Date of Award


Degree Name

Master by Research

Schools and Centres


First Supervisor

Dr. Zahid Hasan


This thesis identifies the priced macroeconomic risk factors for the Australian mining industry from January, 2004 to December, 2013, and the macroeconomic variables that have had an impact on stock returns. A rapid growth in the stock returns of the mining industry in Australia occurred during this period. This phenomenon is studied using a multifactor model and arbitrage pricing theory. The method involves analysis of two samples: the top ten mining firms and the aggregate mining industry. Firstly, unbalanced panel data containing 1550 yearly observations of 155 mining companies is selected for the aggregate industrial analysis. Secondly, data from the top ten mining firms (based on market capitalization) is selected for the firm-based analyses. The thesis provides new evidence regarding the drivers of stock returns. Results reveal that market return, the foreign exchange rate, and the rate of changes in sales are significantly associated with stock market returns.

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