This paper analyses how stock returns on the U.S. manufacturing industry respond to raw materials price shock. Using monthly excess return data of the U.S. manufacturing industry and the percentage change of the U.S. raw materials price commodity index from 1960:M2 to 2012:M12, the vector auto...

This study examines if business confidence and consumer confidence can explain variability of stock market returns across countries. Based on the analysis of monthly time series cross-sectional (panel) data from 31 countries, the results show that stock market return goes up by an average of 154...