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Business and Economics > Investments: Stocks

You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
  • Corporations--Finance x
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Cover IMF Working Papers
The Stock Market and the Financing of Corporate Growth in Africa: The Case of Ghana
Charles Amo Yartey
This paper examines the corporate financing pattern in Ghana. In particular, it investigates whether Singh's theoretically anomalous findings that developing country firms make considerably more use of external finance and new equity issues than developed country firms to finance asset growth hold in the case of Ghana. Replicating Singh's methodology, our results show that compared with corporations in advanced countries, the average listed Ghanaian firm finances its growth of total assets mainly from short-term debt. The stock market, however, is the most important source of long-term finance for listed Ghanaian firms. Overall, the evidence in this paper suggests that the stock market is a surprisingly important source of finance for funding corporate growth and that stock market development in Ghana has been important.
Keywords:
WP; company account; investment decision; accounts methodology; Mauritian firm; Stock markets; corporate finance; corporate growth; Ghana; financing pattern; equity issue; assets growth; equity finance; retained earnings; long-term debt; bank financing; debt equity ratio; Stocks; Business enterprises; Corporate sector; Africa
Cover IMF Working Papers
Corporate Balance Sheet Restructuring and Investment in the Euro Area
Mr. Albert Jaeger
The recent boom-bust cycle in the euro area's equity valuations has left nonfinancial corporations saddled with a legacy of high debt or leverage. Models of corporate investment behavior based on imperfect capital markets predict that highly leveraged balance sheets can act as a brake on investment spending. The paper's empirical analysis suggests that leverage effects on corporate investment can be substantial and persistent, particularly if leverage exceeds threshold values.
Keywords:
WP; investment; financial asset; financing; equity; Corporate investment and financing; business cycle; forecasting; equity valuation; investment boom; investment-capital ratio; balance sheet restructuring; equity investment; debt-equity mix; cost of capital; investment opportunity; Stocks; Business enterprises; Corporate investment; Financial statements; Corporate finance; Global