Accounting and Finance

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Welcome to the Accounting and Finance Community at the School of Business, Mzumbe University (SoB MUIR)! Our Institutional Repository is a central hub for academic excellence, featuring a wide range of research, theses,dissertations, and contributions from our faculty and students. We focus on the latest in financial management, accounting, and economic trends, encouraging researchers, students, and professionals to explore our work. Our community is dedicated to advancing knowledge, fostering innovation, and highlighting our achievements in accounting and finance. Join us as we contribute to the evolving field of financial education and research.

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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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    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.