This paper examines the impact of privatization on stock market size and liquidity in a multinational sample of 31 emerging markets. We find that the intensity of privatization and the use of privatization offerings (POs) on the stock market contribute to enhance stock market development, but...

Attracting capital and foreign exchange flows is crucial for developing countries. Yet, these flows could lead to real exchange rate appreciation and may thus have detrimental effects on competitiveness, jeopardizing exports and growth. This paper investigates this dilemma by comparing the...

Purpose -The purpose of this study is to investigate the role of stock markets in economic growth and to shed some light on the macroeconomic determinants which must have an important influence on stock markets development. Design/methodology/approach -The empirical study is conducted using an...

This study gives some issues regarding the relationship between inflation and the financial sector performance for some MENA region countries. The negative association is confirmed through the estimation of a dynamic panel model using the GMM methodology. Moreover, a threshold effect must be...

In spite of popularity and theoretical simplicity of the one-factor Capital Asset Pricing Model (CAPM) used in the valuation of financial assets, researchers are more concerned with the important extension proposed by Fama and French (1993), that is, the Three-Factor Pricing Model (TFPM)....

In order to investigate the impact of stock market liberalization on economic growth in the MENA region, we need to place our contribution in the economic growth literature. Our study is related to the literature on policy impacting growth rather than the debate on "convergence" between...

Cet article a été consacré à l'étude du degré de sous-évaluation de 135 entreprises introduites sur le Nouveau Marché de la Bourse de Paris. Une analyse statistique préliminaire, à travers les coefficients d'aplatissement et d?asymétrie, indique la présence d'une politique de soutien...

The aim of the present paper is to analyze the impacts of the upgrading policies adopted by Morocco for almost ten years. We apply the stochastic frontier approach initiated by Battese and Coelli (1995) to a panel of 282 firms from Morocco during the period [1998–2005]. Such parametric...