Securities Regulation And Emerging Markets
AbstractThis paper provides a detailed critical analysis of some of the important commercial, institutional and legal factors affecting the development of emerging capital markets across the world, with particular emphasis on markets in Africa. The advantages of investing in emerging capital markets are contrasted against the disadvantages of investing in these markets. The author provides arguments to support his view that imperfect market conditions can affect the capital structure decisions of corporate investors in emerging markets. Emphasis is placed on market constraints that have the potential to affect the contribution of the legal framework for the public distribution of securities and the development of a competitive stock exchange in countries such as Zambia. With a view to overcoming existing problems, the author sets out proposals that identify the need for capital markets in Eastern and Southern Africa to integrate through the establishment of a regional stock exchange and the promotion of multiple listing and cross-border trade in securities. |