Nazar  Dahmardeh, Mahnaz  Saeedikiya, 
    The Long Run Interaction Between Macroeconomic
Variables and Stock Prices in Iran,
    International Business Management,
    Volume 11,Issue 2,
    2017,
    Pages 308-314,
    ISSN 1993-5250,
    ibm.2017.308.314,
    (https://makhillpublications.co/view-article.php?doi=ibm.2017.308.314)
    Abstract: The increasing importance of financial asset’s market makes it necessary to evaluate the related
issues of these markets continuously. Thus, the stock exchange is considered as one of the most important
components of financial markets. Since, there is a significant relationship between the changes in stock market
and the economic depressions and booms, macroeconomic policies, especially monetary policies can affect the
stock market indicators drastically. Therefore, the purpose of the current study was to test the hypothesis about
the existence of mutual interaction between macroeconomic variables and the stock prices for the period from
1991-2013 using Auto Regressive Distributed Lag (ARDL) approach. The results of the study indicated that
the GDP, liquidity stock were statistically significant and had a positive significant effect on the stock prices,
while the exchange rate and banking interest rate had a significant negative effect on the stock prices.
    Keywords: ARDL approach;macroeconomic variables;Stock price;depressions;GDP