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The objective of this research is to investigate the impact of economic performance on stock markets development in the Common Market for Eastern and Southern Africa (COMESA).This research employed a panel data analysis. The four member countries in COMESA(Sudan, Kenya, Mauritius and Egypt) to examine the effect of the economic growth, inflation rate and banking sector development on stock markets development, using a secondary data from the World Bank database and the annual reports of stock markets in the selected COMESA countries for the period (1995 - 2017).The research adopted the fixed effect model based on the result obtained from Hausman test. Our results revealed that the economic growth has a positive and highly significant impact on stock markets development in COMESA countries, and the impact of banking sector development on stock markets development is positive and highly significant.. Our results also showed that the impact of inflation rate on stock markets development in COMESA countries is not significant. This research recommends that it is required to put policies that promote economic growth and efficiency of the banking sector, in order to promote the growth of stock markets in COMESA countries.

Keywords: COMESA; Stock markets; Economic development

This study assessed the influence of financing mix on market potentials of quoted companies in Nigeria. The specific objectives were to determine the effects of equity, long term debt, and short term debt financing on book value per share, using firm size as a moderating variable. The population was listed Oil and Gas companies on the Nigerian Stock Exchange. The study employed the ex post facto research design. Data were mainly collected from the published annual reports of the oil companies from 2013 to 2018 and was analyzed using regression. The findings revealed that equity, long term debt and long term debt had positive influence on book value per share while firm size had positive and significant relationship. It was recommended that financial managers of oil and gas companies should ensure optimal financing mix that will ensure greater shareholders wealth at all times.

Keywords: Financing mix, Equity mix, Long term debt mix, Short term debt mix, Firm Size, Market Potentials, Book value per share.

Financial report constitute essential ingredient for making informed decisions, thus, firms will have to provide the needed information as at when due towards ensuring timely financial reporting. The study examined impact of corporate attribute on timeliness of financial reporting of listed financial institutions in Nigeria. Firm age and Profitability are the corporate attributes studied. The study spanned for duration of 5 years starting from 2014 to 2018. A sample of 47 financial institutions listed on the Nigerian Stock Exchange was drawn from the total of 57 financial intuitions, giving a total of 235 observations. Secondary data were utilized in the study. The Hausman specification test conducted suggested the interpretation of the random effect regression. The random effect regression showed that, firm age is positively and significantly impacting on timeliness of financial reporting while profitability is negatively and significantly impacting on the timeliness of financial reporting of listed financial institutions in Nigeria. The study recommended engagements in activities that are capable of increasing its profitability status so as to ensure timely financial reporting.

Keywords: Timeliness of financial reporting, Firm Age and Profitability

This paper empirically investigates whether or not foreign portfolio investment (FPI) inflows promote capital market development in Nigeria, based on recent evidence, utilizing the framework of cointegration and error correction modelling (ECM) on annual time series data that covered the period 1981-2020. The empirical findings show a short-run dynamic and a long-run equilibrium relationship between foreign portfolio investment inflows and capital market development in Nigeria. Specifically, FPI has a positive and moderate effect on capital market development in Nigeria. Other variables that positively drive the development of the capital market are growth rate of the economy, market liquidity and real interest rate. Against the backdrop of the foregoing findings, we recommend the liberalization of foreign investment participation in the capital market, increased domestic economic openness, appropriate monetary policy framework to ease liquidity constraints, increase economic activities, fiscal incentives and strong regulatory and supervisory framework to eliminate abuses and sharp practices in order to steer the development of the Nigerian capital market.

Keywords: Foreign portfolio investment inflows, Capital market development, Market liquidity, Volatile flows, ECM

JEL Classification: F2, F21, E22

This study sought to determine the relationship between government expenditure and inflation in Zimbabwe. Unemployment, FDI, and Real GDP augmented the estimation model of the study. The study used Vector Error Correction Model which is key in determining relationship between variables, as well as the speed at which adjustments takes effect. ECM was found plausible for the study given that all variables’ data became stationary at first difference. Annual time series data for the period 1990 to 2019 were used. The results of the study confirmed a positive relationship between inflation and government expenditure for Zimbabwe, suggestive to a backward movement towards monetary stability. The study, recommends that since Zimbabwe is a developing economy, where government expenditure is more pronounced, expenditure should be directed towards productive sectors of the economy, such as manufacturing and agriculture, rather than recurrent expenditure. Reserve Bank of Zimbabwe must come up with monetary policies that enhance monetary stability. These includes policies that eliminates speculation in the stock exchange market, as well as contractionary monetary policy. Exchange rate policies must be solely determined by the Reserve Bank of Zimbabwe, with emphasis on revitalisation of Bureau Du Changes, by in centivising people to exchange their money in the formal financial platforms. Lastly, government should come up with punitive punishment on those violating exchange rate laws.

Keywords: Monetary stability, Government Expenditure, Vector Error Correction Model, Inflation