The study investigates the effect of Presidential election results on the performance of an emerging stock market using the case of the 2011 and 2015 Presidential elections in Nigeria. Adopting Event Study methodology to analyse the secondary data obtained from the Nigerian Stock Exchange (NSE) and some national dailies, the results of the study suggest that the 2011 presidential election result had negative significant impact on the performance of the stock market. On the other hand, the 2015 Presidential election result had positive but insignificant impact on the stock market as evidenced by the average and cumulative abnormal returns on the event date and one day post-event date-an indication that the result of the 2015 Presidential election was a welcomed development as leadership changed from PDP to All Progressives Congress (APC).
This study provides empirical analysis of the impact of fiscal policy on economic growth in Nigeria. Time series data from 1986 to 2010 relevant to the study were collected from the Central Bank of Nigeria statistical bulletin, Volume 22 and the National Bureau of Statistics. The ordinary least square method of multivariate regression was utilized in analyzing the log-linearized Model. The Augmented Dickey-Fuller unit root test was employed to establish the stationarity of the variables while the General-to-Specific approach to Autoregressive Distributed Lag (ARDL) model was used for testing for the existence of long-run and short-run equilibrium conditions. The findings were that, there is evidence of long run equilibrium relationship between fiscal policy and economic growth in Nigeria during the period studied. The adjusted R 2 value of 0.6850 showed that about 68.5% of the total variation in the real GDP is explained by the independent variables included in the model. Specific fiscal policy variables that have significant and positive impact on economic growth in Nigeria are government recurrent and capital expenditures. Non-oil taxes and government total debts have no significant impact on real GDP. Only capital expenditure has short run equilibrium relationship with economic growth. It is therefore recommended that government should establish a strong fiscal responsibility and transparency system in the fiscal institutions; and tax reforms should be such that would encourage increase in investment and fight corruption. Government debts should be channelled towards provision of critical infrastructure so as to provide the enabling investment environment, while fiscal policy should be complemented with the use of effective monetary policy.
This study investigates the information content of sudden removal of banks' chief executive officers (CEOs) in the Nigerian emerging stock market context. Mainly secondly data collected from the Nigerian Stock Exchange daily official list and those extracted from financial standard Newspapers were used. Event study methodology was employed in determining the impact of the unexpected removal of the bank executives on the prices of their banks' stocks. The data was analyzed using regression analysis with the E-views 7.0 econometric package. The findings show that the ouster of the bank CEOs did not significantly impact on the stock prices of Afribank Plc, FinBank Plc, Oceanic Bank Plc, Intercontinental Bank Plc and Union Bank of Nigeria Plc. The non-insignificance but positive information effect of the ouster could be as a result of the prompt intervention by the CBN via the injection of N420 billion intervention fund into the banking sector on one hand, and on the other hand, perhaps because trading on the stocks of the affected banks stopped with the ouster of the CEOs for close to a period of two weeks. The positivity of the average abnormal returns tend to suggest that investors in the Nigerian stock market saw the development as "a good riddance of old rubbish". The study therefore recommends that the CBN should maintain a closer surveillance on the banking sector so as to be able to detect in good time any rot in the system before it blossoms into a "financial epidemic".
The study was conducted to evaluate risk management practices in rice production in Abia State, Nigeria with the specific objectives to: (a) examine the profile of rice producers (b) identify sources of risk and the degree of influence on rice production. (c) examine appropriate risk management Practices. Data for the study were collected using well structured questionnaires administered on 60 farmers who were obtained through random sampling technique. Data were analysed using mean, frequency table, percentage, wstatistics and Pearson Criterion. Results of the study indicate that the highest risk sources to rice production were technical and political risk with mean rank of 1.29 and 2.29 respectively. The w-statistics was calculated to be 0.674 implying that concordance of rice producers' judgment should be regarded as satisfactory hence can be used for policy formulation given that it was significant at 1% probability level. It is recommended that farmers should adopt technical methods of handling risk such as use of improved variety of seed, fertilizer, and pesticide in controlling risk. Also the government institutions charged with the responsibility of making the inputs available should be strengthened while extension services by government agencies should be reorganised to carryout effective extension services, on how to use the inputs. Besides, there should be rice insurance scheme to cover disaster like flood.
The study examined the information effect of Trump’s declaration of Jerusalem as the capital of Israel on the Nigerian stock market. The required data spanning 1st January to 31st December, 2017 were analyzed using Event study methodology. The result of the analysis showed that the news of Trump’s declaration of Jerusalem as the capital of Israel caused statistically significant negative abnormal returns in the Nigerian stock market. The study recommends that the Government and the Nigerian stock market key players should keenly monitor emerging events around the globe, as these often have implication for emerging markets through contagion.
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