Research Papers ( A & F))

Permanent URI for this collectionhttp://192.168.30.20:4000/handle/123456789/264

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Start date: 2010End date: 2019

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    Herding in frontier markets: Evidence from African stock exchanges
    (JEL classification, 2016) Komba, Gabriel Vitus; Komba, Gabriel Vitus; Yilmaz Guneya,; Vasileios Kallinterakisb
    We investigate herding in eight African frontier stock markets between January 2002 and July 2015, given the limited evidence on herding in frontier markets. Herding appears significant throughout the 2002-2015 period for all markets, with smaller stocks found to enhance its magnitude. Herding entails no clear asymmetries conditional on market performance; conversely, it appears notably asymmetric when conditioned on market volatility, as it is significant (or stronger) mainly during low volatility days, without this pattern, however, surviving when accounting for the 2007-2009 crisis. The US and South African markets motivate herding on a small number of occasions only, while the return dynamics of a regional economic initiative’s member-markets are found to induce herding in each other very rarely, thus demonstrating that investors’ behaviour in markets with low integration in the international financial system is not significantly affected by non-domestic factors.
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    Testing for the weak-form market efficiency of the Dar es Salaam Stock Exchange
    (Elsevier, 2016) Komba, Gabriel Vitus; Guney, Yilmaz
    This paper investigates into the weak-form efficiency of the Dar es Salaam Stock Exchange (DSE), a frontier market, in Tanzania. The study covers the period from January 2007 to December 2014. To establish the consistency and robustness of the obtained conclusions, we employ different tests (i.e., Augmented Dickey-Fuller test, Variance-ratio test, and Ranks and Sign test) to examine the hypothesis that the returns based on the price and return indices follow a random walk process. The results provide convincing evidence that returns series based on price indices indeed follow a random walk. However, when the same tests are performed for the returns based on the return indices, the findings reveal that these series are not weak-form efficient, suggesting that investors might be able to predict future returns based on the current and past data.
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    Factors influencing implementation of accrual based international public sector accounting standards in Tanzanian local government authorities
    (Asian Journal of Economics, Business and Accounting, 2019) Komba, Gabriel Vitus; Matekele, Charles K.
    This research examined the factors influencing the implementation of accrual-based International Public Sector Accounting Standards (IPSAS) in the Tanzanian Local Government Authorities (LGAs). The study adopted a survey design. Based on extant literature, a structured questionnaire was developed. Then a drop-and-pick method was employed to administer the survey instrument to accountants and auditors from the LGAs in Tanzania. We successfully obtained 150 useful responses and applied factor analysis to determine the factors followed by multiple regression analysis. According to the factor analysis performed, 15 factors were identified as the factors influencing the implementation of accrual-based IPSAS. Such factors include staff experience, understanding, and skills, in-house training necessity, involvement of professional accountants with high ethical conduct and hope for future business opportunities including attraction of development partners. The study also examined how the identified factors affect the implementation of accrual-based IPSAS in the LGAs. Our findings show that staff experience, in-house training necessity, understanding and skills, involvement of professional accountants and publication of financial statements with standardized format; significantly influence implementation of accrual-based IPSAS in the LGAs. Other factors like sanctions by regulatory authorities, pressure from development partners and adequate implementation policies were also reported to have significant impact. Since this research involved 7 LGAs out of 185 found in Tanzania Mainland, we recommend further studies to take into account the rest of the LGAs in Tanzania and abroad.
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    Herding in frontier markets: Evidence from African stock exchanges
    (Journal of International Financial Markets, Institutions & Money, 2017) Komba, Gabriel Vitus; Guney, Yilmaz; Kallinterakis, Vasileios
    We investigate herding in eight African frontier stock markets between January 2002 and July 2015, given the limited evidence on herding in frontier markets. Herding appears significant throughout the 2002-2015 period for all markets, with smaller stocks found to enhance its magnitude. Herding entails no clear asymmetries conditional on market performance; conversely, it appears notably asymmetric when conditioned on market volatility, as it is significant (or stronger) mainly during low volatility days, without this pattern, however, surviving when accounting for the 2007-2009 crisis. The US and South African markets motivate herding on a small number of occasions only, while the return dynamics of a regional economic initiative’s member markets are found to induce herding in each other very rarely, thus demonstrating that investors’ behaviour in markets with low integration in the international financial system is not significantly affected by non-domestic factors.
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    Capability, social capital and opportunity-driven graduate entrepreneurship in Tanzania
    (Journal of Small Business and Enterprise Development, 2018) Wakkee, Ingrid ; Hoestenberghe, Karel ; Mwasalwiba, Ernest
    Purpose The purpose of this paper is to gain insight into the reasons why most Tanzanian graduates do not consider entrepreneurship as an attractive career option despite dire labor market conditions, while a small number of them are able to benefit from local opportunities. Design/methodology/approach Utilizing insights from capability and social capital perspectives, a qualitative investigation based on interviews, group discussions and document analysis was undertaken to explore how this phenomenon can be explained and remedied. Findings This study shows that many graduates value entrepreneurship as a potential career but many find their way to be act upon these aspirations blocked. Indeed, actual entrepreneurial capability is only available to a minority of graduates with access to powerful connections who are able to benefit from technological and financial conversion factors. Most graduates cannot benefit from these conversion factors due to the lack of the necessary social capital to break through to the legal, tax, financial and cultural systems. Hence, the authors argue that social capital itself is actually a critical conversion factor toward developing entrepreneurial capability. Research limitations/implications The insight formulated in this study are based on a qualitative analysis of the Tanzanian context and formulated specifically for this particular context. At the same time, the country shares many characteristics with other countries in Africa, many of which are struggling to move toward a more entrepreneurial society. Hence, the recommendations may partially be transferable beyond the specific Tanzanian situation. Theoretically, the notion that social capital should be considered as a key conversion factor enabling aspiring entrepreneurs in translating valued functionings into actualized functionings and thus toward enhancing entrepreneurial capability opens up novel avenues for empirical research into how entrepreneurship can be stimulated. Social implications This study searches for conversion factors from the actual “functioning” toward the real “capability” allowing to succeed as a new graduate and find that social capital itself might act as the critical conversion factor. That brings the authors to the recommendations for policy makers, educators and media, argued in such a way that the entrepreneurial capability of young graduates and their ability to tap into relevant social capital can be enhanced. Originality/value The combination and integration of the Sen’s capability approach with social capital perspectives offers a novel way to explain difference in responses to the Tanzanian institutions and their ability to act upon a valued functioning such as opportunity-driven entrepreneurship.