Thesis submitted in fulfillment of the requirements for the degree of Master of Management in Finance & Investment in the Faculty of Commerce, Law and Management Wits Business School at the University of the Witwatersrand 2017 / There are 29 formal stock exchanges on the African continent with 23 based in sub-Saharan Africa. The pace and stage of stock market development has varied among most of the countries as only four stock markets have more than 50 listed stocks; five have at least 20 listed stocks; and the remaining 14 have less than 20 stocks. The Johannesburg Stock Exchange (JSE) stands out in Africa as by far the continent’s largest, most liquid and best regulated market and is home to some of the continent’s largest and most sophisticated companies. Cross listing refers to the listing of ordinary shares of a firm on an exchange other than the stock exchange in its registered jurisdiction. There are 24 JSE listed companies that have cross listed on other Sub-Saharan African stock exchanges. The bulk of these, (14), have cross listed on the Namibia Stock Exchange, 3 cross listed on Botswana Stock Exchange, 1 on the Nairobi Stock Exchange, 1 on the Ghanaian Stock Exchange, 3 on the Malawian Stock Exchange, 1 on the Zambian Stock Exchange and 1 on the Zimbabwean Stock Exchange. The study establishes the possible reasons and benefits of cross listing on other sub-Saharan exchanges for JSE listed companies. The study also provides insight into the possible effects, (financial as well as any others), of cross listing on other sub-Saharan African exchanges that a number of JSE listed entities have experienced. The study uses financial information collected from a public platform, (Sharedata), to compute financial ratio’s to determine the financial implications of the JSE companies cross listing on other sub-Saharan exchanges. The effects of cross listing on the JSE companies are then measured using latent growth curve modelling and a paired t test. The study concludes that there is no evidence to suggest that there are financial benefits for JSE listed companies to cross list on other sub-Saharan exchanges. The study further suggests that JSE listed companies should rather consider cross listing for qualitative reasons rather for any quantitative reasons. / MT2017

This paper explores the relationship between stock market development and economic growth in Africa. It provides a theoretical basis for establishing the channel through which stock market affect economic growth and this is empirically examined by using regression analysis to test if indeed there is such a relationship. Three stock market indicators, namely market capitalization as a percentage of GDP, turnover ratio and numbers of listed shares, are used to test whether they have any impact on economic growth, together with other explanatory variables of growth such as foreign direct investment, inflation and credit. The study uses data on four countries: Kenya, Nigeria, Egypt and South Africa for the period 1991-2010. Furthermore, the study investigated whether a collaborative regional cross-listing will improve the stock market development of the country of secondary listing. Dummy variables and interactive variables are used in regressions to test for collaborative relationships between the exchanges in the region. The results show that indeed there is an association between stock market development and economic growth. Results also show that cross-listing within a region can boost stock market development, which in turn boosts economic growth. Africa does not have a lot of cross-listings but from this paper, the evidence suggests that it is a path worth exploring.

L’idée centrale de notre analyse sur l’économie française concerne la suprématie des taux d’intérêt et des dépenses publiques comme instruments de politique économique. Avec la forte hausse des taux d’intérêt au début des années 1980, les entreprises non financières ont commencé à demander moins de crédit, tandis que les ménages français, ainsi que d’autres économies en voie de développement en ont demandé davantage. Parallèlement à ces développements, les marchés spéculatifs ont dominé la bourse, le taux de chômage a augmenté, et un processus de libéralisation a suivi. Nous analysons les conséquences de ce processus de financiarisation et certains scénarios possibles en France, tout en utilisant un modèle de type Cowles Commission, qui est à son tour fondé sur la littérature stock-flux. Une attention particulière est donnée aux variables de répartition et fiscales. Les résultats du modèle indiquent que (étant donné que les entreprises françaises sont prises dans une trappe à liquidité) le taux d’intérêt a perdu son pouvoir comme une variable de politique. En revanche, les dépenses publiques ont une puissance expansionniste importante. / The core of our analysis of the French economy concerns the supremacy of interest rates and government spending as policy instruments in this economy. With the strong increase in interest rates at the beginning of the 1980s, non-financial firms started to demand less credit, whereas French households and other developing economies demanded more. Parallel to these developments, bulls became more abundant in stock markets, the unemployment rate soared and a full process of liberalization ensued. We analyze the consequences of this financialization process and some feasible scenarios in France by means of a Cowles Commission-type model that is in turn based on the stock-flow literature. Particular emphasis is given to distributive and fiscalvariables. The model’s results indicate that (given that French firms are caught in a liquidity trap) the interest rate has lost its power as a policy variable. In contrast, public spending has an important expansionary power.

by Ho Chi Sze, Grace, Poon Chun Pong, Daniel, Wong Wai Ming. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1989. / Bibliography: leaves 163-164.

by Tang Hoi Yee, Annie. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1989. / Bibliography: leaves 163-164.

by Ng Siu Kow Stephen, Wong Sai Fuk Victor. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1987. / Bibliography: leaves 41-42.

by Wong Charlmane. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1989. / Bibliography: leaves 59-60.

by Chung Wai-yee, Stella, Yeung Tak-keung. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1993. / Includes bibliographical references (leaves 118-120). / ABSTRACT --- p.iii / TABLE OF CONTENTS --- p.v / LIST OF TABLES --- p.vii / ACKNOWLEDGEMENTS --- p.viii / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Scope of Study --- p.1 / Definition of Risk and Opportunity --- p.3 / Outline of Report --- p.5 / Chapter II. --- RESEARCH METHODOLOGY --- p.7 / Data Collection --- p.7 / Personal Interview and Data Analysis --- p.7 / Limitation of Study --- p.9 / Chapter III. --- DEVELOPMENT OF THE B SHARE MARKET --- p.10 / Historical Background --- p.10 / Shanghai Securities Exhange --- p.13 / Shenzhen Stock Exchange --- p.14 / Issuance of B Shares --- p.17 / Chapter IV. --- GOVERNMENT INTERVENTION --- p.22 / Government Policy --- p.22 / Legal Framework --- p.22 / Regulatory Framework --- p.24 / Interference by Government Officials --- p.27 / Chapter V. --- LISTING PROCEDURES AND ACCOUNTING STANDARDS --- p.30 / Joint Stock Companies --- p.30 / Listing Procedures of B Shares --- p.31 / Underwriting of B Shares --- p.34 / Private Placement vs Public Offer --- p.35 / Accounting Standards --- p.36 / Chapter VI. --- REPORTING REQUIREMENTS AND INFORMATION DISCLOSURE --- p.40 / The Chinese Concept --- p.40 / Reporting Requirements of B Shares Issue --- p.41 / Reporting Requirements for Listed Company --- p.42 / Disclosure to Overseas Investors --- p.43 / Insider Trading --- p.45 / Protection of Minority Shareholders --- p.46 / Chapter VII. --- LIQUIDITY OF B SHARES --- p.48 / Prospective of B Share Investors --- p.48 / Trading in Secondary Market --- p.49 / China Fund --- p.54 / Chapter VIII. --- FUTURE DEVELOPMENT OF B SHARES TRADING --- p.57 / Expansion of Market Size --- p.57 / Creation of Independent Regulatory Body --- p.58 / Enhancement of Information Disclosure --- p.58 / Direct Listing in Hong Kong --- p.58 / Chapter IX. --- CONCLUSION --- p.61 / APPENDICES --- p.64 / Chapter A --- List of Questions for Interview --- p.65 / Chapter B --- Shenzhen Interim Measures for the Control of Special Renminbi Shares --- p.68 / Chapter C --- Implementing Rules to the Shenzhen Interim Measures for the Control of Special Renminbi Shares --- p.74 / Chapter D --- Shenzhen Securities Exchange Operating Rules for the Trading and Clearing of B Shares --- p.79 / Chapter E --- Extract of Prospectus of Shanghai Chlor-Alkali Chemical Co. Ltd --- p.91 / BIBLIOGRAPHY --- p.118

by Fan Wenning. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1992. / Includes bibliographical references (leaf 41). / Abstract --- p.1 / Acknowledgement --- p.2 / Chapter / Chapter I. --- Introduction --- p.4 / Chapter II. --- HSI Futures and Trading Pattern --- p.8 / Chapter III. --- Spread Trading --- p.24 / Chapter IV. --- Relationship between Change in Price and and Change in Market Indicators --- p.27 / Chapter V. --- Trading Based on Market Indicators --- p.30 / Chapter VI. --- Hedge Effectiveness --- p.39 / Bibliography --- p.41

by Lum Kwok Keung Jacky. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1989. / Bibliography: leaves 60-61.