Showing 161 - 170 of 178
Extreme events in financial markets are central issues in finance and particularly in risk management and financial regulation. Value at Risk and Expected Shortfall emerged as standard tools for measuring market risk. However, no consensus has yet been reach as to the best method to implement...
Persistent link: https://www.econbiz.de/10008503548
The paper examines the relationship between interest rates and stock market returns for seven African countries. Cointegration tests indicate a long-run relationship between interest rate and stock prices for Kenya and South Africa. The short-run dynamic Vector Error Correction Model Granger...
Persistent link: https://www.econbiz.de/10008503555
This paper investigates the random walk behaviour of stock returns on four African stock markets taking into account the thin-trading effect. Worthy noting is the way returns are calculated using trade-to-trade approach and adjusted to account for the thin-trading effect. The adjustment was done...
Persistent link: https://www.econbiz.de/10008503562
The study explored the determinants of small and medium-sized nontraditional exporters’ choice of type of finance (formal or informal). The empirical results revealed a negative relationship between age and formal finance, suggesting that newer firms depend more on formal finance and less on...
Persistent link: https://www.econbiz.de/10005174783
Purpose -The purpose of this paper is to highlight important factors that influence funding decisions from the perspective of commercial lenders, and suggest commercialization of microfinance as a source of alternative development finance. Design/methodology/approach - A survey of industry...
Persistent link: https://www.econbiz.de/10010772294
This study investigates the major determinants of international capital flows in selected countries in Sub-Saharan Africa. Both theory and the empirical literature suggest that financial liberalization and regionalism lead to higher levels of capital inflows. By using a dynamic panel data...
Persistent link: https://www.econbiz.de/10010778582
The paper investigates the weak-form efficiency of ten African stock markets using the runs test methodology for serial dependency. Returns are calculated using the adjusted trade-to-trade approach. Serious thin-trading was observed on all markets, and more so for Namibia and Botswana, the two...
Persistent link: https://www.econbiz.de/10008680311
From the Efficient Market Hypothesis, a market is efficient if security prices fully and correctly reflect all available information that is relevant for the stock’s pricing. This requires a medium of information dissemination and transaction ordering with both speed and accuracy. This paper...
Persistent link: https://www.econbiz.de/10008685524
African stock markets have rapidly increased in number since 1989. This rapid increase came with the efforts to privatise state-owned enterprises. African markets are still young and segmented and lack contagion with global emerging markets. Expected returns are quite high on African stock...
Persistent link: https://www.econbiz.de/10011113866
Financing has been identified as a dominant constraint to Ghanaian small and medium-sized enterprises (SMEs). This study explores the determinants of bank financing and debt among Ghanaian SMEs. A panel regression model estimates the relation between the determinants and the bank-debt ratio. The...
Persistent link: https://www.econbiz.de/10005225780