Institutional, traditional and asset pricing characteristics of the Nigerian stock exchange
Year: 1997
Type: article
Abstract: Nigeria, like many other developing countries, has invested in developing the domestic capital market as a means of mobilizing external capital and domestic savings. A developed domestic capital market provides opportunity for greater funds mobilization, improved efficiency in resource allocation and provision of relevant information for investment appraisal, and improved corporate discipline. The stock market is a central institution in any capital market and its ability to enhance the efficiency of investments is linked to its level of efficiency. The paper investigates the efficiency of the Nigerian stock market in terms of institutional, traditional and asset pricing characteristics of the market. Using micro and macro data as well as parametric and non-parametric techniques, (he paper empirically implements the measures of stock market development. It is found thui the stock exchange has witnessed improved development in recent year's, although it si i 11 exhibits features of rudimentary stages of development. Measures for improving the performance of the market are proposed.
Author: Ino L. Inanga
Language: English
Subfield: Finance
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W2248979843