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Investment response to business environment and governance: evidence from select quoted companies in Nigeria
Get PDFThis study examined the response of investment to business environment and governance of select quoted companies in Nigeria from the year 2020 to the year 2024. Using the Random effect panel data regression model, the study utilized various proxies of governance and business environment. The study employed control of corruption, voice and. accountability, political stability, crime rate, interest rate, exchange rate, total kilometer of rail and roads, financial development, exchange rate and interest rate as measures for governance and business environment, while share capital was used as proxy for investment. The study discovered that interest rate, total kilometer of rail lines, political stability, exchange rate and government effectiveness were found to have negative impact on investment. Moreover, total electricity generation, rule of law, total kilometer of roads, voice and accountability, Regulatory quality and financial development were found to have positive impact on investment. Crime rate had a negative and insignificant relationship with investment
A complete characterization of equilibrium paths in a labour-less two-sector model of optimal growth
Get PDFIn this paper, I develop a two-sector growth model in which the output of each industry is obtained only by means of capital. From a theoretical perspective, this setting reveals that the determinacy of the equilibrium path is possible even when the production technology available in the industry of consumption goods is not necessarily convex. Moreover, form a numerical point of view, I show that whenever the first-best solution of the model is tailored on the US economy, such a theoretical framework relaxes the complementarity between the propensities to consume and to save and it is also consistent with the observed countercyclical pattern of the relative price of capital goods
The challenge of practicing an effective leadership in Africa
Get PDFLeadership is the most important asset for developing a country. Preparing leadership is fundamental to the African revolution. Africa has been known as the continent of corruption, abuse, sexual violence, self-enrichment, and conflicts. Africa inherited a strong leadership pattern from colonization, from which several issues were born. From the origin, the vices, and the chronological construction of the practice of leadership, this study explores the difficulty African heads are facing to build resilient and prosperous countries. The study is based on research of published papers, books, and verified experts works from local to international sources. It is proven that most African leaders are not prepared enough to lead nations. Indeed, leadership development must be intentional to cope with modern demanding leadership practice. To have transparent and responsible leaders, Africa must drive education to build wisdom, character, and discernment instead of solely focusing on intellectual prowess
Digital finance and future of banks and financial services
Get PDFDigital finance is revolutionizing the financial sector in significant ways. Its role in shaping the future of banks and financial services is a topic of widespread interest in the policy and academic literature. This study examines the role of digital finance in shaping the future of banks and financial services. The study shows that digital finance innovations are disrupting banking and the nature of financial services. Financial institutions that will survive in the future must undertake digital transformation to compete for market share in new customer segments and to meet the changing needs and preferences of customers. While nobody knows for sure what the future of banking and financial services will be in the distant future, it is certain that the digital finance revolution would change the face of banking and financial services in the future. Regulation, technology, and geopolitical factors could alter the future of banking and financial services
Incremental Innovation by Heterogeneous Incumbents and Economic Growth: relationship between two sources of growth
Get PDFIn this paper, we construct a tractable endogenous growth model that incorporates both incremental innovation by heterogeneous incumbents and innovation by entrants.
Our model features two endogenous sources of growth: quality improvement (vertical growth) and expansion in the variety of goods (horizontal growth).
We then examine the policy effects of a subsidy for incremental innovation by incumbents and a subsidy for innovation by entrants on the overall economic growth rate, as well as on the relationship between the two sources of growth.
Our model confirms that incumbents with higher profit flows tend to engage in incremental innovation for a longer duration and incur greater innovation costs,
which is consistent with both Schumpeter's hypothesis and the findings of Christensen (1997)
Additionally, the model generates counterintuitive results that are not commonly found in the conventional literature.
First, a subsidy for incremental innovation by incumbents may reduce the entry of new firms.
Second, a subsidy for innovation by entrants may have a negative effect on the overall economic growth rate
An Introduction to Natural Disaster Economics
Get PDFThe fires in Los Angeles ignited in January 2025. I will use this shock to sketch out my main themes as I will explore the microeconomics of natural disasters as I focus on the causes and consequences of extreme weather events; including hurricanes, tornadoes, wildfires, extreme heat, and pollution spikes. I will ask (and sketch answers to) some tough questions: Why do these shocks cause damage? Why weren’t people, firms, and governments prepared for such shocks? What does it mean “to be ready”
P-Values on the Free-Slave State Border: A Critique of Bleakley and Rhode
Get PDFHoyt Bleakley and Paul Rhode use a “regression discontinuity design” (RDD) to find a persistent negative effect of slavery’s legality on rural population density throughout the period from 1790 to 1860. Yet their reported results cannot be replicated. Instead, the replication shows slavery’s negative effects only become statistically significant from 1840 onwards. Furthermore, the addition of an interaction term for slavery’s legality multiplied by longitude suggests that slavery may have facilitated the westward expansion of the Southern frontier in the antebellum period. This does not support the claim that slavery impeded the growth of American capitalism
Long-term effects of a public school management program
Get PDFWhile a substantial body of research documents a positive correlation between school management practices and student outcomes, experimental evidence on their causal effects --- particularly over the long term --- remains limited. We exploit the randomized implementation of "Jovem de Futuro,'' a management program implemented in Brazilian public high schools. Drawing on rich administrative data, we follow students' educational and labor market trajectories over fifteen years. We find short-term improvements in test scores and high school completion. In the long run, however, the program yields null to modest effects on college enrollment and graduation, labor market participation, and earnings
Turismo gastronómico en Chile: análisis basado en reseñas de Google Maps
Get PDFChilean gastronomy, shaped by its geographical and cultural diversity, combines products from the Pacific Ocean with ingredients from central valleys, alongside unique culinary traditions, establishing Chile as an emerging gastronomic tourism destination. This study examines tourists' perceptions of Santiago's culinary offerings through NLP analysis of 244 Google Maps reviews (2019-2025). Results reveal strong preference for traditional dishes (empanadas, pastel de choclo) and local beverages (wine, pisco), with high overall satisfaction (82% 4-5 star ratings). Key attributes identified include flavor, service, and ambiance, while paradoxically highlighting underrepresented desserts/salads despite abundant local produce. The study demonstrates the value of digital data analysis for understanding tourist perceptions
Deep Impulse Response Functions for Macroeconomic Dynamics: A Hybrid LSTM-Wavelet Approach Compared to an ANN-Wavelet and VECM Models
Get PDFThis study presents a novel hybrid framework that integrated Long Short-Term Memory (LSTM) networks with Daubechies wavelet transforms to estimate Deep Impulse Response Functions (DIRF) for monthly macroeconomic time series, across five economies: Brazil, Egypt, Indonesia, United States, and the United Kingdom. Eight key variables, yield curve latent factors (LEVEL, SLOPE, CURVATURE), foreign exchange rates, equity indices, central bank policy rates, GDP growth rates, and inflation rates, were modeled using the proposed LSTM-Wavelet approach, and were compared against an ANN-Wavelet hybrid, and a traditional Vector Error Correction Model (VECM). The LSTM-Wavelet model achieved a superior overall median R2, outperforming the ANN-Wavelet and VECM. The approach excelled in capturing nonlinear dynamics and temporal dependencies for variables such as equity indices, policy rates, GDP, and inflation. Db4 was superior for capturing short and medium-term patterns in macroeconomic variables like GDP, EQUITY, and FX, cause its shorter filter and moderate smoothing excelled at isolating cyclical patterns in noisy, volatile data. Cumulative DIRFs revealed consistent cross variable dynamics e.g., yield curve shocks propagated to equity, FX, policy rates, GDP, and inflation, in line with economic theory. These findings underscored the hybrid model’s ability to capture non-linearity, multiscale interactions in macroeconomic data, offering valuable insights for forecasting and policy analysis