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Small African Stock Markets
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Book Synopsis Small African Stock Markets--The Case of the Lusaka Stock Exchange by : Heloisa Marone
Download or read book Small African Stock Markets--The Case of the Lusaka Stock Exchange written by Heloisa Marone and published by International Monetary Fund. This book was released on 2003 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: In trend with a global pattern and following recommendations of the World Bank and the International Finance Corporation (IFC), the number of stock markets in African countries has increased dramatically over the last ten years. Despite a scarcity of studies on the impact of stock markets on these economies, some policymakers have been arguing in favor of stock exchanges (national or regional) in eastern and southern Africa. The creation of such exchanges may be a premature project as they might lack an actual economic rationale. The present case study, for instance, suggests that the Lusaka Stock Exchange (LuSE) has little effect on the larger Zambian economy.
Book Synopsis Small African Stock Markets by : Heloisa Cortella Marone
Download or read book Small African Stock Markets written by Heloisa Cortella Marone and published by . This book was released on 2006 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: In trend with a global pattern and following recommendations of the World Bank and the International Finance Corporation (IFC), the number of stock markets in African countries has increased dramatically over the last ten years. Despite a scarcity of studies on the impact of stock markets on these economies, some policymakers have been arguing in favor of stock exchanges (national or regional) in eastern and southern Africa. The creation of such exchanges may be a premature project as they might lack an actual economic rationale. The present case study, for instance, suggests that the Lusaka Stock Exchange (LuSE) has little effect on the larger Zambian economy.
Book Synopsis Stock Market Development in Sub-Saharan Africa by : Charles Amo Yartey
Download or read book Stock Market Development in Sub-Saharan Africa written by Charles Amo Yartey and published by International Monetary Fund. This book was released on 2007-08 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the economic importance of stock markets in Africa. It discusses policy options for promoting the development of the stock market in Africa. The results of the paper show that the stock markets have contributed to the financing of the growth of large corporations in certain African countries. An econometric investigation of the impact of stock markets on growth in selected African countries, however, finds inconclusive evidence even though stock market value traded seem to be positively and significantly associated with growth. African stock exchanges now face the challenge of integration and need better technical and institutional development to address the problem of low liquidity. Preconditions for successful regional approaches include the harmonization of legislations such as bankruptcy and accounting laws and a liberalized trade regime. Robust electronic trading systems and central depository systems will be important. Further domestic financial liberalization such as steps to improve the legal and accounting framework, private sector credit evaluation capabilities, and public sector regulatory oversight would also be beneficial.
Book Synopsis The role of cross-listings in establishing a Southern African Development Community regional stock exchange by : Moses Wisdom Chisadza
Download or read book The role of cross-listings in establishing a Southern African Development Community regional stock exchange written by Moses Wisdom Chisadza and published by GRIN Verlag. This book was released on 2014-01-17 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2013 in the subject Economics - Case Scenarios, , course: LLM in International Trade, Investment and Business Law in Africa, language: English, abstract: It has been established that African stock markets are confronted with a multitude of problems which include, inadequate liquidity, low capitalisation, few market participants, a small number of listed companies and low trading volumes. As a result, their broader economic impact has so far been limited. The Southern Africa Development Community (SADC) stock markets with the exception of South Africa are small, both in terms of the number of listed companies and market capitalisation, and they display considerable illiquidity. In general, the SADC region has shallow and underdeveloped financial markets. Their development has been hampered by a number of factors which include; political and economic uncertainty, fiscal dominance, weak judicial institutions, limited investment opportunities in the private sector, technological constraints, and the shortage of skilled personnel with expertise in banking and finance. It is contended that all these problems could be eased through regional financial integration. The integration of African stock markets and the introduction of regional stock exchanges will promote cross-border listings and thus stimulate increased liquidity across markets. Thus, it is suggested that the integration of SADC’s stock markets and the creation of a regional stock exchange is one of the panaceas to overcome Africa’s stock market problems. A regional stock exchange has the potential for tremendous benefits for both local and foreign investors, as well as for business enterprises in the region
Book Synopsis Efficient Market Hypothesis in Africa's Sub-Saharan Stock Markets by : Sebastian Groh
Download or read book Efficient Market Hypothesis in Africa's Sub-Saharan Stock Markets written by Sebastian Groh and published by GRIN Verlag. This book was released on 2009-10-03 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2009 in the subject Economics - Case Scenarios, grade: 1,3, University of Mannheim (Lehrstuhl für Volkswirtschaftslehre, insbes. Ökonometrie), course: Bachelorarbeit, language: English, abstract: In recent years foreign aid was often conditioned on good institutions. Due to this course the development of financial institutions has been considered vital for the development process. This thesis points in its theoretical part to the positive effects of efficient stock markets on economic growth and examines empirically the efficiency of Africa's sub-Saharan stock markets. Results are then compared with the same tests on four emerging markets in Asia and as a benchmark on S&P 500 and DAX. It discusses further the relationship between market efficiency and financial crisis and comes to the conclusion that a crisis worsens the respective efficiency level. Nevertheless, all African markets are at least able to pass the critical lowest hurdle of market efficiency. However, conclusions from the research propose, that the Asian markets perform better than the African markets, although the study comes to some inconclusive results. Limits to the efficient market hypothesis itself and its empirical analysis are shown throughout the paper. The study suggests that former reforms need to be intensified in order to avoid a further increase in overall income inequalities.
Book Synopsis Efficient Market Hypothesis in Africa’s Sub-Saharan Stock Markets by : Sebastian Groh
Download or read book Efficient Market Hypothesis in Africa’s Sub-Saharan Stock Markets written by Sebastian Groh and published by GRIN Verlag. This book was released on 2009-10-02 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2009 in the subject Economics - Case Scenarios, grade: 1,3, University of Mannheim (Lehrstuhl für Volkswirtschaftslehre, insbes. Ökonometrie), course: Bachelorarbeit, language: English, abstract: In recent years foreign aid was often conditioned on good institutions. Due to this course the development of financial institutions has been considered vital for the development process. This thesis points in its theoretical part to the positive effects of efficient stock markets on economic growth and examines empirically the efficiency of Africa’s sub-Saharan stock markets. Results are then compared with the same tests on four emerging markets in Asia and as a benchmark on S&P 500 and DAX. It discusses further the relationship between market efficiency and financial crisis and comes to the conclusion that a crisis worsens the respective efficiency level. Nevertheless, all African markets are at least able to pass the critical lowest hurdle of market efficiency. However, conclusions from the research propose, that the Asian markets perform better than the African markets, although the study comes to some inconclusive results. Limits to the efficient market hypothesis itself and its empirical analysis are shown throughout the paper. The study suggests that former reforms need to be intensified in order to avoid a further increase in overall income inequalities.
Book Synopsis The Dynamics of Market Integration by : Kenneth Kaoma Mwenda
Download or read book The Dynamics of Market Integration written by Kenneth Kaoma Mwenda and published by Universal-Publishers. This book was released on 2000 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at contemporary issues facing financial markets in Eastern and Southern Africa. The book addresses strategies for capital market integration and development on a region-wide basis. An argument is made that the establishment of a regional stock exchange and the promotion of multiple listings and cross-border trade in securities would stimulate increased liquidity on national stock exchanges in Eastern and Southern Africa. Lessons of experience are drawn from other regions and a case is made against transplanting models of a regional stock exchange from one region to another. The book argues that African countries may, however, use lessons of experience from other regions as points of reference, while pursuing their own discourse of self-determination. Each case is unique and is thus surrounded by different variables. The book covers developments in regions such as the European Union, francophone West Africa and Eastern and Southern Africa. Indeed, an international and comparative perspective is provided.
Book Synopsis Why Doesn't Africa Get More Equity Investment? Frontier Stock Markets, Firm Size and Asset Allocations of Global Emerging Market Funds by : Todd J. Moss
Download or read book Why Doesn't Africa Get More Equity Investment? Frontier Stock Markets, Firm Size and Asset Allocations of Global Emerging Market Funds written by Todd J. Moss and published by . This book was released on 2014 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: The globalization of financial markets has led to an impressive rise of private commercial investment in emerging markets since 1990. This rise has been driven partly by the growth of equity investment funds - collective investment schemes where individual investors contribute to multiple investments within a single fund - dedicated to investing in companies listed on developing markets' stock exchanges. Sub-Saharan Africa has participated in this trend, with South Africa rising into the ranks of the leading destination emerging markets and a number of regional funds specifically targeting the continent. At the behest of local governments, and with some donor encouragement, Africa has also expanded the number of its domestic stock exchanges from five in the late 1980s to 15 today. Despite this modest headway, Africa's frontier markets - those outside South Africa - still receive only a tiny fraction of emerging markets investment and the widespread reaction in Africa has been of disappointment. Policymakers in both African and donor capitals have fretted about this lack of response by private investors and frequently ask: why is Africa not receiving more equity investment? In this working paper, senior fellow Todd Moss, visiting fellow Vijaya Ramachandran and Scott Standley address this question and find that African markets are not treated differently than other markets and present evidence that small market size and low levels of liquidity are a binding deterrent for foreign institutional investors. Thus, orthodox market variables rather than market failure appear to explain Africa's low absolute levels of inward equity flows. The paper then turns to new data from firm surveys to explore why African firms remain small. The implications of their findings are threefold: (a) efforts to encourage greater private investment in these markets should concentrate on domestic audiences and specialized regional funds, (b) the depth and success of the Johannesburg Stock Exchange can perhaps be better utilized to benefit other parts of the continent, and (c) any long-term strategy should concentrate on the underlying barriers to firm entry and growth.
Book Synopsis Market Liquidity and Stock Size Premia in African Emerging Financial Markets by : Bruce Allen Hearn
Download or read book Market Liquidity and Stock Size Premia in African Emerging Financial Markets written by Bruce Allen Hearn and published by . This book was released on 2008 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Equity markets are increasingly seen as important sources of investment funds in many emerging economies, both in Africa and elsewhere. Furthermore, many countries perceive the development of such markets as a means to facilitate both foreign equity portfolio investment and foreign direct investment (FDI) through the acquisition of shareholdings in domestic companies, and thus supplement the low levels of funding from domestic savings. But many emerging stock markets exhibit substantial risk premia, which both push up the cost of equity for listed domestic firms and deter potential foreign investors. This paper estimates the cost of equity in four major African markets: South Africa, Kenya, Egypt and Morocco. These collectively represent the largest and most developed equity markets in Africa and also act as hub markets in their respective regions. London is also included as a link between the emerging and developed financial market. The Fama and French (1993) three-factor model Capital Asset Pricing Model is augmented to take account of company size and illiquidity factors that feature in African financial markets. Results show that the premia associated with size are more prevalent than with liquidity although both are highly significant in both valuation and cost of equity estimates. The evidence suggests that the lowest cost of equity is achieved between the large international market of London and the smaller but well regulated Moroccan market, while Egypt has a higher cost of equity. The small developing market of Kenya has the second highest cost of equity, although the costs associated with the main market are less than ten percent of that faced by companies in the fledgling Alternative Investment Market. South Africa has the highest cost of equity although this reflects a proliferation of smaller firms in this market.
Book Synopsis The Lusaka Stock Exchange by : Lusaka Stock Exchange Limited
Download or read book The Lusaka Stock Exchange written by Lusaka Stock Exchange Limited and published by . This book was released on 2003 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Zambia's Stock Exchange and Privatisation Programme by : Kenneth Kaoma Mwenda
Download or read book Zambia's Stock Exchange and Privatisation Programme written by Kenneth Kaoma Mwenda and published by . This book was released on 2001 with total page 596 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work proposes a method for educating for spirituality in contemporary North American culture. The text brings the concerns of social and political action directly into the discussion of spirituality.
Book Synopsis Stock Markets and Development in Africa by : JULETTE. SULIY BUNYUY
Download or read book Stock Markets and Development in Africa written by JULETTE. SULIY BUNYUY and published by . This book was released on 2020-05 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Globalization is posing enormous challenges to development efforts in many African countries. One of the most daunting challenges is to raise capital to meet financial needs. Despite regional tendencies, the effectiveness of stock markets to raise capital within the African region has been limited. This book asks whether African stock exchange might become more effective in enhancing development. It adopts a legal approach in analyzing various laws and texts. Stock Markets and Development begins with discussions of global experiences in both developed and developing countries. It then examines the legal frameworks of regional organizations, in which stock markets are catalysts of integration and development. Arguably, stock markets can serve as gateways to development within this zone through harmonization of laws and common public issue of shares. The effective operation of stock markets within Africa, however, is bedeviled by many legal and extra-legal challenges. In line with the globalization tendencies and mindful of lessons from advanced countries, the book recommends that institutional organizations should be used as facilitators to the integration of stock exchange markets. The ideal would be to create an environment conducive to the creation of a Pan-African stock exchange that is globally competitive and capable of enhancing development.
Book Synopsis Investing in Africa by : Justin F. Beckett
Download or read book Investing in Africa written by Justin F. Beckett and published by Wiley. This book was released on 2000-09-06 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "What a great economic tour of Africa! Provides a top-down understanding of Africa's financial opportunities and a bottoms-up view for investing." - William T. Comfort, Chairman, Citibank Venture Capital, Ltd. "Long overdue! Finally, we have a comprehensive and insightful view of the stock of the stock market investment opportunities in Africa. Yes, 'Tarzan does not live here anymore!' and this book explores the ultimate emerging market with the potential for outstanding investment returns. The book is well organized and gives readers a complete picture of not only all the stock markets in Africa, but also the economic and political background of this exciting area. Case studies and investment examples provide the reader with a realistic view of investing in Africa." - Mark Mobius, President, Templeton Emerging Markets Fund Vastly promising financial opportunities await savvy investors in twenty-first-century Africa. After decades of successful returns for U.S. multinationals from Coca-Cola to Citigroup to Microsoft to McDonald's. Africa has evolved as the birthplace of more new stock markets than any other part of the world. This authoritative guide provides institutional and sophisticated individual investors with a complete, insider's view of the markets, and: * Debunks common misconceptions about Africa and explains why it is the ultimate emerging market * Explains the driving force behind the African economy * Pinpoints available investment vehicles and resources * Weighs the potential risks and rewards for U.S. investors Written by two experts in the field, Investing in Africa contains information on everything from the least known investment opportunities to the world's most recent top performing stock markets--all found within this rapidly evolving, richly promising continent.
Book Synopsis African Emerging Markets: Contemporary issues by : Sam Mensah
Download or read book African Emerging Markets: Contemporary issues written by Sam Mensah and published by . This book was released on 2001 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: The African Capital Markets Forum was formed in 1996 to support efforts to build capital markets in Africa and to expand the knowledge base of African markets. ACMF seeks to promote best practice in capital market regulation, and operates by periodically compiling and making relavant research available to capital market regulators and professionals around the world. The essays in this volume are divided into two parts. The first part provides an overview of research topics relevant to the development of capital markets in developing economies in general e.g.Political risk in emerging and developed markets; open markets, foreign investors and emerging nations; securities markets. Part two covers recent research on African capital markets, e.g. studies of the Ghana stockmarket/stock exchange; Nigeria's stock market; the Botswana share market and its role in financial and economic development; and integrating Africa into international financial markets.
Book Synopsis African Emerging Markets by : Sam Mensah
Download or read book African Emerging Markets written by Sam Mensah and published by . This book was released on 2001 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: The African Capital Markets Forum was formed in 1996 to support efforts to build capital markets in Africa and to expand the knowledge base of African markets. ACMF seeks to promote best practice in capital market regulation and operations, by periodically compiling and making relevant research available to capital market regulators and professionals around the world. The chapters in this volume are divided into three parts. Part one considers emerging markets in general, e.g., financial regulatory harmonisation and globalisation; mutual funds; foreign portfolio equity investments; and securities exchanges. Part two addresses African capital markets specifically: their efficiency; and small stock markets, introducing case studies on Zambia, Ghana, and Ivory Coast. Part three comprises more wide-ranging and speculative essays on improving liquidity in government bond markets; government debt market development in small markets, index linked bonds, and primers on securitisation.
Book Synopsis The Rise of Africa’S Small & Medium Size Enterprises by : Dr. Robin Renee Sanders
Download or read book The Rise of Africa’S Small & Medium Size Enterprises written by Dr. Robin Renee Sanders and published by Xlibris Corporation. This book was released on 2017-02-08 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ambassador (Dr.) Robin Renee Sanders new book on The Rise of Africas Small & Medium Size Enterprises (SMEs) is an insightful examination of the dramatic shift in the development paradigm for Sub Saharan Africa driven in large part by the imaginative, innovative, and insta-impact leadership of the regions small businesses or SMEs. SMEs have helped drive economic development, growth and aided in increasing the size of the Continents middle class, Sanders says. With the Introduction to the book by renown civil rights leader Ambassador Andrew Young, and the Foreword by Sub Saharan Africas leading businessman, Mr. Aliko Dangote, Sanders book credits the determination of Africa SMEs and entrepreneurs (which includes African nationals, immigrants and African Americans) for stepping into the void left by 40-years of post-independence development approaches that had little impact on reducing overall poverty and creating jobs in the region. Africas dynamic entrepreneurial spirit of Generation-Xers and Millennials are and have formed SMEs and social enterprises that today are responsible for conceiving and inventing many of the new apps, and answers to address the regions age-old poverty issues, Sanders emphasizes. Africa SMEs are not only a key driver for jobs, but serve as an additional catalyst to grow the middle class. Sanders argues that it was the Rise of the Africa SME converging with technology and its mobility that has changed, over the last decade, the focus and direction of development in Sub Saharan Africa. The book has a few vignettes from Sanders diplomatic life and work as CEO of the FEEEDS Advocacy Initiative with Africa SMEs over the years, as well as regional examples of some of innovative things Africa entrepreneurs are doing in sectors ranging from agriculture and food security to energy and climate change. The book also walks readers through what donors, foundations and African stock markets are doing today to help in the SME space. Sanders ends with recommendations of what more can be done by donors, African governments, and the new U.S. administration to further assist Africa SMEs, particularly the group she calls the critical mass, and those at the fragile end of Africas middle class.
Book Synopsis Where Credit is Due by : Gregory Smith
Download or read book Where Credit is Due written by Gregory Smith and published by Oxford University Press. This book was released on 2021-12-01 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: Borrowing is a crucial source of financing for governments all over the world. If they get it wrong, then debt crises can bring progress to a halt. But if it's done right, investment happens and conditions improve. African countries are seeking calmer capital, to raise living standards and give their economies a competitive edge. The African debt landscape has changed radically in the first two decades of the twenty-first century. Since the clean slate of extensive debt relief, states have sought new borrowing opportunities from international capital markets and emerging global powers like China. The new debt composition has increased risk, exacerbated by the 2020 coronavirus pandemic: richer countries borrowed at rock-bottom interest rates, while Africa faced an expensive jump in indebtedness. The escalating debt burden has provoked calls by the G20 for suspension of debt payments. But Africa's debt today is highly complex, and owed to a wider range of lenders. A new approach is needed, and could turn crisis into opportunity. Urgent action by both lenders and borrowers can reduce risk, while carefully preserving market access; and smart deployment of private finance can provide the scale of investment needed to achieve development goals and tackle the climate emergency.
