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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 Strange
This 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 Economies

ISSN

1752-0843

Publisher

Taylor & Francis

Issue

1

Volume

3

Page range

75-101

Department affiliated with

  • Business and Management Publications

Full text available

  • No

Peer reviewed?

  • Yes

Legacy Posted Date

2012-04-24

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