Seasonal anomalies (calendar effects) may be loosely referred to as the tendency forfinancial asset returns to display systematic patterns at certain times of the day, week,month or year. Two popular calendar effects are investigated for African stock returns:the month-of-the-year and the...

The widespread creation of stock markets in developing countries is oneof the most conspicuous features of international financial development in thepast three decades. The number of stock markets in Africa increased from onlysix before 1989 to 21 by 2004. The quest for long-term capital for...

Ghana's economy is characterised by acute exchange rate volatility alongside persistent and high consumer inflation. This places the economy among the sub-Saharan African countries with the highest inflation over the years. Therefore, we explore in-sample and out-of-sample macro-volatility...