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Abstract：
The flow of information between markets is important to guide investors and policymakers in the effective allocation of assets and proactive market regulation, respectively. This study examines the impact of information flow from global financial market stress on the African stock markets using the daily US financial stress index (USFSI) and other advanced economies\' financial stress index (OAEFSI) to proxy the global financial stress index. To understand the information flow dynamics across various investment horizons, the ensemble empirical mode decomposition (EEMD)-based transfer entropy is employed. Our findings reveal that African equity markets are highly risky for information flow from global financial market stress. However, we identify diversification prospects based on market conditions for Ghana and Egypt in the short term and Tanzania, Cote D\'Ivoire, and Egypt in the medium term. Empirical results also show that the information flow from global financial stress to African stock markets depends on time scales, economic relations, and the state of global financial markets. The findings are important for investors, portfolio managers, practitioners, and policymakers.
摘要：
市场之间的信息流动对于引导投资者和决策者进行资产的有效配置和积极的市场调控具有重要意义,分别。本研究使用每日美国金融压力指数（USFSI）和其他发达经济体金融压力指数（OAEFSI）代替全球金融压力指数，研究了全球金融市场压力对非洲股票市场的信息流的影响。要了解各种投资视野中的信息流动态，采用基于集成经验模态分解(EEMD)的传递熵。我们的发现表明，非洲股票市场对全球金融市场压力造成的信息流风险很高。然而,我们根据短期加纳和埃及以及坦桑尼亚的市场状况确定多元化前景，科特迪瓦，从中期来看，埃及。实证结果还表明，从全球金融压力到非洲股票市场的信息流取决于时间尺度，经济关系,以及全球金融市场的状况。这些发现对投资者来说很重要，投资组合经理，从业者,和政策制定者。
