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Effect Of Stock Market Development On The Growth Of Corporate Bond Market In Kenya
Corporate bond market growth in Kenya is slow compared to its Treasury counterpart. Corporate bond market is even much smaller in size compared to the equity market in Kenya. We explore whether stock market development has any effect on the growth of corporate bond market using daily, monthly and quarterly time series data for the period January 2009 to December 2014. The study used descriptive research design. Secondary data were collected from the Nairobi Securities Exchange. Unit root tests using ADF and Phillips-Perron tests were done to test for stationarity of the time series data. Normality test was tested by Jarque Bera statistics.
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