Can Regional Cross-listings Accelerate Stock Market Development? Empirical Evidence from Sub-Saharan Africa

Can Regional Cross-listings Accelerate Stock Market Development? Empirical Evidence from Sub-Saharan Africa

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This study analyzes the impact of regional cross-listing of stocks on the depth of the stock markets in sub-Saharan Africa (SSA). It analyzes data from 1990 to 2007 for a panel of 13 stock markets in SSA countries, only some of which have regional cross-listings. Using event study methodology, the paper finds significant positive effects in measures of stock market depth around regional cross-listing events. Overall, growth in the regional crosslisting of stocks facilitates stock market deepening, and the stock markets of countries with regional cross-listings perform better than those without. The study thus suggests that SSA countries can benefit from putting in place the necessary conditions for promoting regional cross-listings and thereby deepening their stock markets. These include sound legal and regulatory frameworks, macroeconomic and political stability, harmonization of listing rules, accounting laws and disclosure requirements across the region, and strong money markets.However, Giovanni, 2004 noted that panel data sets provide a solution to the problem of joint presence of dynamics and ... for changes in stock market development measure around regional cross-listings and key stock market events.20 Theanbsp;...


Title:Can Regional Cross-listings Accelerate Stock Market Development? Empirical Evidence from Sub-Saharan Africa
Author: Olatundun Janet Adelegan
Publisher:International Monetary Fund - 2008-12-01
ISBN-13:

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