Foreign portfolio investment and stock market performance in Nigeria

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dc.contributor.authorAbdulkadir, Rihanat Idowu
dc.contributor.authorRaji, J.O
dc.contributor.authorBadru, B.O
dc.date.accessioned2021-02-17T12:57:38Z
dc.date.available2021-02-17T12:57:38Z
dc.date.issued2018
dc.description.abstractThe paper examines the impact of foreign portfolio investment (FPI) on stock market performance in Nigeria using monthly data from year 2006 to 2015. Results from ARDL bound testing approach reveals that FPI have adverse effect on market performance. However, the role of FPI altered during the global financial crisis of 2008 and 2009 as it increased stock price index and reduced market volatility during this period. This suggests that foreign inflows were valued more during the crisis period. Findings also reveal that macroeconomic factors, which include exchange rate, money supply and interest rate, explain stock market index while exchange rate affects stock return volatility. The study offers useful policy implications for government in its liberalization policies and recommends that government should be more cautious in its liberalization policy. The interest of domestic investors should not be undermined while putting measures in place to encourage FPI of longer-term nature.en_US
dc.identifier.urihttp://hdl.handle.net/123456789/4361
dc.language.isoenen_US
dc.publisherFaculty of Social and Management Sciences, Olabisi Onabanjo University, Ago-Iwoyeen_US
dc.subjectForeign portfolio investmenten_US
dc.subjectStock marketen_US
dc.subjectStock price indexen_US
dc.subjectStock return volatilityen_US
dc.titleForeign portfolio investment and stock market performance in Nigeriaen_US
dc.typeArticleen_US

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