Interest rate, liquidity and stock market performance in Ghana

Micheal Kofi Boachie; Isaac Osei Mensah; Albert Opoku Frimpong; Martin Ruzima

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Interest rate, liquidity and stock market performance in Ghana

机译：加纳的利率，流动性和股票市场表现

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In this study, we examined the effect of interest rate and liquidity growth on stock market performance in Ghana using monthly data from the Ghana Stock Exchange and Bank of Ghana for the period 2010:12 to 2013:11. After employing robust linear regression (M-Estimation), there is a compelling evidence that performance of the Ghanaian stock market is highly influenced by liquidity growth, exchange rate and inflation; and that interest rate effect is insignificant though positive on the stock market index for the period under study.

机译：在这项研究中，我们使用来自加纳证券交易所和加纳银行的2010：12至2013：11期间的月度数据，研究了利率和流动性增长对加纳股市表现的影响。在采用稳健的线性回归（M-Estimation）之后，有力的证据表明加纳股市的表现受到流动性增长，汇率和通货膨胀的极大影响。在研究期间，利率影响对股票市场指数的影响虽然微不足道，但微不足道。

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《International Journal of Accounting and Economics Studies》 |2016年第1期|共6页
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Micheal Kofi Boachie; Isaac Osei Mensah; Albert Opoku Frimpong; Martin Ruzima;
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1. Challenges of Frontier Stock Markets with Low Liquidity: A Case Study of Ghana Stock Exchange [J] . Igor Gvozdanovic, Justice Seth Baning-Osafo International Journal of Economics & Management Sciences . 2016,第4期

机译：低流动性的前沿股票市场面临的挑战：以加纳证券交易所为例
2. Corporate disclosure, transparency and stock liquidity: Empirical estimation from the Ghana Stock Exchange [J] . Godfred A. Bokpin African Journal of Business Management . 2013,第22期

机译：公司披露，透明度和股票流动性：加纳证券交易所的实证估计
3. Liquidity and Firms’ Financial Performance Nexus: Panel Evidence From Non-Financial Firms Listed on the Ghana Stock Exchange [J] . Kaodui Li, Mohammed Musah, Yusheng Kong, SAGE Open . 2020,第3期

机译：流动性和公司的财务表现Nexus：来自加纳证券交易所上市的非金融公司的小组证据
4. An Order-Driven Agent-Based Artificial Stock Market to Analyze Liquidity Costs of Market Orders in the Taiwan Stock Market [C] . Yi-Ping Huang, Shu-Heng Chen, Min-Chin Hung, European workshop on evolutionary computation in finance and economics . 2011

机译：一个基于秩序驱动的代理人的人工股票，分析台湾股市市场订单的流动性成本
5. Corporate governance, corporate policies, and stock market liquidity: Evidence on dilution of minority interests. [D] . Attig, Najah. 2003

机译：公司治理，公司政策和股市流动性：稀释少数股东权益的证据。
6. Nonlinear relationship between money market rate and stock market liquidity in China: A multifractal analysis [O] . Yihong Sun, Xuemei Yuan, J E. Trinidad Segovia, 2021

机译：中国货币市场率与股票市场流动性的非线性关系：多重分析
7. We develop a sequential trade model of Iceberg order execution in a limit order book. The Iceberg-trader has the freedom to expose his trading intentions or (partially) shield the true order size against other market participants. Order exposure can cause drastic market reactions (“market impact”) in the end leading to higher transaction costs. On the other hand the Iceberg trader faces a loss-in-priority when he hides his intentions, as most electronic limit order books penalize the usage of hidden liquidity. Thus the Iceberg-trader is faced with the problem to find the right trade-off. Our model provides optimal exposure strategies for Iceberg traders in limit order book markets. In particular, we provide a range of analytical statements that are in line with recent empirical findings on the determinants of trader’s exposure strategies. In this framework, we also study the market impact also market impact of limit orders. We provide optimal exposure profiles for a range of hightech stocks from the US SP500 and how they scale with the state-of-the-book. We finally test the Iceberg’s performance against the limit orders and find that Iceberg orders can significantly enhance trade performance by up to 60. [O] . Gökhan Cebiro˜glu, Ulrich Horst 100

机译：我们在限价订单簿中开发了冰山订单执行的顺序交易模型。 Iceberg-trader可以自由地揭露他的交易意图，或者（部分）屏蔽其他市场参与者的真实订单规模。订单暴露最终会导致市场反应激烈（“市场影响”），导致交易成本上升。另一方面，冰山交易员在隐藏他的意图时面临优先权损失，因为大多数电子限价订单都会惩罚隐藏流动性的使用。因此，冰山商人面临着找到正确权衡的问题。我们的模型为限额订单市场中的冰山交易者提供了最佳的风险敞口策略。特别是，我们提供了一系列分析性陈述，这些陈述与最近关于交易者暴露策略决定因素的实证研究结果一致。在此框架下，我们还研究了市场影响以及限价订单的市场影响。我们为来自美国标准普尔500指数的一系列高科技股票提供最佳曝光配置文件，以及它们如何随着本书的规模扩展。我们最终根据极限订单测试了冰山的表现，发现冰山订单可以显着提升贸易业绩高达60％。

Interest rate, liquidity and stock market performance in Ghana

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