Browsing by Author "Ndlovu, Milton Webb"

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    A Comparative Analysis of the Corporate Governance Practices in Multinational and Domestic Banks in Zimbabwe
    (Scholarlink Research Institute Journals, 2013) Ndlovu, Milton Webb; Bhiri, Thomas; Mutambanadzo, Tendekayivanhu; Hlahla, Blessing P.
    The Zimbabwean banking sector has been characterised by a number of corporate governance disorders. This study aimed at analysing the corporate governance practices by multinational banks in comparison to domestic banks in Zimbabwe. It was hoped that the research would reveal the corporate governance discrepancies between multinational and domestic banks and hence assist the Reserve Bank of Zimbabwe in pursuing its supervisory role as well as bring awareness to stakeholders in the banking industry. The research adopted a cross-sectional survey research design. The target population consisted of all commercial and merchant banks in Zimbabwe. Primary data was gathered through questionnaires and interviews. Secondary data was also analysed in the research. The selection of the banks to be included in the sample employed stratified random sampling to ensure representation from each key group of banks in the sample. The study revealed that the awareness on the importance of sound corporate governance practices was of substandard levels for both bank categories. Domestic banks, in particular, had more shortfalls compared to multinational banks. Results further revealed that domestic banks did not represent shareholders’ interests in their corporate governance practices and their levels of compliance to Reserve Bank of Zimbabwe’s corporate governance requirements was still lacking. Although corporate governance strategies by multinational banks were superior to domestic banks it was established that multinational banks needed to accept local central bank requirements on corporate governance as an engine to enhance their corporate governance strategies.
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    Day of the week effect on the Zimbabwe Stock Exchange: A non-linear GARCH analysis
    (Academy of Business and Retail Management, 2015-11) Mazviona, Batsirai Winmore; Ndlovu, Milton Webb
    This study analysed the day of the week effect on the Zimbabwe Stock Exchange (ZSE) by taking into account volatility of returns. The purpose of the study was to establish whether daily mean returns across a trading week differ from each other. We employ a non-linear approach in modelling the day of the week effects. In particular, we used the Generalised Autoregressive Conditional Heteroscedasticity (GARCH) and the Exponential GARCH (EGARCH) models. We used industrial and mining daily closing indices data from 19 February 2009 to 31 December 2013. The data was retrieved from the ZSE website. EViews 7 software was utilised for data analysis. In order to test the null hypothesis of equality of daily mean returns, a Wald test was carried out. The Wald F-statistic rejected the null hypothesis of equality of mean returns for the industrial index. We found the traditional negative Monday and positive Friday effect for the industrial index in GARCH (1,1) and EGARCH (1,1) models. The GARCH (1,1) detected a negative Friday effect and the EGARCH (1,1) detected negative Wednesday effect for the mining index. We found evidence of model dependency for the mining index results.
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    Modelling Day of the Week Effect on the Zimbabwe Stock Exchange
    (Scienpress Ltd, 2016-05-01) Mazviona, Batsirai Winmore; Ndlovu, Milton Webb
    The study examined the day of the week effect on the Zimbabwe Stock Exchange (ZSE). The objective of the study was to relate the overall stock market returns to the individual returns of trading days (Monday, Tuesday, Wednesday, Thursday and Friday). The aim was to establish whether returns of trading days were statistically different from each other. The ordinary least square regression model was used to model the returns. The study focussed on ZSE stocks with data from 19 February 2009 when the ZSE started to trade in United States dollars to 31 December 2013. A total of 62 stocks were used in this study. These stocks constitute the Industrial and Mining indices. Industrial and mining indices data were also utilised in the modelling exercise. Data was obtained from the ZSE website and other secondary data were sourced from journal articles, papers and reports. Data analysis was done in EViews 7. We found little presence of day of the week effect, about 26% of the stocks had significant positive and negative returns. We conclude that the mean returns of the stocks on the ZSE under the study period do not vary across trading days at the 5% level of significance.