1,720,960 research outputs found
POLITICAL CYCLES IN STOCK MARKET RETURN MOVEMENTS IN NIGERIA
Get PDFThe degree to which stock market movements in emerging/developing democracies follow a political cycle, such as the presidential election cycle (PEC), is a crucial area of research in the field of how the political system affect stock markets. This relationship's rationalization accords with the Political Business Cycle Theory (PBC) claims regarding the opportunistic policy behavior of elected presidencies in democracies. It attributes its existence to the effect of a presidency's electoral tenure. The relationship has, nevertheless, been determined to be a puzzle, representing the inconsistency between the robust empirical support for the established US stock market but the lack of equivalent findings for other developed democracies or the PBC theories' implications. This study is motivated by the claim that results from stock markets with varying degrees of market efficiency are instructive to address the puzzle. Thus, the study offers insights from the developing Nigerian stock market. It employs multidimensional analysis to look into the PEC in the Nigerian stock market, utilizing regression, time domain, and frequency domain studies. The findings from the time domain analysis and the PEC model of stock returns fail to support that the years of the presidential election tenure cause the differences in average stock returns across the first and second halves of the presidential election term. The study concludes that the evidence fails to support a causal effect of the years of the presidential tenure on the stock market in Nigeria. Political cycle of the form of the PEC do not appear to exist in Nigeria. The study recommends that investors in Nigeria’s stock markets should ignore market timing strategies, such as that based on the PEC pattern in stock market returns, and employ long-term portfolio investment strategies.  
Stock Returns, Inflation and the “Reverse Causality” Hypothesis: Evidence from Nigeria
Get PDFThis paper attempts to empirically examine the Reverse Causality hypothesis within the Nigerian context during the period 1980 – 2011. Employing Vector Error Correction Methodology (VECM), causality was found between inflation and government stocks, with causality running from government stocks to inflation, thus providing evidence in support of the reverse causality hypothesis. The results from the forecast error variance decomposition (FEVD) and impulse response functions tend to further lend credence to this finding. Accordingly, this study suggests, in part, the need for a tight monetary policy which would help to reduce inflation and stock prices, as such measures would leave the individuals with less money to buy stocks. Such efforts should be complemented by augmenting domestic production and encouraging investment through inexpensive bank finance. 
Capital Expenditure Dynamics and Infrastructural Growth Nexus: Evidence from an oil - dependent economy
Get PDFThe role of infrastructure in promoting economic development has long been acknowledged in the economic literature. In Nigeria, the basic physical infrastructure deficit has been identified as a major drag in the country's prospects for development. One major source of infrastructure financing is government capital expenditure. Unfortunately, capital expenditure over the years has been characterized by wide fluctuations, with attendant consequences on the level of infrastructural development. Thus, this study seeks to investigate the nexus between capital expenditure dynamics and infrastructural performance within the Nigerian context, utilizing the Fully Modified Ordinary Least Square (FMOLS) and Error correction procedure (ECM) and data from 1981 to 2018. Findings suggest that both capital expenditure dynamics and inflation rate have a negative and statistically significant impact on the level of infrastructure while the impact of foreign aid on infrastructural development was positive and significant. Accordingly, we recommend among others, the need for a suitable macroeconomic and regulatory framework that will encourage active private sector participation to sustainably support infrastructure investment. The monetary authorities can complement such efforts by implementing policies that will guarantee at most single-digit inflation rate in the economy
Determinants of Health Inequality in Sub-Saharan Africa: Further Evidence from Feasible Generalized Least Squares (FGLS) Approach
Get PDFA nation’s progress is largely influenced by its state of health. This is so because a healthy people are not only able to work and support themselves, but are able to make a significant contribution to the socio-economic expansion and improvement to the community in which they reside. One of the major limitations to achieving the above fit is the increasing health disparity in the larger ecosystemn. And, despite the several initiatives and programmes developed to narrow the growing health gap across the various social strata among individuals around the world, it still persists. Motivated by the need to bridge this rising health gap, this study examines the determinants of health dispraities within the context of sub-Saharan Africa for the period 2004 to 2022, using the panel feasible/estimated generalised least squares. The results revealed that while public health spending per capita, income per capita, and health-oriented net official development assistance negatively and statistically impacted on health inequality, unemployment and income poverty positively and significantly impacted on halth inequality in sub-Saharan Africa. Accordingly, the paper recommends, amongst others, the urgent need for policy makers in SSA region to pay greater attention to budgetry allocations to the health sector for the provision of health insurance and quality and affordable healthcare services. Such efforts should be complemented with the formulaion of workable, active, measurable and employment-based policies across SSA region, aimed at creating stable and profitable jobs for the unemployed and under-employed masses.
Keywords: Health, Inequality, Poverty, Income, Budget
Monetary policy and manufacturing capacity utilization: further evidence from Nigeria
Get PDFThis study investigates the nexus between monetary policy and manufacturingcapacity utilization in Nigeria for the 1980-2014 period, using anerror-correctionmodelling approach. The results reveal that both current and past values oflendingrateadverselyaffectmanufacturingperformance,butmanufacturingrespondspositivelytothecurrentperiod’sbankingcredit,confirmingthatpolicy to enhance access to funds can stimulate investment in manufacturingsub-sector in Nigeria. Real exchange rate shows mixed performance; the currentexchangeratehasa negativebutinsignificanteffect,whereastheimpactoftheone-periodlaggedvaluewaspositiveandsignificantat 5%.Broadmoneysupplypositivelyandsignificantlyinfluencesmanufacturing.Theerror-correctiontermis significantandcorrectlysigned.Further,thevariancedecompositionshowsshock in monetary policy phenomena,explainsrelativelysignificantvariationsinmanufacturing performance. This study recommends that monetary authoritiesshould implement policies in line with the structure of the economy to enhancecontributionofmanufacturingsectortooveralleconomicgrowth.Effortshouldbemadetoenhancetheflowofcredittotheeconomy,whileadoptingeffectiveexchange rate management in a stable macroeconomic environment to boostindustrial production
ECONOMIC GROWTH, OIL RENT AND AGRICULTURAL VALUE-ADDED NEXUS IN NIGERIA: AN EMPIRICAL EVIDENCE
Get PDFAgriculture is known as the engine and panacea for economic growth in most developing nations of the world. The objective of this study is to investigate the direction of causality among economic growth, oil rent and agriculture value-added in Nigeria. In addition, analyzing the interrelationship between economic growth and agriculture added value. The data used is time-series data in the period 1970-2020 obtained from world development indicators from the World Bank database. The analytical approach used is causality with the vector error correction model (VECM) and Granger Causality test. The finding of this study, in the agricultural added value equation indicates the validity of the long and short-term equilibrium relationship between variables, there is long and short-term causality in the direction of economic growth, oil rent on agriculture added value
Public Health Financing, Remittances, and Inclusive Growth in Resource-rich Countries: Evidence from Nigeria and Mozambique
Get PDFThe persistent challenge of accelerating economic growth via government health expenditure has been widely acknowledged in extant literature. Though such government expenditures have impacted growth in some cases, but the desire to further stimulate growth has brought about the need to explore more options in that regard. Interestingly, remittance has evolved over time as an alternative. Yet, the relative impact of these two covariates in promoting inclusive growth in natural resource rich countries remains understudied in Africa.The study therefore examines the relative impact of both government health expenditure and personal remittances received on inclusive growth in the two resource-rich countries of Nigeria and Mozambique. Utilizing the Fully Modified Ordinary Least Square Method (FMOLS) and the error correction mechanism on time series data for each of the two countries, the results revealed that economic fundamentals like government health expenditure, personal remittances received, and per capita income are of considerable significance in the task of enthroning inclusive growth in theresource-rich countries of Nigeria and Mozambique
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
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