Zambia’s Stock Exchange and Privatisation Programme Corporate Finance Law in Emerging Markets

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This work illuminates theoretical issues of corporate finance law in emerging markets, focusing on the legal aspects of public distribution of securities in Zambia. The work fills an important gap in the literature pertaining to Africa’s leading stock markets. This work is a classic guide on emerging markets, invaluable to investors, securities regulatory bodies, stockbrokers and dealers, corporate finance lawyers, and financial economists. It identifies both legal and extra-legal constraints on the regulatory framework. It examines activities both on the Lusaka Stock Exchange and under the privatisation programme. It also makes proposals to introduce a regional stock exchange in Southern and Eastern Africa. It presents a critical analysis of the law, striking a balance between black letter law analysis and law in context analysis.


“Detailed in its content, broad in its coverage, and refreshingly clear in its delivery, it is a book that will propel Dr. Mwenda to the top list of emerging authorities on capital markets and corporate finance law. . . the book. . . will enjoy broad appeal in academia, development finance and international finance institutions, and in the corporate world.” – Gerry Nkombo Muuka

“Kenneth Mwenda has written an excellent treatment of the role of stock markets in developing countries: focussing on the case of the public distribution of securities in Zambia, and drawing conclusions that are of wider application to policymakers concerned with the development of capital markets in similar settings.” – Douglas Webb

Table of Contents

Table of contents (main headings):
Preface; Foreword
1. Placing Corporate Finance Law in Context
2. Perspectives on Emerging Markets: The Capital Structure Debate
3. Overview of Securities Regulation in Emerging Stock markets and a Case for the Attractiveness of Emerging Markets
4. Public Distribution of Securities: The Old Law
5. Developments in Securities Law: Market Structures and the Vetoing of Offer Documents; control of market Abuses
6. Trading Through Financial Intermediaries and Prospects of Investor Protection: Authorisation of Financial Intermediaries and Fiduciary Duties of Intermediaries; Collective Investment Schemes and Spreading of Investment Risk
7. Privatisation as a Means of Public Distribution of Securities
8. Constraints on the Regulatory Framework governing Public Distribution of Securities: Development of the Capital market in Zambia; Potential Market Players on the Lusaka Stock Exchange
9. Towards a Regional Stock Exchange Under Regional Integration
10. Conclusion
Appendices; Bibliography; Index

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