An Empirical Analysis of Stock Markets Integration in Selected African Countries

Solarin Sakiru Adebola () and Jauhari Dahalan ()
Additional contact information
Solarin Sakiru Adebola: Faculty of Business and Law, Multimedia University Malaysia
Jauhari Dahalan: School of Economics, Finance and Banking, Universiti Utara Malaysia

EuroEconomica, 2012, issue 2(31), 166-177

Abstract: This study employs cointegration technique to determine the co-movement of ten national stock markets indexes in Africa. Using monthly indexes spanning February, 1997 to October, 2011, results demonstrate less than full cointegrating vectors, which suggest African stock markets are not fully integrated. Further findings indicate that big African stock markets indexes tend to influence fluctuations in small African markets indexes. Generally, these imply limited benefits accrue from portfolio diversification within African stock markets.

Keywords: financial markets; co-movement; unit roots tests; cointegration test (search for similar items in EconPapers)
Date: 2012
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://journals.univ-danubius.ro/index.php/euroeconomica/article/view/1264/1147 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:dug:journl:y:2012:i:2:p:166-177

Access Statistics for this article

More articles in EuroEconomica from Danubius University of Galati Contact information at EDIRC.
Bibliographic data for series maintained by Florian Nuta ().