The predictability of Ghana stock returns: implications of fundamental information analysis

Isaac Boadi

International Journal of Business and Globalisation, 2018, vol. 20, issue 1, 50-70

Abstract: The purpose of this research is to examine the predictability of stock returns by using fundamental information analysis in the Ghana stock market. The study employed the generalised methods of moments (GMM) as the main regression tool using a data spanning from 1997-2009. Findings from this research reveal that fundamental information, i.e., selected financial ratios are statistically significant predictor of stock returns (STR) across all the listed firms. Varying relationships are produced when stock returns are decomposed into capital gains and dividend returns during the period under review. This indicates that possibility may exist for this information to be used in an attempt to earn abnormal returns in Ghana stock market.

Keywords: stock returns; fundamental; predictability; generalised methods of moments; GMM; Ghana. (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijbglo:v:20:y:2018:i:1:p:50-70

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