Prospects for International Portfolio Diversification: Linkages Between the Ghanaian Equity Market and the World's Major Markets
Despite increased co-movements in stock performance among developed economies, international portfolio investors have failed to diversify into African stock markets. Is the persistence of home bias in equities due to a possibility that African markets move in tandem with the rest of the world? This paper investigates linkages between the Ghanaian equity market and the world’s major markets using co-integration and error correction analyses. There is no evidence of linkages between the Ghanaian equity market and the world major equity markets. Results are conclusive for both short and long run relationships. Ghana therefore offers the potential for international portfolio investors.
Volume (Year): 8 (2006)
Issue (Month): 1 ()
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