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0_Emerging_African_Market_-_Full_Paper-libre

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  1. 1. ! " # $ % # &'( )) % "" * +,- ,,. ,/+00,(0+,1 " 2 ) " ! ) 0 & ! & ) 1 $ % # 30, 4 55 ) +,- ,, ,66/1(- 1,, 7 ! 2# 8 ! ) 58 ! 8 4 8 ! ) 9 9
  2. 2. 4 ! ! ) % " % 9# 8 ) ! ! ) ! ) 58 ! !8 8 4 8 ! ) 9 9 4 ! :5 ! !! 4 -.; +,; 4 8 " " 9 " 5 5 " < 8 % 8 ! ! " 8 8 # 5 5 " 8 < " < 8 % 0,, ) "" 5 5" 9 < . 0+ 8 % .,, ) "" < = 5 5" > . (+? 8 )9 :5 ! 9" 9# 0,+, " < = 4 ! 4 % 9 "" 5 5" ' % < 4 ! 0, + 5 0? > -? 4 ! K ! ) 4 ! ! 5 8 " 55 # = # % 4 8 ! K 55 " " % 8 4 8 < " 4 ! 8 ! < < 8 ) 4 8 8 8 H > * 4 ! ) ! ' 5 H % " 5) ? ! 8 < 8 5 4 ! A 9 < 0,,0 0,,6 ' % < 4 ! 0, + 55 0'-?
  3. 5. 8 = # 9 8 4 ! K < 8 < )5 % 5 " ! " ) ! ! ) ! 9 " # ) ! ! ) ! 4 ) % " 4 ! ! 8 " 8 "# 8 " ! 8 5 " ! " 9 " # ! # 4 ! ) ! < 8 : 4 ! K ! ) < 8 " 8 % ) " < 4" )) 8 4 9 8 = 8 9 4 ! ""# 4 ! % ) ! "# 5 5 " ! 8 ) = 8 # 5 % ' < 5 ! 9 ! ! 5 : 8 " # " " # ) " 8 8 ) # % ) "" 8 % " < # 8 )5 4 5 8 % 9" 9 5 % 9 ! ) >Roxburgh, C. et al 0, , 5 0? D8 " 4 ! 8 ! "# 9 4 4 ) 8 ! )) # 5 ! % 8 5 ! "# 0+; 4 " HB < 8 9 9" " ! 8 % ) E # 4 < 8 % 9# ! ) 5 ) 4 ! % ! !" ! ! " 9 = " ! )) ! >Roxburgh, C. et al, 2010, 5 0? > +? " # ) ! 4 ! 9 ! ) 8 ! 8 ) 8 +,, 5 9" !"# " ! )5 9 4 ) 8 ,, ! )5 < 8 % 8 @ 9 "" )5 8 4 ! K ) " !" ! 8 8 % 9 < 5 % ! 4 ! K ) " !" "# ! ! " 4 ! ) ! < 8 9 " " 4 8 < 8 4 ) ! !# 0, , < 5 5 " 9# ) 8 1.( ) "" ! ) 8 < "" 8 % ) 8 - 9 "" ! ) 9# 0,-, 4 ! :5 ! !! 4 -.; +,; 4 8 " " 9 " 5 5 " < 8 % 8 ! ! " 8 8 # 5 5 " 8 < " < 8 % 0,, ) "" 5 5" 9 < . 0+ 8 % .,, ) "" < = 5 5" > . (+? 8 )9 :5 ! 9" 9# 0,+, " < = 4 ! 4 % 9 "" 5 5" Ncube, M. " 0, 5 -? 8 4 ! H % " 5) & = > 4H&? 4 8 4 ! ) " !" 8 5 9 < $ @0 $ @0, # 8 4 ) # 55 " < " 0, - 5 6?
  4. 8. 4 ! 8 8 # 5 5 " 8 < " < 8 % 0,, ) "" 5 5" 9 < . 0+ 8 8 " 8 8 4 < = '< = ! * 4 ! 8 % .,, ) "" < = 5 5" > . (+? 8 )9 :5 ! 9" 9# 0,+, " < = 4 ! 4 % 9 "" 5 5" ? ) 8 9 < 0,,, 0,,1 4 ! ! 6- ) "" E 9 ! )5 8 $ > 8"# ' 8 8 5 5 " 4 4 ! ? ! " 8 - ) "" E 9 8 5 4 ! K # 5 5" 9 ! ) 9 ! 4 "" 8 < < =4 ! ! ) ) % ! ! 8 < =4 ! < ! " !" 4 = ""
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atch, G. et al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
  6. 13. :9 8 " >0, ,? 2 ! ( ! " ! # M :9 8 % D ) " M >0, ,? , ( $ 3 9 8 ! ) >0, ,? 4 - ) H ! - 8 0, , 8 ) >0, ? 3 , $ B 4 ! #) "