This study examines the expectations hypothesis (EH) using data from Ghana. It tests the EH by using the long-short rate spread to predict future movements in short-term interest rates and the forward-spot spread to predict changes in the spot rate. It finds that the Ghanaian term structure partly contains information for future changes in the short-term interest r...

This study examines the expectations hypothesis (EH) using data from Ghana. It tests the EH by using the long-short rate spread to predict future movements in short-term interest rates and the forward-spot spread to predict changes in the spot rate. It finds that the Ghanaian term structure partly contains information for future changes in the short-term interest r...

The Capital Asset Pricing Model (CAPM), and the Fama-French and Carhart models have been widely applied in the developed and most emerging markets; however, there is scant evidence of the viability of the models on the African Frontier Stock Markets (AFSMs). This study examines the viability of the models for a sample that pools securities across nine AFSMs, and wh...

The purpose of this paper is to examine the relative importance of global sector effects in African sector portfolios (ASPs). It explores the dynamics of the rate of change and the level of global sector effects in their respective ASPs.