Date of Submission
Campus Only Senior Thesis
Bachelor of Arts
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.
Gerstenberger, Jack, "The Impact of Macroeconomic Changes on Restaurant Segment Stock Returns" (2017). CMC Senior Theses. 1496.
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