Asprem (1989)found that changes in industrial production,employment,and imports,the level of interest rates,and an inflation measure explained only a small portion of the variability of equity returns for 10 European countries,but that substantially more of the variation was explained by

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Asprem found that an international market index was a better explanation for the variability of equity returns for European countries, compared to changes in industrial production, employment, imports, interest rates, and inflation measures.

Asprem (1989)found That Changes in Industrial Production,employment,and Imports,the Level of Interest