Zhang (2004) designed a multi-index model to determine the effect of industry, country and international factors on asset pricing. Byers and Groth (2000) defined the asset pricing process as a function utility (economic factors) and non-economic (psychic) factors. Clerc and Pfister (2001) posit that monetary policy is capable of influencing asset prices in the long run. Any change in interest rates especially unanticipated change affects growth expectations and the rates for discounting investment future cash flows. Ross’ (1977) APT model which could be taken as a protest of one factor model of CAPM which assumes that asset price depends.
