Academic literature on the topic 'Lusaka Stock Exchange'

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Journal articles on the topic "Lusaka Stock Exchange"

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Marone, Heloisa. "Small African Stock Markets: The Case of the Lusaka Stock Exchange." IMF Working Papers 03, no. 6 (2003): 1. http://dx.doi.org/10.5089/9781451842319.001.

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Musawa, Nsama, Prof Sumbye Kapena, and Dr Chanda Shikaputo. "A TEST OF THE FAMA-FRENCH FIVE FACTOR MODEL IN COMPARISON TO THE CAPITAL ASSET PRICING MODEL AT THE LUSAKA SECURITIES EXCHANGE." International Journal of Finance and Accounting 3, no. 1 (August 9, 2018): 35. http://dx.doi.org/10.47604/ijfa.684.

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Purpose: The capital asset pricing model (CAPM) is one of the basic models in the security price analysis.Many asset pricing models have been developed to improve the CAPM.Among such models is the latest Fama and French five factor model which is being empirically tested in various stock markets. This study tested the five factor model in comparison to the capital asset pricing model. Testing the Fama and French Five factor model in comparison to the CAPM was important because the CAPM is widely taken to be the basic model in the security price analysis. Methodology: The Fama and French methodology was used to test the data from an emerging market, the Lusaka Securities Exchange. A deductive, quantitative research design and secondary data from the Lusaka Securities Exchange was used. Data was analyzed using multiple regression. Results: The results indicate that the Five Factor model is better than the CAPM in capturing variation in the stock returns. The Adjusted R-squared for the five factor model from all individual portfolio sorting was 0.9, while that for the CAPM was 0.13 Unique contribution to theory, practice and policy: This study has contributed to theory in that it has added a voice to the ongoing debt on the suitability of the new Fama and French Five Factor model which is at the cutting hedge in finance theory.Further the study is from developing capital market. Keywords:, CAPM, Stock returns, Fama and French five factor model
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Kiwanuka, Rebecca N. L., and Charles Machethe. "Determinants of Smallholder Farmers’ Participation in Zambian Dairy Sector’s Interlocked Contractual Arrangements." Journal of Sustainable Development 9, no. 2 (March 30, 2016): 230. http://dx.doi.org/10.5539/jsd.v9n2p230.

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<p>Linking smallholder farmers to modern value chains through contract agriculture (CA) is one of the rural development strategies being promoted to address the challenge of smallholders’ integration in markets. However, the conditions under which CA enhances smallholders’ prospects for inclusion in modern value chains is still debatable. This paper examines the determinants of smallholders’ participation in Zambian dairy markets through interlocked contractual arrangements (ICAs). A multi-stage sampling design was used to select 266 households from milk shed areas from three districts in Lusaka and Central provinces of Zambia. A double-hurdle model was estimated from data collected through semi-structured questionnaires, key informant interviews and focus group discussions. Key determinants of smallholders’ participation in ICAs included ownership of improved breed animals, MCC milk price, access to dairy marketing information, income from other sources and landholding size. While most of these factors also affected the proportion of milk sold, the following were also important: household head education level, cattle rearing culture, extent of supplier’s dependency on buyer and trust in the exchange relationship. To enhance smallholders’ market participation, there is need to facilitate their access to extension services, infrastructure (breeding centres, MCCs and water) and affordable stock feed, and to offer them an effective milk price that is higher than the spot market price. Promotion efforts should target smallholders that are literate, from a cattle rearing culture, and particularly encourage youth and women participation. There is also need for building trust in the exchange relationship and judicious use of power by processors.</p>
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Temitope, Ajibade, Ayodeji, and Agi, Mayflowers Kysburn. "Firm Characteristics and Dividend Policy of Quoted Manufacturing Firms in Sub-Sahara Africa." Asian Journal of Economics, Business and Accounting, March 28, 2020, 50–57. http://dx.doi.org/10.9734/ajeba/2020/v14i330196.

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The study examined the effect of firm characteristics on dividend policy in quoted manufacturing firms in Sub-Sahara Africa. Panel data were obtained from twenty (20) quoted manufacturing firms from the Nigerian Stock Exchange, Ghana Stock Exchange, Lusaka Stock Exchange, Johannesburg Stock Exchange and Nairobi Stock Exchange over a period of ten (10) years (2008-2017). The data were analyzed using both descriptive and inferential statistics. Dividend payout ratio was used as a proxy for dividend policy, while liquidity, ownership structure, firm size and leverage were used as proxies for firm characteristics. The study found liquidity to have a positive insignificant impact on dividend payout ratio; a positive insignificant impact of ownership structure on dividend payout ratio; a positive insignificant impact of firm size on dividend payout ratio; a positive significant impact of leverage on dividend payout ratio and jointly, a positive significant impact. It was therefore recommended that manufacturing firms should practice optimum working capital management in order to increase its liquidity level and diminish any likelihood of financial distress. An efficient use of its resources in order to improve performance, profitability as well as its ability to pay dividends. Investors should look out for trends in dividend payments before making investments.
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Mumba, Bryson. "Board Gender Diversity and Firm Performance: An Empirical Analysis of Panel Data from Companies Listed on the Lusaka Stock Exchange." SSRN Electronic Journal, 2017. http://dx.doi.org/10.2139/ssrn.3061877.

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Dissertations / Theses on the topic "Lusaka Stock Exchange"

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Kabaye, Taniya. "An analysis of the random walk hypothesis: Evidence from the Lusaka stock exchange." Thesis, 2014. http://hdl.handle.net/10539/15060.

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The paper evaluates whether the Lusaka Stock Exchange (LuSE) is weak form efficient, and whether stock price movements conform to the random walk hypothesis of non-predictability in future price movements based on past price information. The methods employed are the parametric and non-parametric individual as well as multiple variance ratio tests. In addition, the study incorporates the Runs Test. The study further examines seasonality in Zambian stock returns of the day of the week effect as well as monthly related effects. The period of analysis is from 3rd January, 2006 to 17th February, 2014. The study incorporates daily data as well as monthly data of the LuSE All share Index in order to investigate the random walk hypothesis as well as seasonality effects of the Zambian market. The period of analysis is broken down into two sub periods after accounting for multiple structural breaks in the data. The results of the study are mixed, the results of the Runs test finds the Zambian stock market price series to be mutually independent and conform to a random sequence, and are as such unpredictable. While the variance ratio tests reject the random walk hypothesis for the Zambian market, and as such, support the view of the use of technical trading strategies in order to outperform buy-and-hold strategies. The study finds no evidence of any seasonality in the data, either for daily data as well as monthly data. As such there is evidence that investors may acquire returns greater than those of the market, however, transaction costs and commissions would have to be minimal in order to exploit any patterns in the stock price series of the Lusaka stock exchange.
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Books on the topic "Lusaka Stock Exchange"

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Exchange, Lusaka Stock. An introduction to the Lusaka Stock Exchange. Lusaka: Lusaka Stock Exchange, 1994.

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Exchange, Lusaka Stock. Corporate guide to the Lusaka Stock Exchange Limited. Lusaka: Lusaka Stock Exchange, 1994.

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Limited, Lusaka Stock Exchange. The Lusaka Stock Exchange: A comprehensive guide and handbook. Lusaka: Lusaka Stock Exchange, 2003.

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Limited, Lusaka Stock Exchange. LuSE: Lusaka Stock Exchange : update and overview. Lusaka: Lusaka Stock Exchange Ltd, 1996.

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Marone, Heloisa. Small African stock markets: The case of the Lusaka Stock Exchange. [Washington, D.C.]: International Monetary Fund, African Department, 2003.

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Exchange, Lusaka Stock. How to buy and sell bonds on the stock exchange. Lusaka: Lusaka Stock Exchange, 1994.

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Exchange, Lusaka Stock. HHow to buy and sell shares on the stock exchange and the benefits. Lusaka: Lusaka Stock Exchange, 1998.

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Book chapters on the topic "Lusaka Stock Exchange"

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"decolonisation in Africa since the latter generally implied that a compromise between the colonial power and the nationalist movement(s) is worked out in a constitutional conference which not only shaped the political system of the new post-colonial state, but also worked out the economic and financial obligations and arrangements of the new state vis-a-vis its previous colonial power. Frelimo's position that the Lusaka conference could only discuss the conditions of the transfer of power and not the content of the new power was accepted in the end by the Portuguese delegation. Furthermore, no agreements were made with respect to financial and economic ties as a carry-over from the colonial period. The concrete mechanism of the transfer of power was to take place through the immediate instalment of a transitional government in which Frelimo was the majority partner with Portuguese officials as the only remaining other partner. The immediate response to the agreements was the aborted attempt on the part of section of the settler population to seize power by means of Rhodesia-type unilateral declaration of independence. The period of the transitional government (up to independence in June 1975) and roughly the first two years after independence were characterised by the massive emigration of the settler population accompanied by an intense struggle waged by the colonial bourgeoisie and petty bourgeoisie in an attempt to destabilise the economy as well as to export most of its capital (in whatever form). Hence economic sabotage in its various forms - destruction of equipment, and economic infrastructure; killing of cattle stock; large-scale dismissal of workers from productive enterprises and complete production standstills - were practised on a large scale all over the country. The export of capital also assumed enormous proportions and took various forms: the collapse of the (colonial) state apparatus and the fact that banks were privately owned meant that it was easy to arrange for acquiring foreign exchange to import goods without any imports subsequently materialising, or to export cashew, cotton, etc., without the foreign exchange ever returning to the national bank; furthermore, initially no control was organised over the export of personal belongings of returning settlers which led to massive buying in shops and depletion of stock of commodities; finally, the direct illegal exportation across the borders to South Africa and Rhodesia of trucks, tractors, equipment, cattle, etc., further depleted the available means of production in the country. With this context economic policy was dictated by the necessity to fight against the destabilisation of the economy propelled by the actions of the colonial bourgeoisie and petty bourgeoisie (as well as of skilled and admin-istrative workers). The legal weapon was a decree of February 1975 which specified that in proven cases of acts of sabotage (which included the massive dismissal of workers and deliberate production stoppages) the government could intervene by transferring the management of the enterprise to an appointed administrative council composed of workers and often members of the old management as well. The social force which concretised this policy were the dynamising groups - popular organisations of militants which were constituted at community level as well as in enterprises, public institutions and government administrations. The outcome of this intense struggle was a sharp production crisis which." In The Agrarian Question in Socialist Transitions, 191–96. Routledge, 2013. http://dx.doi.org/10.4324/9780203043493-27.

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