Personal Finances vs. the Overall Economic Conditions: What Drives the New EU Member States’ Stock Markets?

Lolić, Ivana; Sorić, Petar; Čižmešija, Mirjana

dc.contributor.author	Lolić, Ivana	en
dc.contributor.author	Sorić, Petar	en
dc.contributor.author	Čižmešija, Mirjana	en
dc.date.accessioned	2018-03-05T12:15:08Z
dc.date.available	2018-03-05T12:15:08Z
dc.date.issued	2017-12-29	en
dc.identifier.issn	1508-2008	en
dc.identifier.uri	http://hdl.handle.net/11089/24207
dc.description.abstract	This paper analyses the leading characteristics of the Consumer Confidence Index (CCI) with respect to stock market returns for 11 New EU Member States. It proposes novel CCI weights by minimizing mean squared errors from regression forecasting equations, using CCI lags as regressors. With regards to the obtained “optimal” weights, the examined countries are grouped into micro‑ and macro‑oriented clusters. A strong shift is found in the weights due to the recent recession. The micro aspects (reflecting the wealth effect) severely lose their importance in the crisis, while the consumers’ macroeconomic sentiments grow in significance and constitute a separate transmission channel.	en
dc.publisher	Wydawnictwo Uniwersytetu Łódzkiego	en
dc.relation.ispartofseries	Comparative Economic Research;20	en
dc.rights	This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.	en
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/4.0	en
dc.subject	consumer confidence	en
dc.subject	business and consumer surveys	en
dc.subject	stock market	en
dc.subject	numerical optimization	en
dc.title	Personal Finances vs. the Overall Economic Conditions: What Drives the New EU Member States’ Stock Markets?	en
dc.page.number	125-142	en
dc.contributor.authorAffiliation	Lolić, Ivana - Teaching and Research Assistant, University of Zagreb, Faculty of Economics and Business Zagreb, Croatia	en
dc.contributor.authorAffiliation	Sorić, Petar - Ph.D. Assistant Professor, University of Zagreb, Faculty of Economics and Business Zagreb, Croatia	en
dc.contributor.authorAffiliation	Čižmešija, Mirjana - Ph.D. Professor, University of Zagreb, Faculty of Economics and Business Zagreb, Croatia	en
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dc.contributor.authorEmail	Sorić, Petar - psoric@efzg.hr	en
dc.contributor.authorEmail	Čižmešija, Mirjana - mcizmesija@efzg.hr	en
dc.identifier.doi	10.1515/cer-2017-0031	en

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