The role of news in the fluctuations of housing price

This 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.

Understanding the impact of financial liberalization on stock market is important for decision making by investors. The neo-classical economists believe that financial liberalization reduces stock market volatility while the post-Keynesian economists argue that financial liberalization increases volatility of the stock market. This study investigates the effect of financial liberalization on the volatility of an emerging stock market in Africa, with particular focus on the Nigerian stock market. The estimation results reveal that financial liberalization has a significant positive impact on return volatility, thus indicating that it increases stock market volatility. Also, the study finds no evidence of asymmetry in the stock market.

In this paper, an investigation is conducted to estimate the effect of economic uncertainty on volume volatility, focusing on four systemic Greek banking institutions, including (i) Alpha Bank, (ii) Eurobank, (iii) National Bank of Greece, and (iv) Piraeus Bank. The purpose of this study is to explain in detail if the EPU is linked with volume volatility in the largest banking institutions in Greece. For the analysis of this paper, data used are monthly data of volume to explain the economic uncertainty on volume volatility. The analysis period covers the period from January 2001 to August 2018, incorporating various market phases, such as the global financial crisis of 2008, the European debt crisis, and capital controls in the Greek economy. The methodology used for the research is the well-known GARCH model. Based on the estimated regressions, the present research findings showed that economic uncertainty has various effects on the volume volatility of the four systemic Greek banking institutions. More specifically, when economic uncertainty receives a high value, then the volatility of the volume in Greek banking institutions increases, receiving a higher value. In conclusion, it is observed that economic uncertainty positively affects the volume volatility of the Greek banking system.