The African Finance Journal is a peer-reviewed academic journal covering finance, accounting, and economics in an African context. The African Finance Journal (AFJ) is published twice a year and edited at Africagrowth Institute. The Journal is jointly published by the Institute, University of Cape Town and the African Finance Association. AFJ publishes significant new research in finance, accounting and economics relevant to Africa and strives to establish a balance between theoretical and empirical studies. The principal criteria for inclusion are a paper's quality and contribution to the field of Finance, Accounting and Economics without undue regard to its technical content. The Journal’s target group include academics, research institutions, governments, students and other policy maker