Emerging securities exchanges in Africa: Institutional characteristics of the Nairobi Stock Exchange

African securities markets have not received the academic attention of those in Latin America and Southeast Asia. Historically, capital markets have not played a significant role in financing the development of the African economy. Today, however, African governments are focusing on the importance of moving toward more market-oriented economies and developing the financial market infrastructure to mobilize funds from both the private and public sectors. The AA. describe the institutional characteristics of a newly revitalized stock exchange in Nairobi, Kenya. They conclude that historical and cultural factors play a significant role in the characteristics of the Nairobi Stock Exchange.