Oladapo Fapetu
Country: Nigeria
Affiliation: Department of Banking & Finance, College of Management Sciences, Federal University of Agriculture, Ogun State
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How financial liberalization impacts stock market volatility in Africa: evidence from Nigeria
Patrick Olufemi Adeyeye , Olufemi Adewale Aluko , Oladapo Fapetu , Stephen Oseko Migiro doi: http://dx.doi.org/10.21511/imfi.14(3-1).2017.13Investment Management and Financial Innovations Volume 14, 2017 Issue #3 pp. 291-301
Views: 1013 Downloads: 231 TO CITE АНОТАЦІЯUnderstanding the impact of financial liberalization on stock market is important for decision making by investors. The neo-classical economists believe that financial liberalization reduces stock market volatility while the post-Keynesian economists argue that financial liberalization increases volatility of the stock market. This study investigates the effect of financial liberalization on the volatility of an emerging stock market in Africa, with particular focus on the Nigerian stock market. The estimation results reveal that financial liberalization has a significant positive impact on return volatility, thus indicating that it increases stock market volatility. Also, the study finds no evidence of asymmetry in the stock market.
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