The establishment of a successful stock market in a developing economy can provide a major source of development finance, both channelling domestic savings and attracting foreign investment. But small markets generally fail. Two micro-markets, Mozambique and Swaziland provide an interesting case...

This paper assesses the effectiveness of traded turnover and Amihud (2002) constructs in measuring illiquidity which is used in constructing a multifactor CAPM. The performance of this model is contrasted against GARCH and simple stochastic drift models on a unique sample of five West African...

This study outlines how the corporate governance of emerging market firms is influenced by corporate affiliation and institutional embeddedness. We argue that the stronger the business group affiliation, the less likely is the emerging market firm to adopt shareholder value-enhancing corporate...

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...

This paper contrasts firm-level as opposed to state-level governance on directors self-rewarding behaviour in West Africa. Director self-reward or compensation is measured through fixed base salary as well as a new measure of total remuneration providing a conservative estimate of the full...

The New Economic Partnership for Africa's Development focuses on the benefits to integration of many smaller African markets with South Africa as the central hub motivated by a wish to attract foreign investment and increase liquidity. However, little attention has been paid to issues regarding...

This study contrasts well established liquidity measures, namely volume-based turnover ratio, related price-impact Amihud (2002) construct and the multidimensional Liu (2006) indicator alongside the Lesmond, Ogden and Trzcinka (1999) proportion of zero daily returns metric in explaining bid-ask...