The relationship between business confidence surveys and stock market performance

Extracted from text ... Number 54 - Part 1 D Collins* The relationship between business confidence surveys and stock market performance *School of Management Studies, University of Cape Town, Private Bag, Rondebosch 7701, Republic of South Africa. The author would like to thank Colin Firer, Paul van Rensburg and Nicholas Biekpe for their helpful comments and suggestions. Email: dcollins@commerce.uct.ac.za 1. Introduction It's 8:30 am on any New York trading desk, the morning the National Association of Purchasing Managers (NAPM) releases their Purchasing Managers' Index. The air is tense while financial players mentally review the strategies they will follow depending on whether the latest index ..