Recent Articles From EvanCarmichael.com http://www.evancarmichael.com/ http://www.evancarmichael.com/African-Accounts/1667/References-Stock-Market-Development-in-SubSaharan-Africa.html http://www.evancarmichael.com/African-Accounts/1667/References-Stock-Market-Development-in-SubSaharan-Africa.html References http://www.evancarmichael.com/African-Accounts/1667/VIII-SUMMARY-AND-CONCLUSION-Stock-Market-Development-in-SubSaharan-Africa.html http://www.evancarmichael.com/African-Accounts/1667/VIII-SUMMARY-AND-CONCLUSION-Stock-Market-Development-in-SubSaharan-Africa.html Over the past few decades, the world stock markets have surged, and emerging markets have accounted for a large amount of this boom. In Africa, new stock markets have been established in Ghana, Malawi, Swaziland, Uganda, and Zambia. The rapid development of stock markets in Africa does not mean that even the most advanced African stock markets are mature. http://www.evancarmichael.com/African-Accounts/1667/VII-G-Strengthen-Education-PROMOTING-STOCK-MARKET-DEVELOPMENT-IN-AFRICA.html http://www.evancarmichael.com/African-Accounts/1667/VII-G-Strengthen-Education-PROMOTING-STOCK-MARKET-DEVELOPMENT-IN-AFRICA.html Increasing public knowledge about the functioning of the stock market could promote the development of the stock market in Africa. http://www.evancarmichael.com/African-Accounts/1667/VII-F-Attract-Capital-Flows-and-Encourage-Foreign-Participation-PROMOTING-STOCK-MARKET-DEVELOPMENT-IN-AFRICA.html http://www.evancarmichael.com/African-Accounts/1667/VII-F-Attract-Capital-Flows-and-Encourage-Foreign-Participation-PROMOTING-STOCK-MARKET-DEVELOPMENT-IN-AFRICA.html Private capitals flows—foreign direct investment, remittances and portfolio investment and are an important for stock market development. http://www.evancarmichael.com/African-Accounts/1667/VII-E-Strengthen-Regulation-and-Supervision-PROMOTING-STOCK-MARKET-DEVELOPMENT-IN-AFRICA.html http://www.evancarmichael.com/African-Accounts/1667/VII-E-Strengthen-Regulation-and-Supervision-PROMOTING-STOCK-MARKET-DEVELOPMENT-IN-AFRICA.html Regulation and supervision of the financial system play a great role in determining both its stability and the extent of services provided. http://www.evancarmichael.com/African-Accounts/1667/VII-D-Promote-Institutional-Investors-PROMOTING-STOCK-MARKET-DEVELOPMENT-IN-AFRICA.html http://www.evancarmichael.com/African-Accounts/1667/VII-D-Promote-Institutional-Investors-PROMOTING-STOCK-MARKET-DEVELOPMENT-IN-AFRICA.html The involvement of institutional investors in African exchanges must be pursued vigorously. Institutional investors often are at the forefront in promoting efficient market practices and financial innovation. http://www.evancarmichael.com/African-Accounts/1667/VII-C-Regional-Integration-PROMOTING-STOCK-MARKET-DEVELOPMENT-IN-AFRICA.html http://www.evancarmichael.com/African-Accounts/1667/VII-C-Regional-Integration-PROMOTING-STOCK-MARKET-DEVELOPMENT-IN-AFRICA.html Another proposed solution to problems faced by African stock markets is to integrate stock exchanges. http://www.evancarmichael.com/African-Accounts/1667/VII-B-Demutualization-PROMOTING-STOCK-MARKET-DEVELOPMENT-IN-AFRICA.html http://www.evancarmichael.com/African-Accounts/1667/VII-B-Demutualization-PROMOTING-STOCK-MARKET-DEVELOPMENT-IN-AFRICA.html Demutualization can be defined as a change in the legal status, structure and governance of an exchange from a non-profit, protected interest one to a profit oriented. http://www.evancarmichael.com/African-Accounts/1667/VII-A-Automation-PROMOTING-STOCK-MARKET-DEVELOPMENT-IN-AFRICA.html http://www.evancarmichael.com/African-Accounts/1667/VII-A-Automation-PROMOTING-STOCK-MARKET-DEVELOPMENT-IN-AFRICA.html The results from the previous sections show that African stock markets are small, illiquid, with infrastructural bottlenecks and weak regulatory institutions. Despite these problems, stock markets in Africa have helped in the financing of the growth of large corporations but there is little evidence of broader economic benefits. How do you make the stock market more beneficial to African countries? http://www.evancarmichael.com/African-Accounts/1667/VI-D-Shareholder-Protection-WHAT-DETERMINES-STOCK-MARKET-DEVELOPMENT-IN-AFRICA.html http://www.evancarmichael.com/African-Accounts/1667/VI-D-Shareholder-Protection-WHAT-DETERMINES-STOCK-MARKET-DEVELOPMENT-IN-AFRICA.html Another key determinant of stock market development is the level of shareholder protection in publicly traded companies, as stipulated in securities or company laws (Shleifer and Vishny, 1997).