Oil price volatility and economic development: Stylized evidence in Nigeria
June 2014
The research presented in this study, investigates chiefly the causal relationship between oil prices and key macroeconomic variables in Nigeria in a multivariate framework using times series data from 1980 to 2010. To examine whether there is prediction between oil prices and macroeconomic indicators (inflation, interest rate, exchange rate and real gross domestic product) as well as the impact of oil prices on the...
Market reaction to chief executive officers (CEOs) appointments on Johannesburg securities exchange (JSE): stock price and volume approach
May 2014
The study is aimed at assessing the market reaction to the announcement of the appointment of CEOs of companies listed on the Johannesburg securities exchange (JSE). To achieve this objective an event study was conducted. The dataset consist of 43 firms who satisfied the inclusion criteria, who have announced the appointment of CEO within the period January, 2000 to December, 2012. In this study both the volume...
The effect of currency devaluation on output: The case of ethiopian economy
May 2014
This paper assesses the short and long run effects of currency devaluation on output growth in Ethiopia. The study is conducted by using quarterly time series data over the period ranging from 1998.Q1 to 2010.Q4 and employing a vector auto regression (VAR) model. By controlling the monetary and fiscal policies, it is found that currency devaluations are contractionary in the long run and neutral in the short-run. Other...
Determinants of Net Savings Deposits held in Savings and Credit Cooperatives (SACCO’s) in Uganda
April 2014
Savings mobilization is important for rural households in Uganda. This study looked at household net savings deposits in Savings and credit cooperatives (SACCO’s) from individual’s passbooks. Net savings were then measured as the difference between deposits and withdrawals. Weighted least squares were used to determine the factors influencing net deposits. Results indicate that deposits decreased with...
Calendar Anomalies, reality or an illusion? KSE-Pakistan
April 2014
This paper investigates the calendar anomalies in Karachi Stock Exchange (KSE) of Pakistan, during 2002-04 periods. The data for this study was taken from KSE 100, involving the daily stock exchange and were tested for turn of the month and time of the month effects. The results, regarding mean returns showed the presence of both effects. Results after regression analysis didn’t show the presence of Turn of the...
Analysis of competitiveness of lowland rice farming in indonesia: Case study of Bolaang Mongondow District, North Sulawesi Province
April 2014
Further development through the application of technological innovations may result to rice export in North Sulawesi. It is necessary to do a study on the competitiveness level of this commodity, especially if there is a local policy to export rice. The aims of this research are: (1) to analyze the profitability of rice farming in Bolaang Mongondow District; (2) to analyze the comparative and competitive advantages of...
A contribution to the theory of economic growth: Old and New
March 2014
In this study it is possible to provide a simple theoretical and empirical literature framework that links the endogenous growth theory through to the classical economists’ theory. There is also the following phenomenon that emphasises the proceeding to Harrod-Domar growth model, through to the model of the neoclassical growth theory. The study utilising the production function and, through to the developed new...
Globalization, Foreign Direct Investment and Economic Growth in Sub Saharan Africa
March 2014
The paper examined contributions of foreign direct investment, globalization to real economic growth fluctuation in selected sub-Saharan Africa countries. Adopting the conventional vector autoregressive mechanism the time series data from the selected countries, the result showed that out of the eleven countries studied, foreign direct investment explained the highest proportion in just three countries, Morocco,...
The finance-growth nexus: Evidence from Malawi
February 2014
Apart from assessing the impact of financial development on economic growth, economists have also delved to understand the direction of causality between the two variables. We examine the causal relationship between the two variables in the Granger causality sense and regress economic growth on financial development and a number of control variables. The Augmented –Dickey Fuller unit root test is used...
The Inflation-Stock market returns Nexus: Evidence from the Ghana Stock Exchange
February 2014
The relationship between inflation and stock market returns has been theoretically and empirically discussed albeit inconclusive results. Whereas some studies find a positive relationship, others find a negative relationship. This paper contributes to the empirical conversation using data (January 1992-December 2010) from the Ghana Stock Exchange (GSE) which is one of the emerging markets in Africa. Employing unit root...
The mining boom, productivity conundrum and monetary policy design to combat resource curse effects in Australia
January 2014
The productivity slump in the 2000 decade whilst Australia was riding on the biggest mining boom in its history posed a conundrum. The mining boom caused a real exchange rate appreciated due to the sky-rocketing terms of trade fuelled by demand for minerals from the mega-Asian economies. The exchange rate appreciation has led to deindustrialisation and Dutch Disease effects making traditional exports...
Inflation in Nigeria: How much is the function of money?
January 2014
Inflation is one of the most researched concepts in economics, yet there is always a noisy room when it is discussed. Most empirical literature suggests that excessive inflation is harmful to economic growth. The emphasis on ‘excessive’ implies that some level of inflation would have a positive association with growth. Considerable study has gone into determining the points of inflexion where...
Foreign direct investment - economic nexus: The role of the level of financial sector development in Africa
December 2013
This study examines the relationship between foreign direct investment (FDI) and economic growth considering the influence of financial sector development (FSD). We empirically determine the threshold level of three FSD indicators that would ensure the positive association between FDI and growth once these threshold levels are exceeded. The policy implication of this study is that policies directed towards attracting...
Externalities of global financial crisis and coping strategies among emerging African economies
December 2013
The recent global economic recess has far-reaching implications on the stock market, employment of labour and survival of the production sector. Investors are poorly compensated, jobs are lost in thousands and hitherto viable industries are folding up. The African economy is not spared either. Policy makers and technocrats are now being challenged in an attempt to arrive at workable solutions to the current economic...
Public debt, capital stock and economic growth: An analysis of fiscal sustainability in Brazil
December 2013
This article analyzes the fiscal sustainability of the Brazilian economy in recent decades. It evaluates the solvency of public debt in Brazil through the cointegration tests that showed a long-term relationship between public revenue and expenditure in the period of 1975 (I) to 2010 (II). The results show a solvency ratio between the Revenue / GDP ratio and expense / GDP ratio. That is, for each $ 1.00 spent per...
Exports, domestic demand and economic growth in Ethiopia: Granger causality analysis
December 2013
Fundamental relationships between different macroeconomic variables may follow certain common theories, but local preferences are also decisive in determining their unique behaviour. Looking into domestic demand-growth nexus and export-growth nexus is, therefore, needed in Ethiopia, so as to understand the long -run economic stance and to capture the short-run dynamics in the national economy. Thus, the aim of...
Working capital management and profitability: Evidence from Ghanaian listed manufacturing firms
December 2013
Working capital management plays a vital role in the success of businesses because of its effect on profitability and liquidity. The purpose of this study is to examine the relationship between working capital management practices and profitability of listed manufacturing firms in Ghana. The study used secondary data collected from all the 13 listed manufacturing firms in Ghana covering the period from 2005-2009. Using...
Association between foreign capital inflow and macroeconomic factors: Evidence from Nigeria
November 2013
This paper empirically examines the association between foreign capital inflows to Nigeria and real growth rate of gross domestic product, domestic credit to the private sector, rate of inflation, perceived level of corruption and market capitalization. Data covering the period 1982 and 2012 were analyzed using econometric models of cointegration technique with its implied error correction model (ECM). Results are...
The impact of financial inclusion on monetary policy in Nigeria
November 2013
Financial inclusion is currently hot topic in policy spheres because of its potency in encouraging economic growth. And because it improves the sensitivity of aggregate demand to interest rate it has been argued to be useful for the success of monetary policy. However, little attention has been devoted to computing the exact effect of financial inclusion on monetary policy. This paper presents a simple model showing the...
Health care expenditure, health status and national productivity in Nigeria (1999-2012)
October 2013
The major challenge facing policy makers is how to allocate limited resources across the range of preferences that contribute to poverty reduction and economic development; including capital expenditures on health, education, infrastructure and recurrent expenditures. The aim of this study is to establish the relationship between healthcare expenditure, the health status and national productivity in Nigeria. The...
Finance and economic growth nexus: Complementarity and substitutability between the banking sector and financial markets in Africa, using South Africa as a case1
October 2013
The paper empirically examines the dynamic relationship between financial development and economic growth in South Africa in terms of financial intermediaries and financial markets based structure. A time series analysis using the VAR Model provided evidence for the dynamic relationship. The paper provides empirical evidence on the causal impact of the financial market on economic growth in South African. The results...
Evaluating profit organizations’ financial tools development strategy for managing crises
October 2013
The purpose of the study is to evaluate profit organizations’ financial tools development strategy in order to find limits. These limits can help the strategy to organize development internationally and locally without solving crises with negative effect. The study found out that there were negative outcomes because profit organizations were ignorant of their responsibility and were revenue oriented without...
Globalization and economic security in Nigeria: A reflection of the Nigerian manufacturing sector performance (1981 -2010)
October 2013
This study empirically investigated the impact of globalization on economic security, with a reflection of the performance of the Nigerian manufacturing sector, using co-integration and error correction mechanism (ECM) techniques with annual time series covering the period between 1981 and 2010. The findings revealed that globalization has negative impact on the performance of the Nigerian manufacturing sector in the...
Banking crises and inflation dynamics in the West Africa Monetary Zone (WAMZ)
September 2013
This paper examines the impact of banking crises on inflation in West Africa Monetary Zone (WAMZ) from 1970 to 2012. It adopts the modified monetarist theory of inflation that is based on dynamic panel estimation technique to analyze the dynamics of inflation and banking crises. The paper indicates that banking crises increases the rate of inflation in WAMZ. The study concludes that incessant banking crises...
Sources of real exchange rate volatility in the Ghanaian economy
September 2013
Real exchange rate volatility is an important contributor to risks in the financial world. During periods of excessive fluctuations in exchange rates, foreign trade and investments could be affected negatively. The objective of this study is to determine the sources of exchange rate volatility in Ghana. The methodology employed is a dynamic econometric technique based on the Autoregressive Distributed Lag...
Regimes Markov models with endogenous transition probabilities: Modeling fluctuations in Tunisia
September 2013
This paper is an advanced analysis of the cyclical industry in Tunisia by taking the transition probabilities as endogenous in a Markov switching framework. Using Matlab programming of the Gibbs algorithm, Bayesian analysis allowed us to deal with the hidden Markov process withvariable transition probabilities. Showing a persistent state, we...
Determinants of domestic saving in Ethiopia: An autoregressive distributed lag (ARDL) bounds testing approach
September 2013
The objective of this paper was to investigate the determinants of domestic saving in Ethiopia using time series annual data form 1970/71-2010/11. In this study, effort has been made to identify the long run and short run determinants of domestic saving in Ethiopia using an ARDL bounds testing Approach and Error correction model (ECM) to capture both short run and long run relationships. The Estimated results...
Evaluating profit organizations’ financial tools development strategy for managing crises
August 2013
The purpose of the present study is to evaluate profit organizations’ financial tools development strategy in order to find limits. These limits can help the strategy to organize development internationally and locally without solving crises with negative effect. The study found out that there were negative outcomes because profit organizations were ignorant of their responsibility and were revenue oriented...
Interest rate pass-through to bank mortgage and participation bond rates in South Africa: Evidence from ARDL and FMLS models
August 2013
This paper examines the degree of pass-through and the adjustment speed of the bank rate and partB rate in response to changes in the repo and treasury bill rates in South Africa for the period 1998M4 to 2011M1. The repo rate is the policy rate while the treasury bill rate (TBR) represents money market rates. We employ the ARDL and FMLS estimators to test for co-integration over the whole sample...
An assessment of Nigeria expenditure on the agricultural sector: Its relationship with agricultural output (1980 - 2011)
August 2013
A strong and an efficient agricultural sector would enable a country to feed its growing population, generate employment, earn foreign exchange and provide raw materials for industries. This study makes a modest contribution to the debates by empirically analyzing the relationship between Nigeria government expenditure on the agricultural sector and its contribution to economic growth, using time series data...
Sustainability of the Malawian current account deficit: Application of structural and solvency approaches
August 2013
The objective of the paper is to examine the sustainability of current account in Malawi. The study employs econometric analysis and solvency approaches to complement each other. Results from both approaches confirm that Malawi’s current account deficits were excessive and unsustainable during the period of 1980 to 2010. Results from the econometric analysis reveal that for Malawi’s current...
Impact of motivation on employees’ performance: A case study of CreditWest Bank Cyprus
August 2013
An important role of management is to help make work more satisfying and rewarding for employees and to make employees’ motivation consistent with organizational objectives. With the diversity of contemporary workplaces, this is a complex task. Many factors, including the influences of different cultures, affect what people value and what is rewarding to them. From a manager's perspective, this...
Relationship between ethical leadership and value creation
August 2013
The theme of value creation, being the source of this research, has received increased interest in the field of management science, and hence has become the new creed of managers. We have proposed that ethical behavior of managers influences the policy of value creation. In particular, we test the four cardinal virtues of the manager (justice, prudence, strength and moderation) that influence development and...
Insurance development and economic growth in Nigeria, 1986-2010
August 2013
This study analyzed both the long and short run relationship between insurance development and economic growth in Nigeria over the period 1986 to 2010. Using error correction model (ECM), the study finds that insurance development cointegrated with economic growth in Nigeria. That is there is long run relationship between insurance development and economic growth in Nigeria. The results also shows that...
Electricity consumption and gross domestic product in an electricity community: Evidence from bound testing cointegration and Granger-causality tests
July 2013
This study probes the nexus between electricity consumption and gross domestic product (GDP) for the electricity community of Togo and Benin using ARDL bounds testing approach of cointegration. Long-run equilibrium has been established among these variables for Benin. The study further establishes long and short-run Granger causality running from GDP to electricity consumption for Benin and short-run Granger...
Corporate disclosure, transparency and firms’ cash holdings: Evidence from the Emerging capital market of Ghana
July 2013
The paper documents the monitoring effect of corporate disclosure and transparency on cash holdings on the Ghana Stock Exchange (GSE). The paper employs the Fama and French (1998) valuation model by relating firm level variables to firm value with panel data covering a period from 2002 to 2007 for 23 firms. It builds further on the agency theory and its relevance to emerging markets. We find that the...
China-US interest in Africa: The implications for peace and development
July 2013
Apart from the China-US relations, one of the most important bilateral relations that have attracted the attention of analysts in the field of international relations today is the triangular Africa-China-US trilateral engagements. Scholars, practitioners, business community and citizens from the three sides could in one way or the other express their own anxieties, with some imaginary conclusion about the...
High credit rating IPOs and determinants of underpricing
July 2013
In this paper, we declare that such objective, autonomous and exogenous certifying mechanism provides a better opportunity to test the well-established credit rating hypothesis, especially in the context of emerging markets with institutional voids. Employing a sample of 142 Indian IPOs (January 2007 to December 2012), we also experiment Ex-ante uncertainty with the efficacy of IPO (Initial Public Offerings)...
Tenant eviction in property management practice in Ilorin Metropolis, Nigeria
July 2013
This paper examines the causes and methods of tenant eviction in property management practice in Ilorin metropolis, Nigeria with a view to suggesting measures aimed at reducing its incidence. The 16 registered estate surveyors and valuers in the study area were surveyed with a structured questionnaire. Data collected were analysed using descriptive statistics. The study’s result revealed that rent...
Public expenditure and economic growth nexus: Further evidence from Nigeria
July 2013
This paper examines the relationship between public expenditure and economic growth in Nigeria during the period 1970-2009. A disaggregated public expenditure level was employed using the Gregory-Hansen structural breaks cointegration technique. The result confirms Wagner’s law in two models in the long run; there was a break in 1993 in which the political crisis that engulfed the nation was accountable. The...
Consequences of fiscal deficit
June 2013
The main objective of this paper is to understand and to evaluate recently expressed popular anxiety about fiscal deficits. The paper begins with a discussion of problems involved in measuring the fiscal deficit. A general conclusion is that all interesting measures of the federal fiscal deficit have increased substantially over the past eight presidential terms and are likely to increase further in the near...
Medical tourism: The new favorite tourist market
June 2013
Medical tourism, a new form of tourism industry flourishing around the world, holds a huge market potential in China. Its definition and related issues are under the way of being carefully examined with quite a concern on its development conditions and strategies. China, a late boomer in medical tourism, is in a total different social and economical situation and in urgent need to get close scrutiny in its...
Evaluation of the current higher education funding model in Rwanda using Higher Education Students’ Loans Department (HESLD-REB) as a case study
June 2013
Higher education funding in Rwanda uses a costs sharing approach. This has been analyzed to ascertain its suitability for Rwanda. This research looked at other funding methods that can be applicable for the higher education sector in Rwanda. These included use of PPP, tuition fees, bank loans and internally generated funds by higher learning institutions. It was found in this research that costs sharing...
Management research and the phenomenon of industry growth: The case of Nigerian banking industry
May 2013
The pre-capitalization banking in Nigeria was characterize by poor research base, low investment in training and development; hence, leading to incessant distress and massive liquidation. The main focus of this paper is therefore to examine the relationship between research and growth in the industry. The research is descriptive in nature and based strictly on secondary data. Research finding revealed that...
Determinants of financial performance of a firm: Case of Pakistani stock market
May 2013
This paper examines the possible association between financial performance of the firm and economic indicators, corporate governance, ownership structure, capital structure, and risk management. It is also one of the very few examples, which attempts to test various determinant of firm performance in context of developing market (Pakistan). The present study examines the performance of firms in terms of...
The relationship between energy consumption and national income of Nigeria
May 2013
The purpose of this paper is to examine the causal relationship between energy consumption and National income of Nigeria. The importance of identifying the direction of causality emanates from its relevance in national policy-making issues regarding energy conservation. There are various evidences indicating some level of relation between national income and energy consumption of many countries: developed,...
Publicly available information and the pricing of book built IPOs: Evidence from India
April 2013
The pricing of initial public offering (IPO) plays a vital role for both the issuers and the investors. Therefore they also have a profound impact on the activities of primary and secondary capital markets. Extensive literature on pricing of IPOs has reported a significant mis-pricing across countries during different time periods. The present study analyzes the pricing of 207 book built IPOs listed on Bombay...
Studying the obstacles of applying a target costing system in firms accepted in Tehran Stock Exchange
April 2013
Target system is one of the most important techniques which can help organizations to improve cost-based performances. In this method, the products' sale price is anticipated before production processes start, based on surveys in the market and manufacturers try to design and manufacture a product according to the predetermined cost to ensure the management's desirable profit. Meanwhile, it should...
Willingness to participate in micro pension schemes: Evidence from the informal sector in Ghana
April 2013
Market and state based pension schemes in Ghana tends to be better adapted to formal conditions and this limits the participation of majority of the populace especially those in the informal sector of the economy. In cases where “an all inclusive” schemes are developed, no special consideration is made to better integrate low income earners or workers in the informal sector into such pension...
Organizational learning and market performance: The interactive effect of market orientation
October 2012
This study examines the interactive effect of market orientation in the relationship between organizational learning and market performance. Market performance, as the dependent variable, is expected to create wealth for organizations and shareholders, however, so far, little empirical attention has been given to market performance as one of the decisive end outcome of organizational learning activities....
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