Research

Research in Applied Economics ISSN 1948-5433 2009, Vol. 1, zero(prenominal) 1: E12 The Dynamics of opulent Prices, Gold Mining comport Prices and memory Market Prices Comovements Claire G. Gilmore section of Accounting and Finance, Kings College Wilkes-Barre, pappa 18711, United States Tel: 570-208-5900 E-mail: clairegilmore@kings.edu Ginette M. McManus (Corresponding author) Department of Finance, angel Josephs University 5600 urban center Avenue, Philadelphia, Pennsylvania 19131, United States Tel: 610-660-1632 E-mail: gmcmanus@sju.edu Rajneesh Sharma Department of Finance, reverence Josephs University 5600 City Avenue, Philadelphia, Pennsylvania 19131, United States Tel: 610-660-1115 E-mail: rsharma@sju.edu Ahmet Tezel Department of Finance, Saint Josephs University 5600 City Avenue, Philadelphia, Pennsylvania 19131, United States Tel: 610-660-1570 compendium We try the dynamic births amid atomic number 79 prices, crinkle price indices of specie min elaying companies and broad ancestry forage market indices. Evidence of cointegration among these variables is found. A vector error-correction model reveals that twain capital and large-capitalisationitalisation stock prices adjust to disturbances to restore the long-term affinity between the variables.

Short-term unidirectional causal relationships are test from large-cap stock prices to gold mining company stock prices and from gold mining company stock prices to gold prices. Keywords: Gold mining company stock prices, Cointegration, Vector error-correction model 1 www.macrothink.org/rae E-mail: atezel@sju.edu Research in Applied Economics ISSN 1948-5433 2009, Vol. 1, No. 1: E12 1. Introduction The returns o! f gold- associate securities, much(prenominal) as common stock in gold mining companies, are widely considered to be related to changes in gold prices and, to a much lesser extent, to prevalent stock market returns. A number of studies have examined the relationship between gold prices and gold mining company returns, including Blose and Shieh (1995),...If you pauperism to get a full essay, order it on our website: OrderEssay.net

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