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The interest sensitivity of common stock prices

I nterest in the extent to which equity shares are money sensitive has largely been centered on the socalled money stocks, such as banks and public utilities.' The responsiveness of share prices to interest rates, however, has become especially important in recent years as the demand for capital has increased dramatically, and as interest rates have moved (along with inflation) to lofty and violent levels. Such market developments have introduced a new dimension into the question of interest sensitivity: no longer is interest rate behavior of concern only to investors in money shares. Even a casual perusal of the financial media suggests that stock market psychology has become almost enthralled with the direction of interest rates. This increasing awareness on the part of equity investors can be traced to a growing recognition of the potential effects of market rates on equity shares. First, interest rates have become an important and substantial cost of doing business. Second, since fixed-income obligations represent a competitive investment outlet, substantial variations in their returns can affect the price behavior of equity shares. Third, to the extent that interest sensitivity is an extra-market source of covariation, the possibility exists that interest rates can affect an investor's wealth allocation decisions when the single index market model is used in portfolio construction. The purpose of this paper is to document empirically the interest sensitivity of common share prices. We will do this by examining the relationship that exists between market rates and the price movements of a variety of different types of stocks. As implied in observed investor behavior, the record of recent years