https://www.researchgate.net/profile/Husam_Rjoub/publication/46546141_The_effects_of_macroeconomic_factors_on_stock_returns_Istanbul_Stock_Market/links/0fcfd5141d93ce55bc000000.pdf

The main purpose of this study is empirically test the Arbitrage Pricing Theory (APT) in Istanbul Stock Exchange (ISE) for the period of February 2001 up to September 2005 on monthly base. In this paper, various macroeconomic variables representing the basic indicator of an economy employed which are; money supply (M2), industrial production), crude oil price, consumer price index (CPI), import, export, gold price, exchange rate, interest rate, gross domestic product (GDP), foreign reserve, unemployment rate and market pressure index (MPI) which is built by the authors. We tested 13 macroeconomic variables against 11 industry portfolios of Istanbul Stock Exchange to observe the effects of those variables on stocks’ returns. Using ordinary least square (OLS) technique, we observed that there are some differences among the industry sector portfolios.