Because of the influential role that the U.S. stock market plays in international finance, a New York University study in late 2014 interprets that in the short run, stocks that affect the willingness to bear risk independently of macroeconomic fundamentals explain most of the variation in the U.S. stock market. In the long run, the U.S. stock market is profoundly affected by shocks that reallocate the rewards of a given level of production between workers and shareholders. Productivity shocks, however, play a small role in historical stock market fluctuations at all horizons in the U.S. stock market.Origins of Stock Market Fluctuations . New York University, December 16, 2014.
Because of the influential role that the U.S. stock market plays in international finance, a New York University study in late 2014 interprets that in the short run, sto,cks that affect the willingness to bear risk independently of macroeconomic fundamentals explain most of the variation in the U.S. stock market. In the long run, the U.S. stock market is prof.oundly affected by shocks that reallocate the rewards of a given level of production between workers and shareholders. Productivity shocks, however, play a small role in historical stock market fluctuations at all horizons in the U.S. stock market.Origins of Stock Market Fluctuations . New York University, December 16, 2014.