Consequences of the Treasury Single Account Policy on the Wealth of Nigerian Commercial Banks’ Shareholders

Olayinka Moses, Dimu Ehalaiye, Sebastian Maimako and Kayode Fasua

Emerging Markets Finance and Trade, 2018, vol. 54, issue 9, 2078-2092

Abstract: We examine the impact of the Nigerian government’s Treasury Single Account (TSA) policy to withdraw the funds of Ministries, Departments and Agencies from commercial banks. Following the economic policy uncertainty theory, we use an event study methodology to measure the impact of the TSA policy on the shareholders’ wealth. Our results reveal that the announcements and subsequent final implementation of the TSA policy caused negative abnormal returns and losses on the wealth of the commercial banks’ shareholders. This article contributes to the literature on stock market reaction to policy announcements and the unintended consequences government policy can have in an emerging economy.

Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:mes:emfitr:v:54:y:2018:i:9:p:2078-2092

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DOI: 10.1080/1540496X.2017.1356715

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