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When African and global capital markets come into perspective
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capital market
With the crave for the capital market by various companies and institutions throwing up public offers and rights issues, it has become necessary for the public to be objectively informed about the dynamics of the capital market.
We have been harassed with outburst of brochures, seminars, symposia, pamphlets and literature of sorts about capital market operations.
The book comes handy as an authoritative medium for scholarly and non academic understanding of capital market. Esosa Bob Osaze , a renowned capital market operator and regulator brings his wealth of experience with a compilation of issues associated with capital markets operations involving regulations, operations, perceptions and the technicalities. Without any fear of contradiction this book remains a foundation reference to capital markets, as it offers much more, not just like the basic stereotyped literature that place emphasises on benefits and the usual 'how to invest' procedures.
The author's approach is historical, analytical and descriptive of the capital market. A concise definition and appraisal of the functionality of African capital markets as well as mitigating factors against its growth were justifiable explained. The book further made impressive attempt at presenting their historical and developmental challenges against their European, Asian, and American counterpart. A critical approach by the author reflects some assumptions about the growth of the African capital markets and their impact on hedge funds, securities and commodities among others.
In his words 'Furthermore, another major characteristic of African stock markets is that they are very small indeed by comparison with other emerging markets in South-East Asia or South America. Using the measures of market capitalization, gross domestic product and market capitalization to gross domestic product, one finds that even the largest market, South Africa, does not compare with Malaysia. While the South African stock exchange had a market capitalization to gross domestic product of 174.0 per cent in 2002, Malaysia had 310 percent…. While the GDP averaged US$37,690 million in 2002, market capitalization averaged US$31.47 million in 2002. However, the market capitalization to GDP averaged 39.57 per cent in 2002... This indicates that only half of the GDP is accounted for in the stock markets in Africa. But this may be misleading as the average for the rest of Africa, excluding South Africa, was only 12.4 per cent as of 1995'.
Ironically this assertion negates the fact African markets are emerging rather classifies them as growing. The assertion is further analysed by the macroeconomic analyses of factors inhibiting the development of capital markets in Africa.
The strongest asset of the publication draws from the facts presented on the historical growth of the Nigerian financial systems, their roles, regulatory challenges, the nature and character of securities exchanges, their indicators and participants of the money and capital market. Also, well addressed are marketing strategies, fund raising and corporate governance.
Osaze's scholarly analyses of the global capital markets describe best practices from theoretical approaches to capital markets.
The writer's objective to create awareness, sensitise and share knowledge cannot be over emphasized by this publication.
The book comes handy as an authoritative medium for scholarly and non academic understanding of capital market. Esosa Bob Osaze , a renowned capital market operator and regulator brings his wealth of experience with a compilation of issues associated with capital markets operations involving regulations, operations, perceptions and the technicalities. Without any fear of contradiction this book remains a foundation reference to capital markets, as it offers much more, not just like the basic stereotyped literature that place emphasises on benefits and the usual 'how to invest' procedures.
The author's approach is historical, analytical and descriptive of the capital market. A concise definition and appraisal of the functionality of African capital markets as well as mitigating factors against its growth were justifiable explained. The book further made impressive attempt at presenting their historical and developmental challenges against their European, Asian, and American counterpart. A critical approach by the author reflects some assumptions about the growth of the African capital markets and their impact on hedge funds, securities and commodities among others.
In his words 'Furthermore, another major characteristic of African stock markets is that they are very small indeed by comparison with other emerging markets in South-East Asia or South America. Using the measures of market capitalization, gross domestic product and market capitalization to gross domestic product, one finds that even the largest market, South Africa, does not compare with Malaysia. While the South African stock exchange had a market capitalization to gross domestic product of 174.0 per cent in 2002, Malaysia had 310 percent…. While the GDP averaged US$37,690 million in 2002, market capitalization averaged US$31.47 million in 2002. However, the market capitalization to GDP averaged 39.57 per cent in 2002... This indicates that only half of the GDP is accounted for in the stock markets in Africa. But this may be misleading as the average for the rest of Africa, excluding South Africa, was only 12.4 per cent as of 1995'.
Ironically this assertion negates the fact African markets are emerging rather classifies them as growing. The assertion is further analysed by the macroeconomic analyses of factors inhibiting the development of capital markets in Africa.
The strongest asset of the publication draws from the facts presented on the historical growth of the Nigerian financial systems, their roles, regulatory challenges, the nature and character of securities exchanges, their indicators and participants of the money and capital market. Also, well addressed are marketing strategies, fund raising and corporate governance.
Osaze's scholarly analyses of the global capital markets describe best practices from theoretical approaches to capital markets.
The writer's objective to create awareness, sensitise and share knowledge cannot be over emphasized by this publication.
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