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STOCK MARKET CAPITALIZATION AND FINANCIAL OPENNESS IN NIGERIA ECONOMY (2000 – 2013)

ABSTRACT
The purpose of the study is to determine the effect of stock market capitalization and financial openness in Nigerian economy. The descriptive research design was adopted in this study. Data were collected from secondary sources within the year 2000 – 2013, the sampling technique used was probability sampling techniques and, the correlation and regression method of analysis were used to test the relevant hypothesis. The findings revealed that Market Capitalization has significant relationship with Gross Domestic Product; also that financial openness has significant relationship with total asset, market capitalization and All Share Index. It was concluded that, the relationship signifies a vibrant economy open for huge investment in the stock market and investors are offered a greater opportunity for diversification. Also the market has the capacity to create wealth and provide long term capital needed for development. It was therefore recommended that, since Nigeria Stock exchange is highly volatile and since prospective investor relies on information that is concise, comprehensive, timely and not misleading. Continuation of intensive regulation should ensure timely release of information so as to lessen the capitalization effects of the market.

TABLE OF CONTENTS
Title Page                                                                                                    i
Certification                                                                                                ii
Declaration                                                                                                           iii
Dedication                                                                                                   iv
Acknowledgements                                                                                     v
Abstract                                                                                                      vi
Table of Contents                                                                                                 vii

CHAPTER ONE: INTRODUCTION

    1. Overview of the Study                                                                      1
    2. Statement of the Problem                                                                           6
    3. Objectives of the Study                                                                     7
    4. Research Questions.                                                                          8
    5. Research Hypothesis                                                                        8
    6. Scope of the Study                                                                                     9
    7. Significant of the Study.                                                                             10
    8. Limitation of the Study                                                                     10
    9. Definition of Major Terms                                                                12
    10. Organization of the Study                                                                 13
    11. Summary                                                                                          14
    12. References                                                                                         14

CHAPTER TWO: REVIEW OF LITERATURE
2.0     Introduction                                                                                                15
2.1     Conceptual Frameworks                                                                            17
2.1.1  Definition of Financial Openness.                                                     17
2.1.2  History of Financial Liberalization: Emphasis on the Nigerian                  19
Stock Exchange
2.1.3  Process of Financial Liberalization.                                                  20
2.1.4  Reasons/Motivation for Financial Openness and Stock
Market Capitalization                                                                       22
2.1.5  Valuation of Stock Capitalization                                                     25
2.1.6  Advantages of Stock Market Capitalization                                               27
2.1.7  Disadvantages of Stock Market Capitalization                                 28
2.2     Theoretical Framework of Capital Market                                        30
2.3     Empirical Framework of Stock Market Capitalization and Finance          
Openness in Nigeria Economy                                                                   33
2.4     Summary                                                                                          45
2.5     References                                                                                         46
CHAPTER THREE
3.0     Research Methodology                                                                     48
3.1     Introduction to Research Methodology                                             48
3.2     Research Design                                                                                49
3.3     Population and Sample Size                                                             49
3.4     Sampling Techniques                                                                        50
3.5     Method of Data Collection                                                                51
3.6.1  Model Specified                                                                                51
3.7     Summary                                                                                          52
3.8     References                                                                                         53
CHAPTER FOUR
4.0     Data Presentation, Analysis and Test of Hypothesis                        54
4.1     Introduction                                                                                                54
4.2     Data Presentation                                                                             54
4.3     Data Analysis                                                                                   58
4.4     Test of Hypothesis                                                                                     63
4.5     Reference                                                                                          67
CHAPTER FIVE
5.0     Discussion of Findings, Conclusion and Recommendations             69
5.1     Discussion of Findings                                                                      69
5.2     Conclusions                                                                                                70
5.3     Recommendations                                                                                      70
5.4     Area of Further Study                                                                       71
Bibliography                                                                                     72

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