The role of stock market confidence indicators in the conditions of financial uncertainty and uncertainty of economic policies and its shock on stock returns
Subject Areas : Financial Economics
seyedeh narjes shirmardi
1
,
majid sameti
2
,
حسین شریفی رنانی
3
1 - Department Economics of Islamic azad University,Isfahan,iran
2 - department of Economics,University of Isfahan.Iran
3 - دانشیار گروه اقتصاد، دانشگاه ازاد اسلامی، واحد اصفهان (خوراسگان)، اصفهان، ایران
Keywords: Stock Market Confidence, Financial Uncertainty, Economic Policies Uncertainty, Capital Market, Stock Returns.,
Abstract :
The purpose of this research is to investigate the role of stock market confidence indicators in the Conditions of financial uncertainty and economic policy uncertainty in the United States and its short-term and long-term shock effects on stock returns (S&P index of the New York Stock Exchange) Using a structural vector autoregressive model Quarterly data in the period 2002-2022.The results indicate that in the short term, the greatest impact of negative shocks is caused by variables such as stock returns, then financial uncertainty, valuation confidence index, economic uncertainty, one-year confidence index and variables of economic policies uncertainty, Crash Confidence Index and Buy-on-Dips Confidence index have almost equally affected stock returns. In the long term, the greatest impact of negative shocks is caused by variables such as stock returns, economic policy uncertainty, Buy-on-Dips Confidence Index, economic uncertainty, one-year confidence index, and then variables financial uncertainty, valuation confidence index, Crash Confidence Index have almost equally affected stock returns
References:
-برگ بید، احمد؛ جعفری، علی و صالح نژاد، سید حسن (1400)، ارائه الگوی ترکیبی سه بعدی (مالی، اقتصادی، پایداری)، فصلنامه پژوهش¬هاي حسابداري مالي و حسابرسي، سال سیزدهم، شماره 51. 20.1001.1.23830379.1400.13.51.6.5
-تلنگی، ا (1383)، تقابل نظریه نوین مالی و مالی رفتار. پژوهش¬های مالی 6. (17)، 25-3. 20.1001.1.10248153.1383.6.1.1.1
-چاوشی سیدکاظم، شریفی عارفه،(1401)، مدل¬سازی اثر نوسانات قيمت نفت اوپک بر احساسات سرمايه-گذاران ايرانی با استفاده از رابطه غير خطی و پارامتر ـ متغير بر حسب زمان، فصلنامـه اقتصاد مالی، دوره 16، زمستان 1401. 10.30495/fed.2023.698842
-حيدرپور، فرزانه، يداله تاري وردي و مريم محرابي، (1392) تاثیر گرايش¬هاي احساسي سرمايه¬گذاران بر بازده سهام. فصلنامه علمي پژوهشي دانش مالي تحليل اوراق بهادار، سال ششم، شماره هفده ام، بهار1392.
-دانش عسگری،ت.(1390)، بررسـی تأثیر پیش¬بینی سـود مدیریت بر ریسـک و ارزش شـرکت¬های پذیرفته شـده در بورس اوراق بهادار تهران. پايان¬نامه كارشناسـي ارشد، دانشـگاه آزاد اسلامی واحد اراک.
-دادرس کیوان، طلوعی اشلقی عباس، رادفر رضا، (1397)، نقش مالی رفتاری در درک رفتار سرمایه¬گذاران فردی(مرور شواهد تجربی از بورس اوراق بهادار تهران)، فصلنامـه علمي پژوهشي دانش سرمايه-گـذاري، سال هفتم، شماره28، زمستان1397.
- رستمی ژیلا، فتاحی شهرام، سهیلی کیومرث، (1402)، مدل¬سازی و تخمین بازده بورس اوراق بهادار تهران با استفاده از مدل¬های پویا، فصلنامـه اقتصاد مالی، دوره 17، شماره 62، بهار 1402. 10.30495/fed.2023.700132
-رودپشتی، ف.ر؛ هیبتی، ف.؛ موسوی، س. ر(1391)، بررسی الگوی ریاضی انتخاب پرتفوی سرمایه¬گذاری مبتنی بر مالی رفتاری. مجله مهندسی مالی و مدیریت اوراق بهادار. دوره 3، شماره 12 ، مهر 1391 20.1001.1.22519165.1391.3.12.2.7
- سعیدی، علی؛ فراهانیان، جواد . مبانی اقتصاد و مالی رفتاری(1395) شرکت اطلاع رسانی و خدمات بورس. 978-600-5959-15-4
-سینایی، ح.، و داودی، ع. (1388)، بررسی رابطه شفاف¬سازی اطلاعات مالی و رفتار سرمایه¬گذاران در بورس اوراق بهادار تهران. نشریه تحقیقات مالی. 20.1001.1.10248153.1388.11.27.3.0
-شـباهنگ،ر.(1381)، مرکز تحقیقات تخصصی حسـابداری و حسابرسی، سـازمان حسابرسی، نشـریه 151، تئوری حسابداری جلـد اول،چاپ اول. شابک 13 رقمی: 9789646285774
-صامتی، مجید؛ شریفی رنانی، حسین و امامی میبدی، مریم (1400)، بررسی تأثیر سیاست¬های مالی در رفاه اجتماعی کشور، با¬توجه به شوک¬های مخارج دولتی، پولی و بهره¬وری، نشریه علمی (فصلنامه) پژوهش¬ها و سیاست¬های اقتصادی، دوره 29، شماره 97. 10.52547/qjerp.29.97.199
- کیقبادی، امیر رضا و احمدی، محمد(1395)، مقایسه کارایی روش¬های GARCH و ARCH در پیش-بینی ارزش در معرض ریسک جهت انتخاب پرتفولیوی بهینه، فصلنامه پژوهش¬هاي حسابداري مالي و حسابرسي، سال هشتم، شماره 32. 20.1001.1.23830379.1395.8.32.4.0
- معلمی عباس خداپرست سالک، رضایی فرزین، خردیار سینا، وطن¬پرست محمدرضا، (1401)، آزمون تجربی مالی رفتاری:ارزیابی مقایسه کارایی مدل¬های هزینه سهام عادی تحت تاثیرویژگی¬های بنیادین شرکت¬ها، فصلنامـه اقتصاد مالی، دوره 16،شماره 61، زمستان 1401. doi: 10.30495/fed.2023.698841
- Abel, A. B. (1983). Optimal Investment Under Uncertainty. The American Economic Review, 73(1), 228–233. http://www.jstor.org/stable/1803942.
-Ahsan, T., Mirza, S.S., Al-Gamrh, B., Bin-Feng, C., )2021(. Economic policy uncertainty and sustainable financial growth: Does business strategy matter ,Finance Research Letters. https://doi.org/10.1016/j.frl.2021.102381
- Ahsan, T., Mirza, S.S., Al-Gamrh, B., Bin-Feng, C. and Rao, Z.-U. (2021), "How to deal with policy uncertainty to attain sustainable growth: the role of corporate governance", Corporate Governance, Vol. 21 No. 1, pp. 78-91. https://doi.org/10.1108/CG-04-2020-0121
-Allen, W. David and Evans A. Dorla, (2005), "Bidding and Overconfidence in Experimental Financial Markets", The Journal of Behavioral Finance, Vol.6, No.3, pp.108 120. https://doi.org/10.1207/s15427579jpfm0603_1
-Ashraf, B.N., Shen, Y., )2019(. Economic policy uncertainty and banks’ loan pricing. J. Financ. Stab. 44, 1–12. https://doi.org/10.1016/j.jfs.2019.100695
-Andrew B. Abel, Avinash Dixit, Janice C. Eberly and Robert Pindyck, Options (1996). The Value of Capital, and Investment. The Quarterly Journal of Economics, 1996, vol. 111, issue 3, 753-777. https://doi.org/10.2307/2946671
-Angelini, Giovanni, Emanuele Bacchiocchi, Giovanni Caggiano, and Luca Fanelli, (2019), Uncertainty across volatility regimes,Journal of Applied Econometrics. https://doi.org/10.1002/jae.2672
-Antonakakis, N., Chatziantoniou, I., & Filis. G. (2013). Dynamic co-movements between stock market returns and policy uncertainty. Econ. 120 (1): 87-92. https://doi.org/10.1016/j.econlet.2013.04.004
-Ajevskis, Vet. (2007); " Inflation and Inflation Uncertainty in Latvia". Working Papers. No. 2007/04. Handle: RePEc:ltv:wpaper:200704
-Barberis, N., & Thaler, R. (2003). A survey of behavioral finance. In G. M. Constantinides, M. Harris & R. M. Stulz (Eds.), Handbook of the Economics of Finance (Vol. Volume 1, Part B, pp. 1053-1128). Amsterdam, The Netherlands: Elsevier. DOI 10.3386/w9222
-Baker, S, R., Bloom , N, & Davis , S. J.(2016) .Measuring economic policy uncertainty.The Quarterly Journal of Economics 131(4) , 1593-1636. https://doi.org/10.1093/qje/qjw024
-Bakas, D., Triantafyllou, A., )2018(. The impact of uncertainty shocks on the volatility of commodity prices. J. Int. Money Finance 87, 96–111. https://doi.org/10.1016/j.jimonfin.2018.06.001
-Boyan, Jovanovic and Sai Ma (2020). Uncertainty and Growth Disasters. International Finance Discussion Papers 1279. https://doi.org/10.17016/IFDP.2020.1279
-Boyd, J. H. & Smith, B. D. (1998), Capital market imperfections in a monetary growth model. Economic Theory, 11(2): 241-27. https://www.jstor.org/stable/25055079
-Bordo, M.D, Siklos P, (2017a). Central Bank Credibility before and after the Crisis, Open Economies Review, 1(28), 19-45. DOI: 10.1007/s11079-016-9411-2
-Blackburn, K. (2001) Can Stabilisation Policy Reduce Long-Run Growth; The Economic Journal. Vol. 109, January: 70. https://doi.org/10.1111/1468-0297.00391
-Bekoe, William, Adom. K., Philip, )2013(. "Macroeconomic Uncertainty and Private Investment in Ghana:An Empirical Investigation," International Journal of Economics and Financial Issues, Econjournals, vol. 3 (2), p.276-293. https://www.econjournals.com/index.php/ijefi/article/view/394
-Bernanke, B. S. (1983). Irreversibility, Uncertainty, and Cyclical Investment. Quarterly Journal of Economics. 98(1), 85 –106. Journal of Econometrics. 146(2): 304–17. https://doi.org/10.2307/1885568
-Baldassarre, F. & Campo, R. (2016), Sustainability as a marketing tool: To be or to appear to be? Business Horizons, 59(4): 421-429. https://doi.org/10.1016/j.bushor.2016.03.005
-Bailey, R.E. (2005). The Economics of Financial Markets, Cambridge University Press, 548 pages.
https://doi.org/10.1017/CBO9780511817458
-Bianchi, Francesco, Cosmin L. Ilut, and Martin Schneider. )2014(. Uncertainty Shocks, Asset Supply and Pricing over the Business Cycle; NBREWorking Paper Series No. 20081. Cambridge: National Bureau of Economic Research. DOI 10.3386/w20081
-Bloom, Nicholas. )2009(. The Impact of Uncertainty Shocks. Econometrica 77: 623–85.18. https://doi.org/10.3982/ECTA6248
-Bermpei, T., Kalyvas, A., Nguyen, T.C., )2018(. Does institutional quality condition the effect of bank regulations and supervision on bank stability? Evidence from emerging and developing economies. Int. Rev. Financ. Anal. 59, 255–275. https://doi.org/10.1016/j.irfa.2018.06.002
-Caballero, R. J. (1991). On the Sign of the Investment-Uncertainty Relationship. The American Economic Review, 81(1), 279-288. https://www.jstor.org/stable/2006800
-Carriero, Andrea, Todd E Clark, and Massimiliano Marcellino, )2018(, Measuring uncertainty and its impact on the economy,Review of Economics and Statistics, 100 (5), 799.815. https://doi.org/10.1162/rest_a_00693
-Campbell, J.Y., Giglio, S., Polk, C., Turley, R., )2018(. An intertemporal CAPM with stochastic volatility. J. Financ. Econ. 128 (2), 207–233. https://doi.org/10.1016/j.jfineco.2018.02.011
-Chen, Zengjing, and Larry G. Epstein. )2002(. Ambiguity, Risk, and Asset Returns in Continuous Time. Econometrica 70: 1403–45. [CrossRef]. DOI:10.1111/1468-0262.00337
-Consolandi, C., Jaiswal-Dale, A., Poggiani, E. & Vercelli, A. (2009), Global standards and ethical stock indexes: The case of the Dow Jones Sustainability Stoxx Index. Journal of Business Ethics, 87(1): 185-197. DOI:10.1007/s10551-008-9793-1
-Cheung, A. W. K. (2011), Do stock investors value corporate sustainability? Evidence from an event study. Journal of Business Ethics, 99(2): 145-165. DOI:10.1007/s10551-010-0646-3
-Chi, Q., Li, W., )2017(. Economic policy uncertainty, credit risks and banks’ lending decisions: Evidence from Chinese commercial banks. China J. Account. Res. 10, 33–50. https://doi.org/10.1016/j.cjar.2016.12.001
-Chih-Hsiang Hsu, Hsiu-Chuan Lee ,Donald Lien, )2020(, Stock market uncertainty, volatility connectedness of financial institutions, and stock-bond return correlations. International Review of Economics & Finance. https://doi.org/10.1016/j.iref.2020.08.002
-De Souza Cunha, F. A. F. & Samanez, C. P. (2013), Performance analysis of sustainable investments in the Brazilian stock market: a study about the corporate sustainability index (ISE). Journal of Business Ethics, 117(1): 19-36. DOI:10.1007/s10551-012-1484-2
-Dagher, J., Dell’Ariccia, G., Laeven, L., Ratnovski, L., Tong, H., )2020(. Bank capital: A Seawall approach. Int. J. Central Bank. 16, 249–291. Handle: RePEc:ijc:ijcjou:y:2020:q:1:a:7
-Ellsberg, Daniel. )1961(. Risk, Ambiguity, and the Savage Axioms. Quarterly Journal of Economics 75: 643–69.[CrossRef]. https://doi.org/10.2307/1884324
-Epstein, Larry G., and Tan Wang. )1994(. Intertemporal Asset Pricing under Knightian Uncertainty. Econometrica 57:937–69. [CrossRef]. https://doi.org/10.2307/2951614
-Epstein, Larry G., and Martin Schneider. )2010(. Ambiguity and Asset Markets. Annual Reviews of Financial Economics 2: 315–34. [CrossRef]. DOI 10.3386/w16181
-Fama, E. F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance, 25(2), 383-417. https://doi.org/10.2307/2325486
-Fatas, A. (2002) The Effect of Business Cycles on Growth; working paper, No. 156, May. Handle: RePEc:chb:bcchwp:156
-Fazio D.M, Tabak B.M, Daniel O. Cajueiro D.O. (2015). Inflation targeting: Is IT to blame for banking system instability. Journal of Banking & Finance, 59, 76–97. https://doi.org/10.1016/j.jbankfin.2015.05.016
-Fama, Eugene F., and Kenneth R. French. )1993(. Common Risk Factors in the Returns on Stocks and Bonds. Journal of Financial Economics 33: 3–56. [CrossRef]. https://doi.org/10.1016/0304-405X(93)90023-5
-Fernandes, J. L. B.,Pena, J.I., &Tabak, B. (2010). Behavior finance and estimation risk in stochastic portfolio optimization. Applied Financial Economics, https://doi.org/10.1080/09603100903493211.
-Fountas, S., Karanasos, M., )2006(, "The relationship between economic growth and real uncertainty in the G3", Econ Model, Vol.23, No. 4, pp:638–647. https://doi.org/10.1016/j.econmod.2006.03.002
-Golob, J., (1994), "Does Inflation Uncertainty Increase with Inflation?" Federal Reserve Bank of Kansas City Economic Review 79:pp. 27-38. Handle: RePEc:fip:fedker:y:1994:i:qiii:p:27-38:n:v.79no.3
-Gospodinov, N, Jamali, I.,(2015). The response of stock market volatility to futures-based measures of monetary policy shocks, International Review of Economics and Finance, Elsevier, vol. 37(C), 42- 54. https://doi.org/10.1016/j.iref.2014.11.001
-Gomes, Joao, Leonid Kogan, and Lu Zhang. )2003(. Equilibrium Cross Section of Returns. Journal of Political Economy 117: 941–86. [CrossRef]. https://doi.org/10.1086/375379
-Gulen, H. & lon, M. (2013). Policy uncertainty and corporate investment. The Review of Financial Studies. 29 (3): 523- 564. https://doi.org/10.1093/rfs/hhv050
-Guceri, I., Albinowski, M., )2021(. Investment responses to tax policy under uncertainty. J. Financ. Economics، Volume 141, Issue 3, September 2021.https://doi.org/10.1016/j.jfineco.2021.04.032.
-Hartman, R. (1972). The Effects of Price and Cost Uncertainty on Investment. Journal of Economic Theory, 5, 258-266. https://doi.org/10.1016/0022-0531(72)90105-6
-Heba Ali, Aya Yasser Hegazy, )2022(, Dividend policy, risk and the cross-section of stock returns: Evidence from India. International Review of Economics & Finance. Volume, https://doi.org/10.1016/j.iref.2022.02.002
-Helmut L and Markus (2004). “Appiled Time Series Econometrics”. in Cambridge Books from Cambridge University Press. https://doi.org/10.1017/CBO9780511606885
-Hengge, Martina,(2019).Uncertainty as a Predictor of Economic Activity. Graduate Institute of International and Development Studies International Economics Department Working Paper Series. http://hdl.handle.net/10419/230325
-Huynh, T.L.D., Nasir, M.A., Nguyen, D.K., )2020(. Spillovers and connectedness in foreign exchange markets: The role of trade policy uncertainty .The Quarterly Review of Economics and Finance. https://doi.org/10.1016/j.qref.2020.09.001
-Iqbal, U., Gan, C., Nadeem, M., )2019(. Economic policy uncertainty and firm performance. Appl. Econ. Lett. 27 (10), 765–770. https://doi.org/10.1080/13504851.2019.1645272
-Jurado, K., Ludvigson,S.C., 7 Ng,S. (2015) . Measuring uncertainty, American Economic Review 105 (3) , 1188-1216. DOI: 10.1257/aer.20131193
-Ji Wu ,Yuanyun Yan, Minghua Chen, Bang NamJeon ,)2022(, Monetary policy, economic uncertainty and bank risk: Cross-country evidence. Journal of International Money and Finance. https://doi.org/10.1016/j.jimonfin.2021.102580.
- Kale Süleyman, Akkaya Murat (2016), The Relation between Confidence Climate and Stock Returns: The Case of Turkey, Procedia Economics and Finance, 38 ( 2016 ) 150 – 162. https://doi.org/10.1016/S2212-5671(16)30186-1
-Kaifeng Li ,Bobo Xia ,Yun Chen ,Ning Ding ,Jie Wang .)2021(,Environmental uncertainty, financing constraints and corporate investment: Evidence from China. Pacific-Basin Finance Journal. https://doi.org/10.1016/j.pacfin.2021.101665.
-Kang, W., & Ratti, R. A. (2013). Oil shock, policy uncertainty and stock market return. J. int. finance. Markets inst. Money. 26: 305-318. https://doi.org/10.1016/j.intfin.2013.07.001
-Kydland, F. and Prescott, E. (1982) Time to Build and Aggregate Fluctuations; Econometrica, November, Vol. 50(6): 1345-70. https://doi.org/10.2307/1913386
- Kose, M.; Prased, E. and Terrones, M. (2004) How Do Trade and Frnancial Integration Affect the Relationship Between Growth & Volatility; Vol. 31, May. https://doi.org/10.1016/j.jinteco.2005.05.009
-Laker, B., Roulet, T., )2019(. How companies can adapt during times of political uncertainty. Harv. Bus. Rev. https://hbr.org/2019/02/how-companies-can-adapt-during-times-of-political-uncertainty.
-Ludvigson, S. C., & Ng, S. (2009). Macro Factors in Bond Risk Premia.Review of Financial Studies. 22(12): 5027–67. https://doi.org/10.1093/rfs/hhp081.
-Le, T.N.L., Nasir, M.A., Huynh, T.L.D., )2020(. Capital requirements and banks performance under Basel-III: A comparative analysis of Australian and British banks. Quarter. Rev. Econom. Finance. DOI:10.1016/j.qref.2020.06.001
-Max Floetotto, Nir Jaimovich, Itay Saporta-Eksten, and Stephen J Terry, )2018(, Really uncertain business cycles, Econometrica, , 86 (3), 1031-1065.https://doi.org/10.3982/ECTA10927.
-Monetary Policy Committee.)2012(.The Transmission Mechanism of Monetary Policy. Availableonlin//www.bankofengland.co.uk/publications/Documents/other/monetary/montrans.pdf (accessed on 31March 2014).
-Mirza, S.S., Ahsan, T., )2020(. Corporates’ strategic responses to economic policy uncertainty in China. Bus. Strategy Environ. 29 (2), 375–389.https://doi.org/10.1002/bse.2370
-Mirman, L. (1981),Uncertainty and Optional Consumption Decissions; Econometrical, January, Vol. 39 (1): 179-185. https://doi.org/10.2307/1909149
-Mosab I Tabash, Umar Farooq,Khurram Ashfaq ,Aviral Kumar Tiwari.)2022(, Economic policy uncertainty and financing structure: A new panel data evidence from selected Asian economies. Research in International Business and Finance. https://doi.org/10.1016/j.ribaf.2021.101574.
-Nasir, M.A., )2020(. Forecasting inflation under uncertainty: The forgotten dog and the frisbee. Technological Forecasting & Social Change. 158, 120172. https://doi.org/10.1016/j.techfore.2020.120172
-Neanidis, Kyriakos C., Savva, Christos S., )2013(. "Macroeconomic uncertainty, inflation and growth: Regime-dependent effects in the G7," Journal of Macroeconomics, Elsevier, vol. 35 (C), p. 81-92. https://doi.org/10.1016/j.jmacro.2012.10.005
-Nguyen, T.C., )2022(. Economic policy uncertainty: The probability and duration of economic recessions in major European countries. https://doi.org/10.1016/j.ribaf.2022.101701.
-Ng, J., Saffar, W., Zhang, J.J., )2020(. Policy uncertainty and loan loss provision in the banking industry. Rev. Acc. Stud. 25, 726–777. http://dx.doi.org/10.2139/ssrn.3051494
-Oberndorfer, U., Schmidt, P., Wagner, M. & Ziegler, A. (2013), Does the stock market value the inclusion in a sustainability stock index? An event study analysis for German firms. Journal of Environmental Economics and Management, 66(3): 497-509. https://doi.org/10.1016/j.jeem.2013.04.005
- Odean T. , (1998), Are Investors Reluctant to Realize Their Losses?, Journal of Finance, Vol. 53, pp. 1775-1798. https://doi.org/10.1111/0022-1082.00072
-Office of Management and Budget The white house Washington .(2022). Analytical Perspectives, Budget of the United States Government.Availableonlin://www.whitehouse.gov/wp content/uploads/2022/04/spec_fy2023.pdf
-Ongsakul, V., Treepongkaruna, S., Jiraporn, P., Uyar, A., (2021). Do firms adjust corporate governance in response to economic policy uncertainty? Evidence from board size. Financ. Res. Lett. 39, 101613. https://doi.org/10.1016/j.frl.2020.101613
-Panetta, F. (2002), The stability of the relation between the stock market and macroeconomic forces. Economic Notes, 31(3): 417-450. This Version is available at: http://hdl.handle.net/11159/454926
-Pastor, L., & Voronesi. P. (2013). Political uncertainty and risk premia. Journal of Finance Economic. 110: 520-545. https://doi.org/10.1016/j.jfineco.2013.08.007.
-Pereira, R. M. (2008); "Investment and Uncertainty in Machinery and Real Estate". Revista Brasileira de Economia, 62 (3): 279-298. https://doi.org/10.1590/S0034-71402008000300003
-Pindyck, R.S. (1982). Adjustment Costs, Uncertainty, and the Behavior of the Firm. American Economic Review, 72, 415-427. https://www.jstor.org/stable/1831541
-Pindyck, R.S. (1988). Irreversible Investment, Capacity Choice, and the Value of the Firm. American Economic Review, 78, 969-985. https://www.jstor.org/stable/1807160
-Reza Tajaddini a, Hassan F. Gholipour,(2021), Economic uncertainty and business formation: A cross-country analysis, Journal of Business Venturing Insights. https://doi.org/10.1016/j.jbvi.2021.e00274.
-Raghavendra, R.H., Velmurugan, P.S., (2016). Relationship between spot and futures markets of selected agricultural commodities in India: an efficiency and causation analysis. Soc. Sci. Electron. Publishing 5 (1), 1–8. DOI:10.4172/2167-0234.1000160
-Schmeling, M. (2009). Investor sentiment and stock returns: Some international evidence. Journal of Empirical Finance, 16(3), 394-408 https://doi.org/10.1016/j.jempfin.2009.01.002
-Serven, L. (1998). Macro Economic Uncertainity and Private Investment in Developing Countries an Empirical Investigation. Policy Research Working Paper, 2035, World Bank, Development Research.Group, Macro economics. https://doi.org/10.1596/1813-9450-2035.
- Stock, J. H., & Watson, M. W. (2006). Forecasting with Many Predictors. In Handbook of Forecasting, edited by Hashem M. Pesaran and Martin Weale, 515–54. DOI: 10.1016/S1574-0706(05)01010-4
-Syed Shams ,Abeyratna Gunaskerage ,Eswaran Velayutham. (2022), Economic policy uncertainty and acquisition performance: Australian evidence. International Review of Economics & Finance. https://doi.org/10.1016/j.iref.2021.12.004.
-Schwarz, L.A.D., Dalm´acio, F.Z., (2020). The relationship between economic policy uncertainty and corporate leverage: evidence from Brazil. Financ. Res. Lett., 101676. https://doi.org/10.1016/j.frl.2020.101676
-Svensson L.E.O (2017). Leaning Against the Wind: The Role of Different Assumptions About the Costs. National Bureau of Economic Research, Inc.NBER Working Papers 23745. DOI 10.3386/w23745
-Sydney C. Ludvigson ,NYU and NBER, Serena .Ng .(2021),Columbia University ,Appendix for Updates of Uncertainty Data, Department of Economics, New York University Availableonlin://www.sydneyludvigson.com/data-and-appendixes.
-Su, X., Zhou, S., Xue, R., Tian, J., (2020). Does economic policy uncertainty raise corporate precautionary cash holdings? Evidence from China. Account. Finance. https://doi.org/10.1111/acfi.12674
-Thanh Cong Nguyen ,(2021) , Economic policy uncertainty and bank stability: Does bank regulation and supervision matter in major European economies? Journal of International Financial Markets, Institutions & Money. https://doi.org/10.1016/j.intfin.2021.101387.
-Tiwari, A.K., Nasir, M.A., Shahbaz, M., (2020). Synchronisation of policy related uncertainty, financial stress and economic activity in the United States. International Journal of Finance and Economics. https://doi.org/10.1002/ijfe.2127
-Wen, F., Li, C., Sha, H., Shao, L., (2020). How does economic policy uncertainty affect corporate risk-taking? Evidence from China. Finance Research Letters. https://doi.org/10.1016/j.frl.2020.101840.
-Wang Fengrong, Mbanyele William, Muchenje Linda. (2022). Economic policy uncertainty and stock liquidity: The mitigating effect of information disclosure. Research in International Business and Finance. https://doi.org/10.1016/j.ribaf.2021.101553.
-Weixing Wu, Jing Zhao.(2021). Economic Policy Uncertainty and Household Consumption: Evidence from Chinese Household. Journal of Asian Economics. https://doi.org/10.1016/j.asieco.2021.101436
-Yao Ma, Baochen Yang, Yunpeng Su.(2021). Stock return predictability: Evidence from moving averages of trading volume. Pacific-Basin Finance Journal. https://doi.org/10.1016/j.pacfin.2021.101494.
-Yongjian Lyu, Heling Yi, Yu Wei, Mo Yang,(2021). Revisiting the role of economic uncertainty in oil price fluctuations: Evidence from a new time-varying oil market model, J. Int.Economic Modelling. DOI: 10.1016/j.econmod.2021.105616
-Ying Sophie Huang ، Jiajia Wua ،Feng Guoc,(2022), Venture capital staging under economic policy uncertainty . International Review of Economics & Finance. https://doi.org/10.1016/j.iref.2022.01.006.
-Yongjian Lyu, Heling Yi, Yu Wei ,Mo Yang . (2021) .Revisiting the role of economic uncertainty in oil price fluctuations: Evidence from a new time-varying oil market model. Economic Modelling. https://doi.org/10.1016/j.econmod.2021.105616.
-برگ بید، احمد؛ جعفری، علی و صالح نژاد، سید حسن (1400)، ارائه الگوی ترکیبی سه بعدی (مالی، اقتصادی، پایداری)، فصلنامه پژوهش¬هاي حسابداري مالي و حسابرسي، سال سیزدهم، شماره 51. 20.1001.1.23830379.1400.13.51.6.5
-تلنگی، ا (1383)، تقابل نظریه نوین مالی و مالی رفتار. پژوهش¬های مالی 6. (17)، 25-3. 20.1001.1.10248153.1383.6.1.1.1
-چاوشی سیدکاظم، شریفی عارفه،(1401)، مدل¬سازی اثر نوسانات قيمت نفت اوپک بر احساسات سرمايه-گذاران ايرانی با استفاده از رابطه غير خطی و پارامتر ـ متغير بر حسب زمان، فصلنامـه اقتصاد مالی، دوره 16، زمستان 1401. 10.30495/fed.2023.698842
-حيدرپور، فرزانه، يداله تاري وردي و مريم محرابي، (1392) تاثیر گرايش¬هاي احساسي سرمايه¬گذاران بر بازده سهام. فصلنامه علمي پژوهشي دانش مالي تحليل اوراق بهادار، سال ششم، شماره هفده ام، بهار1392.
-دانش عسگری،ت.(1390)، بررسـی تأثیر پیش¬بینی سـود مدیریت بر ریسـک و ارزش شـرکت¬های پذیرفته شـده در بورس اوراق بهادار تهران. پايان¬نامه كارشناسـي ارشد، دانشـگاه آزاد اسلامی واحد اراک.
-دادرس کیوان، طلوعی اشلقی عباس، رادفر رضا، (1397)، نقش مالی رفتاری در درک رفتار سرمایه¬گذاران فردی(مرور شواهد تجربی از بورس اوراق بهادار تهران)، فصلنامـه علمي پژوهشي دانش سرمايه-گـذاري، سال هفتم، شماره28، زمستان1397.
- رستمی ژیلا، فتاحی شهرام، سهیلی کیومرث، (1402)، مدل¬سازی و تخمین بازده بورس اوراق بهادار تهران با استفاده از مدل¬های پویا، فصلنامـه اقتصاد مالی، دوره 17، شماره 62، بهار 1402. 10.30495/fed.2023.700132
-رودپشتی، ف.ر؛ هیبتی، ف.؛ موسوی، س. ر(1391)، بررسی الگوی ریاضی انتخاب پرتفوی سرمایه¬گذاری مبتنی بر مالی رفتاری. مجله مهندسی مالی و مدیریت اوراق بهادار. دوره 3، شماره 12 ، مهر 1391 20.1001.1.22519165.1391.3.12.2.7
- سعیدی، علی؛ فراهانیان، جواد . مبانی اقتصاد و مالی رفتاری(1395) شرکت اطلاع رسانی و خدمات بورس. 978-600-5959-15-4
-سینایی، ح.، و داودی، ع. (1388)، بررسی رابطه شفاف¬سازی اطلاعات مالی و رفتار سرمایه¬گذاران در بورس اوراق بهادار تهران. نشریه تحقیقات مالی. 20.1001.1.10248153.1388.11.27.3.0
-شـباهنگ،ر.(1381)، مرکز تحقیقات تخصصی حسـابداری و حسابرسی، سـازمان حسابرسی، نشـریه 151، تئوری حسابداری جلـد اول،چاپ اول. شابک 13 رقمی: 9789646285774
-صامتی، مجید؛ شریفی رنانی، حسین و امامی میبدی، مریم (1400)، بررسی تأثیر سیاست¬های مالی در رفاه اجتماعی کشور، با¬توجه به شوک¬های مخارج دولتی، پولی و بهره¬وری، نشریه علمی (فصلنامه) پژوهش¬ها و سیاست¬های اقتصادی، دوره 29، شماره 97. 10.52547/qjerp.29.97.199
- کیقبادی، امیر رضا و احمدی، محمد(1395)، مقایسه کارایی روش¬های GARCH و ARCH در پیش-بینی ارزش در معرض ریسک جهت انتخاب پرتفولیوی بهینه، فصلنامه پژوهش¬هاي حسابداري مالي و حسابرسي، سال هشتم، شماره 32. 20.1001.1.23830379.1395.8.32.4.0
- معلمی عباس خداپرست سالک، رضایی فرزین، خردیار سینا، وطن¬پرست محمدرضا، (1401)، آزمون تجربی مالی رفتاری:ارزیابی مقایسه کارایی مدل¬های هزینه سهام عادی تحت تاثیرویژگی¬های بنیادین شرکت¬ها، فصلنامـه اقتصاد مالی، دوره 16،شماره 61، زمستان 1401. doi: 10.30495/fed.2023.698841
- Abel, A. B. (1983). Optimal Investment Under Uncertainty. The American Economic Review, 73(1), 228–233. http://www.jstor.org/stable/1803942.
-Ahsan, T., Mirza, S.S., Al-Gamrh, B., Bin-Feng, C., )2021(. Economic policy uncertainty and sustainable financial growth: Does business strategy matter ,Finance Research Letters. https://doi.org/10.1016/j.frl.2021.102381
- Ahsan, T., Mirza, S.S., Al-Gamrh, B., Bin-Feng, C. and Rao, Z.-U. (2021), "How to deal with policy uncertainty to attain sustainable growth: the role of corporate governance", Corporate Governance, Vol. 21 No. 1, pp. 78-91. https://doi.org/10.1108/CG-04-2020-0121
-Allen, W. David and Evans A. Dorla, (2005), "Bidding and Overconfidence in Experimental Financial Markets", The Journal of Behavioral Finance, Vol.6, No.3, pp.108 120. https://doi.org/10.1207/s15427579jpfm0603_1
-Ashraf, B.N., Shen, Y., )2019(. Economic policy uncertainty and banks’ loan pricing. J. Financ. Stab. 44, 1–12. https://doi.org/10.1016/j.jfs.2019.100695
-Andrew B. Abel, Avinash Dixit, Janice C. Eberly and Robert Pindyck, Options (1996). The Value of Capital, and Investment. The Quarterly Journal of Economics, 1996, vol. 111, issue 3, 753-777. https://doi.org/10.2307/2946671
-Angelini, Giovanni, Emanuele Bacchiocchi, Giovanni Caggiano, and Luca Fanelli, (2019), Uncertainty across volatility regimes,Journal of Applied Econometrics. https://doi.org/10.1002/jae.2672
-Antonakakis, N., Chatziantoniou, I., & Filis. G. (2013). Dynamic co-movements between stock market returns and policy uncertainty. Econ. 120 (1): 87-92. https://doi.org/10.1016/j.econlet.2013.04.004
-Ajevskis, Vet. (2007); " Inflation and Inflation Uncertainty in Latvia". Working Papers. No. 2007/04. Handle: RePEc:ltv:wpaper:200704
-Barberis, N., & Thaler, R. (2003). A survey of behavioral finance. In G. M. Constantinides, M. Harris & R. M. Stulz (Eds.), Handbook of the Economics of Finance (Vol. Volume 1, Part B, pp. 1053-1128). Amsterdam, The Netherlands: Elsevier. DOI 10.3386/w9222
-Baker, S, R., Bloom , N, & Davis , S. J.(2016) .Measuring economic policy uncertainty.The Quarterly Journal of Economics 131(4) , 1593-1636. https://doi.org/10.1093/qje/qjw024
-Bakas, D., Triantafyllou, A., )2018(. The impact of uncertainty shocks on the volatility of commodity prices. J. Int. Money Finance 87, 96–111. https://doi.org/10.1016/j.jimonfin.2018.06.001
-Boyan, Jovanovic and Sai Ma (2020). Uncertainty and Growth Disasters. International Finance Discussion Papers 1279. https://doi.org/10.17016/IFDP.2020.1279
-Boyd, J. H. & Smith, B. D. (1998), Capital market imperfections in a monetary growth model. Economic Theory, 11(2): 241-27. https://www.jstor.org/stable/25055079
-Bordo, M.D, Siklos P, (2017a). Central Bank Credibility before and after the Crisis, Open Economies Review, 1(28), 19-45. DOI: 10.1007/s11079-016-9411-2
-Blackburn, K. (2001) Can Stabilisation Policy Reduce Long-Run Growth; The Economic Journal. Vol. 109, January: 70. https://doi.org/10.1111/1468-0297.00391
-Bekoe, William, Adom. K., Philip, )2013(. "Macroeconomic Uncertainty and Private Investment in Ghana:An Empirical Investigation," International Journal of Economics and Financial Issues, Econjournals, vol. 3 (2), p.276-293. https://www.econjournals.com/index.php/ijefi/article/view/394
-Bernanke, B. S. (1983). Irreversibility, Uncertainty, and Cyclical Investment. Quarterly Journal of Economics. 98(1), 85 –106. Journal of Econometrics. 146(2): 304–17. https://doi.org/10.2307/1885568
-Baldassarre, F. & Campo, R. (2016), Sustainability as a marketing tool: To be or to appear to be? Business Horizons, 59(4): 421-429. https://doi.org/10.1016/j.bushor.2016.03.005
-Bailey, R.E. (2005). The Economics of Financial Markets, Cambridge University Press, 548 pages.
https://doi.org/10.1017/CBO9780511817458
-Bianchi, Francesco, Cosmin L. Ilut, and Martin Schneider. )2014(. Uncertainty Shocks, Asset Supply and Pricing over the Business Cycle; NBREWorking Paper Series No. 20081. Cambridge: National Bureau of Economic Research. DOI 10.3386/w20081
-Bloom, Nicholas. )2009(. The Impact of Uncertainty Shocks. Econometrica 77: 623–85.18. https://doi.org/10.3982/ECTA6248
-Bermpei, T., Kalyvas, A., Nguyen, T.C., )2018(. Does institutional quality condition the effect of bank regulations and supervision on bank stability? Evidence from emerging and developing economies. Int. Rev. Financ. Anal. 59, 255–275. https://doi.org/10.1016/j.irfa.2018.06.002
-Caballero, R. J. (1991). On the Sign of the Investment-Uncertainty Relationship. The American Economic Review, 81(1), 279-288. https://www.jstor.org/stable/2006800
-Carriero, Andrea, Todd E Clark, and Massimiliano Marcellino, )2018(, Measuring uncertainty and its impact on the economy,Review of Economics and Statistics, 100 (5), 799.815. https://doi.org/10.1162/rest_a_00693
-Campbell, J.Y., Giglio, S., Polk, C., Turley, R., )2018(. An intertemporal CAPM with stochastic volatility. J. Financ. Econ. 128 (2), 207–233. https://doi.org/10.1016/j.jfineco.2018.02.011
-Chen, Zengjing, and Larry G. Epstein. )2002(. Ambiguity, Risk, and Asset Returns in Continuous Time. Econometrica 70: 1403–45. [CrossRef]. DOI:10.1111/1468-0262.00337
-Consolandi, C., Jaiswal-Dale, A., Poggiani, E. & Vercelli, A. (2009), Global standards and ethical stock indexes: The case of the Dow Jones Sustainability Stoxx Index. Journal of Business Ethics, 87(1): 185-197. DOI:10.1007/s10551-008-9793-1
-Cheung, A. W. K. (2011), Do stock investors value corporate sustainability? Evidence from an event study. Journal of Business Ethics, 99(2): 145-165. DOI:10.1007/s10551-010-0646-3
-Chi, Q., Li, W., )2017(. Economic policy uncertainty, credit risks and banks’ lending decisions: Evidence from Chinese commercial banks. China J. Account. Res. 10, 33–50. https://doi.org/10.1016/j.cjar.2016.12.001
-Chih-Hsiang Hsu, Hsiu-Chuan Lee ,Donald Lien, )2020(, Stock market uncertainty, volatility connectedness of financial institutions, and stock-bond return correlations. International Review of Economics & Finance. https://doi.org/10.1016/j.iref.2020.08.002
-De Souza Cunha, F. A. F. & Samanez, C. P. (2013), Performance analysis of sustainable investments in the Brazilian stock market: a study about the corporate sustainability index (ISE). Journal of Business Ethics, 117(1): 19-36. DOI:10.1007/s10551-012-1484-2
-Dagher, J., Dell’Ariccia, G., Laeven, L., Ratnovski, L., Tong, H., )2020(. Bank capital: A Seawall approach. Int. J. Central Bank. 16, 249–291. Handle: RePEc:ijc:ijcjou:y:2020:q:1:a:7
-Ellsberg, Daniel. )1961(. Risk, Ambiguity, and the Savage Axioms. Quarterly Journal of Economics 75: 643–69.[CrossRef]. https://doi.org/10.2307/1884324
-Epstein, Larry G., and Tan Wang. )1994(. Intertemporal Asset Pricing under Knightian Uncertainty. Econometrica 57:937–69. [CrossRef]. https://doi.org/10.2307/2951614
-Epstein, Larry G., and Martin Schneider. )2010(. Ambiguity and Asset Markets. Annual Reviews of Financial Economics 2: 315–34. [CrossRef]. DOI 10.3386/w16181
-Fama, E. F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance, 25(2), 383-417. https://doi.org/10.2307/2325486
-Fatas, A. (2002) The Effect of Business Cycles on Growth; working paper, No. 156, May. Handle: RePEc:chb:bcchwp:156
-Fazio D.M, Tabak B.M, Daniel O. Cajueiro D.O. (2015). Inflation targeting: Is IT to blame for banking system instability. Journal of Banking & Finance, 59, 76–97. https://doi.org/10.1016/j.jbankfin.2015.05.016
-Fama, Eugene F., and Kenneth R. French. )1993(. Common Risk Factors in the Returns on Stocks and Bonds. Journal of Financial Economics 33: 3–56. [CrossRef]. https://doi.org/10.1016/0304-405X(93)90023-5
-Fernandes, J. L. B.,Pena, J.I., &Tabak, B. (2010). Behavior finance and estimation risk in stochastic portfolio optimization. Applied Financial Economics, https://doi.org/10.1080/09603100903493211.
-Fountas, S., Karanasos, M., )2006(, "The relationship between economic growth and real uncertainty in the G3", Econ Model, Vol.23, No. 4, pp:638–647. https://doi.org/10.1016/j.econmod.2006.03.002
-Golob, J., (1994), "Does Inflation Uncertainty Increase with Inflation?" Federal Reserve Bank of Kansas City Economic Review 79:pp. 27-38. Handle: RePEc:fip:fedker:y:1994:i:qiii:p:27-38:n:v.79no.3
-Gospodinov, N, Jamali, I.,(2015). The response of stock market volatility to futures-based measures of monetary policy shocks, International Review of Economics and Finance, Elsevier, vol. 37(C), 42- 54. https://doi.org/10.1016/j.iref.2014.11.001
-Gomes, Joao, Leonid Kogan, and Lu Zhang. )2003(. Equilibrium Cross Section of Returns. Journal of Political Economy 117: 941–86. [CrossRef]. https://doi.org/10.1086/375379
-Gulen, H. & lon, M. (2013). Policy uncertainty and corporate investment. The Review of Financial Studies. 29 (3): 523- 564. https://doi.org/10.1093/rfs/hhv050
-Guceri, I., Albinowski, M., )2021(. Investment responses to tax policy under uncertainty. J. Financ. Economics، Volume 141, Issue 3, September 2021.https://doi.org/10.1016/j.jfineco.2021.04.032.
-Hartman, R. (1972). The Effects of Price and Cost Uncertainty on Investment. Journal of Economic Theory, 5, 258-266. https://doi.org/10.1016/0022-0531(72)90105-6
-Heba Ali, Aya Yasser Hegazy, )2022(, Dividend policy, risk and the cross-section of stock returns: Evidence from India. International Review of Economics & Finance. Volume, https://doi.org/10.1016/j.iref.2022.02.002
-Helmut L and Markus (2004). “Appiled Time Series Econometrics”. in Cambridge Books from Cambridge University Press. https://doi.org/10.1017/CBO9780511606885
-Hengge, Martina,(2019).Uncertainty as a Predictor of Economic Activity. Graduate Institute of International and Development Studies International Economics Department Working Paper Series. http://hdl.handle.net/10419/230325
-Huynh, T.L.D., Nasir, M.A., Nguyen, D.K., )2020(. Spillovers and connectedness in foreign exchange markets: The role of trade policy uncertainty .The Quarterly Review of Economics and Finance. https://doi.org/10.1016/j.qref.2020.09.001
-Iqbal, U., Gan, C., Nadeem, M., )2019(. Economic policy uncertainty and firm performance. Appl. Econ. Lett. 27 (10), 765–770. https://doi.org/10.1080/13504851.2019.1645272
-Jurado, K., Ludvigson,S.C., 7 Ng,S. (2015) . Measuring uncertainty, American Economic Review 105 (3) , 1188-1216. DOI: 10.1257/aer.20131193
-Ji Wu ,Yuanyun Yan, Minghua Chen, Bang NamJeon ,)2022(, Monetary policy, economic uncertainty and bank risk: Cross-country evidence. Journal of International Money and Finance. https://doi.org/10.1016/j.jimonfin.2021.102580.
- Kale Süleyman, Akkaya Murat (2016), The Relation between Confidence Climate and Stock Returns: The Case of Turkey, Procedia Economics and Finance, 38 ( 2016 ) 150 – 162. https://doi.org/10.1016/S2212-5671(16)30186-1
-Kaifeng Li ,Bobo Xia ,Yun Chen ,Ning Ding ,Jie Wang .)2021(,Environmental uncertainty, financing constraints and corporate investment: Evidence from China. Pacific-Basin Finance Journal. https://doi.org/10.1016/j.pacfin.2021.101665.
-Kang, W., & Ratti, R. A. (2013). Oil shock, policy uncertainty and stock market return. J. int. finance. Markets inst. Money. 26: 305-318. https://doi.org/10.1016/j.intfin.2013.07.001
-Kydland, F. and Prescott, E. (1982) Time to Build and Aggregate Fluctuations; Econometrica, November, Vol. 50(6): 1345-70. https://doi.org/10.2307/1913386
- Kose, M.; Prased, E. and Terrones, M. (2004) How Do Trade and Frnancial Integration Affect the Relationship Between Growth & Volatility; Vol. 31, May. https://doi.org/10.1016/j.jinteco.2005.05.009
-Laker, B., Roulet, T., )2019(. How companies can adapt during times of political uncertainty. Harv. Bus. Rev. https://hbr.org/2019/02/how-companies-can-adapt-during-times-of-political-uncertainty.
-Ludvigson, S. C., & Ng, S. (2009). Macro Factors in Bond Risk Premia.Review of Financial Studies. 22(12): 5027–67. https://doi.org/10.1093/rfs/hhp081.
-Le, T.N.L., Nasir, M.A., Huynh, T.L.D., )2020(. Capital requirements and banks performance under Basel-III: A comparative analysis of Australian and British banks. Quarter. Rev. Econom. Finance. DOI:10.1016/j.qref.2020.06.001
-Max Floetotto, Nir Jaimovich, Itay Saporta-Eksten, and Stephen J Terry, )2018(, Really uncertain business cycles, Econometrica, , 86 (3), 1031-1065.https://doi.org/10.3982/ECTA10927.
-Monetary Policy Committee.)2012(.The Transmission Mechanism of Monetary Policy. Availableonlin//www.bankofengland.co.uk/publications/Documents/other/monetary/montrans.pdf (accessed on 31March 2014).
-Mirza, S.S., Ahsan, T., )2020(. Corporates’ strategic responses to economic policy uncertainty in China. Bus. Strategy Environ. 29 (2), 375–389.https://doi.org/10.1002/bse.2370
-Mirman, L. (1981),Uncertainty and Optional Consumption Decissions; Econometrical, January, Vol. 39 (1): 179-185. https://doi.org/10.2307/1909149
-Mosab I Tabash, Umar Farooq,Khurram Ashfaq ,Aviral Kumar Tiwari.)2022(, Economic policy uncertainty and financing structure: A new panel data evidence from selected Asian economies. Research in International Business and Finance. https://doi.org/10.1016/j.ribaf.2021.101574.
-Nasir, M.A., )2020(. Forecasting inflation under uncertainty: The forgotten dog and the frisbee. Technological Forecasting & Social Change. 158, 120172. https://doi.org/10.1016/j.techfore.2020.120172
-Neanidis, Kyriakos C., Savva, Christos S., )2013(. "Macroeconomic uncertainty, inflation and growth: Regime-dependent effects in the G7," Journal of Macroeconomics, Elsevier, vol. 35 (C), p. 81-92. https://doi.org/10.1016/j.jmacro.2012.10.005
-Nguyen, T.C., )2022(. Economic policy uncertainty: The probability and duration of economic recessions in major European countries. https://doi.org/10.1016/j.ribaf.2022.101701.
-Ng, J., Saffar, W., Zhang, J.J., )2020(. Policy uncertainty and loan loss provision in the banking industry. Rev. Acc. Stud. 25, 726–777. http://dx.doi.org/10.2139/ssrn.3051494
-Oberndorfer, U., Schmidt, P., Wagner, M. & Ziegler, A. (2013), Does the stock market value the inclusion in a sustainability stock index? An event study analysis for German firms. Journal of Environmental Economics and Management, 66(3): 497-509. https://doi.org/10.1016/j.jeem.2013.04.005
- Odean T. , (1998), Are Investors Reluctant to Realize Their Losses?, Journal of Finance, Vol. 53, pp. 1775-1798. https://doi.org/10.1111/0022-1082.00072
-Office of Management and Budget The white house Washington .(2022). Analytical Perspectives, Budget of the United States Government.Availableonlin://www.whitehouse.gov/wp content/uploads/2022/04/spec_fy2023.pdf
-Ongsakul, V., Treepongkaruna, S., Jiraporn, P., Uyar, A., (2021). Do firms adjust corporate governance in response to economic policy uncertainty? Evidence from board size. Financ. Res. Lett. 39, 101613. https://doi.org/10.1016/j.frl.2020.101613
-Panetta, F. (2002), The stability of the relation between the stock market and macroeconomic forces. Economic Notes, 31(3): 417-450. This Version is available at: http://hdl.handle.net/11159/454926
-Pastor, L., & Voronesi. P. (2013). Political uncertainty and risk premia. Journal of Finance Economic. 110: 520-545. https://doi.org/10.1016/j.jfineco.2013.08.007.
-Pereira, R. M. (2008); "Investment and Uncertainty in Machinery and Real Estate". Revista Brasileira de Economia, 62 (3): 279-298. https://doi.org/10.1590/S0034-71402008000300003
-Pindyck, R.S. (1982). Adjustment Costs, Uncertainty, and the Behavior of the Firm. American Economic Review, 72, 415-427. https://www.jstor.org/stable/1831541
-Pindyck, R.S. (1988). Irreversible Investment, Capacity Choice, and the Value of the Firm. American Economic Review, 78, 969-985. https://www.jstor.org/stable/1807160
-Reza Tajaddini a, Hassan F. Gholipour,(2021), Economic uncertainty and business formation: A cross-country analysis, Journal of Business Venturing Insights. https://doi.org/10.1016/j.jbvi.2021.e00274.
-Raghavendra, R.H., Velmurugan, P.S., (2016). Relationship between spot and futures markets of selected agricultural commodities in India: an efficiency and causation analysis. Soc. Sci. Electron. Publishing 5 (1), 1–8. DOI:10.4172/2167-0234.1000160
-Schmeling, M. (2009). Investor sentiment and stock returns: Some international evidence. Journal of Empirical Finance, 16(3), 394-408 https://doi.org/10.1016/j.jempfin.2009.01.002
-Serven, L. (1998). Macro Economic Uncertainity and Private Investment in Developing Countries an Empirical Investigation. Policy Research Working Paper, 2035, World Bank, Development Research.Group, Macro economics. https://doi.org/10.1596/1813-9450-2035.
- Stock, J. H., & Watson, M. W. (2006). Forecasting with Many Predictors. In Handbook of Forecasting, edited by Hashem M. Pesaran and Martin Weale, 515–54. DOI: 10.1016/S1574-0706(05)01010-4
-Syed Shams ,Abeyratna Gunaskerage ,Eswaran Velayutham. (2022), Economic policy uncertainty and acquisition performance: Australian evidence. International Review of Economics & Finance. https://doi.org/10.1016/j.iref.2021.12.004.
-Schwarz, L.A.D., Dalm´acio, F.Z., (2020). The relationship between economic policy uncertainty and corporate leverage: evidence from Brazil. Financ. Res. Lett., 101676. https://doi.org/10.1016/j.frl.2020.101676
-Svensson L.E.O (2017). Leaning Against the Wind: The Role of Different Assumptions About the Costs. National Bureau of Economic Research, Inc.NBER Working Papers 23745. DOI 10.3386/w23745
-Sydney C. Ludvigson ,NYU and NBER, Serena .Ng .(2021),Columbia University ,Appendix for Updates of Uncertainty Data, Department of Economics, New York University Availableonlin://www.sydneyludvigson.com/data-and-appendixes.
-Su, X., Zhou, S., Xue, R., Tian, J., (2020). Does economic policy uncertainty raise corporate precautionary cash holdings? Evidence from China. Account. Finance. https://doi.org/10.1111/acfi.12674
-Thanh Cong Nguyen ,(2021) , Economic policy uncertainty and bank stability: Does bank regulation and supervision matter in major European economies? Journal of International Financial Markets, Institutions & Money. https://doi.org/10.1016/j.intfin.2021.101387.
-Tiwari, A.K., Nasir, M.A., Shahbaz, M., (2020). Synchronisation of policy related uncertainty, financial stress and economic activity in the United States. International Journal of Finance and Economics. https://doi.org/10.1002/ijfe.2127
-Wen, F., Li, C., Sha, H., Shao, L., (2020). How does economic policy uncertainty affect corporate risk-taking? Evidence from China. Finance Research Letters. https://doi.org/10.1016/j.frl.2020.101840.
-Wang Fengrong, Mbanyele William, Muchenje Linda. (2022). Economic policy uncertainty and stock liquidity: The mitigating effect of information disclosure. Research in International Business and Finance. https://doi.org/10.1016/j.ribaf.2021.101553.
-Weixing Wu, Jing Zhao.(2021). Economic Policy Uncertainty and Household Consumption: Evidence from Chinese Household. Journal of Asian Economics. https://doi.org/10.1016/j.asieco.2021.101436
-Yao Ma, Baochen Yang, Yunpeng Su.(2021). Stock return predictability: Evidence from moving averages of trading volume. Pacific-Basin Finance Journal. https://doi.org/10.1016/j.pacfin.2021.101494.
-Yongjian Lyu, Heling Yi, Yu Wei, Mo Yang,(2021). Revisiting the role of economic uncertainty in oil price fluctuations: Evidence from a new time-varying oil market model, J. Int.Economic Modelling. DOI: 10.1016/j.econmod.2021.105616
-Ying Sophie Huang ، Jiajia Wua ،Feng Guoc,(2022), Venture capital staging under economic policy uncertainty . International Review of Economics & Finance. https://doi.org/10.1016/j.iref.2022.01.006.
-Yongjian Lyu, Heling Yi, Yu Wei ,Mo Yang . (2021) .Revisiting the role of economic uncertainty in oil price fluctuations: Evidence from a new time-varying oil market model. Economic Modelling. https://doi.org/10.1016/j.econmod.2021.105616.
