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Article

Nicholas Addai Boamah

The purpose of this paper is to examine the degree of integration of emerging markets with the world market and amongst them. Further, the impact of the 2008 global…

Abstract

Purpose

The purpose of this paper is to examine the degree of integration of emerging markets with the world market and amongst them. Further, the impact of the 2008 global financial crisis (GFC) on and structural breaks in the degree of integration are explored. The paper, additionally, analyses the behaviour of the level and the rate of change of the degree of integration around the period of the GFC.

Design/methodology/approach

The paper relies on the R2 from a single factor world and the incremental R2 from a two-factor world and emerging market models as proxies for the global and emerging markets degree of integration, respectively. Relying on the Quandt test for unknown structural breakdates, the paper examines structural breaks in the degree of integration.

Findings

The degree of global integration of emerging markets exceeds their degree of integration with themselves, particularly in the recent period. Additionally, the GFC is a significant driver of the recent increase in world market integration. We observe significant structural shifts in both the degree of the world and emerging markets integration measures. The breaks in the world market integration largely coincide with the GFC, whereas that of the emerging market integration is dispersed. Also, the level of the world market degree of integration has reversed recently, although, the degree of world market integration remains above pre-crisis point.

Practical implications

There exist high country-specific components in emerging market returns that are not accounted for by the world and emerging market factors despite the recent increase in global integration. Thusly, portfolios that diversify across emerging markets appear to have a high diversification potential. Additionally, substantial diversification gains may be realised with the inclusion of emerging market assets in global portfolios.

Originality/value

The paper shows that the emerging markets respond similarly to common global, although, diversely to emerging markets events. Additionally, evidence of the impacts of the GFC on the degree of global integration of emerging markets is presented.

Details

International Journal of Emerging Markets, vol. 12 no. 4
Type: Research Article
ISSN: 1746-8809

Keywords

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Article

Nicholas Addai Boamah

The purpose of this paper is to explore the co-movements among emerging markets. The authors, additionally, investigate the driven force of the within emerging markets…

Abstract

Purpose

The purpose of this paper is to explore the co-movements among emerging markets. The authors, additionally, investigate the driven force of the within emerging markets integration. The authors provide evidence of volatility clustering, leverage effect and time-varying integration of emerging markets.

Design/methodology/approach

The study used dynamic conditional correlation techniques to estimate the time-varying conditional correlations among emerging markets. The cross-sectional and time series variations in the within emerging markets correlations are then described by various market and economic factors.

Findings

The authors show that investment, domestic credit to the private sector and import of financial services have a positive relation within emerging markets co-movements. However, claim on central government, current account balance and financial services exports have a negative relation with the integration among emerging markets. Evidence is also provided that liquidity and market depth explain the correlation between emerging markets.

Originality/value

The findings show that emerging markets ability to convert domestic assets into investments appears to be the single most important factor influencing with in emerging markets integration. The findings indicate that across-emerging markets diversification potential exists.

Details

Journal of Financial Economic Policy, vol. 12 no. 1
Type: Research Article
ISSN: 1757-6385

Keywords

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Article

Nicholas Addai Boamah

The purpose of this paper is to examine the relative importance of global sector effects in African sector portfolios (ASPs). It explores the dynamics of the rate of…

Abstract

Purpose

The purpose of this paper is to examine the relative importance of global sector effects in African sector portfolios (ASPs). It explores the dynamics of the rate of change and the level of global sector effects in their respective ASPs.

Design/methodology/approach

The variance of African industry returns is decomposed to the component attributable to the corresponding global industry and the proportion that is African industry specific. The authors then scale the global component by the African sector-specific component to obtain the relative global sector influences in their corresponding ASP returns.

Findings

The evidence suggests that global sector effects are dominated by African industry-specific influences on the African markets; however, in the recent period the global sector influence has risen in importance. Additionally, the 2008 Global Financial Crisis had significant impact in the relative global sector effects in the ASPs. Turning points in the rate of change of and the relative importance of the corresponding global sector effects in the ASPs are identified. The findings infer time-varying global sector effects in their respective ASPs. The evidence suggests sector-level differences in the diversification gain of the ASPs.

Originality/value

The ASPs offer global investors the opportunity for diversification gains when included in geographically diversified portfolio within the same sector, although, global sector effects on the African markets have increased recently.

Details

African Journal of Economic and Management Studies, vol. 8 no. 2
Type: Research Article
ISSN: 2040-0705

Keywords

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Article

Nicholas Addai Boamah

– The purpose of this paper is to examine the system of development controls in the Offinso South municipality. It investigates the challenges to the development control regime.

Abstract

Purpose

The purpose of this paper is to examine the system of development controls in the Offinso South municipality. It investigates the challenges to the development control regime.

Design/methodology/approach

The paper reviews the land use regulation system in the municipality. The municipality was clustered into four for data collection. Eight neighbourhoods (two from each cluster) were selected from the municipality for the study. In all, 15 properties were sampled via purposive sampling techniques from each of the selected neighbourhoods for data gathering. Self-administered questionnaires were relied on to gather data from the 120 respondents. The property owners were the unit of enquiry.

Findings

The paper finds that socio-cultural factors, delays in the planning approval process, negative public perceptions about the planning process and planning officials, lack of official support to developers in curing identified defects in their proposed developments, and unrealistic building regulations are partly responsible for the large-scale violations of development controls in the municipality.

Practical implications

It is noted that the planning authority should focus more on strategies that will facilitate voluntary compliance and less on enforcement. It also notes the need for a review of the building regulations and the purging of the planning system from negative public perceptions and processing delays.

Originality/value

The paper identifies the constraints on the Ghanaian development controls regime.

Details

Property Management, vol. 32 no. 2
Type: Research Article
ISSN: 0263-7472

Keywords

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Article

Nicholas Addai Boamah

The housing finance market in Ghana is highly underdeveloped. This may be as a result of unfriendly or poor regulatory environment. This paper seeks to examine the…

Abstract

Purpose

The housing finance market in Ghana is highly underdeveloped. This may be as a result of unfriendly or poor regulatory environment. This paper seeks to examine the regulatory environment and to determine its impact on the development of the formal housing finance market in the country.

Design/methodology/approach

The paper executes this by surveying the housing finance literature. It also carries out a review of the legal framework of the country's mortgage market.

Findings

It is found that inadequate foreclosure rights of lenders before December 2008 constrained the development of the formal housing finance market in Ghana. The research notes that the enactment of the Home Mortgage Finance Act, 2008 (Act 770) in December 2008 has created a conducive legal environment for collateralised lending in the country. This has improved the prospects of developing the housing finance market in the country.

Practical implications

It is noted that a credit bureau industry and mortgage refinancing mechanisms must be put in place if the Act 770, 2008 is to facilitate mortgage market development in the country. It recommends additional policy and institutional reforms.

Originality/value

The paper identifies the legal and institutional constraints on housing finance market development in Ghana.

Details

Property Management, vol. 29 no. 5
Type: Research Article
ISSN: 0263-7472

Keywords

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Article

Nicholas Addai Boamah

The purpose of this study is to explore the applicability of the Fama–French and Carhart models on the South African stock market (SASM). It examines the ability of the…

Abstract

Purpose

The purpose of this study is to explore the applicability of the Fama–French and Carhart models on the South African stock market (SASM). It examines the ability of the models to capture size, book-to-market (BM) and momentum effects on the SASM. The paper, additionally, explores the ability of the Fama–French–Carhart factors to predict the future growth of the South African economy.

Design/methodology/approach

The paper relies on data of 848 firms from January 1996 to April 2012 to examine the size, BM and momentum effects on the SASM. The paper constructs the test assets from a 3 × 3 sort on size and BM and a 3 × 3 sort on size and momentum. The paper estimates momentum as the past six-months’ cumulative return. The momentum portfolios are monthly rebalanced. Additionally, the size and BM portfolios are formed annually at the end of each June.

Findings

Evidence is provided that size, BM and momentum effects exist on the SASM; also, the small- and high-BM firm portfolios, respectively, appear riskier than the big- and low-BM firm portfolios. The paper provides evidence of past winners outperforming past losers aside from the small-firm group. Additionally, the models only partially capture the size and value effects on the SASM. The Carhart model partly captures the momentum effects, but the Fama–French model is unable to describe the returns to the momentum-sorted portfolios. The evidence shows that the models’ factors predict future gross domestic product growth.

Originality/value

The models do not fully describe returns on the SASM; any application of the models on the SASM should be done with caution. The Carhart model better describes returns than the Fama–French model on the SASM. The Fama–French–Carhart factors may relate to the underlying economic risk of the South African economy.

Details

Review of Accounting and Finance, vol. 14 no. 4
Type: Research Article
ISSN: 1475-7702

Keywords

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