Disclosure Regulation in African Emerging Securities Markets
An International Comparative Analysis
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This book examines the legal, regulatory and institutional frameworks for corporate disclosure in selected African countries so as to establish whether or not the said frameworks provide sufficient incentives for efficient disclosure. The book is underscored by the view that, high agency costs for issuers are likely to tarnish the reputation of the issuer and its securities in securities markets. The other view is that, efficient corporate disclosure is a means of reducing agency costs for issuers. The central argument of this book is that, the overriding authority that shareholders wield over...
This book examines the legal, regulatory and institutional frameworks for corporate disclosure in selected African countries so as to establish whether or not the said frameworks provide sufficient incentives for efficient disclosure. The book is underscored by the view that, high agency costs for issuers are likely to tarnish the reputation of the issuer and its securities in securities markets. The other view is that, efficient corporate disclosure is a means of reducing agency costs for issuers. The central argument of this book is that, the overriding authority that shareholders wield over the affairs of the company without corresponding duties to the company is likely to compromise the quality of disclosure and increase agency costs for issuers. Also, the lack of civil remedies for loss occasioned by non-disclosure in the post-prospectus phase compromises investor protection. The book further argues that, the high agency costs for issuers and lack of civil remedies as aforesaid are likely to water down the efficacy of the low correlation of African emerging markets with each other and developed markets to attract investors for international portfolio diversification.
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