Article ID Journal Published Year Pages File Type
5069375 Finance Research Letters 2016 5 Pages PDF
Abstract

•The letter examines both regional and global convergence of African stock markets.•Analysis is conducted within the “market convergence hypothesis” framework.•Results show some African equity markets' partial deterministic convergence with global and regional markets.•We infer that African stocks should still be considered as a separate asset class from global counterparts.

This letter examines the convergence of Africa's equity markets within the income convergence thesis. The results indicate partial deterministic convergence of Africa's equity markets both globally and regionally. The findings contribute to extant literature by addressing the puzzle on whether or not emerging equity markets should still be considered as a separate asset class or a unit bucket of assets with those in the developed world.

Related Topics
Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
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