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AN APPRAISAL OF THE
IMPACT OF STOCK PRICING ON BUYERS BEHAVIOR IN THE NIGERIA CAPITAL MARKET
ABSTRACT
The project work takes a look at “An Appraisal of the Impact
of Stock Pricing on Buyers Behavior in the Nigeria Capital Market”. The study
showed the growth of the Nigerian Stock Exchange over the years, and since its inception,
has been very slow compared to other stock exchanges established at the same
time along with it, in other nations.
Research design is a blueprint or strategy that enables the
research identifies relevant approach to adopt in gathering and analyzing data.
It is a subsumed of research methodology. Hence, research design member of a
group of scientific study of method of research In the course of this study,
the entire questionnaire was collected and analyzed based on simple percentage.
After all these, the hypotheses formulated were tested. The technique of data
analysis used for this research work is T-test method.
Government through development stock and estate revenue bonds
to procure greater fund for economic development stock and state.
The capital market is the principal sources of long term
financing in Nigeria. In the light of this, it must be efficient in all respect
to contribute greatly to the economic development of the country. Therefore, we
can say based on the level of development in Nigeria, that the capital market
is but marginally efficient.
TABLE OF CONTENTS
CHAPTER ONE: INTRODUCTION
1.1 Background to
the Study
1.2 Statement of
the Problem
1.3 Objectives of
the Study
1.4 Research
Questions
1.5 Research
Hypotheses
1.6 Scope of the
Study
1.7 Significance
of the Study
1.8 Operational
Definition of Terms
References
CHAPTER TWO: LITERATURE REVIEW
2.1 Introduction
2.2 History of the
Nigerian Capital Market
2.3 Structure of
the Nigerian Capital Market
2.4 Regulatory
Environment of the Nigerian Capital Market
2.5 Securities and
Exchange Commission
2.6 Functions of
the Nigerian Capital Market
2.7 Listing on the
Nigerian Stock Exchange
2.8 Benefits of
Listing (Public Quotation) on the Nigerian
Stock Exchange
2.9 Methods of
Listing in the Nigerian Stock Exchange
2.10 Organization and
Operations of the Nigerian Stock Exchange
2.11 Operations of
the Nigerian Stock Exchange
2.12 Methods of
Pricing Securities in the Nigerian Stock Exchange.
2.13 Pricing
Efficiency of the Nigerian Stock Exchange
2.14 Consumer
Behaviour
2.15 Summary
References
CHAPTER THREE: RESEARCH METHODOLOGY
3.0 Introduction
3.1 Research
Design
3.2 Re-Statement
of Research Questions
3.3 Re-Statement
of Research Hypotheses
3.4 Research
Methods
3.5 The Study
Population
3.6 The Sampling
Design and Procedure
3.7 The Research
Instrument
3.8 Validity of
Questionnaire
3.9 Reliability of
Instrument
3.10 Method of Data
Analysis
References
CHAPTER FOUR: DATA ANALYSIS AND PRESENTATION
4.1 Introduction
4.2 Analysis Based
on Questionnaires
4.1 Questionnaire
Breakdown
4.2 Analysis of
Hypotheses
4.3 Summary
CHAPTER FIVE:
SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 Summary Findings
5.2 Conclusion
5.3 Recommendations
Bibliography
Questionnaire
CHAPTER ONE
INTRODUCTION
1.1 Background to
the Study
For any economy to remain afloat in its bid for survival m
today's globalization, deregulation and liberalization of markets, it needs to
have an efficient financial system to direct the allocation of its resources
capital markets and institutions, of which the stock exchange is an integral
part of and have become of, paramount importance in a dynamic economy as
Nigeria.
The capital market is a sub-set of financial system that
provides the accelerated growth of the economy. This is done by efficiently
channeling fund from investors into productive sectors of the economy. It
serves as an avenue for government and companies to raise long-term funds to
finance their activities (Nwankwo, 2000).
The capital market consists of a network of institutions and
individuals comprised of regulators and operators who, together, facilitate the
smooth operation of the market. In other words, the capital market comprises
providers of funds (investors), users of funds (companies and governments),
intermediaries (stock brokers, issuing houses, registrars) and regulators (SEC,
the Nigerian Stock Exchange and Central Bank of Nigeria).
The Nigerian Capital Market is made up of basically two
components: the primary and secondary market. The initial sale of securities
from the issuing corporation or government to the investor is done in the
primary market (yisa, 2001). The issuers uses the funds raised to expand
production, build infrastructures and the like very few investors can be
persuaded to tie up their funds indefinitely. Therefore, securities are usually
negotiable, enabling the initial buyers to re-offer the securities to any
interested party at any prices which is mutual satisfactory. It is, therefore,
a function of securities exchange to provide an arena where such mutually
satisfactory prices may be determined. It is in this regard that it becomes
important to analyze the stock pricing function of the Nigerian capital market,
with reference to buyers' behavior.
Osuagwu, (2006) describes buyer behaviour as the behavior customer's
or client's will display in searching for, buying, using, evaluating and
disposing-off products, services and ideas which they expect will satisfy their
needs and wants. This makes buyer behavior a study of how individuals make
decisions to spend their resources on consumption - related items and their
evaluation of such purchase decisions. This study therefore appraises the
impact of stock pricing on buyers behaviour in the Nigerian capital market.
1.2 Statement of the
Problem
As a result of both institutional and individual investors
staking out their hard earned money m order to earn a reasonable return on
securities acquired in companies, it would be necessary to know whether the
shares and securities acquired in companies quoted in the Nigerian Stock
Exchange are properly priced. However, there is great need to critically
consider the following relevant problems as regards the research topic:
a. Lack of
information from listed companies
b. Lack of
knowledge of the operations and functions of the stock exchange.
c. Difficulty
in obtaining quotation in the stock exchange
d. Lack of
clear understanding of the pricing of shares and securities in the Nigerian
Stock Exchange
1.3 Objectives of
theStudy
In the light of the pervasive Ignorance shrouding the
operations of pricing in the Nigerian capital Market, this study is set to
achieve the following specific objectives:
a. To appraise
securities pricing on buyer behavior in the Nigerian Capital Market.
b. To evaluate
the various methods used m pnce determination of shares and securities.
c. To inquire
into the efficiency of the market for securities.
d. To examine
how public investors place reliance on prices of securities in this market.
e. To find
solution to obstacles facing pricing of securities on the Nigerian Stock
Exchange.
1.4 Research
Questions
This research work will attempt to answer the following
questions:
(i) How do you
appraise securities pricing on buyer behavior in the Nigerian Capital Market?
(ii) How relevant
are the method of pricing securities used in the Nigerian Capital market in
relation to other methods available?
(iii) What factor
ismost responsible for efficiency of the market for securities?
(iv) Towhat extent do
public investors place reliance on prices of securities in this market?
(v) What are the
possible solutions to pricing of securities on the Nigerian Stock Exchange?
1.5 Research
Hypotheses
For the purpose of this research work, it is desirable to
test the hypothesis so as to make valid conclusions to either accept or reject
the assumptions on the following basis.
Hypothesis One
Ho: There is no
relationship between Securities pricing and buyer behavior.
Hi: There is a
relationship between Securities pricing and buyer behavior.
Hypothesis Two
Ho: There is no
relationship between method of pricing securities and Nigerian Capital Market.
Hi: There is a
relationship between method of pricing securities and Nigerian Capital Market.
Hypothesis Three
Ho: There is no
relationship between efficiency of the market for securities and buyer
behaviour.
Hi: There is a
relationship between efficiency of the market for securities and buyer
behaviour.
Hypothesis Four
Ho: There is no
relationship between public investors' reliance and prices of securities.
Hi: There is a
relationship between public investors' reliance and prices of securities.
1.6 Scope or the
Study
As the topic suggest, this study focuses on the pricing
function of the Nigerian Capital Market and its relative influence on buyer
behaviour.
Therefore, the study confines itself to history, operations
and functions of the Nigerian capital market in relation to stock pricing and
buyer behaviour.
In so doing, selected quoted companies will be used as units
of analysis.
1.7 Significance of
the Study
This study would be of great benefit to market operators like
the stockbrokers, issuing houses and their likes, as it would bring out their
short coming in the area of pricing of securities. It would also be valuable to
public investor as it would enlighten them on stocks to invest in.
The study would also be significant to students of finance,
accounting, economics, marketing and business administration, as it would
educate them on the pricing function of the Nigerian capital Market and . The
study would also assist policy makers in the Nigerian Capital market in
developing strategies that would improve pricing efficiency and thereby
improving the general efficiency as a result.
1.8 Operational
Definition of Terms
A number of concepts that are very central to this study are
defined in the following paragraphs. The purpose of the definition is to facilitate
an explanation of these terms so that the reader can fully understand the
context in which such words have been used in the study:
Buyer Behaviour: This is the anchor of successful marketing
practice. It addresses major questions regarding the behavior / action of
buyer/consumer/client towards a product, service or idea.
Capital Market: This is the market for long term capital i.e
long term financing assets. It is a market where long term financing assets are
traded including preference and common stock debentures and bonds.
Stock Pricing: The price of company stock is an indication of
the performance of company where stock is properly priced; investors can invest
in the most profitable companies based on the stock prices of the companies.
The Securities Market: This refers to the market where, the
purchase and sale of securities takes place. It has three dimensions i.e. the
capital market, money market, and secondary market.
Primary Market: This refers to the new issues market when a
firm issues new security either bonds or common stock, the securities are sold
in primary market since they are new issues. Once the securities have been
sold, any future sales occur in the secondary market. The primary market also
exists in the money market.
Secondary Market: This 1S the market which exists as a result
of future sale of securities which had initially been traded upon in the
primary market.
Right Issues: This is the raising of more funds by quoted
companies through special issues of shares to existing shareholders of the
issuing company. It is typified by the on-going privatization exercise.
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