.041