Journal articles: 'Botswana Stock Exchange'

1

Kambeu, Edson. "The role of Exchange Traded Funds in the price discovery process of stocks listed on the Botswana Stock Exchange." International Journal of Finance & Banking Studies (2147-4486) 6, no. 1 (July 21, 2019): 141–48. http://dx.doi.org/10.20525/ijfbs.v6i1.662.

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In this paper we analyse the role of Exchange Traded Funds (ETFs) in the price discovery process of stocks listed at the Botswana Stock Exchange.Using daily returns data covering the period 3 January 2013 to 31 December 2015 for Beta Betta ETF and Domestic Company Indices, we utilize a VECM model to find out whether the Betta Beta ETF is playing a significant role in the price discovery process of stocks listed on the Botswana Stock Exchange. We found the error correction term to be statistically significant thereby confirming that the Beta Betta ETF is playing a significant role in the price discovery of stocks listed on the Botswana Stock Exchange.

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Mphoeng, Mphoeng. "Testing for Weak-Form Market Efficiency in the Botswana Stock Market." Archives of Business Research 7, no. 9 (September 26, 2019): 134–40. http://dx.doi.org/10.14738/abr.79.6640.

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The theory of the Efficient Market Hypothesis (EMH) has been debated extensively. In this study the runs test was employed on the Botswana Stock Exchange daily Domestic Companies and Foreign Companies indices to test whether the Botswana stock market follows the random walk process and subsequently determine weak-form market efficiency. The results of the runs test showed that the indices do not follow the random walk process. As a result the Botswana stock market is determined to be weak-form market inefficient and rejects the efficient market hypothesis accordingly.

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Radikoko, Ishmael, and Emmanuel Ndjadingwe. "Investigating the Effects of Dividends Pay-out on Stock Prices and Traded Equity Volumes of BSE Listed Firms." International Journal Of Innovation And Economic Development 1, no. 4 (2015): 24–37. http://dx.doi.org/10.18775/ijied.1849-7551-7020.2015.14.2002.

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The main objective of this study is to examine the effect of dividend pay-out on the prices of stock in Botswana’s equity market as well as the effect of traded volumes of such stocks. Other objectives of the research are to determine the optimal pay-out ratio based on the profits of the firm and to determine the optimal time to declare and pay dividends. We use quota-sampling technique and selected 5 companies from the 22 domestic listed companies in the Botswana Stock Exchange. The companies under consideration are Barclay Bank, RDCP, Chobe, Engen and Sefalana Plcs. These companies are chosen based on the availability of daily closing trading information for the past five years and easiness to get information to use for our study that includes dividends pay-outs, profits made, volumes traded, etc. The result of this study reveals that there is a direct relationship between dividend announcement, ex-dividends, dividend pay-out ratio and volume of stock traded and the stock price in Botswana. Furthermore, the study concludes that there is a direct relationship between change in dividends and change in dividend per share. Lastly, the finding reveals that most of the companies sampled pay dividends between December and March. We recommend that companies should have an optimal dividend policy as this have been proven to increase firm value. We also recommend that firms should announce dividends around December to March to counter the end of year effect that usually suppresses stock prices.

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MOLLAH, A. SABUR. "TESTING WEAK-FORM MARKET EFFICIENCY IN EMERGING MARKET: EVIDENCE FROM BOTSWANA STOCK EXCHANGE." International Journal of Theoretical and Applied Finance 10, no. 06 (September 2007): 1077–94. http://dx.doi.org/10.1142/s021902490700455x.

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Market efficiency is an area of enormous interest in financial literature. Numerous researchers conducted empirical studies in testing weak-form market efficiency in several stock markets and employed various techniques but the empirical evidence is controversial. Triangulation econometric approach is employed to assess the predictability of daily return series of Botswana Stock Exchange (BSE) and to test the null hypothesis of random walk model. The empirical results reject the null hypothesis of random walk model for the daily return series of BSE for the period of 1989–2005 and evidenced serial autocorrelation of return series, which clearly indicate predictability and volatility of security prices of Botswana market. However, the empirical evidence of both non-parametric (Kolmogrov–Smirnov: normality test and run test) and parametric test (Auto-correlation test, Auto-regressive model, ARIMA model) reject the hypothesis of random walk model and indeed violate the notion of weak-form market efficiency.

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Mbekomize, Christian J., and Selinkie Popo. "Value Relevance of Accounting Information in the Botswana Listed Companies." International Business Research 13, no. 5 (April 22, 2020): 46. http://dx.doi.org/10.5539/ibr.v13n5p46.

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The main purpose of the study was to examine the statistical relationship between four sets of accounting information and market share prices using the data of companies listed on the Botswana Stock Exchange over the period from 2012 to 2018. Annual reports and Botswana Stock Exchange – Equity Statistics data bank were the sources of accounting information and market prices respectively. The Ordinary Least Square regression method was used to analyse data. The results suggest that earnings are the most value relevant information to share prices followed by dividends and lastly book value. While book value yielded weak value relevance operating cash flows did not explain changes in share prices in the Botswana equity market. The combination of earnings and dividends was more value relevant than any other mix of accounting amounts. The study further revealed that the market share price at the end of the 6th month from the year end was the most influenced price. These results have implications to quoted companies regarding the importance they attach on earnings and dividends information and their timely publication. The paper recommends for speedy dissemination of earnings and dividends information since investors significantly consider such information in market share pricing decisions.

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Chiwira, Oscar. "A Test of Weak Form Efficiency for the Botswana Stock Exchange (2004-2008)." British Journal of Economics, Management & Trade 2, no. 2 (January 10, 2012): 83–91. http://dx.doi.org/10.9734/bjemt/2012/1071.

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Sikalao-Lekobane, Onneetse L. "Do Macroeconomic Variables Influence Domestic Stock Market Price Behaviour in Emerging Markets? A Johansen Cointegration Approach to the Botswana Stock Market." Journal of Economics and Behavioral Studies 6, no. 5 (May 30, 2014): 363–72. http://dx.doi.org/10.22610/jebs.v6i5.499.

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The ability of the stock market to reflect real economic activities through fundamental macroeconomic variables in emerging markets remains paramount considering the role of stock markets in the financial system. This paper explores the long-term equilibrium relationship between the Botswana stock market price and selected domestic and global macroeconomic variables using quarterly data for the period 1998 to 2012. The selected macroeconomic variables included Gross Domestic Product (GDP), long and short-term interest rates, money supply, foreign reserves, inflation, diamond price index, exchange rate, US share price index and 10 Year US government bond yield. The paper employs VECM framework following Johansenâ€™s cointegration technique. The analysis revealed that macroeconomic variables and the stock market price are cointegrated, hence, a long-run equilibrium relationship existed between them. The results showed that in the long run, real GDP, short-term interest rates, inflation and diamond index are positively related with stock market price. However, long-term real interest rate, money supply, foreign reserves, exchange rate, US share price index and US government bond yield are negatively related with stock market price in the long run.

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Modirelabangwe, Gorata Onthatile, and Percy M. D. Phatshwane. "Disclosure of Audit Activities in Annual Reports: A Comparative Study of Selected Listed Companies in Botswana and South Africa." International Business Research 11, no. 5 (March 14, 2018): 1. http://dx.doi.org/10.5539/ibr.v11n5p1.

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Audit activities form part of the key functions that enhance the reliability and validity of financial and non-financial information. One of the reporting processes investors and other stakeholders rely on when making decisions is the annual reports of enterprises which are a compilation of various reporting elements. Although internal auditors do not make direct disclosures in annual reports, many financial and non-financial disclosures are for audited items. Ultimately internally-audit activities and those of the external auditor are reflected in disclosures made by the internal audit function, the audit committee, and the external auditors themselves. The main objective of this study was to identify the levels of audit disclosure made in reference to the activities of IAFs, external auditor and the audit board committee, and to make comparisons therein between Botswana Stock Exchange (BSE) and the Johannesburg Stock Exchange (JSE) listed companies. To uncover the extent of these disclosures the current study derived seventeen (17) mandatory or voluntary audit disclosure areas that were used to conduct text analysis and to determine disclosures made for a cross-country study of three companies, each from the areas of retail, banking and insurance selected from the Botswana Stock Exchange (BSE) and the Johannesburg Stock Exchange (JSE). The study found that audit committees and internal audit functions dominated the disclosure of the audit-related variables, and that external auditors tend to confine their disclosure to areas concerned with presentation and qualification of financial statements. The study also found that companies listed in the JSE made more disclosures than their BSE counterparts, and that the retail sector made fewer disclosures as compared to the other two sectors. Furthermore, disclosures related to assessment and management risk as well as aspects of internal audit functions were the two most frequently disclosed variables in both geographic locations. The study goes on to recommend that future studies make more comparative studies by sector, geographic location, and to explore the use of a broader range of auditing variables.

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Kambeu, Edson. "Trading Volume as a Predictor of Market Movement." International Journal of Finance & Banking Studies (2147-4486) 8, no. 2 (July 20, 2019): 57–69. http://dx.doi.org/10.20525/ijfbs.v8i2.177.

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A logistic regression model is has also become a popular model because of its ability to predict, classify and draw relationships between a dichotomous dependent variable and dependent variables. On the other hand, the R programming language has become a popular language for building and implementing predictive analytics models. In this paper, we apply a logistic regression model in the R environment in order to examine whether daily trading volume at the Botswana Stock Exchange influence daily stock market movement. Specifically, we use a logistic regression model to find the relationship between daily stock movement and the trading volumes experienced in the recent five previous trading days. Our results show that only the trading volume for the third previous day influence current stock market index movement. Overall, trading volumes of the past five days were found not have an impact on today’s stock market movement. The results can be used as a basis for building a predictive model that utilizes trading as a predictor of stock market movement.

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10

Chandar, Ashwin, Sukhdeep Kaur, Tlotlo Bathethi Ralefala, Deborah Toppmeyer, Claire Philipp, Richard Marlink, Reena Antony, et al. "Building international partnerships to improve global oncological care: Perspective from Rutgers-CINJ Global Oncology Fellowship Program." Journal of Clinical Oncology 37, no. 27_suppl (September 20, 2019): 159. http://dx.doi.org/10.1200/jco.2019.37.27_suppl.159.

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159 Background: With cancer accounting for 1 in every 7 deaths worldwide and 60-70% of cancer deaths occurring in low- and middle-income countries, any advancement in cancer care should include understanding to alleviate structural inequalities that produce these global oncological disparities. Rutgers-Cancer Institute of New Jersey (R-CINJ) Oncology Fellowship program, through partnerships with Rutgers Global Health and University of Botswana (UB), established a global oncology program in 2018 to provide young oncologists in training with this educational opportunity. Aims included understanding challenges faced by cancer patients in Botswana, evaluating opportunities to improve oncology care at Princess Marina Hospital (PMH), scholarly collaborations, and exchange knowledge. Methods: In partnership with PMH, UB, and Ministry of Health and Wellness (MOHW), R-CINJ created a global oncology program consisting of a 1 month rotation at PMH in Gaborone, Botswana, as well as longitudinal research/quality improvement (QI) projects. Two 3rd year oncology fellows rotated with house officers and oncologist at PMH. Weekly video conferences facilitated communication during the elective. Projects continued throughout 3rd year of fellowship, in conjunction with programmatic meetings. Results: Fellows gained exposure to cancer care using limited resources. In working with PMH staff, mentorship was provided, QI ideas were shared, and organizational changes were implemented. Scholarly activity was undertaken to examine trends in chemotherapy utilization at PMH over a 12-month period to assess patterns of malignancy and issues with stock outs. Relationship between pathology at PMH, UB, and Rutgers-CINJ and Rutgers Biomedical Engineering was established to expand digital pathology services in Botswana. Conclusions: Our global oncology program is a successful start to an ongoing partnership to help improve cancer care in Botswana. Future directions include development of cancer protocols in Botswana, helping limit medication shortages, and establishing telemedicine based collaboration to assist with diagnosis and improve pathology turnaround time.

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Chandar, Ashwin, Sukhdeep Kaur, Deborah Toppmeyer, Tlotlo Bathethi Ralefala, Roger Strair, Claire Philipp, Richard Marlink, et al. "Building international partnerships to improve global oncological care: Perspective from Rutgers-CINJ Global Oncology Fellowship Program." Journal of Clinical Oncology 37, no. 15_suppl (May 20, 2019): e18161-e18161. http://dx.doi.org/10.1200/jco.2019.37.15_suppl.e18161.

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e18161 Background: With cancer accounting for 1 in every 7 deaths worldwide and 60-70% of cancer deaths occurring in low- and middle-income countries, any advancement in cancer care should include understanding to alleviate structural inequalities that produce these global oncologic disparities. Rutgers-Cancer Institute of New Jersey (R-CINJ) Oncology Fellowship program, through partnerships with Rutgers Global Health and University of Botswana (UB), established a global oncology program in 2018 to provide young oncologists in training with this educational opportunity. Aims included understanding challenges faced by cancer patients in Botswana, evaluating opportunities to improve oncology care at Princess Marina Hospital (PMH), scholarly collaborations, and exchange knowledge. Methods: In partnership with PMH, UB, and Ministry of Health and Wellness (MOHW), R-CINJ created a global oncology program consisting of a 1 month rotation at PMH in Gaborone, Botswana, as well as longitudinal research/quality improvement (QI) projects. Two 3rd year oncology fellows rotated with house officers and oncologist at PMH. Weekly video conferences facilitated communication during the elective. Projects continued throughout 3rd year of fellowship, in conjunction with programmatic meetings. Results: Fellows gained exposure to cancer care using limited resources. In working with PMH staff, mentorship was provided, QI ideas were shared, and organizational changes were implemented. Scholarly activity was undertaken to examine trends in chemotherapy utilization at PMH over a 12-month period to assess patterns of malignancy and issues with stock outs. Relationship between pathology at PMH, UB, R-CINJ, and Rutgers Biomedical Engineering was established to expand digital pathology services in Botswana. Conclusions: Our global oncology program is a successful start to an ongoing partnership to help improve cancer care in Botswana. Future directions include development of cancer guidelines and protocols in Botswana, helping limit medication shortages, and establishing telemedicine based collaboration to assist with diagnosis and improve pathology turnaround time.

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C.R., Sathyamoorthi, Mogotsinyana Mapharing, and Popo Selinkie. "The Impact of Working Capital Management on Profitability: Evidence from the Listed Retail Stores in Botswana." Applied Finance and Accounting 4, no. 1 (January 24, 2018): 85. http://dx.doi.org/10.11114/afa.v4i1.2949.

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This study focused on the effect of working capital management on the profitability of the listed retail stores in Botswana Stock Exchange for the period 2012-2016. Financial statements of the listed Retail Stores were used as the main source of data. Return on Assets was used as the dependent variable to measure profitability and the components to measure working capital management comprised of Average Collection Period, Inventory Conversion Period, Average Payment Period, Cash Conversion Cycle, Debt, Current and Quick Ratios. Correlation analysis revealed that a few variables were significantly correlated with each other. Average Payment Period and Inventory Conversion Period were found to be positively and significantly correlated and Cash Conversion Cycle was significantly and positively correlated with Inventory Conversion Period.The regression results showed that only three variables out of the seven independent variables were statistically significant, namely Average Payment Period, Current Ratio and Quick Ratio. The remaining four variables were found to be statistically insignificant. The above findings have implications for the management of the listed retail store in Botswana.

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Panda, Ajaya Kumar, Swagatika Nanda, and Rashmi Ranjan Paital. "An empirical analysis of stock market interdependence and volatility spillover in the stock markets of Africa and Middle East region." African Journal of Economic and Management Studies 10, no. 3 (September 2, 2019): 314–35. http://dx.doi.org/10.1108/ajems-10-2018-0293.

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Purpose The purpose of this paper is to examine the short-term and long-term interdependence among the stock markets of Africa and Middle East region. It also attempts to analyze the pattern of volatility spillover among the regional stock markets. Design/methodology/approach The study has used Granger causality test, variance decomposition test of vector auto-regression (VAR) model, vector error correction model (VECM), multivariate generalized conditional heteroskedasticity (MGARCH-BEKK) models and Johansen and Juselius multivariate cointegration techniques. Findings The study finds that the interlinkages of the stock markets are not uniform across all the countries of the region. The stock market of Israel, South Africa and Jordan are found to be highly connected stock market of the region followed by Egypt and Botswana. The study also finds significant spillover of lagged standardized volatility across the stock markets of the region. But the magnitude of the response of volatility spillover and its persistence is very minimum. However, the stock markets are found to be co-integrated and expected to share long-run equilibrium relationships among each other. Research limitations/implications The study has the scope to be extended to capture the time-varying integration of market returns with transmission of monetary policy and exchange rate changes within the region. The results obtained from this study may assist the firm managers and international investors to understand the key drivers of market connectedness. Originality/value Empirically investigating the pattern of stock market connectedness in Africa and Middle East region with advanced methodology over a long study period is the originality of this study.

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Asafo-Adjei, Emmanuel, Daniel Agyapong, Samuel Kwaku Agyei, Siaw Frimpong, Reginald Djimatey, and Anokye M. Adam. "Economic Policy Uncertainty and Stock Returns of Africa: A Wavelet Coherence Analysis." Discrete Dynamics in Nature and Society 2020 (November 22, 2020): 1–8. http://dx.doi.org/10.1155/2020/8846507.

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This study explores how global economic policy uncertainty (EPU) shocks comove with stock returns (SR) of eight African countries—Botswana, Ghana, Kenya, Morocco, Namibia, Nigeria, South Africa, and Zambia. The study employed daily data from December 2010 to December 2019 using wavelet coherence analysis. The results showed that global EPU comoves with most of the SR of African markets and was concentrated in the longer term, especially during the period between 2011 and 2019, although not substantially. The findings indicate that short-term investments in African stocks are less susceptible to global economic policy uncertainty. It is recommended that foreign investors could hedge agaist policy uncertainties by investing in stock listed in African Stock exchanges while appropriate country-level policies are deployed to manage long-term effect of EPU.

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Okeahalam, CC. "A test of the differential information hypothesis on the Botswana and the Zimbabwe Stock Exchanges." Investment Analysts Journal 28, no. 49 (January 1999): 31–40. http://dx.doi.org/10.1080/10293523.1999.11082394.

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"Botswana." IMF Staff Country Reports 17, no. 250 (August 8, 2017). http://dx.doi.org/10.5089/9781484314906.002.

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This Selected Issues paper examines the stability of the financial sector in Botswana. The financial system has grown rapidly over the years, but there is still substantial scope for expansion. Banks, institutional investors, and the Botswana Stock Exchange have grown steadily over the years based on political and economic stability, savings from diamond exports, and fiscal surpluses. Botswana’s financial stability framework could benefit from upgrading. Data gaps and incomplete information on cross-border capital flows and growing interconnection with the nonbank financial sector may entail risks. In this regard, close cooperation among regulators and proper assessment of macro-financial risks associated with banks’ large exposures will contribute to more effective financial system supervision.

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Asma, Mobarek. "Volatility Tests of Stock Returns of an Emerging Market: Evidence from Botswana Stock Exchange." SSRN Electronic Journal, 2009. http://dx.doi.org/10.2139/ssrn.1462696.

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Asma, Mobarek. "Mean Reversion of Stock Returns of an Emerging Market: Empirical Evidence from Botswana Stock Exchange." SSRN Electronic Journal, 2009. http://dx.doi.org/10.2139/ssrn.1462088.

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Mothobi, Onkokame, and Keoagile Thaga. "The Role of Information in the Analysis of Stock Market Prices: Case of Botswana Stock Exchange." SSRN Electronic Journal, 2012. http://dx.doi.org/10.2139/ssrn.2102214.

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Mbekomize, Christian John, and Lillian Wally-Dima. "Social and Environmental Disclosure by Parastatals and Companies Listed on the Botswana Stock Exchange." Journal of Management and Sustainability 3, no. 3 (July 3, 2013). http://dx.doi.org/10.5539/jms.v3n3p66.

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"The Impact of Corporate Governance on Corporate Social Responsibility Disclosures: Evidence from Botswana Stock Exchange." Research Journal of Finance and Accounting, October 2019. http://dx.doi.org/10.7176/rjfa/10-20-05.

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"STOCK EXCHANGES: Mauritius - Botswana." Africa Research Bulletin: Economic, Financial and Technical Series 51, no. 4 (June 2014): 20387A—20387C. http://dx.doi.org/10.1111/j.1467-6346.2014.05784.x.

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Journal articles on the topic 'Botswana Stock Exchange'

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