Speed of Adjustment of Stock Prices to Macroeconomic Information: Evidence from Ghanaian Stock Exchange (GSE)

Siaw Frimpong


This study examines the speed of adjustment of stock prices to macroeconomic information using monthly Databank stock Index (DSI) from November 1990 to December 2007. We use Granger-Causality test to show unidirectional causality from macroeconomic information to stock prices. Our findings suggest slow adjustment of stock prices to macroeconomic information with exchange rate being the slowest. We argue that the speed of adjustment of exchange rate reflects the behaviour of foreign investors. Key words: Speed of adjustment; Price delay; Half-life; Market efficiency

Full Text:


DOI: http://dx.doi.org/10.3968%2Fj.ibm.1923842820110201.010


  • There are currently no refbacks.


How to do online submission to another Journal?

If you have already registered in Journal A, then how can you submit another article to Journal B? It takes two steps to make it happen:

1. Register yourself in Journal B as an Author

Find the journal you want to submit to in CATEGORIES, click on “VIEW JOURNAL”, “Online Submissions”, “GO TO LOGIN” and “Edit My Profile”. Check “Author” on the “Edit Profile” page, then “Save”.

2. Submission

Go to “User Home”, and click on “Author” under the name of Journal B. You may start a New Submission by clicking on “CLICK HERE”.

We only use three mailboxes as follows to deal with issues about paper acceptance, payment and submission of electronic versions of our journals to databases: caooc@hotmail.com; ibm@cscanada.net; ibm@cscanada.org

Copyright © 2010 Canadian Research & Development Centre of Sciences and Cultures
Address: 9375 Rue de Roissy Brossard, Québec, J4X 3A1, Canada

Telephone: 1-514-558 6138