We investigate herding in eight African frontier stock markets between January 2002 and July 2015, given the limited evidence on herding in frontier markets. Herding appears significant throughout the 2002-2015 period for all markets, with smaller stocks found to enhance its magnitude. Herding entails no clear asymmetries conditional on market performance; conversely, it appears notably asymmetric when conditioned on market volatility, as it is significant (or stronger) mainly during low volatility days, without this pattern, however, surviving when accounting for the 2007-2009 crisis. The US and South African markets motivate herding on a small number of occasions only, while the return dynamics of a regional economic initiative's member-markets are found to induce herding in each other very rarely, thus demonstrating that investors' behaviour in markets with low integration in the international financial system is not significantly affected by non-domestic factors.

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This research examined the factors influencing implementation of accrual-based International Public Sector Accounting Standards (IPSAS) in the Tanzanian Local Government Authorities (LGAs). The study adopted a survey design. Based on extant literature, a structured questionnaire was developed. Then a drop-and-pick method was employed to administer the survey instrument to accountants and auditors from the LGAs in Tanzania. We successfully obtained 150 useful responses and applied factor analysis to determine the factors followed by multiple regression analysis. According to factor analysis performed, 15 factors were identified as the factors influencing implementation of accrual-based IPSAS. Such factors include staff experience, understanding, and skills, in-house training necessity, involvement of professional accountants with high ethical conduct and hope for future business opportunities including attraction of development partners. The study also examined how the identified factors affect implementation of accrual-based IPSAS in the LGAs. Our findings show that staff experience, in-house training necessity, understanding and skills, involvement of professional accountants and publication of financial statements with standardized format; significantly influence implementation of accrual based IPSAS in the LGAs. Other factors like sanctions by regulatory authorities, pressure from development partners and adequate implementation policies were also reported to have significant impact. Since this research involved 7 LGAs out of 185 found in Tanzania Mainland, we recommend further studies to take into account the rest of the LGAs in Tanzania and abroad.

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