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Market Liquidity and Stock Size Premia in Emerging Financial Markets
journal contribution
posted on 2023-06-08, 11:01 authored by Bruce Hearn, Jenifer Piesse, Roger StrangeRoger StrangeThis paper estimates the cost of equity in South Africa, Kenya, Egypt and Morocco as well as the UK. Active investor participation in emerging markets is contingent on solid regulation and corporate governance that provide transparency in information and equity prices. Costs of equity, taking account of firm size and illiquidity, enable comparison of transactions costs between markets. The evidence suggests a clear distinction between markets with different levels of regulation and corporate governance. The UK and South Africa have the lowest cost of equity followed by Egypt and Morocco and then Kenya, where the fledgling AIMS market has the highest value.
History
Publication status
- Published
Journal
Macroeconomics and Finance in Emerging Market EconomiesISSN
1752-0843Publisher
Taylor & FrancisExternal DOI
Issue
1Volume
3Page range
75-101Department affiliated with
- Business and Management Publications
Full text available
- No
Peer reviewed?
- Yes
Legacy Posted Date
2012-04-24Usage metrics
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