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SECURITY PRICE BEHAVIOUR IN THE NIGERIAN STOCK EXCHANGE: AN EMPIRICAL STUDY
ABSTRACT
The level of savings mobilization and resource allocation tends to have strong correlation with the level of economic development. The allocativc function can often be critical in determining the overall growth of the economy. Thus, efficient capital markets are needed to facilitate fund transfers from surplus spending units and chanelling them to deficit economic units for productive investments. Capital market efficiency means that information is widely and cheaply available to investors and that security prices reflect all available information about that security. Thus, this research studied the behaviour of security prices as a means of determining the level of efficiency or otherwise of the Nigerian Stock Exchange, It also tried to determine the more predominating factor causing this stock price movement between dividends per share and earnings declared. To achieve these, statistical methods were employed for the study that covered the period 1994 to 1997 when there was great activity in the market. The findings are that the market is not efficient. Paucity of securities, insider dealings, shallow depth and breadth, buy-hold syndrome in the market, were some of the causes identified for the inefficiency. It was also found that earnings are better motivators than dividend payment in relation to investment selection. That trading volume is important to investment decision only to the extent that it serves as confidence indicator of the company’s performance. It was suggested that, the adoption of sound macroeconomic policies such as realistic interest rate, and the efficient deregulation of the economy among other measures, will stimulate savings and investment climate in the economy, hence growth of the market leading to its efficiency.
TABLE OF CONTENT
Title page- – – – – – – – – i
Approval page – – – – – – – -ii
Dedication – – – – – – – – -iii
Acknowledgement – – – – – – – -iv
Abstract – – – – – – – – – -v
Table of content – – – – – – – -vi
CHAPTER ONE
INTRODUCTION – – – – – – – -1
1.0 Background of the study – – – – -1
1.1 Statement of the problem – – – – -5
1.2 Purpose of the study – – – – – -6
1.3 Significance of the study – – – – -8
1.4 Research questions – – – – – -9
1.5 Scope of the study – – – – – – -10
CHAPTER TWO
LITERATURE REVIEW – – – – – – -11
CHAPTER THREE
Research methodology – – – – – – -39
Design of study – – – – – – – -40
CHAPTER FOUR
Presentation, analysis and interpretation of data – -48
CHAPTER FIVE
Summary of findings – – – – – – -60
Conclusion – – – – – – – – -61
Recommendations – – – – – – – -62
Suggestions for further research – – – – -64
References – – – – – – – – -65
Appendix I – – – – — – – – -68
Questionnaire. – – – – – – – -69
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