The Impact of Interest Rates and Treasury Bill Yields on Stock Prices in Zambia
Bibliographic record
Abstract
The paper analyzes the short-run and long-run effects of interest rates and Treasury bill rates on stock prices on the Lusaka Securities Exchange (LuSE) using semi-annual data between January 2006 and January 2022. ARDL model is used after we proved that there is no ARCH effect on the dependent variable (LNLASI). The findings show that deposit interest rates had a significant but weak negative impact on stock prices in the short run but had a positive impact on the stock prices in the long run, lending interest rates on the other hand had an insignificant positive impact on stock prices but a negative impact on stock prices in the long run. Treasury bill yields were found to have a negative significant impact on stock prices but had an insignificant negative impact on stock prices in the long run. Moreover, we found co-integration between among the three variables which means that there is a long run equilibrium relationship. As a result, the study concludes that, in the long-run, interest rates and Treasury bill rates have a combined effect on stock prices.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.003 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.001 | 0.000 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.001 |
| Insufficient payload (model declined to judge) | 0.001 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".