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IMPACT OF INFORMATION AND
COMMUNICATION ON OPERATION OF NIGERIAN STOCK EXCHANGE
CHAPTER ONE
INTRODUCTION
1.1
Background of the Study
The effect of information and communication technology
(ICT) on the operation of stock markets has been a subject of debate in recent
times. A school of thought led by authors like Shiller (1989),Summers (1988),
Porteba and Summers (1988) would argue that stock markets have become
excessively volatile since the adoption of computer assisted trading strategies
as the latter increase short-term price volatility and risks. They also argue
that very few investors have access to online trading systems. Few actually own
computers and have easy access to the Central Securities Clearing System. Many
investor, they claimed, do not have access to a system that sends orders to
stockbrokers for automated execution.
They also contend that ICT driven stock market
operations are fraught with fraud and manipulation, which mostly affect
individual investors. A case in point relates to the sale of shares without
authorization of the stockholders, a practice that is given impetus by greed
and dishonesty of some market participants.
They further argued that surveillance problems and the
lack of proper enforcement of penalties by the legal system make the adoption
of a fast-paced ICT system dangerous to investors.
The second school of thought, which includes authors
Fama and French (1988), on the other hand, argued that information technology
have made stock markets more efficient as attendant stock prices now reflect
important information and investors perception of stocks more swiftly. In their
contention, ICT has made the capital market more efficient by providing all
participants with faster and more effective means of exchanging information.
They maintained that new products and instruments have been made readily
available as a result of the advent of sophisticated ICT. Evidently, stock
markets can be more resilient, possess greater depth and breadth with the
intervention of ICT.
It must be observed that the premises of the above
theorizing are capital markets in developed countries. Would their arguments
hold true for the less Developed Countries (LDC)? Which school of thought would
appropriately explain the experiences of the LDCs? Perhaps the critical
questions that need to be addressed would include: Has the adoption of information
technology had a positive or negative impact on the operation of Nigerian stock
exchange? Has ICT transformed the way business is conducted on the Exchange?
Has ICT benefited the Nigeria investor? The plethora of research questions can
go on and on. However, this paper seeks to ascertain how the adoption of
information technology has impacted on stock market operation indicators and
the way business is conducted on the Nigerian Stock Exchange. A possible area
of future research would relate to the benefits of ICT adoption by the stock
market to the Nigeria (individual) investor, which is not covered in previous
studies.
1.2 Statement
of Problem
Information and Communication technology has made a
tremendous impact on the Nigerian Stock Exchange in recent time. This has
increased investors confidence due to the speed and accuracy at which
information is disseminated to stakeholders.
But inspite of this laudable impact of ICT in the
operation of Nigeria Stock Exchange, individual in Nigeria do not still have
access to stock market trading online other than by going through the brokerage
station, as against global trend where investors in other part of the world
browse the internet and go for stock market information available on the
webpage in order to have an instant informed decision about investment i.e.,
either to buy or sell the share of a particular firm. These gap dramatically
nudged up the overall volume and volatility of stock market in recent time. As
such doubt is expressed to a large extent about the extent of usage of
information and communication technology in the Nigerian Stock Exchange with
particular reference to automated trading system (ATS).
It is against this background that the subject matter
of this research is seen as an empirical problem worthy of investigation.
1.3 Research
Question
In order to evaluate the impact of ICT in the
operation of Nigeria Stock Exchange, the following research questions were
generated:
i. Has
the adoption of information technology had a positive or negative impact on the operational
performance of stock brokers Nigerian stock exchange?
ii. How does
ICT affect service delivery in Nigerian Stock Exchange?
iii. Has ICT
transformed the way business is conducted in Nigeria stock Exchange?
1.4 Objectives
of the Study
The main objective of the study is to assess the
impact of information and communication in the operation of Nigeria Stock
Exchange. The specific objectives are to:
i)
Examine
whether the adoption of information technology had a positive or negative
impact on the operational performance of stock brokers in Nigerian stock exchange.
ii)
Evaluate
the extent of service delivery in relation to the use of ICT in Nigerian Stock
Exchange.
iii)
Find
out whether ICT has transformed the way business is conducted on the Nigerian
Stock Exchange.
1.5 Statement
of Hypothesis
The following hypotheses were formulated for the study:
1. H1: ICT does not enhance the
Operational performance of stock Brokers in Nigeria stock exchange.
H2: ICT enhances the Operational
performance stock brokers in Nigeria stock.
2. H1:
ICT does not significantly enhance efficient service delivery in Nigeria stock
exchange.
H2:
ICT significantly enhance efficient service delivery in Nigeria stock
exchange.
3. H1:
There is no significant relationship between ICT and the way business is conducted in Nigerian
Stock exchange.
H2:
There is a significant relationship between ICT and the way business is
conducted in Nigerian Stock exchange.
1.6 Scope
of the Study
The study covers an empirical investigation on the
impact of ICT on the operations of the Nigeria Stock Exchange. The study cover
the identification of the extent of usage of ICT in the Nigeria Stock Exchange
as well as the examination of Automated Trading System (ATS). The period of the
study covers a time from 2002 to 2012.
1.7 Significance
of the Study
The study will be beneficial to individual, corporate
organization and students especially as they may utilize its findings in their
different endeavors:
To the individual, the research will unveil the
benefit that could be derived from utilizing the automated trading system to
direct transactions.
To the general public, it will enhance deep
understanding of the electronic operations of the Nigerian stock exchange via
information and communication.
To students and scholars the study will equally add to
the existing knowledge on the impact of ICT on the operations of Nigeria stock
exchange. The study will also be a springboard to undertake further studies on
the subject matter.
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