2014
DOI: 10.4172/2162-6359.1000161
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An Empirical Analysis of the Impact of Demutualization on Stock Exchange Performance: Lessons for Zimbabwe

Abstract: This paper evaluates the impact of ownership structure on stock exchange performance using data from 50 stock exchanges for the period 1990 to 2011. The study adopts the Least Squares Dummy Variable (LSDV) regression model to examine the nature and significance of the relationship between stock exchange ownership structure and performance. The findings indicate that demutualized exchanges tend to perform better than mutual exchanges in terms of value of trades, market capitalization, and listings. Surprisingly… Show more

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Cited by 5 publications
(5 citation statements)
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“…Infrastructure projects are characteristically long term in nature and for that reason they rely on efficient and effective capital markets for long-term financing. The Zimbabwe Stock Exchange (ZSE) has a long functional history having been established in 1896 and strategies have been adopted to enhance the financing potential of the market (Nyangara, Ndlovu and Tyavambiza 2016). With regard to bank market development, the ratio of bank credit to bank deposits (BCD) positively and significantly influences water and sanitation PPP financing.…”
Section: Tobit Regression Results and Discussion Of Findingsmentioning
confidence: 99%
“…Infrastructure projects are characteristically long term in nature and for that reason they rely on efficient and effective capital markets for long-term financing. The Zimbabwe Stock Exchange (ZSE) has a long functional history having been established in 1896 and strategies have been adopted to enhance the financing potential of the market (Nyangara, Ndlovu and Tyavambiza 2016). With regard to bank market development, the ratio of bank credit to bank deposits (BCD) positively and significantly influences water and sanitation PPP financing.…”
Section: Tobit Regression Results and Discussion Of Findingsmentioning
confidence: 99%
“…𝐻 𝑜 : 𝛽 ̂2 = 0 must be accepted against 𝐻 1 : 𝛽 ̂2 ≠ 0 4. Risk measure (β) should be the only factor that is priced by the market See (Pham, 2021;Sah, 2020;Nyangara et al, 2016;Hassan et al, 2011;Basu & Chawla, 2010;Rachev et al, 2007;Xu & Yang, 2007;Michailidis, 2006).…”
Section: Methodology and Datamentioning
confidence: 99%
“…Hearn (2011) remarks that the BM effect and the size effect are not significant in African markets. Similarly, Nyangara et al (2016) reject the validity of the CAPM on the Zimbabwe Stock Exchange, and according to the authors, this is primarily due to liquidity and skewness anomalies.…”
Section: 23mentioning
confidence: 99%
“…Similarly, Nyangara et al. (2016) reject the validity of the CAPM on the Zimbabwe Stock Exchange, and according to the authors, this is primarily due to liquidity and skewness anomalies.…”
Section: Microstructure and Asset Pricing: Literature Reviewmentioning
confidence: 99%