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This article investigates the impact of microstructure factors on asset pricing in some African stock markets. We use data on stocks listed on the Johannesburg Stock Exchange, the "Bourse Régionale des Valeurs Mobilières," and the Nigeria Stock Exchange, and we consider international portfolio management from 2000 to 2014. Generalized least square and fixed effect are estimation methods used to highlight the effect of microstructure variables on expected return. At the same time, panel smooth transition regression (PSTR) modeling is considered to identify the thresholds in this effect. The results show that liquidity and to a lesser extent the number of trading days are the most common significant microstructure variables for all the studied markets. However, other variables' effects on the return are specific to the considered stock markets. Furthermore, the PSTR estimator reveals that the impact of indicated factors on asset pricing is not linear because it produces a double threshold between return and microstructure. [ABSTRACT FROM AUTHOR]

This paper aims to identify the determinants of the adoption of electronic payment in SMEs in Cameroon. It considers data collected from 117 SMEs. The methodology involves principal component analysis and ordinal logistic regression. The results obtained are at least twofold. First, the leading electronic payment tools adopted by these companies are mobile money, card and Internet payments. Second, their choice can be explained on the one hand by the characteristics of these payment tools such as convenience and cost of use, and on the other hand by contingency factors such as integration level and ICT's mastery level of the manager. Accordingly, companies should be encouraged to use electronic payment tools based on the driving role they could play in providing basic infrastructure and guarantee financially secure transactions between economic agents. The original contribution of this paper is at least twofold. Firstly, methodologically, this study uses a combination of qualitative and quantitative methods and ordinal logistic regression. Secondly, while previous studies were limited to mobile money adoptions, this study further integrated online and card payments in the analyses. [ABSTRACT FROM AUTHOR]