Business Commons^™

Two Essays On Industrial Hemp Firms In The United States, Abraham Olakunle Ajibade

Theses and Dissertations--Agricultural Economics

After a long absence from American fields, industrial hemp was reintroduced to growing fields starting with state pilot programs in 2014 and received the green light for commercial cultivation in the US through the 2018 Farm Bill. Being an industry in its resurgence, investment is crucial for growth and the stock market and over-the-counter markets help US hemp firms get these much-needed funds for growth and expansion. This thesis consists of two essays on US hemp firms.

The first essay uses descriptive statistics, correlation analysis, and the Kruskal-Wallis Test to investigate how US hemp stocks compare to mid-cap and large-cap …

Asymmetric Impact Of Oil Price On Inflation In Nigeria, Sani Bawa, Ismaila S. Abdullahi, Danladi S. Tukur, Sani I. Barda, Yusuf J. Adams

CBN Journal of Applied Statistics (JAS)

This study examines the impact of oil price shocks on inflation in Nigeria. A Non-Linear Autoregressive Distributed Lag (NARDL) approach was applied on quarterly data spanning 1999Q1 to 2018Q4. Results showed that oil price increases led to increase in headline, core and food measures of inflation in Nigeria. However, a decline in oil price resulted in a decline in the marginal cost of production and culminated in moderation of domestic inflation. Furthermore, negative oil price shocks led to higher inflation in Nigeria when exchange rate is dropped from the models, indicating that exchange rate absorbed the impact of oil price …

Modeling Volatility Persistence And Asymmetry With Exogenous Breaks In The Nigerian Stock Returns, David A. Kuhe

CBN Journal of Applied Statistics (JAS)

This study examines the volatility persistence and asymmetry with exogenous breaks in Nigerian stock market. The study utilizes daily closing quotations of stock prices from the Nigerian stock exchange for the period 3rd July, 1999 to 12th June, 2017. Standard symmetric GARCH (1,1), asymmetric EGARCH (1,1) and GJR-GARCH (1,1) models with and without structural breaks were employed to measure shocks persistence and leverage effects in the presence of varying distributional assumptions. The empirical findings showed high persistence of shocks in the return series for the estimated models. However, the study found significant reduction in shocks persistence when structural breaks were …

Agricultural Sector Credit And Output Relationship In Nigeria: Evidence From Nonlinear Ardl1, Oloronsola E. Olowofeso, Adeyemi A. Adeboye, Valli T. Adejo, Kufre J. Bassey, Ochoche Abraham

CBN Journal of Applied Statistics (JAS)

This paper investigates the relationship between credit to agriculture and agricultural output in Nigeria by means of nonlinear autoregressive distributed lag (NARDL) model using a time series data from 1992Q1 to 2015Q4. Results show no evidence of asymmetry in the impact of credit to output growth in the agricultural sector (positive and negative changes) in the short-run, but different equilibrium relationships exist in the long-run. The dynamic adjustments show that the cumulative agricultural output growth is mostly attracted by the impact of the positive changes in credit to agriculture with a lag of four quarters of the prediction horizon. This …

Volatility In The Nigerian Stock Market: Empirical Application Of Beta-T-Garch Variants, Olaoluwa S. Yaya, Abiodun S. Bada, Victor N. Atoi

CBN Journal of Applied Statistics (JAS)

The Generalized Autoregressive Score (GAS), Exponential GAS (EGAS) and Asymmetric Exponential GAS (AEGAS) are new classes of volatility models that simultaneously account for jumps and asymmetry. Using these models, we estimate the dynamic pattern of the Nigeria All Share Index (ASI) from January 3, 2006 to July 22, 2014. Parameter estimates of the models were obtained using the Quasi Maximum Likelihood (QML) approach, and in-sample conditional volatility forecasts from each of the models were evaluated using the minimum loss function approach. Among the classical volatility models, the initial results detected IGARCH-t as the best model for predicting volatility in the …

Social Implications Of Wearable Computing And Augmediated Reality In Every Day Life (Ieee Symposium On Technology And Society, Istas13), Katina Michael

Associate Professor Katina Michael

It was in July 2012 that Steve Mann and I corresponded on the possibility of hosting a conference on wearable computing in Toronto, Canada. Steve had just returned home from a family holiday to France and publicly blogged about an unfortunate incident that had happened to him while away. On 17th July 2012 he posted: “Physical assault by McDonald’s for wearing Digital Eye Glass”. We both knew the timing was right for such an event that was not just a technical engineering or applied orientation on the theme of smart worlds, but an event that would grapple with the dichotomies …

Bayesian Density Forecasting Of Intraday Electricity Prices Using Multivariate Skew T Distributions, Anastasios Panagiotelis, Michael Smith

Michael Stanley Smith

Electricity spot prices exhibit strong time series properties, including substantial periodicity, both inter-day and intraday serial correlation, heavy tails and skewness. In this paper we capture these characteristics using a first order vector autoregressive model with exogenous effects and a skew t distributed disturbance. The vector is longitudinal, in that it comprises observations on the spot price at intervals during a day. A band two inverse scale matrix is employed for the disturbance, as well as a sparse autoregressive coefficient matrix. This corresponds to a parsimonious dependency structure that directly relates an observation to the two immediately prior, and the …