Electronic trading and stock market participation in Africa: Does technology induce participation?
研究非洲证券交易所转向电子交易平台对股市参与的影响，发现电子化减少了交易活动但增加了上市数量，且效果在非撒哈拉以南非洲国家更明显。
This study examines the effect of migrating to electronic trading platforms on stock market participation among African stock exchanges. Using Bayesian estimations, we demonstrate that transitioning from a physical to an electronic stock exchange decreases trading activity on the stock exchange whilst increasing listing. Our findings further reveal that the impact of migration is more pronounced for non-Sub-Saharan African countries relative to Sub-Saharan countries. In terms of policy, the results imply that African exchanges cannot optimise the efficiency of their stock markets simply by migrating to electronic trading platforms.