Corporate Bond Issuance Behaviour in African Emerging Markets

Ahwireng-Obeng, Asabea Shirley; Ahwireng-Obeng, Frederick

doi:10.1080/15228916.2020.1826853

Cited by 3 publications

(2 citation statements)

References 37 publications

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“…The respondents acknowledge the significant role of a sound financial education of market participants in enhancing corporate bond market liquidity. This is consistent with the findings of Ahwireng-Obeng and Ahwireng-Obeng (2020), who suggest that the debt credit culture should develop the local debt market in the African corporate bond market. Meanwhile, Tunisian dealers identify the dominance of institutional investors as a factor that negatively affects Tunisian secondary corporate bond market liquidity, which is corroborated by Goswami and Sharma (2011) as well as the AMF (2019) for the developing local debt market.…”

Section: Discussion and Recommendationssupporting

confidence: 92%

“…We believe that financial investor education must be declared a priority. It is necessary to provide the investor with tools to understand investment risks, regulations and market functioning, as recommended by Ahwireng-Obeng and Ahwireng-Obeng (2020) for the African corporate bond market. For example, the TSE can introduce a special prospectus dedicated to attracting retail investors and producing updated information.…”

Section: Discussion and Recommendationsmentioning

confidence: 99%

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Tunisian corporate bond market liquidity: a qualitative approach

Berrich¹,

Dabbou

2023

QRFM

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Purpose This study aims to explore the failures of Tunisian secondary corporate bond market liquidity to understand the determinants of corporate bond market liquidity at large. Design/methodology/approach We adopted a qualitative approach to studying the Tunisian Stock Exchange. Dealers’ perceptions were collected through semi-structured face-to-face interviews; the data was recorded, transcribed and thematically analysed. Findings Secondary corporate bond market failures are due, in part, to microstructural choices – especially the use of an over-the-counter market as a trading venue. The absence of a corporate bond yield curve, a narrow investor base, market participants’ lack of financial education and authorities’ attitudes are equally responsible. Research limitations/implications This study is useful to researchers, policymakers and practitioners, as it identifies microstructural and other factors affecting the Tunisian secondary corporate bond market. We interviewed only Tunisian dealers while ignoring other categories of market participants. Furthermore, a focus group discussion could have improved our understanding of the determinants of the Tunisian secondary corporate bond market. Originality/value This paper aimed to qualitatively discuss several issues related to the Tunisian secondary corporate bond market. To date, little academic research has addressed this topic in the illiquid and non-transparent corporate bond markets.

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Section: Discussion and Recommendationssupporting

confidence: 92%

Section: Discussion and Recommendationsmentioning

confidence: 99%