why do equity prices change – what are the main drivers of equity prices and changes in their valuations.

why do equity prices change – what are the main drivers of equity prices and changes in their valuations.
There are two broad approaches to this literature:
one that focusses on the cross-sectional behavior of stock returns. Look over these papers to get you started on the literature
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3017287 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3035830
second, a time series approach, look at these
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2801670 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2614397
you can also examine them together!
https://faculty.chicagobooth.edu/john.cochrane/research/papers/discount_rates_jf.pdf