PROMOTING DEVELOPMENT FINANCE RESEARCH IN AFRICA



INNOVATIVE FINANCE FOR AFRICA’S DEVELOPMENT

FIFTH AFRICAN FINANCE JOURNAL CONFERENCE

10-11 JULY 2008

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LAGOON BEACH HOTEL, MILNERTON, CAPE TOWN

FIFTH AFRICAN FINANCE JOURNAL CONFERENCE

Program: DAY 1 - Thursday 10 July 2008

|Parallel 1 : Atlantic Suite : Theme – Foreign Direct Investment |Parallel 11 - Library : Theme - Corporate Governance |

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|14:00 Dr Joshua Abor – University of Ghana, Business School |14:00 Prof Kalu Ojah – Wits University |

|Topic: “Foreign Direct Investment and Firm Productivity : |Topic: ’’Securities Market Efficiency and Corporate |

|Evidence from Firm-Level Data” |Governance Effects of Insider Trading Laws: |

| |Evidence from South Africa” |

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|14:20 Prof Smile Dube – California State University |14:20 Samuel Simpson and Dr Joseph Onumah |

|Topic: “Foreign Direct Investment, Portfolio Investment inflow and Profit |University of Ghana Business School |

|Remittances: A Causality for the South African Economy |Topic: ’’ Improving the Performance of State Owned |

| |Enterprises In Ghana: The Role of Performance Contracts’’ |

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|14:40 Dr Richard Akingunola –Olabisi Onabanjo University |Parallel 11 – Library : Theme - Microfinance |

|Topic: “Macroeconomics Determinants of Private Investment in | |

|Financial Assets in Nigeria” |14:40 Albert Mushai – University of Witwatersrand |

| |Topic ’’Rural Finance Innovation in the Post-Reform Era: |

| |Development Implications of Weather-Index Insurance for |

|15:00 Rafiu Aregbeshola – Business Management, UNISA |Sub- Saharan Africa’’ |

|Topic: ’’Globalisation and Africa: A Rhapsody of the Fantasy | |

| |15:00 Oladejo Oladeinde – Olabisi Onabanjo University |

| |Topic: ’’Understanding the Cooperative Financing Model as |

| |A Veritable Micro-Credit Delivery Channel for poverty |

| |Reduction: The Nigerian Experience’’ |

AFTERNOON BREAK: 15:20 – 15:35

|Parallel 1 : Atlantic Suite – Foreign Direct Investment |Parallel 11 – Library : Theme - Microfinance |

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|15:35 Dr John Mutenyo – Makerere University |15:35 Gordon Abekah-Nkrumah, Patience Aseweh Abor, |

|Topic: ’’Does Foreign Direct Investment Stimulate Economic Growth : |Dr Joshua Abor and Dr Charles Adjasi – University of Ghana Business School |

|The Case of Sub-Saharan Africa’’ |Topic: ’’Towards A Framework for Improving Maternal Healthcare Utilisation in |

| |Sub-Saharan Africa Through Microfinance’’ |

|15:55 Prof Pierre Roche Seka – University of Abidjan | |

|Topic: ’’Is Savings really prior to Investment: Time Series |15:55 Prof Adebiyi Daramola – Federal University of Technology, Akin |

|and panel evidence in (WAEMU)” |Akintola and Edna Jones – Community Development Foundations, Lagos |

| |Topic: ’’Agricultural and Rural Microfinance in Nigeria: New Approaches’’ |

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|16:15 Prof Smile Dube – California State University | |

|Topic:’’ Foreign Direct Investment and Electricity Consumption on | |

|Economic Growth: Evidence from South Africa | |

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|16:35 Dr Joshua Abor, Mac-Clara Hayford and Dr Charles Adjasi | |

|University of Ghana, Business School | |

|Topic: ’’How Does Foreign Direct Investment Affect The Export | |

|Decisions of Firms’’ | |

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17:00- End of Day 1

Program: DAY 2 – Friday, 11th July 2008

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|Parallel 1 : Atlantic Suite : Theme :- Finance for Development |

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|14:00 Dr Christopher Kiptoo and Isaya Maana – Central Bank of Kenya |

|Topic: ’’Determinants on Interest Rate Spreads in Kenya’’ |

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|14:20 Dr Charles Adjasi and Emmanuel Kinful – University of Ghana, Business School |

|Topic: ’’The EU’s EPAs and ECOWAS’’ |

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|Theme: Development Finance Institutions |

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|14:40 Seedwell Sithole – University of Swaziland |

|Topic: ’’Financial Reporting and Regulations in Zimbabwean and Swazi Charities: The Way Forward’’ |

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|15:00 Githinji Njenga, Rose Ngugi and Mbutu Mwaura – KIPPRA, Kenya |

|Topic: ’’Development Finance Institutions in Kenya: Issues and Policy Options” |

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|15:20 CLOSING : PROF NICHOLAS BIEKPE – UNIVERSITY OF STELLENBOSCH, BUSINESS SCHOOL |

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Contact Person: Dina Potgieter, Africagrowth Institute

Telnr. +27 21 914 6778, Fax: +27 914 4438, Email: dina@

Website:

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Program: DAY 1 - Thursday 10 July 2008

ATLANTIC SUITE

07:30 – 08:30 Registration and Coffee

08:30 Welcoming

Prof Nicholas Biekpe – University of Stellenbosch, Business School & President: Africagrowth Institute

Keynote Speaker

08:45 Dr Desiré Vencatachellum – Lead Economist and Manager Research Department: African Development Bank

Topic: “The Global Economic Outlook and its Implications for the African Economy and Banking in Africa”

|Parallel 1 – Atlantic Suite : Theme - Stock Markets |Parallel 11 - Library : Theme - Banking |

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|09:15 Dr Charles Adjasi – University of Ghana, Business School |09:15 Godwin Asemota – Kigali Institute of Science and |

|Topic: “ Macroeconomic Volatility and Stock Prices Volatility in Small |Technology |

|Stock Markets: Evidence from Ghana” |Topic: ’’Approximate Maximum Likelihood Loan |

| |Management- Model of a Commercial Bank’’ |

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|09:35 Dr Philip Olomola – Obafemi Awolowo University |09:35 Sandrine Kablan – University of Paris |

|Topic: ’’The Determinants of Stock Market Development in Nigeria’’ |Topic: ’’Banking Efficiency and Financial Development in |

| |Sub-Saharan Africa SSA” |

|09:55 Igbekele Osinubi – Olabisi Onabanjo University | |

|Topic: ’’Inflation and Stock Returns of Quoted Firms in Nigeria” |09:55 Lesego Sekwati and Narain Sinha– University of Botswana |

| |Topic: ’’Stability of Money Multipliers in Botswana” |

|10:15 Dr Evan Gilbert and David Strugnell - University of Stellenbosch | |

|Topic: ’’Does Survivorship Bias Really Matter? An Empirical |10:15 Prof Mahmoud Sami Nabi and Prof Taoufik Rajhi |

|Investigation into Its Effects on The Mean Reversion of Share Returns |African Development Bank |

|on The JSE (1980 – 2006)’’ |Topic: ’’Banking Emerging, Credit Rationing And Economic |

| |Growth” |

|10:35 Chuke Nwude - University of Nigeria | |

|Topic: ’’Stochastic Assessment and Management of Risk Exposure in |10:35 Dr Christopher Malikane and Prof Kalu Ojah |

|investment Decisions: An Empirical Evidence from Nigerian Stock |Wits University |

|Market’’ |Topic: ’’Endogenous Capital and Non-Neutrality of Monetary |

| |Policy” |

MORNING BREAK 10:55 – 11:15

|Parallel 1 – Atlantic Suite : Theme - Stock Markets |Parallel 11 – Library: Theme - Corporate Governance |

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|11:15 Sabrina Khannice – University of Paris |11:15 Dr Dan Ofori and Edward Tetteh – University of Ghana, |

|Topic: ’’Evaluation of Hedge Fund Returns: Value-at-Risk Using |Business School |

|GARCH Models’’ |Topic: ’’A Theoretical Assessment of The Governance |

| |Arrangements of Universities in Ghana: An Exploratory and |

| |Comparative Study of Public and Private Universities’’ |

|11:35 Birungi Korutaro and Prof Nicholas Biekpe – University of Stellenbosch: | |

|Business School |11:35 Samuel Simpson and Godfred Bokpin |

|Topic: ’’Business Regulatory Barriers to Investment in Capital Markets: A Case of |University of Ghana Business School |

|Selected Countries in Sub-Saharan Africa’’ |Topic: ’’Corporate Governance Among Non-Governmental Organisations: Evidence|

| |from Ghana’’ |

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|11:55 Ziv Chinzara and Meshach Aziakpono – Rhodes University |11:55 Yinusa Olumuyiwa and Adebayo Aderemi – Olabisi Onabanjo University|

|Topic: ’’Integration of The South African Equity Market Into The World |Topic: ’’Audit Committee and Corporate Governance In Nigeria: Problems and |

|Major Stock Markets : Implication For Portfolio Diversification’’ |Prospects’’ |

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| |12:15 Chimwemwe Chipeta – University of South Africa |

|12:15 Dr Rose Ngugi and Justus Agoti – University of Nairobi |Topic: “Corporate Governance Mechanisms and Disclosure Standards to Attract |

|Topic’’ Microstructure Elements of The Bonds Market In Kenya’’ |Foreign Investment: A Case for Malawi’’ |

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| |12:35 Dr Dulacha Barako – Central Bank of Kenya |

| |Topic: ’’The Effect of Board Attributes on Earnings Quality: Kenyan |

| |Evidence’’ |

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| |12:55 Dr Peter Oyelere, Dr Khaled Al-Jifri - UAE University and Dr Ehab|

| |Mohamed – Sultan Qaboos University Oman |

| |Topic: ’’Determinants of Timelines of Response To New Disclosure |

| |Requirements: A Study On Corporate Governance Regulation In Oman’’ |

LUNCH BREAK : 13:15 – 14:00

|Atlantic Suite |Paralell 1 |

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|14:00 Dr Joshua Abor – University of Ghana |14:00 Prof Kalu Ojah – Wits University |

|Topic’’Foreign Direct Investment And Firm Productivity: Evidence From Firm-Level Data |Topic’’Securities Market Efficiency And Corporate Governance Effects Of |

| |Insider Trading Laws: Evidence From South Africa |

|14:20 Prof Smile Dube – California State University |14:20 Mr Samuel Simpson – University of Ghana Business School |

|Topic’’ Foreign Direct Investment Portfolio Investment, Other Investment and Dividend, |Topic’’ Improving The Performance Of State Owned Enterprises In Ghana: The |

|Profit and Interest Outflows |Role Of Performance Contracts’’ |

| |14:40 Mr Albert Mushai – University of Witwatersrand |

| |Topic’’Rural Finance Innovation In The Post-ReformEra: The Development |

|14:40 Dr Richard Akingunola – Olabisi Onabanjo University |Implications of Weather-Index Insurance For Sub-Saharan Africa’’ |

|Topic’’Macroeconomics Determinants of Private Investment in Financial Assets In Nigeria | |

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|15:00 | |

AFTERNOON BREAK: 15:20 – 15:35

|Parallel 3 |Paralell 4 |

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|15:35 |15:35 |

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|15:55 |15:55 |

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|16:15 |16:15 |

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|16:35 |16:35 |

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|16:55 |16:55 |

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Program: DAY 2 – Friday, 11th July 2008

COFFEE/TEA : 08:00 – 8:30

|Parallel 1 : Atlantic Suite : Theme - Finance for Development |Parallel 11 – Library : Theme – SME Finance |

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|08:30 Dr Anthony Kyereboah-Coleman – University of Ghana Business |08:30 Dr Khanyisile Dlamini – University of Swaziland |

|School and Kwame Agyire-Tettey – University of Ghana |Topic: ’’Microfinance in Swaziland: The Tool for SMME |

|Topic: ’’ Buoyancy and Elasticity of Value Added Tax in |Development’’ |

|Sub-Saharan Africa: Experience from Ghana’’ | |

| |08:50 Dr Akintoye Ishola Rufus, Yinusa Olumuyiwa Ganiyu and |

|08:50 Dr Christopher Kiptoo – Central Bank of Kenya |Adebayo Aderemi – Olabisi Onabanjo University |

|Topic: ’’Effects of Real Exchange Rate Volatility on Trade: |Topic: “Micro, Small and Medium Scale Enterprise Financing in Nigeria: A |

|The Case oF Kenya’’ |Proposal” |

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|09:10 Asumani Guloba – University of Dar es Salaam |09:10 Vijayaa Kommineni – University of Swaziland and |

|Topic: ’’The Present Value Budget Constraint and Public Debt |Ram Prasad Chunduru – TJPS College |

|Sustainability in Uganda’’ |Topic: ’’Scaling Up Micro Finance to SMME Finance-Issues, Problem and |

| |Opportunities’’ |

|09:30 Hakeem Mobolaji – University of Leicester | |

|Topic: ’’Spatial Externality, Openness and Financial Development |09:30 Prof Emmanuel Oseifuah – University of Venda |

|in SSA (1970-2005)’’ |Topic: ’’An Empirical Analysis of Sources of Finance for Small, Medium, |

| |and Micro Enterprises in Vhembe District, Limpopo Province” |

|09:50 Gordon Abekah-Nkrumah – University of Ghana Business | |

|School |09:50 Dr Udai Lal Paliwal and Hilja Nambahu – University of Namibia |

|Topic: ’’The Changing Funding Architecture in Ghana’s Health |Topic: ’’Financing Small and Medium Enterprises: A case of Namibia’’ |

|Sector: What are the Prospects?’’ | |

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|10:10 Bruce Hearn and Jenifer Piesse – Kings College London | |

|Topic: ’’The Cost and Opportunities for Portfolio Diversifications in | |

|Southern Africa’s Smallest Equity Markets’’ | |

MORNING BREAK 10:30 – 10:45

|Parallel 1 : Atlantic Suite : Finance for Development |Parallel 11 – Library :Theme – Financial Analysis |

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|10:45 Dr Haruna Bello and Motanyane Sepiriti – National University of Lesotho|10:45 Dr Tella Sherriffdeen and Yinusa Olumuyiwa – Olabisi Onabanjo |

|Topic: ’’Competition, Market Structure and Market Power in the Insurance Industry |University |

|in Lesotho” |Topic: ’’Capital Structure and Firm Performance In Nigeria” |

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|11:05 Ivan van der Merwe – University of Free State | |

|Topic: ’’Finance and Financial Instability: Implications for Growth” |11:05 Jonathan Chipili – University of Leicester |

| |Topic: ’’Modelling Exchange Rate Volatility In Zambia’’ |

|11:25 Dr Hinaunye Eita – University of Namibia | |

|Topic: ’’The Finance-Growth Nexus in Namibia” |11:25 Mamotlohi Mohanoe-Mochebele – National University of Lesotho |

| |Topic: ’’Cointegration and Error Correction Analysis of Treasury Bill Yields in |

|11:45 Mbutu Mwaura, Rose Ngugi and Moses Njenga, |Lesotho’’ |

|KIPPRA, Kenya | |

|Topic: ’’Financial Sector Development and Economics Growth for African Countries’’ |11:45 Prof Robert Vivian and Prof Christo Auret – Wits University |

| |Topic: “ Mathematical Description of a Short Term Insurance |

|12:05 Dr Anthony Kyereboah-Coleman – University of Ghana, |Company” |

|Business School and Kwame Agyire-Tetty – University of Ghana | |

|Topic: ’’The Effect Real Exchange Rate Misalignment On Export Growth in Ghana’’ |12:05 Bruce Hearn and Jenifer Piesse – Kings College London |

| |Topic: ’’An Augmented Capital Asset Pricing Model: Liquidity and Stock Size In |

|12:25 Asumani Guloba – University of Dar eS Salaam |African Emerging Financial Markets’’ |

|Topic: ’’Determinants and Stability Of Money Demand In a Small Open Economy: Uganda| |

|During the Period of Economic Liberalization’’ |12:25 Relebohile Faith Ramakhale, Dr Haruna Bello and |

| |M.P. Makhetha – National University Of Lesotho |

| |Topic: ’’An Analysis of the Efficiency of the Treasury Bill Market in Lesotho’’ |

LUNCH BREAK : 12:50 – 14:00

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