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SMC Faculty attends International Management Conference in Makerere

Dr. Joséphat Mboya, senior faculty in Strathmore’s School of Management and Commerce attended the 18th Annual International Management Conference, &  3rd  African Accounting & Finance Association conference held in Kampala from 3rd – 6th September, 2013.


This was a three-track conference entailing research themes in Accounting, Finance and Human Resource. The conference was co-hosted by Makerere University Business School in partnership with the African Accounting and Finance Association as well as Human Resource Managers’ Association of Uganda. The conference attracted participants from the UK, Australia universities and African scholars in accounting and finance. There were over 80 international participants with 29 papers presented both in accounting and finance tracks.


More on Dr. Mboya’s paper


Dr. Mboya’s presentation was in the ‘Finance’ track. The paper entitled, “Are there Winners and Losers in the NSE?” investigated if there are ‘winner and loser’ stocks in the Nairobi securities exchange. This phenomenon is important for investors given that daily business news in Kenyan media usually refer to ‘winner and loser’ stocks of each day. The key issue under investigation was if these ‘winner and loser’ stocks are consistent. Ideally, they are not supposed to be consistent if the market is efficient, but should the market be efficient, then they can be consistent. The consistency of a stock return defines existence of patterns and trends in the market which are attractive to investors if they persist.  The study looked at the consistency of monthly log returns of outstanding stocks for the period 2001-2010. 


Stocks with exceptionally high/negative returns were deemed market winners and losers respectively. The study sought to examine the anatomy of these two sample sets with regard to their attributes. The findings indicated the market does have some few winners and losers. Further, it was found that winners had a return series that was not serially correlated overtime. That means that there could be a different reason for existence of abnormal returns rather than market inefficiency. The results showed that inconsistent performers have a higher volatility than common consistent winners and losers in terms of range, standard deviation and proportional runs volatility metrics. Further tests are being undertaken to ascertain more characteristics of these winner/losser stock. 



Dr Josephat Mboya is a Senior lecturer in the School of Management and Commerce. His research interests include financial markets, Banking, Corporate governance and reporting, corporate finance & development finance.


About the African Accounting and Finance Association:


 The African Accounting and Finance Association conferences brings together established scholars, early career researchers, graduate students, policy makers, professional bodies and practitioners to deliberate on contemporary issues in accounting and finance. Papers are invited in all areas of accounting and finance. The association is associated with the following journals:



  • Journal of Accounting in Emerging Economies (JAEE)
  • Research in Accounting in Emerging Economies (RAEE)
  • Accounting, Auditing and Accountability Journal (AAAJ)
  • Managerial Finance Journal
  • Journal of Financial Regulation and Compliance
  • Journal of Money Laundering control
  • International Journal on Governmental Financial Management