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Articles 1 - 30 of 41
Full-Text Articles in Business
The Performance Of Nigerian Stock Exchange Sectoral Indices: January 2009 December 2010, Alvan E. Ikoku, George Okorie
The Performance Of Nigerian Stock Exchange Sectoral Indices: January 2009 December 2010, Alvan E. Ikoku, George Okorie
Bullion
The paper reviews the performance of the sectoral indices during the first twenty-four months of their existence, i.e., between their inception in January 2009 and December 2010. The authors seek to examine not only the raw performance of the indices but also their risk-adjusted performance. The results of the analysis will facilitate the allocation of capital by institutional as well as individual investors in the Nigerian equity market. The rest of the paper is organized as follows. Section 2 discusses the transformation of the indices and their correlation. In section 3, we examine the nominal performance of the sectoral indices …
The Role Of Economic Community Of West African States (Ecowas) In Promoting Borderless Trade In West Africa., Adam J. Akperan, Sanni Ganiyu Kayode
The Role Of Economic Community Of West African States (Ecowas) In Promoting Borderless Trade In West Africa., Adam J. Akperan, Sanni Ganiyu Kayode
Bullion
The Economic Community of West African States (ECOWAS) is a regional group of fifteen countries, founded in 1975. Its mission is to promote economic integration in "all fields of economic activities, particularly industry, transport, telecommunications, energy, agriculture, natural resources, commerce, monetary and financial questions, social and cultural matters". This paper examines the role of CBN economy and monetary policies on the heels of borderless trade amongst the ECOWAS State. ECOWAS aims to promote peace, co-operation and integration in economic, social and cultural activity, ultimately leading to the establishment of an economic and monetary union through the total integration of the …
Optimal Designs Approach To Portfolio Selection, Etukudo A. I.
Optimal Designs Approach To Portfolio Selection, Etukudo A. I.
CBN Journal of Applied Statistics (JAS)
In order to obtain the best tradeoff between risk and return, optimization algorithms are particularly useful in asset allocation in a portfolio mix. Such algorithms and proper solution techniques are very essential to investors in order to circumvent distress in business outfits. In this paper, we show that by minimizing the total variance of the portfolio involving stocks in two Nigerian banks which is a measure of risk, optimal allocation of investible funds to the portfolio mix is obtained. A completely new solution technique – modified super convergent line series algorithm which makes use of the principles of optimal designs …
Relationship Between Inflation And Stock Market Returns: Evidence From Nigeria, Omotor G. Douglason
Relationship Between Inflation And Stock Market Returns: Evidence From Nigeria, Omotor G. Douglason
CBN Journal of Applied Statistics (JAS)
The linkage between stock prices and inflation has been subjected to extensive research in the past decades and has arouse the interests of academics, researchers, practitioners and policy makers globally, particularly since the 1990s. The issue has been the apparent anomaly of the negative relationship between inflation and stock market returns as most studies in the industrialized economies have shown. This paper investigates this relationship using monthly and quarterly data of Nigeria for the period 1985 to 2008. The findings of this paper seem to suggest that stock market returns may provide an effective hedge against inflation in Nigeria.
Statistics For National Development, Sani I. Doguwa
Statistics For National Development, Sani I. Doguwa
CBN Journal of Applied Statistics (JAS)
Good statistics that has been collected according to agreed good practices are crucial as a tool for development. Gross domestic product (GDP) and other measures of economic activity such as Gross National Income (GNI) together with their individual components, show how the economy is responding to government policy and other influences. The balance of payments can demonstrate the requirement for policy adjustments and is also one of the indicators scrutinised by potential foreign investors in the country. Agricultural statistics clearly have implications for longer-term planning, particularly if they show a move away from the land into urban areas or a …
Monetary And Fiscal Policy Interactions In Nigeria: An Application Of A State-Space Model With Markov-Switching, Chuku V. Chuku
Monetary And Fiscal Policy Interactions In Nigeria: An Application Of A State-Space Model With Markov-Switching, Chuku V. Chuku
CBN Journal of Applied Statistics (JAS)
This paper uses quarterly data to explore the monetary and fiscal policy interactions in Nigeria between 1970 and 2008. As a preliminary exercise, the paper examines the nature of fiscal policies in Nigeria using a vector autoregression (VAR) model. The simulated generalized impulse response graphs generated from the VAR estimation provides evidence of a non-Ricardian fiscal policy in Nigeria. Further, the paper analyzes the interactions between monetary and fiscal policies by applying a State-space model with Markov-switching to estimate the time-varying parameters of the relationship. The evidence indicates that monetary and fiscal policies in Nigeria have interacted in a counteractive …
Is The Stock Market A Leading Indicator Of Economic Activity In Nigeria?, Alvan E. Ikoku
Is The Stock Market A Leading Indicator Of Economic Activity In Nigeria?, Alvan E. Ikoku
CBN Journal of Applied Statistics (JAS)
In an effort to address the lacuna in leading indicator studies of African economies and Nigeria in particular, this paper examines the causal relationships among stock market prices, real GDP and the index of industrial production in Nigeria, using quarterly data from 1984Q1 to 2008Q4. Granger causality tests indicate bidirectional causality between stock prices and GDP but no causality between stock prices and industrial production or between GDP and industrial production. Stock prices and GDP are found to be cointegrated, leading to the estimation of vector error correction models. Out-of-sample forecasts constructed with AR(1), ARIMA, structural ARIMA, and VEC models …
Factors, Preventions And Correction Methods For Non-Response In Sample Surveys, Godwin Nwanzu Amahi
Factors, Preventions And Correction Methods For Non-Response In Sample Surveys, Godwin Nwanzu Amahi
CBN Journal of Applied Statistics (JAS)
Missing survey data occur because of unit and item non-response. This is practically independent of the method of data collection. As a result of the bias that non-response sometimes introduces in survey estimates, identifying factors that promote it, and taking measures of prevention and correction methods are clearly necessary. The standard method to compensate for unit non-response is by weighting adjustment, while item non-responses are handled by some form of imputation. This paper reviews factors that give rise to nonresponse and the corresponding methods used for its prevention and control. It also discusses their properties.
Addressing The Problem Of Non-Response And Response Bias, Fabian C. Okafor
Addressing The Problem Of Non-Response And Response Bias, Fabian C. Okafor
CBN Journal of Applied Statistics (JAS)
Survey planners and analysts in Nigeria have devoted much more attention to sampling errors at the expense of nonsampling errors (non-response and response errors). Sampling error is the degree to which the sample estimate differs from the average value of the characteristic due to chance. The present discussion will be centered on non-sampling error, which may present serious deficiencies in the statistics and render the survey useless. According to Platek and Gray (1986), “Non-response has been generally recognized as important measure of the quality of data since it affects the estimates by introducing a possible bias in the estimates and …
A Distributional Analysis Of Out-Of-Pocket Healthcare Financing In Nigeria Using A New Decomposable Gini Index, Ichoku Eme Hyacinth, William M. Fonta, Abdelkrim Araar
A Distributional Analysis Of Out-Of-Pocket Healthcare Financing In Nigeria Using A New Decomposable Gini Index, Ichoku Eme Hyacinth, William M. Fonta, Abdelkrim Araar
CBN Journal of Applied Statistics (JAS)
This study applies a new method of decomposing total redistributive effect of taxation proposed by Duclos et al. (2003) to assess the redistributive effects of direct healthcare financing in Nigeria. This new framework makes it possible not only to introduce into the conventional Gini Index estimation framework a flexible ethical measure of aversion to inequality but also a novel concepts of horizontal inequity and re-ranking. The empirical results indicate that when the decision to utilize healthcare is always linked to the decision to pay for healthcare, as is the case in Nigeria, out-of-pocket payment, contrary to existing literature, may indeed …
Overview Of The Four Pillars Of The Banking Reforms., Samuel A. Oni
Overview Of The Four Pillars Of The Banking Reforms., Samuel A. Oni
Bullion
The reports of the risk assessment exercise formed the basis of the intervention by the CBN in some banks and the introduction of the four pillar reform programme, to guarantee the safety and soundness of the banking system. The four pillars of the banking system reforms, which is the main subject, are as follows: Enhancing the quality of banks; Establishing financial stability; Enabling healthy financial sector evolution; and Ensuring that the financial sector contributes to the real economy.
Banking Reforms For Effective Monetary Policy Transmissions., O. A. Uchendu
Banking Reforms For Effective Monetary Policy Transmissions., O. A. Uchendu
Bullion
This paper evaluates the effects of the recent banking sector in Nigeria on monetary policy transmission. The remainder of this paper is structured as follows: section two dwells on the transmission mechanism of monetary policy; section three examines the features of the banking sector that affect the conduct of monetary policy; section four presents banking sector reforms in Nigeria while section five examines the impact of the reforms on monetary policy. Section six presents the challenges while section seven concludes the paper.
Reforming The Nigerian Banking Sector: Some Emerging Issues., Biodun Adedipe
Reforming The Nigerian Banking Sector: Some Emerging Issues., Biodun Adedipe
Bullion
When the ongoing reforms of banking in Nigeria commenced, there were several arguments against the seeming harshness of the measures. As the revelations increased, the argument became the manner the revelations were made. All these pointed to the capacity of humans to resist change. lt was generally accepted that things went terribly wrong and some drastic steps needed to be taken. This paper examines existing and emerging financial reforms in the Nigeria banking sector. The outcome of the greed-induced crisis was not peculiar to Nigeria, as banks failed all around the world as their capital was eroded. There are obvious …
Rebuilding Confidence In Nigerian Banks: The Challenge Of Good Corporate Governance And Professionalism., Uju M. Ogubunka
Rebuilding Confidence In Nigerian Banks: The Challenge Of Good Corporate Governance And Professionalism., Uju M. Ogubunka
Bullion
The Nigerian Banking industry which is still evolving, has great potentials for positively impacting on the developing economy with over a hundred and forty million (140 million) people. Without a doubt, the industry has made noticeable progress and positive impact since its birth in the early 1890s, it would have achieved more had it not been bedevilled by occasional crisis. incidences of bank crisis in Nigeria, like in other jurisdictions, had led to bank shake-ups, failures and subsequent liquidations. Those outcomes gave rise to serious erosion of stakeholders' confidence in banking institutions and the system with far-reaching negative consequences for …
The Nigerian Financial Crisis: Lessons, Prospects And Way Forward, Charles N. O. Mordi
The Nigerian Financial Crisis: Lessons, Prospects And Way Forward, Charles N. O. Mordi
Bullion
This paper x-rays the recent banking sector crisis in Nigeria, its resolution, lessons learned and way forward. The paper is divided into six main sections. Following the introduction, section 2 highlights country experiences of banking crisis and resolution options, while section 3 gives an overview of financial crisis in Nigeria; section 4 discusses the recent financial crises in Nigeria (2000-2009), while section 5 presents the 2009 banking crises and its causes. The most recent reform measures are discussed in section 6. ln sections 7 and 8, the lessons of experience and the way forward are presented, while the concluding remarks …
Paradigmatic Asymmetries Between Economics And Management Discourses As Instrumentalities Of Capitalist Order, Javed Akbar Ansari, Zahid Siddique Mughal
Paradigmatic Asymmetries Between Economics And Management Discourses As Instrumentalities Of Capitalist Order, Javed Akbar Ansari, Zahid Siddique Mughal
Business Review
This paper contrasts the economics and the management discourse paradigms to identify the purposes these discourses serve in sustaining and reproducing capitalist order The paper begins with an identification of the major characteristics of capitalist order Section 2 and 3 compare and contrast economics and management discourses respectively on the basis of the role they are designed to play in legitimizing and operationalizing capitalist order The concluding section argues that their roles vary in efficacy. Both economics and management provide incomplete justificatory and reformative proposals but this is because capitalism is an inherently conflictive social order always threatened by implosion. …
Determinants Of Foreign Direct Investment In Services Sector Of Pakistan: An Econometrics Approach, Muhammad Zahid Awan, Khair Uz Zaman, Bakhtiar Khan
Determinants Of Foreign Direct Investment In Services Sector Of Pakistan: An Econometrics Approach, Muhammad Zahid Awan, Khair Uz Zaman, Bakhtiar Khan
Business Review
This study examines the key determinants of FDI inflows in Services sector of Pakistan, using time series data (quarterly) for the period of 1996Q1-2008Q4. To check the stationarity of the data, ADF test has been applied. Co-integration and Error Correction Model (ECM) is used for estimation of the data. This study found that Gross Domestic Fixed Capital formation (GDFCF), Inflation Rate(INF), Current Account Balance(CAB), Exchange Rate (ER), and Per Capita Income (PC) are main factors of FDI inflows in services sector of Pakistan. This study reveals that GDFCF, INF and PC are found statistically significant with positive signs. CAB and …
Naira Convertibility: The Journey So Far, Moses K. Tule
Naira Convertibility: The Journey So Far, Moses K. Tule
Bullion
This paper examines the path to Naira Convertibility, the Journey so far. lt avers that convertibility is pursued by countries either as an economic management approach or as a tool for achieving higher reckoning on the global economic stage. Consequently, the examples of Argentina, Chile, Peru, Brazil, etc could fall in the first category while the Russian Rubble push could qualify for the second group. Nigeria's efforts at Naira convertibility would fall. The paper suggested that Nigeria should initiate a more realistic Naira convertibility programme through trade guarantees where it insists that imports from Nigeria from member ECOWAS members would …
An Overview Of Financial Sector Reforms And Intermediation In Nigeria, George Okorie, Uche J. Uwaleke
An Overview Of Financial Sector Reforms And Intermediation In Nigeria, George Okorie, Uche J. Uwaleke
Bullion
Financial systems all over the world play very important roles in the development and growth of the economy. However, the effectiveness and efficiency of the system as well as its scope and capacity varies quite considerably among economies. This is partly because of the varied levels of ,development. More developed financial systems tend to be associated with the more developed economies. This paper advocates the speedy adoption of international financial reporting standard for all Nigerian banks (currently in the pipeline). This reform, while by no means a cure-all for problems of bank transparency, would nonetheless be a significant step forward, …
Banking System Credit As An Instrument Of Economic Growth In Nigeria, Andrew O. Agbada
Banking System Credit As An Instrument Of Economic Growth In Nigeria, Andrew O. Agbada
Bullion
Globally, banks in developing countries are expected to play very vital and effective roles in financing their economic projects and activities as their contribution in ensuring sustainable economic growth. This expectation is as a result of the fact that there is acute shortage of capital in the developing countries of the world. ln this paper, attempt was made to address how banking system credit can be used as an instrument of economic growth in Nigeria. The specific objectives that banking system credit were expected to achieve were also stated. lt's was revealed that though credits have increased tremendously in recent …
Islamic Banking In Nigeria: Issues And Prospects, Ismaila S. Abdullahi
Islamic Banking In Nigeria: Issues And Prospects, Ismaila S. Abdullahi
Bullion
This paper analyzes the challenging issues and highlight the prospects of Islamic banking in Nigeria. Following this introduction is section two which discusses the evolution of Islamic banking including the basic principles as well as the products/services offered by the system. Section three reviews Islamic banking practices in Nigeria. Section four analyzes the challenging issues and highlights the prospects of practicing Islamic banking in Nigeria. Section five concludes the paper and proffers policy recommendations.
Economic Thinking And Risk Attitudes: An Empirical Study, Peter Slepcevic-Zach, Ph.D., Thomas Koeppel
Economic Thinking And Risk Attitudes: An Empirical Study, Peter Slepcevic-Zach, Ph.D., Thomas Koeppel
International Journal for Business Education
In the light of the current economic crisis, which had its roots in high risk dealings in the international financial markets, the question how economically minded students are and what propensity towards risk they have, are essential to improving their financial literacy. In a broad survey including economic and non-economic schools 649 students aged 14 and 18 were questioned. In this paper results are presented and implications for classroom teaching and curricular development are derived.
Timeshare Owner Preferences - An Analysis Of Program And Service Relationships During Recessionary Times, Randall S. Upchurch Ph.D, Robin B. Dipietro, Brumby Mcleod
Timeshare Owner Preferences - An Analysis Of Program And Service Relationships During Recessionary Times, Randall S. Upchurch Ph.D, Robin B. Dipietro, Brumby Mcleod
Hospitality Review
Since the 1970s various industry studies have indicated that the vacation ownership industry has enjoyed unprecedented growth in unit sales, resort growth, and the number of owners (American Resort Devleopment Association [ARDA], 2007; ARDA, 2009a; ARDA, 2009b). However, due to the recent economic downturn these growth metrics are no longer obtainable. This external impact has caused developers to retrench and therefore reflect upon their existing product and service offerings, financial metrics, and consumer markets (ARDA, 2010a; ARDA 2010b). The crux of these findings indicates that the industry has shifted to maintaining and enhancing product and service offerings as a reaction …
Foreword: In Berle’S Footsteps, Charles R.T. O'Kelley
Foreword: In Berle’S Footsteps, Charles R.T. O'Kelley
Seattle University Law Review
On the weekend of November 6–8, 2009, scholars from around the world gathered in Seattle for a symposium—In Berle’s Footsteps—celebrating the launch of the Adolf A. Berle, Jr. Center on Corporations, Law and Society. As founding director of the Berle Center, I described our undertaking: “It is with a profound sense of obligation to the legacy that has been entrusted to my care, that I announce the launching of the Adolf A. Berle, Jr. Center on Corporations, Law and Society. It is a privilege to follow in Berle’s footsteps.”
Opening Remarks, Chancellor William B. Chandler Iii
Opening Remarks, Chancellor William B. Chandler Iii
Seattle University Law Review
Law is, in many ways, a backwards-looking field. We litigate over facts that have already occurred, challenge deals that have already been signed, and apply rules of decision based on previously-established precedent or statutes already enacted. To the extent that this Center and the symposium reflect on Berle’s work, they too are an exercise in looking back. Indeed, some might say the establishment of a Center named in Berle’s honor is a monument to the past.
Securities Intermediaries And The Separation Of Ownership From Control, Jill E. Fisch
Securities Intermediaries And The Separation Of Ownership From Control, Jill E. Fisch
Seattle University Law Review
The Modern Corporation & Private Property is a paradigm-shifting analysis of the modern corporation. The book is perhaps best known for the insights of Berle and Means about the separation of ownership from control and the consequences of that separation for the allocation of power within the corporation. The Berle and Means story focuses on the shareholder as the owner of the corporation. Berle and Means saw the mechanism of centralized management—in which the shareholder retains the economic interest but not the control rights associated with ownership—as threatening the conception of shareholder interests in terms of property rights. In particular, …
Rethinking The Separation Of Ownership From Management In American History, Kenneth Lipartito, Yumiko Morii
Rethinking The Separation Of Ownership From Management In American History, Kenneth Lipartito, Yumiko Morii
Seattle University Law Review
In <em>The Modern Corporation and Private Property</em>, Adolf Berle and Gardiner Means would use AT&T as a prime example of what they saw as a dangerous new trend, the replacement of ownership-based capitalism with giant corporations controlled by a small group of propertyless managers. Indeed, AT&T became Berle and Means’ favorite example. . . . As we shall see, however, the claim that AT&T was a leading example of the separation of ownership from management is incomplete. More importantly, the common interpretation of Berle and Means’ work is mistaken, placing the emphasis incorrectly on the number of shareholders and reading …
The Modern Corporation As Social Construction, Mark S. Mizruchi, Daniel Hirschman
The Modern Corporation As Social Construction, Mark S. Mizruchi, Daniel Hirschman
Seattle University Law Review
Classic works, Mark Mizruchi and Lisa Fein argued, share a particular fate. Authors often cite classic works without reading them—or without reading them carefully. . . . Yet perhaps no single work fits the above description better than one of the most important books on the large corporation ever published: Adolf Berle and Gardiner Means’s The Modern Corporation and Private Property. One can speculate that few works in the social sciences have been as often cited and as little read. As a consequence, we would expect The Modern Corporation to be a good candidate for either selective interpretation or …
Berle And The Entrepreneur, Charles R.T. O'Kelley
Berle And The Entrepreneur, Charles R.T. O'Kelley
Seattle University Law Review
In the first and last four chapters (“the Five Chapters”) of The Modern Corporation and Private Property, Adolf Berle, Jr. describes in sweeping terms a fundamental transformation of the American economy. . . . Writing more than ten years before Berle, another seminal scholar, Frank Knight . . . developed a theory of the entrepreneur as part of his larger effort to more carefully explain the theoretical underpinnings of a free-market economy. . . . Given Knight’s prominence and the fact that Knight apparently reached dramatically different conclusions than did Berle concerning the consequences flowing from separation of ownership …
Revisiting Berle And Rethinking The Corporate Structure, Kelli A. Alces
Revisiting Berle And Rethinking The Corporate Structure, Kelli A. Alces
Seattle University Law Review
Adolf Berle and Gardiner Means painted what remains a defining portrait of corporate law. The separation of ownership and control they described and the agency costs it causes are still a central concern of the law of corporate governance. For that reason, Berle’s work is relevant nearly eighty years after its publication. Seemingly forgotten, however, is that Berle’s enduring description of the corporate structure was published before most of today’s corporate law was in place. His work preceded the Securities Act of 1933 and the Securities Exchange Act of 1934 and even preceded the dominance of Delaware common law in …