Why Doesnt Africa Get More Equity Investment Frontier Stock Markets Firm Size And Asset Allocations Of Global Emerging Market Funds
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| Author | : Todd J. Moss |
| Publisher | : |
| Total Pages | : 25 |
| Release | : 2014 |
| Genre | : |
| ISBN | : |
The globalization of financial markets has led to an impressive rise of private commercial investment in emerging markets since 1990. This rise has been driven partly by the growth of equity investment funds - collective investment schemes where individual investors contribute to multiple investments within a single fund - dedicated to investing in companies listed on developing markets' stock exchanges. Sub-Saharan Africa has participated in this trend, with South Africa rising into the ranks of the leading destination emerging markets and a number of regional funds specifically targeting the continent. At the behest of local governments, and with some donor encouragement, Africa has also expanded the number of its domestic stock exchanges from five in the late 1980s to 15 today. Despite this modest headway, Africa's frontier markets - those outside South Africa - still receive only a tiny fraction of emerging markets investment and the widespread reaction in Africa has been of disappointment. Policymakers in both African and donor capitals have fretted about this lack of response by private investors and frequently ask: why is Africa not receiving more equity investment? In this working paper, senior fellow Todd Moss, visiting fellow Vijaya Ramachandran and Scott Standley address this question and find that African markets are not treated differently than other markets and present evidence that small market size and low levels of liquidity are a binding deterrent for foreign institutional investors. Thus, orthodox market variables rather than market failure appear to explain Africa's low absolute levels of inward equity flows. The paper then turns to new data from firm surveys to explore why African firms remain small. The implications of their findings are threefold: (a) efforts to encourage greater private investment in these markets should concentrate on domestic audiences and specialized regional funds, (b) the depth and success of the Johannesburg Stock Exchange can perhaps be better utilized to benefit other parts of the continent, and (c) any long-term strategy should concentrate on the underlying barriers to firm entry and growth.
| Author | : John W. Kensinger |
| Publisher | : Emerald Group Publishing |
| Total Pages | : 196 |
| Release | : 2015-07-06 |
| Genre | : Business & Economics |
| ISBN | : 1784419559 |
Contributions assess the benefits to local banks around the Bakken Formation, the effect of corporate governance on valuation in India, and the undermining of real estate investment because of regulatory uncertainties. We also have studies of dividend policy and systemic risk in emerging markets, plus improvements in quantitative methods.
| Author | : Jens Beckert |
| Publisher | : Oxford University Press |
| Total Pages | : |
| Release | : 2011-06-30 |
| Genre | : Business & Economics |
| ISBN | : 0191618683 |
How do we place value on goods - and, importantly, why? Valuation and pricing are core issues in the market economy, but understanding of these concepts and their interrelation is weak. In response, The Worth of Goods takes a sociological approach to the perennial but timely question of what makes a product valuable. Structured in three parts, it first examines value in the broader sense - moral values and how they are formed, and the relations between economic and non-economic values - discussing such matters as the value of an oil spill, the price of a scientific paper, value in ethical consumption, and imaginative value. The second part discusses the issues surrounding valuation in aesthetic markets, specifically wine, fashion models, art, and the creative industries. The third part analyzes valuation in financial markets - credit rating agencies, stock exchange markets, and industrial production. This pioneering volume brings together leading social scientists to provide a range of theoretical tools and case studies for understanding price and the creation of value in markets within social and cultural contexts and preconditions. It is an important source for scholars in economics, sociology, anthropology, and political science interested in how markets work, and how value is established.
| Author | : Steve Kayizzi-Mugerwa |
| Publisher | : Cambridge Scholars Publishing |
| Total Pages | : 402 |
| Release | : 2018-04-18 |
| Genre | : Business & Economics |
| ISBN | : 1527509656 |
This book derives from a symposium held at Cornell University in April 2014. The symposium explored development financing, which has become an important area of policy discussion in Africa and other developing areas in recent years. Using multifaceted and multidisciplinary analytical approaches, it considers the role of the banking system, the stock market, credit access, external aid, and sovereign wealth funds in the evolving development finance architecture. Further, the volume looks at China’s role as an aid donor, the impact of BRICs partnerships in South Africa, the role of NEPAD in mobilizing resources for infrastructure development, and the links between law, trade, and regional integration. The study concurs with previous analyses that greater access to credit by the poor represents the most effective way of fighting poverty and raising the standards of living in Africa. Cornell’s Institute for African Development and the African Development Bank were cosponsors of the 2014 symposium.
| Author | : Amanda Perry Kessaris |
| Publisher | : Routledge |
| Total Pages | : 313 |
| Release | : 2009-12-16 |
| Genre | : Business & Economics |
| ISBN | : 1135179433 |
Law in the Pursuit of Development critically explores the relationships between contemporary principles and practice in law and development. Including papers by internationally renowned, as well as emerging, scholars and practitioners, the book is organized around the three liberal principles which underlie current efforts to direct law towards the pursuit of development. First, that the private sector has an important role to play in promoting the public interest; second, that widespread participation and accountability are essential to any large scale enterprise; and third, that the rule of law is a fundamental building block of development. This insightful and provocative collection, in which contributors critique both the principles and efforts to implement them in practice, will be of considerable interest to students, academics and practitioners with an interest in the fields of law and development, international economic law, and law and globalization.
| Author | : Bruce Allen Hearn |
| Publisher | : |
| Total Pages | : 33 |
| Release | : 2008 |
| Genre | : |
| ISBN | : |
Equity markets are increasingly seen as important sources of investment funds in many emerging economies, both in Africa and elsewhere. Furthermore, many countries perceive the development of such markets as a means to facilitate both foreign equity portfolio investment and foreign direct investment (FDI) through the acquisition of shareholdings in domestic companies, and thus supplement the low levels of funding from domestic savings. But many emerging stock markets exhibit substantial risk premia, which both push up the cost of equity for listed domestic firms and deter potential foreign investors. This paper estimates the cost of equity in four major African markets: South Africa, Kenya, Egypt and Morocco. These collectively represent the largest and most developed equity markets in Africa and also act as hub markets in their respective regions. London is also included as a link between the emerging and developed financial market. The Fama and French (1993) three-factor model Capital Asset Pricing Model is augmented to take account of company size and illiquidity factors that feature in African financial markets. Results show that the premia associated with size are more prevalent than with liquidity although both are highly significant in both valuation and cost of equity estimates. The evidence suggests that the lowest cost of equity is achieved between the large international market of London and the smaller but well regulated Moroccan market, while Egypt has a higher cost of equity. The small developing market of Kenya has the second highest cost of equity, although the costs associated with the main market are less than ten percent of that faced by companies in the fledgling Alternative Investment Market. South Africa has the highest cost of equity although this reflects a proliferation of smaller firms in this market.
| Author | : Charles Amo Yartey |
| Publisher | : International Monetary Fund |
| Total Pages | : 40 |
| Release | : 2007-08 |
| Genre | : Business & Economics |
| ISBN | : |
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.
| Author | : Martin Feldstein |
| Publisher | : University of Chicago Press |
| Total Pages | : 500 |
| Release | : 2007-12-01 |
| Genre | : Business & Economics |
| ISBN | : 0226241807 |
Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.
| Author | : |
| Publisher | : |
| Total Pages | : 396 |
| Release | : 2011 |
| Genre | : Comparative law |
| ISBN | : |
| Author | : Charles Amo Yartey |
| Publisher | : International Monetary Fund |
| Total Pages | : 45 |
| Release | : 2006-09-01 |
| Genre | : Business & Economics |
| ISBN | : 1451993072 |
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.
