{"id":"https://openalex.org/W2146671971","doi":null,"title":"Asset pricing and information efficiency of the Ghana stock market","display_name":"Asset pricing and information efficiency of the Ghana stock market","publication_year":2002,"publication_date":"2002-01-01","ids":{"openalex":"https://openalex.org/W2146671971","mag":"2146671971"},"language":"en","primary_location":{"id":"pmh:oai:RePEc:aer:rpaper:rp_115","doi":null,"is_oa":false,"landing_page_url":"http://www.aercafrica.org/documents/RP115.pdf","pdf_url":"http://www.aercafrica.org/documents/RP115.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"preprint"},"volume":null,"type":"preprint","indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5066783972","display_name":"Kofi A. Osei","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Kofi A. Osei","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5066783972"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":23,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/asset-pricing","display_name":"asset pricing","score":0.9670000076293945},{"id":"https://openalex.org/keywords/informational-efficiency","display_name":"information efficiency","score":0.796999990940094},{"id":"https://openalex.org/keywords/ghana-stock-market","display_name":"Ghana stock market","score":0.9290000200271606},{"id":"https://openalex.org/keywords/cumulative-abnormal-returns","display_name":"cumulative abnormal returns","score":0.8679999709129333},{"id":"https://openalex.org/keywords/systematic-risk","display_name":"systematic risk","score":0.8259999752044678},{"id":"https://openalex.org/keywords/beta","display_name":"beta","score":0.7080000042915344},{"id":"https://openalex.org/keywords/efficient-market-hypothesis","display_name":"efficient market hypothesis","score":0.9459999799728394},{"id":"https://openalex.org/keywords/emerging-stock-markets","display_name":"emerging stock markets","score":0.9120000004768372}],"concepts":[{"id":"https://openalex.org/C2781426361","wikidata":"https://www.wikidata.org/wiki/Q5326940","display_name":"Earnings","level":2,"score":0.7200740575790405},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.6505181789398193},{"id":"https://openalex.org/C181236170","wikidata":"https://www.wikidata.org/wiki/Q848354","display_name":"Capital asset pricing model","level":2,"score":0.586437463760376},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.566250205039978},{"id":"https://openalex.org/C80212096","wikidata":"https://www.wikidata.org/wiki/Q1975416","display_name":"Systematic risk","level":2,"score":0.5168560147285461},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.4774903953075409},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.45723897218704224},{"id":"https://openalex.org/C12958728","wikidata":"https://www.wikidata.org/wiki/Q1002530","display_name":"Event study","level":3,"score":0.456451416015625},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.44677236676216125},{"id":"https://openalex.org/C73858035","wikidata":"https://www.wikidata.org/wiki/Q1164550","display_name":"Market risk","level":2,"score":0.4298044443130493},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.363838255405426},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.19726741313934326},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"pmh:oai:RePEc:aer:rpaper:rp_115","doi":null,"is_oa":false,"landing_page_url":"http://www.aercafrica.org/documents/RP115.pdf","pdf_url":"http://www.aercafrica.org/documents/RP115.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"preprint"},{"id":"pmh:oai:RePEc:aer:wpaper:3333c5860542","doi":null,"is_oa":false,"landing_page_url":"http://aercafricalibrary.org:8080/123456789/443","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:RePEc:aer:wpaper:979d3f58-1bbe-4fc0-82c6-3333c5860542","doi":null,"is_oa":false,"landing_page_url":"https://publication.aercafricalibrary.org/123456789/443","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"mag:2146671971","doi":null,"is_oa":false,"landing_page_url":"http://publication.aercafricalibrary.org/handle/123456789/443","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":22,"referenced_works":["https://openalex.org/W1484005491","https://openalex.org/W1510497834","https://openalex.org/W1596347046","https://openalex.org/W1965979446","https://openalex.org/W1984272629","https://openalex.org/W1990801058","https://openalex.org/W1990994889","https://openalex.org/W1997103606","https://openalex.org/W2010681793","https://openalex.org/W2014038718","https://openalex.org/W2043619364","https://openalex.org/W2066258297","https://openalex.org/W2068258432","https://openalex.org/W2078838966","https://openalex.org/W2079351313","https://openalex.org/W2084050624","https://openalex.org/W2108187197","https://openalex.org/W2130162792","https://openalex.org/W2159764093","https://openalex.org/W2320193169","https://openalex.org/W2324829751","https://openalex.org/W2626245484"],"related_works":["https://openalex.org/W7099553350","https://openalex.org/W2187464343","https://openalex.org/W2740219909","https://openalex.org/W3122398099","https://openalex.org/W4256221398","https://openalex.org/W1761091165","https://openalex.org/W1928816112","https://openalex.org/W2945189631","https://openalex.org/W2600306471","https://openalex.org/W1582265140"],"abstract_inverted_index":{"The":[0,24,50,85,173,193,220],"study":[1,25,86,194],"looks":[2],"at":[3],"two":[4],"main":[5],"objectives,":[6],"the":[7,12,19,28,48,53,69,92,101,110,118,126,148,152,158,164,168,186,189,197,205,215,224,238,242],"asset":[8],"pricing":[9],"characteristics":[10],"and":[11,180],"response":[13,55,154],"to":[14,42,47,56,155,232],"annual":[15,43,70,170,233],"earnings":[16,44,71,156,171,234],"announcements":[17],"of":[18,52,76,91,113,117,147,160],"Ghana":[20,225],"Stock":[21,226],"Market":[22,227],"(GSM).":[23],"hypothesizes":[26],"that":[27,88,163,196,223],"GSM,":[29],"as":[30],"a":[31,64],"typical":[32],"African":[33],"emerging":[34],"stock":[35],"market,":[36],"is":[37,58,73,81,212,222,228],"not":[38,136],"efficient":[39,216],"with":[40,121,214,230],"respect":[41,231],"information":[45,57,72,235],"releases":[46,236],"market.":[49],"assessment":[51],"market":[54,102,111,127,153,165,174,198,217],"done":[59],"by":[60,237],"measuring":[61],"abnormalreturns":[62],"over":[63,185],"17-week":[65],"event":[66,190],"window":[67],"when":[68],"released.":[74],"Analysis":[75],"cumulative":[77],"abnormal":[78],"returns":[79],"(CAR)":[80],"also":[82,135],"carried":[83],"out.":[84],"establishes":[87,195],"13":[89,119],"out":[90,116],"16":[93],"stocks":[94,105,120],"studied":[95],"have":[96,106,129],"systematic":[97,122,144],"risk":[98,123,128,145],"lower":[99,124],"than":[100,109,125],"risk.":[103],"Three":[104],"betas":[107],"greater":[108],"beta":[112],"one.":[114],"Five":[115],"negative":[130],"betas.":[131],"Their":[132],"t-values":[133],"are":[134,139],"significant.":[137],"There":[138],"considerable":[140],"intra-industry":[141],"differences":[142],"in":[143],"values":[146],"listed":[149,240],"stocks.":[150],"On":[151],"information,":[157],"analysis":[159],"CAR":[161],"shows":[162],"learns":[166],"about":[167],"impending":[169],"announcements.":[172],"drifts":[175],"up":[176,201],"for":[177,182],"good":[178],"news":[179,184],"down":[181,203],"bad":[183],"period":[187],"before":[188],"announcement":[191,206],"date.":[192],"continues":[199],"drifting":[200],"or":[202],"beyond":[204],"week,":[207],"i.e.,":[208],"week":[209],"zero.":[210],"This":[211],"inconsistent":[213],"hypothesis":[218],"(EMH).":[219],"conclusion":[221],"inefficient":[229],"companies":[239],"on":[241],"exchange.":[243]},"counts_by_year":[{"year":2024,"cited_by_count":2},{"year":2023,"cited_by_count":2},{"year":2022,"cited_by_count":1},{"year":2020,"cited_by_count":4},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":1},{"year":2014,"cited_by_count":2},{"year":2013,"cited_by_count":2},{"year":2012,"cited_by_count":4}],"updated_date":"2026-09-06T09:10:53.072986","created_date":"2016-06-24T00:00:00"}
