Investigating effect of central bank monetary policy on stock returns of banks listed in the Tehran Stock Exchange

چکیده مقاله

One of the fundamental principles of economic policy is to evaluate effects of applying these policies on economic and non-economic variables. Such policies include monetary policy which is widely used in developing countries as a means to reach economic purposes. In the meantime, one of the most important topics which has received particular interest from economists and economic policymakers and is one of the most important elements in GDP is investing in the stock exchange that indeed is an investment in production and economy. The importance of private capital formation and its role in sustainable development of a country is obvious. In addition to the investment in the capital stock, investment an important element of national spending and therefore aggregate demand is considered. On the other hand, in the context of economic policies, the capital mentioned as a factor for creating jobs. The factors that could have an impact on investment and thus on employment, are worthy of review. The government and the role of monetary and credit policy and their impact on investment in the stock market, especially considering the heavy dependence Economic entities in developing countries, including our country, to finance, can be subject to considerable research.
The present paper aims to assess effect of central bank monetary policy on stock returns of banks listed in the Tehran Stock Exchange and for this purpose the panel data model was used. According to estimates of a specific model is the result of central bank monetary policy on stock returns is positive and significant research in selected banks. But also inflation and debt-to-equity ratio have a negative impact on stock returns in Tehran Stock Exchange has selected banks, other variables of the model have a positive impact on stock returns Banks of research. The size of the bank at 95 percent of the study had no significant effect on stock returns Banks.

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