Can Money Supply Predict Stock Prices?

A positive causal relation from money supply to stock prices is frequently hypothesized by some financial media and financial analysts. The basis of this assertion is an assumed negative causal relation from money supply to interest rates, and a negative causal relation from interest rates to stock prices. In this paper, we argue against a stable causal relation from money supply to stock prices. An empirical analysis, based on cointegration and Granger Causality tests, supports our argument.

Antecedents of business intelligence system use

This thesis was submitted for the award of Doctor of Philosophy and was awarded by Brunel University London.Organisational reliance on information has become vital for organisational competitiveness. With increasing data volumes, Business Intelligence (BI) becomes a cornerstone of the decision-support system. However, employee resistance to use Business Intelligence Systems (BIS) is evident. This creates a problem to organisations in realising the benefits of BIS. It is thus important to study the enablers of sustained use of BIS amongst employees. This thesis identifies existing theories that can be used to study BI system use. It integrates and extends technology use theories through a framework focusing on Business Intelligence System Use (BISU). Empirical research is then conducted in Kuwait’s telecom and banking industries through a close-ended, self-administered questionnaire using a five-point Likert scale. Responses were received from 211 BI users. The data was analysed using SmartPLS to study the convergent and discriminant validity and reliability. Partial least squares structural equation modelling (PLS-SEM) was used to study the direct and indirect relationships between constructs and answer the hypotheses. In addition to SmartPLS, SPSS was used for descriptive analysis. The results indicated that UTAUT factors consisting of performance expectancy, effort expectancy and social influence positively impact BI system use. Voluntariness of use was found to positively moderate the relationship between social influence and BI system use. Furthermore, BI system quality positively impacts both performance expectancy and effort expectancy. The BI user’s self-efficacy also positively impacts effort expectancy. In addition, social influence was found to be positively influenced by organisational factors, namely top management support and information culture. The findings of this research contribute to literature by determining and quantifying the factors that influence BISU through the lens of employee perspectives. This thesis also explains how employees’ object-based beliefs about BI affect their behavioural beliefs, which in turn impact BISU. Limitations of this research include the omission of UTAUT’s facilitating conditions and the limited variance of respondent demographics