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Efficient Market Hypothesis in Africa's Sub-Saharan Stock Markets (Paperback)
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Efficient Market Hypothesis in Africa's Sub-Saharan Stock Markets (Paperback)
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Bachelor Thesis from the year 2009 in the subject Economics - Case
Scenarios, grade: 1,3, University of Mannheim (Lehrstuhl fur
Volkswirtschaftslehre, insbes. Okonometrie), course:
Bachelorarbeit, language: English, abstract: In recent years
foreign aid was often conditioned on good institutions. Due to this
course the development of financial institutions has been
considered vital for the development process. This thesis points in
its theoretical part to the positive effects of efficient stock
markets on economic growth and examines empirically the efficiency
of Africa's sub-Saharan stock markets. Results are then compared
with the same tests on four emerging markets in Asia and as a
benchmark on S&P 500 and DAX. It discusses further the
relationship between market efficiency and financial crisis and
comes to the conclusion that a crisis worsens the respective
efficiency level. Nevertheless, all African markets are at least
able to pass the critical lowest hurdle of market efficiency.
However, conclusions from the research propose, that the Asian
markets perform better than the African markets, although the study
comes to some inconclusive results. Limits to the efficient market
hypothesis itself and its empirical analysis are shown throughout
the paper. The study suggests that former reforms need to be
intensified in order to avoid a further increase in overall income
inequalities.
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