Managerial Finance


Accounting and Finance

Table Of Contents: Volume 37 Issue 3

Testing the weak‐form efficiency in African stock markets

Collins G. Ntim, Kwaku K. Opong, Jo Danbolt, Frank Senyo Dewotor

The purpose of this paper is to investigate and compare the weak‐form efficiency of a set of 24 African continent‐wide stock price indices and those of eight individual…

Measuring volatility persistence and long memory in the presence of structural breaks

David McMillan, Pako Thupayagale

The purpose of this paper is to estimate volatility in African stock markets (ASMs), taking account of periodic level shifts in the mean level of volatility, where the…

Stock market integration in Africa

Sam Agyei‐Ampomah

The purpose of this paper is to examine the nature and extent of linkages between African stock markets and the relationships between these markets and that of regional…

Sunshine trading in an African stock market

Magueye Dia, Sébastien Pouget

How is liquidity formed in emerging financial markets? Do traders preannounce their orders to attract outside liquidity providers (a practice referred to as sunshine…

The rare event risk in African emerging stock markets

Konstantinos Tolikas

The purpose of this paper is to investigate the asymptotic distribution of the extreme daily stock returns in African stock markets over the period 1996‐2007 and examine…

The stock market reaction to stock dividends in Nigeria and their information content

Kevin Campbell, Chijioke Ohuocha

The purpose of this paper is to examine whether stock dividend announcements create value for companies traded on the Nigerian stock market and to ascertain the nature of…



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  • Professor Don Johnson