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The Stock Market And The Financing Of Corporate Growth In Africa
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Book Synopsis The Stock Market and the Financing of Corporate Growth in Africa by : Charles Amo Yartey
Download or read book The Stock Market and the Financing of Corporate Growth in Africa written by Charles Amo Yartey and published by International Monetary Fund. This book was released on 2006-09 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the corporate financing pattern in Ghana. In particular, it investigates whether Singh's theoretically anomalous findings that developing country firms make considerably more use of external finance and new equity issues than developed country firms to finance asset growth hold in the case of Ghana. Replicating Singh's methodology, our results show that compared with corporations in advanced countries, the average listed Ghanaian firm finances its growth of total assets mainly from short-term debt. The stock market, however, is the most important source of long-term finance for listed Ghanaian firms. Overall, the evidence in this paper suggests that the stock market is a surprisingly important source of finance for funding corporate growth and that stock market development in Ghana has been important.
Book Synopsis IMF Working Papers by : Charles Amo Yartey
Download or read book IMF Working Papers written by Charles Amo Yartey and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Stock Market Development, Corporate Finance, and Economic Growth in Africa by : Charles Amo Yartey
Download or read book Stock Market Development, Corporate Finance, and Economic Growth in Africa written by Charles Amo Yartey and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis African Development Finance and Business Finance Policy by : Atsede Woldie
Download or read book African Development Finance and Business Finance Policy written by Atsede Woldie and published by Routledge. This book was released on 2014-05-01 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial plans that stimulate growth and eliminate poverty in developing African countries! African Developmental Finance and Business Finance Policy presents theoretical/conceptual and empirical articles that provide invaluable insights into successful business techniques and strategies for the African business arena—the last great frontier of international business expansion. Researchers and practitioners in the field of developmental finance discuss the design and implementation of financial policies for pro-poor growth and poverty alienation in developing countries, including Kenya, Zambia, Nigeria, Mauritius, and Zimbabwe. The book focuses on banking, business finance, and investment, detailing strategies for coping with a small financial system, bank licensing policies, correction action rules, quality of banking services, and the revitalization of the African stock exchange. African Developmental Finance and Business Finance Policy features papers presented on key policy issues addressed at the April 2001 international conference of the Institute for Developmental Policy and Management at the University of Manchester in England. Topics addressed include: financial regulation, interest rates bank ownership regulatory forbearance emerging stock markets determinants of capital structure financial reform and much more! Targeted to policymakers in government and international agencies, academics, consultants, and executives, African Developmental Finance and Business Finance Policy is an essential resource for advancing and communicating research on developmental policy in developing countries.
Book Synopsis African Development Finance and Business Finance Policy by : Atsede Woldie
Download or read book African Development Finance and Business Finance Policy written by Atsede Woldie and published by Routledge. This book was released on 2014-05-01 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial plans that stimulate growth and eliminate poverty in developing African countries! African Developmental Finance and Business Finance Policy presents theoretical/conceptual and empirical articles that provide invaluable insights into successful business techniques and strategies for the African business arena—the last great frontier of international business expansion. Researchers and practitioners in the field of developmental finance discuss the design and implementation of financial policies for pro-poor growth and poverty alienation in developing countries, including Kenya, Zambia, Nigeria, Mauritius, and Zimbabwe. The book focuses on banking, business finance, and investment, detailing strategies for coping with a small financial system, bank licensing policies, correction action rules, quality of banking services, and the revitalization of the African stock exchange. African Developmental Finance and Business Finance Policy features papers presented on key policy issues addressed at the April 2001 international conference of the Institute for Developmental Policy and Management at the University of Manchester in England. Topics addressed include: financial regulation, interest rates bank ownership regulatory forbearance emerging stock markets determinants of capital structure financial reform and much more! Targeted to policymakers in government and international agencies, academics, consultants, and executives, African Developmental Finance and Business Finance Policy is an essential resource for advancing and communicating research on developmental policy in developing countries.
Book Synopsis The Stock Market and the Financing of Corporate Growth in Africa by : Charles Amo Yartey
Download or read book The Stock Market and the Financing of Corporate Growth in Africa written by Charles Amo Yartey and published by International Monetary Fund. This book was released on 2006-09-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the corporate financing pattern in Ghana. In particular, it investigates whether Singh's theoretically anomalous findings that developing country firms make considerably more use of external finance and new equity issues than developed country firms to finance asset growth hold in the case of Ghana. Replicating Singh's methodology, our results show that compared with corporations in advanced countries, the average listed Ghanaian firm finances its growth of total assets mainly from short-term debt. The stock market, however, is the most important source of long-term finance for listed Ghanaian firms. Overall, the evidence in this paper suggests that the stock market is a surprisingly important source of finance for funding corporate growth and that stock market development in Ghana has been important.
Book Synopsis The Development of African Capital Markets by : Boniface Chimpango
Download or read book The Development of African Capital Markets written by Boniface Chimpango and published by Routledge. This book was released on 2017-01-12 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most capital markets that have been established in developing economies like Africa have struggled to make progress over two decades down the line. Development of African Capital Markets explores why these markets have remained underdeveloped and discusses a possible development theory that can be used in designing and implementing legal and institutional reforms to reinvigorate capital markets in African and other developing countries. Boniface Chimpango analyses the weaknesses of capital markets in developing countries, and argues that legal and institutional framework for capital markets in developing countries should be tailored to the unique informal rules prevalent in each country rather than being transplanted from developed countries. This book will be of interest to scholars, students and policy makers in the fields of economic development, African Studies, law, development and regulatory policy.
Book Synopsis Corporate Finance and Financial Development by : Shame Mugova
Download or read book Corporate Finance and Financial Development written by Shame Mugova and published by Springer Nature. This book was released on 2022-07-08 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses key issues in corporate finance and explores them from financial development and financial stability perspectives in emerging markets. Emerging economies are susceptible to rapidly changing financial sectors and products as well as financial upheavals. In this light, the growing interdependence of states and capital markets, and the risk of crises have an impact on the financing of firms. The chapters in this book highlight how companies and policies in emerging markets are affected and deal with the current post-crisis world. By combining academic and industry insights, the critical issues in corporate finance, financial development, and the preparedness of emerging markets are explored.
Book Synopsis Understanding the Growth of African Financial Markets by : Charles Amo Yartey
Download or read book Understanding the Growth of African Financial Markets written by Charles Amo Yartey and published by International Monetary Fund. This book was released on 2009-08 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines empirically the determinants of financial market development in Africa with an emphasis on banking systems and stock markets. The results show that income level, creditor rights protection, financial repression, and political risk are the main determinants of banking sector development in Africa, and that stock market liquidity, domestic savings, banking sector development, and political risk are the main determinants of stock market development. We also find that liberalizing the capital account promotes financial market development only in countries with high incomes, well- developed institutions, or both. The powerful impacts of political risk on both banking sector and stock market development suggest that resolution of political risk may be important to the development of African financial markets.
Book Synopsis The Politics of Equity Finance in Emerging Markets by : Kathryn C. Lavelle
Download or read book The Politics of Equity Finance in Emerging Markets written by Kathryn C. Lavelle and published by Oxford University Press. This book was released on 2004-10-14 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emerging market stock issuance relative to GDP rose in the late twentieth century to levels that roughly matched that of advanced, industrial markets. Nonetheless, the connection between owning shares of emerging market stock and the ability to influence the management of these firms remains fundamentally different from the analogous institutional connection that has evolved in industrial markets. The reasons for the differences in emerging markets are both historical and political in nature. That is, local equity markets have had the objective of providing for some degree of local ownership and control of large economic entities since the late nineteenth century. However, local markets have operated under different global political structures since that time, ranging from imperialism, to world wars, to sovereign developmental states, to neo-liberal states. Shares issued under these different structures have been reconfigured over time, resulting in a lack of convergence along either the Anglo-American or Continental models of corporate governance. The author uses a political science paradigm to explain the growth of emerging equity markets. She departs from conventional economic explanations and examines politics at the micro-level of large issues of emerging market stock. The second half of the book presents case studies dealing with emerging market countries in Latin America, Asia, Russia and Eastern Europe, Africa and the Middle East. The case studies connect the regional, state, and firm levels to detail the multiple ownership and control arrangements, and to dispel the notion that mere quantitative growth of these markets will lead to a convergence in financial institutional structures along the lines of the industrial core of the world economy.
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 Financial Development and Economic Growth, Stock Market Perspective by : Oscar Chiwira
Download or read book Financial Development and Economic Growth, Stock Market Perspective written by Oscar Chiwira and published by LAP Lambert Academic Publishing. This book was released on 2014-10-21 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: The last two decades have witnessed a rapid growth of stock markets in emerging economies both in terms of number and market capitalization. The proliferation of stock exchanges in Africa indicate that a number of countries now consider them as one facet of a wider strategy for developing national, and even regional, economies. The International Finance Corporation (1998) (IFC) commented that this growth proves that these markets have "come out of their own" as places to invest and to raise capital. According to Khan and Senhadji (2000), the evolution of emerging stock markets has had a positive impact on the operations of banking institutions and on economic promotion and hence their role should not be ignored.
Book Synopsis The Determinants of Stock Market Development in Emerging Economies by : Charles Amo Yartey
Download or read book The Determinants of Stock Market Development in Emerging Economies written by Charles Amo Yartey and published by International Monetary Fund. This book was released on 2008-02 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the institutional and macroeconomic determinants of stock market development using a panel data of 42 emerging economies for the period 1990 to 2004. The paper finds that macroeconomic factors such as income level, gross domestic investment, banking sector development, private capital flows, and stock market liquidity are important determinants of stock market development in emerging market countries. The results also show that political risk, law and order, and bureaucratic quality are important determinants of stock market development because they enhance the viability of external finance. This result suggests that the resolution of political risk can be an important factor in the development of emerging stock markets. The analysis also shows the factors identified above as determining stock market development in emerging economies can also explain the development of the stock market in South Africa.
Book Synopsis stock market development and long run growth by : Ross Levine
Download or read book stock market development and long run growth written by Ross Levine and published by World Bank Publications. This book was released on 1996 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Stock Markets and Economic Growth by : Ortrun Anne Gronski
Download or read book Stock Markets and Economic Growth written by Ortrun Anne Gronski and published by Peter Lang Pub Incorporated. This book was released on 2001 with total page 195 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stock markets have grown rapidly in many developing countries during the past ten years. Nevertheless there is little evidence as to whether a stock market is crucial for economic development. This study aims at filling this gap. Based on data from the Republic of South Africa, Anne Gronski investigates the impact of the stock market development on investment, savings and economic growth. The author first elaborates the potential effects of stock market development, then provides an overview over the political and economic developments in South Africa during the observation period and finally applies different econometric techniques to analyse the issue empirically. At first sight, the stock market development seems to have had a negative impact on South Africa's development; while savings, investment and growth deteriorated, the stock market grew. However, the more detailed analyses show that inflation and political instability were the major culprits for the down-turn. The stock market prevented further decline in savings by providing inflation-adjusted returns. With regard to investment, the analyses show that as opposed to public investments, private investments were less affected by the unstable climate. Moreover, the analyses show that external equity finance gained importance during the considered period and that private investments reacted positively to the stock market development. The causality tests also confirm the positive effects of stock market development on economic growth.
Book Synopsis Africa's Emerging Securities Markets by : Robert A. Clark
Download or read book Africa's Emerging Securities Markets written by Robert A. Clark and published by Praeger. This book was released on 1998-10-30 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: The increasing globalization of financial markets has resulted in a substantial increase in net private capital flows to developing countries, primarily the emerging economies of Asia, Eastern Europe, and Latin America. Until recently, investors have ignored opportunities in Africa. African markets caught investors' attention in 1994 with Kenya's 179% U.S. dollar returns leading world equity markets, along with six of the world's top ten markets being in Africa. With low levels of correlation between African and developed world markets, the African exchanges represent ideal portfolio diversification opportunities. Moreover, rates of return for African investments are among the highest returns in the world, yet African nations have not attracted the foreign direct investment that is required to change their economies. Dr. Clark's research examines the nature and evolution of Africa's emerging securities markets and their role in regional economic development. He shows that the continent's trading systems represent many different trading arrangements without standardized rules and procedures. African countries continue to implement reforms to strengthen the development of financial markets, but without the appropriate market microstructure and custodial arrangements international investors will not provide African projects with the equity capital required for further development. The government's role in the regulation of developing equity markets, therefore, is a critical element to the success of the reform process. Clark argues that freeing the economies to international competition will reap significant dividends for the continent's emerging economies. As the markets evolve, structural impediments will reduce, leading to increased efficiencies and lower capital costs.
