Document Type: Original Article


1 Department of Accounting and Management, Gonbad Kavoos Branch, Islamic Azad University, Gonbad Kavoos, Iran

2 Department of Accounting, Minoodasht Branch, Islamic Azad University, Minoodasht, Iran

3 Department of Accounting and Management, Gonbad Kavoos Branch, Islamic Azad University, Gonbad Kavoos, Iran

4 Department of Public Administration, Payam Noor University, PO BOX 19395-4697 Tehran, Iran

5 Young Researchers and Elite Club, East Azarbaijan Science and Research Branch, Islamic Azad University, Tabriz, Iran


This study investigates the separate relationships between three macroeconomic variables the consumer price index, oil prices, and foreign exchange rates and the consolidated price movements of a 24-industry index of stocks listed on the Tehran Stock Exchange during 2003–2009. We hypothesize a significant and direct relation between each macro variable and price movements of the 24-industry index. To test our hypotheses, we use econometric methods that include ordinary least squares (OLS), linear regression, the Dickey–Fuller test, the Phillips–Perron unit root test, the F test, and the White test. Results indicate a direct and significant relation between the CPI and the 24-industry index. However, results confirm that there is no significant relation between either the oil price or the exchange rate and the index during the period examined.


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