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Electronic trading and stock market participation in Africa: Does technology induce participation?

Adamolekun, Gbenga; Sakariyahu, Rilwan; Lawal, Rodiat; Ahmed, Ammar


Rilwan Sakariyahu

Rodiat Lawal

Ammar Ahmed


This study examines the effect of migrating to electronic trading platforms on stock market participation among African stock exchanges. Using Bayesian estimations, we demonstrate that transitioning from a physical to an electronic stock exchange decreases trading activity on the stock exchange whilst increasing listing. Our findings further reveal that the impact of migration is more pronounced for non-Sub-Saharan African countries relative to Sub-Saharan countries. In terms of policy, the results imply that African exchanges cannot optimise the efficiency of their stock markets simply by migrating to electronic trading platforms.

Journal Article Type Article
Acceptance Date Jan 16, 2023
Online Publication Date Jan 24, 2023
Publication Date 2023-03
Deposit Date Feb 1, 2023
Publicly Available Date Feb 1, 2023
Journal Economics Letters
Print ISSN 0165-1765
Publisher Elsevier
Peer Reviewed Peer Reviewed
Volume 224
Article Number 110991
Keywords Stock market participation, Electronic trading platform, Africa, Sub-Saharan Africa, Technology


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