Download or read book The Stock Market An Imperative for Economic Growth Case Study of Nigeria Stock Exchange written by Solomon oriaregbete and published by . This book was released on 2019 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examined the role of the stock market in Nigeria's economic growth. It aimed at finding out the relationship between stock market activities proxied by market capitalization (MCP), all share index (ASI) and value of new shares (VNS) on Nigeria's economic growth proxied by GDP. Data were collected from CBN Statistical Bulletin from 1985-2016. The regression analysis, ADF test, Cointegration Error correction model and granger causality were used to analysed the data. The regression analysis shows that ASI has positive but insignificant relationship with GDP. MCP has positive and significant relationship with GDP. VNS has negative and significant relationship with GDP. The ADF result shows that all the variables are stationary in order one. The co-integration result suggests that there were two cointegrating equations while the error correction model indicates a negative sign with F-cal having prob.value of 0.0006 hence there is long run relationship between capital market activities and Nigeria's GDP. The granger causality test shows that there is no granger causality relationship between GDP and ASI while VNS and MCP have unidirectional causality relationship with GDP. It concluded that the establishment of the stock market is one the best thing that has happened to the Nigerian economy. From the findings, it recommends the need for more reform to be carried out at the market to enhance its activities and financial intermediation functions. Furthermore, information on new shares should be promoted through the mass media to encourage buying by the public.

Download or read book Can Stock Market Development Predict Economic Growth written by Ejibola Folashade Fajimi and published by . This book was released on 2009 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Understanding the Nigerian Stock Exchange written by Peter Arinze and published by LAP Lambert Academic Publishing. This book was released on 2012-02 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: The constant function of the Nigerian Stock Exchange is to provide market in which securities may be bought and sold and facilitate the raising of money by Government, State and Local Governments, and Public Companies. It is a vast trading floor in the building at the E/4 Customs Street, Lagos, near the Central Bank of Nigeria. It is the nation's largest Organised Securities market where Exchange member brokers daily buy and sell, for thousands of people, the stocks and bonds of most Nigeria's leading companies. The Nigerian Stock Exchange has branches in Kaduna, Port-Harcourt, Kano (1989), Onitsha, Ibadan, Abuja, Yola, Benin, Uyo, Ilorin and Abeokuta where daily activities are also taking place. The following legend could well appear beneath its name: Here is where people buy and sell Ownership in Nigerian leading companies. The analysis should be a contribution to new theories of Economic development and some aspects of economic growth, emphasising the role of the Stock Exchange Market in economic development, making use of familiar concept of the production function and supply side problem of the economy.

Download or read book Nigeria Stock Market Development and Economic Growth written by Victor Okonkwo and published by . This book was released on 2017 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examined the impact of stock market development and economic growth; and also examined the direction of causality between stock market development and economic growth in Nigeria. This study applied Johansen co-integration model to evaluate the stock market development and economic growth and causal relationship using four measures of stock market development indices: market capitalization, number of deals, all share index and total value of market transaction. The study established the existence of co-integration for all the stock market development measures. Results obtained for all measures of stock market development indices point to the existence of a positive relationship between stock market development and economic growth except for market capitalization and total value of market transaction. The findings from pair-wise Granger Causality test suggest the existence of a unidirectional relationship between stock market development and economic growth. This entails that the state of development of the economy will determine the development and operations of the stock market. This study also reveals that there is correlation between stock market development and economic growth, via all share indexes, market capitalization, number of deals and total market transaction value. The Nigerian government should therefore create an enabling environment that would involve, amongst other things, putting in place key legislation to cover investment protection, friendly taxation policies and guaranteeing property rights, so as to stimulate investments. In addition, policies to enhance the trading of securities should be encouraged. In fact, the demutualisation of the Nigeria Stock Exchange needs fast-tracking measures. This has the potential of stimulating creation of financial instruments capable of deepen the operations of the Nigerian capital market and consequently improving liquidity.

Download or read book The Capital Market of a Developing Country written by Edith Olutoyin Phillips and published by . This book was released on 1978 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Stock Market Development and Economic Growth in Nigeria written by John J. Chizea and published by LAP Lambert Academic Publishing. This book was released on 2014-11-25 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is concerned with the role of stock market development on economic growth within the Nigerian context. The author examines the long run causal relationship between the stock market development and economic growth. Essentially the study uses the endogenous growth theory as a basis of its theoretical foundation. The study uses one banking sector variable and three measures of stock market development over the period of 1980 - 2007 The author's findings from the study suggest that stock market development has impacted on economic growth in Nigeria. The study also finds evidence of a bi-directional relationship between stock market development and economic growth. The findings of the study support the view that stock market development and economic growth in Nigeria are complementary. The contribution of this study lies in the fact that it provides additional evidence on the ongoing debate of the impact stock markets have on the economic growth process within a specific country. This work will be of interest to people interested in stock markets, financial and economic development, time series analysis as well as African studies.

Download or read book Financial Deepening and Stock Market Development in Nigeria written by D. A. Omole and published by Nigerian Institute of Social and Economic Research (NISER), University of Ibadan. This book was released on 1999 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Stock Market Development and Economic Growth in Nigeria 1986 2006 written by Oluwanishola Abiodun Okogun and published by LAP Lambert Academic Publishing. This book was released on 2012-07 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the most enduring debates in economics is whether financial development causes economic growth or whether it is a consequence of increased economic activity. The relationship between stock market development and economic growth has received a great deal of attention during the last decades. Many economists have underlined the importance of stock market development in the process of economic growth while others think that this importance is over-stressed. Managers and owners of businesses are often ignorant of the full range of sources of finance available to them as well as the best means of accessing these funds. As businesses expand, it is pertinent to the continuing success of such a business that it possesses the ability to identify its financing requirements and its sources. Of all the sources of funds, the stock market is by far the largest source of finance for any organization and the study is needed to extensively focus on the opportunities that bound in the Nigeria stock market with regards to the process of the capital formation. This study examine the stock market development with relationship between economic growths in Nigeria.

Download or read book Stock Market and Economic Growth written by Uju Akpunonu and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study examines the effect of stock market on economic growth in Nigeria from 1986-2013. The objective of the study is to evaluate the extent to which some selected stock market indicators affect economic growth in Nigeria using secondary data obtained from various issues of Central Bank of Nigeria (CBN) Statistical Bulletin, World Development Indicators (WDI), and Nigeria Stock Exchange Fact-book. Preliminary study was done using unit root test, Co-integration tests and granger causality test. Ordinary Least Square (OLS) technique was used for the analyses to test the hypothesis. The findings revealed strong positive correlation with market capitalization, all share index and economic growth while turnover ratio has weak correlation with economic growth. The study recommends that this sends signal to government and decision makers who will look for growth opportunities. Also more stock liberalization are required such that would boost investors confidence by enable them have access to well regulated financial market which would provide surest path to economic development.

Download or read book Monthly Stock Returns and Volatility written by John Okey Onoh and published by . This book was released on 2016 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fundamental role of stock market is to provide adequate guarantee to share holders for the existence of market for their second hand securities. Adequate knowledge about the volatility, performance and efficiency of stock returns remains vital and essential information to investors. These will guide not only investment decisions but also planning for economic growth and development. Given that the Nigerian Stock Exchange has existed, its ability to generate confidence is still in doubt given the recent crash witnessed in the market. It means the confidence the exchange is expected to in still in investors is still not commensurable. It was against the forgoing that this study examined the impact on stock market returns of liquidity and volatility in the Nigerian Stock market. The study adopted the ex-post facto research design and data were obtained from monthly reports of the Nigerian Stock Exchange from January, 2009 to December, 2015. The study used the Ordinary least square and ARCH/GARCH to test the hypotheses stated. The result from the hypotheses tested revealed that stock market returns measured by all shares index was positively and significantly impacted by liquidity measured by market capitalization value ratio and turnover ratio of the Nigerian Stock Exchange but was negatively and significantly impacted by volume of transaction ratio. The results also revealed that, there is a significant ARCH/GARCH (volatility) effect on stock market returns of the Nigerian Stock market. The study thus concludes that the Nigerian Stock Exchange should act to in still more confidence on investors. Thus, the study recommends amongst others that strategies need to be designed toward reaping abnormal returns by exploiting information and actions that enhance inefficiency in stock markets thus, firms and individuals should be encouraged to buy or sell securities outside their face values, as a means of encouraging business or economic activities in the economy.

Download or read book Stock Market Development and Economic Growth written by Charity Ifunanya Osakwe and published by . This book was released on 2017 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study empirically explored the short run and long run relationship between stock market development and economic growth by comparing two leading emerging economies in Africa: Nigeria and South Africa from 1981 to 2015. Growth rate of gross domestic product was used to measure economic growth, while stock market development was surrogated by market capitalization ratio to gross domestic product and stock value traded ratio. Data were carefully sourced from World Bank development indicators of both countries. The ARDL co-integration divulged equilibrium long run relationship between stock market development and economic growth in Nigeria but not for South Africa. In both short and long run, there was a positive but insignificant relationship between stock market development and economic growth in Nigeria and South Africa. The granger causality analysis deduced that economic growth of South Africa is significantly affected by market capitalization but not so in Nigeria. The variation in economic growth owing to fluctuation in stock market development indices were observed to be insignificant for both Nigeria and South Africa. The study concluded that stock market development is relevant to economic growth as postulated in theoretical literature. Information disclosure in the stock markets of both countries need to be improve upon in an attempt to reducing information asymmetries. The availability of vital information of listed firms to insiders in the market hinders foreign investments. The non-availability of rating agencies and of a well-defined structure of regulation handicap investors from adequate assessment of firms' risk priori to investing their funds.

Download or read book Stock Market Performance and Economic Growth in Nigeria written by Timothy Ali and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Stock Market Development and Economic Growth in Nigeria written by John Chizea and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This research empirically examines the relationship between stock market development and economic growth in the context of Nigeria. The question guiding this study is focused on whether the development of the stock market has had an impact on economic growth in Nigeria. The thesis examines the long run causal relationship between the stock market and economic growth. It uses one bank and three measures of stock market development: the loans to deposit ratio of banks, Market capitalisation ratio, value traded to market capitalisation ratio as well as value traded to GDP ratio. Essentially the study uses the endogenous growth theory as a basis of its theoretical foundation. The study exploits time series analysis techniques to test for the existence of a relationship and, where one is found to exist, the casual nature of that relationship. The study particularly applies Multivariate vector autoregressive models (VAR) and Vector Error Correction Models (VECM) in testing for the existence of a relationship. The evidence obtained from the study shows the existence of co-integration between the stock market development and economic growth in the short as well as the long run. This suggests that stock market development has impacted on economic growth in Nigeria. The Granger causality test findings indicate the presence of a bi-directional relationship between stock market development and economic growth. The findings of the study support the view that stock market development and economic growth in Nigeria are complementary and any improvements in the stock market would have a positive impact on economic growth in Nigeria. The findings also support the hypothesis of endogenous growth models that financial development causes higher economic growth. The contribution of this study lies in the fact that it provides additional evidence on the ongoing debate of the impact stock markets on the economic growth process within a specific country.

Download or read book Stock Market Performance Indicators and Standard of Living in Nigeria Entrepreneurial Approach written by Uju Akpunonu and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study examined stock market performance indicators and standard of living in Nigeria for the period of 1986 to 2014. The objectives of the study are to evaluate the contributions of stock market liquidity and new issues (primary) market on the standard of living in Nigeria. The study was structured around an expo facto research design on secondary data sourced from various issues of Central Bank of Nigeria (CBN) Statistical Bulletin, World Development Indicators (WDI), and Nigeria Stock Exchange Factbook. Two models were developed to test the two hypotheses formulated for the study. The models include, standard of living and stock market liquidity, standard of living and primary (new) issues market. Ordinary least square analysis (OLS) was used to test the hypotheses. The result revealed that stock market liquidity and primary (new) issues market have insignificant effect in improving standard of living in Nigeria The study concludes that in spite of the growth potentials of stock market in Nigeria, it has not contributed meaningfully to improvement of the standard of living of an average Nigerian. The study recommends among others that more intensified and stock liberalization is required such that will encourage more productive investment, resulting in financial deepening, economic growth and development and improved living standard of the citizens.

Download or read book stock market development and long run growth written by Ross Levine and published by World Bank Publications. This book was released on 1996 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Adventure Capitalism written by T. Moss and published by Springer. This book was released on 2003-02-11 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sub-Saharan Africa, the poorest and least integrated region of the world, now has fifteen stock markets. Adventure Capitalism examines the economic and political forces behind this trend and discusses the potential consequences of financial market integration for developing countries. Using a political economy approach, it finds that financial globalization presents a formidable challenge for African policymakers, but is also an opportunity with a range of benefits.

Download or read book Reforming the Unreformable written by Ngozi Okonjo-Iweala and published by MIT Press. This book was released on 2014-08-29 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: A report on development economics in action, by a crucial player in Nigeria's recent reforms. Corrupt, mismanaged, and seemingly hopeless: that's how the international community viewed Nigeria in the early 2000s. Then Nigeria implemented a sweeping set of economic and political changes and began to reform the unreformable. This book tells the story of how a dedicated and politically committed team of reformers set out to fix a series of broken institutions, and in the process repositioned Nigeria's economy in ways that helped create a more diversified springboard for steadier long-term growth. The author, Harvard- and MIT-trained economist Ngozi Okonjo-Iweala, currently Nigeria's Coordinating Minister for the Economy and Minister of Finance and formerly Managing Director of the World Bank, played a crucial part in her country's economic reforms. In Nigeria's Debt Management Office, and later as Minister of Finance, she spearheaded negotiations with the Paris Club that led to the wiping out of $30 billion of Nigeria's external debt, 60 percent of which was outright cancellation. Reforming the Unreformable offers an insider's view of those debt negotiations; it also details the fight against corruption and the struggle to implement a series of macroeconomic and structural reforms. This story of development economics in action, written from the front lines of economic reform in Africa, offers a unique perspective on the complex and uncertain global economic environment.