THE ROLE OF THE NIGERIAN STOCK EXCHANGE ON CAPITAL FORMATION

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ABSTRACT
This study was carried out to determine the effect of stock market on capital formation in Nigeria. The variables included in the model were, Gross Fixed Capital Formation, value of share traded, interest rate, inflation rate, commercial bank investment indicator, and Stock Market Capital. Data were sourced from CBN statistical bulletin (2011). The study employed OLS technique to determine the effect of stock market on capital formation. The empirical finding shows that stock market capital, commercial bank investment indicator, inflation rate, interest rate, value of share traded and Gross Fixed Capital Formation. Based on the findings, the following recommendations were made. The total liberalization of the financial sector and encouragement of Nigerians to take advantage of the stock exchange.

TABLE OF CONTENTS
Title Page - - - - - - - - - i
Approval Page - - - - - - - - ii
Dedication - - - - - - - - iii
Acknowledgment - - - - - - - iv
Abstract - - - - - - - - - v
Table of Contents - - - - - - - vi

CHAPTER ONE
1.0 INTRODUCTION - - - - - - 1
1.1 Background of the Study -- - - - 1
1.2 Statement of the Problem - - - - - 5
1.3 Research Question - - - - - - 7
1.4 Research Objectives- - - - - - - 8
1.5 Research Hypothesis - - - - - - 9
1.6 Significance of the Study - - - - - 9

CHAPTER TWO
2.0 LITERATURE REVIEW - - - - - 11
2.1 Theoretical Framework - - - - - 19
2.2 Empirical Literature - - - - - - 30
2.3 Limitations of the Previous Studies - - - 33

CHAPTER THREE: INTRODUCTION
3.0 RESEARCH METHODOLOGY - - - - 35
3.1 Model Specification - - - - - - 36
3.2 Estimation Procedure - - - - - 38
3.3 Evaluation Methods - - - - - - 39
3.3.1 Economic A Priori Test - - - - - 39
3.3.2 Evaluation Based on Statistical Criteria - - 39
3.3.3 Evaluation Based on Econometric Criteria - 41
3.4 Sources of Data - - - - - - 43

CHAPTER FOUR
4.0 PRESENTATION AND ANALYSIS OF RESULTS 44
4.1 Presentation of Result - - - - - 44
4.2 Analysis of the Result - - - - - 45
4.2.1 Analysis of the Regression Coefficients - - 45
4.2.2 Analysis of the Evaluation Methods - - - 46
4.2.2.1 Evaluation Based on Economic Criteria - - 46
4.2.2.2 Evaluation Based on Statistical Criteria - - 47
4.2.2.3 Evaluation Based on Econometric Criteria - 49
4.3 Evaluation of the Research Hypothesis - - 52

CHAPTER FIVE
5.0 SUMMARY, RECOMMENDATIONS AND CONCLUSION
5.1 Summary - - - - - -- - - 53
5.2 Recommendations - - - - - - 54
5.3 Conclusions - - - - - - - 55
BIBLIOGRAPHY - - - - - - 57

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THE ROLE OF THE NIGERIAN STOCK EXCHANGE ON CAPITAL FORMATION

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