. In theoretical part is analysed stocks and stock market indices, relations and impact how macroeconomic factors cause … work is done correlation analysis between stock markets indices returns and macroeconomic factors. By Granger causality …

quality of commodity are the main factors of influence, while advertisement and customer services are not very important for …

’ stock returns. Theoretical aspects of macroeconomic variables impact on stock returns are presented in the first part of the … impact of 7 macroeconomic factors on 16 sectors’ stock returns for the period from March 2002 to February 2011 on monthly … reveal that macroeconomic factors affect different sectors’ stock returns in different manner. Furthermore the results …

theoretical aspects of stock returns and risk, investment portfolio construction principles and theoretical aspects of …