Bakas Evangelos
Country: Greece
Affiliation: Postgraduate student, Department of Accounting and Finance, Western Macedonia University of Applied Sciences
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The effect of Dow Jones Sustainability Index on Consumer Sentiment Index
Nikolaos Sariannidis , Grigoris Giannarakis , Xanthi Partalidou , Bakas Evangelos doi: http://dx.doi.org/10.21511/imfi.14(1).2017.09Investment Management and Financial Innovations Volume 14, 2017 Issue #1 pp. 89-95
Views: 1271 Downloads: 358 TO CITE АНОТАЦІЯThis study intends to investigate whether stock returns affect the consumer sentiment. In particular, socially responsible companies are incorporated in the sample in order to capture the specification of socially responsible investors. For this reason, the University of Michigan Consumer Confidence Index is used as a proxy for consumer confidence, while data from Dow Jones Sustainability Index US is employed as a proxy for socially responsible companies for the period 1999-2016. The generalized autoregressive conditional heteroskedasticity model applied and illustrated that stock returns affect positively the consumer confidence. The result has important implications for investors and policy makers.
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