The Global Financial Crisis (GFC) and the importance of country and industry factors in African stock returns

Nicholas Addai Boamah, Geoffrey Loudon, Edward J. Watts

    Research output: Chapter in Book / Conference PaperConference Paperpeer-review

    Abstract

    ![CDATA[Risk sharing opportunities and international diversification benefits crucially depend on the relative importance of global and national factors. By decomposing the variance of African stock market index returns into global and country specific components, we show that national effects dominate. However, global effects have recently become more important and we identify that significant structural breaks occurred during the Global Financial Crisis (GFC). Also, the impact of the GFC on the African markets was largely through the real sector partly because most of the African markets have low levels of financial integration with the developed markets.]]
    Original languageEnglish
    Title of host publicationProceedings of 9th Annual London Business Research Conference, 4 - 5 August 2014, Imperial College, London, UK
    PublisherWorld Business Institute
    Number of pages1
    ISBN (Print)9781922069566
    Publication statusPublished - 2014
    EventAnnual London Business Research Conference -
    Duration: 1 Jan 2014 → …

    Conference

    ConferenceAnnual London Business Research Conference
    Period1/01/14 → …

    Keywords

    • Global Financial Crisis, 2008-2009
    • stock exchanges
    • Africa

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