At present the forex market has the following participants: 1. Project name: The Forex Bureaux (that act as money shops) 4. The Capital Markets Authority of Uganda (CMA) is a semi-autonomous government body responsible for the financial regulation of the capital markets industry in Uganda. On the other hand, Uganda’s capital market is not developed enough to play any significant role in furnishing long-term funds to the economy. Americains, face a face. If all relevant information is available and the only c, where subsequent ALSI changes reflect random, return predictability including forecasting returns with fundamental variab, Dickey and Fuller (1981), results do not reject the p. represents shocks to the system at time t. , the ALSI is a pure random walk variable implying stock, There is need to de-trend the data by subtracting, the mean itself is a function of time, then deterministic t, represents lagged values of dependent variable, Hypothesis testing is based on the significance of, future ALSI cannot be predicted from past, equilibrium return generated by rational pricing in an efficient, The conditional mean return and conditional variance define, - are coefficients that capture persistency of volatility. This helped FSDU with the second challenge – targeting interventions and resources where it can make the biggest impact. self-sustaining shifts in the market system rather than supporting individual market actors that require ongoing support. Economically, this may contribute to improved liquidity and more efficient allocation of capital, which in turn can be expected to have a positive impact on economic growth. A stock price represents the value of a particular stock of a particular entity, asset or another financial instrument. By the end of 2005, the system had substantially grown and was made up of a formal and an informal sector. Financial intermediation is low, playing a limited role in the provision of funds for development finance, and dominated by commercial banks. In addition, financial intermediation is poor as indicated by the stock of private sector credit of 11.8% of GDP. Digital financial services, Sector: Thus policies ensuring the stability of both F DI and growth are important for long-run sustainability of Malaysian economy. The study attempts to answer whether the Tanzania stock market is weak-form efficient. Basic indicators of financial development, such as the broad-money/GDP and currency-deposit ratios, suggest that the financial sector is still underdeveloped. We offer a two-part explanation. From the beginning of that period until 2015 the National Statistical Institute reported about seven years in which steady economic growth would not be achieved. It is calculated by calculating the price per share of the stock at a particular price and period in time. The savings to GDP ratio is still low at 16%. however do not capture volatility clustering. Lastly, market facilitators need to show that these targeted interventions do result in systemic change. Genesis has partnered with FSD Uganda (FSDU) over the last two years to assist it with these three key challenges. Financial inclusion Sa conquete par les Blancs est un fait relativement recent. The study applies a battery of tests: the serial correlation test, unit root tests, runs test and the variance ratio test using daily and weekly data with a sample spanning from November 2006 to August 2015 for the Dar es Salaam Stock Exchange (DSE) all share index and from January 2009 to August 2015 for the DSE share index. Keywords: adaptive market hypothesis, efficiency market hypothesis, serial correlations test, unit root test, runs test, variance ratio test, Dar es Salaam Stock Exchange. The CMA approves the offers of all securities to the public and licenses market professionals like broker-dealers, investment advisers, and fund managers. The inter-bank market (where commercial banks trade with each other). This helped FSDU with the first challenge – ensuring that interventions are targeted at the binding constraints for specific beneficiaries. The outcome was a concise and well-evidenced strategy document that provided FSDU with a clear vision and three workstreams that focused interventions at all levels of the market on generating impact on target beneficiaries. Lag Length: 0 (Automatic based on SIC, MAX, Included observations: 1205 After Adjustments. It requires a large amount of information to ensure that interventions are targeted at the binding constraints preventing financial-sector deepening at each “level” of the market. This study explores the FinTech innovations in Uganda’s Financial Services markets and implications for such FinTech innovations for regulatory and policy interventions. Some examples of financial markets and their roles include the stock market, the bond market, and the real estate market. The Bank of Uganda 2. Problems arising in markets due to asymmetric information are typically divided into two basic types: "adverse selection;" and "moral hazard." in modeling the expected risk and return in holding a port folio. Provider of financial market data, news, analysis and research with a focus on Africa. The graph displays the daily percentage c, clearly periods of small fluctuations and periods of large fluctuations. Its overall objectives are market regulation and investor protection. The results of the more stringent and least restrictive variance ratio tests indicate that the monthly returns series is characterized by a homoscedastic random walk, but the daily series violates weak-form efficiency because of the short-term autocorrelation in returns. Elle est occupee aux 1/10 par des mers, couverte aux 9/10° par des glaces. In addition, the system is dominated by the commercial banking sector, which by 2005 accounted for almost 80 percent of total sector assets. Digital payments are now, more than ever, the key to unlocking... Market watch: Shilling to soften as importers place Christmas and end... Bukkede TV employees rush to apply for Jobs at Buganda... Music Boycott: Mozey Radio and Weasel stoned in Iganga concert, Man shot dead for brushing CEO’s car at Forest mall. Liquidity, therefore, is very important. Under such conditions, the innovations and the development of entrepreneurial activity develop exceptionally slowly due to the problems mentioned above, but not because of a purposeful government policy. financial markets were with some turbulence a nd approaching weak form of efficiency. Purpose – The purpose of this paper is to investigate and compare the weak-form efficiency of a set of 24 African continent-wide stock price indices and those of eight individual African national stock price indices. However, despite this proliferation, the building societies that had mushroomed in 1980s and early 1990s have long disappeared from the scene. The present paper is aimed at presenting an analysis of innovation processes in the country without going deep into the main problems that innovative enterprises in the country face. www.scitecresearch.com/journals/index.php/jrbem/index, Department of Management Science, Makerere University Business Sc, Department of Procurement and Logistic, Makerer, Department of Business Computing, Makerere University B, Volatility; Efficiency; Securities Exchange; A, That Uganda Securities Exchange does not exhibit. Some of these institutions use subsidized funds from the government supported Microfinance Support Centre which might introduce distortions by weakening credit culture and thus undermine the viability of these institutions. The creation, maintenance, and regulation, through implementation of a system in which market participants are self-regulatory to the maximum practicable extent, of a market in which securities can be issued and traded in an orderly, fair, and efficient manner. Retail customers or end users of forex. INNOVATION PROCESSES AND CONDITIONS FOR FINANCING INNOVATIONS IN BULGARIA. The formal sector encompassing the Central bank, 15 commercial banks (Tier 1), 8 credit institutions (Tier 2), and since 2004 microfinance deposit-taking institutions (Tier 3), National Social Security Fund (NSSF), a Postbank, 18 insurance companies, 82 Forex bureaux, 3 development institutions, and a stock exchange. Practical implications – The policy implication of this evidence is that the African equity price discovery process can be significantly improved if African stock markets integrate their operations. (1) High autocorrelation causes the variance of expected returns to grow faster than the return horizon. All questions must be answered unless indicated optional. A New Look at Weekdays Effect of Stock Prices in the Weak Form: Evidence from Nigerian Stock Exchange, The market efficiency of the Tanzania stock market, Efficiency in the Australian stock market, 1875-2006: A note on extreme long-run random walk behaviour, Testing the weak-form efficiency in African stock markets, The likelihood ratio statistics for autoregressive time series with a unit root, Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root, Dividend Yields and Expected Stock Return, Efficient Capital Markets: A Review of Theory and Empirical Work, Profitability of manufacturing Firms in Uganda, Regulatory compliance in public construction projects, Successful Implementation of Construction Projects, From Operation Bootstrap to Silicon dreams: Puerto Rico turns to high-tech manufacturing. The Jarque-Bera examination for normality indicates that all the data are normally spread. We estimate that, on average, the future price increases implied by higher expected returns are just offset by the decline in the current price. projects of good quality. The number of commercial banks increased to 20 in 1996, when a moratorium on banking licences was imposed and after the closure of some banks and consolidation, fell to 15. Financial-sector deepening aims to improve access to, and usage of, financial services that are instrumental in improving the livelihoods of vulnerable and poor communities. The serial correlation tests indicate inefficiency in daily returns and borderline efficiency in monthly returns, while the runs tests conclude that both series are weak form inefficient. Thus, microfinance cannot overcome the chronic shortage of larger and longer-term loans to small scale enterprises, especially in the commercial farming sector. Similarly, the pension system is very weak where mobilizing long-term funding is concerned. The study found no strong evidence of causal relationship between FDI and eco nomic growth.