THE IMPACT OF STOCK MARKET EARNINGS ON NIGERIAN PER CAPITA INCOME

Abstract

This paper seeks to examine the impact of stock market earnings on income of the average Nigerian. This means stock market earnings is an impetus to improvement the standard of living of the average Nigerian. Applying cointegration and error correction modeling to stock market performance and per capital income time series data, this study has helped in highlighting the specific roles of major indicators of the capital market, which are relevant in testing the stock market earning-per capita income growth nexus. The findings indicated the separate roles played by the primary capital market and the secondary capital in market in the growth of stock market earnings that has impacted positively on Nigerian per capita income. By and large, the evidence from this study revealed that while activities in the secondary capital market tend to grow the stock market earnings through its wealth effect that of the primary market ironically did not.

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