Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Darren Filson


This paper estimates how changes in macroeconomic variables impact the monthly stock returns of the full service, quick service, and fast casual restaurant segments. Market-capitalization-weighted stock indices are created to measure these effects. I also analyze how these changes influence each segment’s share of total valuation in the industry. These are changes in total segment market capitalization relative to changes in total industry market capitalization. My results suggest that the full service segment index is impacted by macroeconomic changes to the greatest extent of the three segments. The quick service segment index is the least affected. Changes in inflation, food commodity prices, consumer sentiment, and the federal funds rate have impacts on stock returns across all three segments.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.