IDEAS home Printed from https://ideas.repec.org/a/icf/icfjfe/v06y2008i3p41-52.html
   My bibliography  Save this article

Return Distributions: Evidence from Emerging African Stock Exchanges

Author

Listed:
  • Subadar Agathee Ushad
  • Sooraj Fowdar
  • Sannassee Raja Vinesh
  • Moushumi Jowaheer

Abstract

This paper provides an analysis of return distribution properties in the presence of non-normality of returns. Using secondary data, the study examines the behavior of returns in the emerging African Stock Exchanges, such as Botswana, Ghana, Mauritius, Nigeria and South Africa for the period 1998 to 2003. The statistical results show non-normality in the return series for African markets. Also, the findings show that mean returns from all the five emerging African markets are higher than the returns for the developed markets. Nearly all markets have positive excess kurtosis, which is consistent with the stylized fact of ‘fat tails’ in equity returns. Furthermore, while the return series of African markets follow a non-normal distribution, developed markets closely approximate the normal distribution.

Suggested Citation

  • Subadar Agathee Ushad & Sooraj Fowdar & Sannassee Raja Vinesh & Moushumi Jowaheer, 2008. "Return Distributions: Evidence from Emerging African Stock Exchanges," The IUP Journal of Financial Economics, IUP Publications, vol. 0(3), pages 41-52, September.
    • Handle: RePEc:icf:icfjfe:v:06:y:2008:i:3:p:41-52
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Kuwornu, John K.M., 2012. "Effect of Macroeconomic Variables on the Ghanaian Stock Market Returns: A Co-integration Analysis," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 4(2), pages 1-12, June.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:icf:icfjfe:v:06:y:2008:i:3:p:41-52. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: G R K Murty (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.