IJHSSR

Volume 3, 2017

Examination and Comparison of Nuclear Energy with other Available Energy Sources for Electricity Production in Turkey - Pages 38-42

N. Fusun Oyman Serteller
DOI: https://doi.org/10.6000/2371-1655.2017.03.04

Challenges of Social Reintegration for the 2013 Saudi Arabian Returnees in Ethiopia - Pages 31-37
Desalegn Birara
DOI: https://doi.org/10.6000/2371-1655.2017.03.03

Identities, Nations and Ethnicities: A Critical Comparative Study from Southeast Asia - Pages 12-30
Victor T. King
DOI: https://doi.org/10.6000/2371-1655.2017.03.02

Recruiting, Organizing, Planning, and Conducting a 3-Week, Short-Term Study Abroad Program for Undergraduate Students: Guidelines and Suggestions for First-Time Faculty Leaders - Pages 1-11
Nilufer Medora and Roudi Nazarinia Roy
DOI: https://doi.org/10.6000/2371-1655.2017.03.01

Volume 4, 2018

Insecurity and Major Determinants of Foreign Direct Investment in Nigeria - Pages 54-63
Ayoola Adebukola Olubunmi
DOI: https://doi.org/10.6000/2371-1655.2018.04.06

The Challenge of Climate Change to Rural Dwellers in Esanland - Pages 41-53
Temitope Peter Ola
DOI: https://doi.org/10.6000/2371-1655.2018.04.05

When the Periphery Meets the Core of a Party-Press System: Remember Comrade Lei Feng in China’s Shifting Media Kaleidscope - Pages 29-40
Pan Ji
DOI: https://doi.org/10.6000/2371-1655.2018.04.04

An Analysis of Poverty and Inequality among IndigenousAn Analysis of Poverty and Inequality among IndigenousNationalities of Nepal - Pages 22-28
Nabraj Lama
DOI: https://doi.org/10.6000/2371-1655.2018.04.03

Uses of Free Time by Young Adults in Arab Mediterranean Countries: Exposing and Addressing Boundary Issues in Leisure Studies - Pages 10-21
Ken Roberts, Siyka Kovacheva, Stanimir Kabaivanov
DOI: https://doi.org/10.6000/2371-1655.2018.04.02

Deconstructing Women’s Leadership: Those Who Laugh Last - Pages 1-9
Carol Isaac PhD
DOI: https://doi.org/10.6000/2371-1655.2018.04.01

Volume 5, 2019

Socio-Political Influences of Samad Behrangi's Translations on Reformist Movements in Iran in the 1970s - Pages 26-30
Hamed Qessimi
DOI: https://doi.org/10.6000/2371-1655.2019.05.03

Is there “Black Panther” Movement in Israel? Protests of Ethiopian Jews - Sources of Conflict and Policy Implications - Pages 10-25
Benjamin Binyamin Gurstein
DOI: https://doi.org/10.6000/2371-1655.2019.05.02

The Muslims of India and the First World War 1914-1918 - Pages 1-9
Imrana Begum
DOI: https://doi.org/10.6000/2371-1655.2019.05.01

Disclaimer Statement

Does Stock Market Development Enhance Private Investment in Ghana?
Pages 68-78

Grace Ofori-Abebrese, Eugenia Amporfu and George Adu

DOI:

Published: 15 April 2016

Abstract: The paper investigates the extent to which stock market development enhances private investment in Ghana. Quarterly times series data for the period 1991(Q1) to 2011(Q4) are used. Stock market development is proxy by market capitalization. The paper adopts the Dynamic Ordinary Least Squares (DOLS) method of estimation. The results for deposit interest rates, GDP per capita, and public investment confirm complementarity hypothesis, accelerator principle, as well as “crowding-in” effect for Ghana in the long-run in their respective cases. Market capitalization also increases private investment in the long-run. However, inflation reduces private investment. In the short-run, one quarter lag and two quarters lag values of private investment and public investment respectively increases private investment, while one quarter lag value of market capitalization reduces current levels of private investment. The paper recommends further development of the stock market since doing so will attract more investors and ultimately enhance private investment.

Keywords: Market capitalisation, private investment, DOLS, Africa, Ghana.

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