Can Regional Cross Listings Accelerate Stock Market Development Empirical Evidence From Sub Saharan Africa

Download or read book Can Regional Cross-listings Accelerate Stock Market Development? Empirical Evidence from Sub-Saharan Africa written by Olatundun Janet Adelegan and published by International Monetary Fund. This book was released on 2008-12 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyzes the impact of regional cross-listing of stocks on the depth of the stock markets in sub-Saharan Africa (SSA). It analyzes data from 1990 to 2007 for a panel of 13 stock markets in SSA countries, only some of which have regional cross-listings. Using event study methodology, the paper finds significant positive effects in measures of stock market depth around regional cross-listing events. Overall, growth in the regional crosslisting of stocks facilitates stock market deepening, and the stock markets of countries with regional cross-listings perform better than those without. The study thus suggests that SSA countries can benefit from putting in place the necessary conditions for promoting regional cross-listings and thereby deepening their stock markets. These include sound legal and regulatory frameworks, macroeconomic and political stability, harmonization of listing rules, accounting laws and disclosure requirements across the region, and strong money markets.

Download or read book Regional financial Integration in Africa: Cross-listings as a form of regional financial integration written by Moses Wisdom Chisadza and published by diplom.de. This book was released on 2014-02-01 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at contemporary issues facing financial markets in Southern Africa. 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.

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

Download or read book Capital Market Integration written by Mr.Masafumi Yabara and published by International Monetary Fund. This book was released on 2012-01-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital markets in the East African Community (EAC) face common challenges of low capitalization and liquidity, but to different degrees. EAC member countries have made noticeable progress in developing domestic capital markets through a regional approach, removing constraints on capital transactions and harmonizing market infrastructure. Nevertheless, empirical analysis suggests capital market integration has not deepened during the past few years in the EAC, although convergence of investment returns is taking place to some extent. Learning from the experience of the West African Economic and Monetary Union and the Association of Southeast Asian Nations, EAC countries would benefit from four actions to accelerate financial market integration: (i) further harmonize market infrastructure; (ii) strengthen regional surveillance mechanisms; (iii) encourage local currency bond issuance by multilateral financial institutions; and (iv) build the capacity of the existing regional institutions.

Download or read book The Quest for Regional Integration in the East African Community written by Mr.Paulo Drummond and published by International Monetary Fund. This book was released on 2015-01-12 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The countries in the East African Community (EAC) are among the fastest growing economies in sub-Saharan Africa. The EAC countries are making significant progress toward financial integration, including harmonization of supervisory arrangements and practices and the modernization of monetary policy frameworks. This book focuses on regional integration in the EAC and argues that the establishment of a time table for the eliminating the sensitive-products list and establishing a supranational legal framework for resolving trade disputes are important reforms that should foster regional integration.

Download or read book Financing Africa's Cities written by Thierry Paulais and published by World Bank Publications. This book was released on 2012-07-05 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume addresses the issues of financing urban growth of the African continent -- which has the highest urban growth rate on the planet -- in the next decades. Considerable investment will be needed to sustain this level of growth and to clear up accumulated backlogs. At the same time, decentralization has resulted in increased responsibilities for local government; but in most cases, institutional reforms were carried out without the transfer of a sufficient level of resources, and local capacities in governance and project management are weak. Which mechanisms will finance these extensive needs, and how will African local governments meet these needs? Specifics on how to finance African cities have not been studied. The actual scale of this market has not been fully grasped. A systemic approach to this market is difficult because of its diversity (country size; institutional context; characteristics of urban network; availability of capital market, currency, etc.) and a lack of data. Donors’ assistance methods in the sector are disparate, marked by disputes between different schools of thought; special-purpose vehicles created by donors operate according to a variety of methods and with wide-ranging and sparsely disseminated results. What is the best way to transform these systems, often antiquated in many respects, into modern financing systems that facilitate access to domestic markets, mobilize local savings and reinforce local government autonomy? There is no single answer to this question in regard to such a variety of institutional and economic contexts. The main objective of the study is to clarify the debates and to enlighten the choices of African decision-makers at local and national level.

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: