African Stock Market Performance Dynamics: A Multidimensional Convergence Assessment

Simplice Asongu

MPRA Paper from University Library of Munich, Germany

Abstract: This paper dissects with great acuteness, the issues of convergence in financial performance dynamics in the African continent through the lenses of stock market capitalization, value traded, turnover and number of listed companies. The empirical evidence is premised on 11 homogenous panels based on regions(Sub-Saharan and North Africa), income-levels(low, middle, lower-middle and upper-middle), legal-origins(English common-law and French civil-law) and religious dominations(Christianity and Islam). Findings provide partial support for the existence of absolute convergence in some dynamics. Only SSA reveals conditional convergence in relation to per capita number of listed companies. The speed of convergence for the most part is between 12% and 28% per annum. As a policy implication, countries should work towards adopting common institutional and structural characteristics that favor stock market development.

Keywords: Convergence; Stock markets; Panel; Africa (search for similar items in EconPapers)
JEL-codes: F30 G10 G20 O16 P50 (search for similar items in EconPapers)
Date: 2012-01-19
New Economics Papers: this item is included in nep-afr
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (24)

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/36055/1/MPRA_paper_36055.pdf original version (application/pdf)
https://mpra.ub.uni-muenchen.de/41199/1/MPRA_paper_41199.pdf revised version (application/pdf)
https://mpra.ub.uni-muenchen.de/41199/2/Convergenc ... mance_Dynamics_2.pdf revised version (application/pdf)

Related works:
Journal Article: African Stock Market Performance Dynamics: A Multidimensional Convergence Assessment (2013)
Working Paper: African Stock Market Performance Dynamics: A Multidimensional Convergence Assessment (2012)
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:pra:mprapa:36055

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().