The Stock Market and the Financing of Corporate Growth in Africa : : The Case of Ghana / / Charles Amo Yartey

• Autore: Yartey Charles Amo
• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2006
• Descrizione fisica: 1 online resource (44 p.)
• Soggetto topico: Stock exchanges - Ghana; Corporations - Growth; Corporate Finance; Finance: General; Investments: Stocks; Corporate Finance and Governance: General; Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill; General Financial Markets: General (includes Measurement and Data); Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors; Financial Institutions and Services: General; Finance; Investment & securities; Ownership & organization of enterprises; Corporate finance; Stock markets; Stocks; Business enterprises; Corporate sector; Financial markets; Financial institutions; Economic sectors; Stock exchanges; Corporations--Finance
• Soggetto geografico: Ghana
• Note generali: "September 2006".
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: ""Contents""; ""I. INTRODUCTION""; ""II. THEORIES OF CORPORATE FINANCE""; ""III. CORPORATE FINANCING PATTERNS AROUND THE WORLD""; ""IV. THE STOCK MARKET IN GHANA""; ""V. METHODOLOGY""; ""VI. EMPIRICAL RESULTS""; ""VII. THE RESULTS IN COMPARATIVE PERSPECTIVE""; ""VIII. SUMMARY AND CONCLUSIONS""; ""APPENDIX I. DEFINITION OF VARIABLES USED IN THE ANALYSIS""; ""REFERENCES""
• Sommario/riassunto: This paper examines the corporate financing pattern in Ghana. In particular, it investigates whether Singh's theoretically anomalous findings that developing country firms make considerably more use of external finance and new equity issues than developed country firms to finance asset growth hold in the case of Ghana. Replicating Singh's methodology, our results show that compared with corporations in advanced countries, the average listed Ghanaian firm finances its growth of total assets mainly from short-term debt. The stock market, however, is the most important source of long-term finance for listed Ghanaian firms. Overall, the evidence in this paper suggests that the stock market is a surprisingly important source of finance for funding corporate growth and that stock market development in Ghana has been important.
• Titolo autorizzato: The Stock Market and the Financing of Corporate Growth in Africa
• ISBN: 1-4623-2861-X; 1-4527-8545-7; 1-283-51336-6; 9786613825810; 1-4519-9307-2
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910826087503321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2006/201