01905cas a2200241 a 4500 AALejournalIMF009117 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451864618 1018-5941 BD-DhAAL BD-DhAAL Yartey, Charles Amo. The Stock Market and the Financing of Corporate Growth in Africa : The Case of Ghana / Charles Amo Yartey. Washington, D.C. : International Monetary Fund, 2006. 1 online resource (44 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper examines the corporate financing pattern in Ghana. In particular, it investigates whether Singh's theoretically anomalous findings that developing country firms make considerably more use of external finance and new equity issues than developed country firms to finance asset growth hold in the case of Ghana. Replicating Singh's methodology, our results show that compared with corporations in advanced countries, the average listed Ghanaian firm finances its growth of total assets mainly from short-term debt. The stock market, however, is the most important source of long-term finance for listed Ghanaian firms. Overall, the evidence in this paper suggests that the stock market is a surprisingly important source of finance for funding corporate growth and that stock market development in Ghana has been important. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2006/201 Full text available on IMF http://elibrary.imf.org/view/journals/001/2006/201/001.2006.issue-201-en.xml IMF e-Library