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A test of the differential information hypothesis on the Botswana and the Zimbabwe Stock Exchanges

A test of the differential information hypothesis on the Botswana and the Zimbabwe Stock Exchanges CC Okeahalam* A test of the differential information hypothesis on the Botswana and the Zimbabwe Stock Exchanges 1. INTRODUCTION* ERG) should be related to the effect of the announcement on the future expectations of equity The recent events on capital markets in South-East holders. In keeping with earlier research, the aim of Asia have highlighted the importance of the issue of this paper is to test the impact of announcements on regional and international market integration and returns volatility of stocks listed on two exchanges in contagion. As stock markets begin to evolve and southern Africa, and secondly, to directly test the DIH develop in Sub-Sahara Africa, this area of enquiry is by selecting proxies which theoretically should becoming relevant to the region. One way of influence firm-level information asymmetry and the evaluating the extent of integration is to assess the ERG in both markets studied. Section 2 discuses the speed and efficiency with which information is differential information hypothesis, Section 3 describes assimilated and incorporated in market prices. An the ZSE and the BSE data used and the empirical appropriate method for doing this is the differential exercise. Findings and brief conclusions are presented information hypothesis (DIH). The http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Investment Analysts Journal Taylor & Francis

A test of the differential information hypothesis on the Botswana and the Zimbabwe Stock Exchanges

Investment Analysts Journal , Volume 28 (49): 10 – Jan 1, 1999
8 pages

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Publisher
Taylor & Francis
Copyright
© 1999 Taylor and Francis Group, LLC
ISSN
2077-0227
eISSN
1029-3523
DOI
10.1080/10293523.1999.11082394
Publisher site
See Article on Publisher Site

Abstract

CC Okeahalam* A test of the differential information hypothesis on the Botswana and the Zimbabwe Stock Exchanges 1. INTRODUCTION* ERG) should be related to the effect of the announcement on the future expectations of equity The recent events on capital markets in South-East holders. In keeping with earlier research, the aim of Asia have highlighted the importance of the issue of this paper is to test the impact of announcements on regional and international market integration and returns volatility of stocks listed on two exchanges in contagion. As stock markets begin to evolve and southern Africa, and secondly, to directly test the DIH develop in Sub-Sahara Africa, this area of enquiry is by selecting proxies which theoretically should becoming relevant to the region. One way of influence firm-level information asymmetry and the evaluating the extent of integration is to assess the ERG in both markets studied. Section 2 discuses the speed and efficiency with which information is differential information hypothesis, Section 3 describes assimilated and incorporated in market prices. An the ZSE and the BSE data used and the empirical appropriate method for doing this is the differential exercise. Findings and brief conclusions are presented information hypothesis (DIH). The

Journal

Investment Analysts JournalTaylor & Francis

Published: Jan 1, 1999

References