Semi Strong Market Efficiency Studies Of The Nigerian Capital Market Using Dividend Announcements PDF Download
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Author | : John Okey Onoh |
Publisher | : |
Total Pages | : 21 |
Release | : 2016 |
Genre | : |
ISBN | : |
Download Semi-Strong Market Efficiency Studies of the Nigerian Capital Market Using Dividend Announcements Book in PDF, ePub and Kindle
The study applies simple regression model to know the impact of dividend on share prices using software packages such as E-views and MS-Excel 2007 model in investigating to find out if the Nigerian stock market reacts efficiently to dividend announcements in terms of price adjustments. In capturing reactions around the 3-day, 21-day and 61-day windows before and after the announcements, the study considered the level of the speed of adjustment of share prices to the announcement of dividend payments. In so doing earnings and dividend announcements are found to concurrently announced unlike in developed capital markets. Since the studies indicate a drift in share prices 30 days after announcements The CERs for the 3-day, 21-day and 60-day event windows are positive and statistically significant for dividend announcements. This shows that the Nigerian Stock Market does not react efficiently to dividend announcements in terms of prices adjustments and also does not adjust to announced changes in dividend policies by the Nigerian companies. Overall, this provides evidence that the Nigerian stock market is not semi-strong efficient, that dividend policy matters and that share prices do react to dividend announcements. The findings support semi-strong market inefficiencies found by Olowe (1998) and Oludoyi (1999) from stock splits and earnings announcements, respectively.
Author | : John Ayodele Ajayi |
Publisher | : |
Total Pages | : 10 |
Release | : 2017 |
Genre | : |
ISBN | : |
Download Testing the Semi-Strong Form of Efficiency Theory in the Nigerian Capital Market Book in PDF, ePub and Kindle
This paper examines the semi-strong form of efficiency of the Nigerian capital market. Such examination is made in the context of whether information impounded in previous stock prices reflect current prices through the input and output index. Data for the study were from secondary sources and it spanned from 2005-2013. The population for this study encompasses all the companies that traded in the period of January 1, 2005 to December 31, 2013. All these companies are ranked according to their capitalization and a random sampling technique was employed to select the companies that have the capitalization values above the average value. Thus, about 80 companies qualified for this sample size. The study made use of transfer function model to estimate the market index which is represented by the output index and the computed selected securities represented by the input index which is tantamount to published information. Findings from the paper showed that publicly published information captured by the input index commands significant effect on the stock market represented by the output index hence making the Nigerian stock market to be semi-strong inefficient.
Author | : Henry Inegbedion |
Publisher | : LAP Lambert Academic Publishing |
Total Pages | : 108 |
Release | : 2012-03 |
Genre | : |
ISBN | : 9783848432486 |
Download Efficient Market Hypothesis and the Nigerian Capital Market Book in PDF, ePub and Kindle
In the wake of the deregulation of the financial sector in Nigeria, following the enthronement of democratic governance, several policies were put in place to stimulate capital market activities. The series of policies, especially the twenty-five Billion Naira capitalization of Banks, led to unprecedented increase in trading on the floor the Nigerian Stock exchange. The perceived rapid returns to investors were suggestive of a speculative market and thus made the market very attractive. Although the studies conducted before this period indicated that the Nigerian Capital Market was efficient in the weak form, there was need for a robust replication of earlier studies to determine the extent to which such claims still held sway against the backdrop of persistent bullish runs; this is what this study sought to achieve. Results of this study showed that the Nigerian capital market is efficient in the weak form; thus showing consistency with most previous studies. It is thus reasonable to conclude that investors in the Nigerian Stock Exchange are assured of fair returns to their investment.
Author | : |
Publisher | : |
Total Pages | : 184 |
Release | : 2004 |
Genre | : Banks and banking |
ISBN | : |
Download African Review of Money, Finance, and Banking Book in PDF, ePub and Kindle
Author | : Olatundun Janet Adelegan |
Publisher | : International Monetary Fund |
Total Pages | : 44 |
Release | : 2008-12 |
Genre | : Business & Economics |
ISBN | : |
Download Can Regional Cross-listings Accelerate Stock Market Development? Empirical Evidence from Sub-Saharan Africa Book in PDF, ePub and Kindle
This study analyzes the impact of regional cross-listing of stocks on the depth of the stock markets in sub-Saharan Africa (SSA). It analyzes data from 1990 to 2007 for a panel of 13 stock markets in SSA countries, only some of which have regional cross-listings. Using event study methodology, the paper finds significant positive effects in measures of stock market depth around regional cross-listing events. Overall, growth in the regional crosslisting of stocks facilitates stock market deepening, and the stock markets of countries with regional cross-listings perform better than those without. The study thus suggests that SSA countries can benefit from putting in place the necessary conditions for promoting regional cross-listings and thereby deepening their stock markets. These include sound legal and regulatory frameworks, macroeconomic and political stability, harmonization of listing rules, accounting laws and disclosure requirements across the region, and strong money markets.
Author | : |
Publisher | : |
Total Pages | : 94 |
Release | : 2007 |
Genre | : Globalization |
ISBN | : |
Download Ibadan Journal of the Social Sciences Book in PDF, ePub and Kindle
Author | : Kofi A. Osei |
Publisher | : |
Total Pages | : 94 |
Release | : 1998 |
Genre | : Business & Economics |
ISBN | : |
Download Analysis of Factors Affecting the Development of an Emerging Capital Market Book in PDF, ePub and Kindle
Author | : Martin Feldstein |
Publisher | : University of Chicago Press |
Total Pages | : 500 |
Release | : 2007-12-01 |
Genre | : Business & Economics |
ISBN | : 0226241807 |
Download International Capital Flows Book in PDF, ePub and Kindle
Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.
Author | : Stephane Hallegatte |
Publisher | : World Bank Publications |
Total Pages | : 227 |
Release | : 2015-11-23 |
Genre | : Business & Economics |
ISBN | : 1464806748 |
Download Shock Waves Book in PDF, ePub and Kindle
Ending poverty and stabilizing climate change will be two unprecedented global achievements and two major steps toward sustainable development. But the two objectives cannot be considered in isolation: they need to be jointly tackled through an integrated strategy. This report brings together those two objectives and explores how they can more easily be achieved if considered together. It examines the potential impact of climate change and climate policies on poverty reduction. It also provides guidance on how to create a “win-win†? situation so that climate change policies contribute to poverty reduction and poverty-reduction policies contribute to climate change mitigation and resilience building. The key finding of the report is that climate change represents a significant obstacle to the sustained eradication of poverty, but future impacts on poverty are determined by policy choices: rapid, inclusive, and climate-informed development can prevent most short-term impacts whereas immediate pro-poor, emissions-reduction policies can drastically limit long-term ones.
Author | : Nigerian Economic Society |
Publisher | : |
Total Pages | : 842 |
Release | : 1985 |
Genre | : English periodicals |
ISBN | : |
Download The Nigerian Journal of Economic and Social Studies Book in PDF, ePub and Kindle