This study examines the role of institutional environment in influencing the migration of corporate governance best practice into 22 emerging African economies. Using a unique and comprehensive sample hand-collected sample of 202 IPO firms from across the continent we adopt a novel institutional...

We argue that the corporate governance of emerging economy IPO firms is influenced by firm-specific institutionally embedded block ownership groups. Applying an extended institutional logic perspective and using a mixed-effects ordered probit model, our findings from 190 IPO-firms from 22...

This study estimates liquidity premiums using the recently developed Liu (2006) measure within a multifactor capital asset pricing model (CAPM) including size premiums and a time varying parameter model for the East African emerging markets of Uganda, Tanzania and Kenya together with London and...

Considerable attention has been given to market integration and volatility transmission between national stock markets, although this has previously been confined to OECD countries or emerging markets in Latin America and Asia-Pacific. Using a new and comprehensive dataset, this paper finds...

This study examines the governance attributes of post-IPO (initial public offering) retained ownership of private equity in business group constituent firms in contrast to their unaffiliated counterparts, in 202 newly listed firms in 22 emerging African economies. We adopt an actor centered...

This paper contrasts the performance of three time series models, a simple stochastic drift, GARCH, and time varying parameter CAPM, for the three very small SADC equity markets of Namibia, Swaziland, Mozambique, and South Africa. Analysis of the characteristics of portfolios containing each...

The integration of financial markets is central to development policy owing to the perceived benefits arising from small illiquid markets pooling their resources and listings and being able to collectively attract foreign investment thereby boosting low domestic savings. However the evidence...

This study contrasts the effectiveness of the capital asset pricing model (CAPM) against more recent augmented variants including size and book-to-market factors (Fama and French, 1993) as well as both size and liquidity factors of Martinez et al (2005) in explaining average returns in industry...

This paper contrasts the performance of three time series models, a simple stochastic drift, GARCH, and a time varying parameter CAPM for the Channel Islands, London FTSE100 and AIMS as well as Paris CAC40 and Medium amp; Small 190. Analysis of mean-variance optimised portfolios reveals both the...

The attraction of blue-chip listings in emerging stock markets is a major policy initiative common across much of the developing world. In many cases however, local blue-chip firms are the result of foreign Multinational Enterprise (MNE) firms engaging with local indigenous partners to form an...