Entrepreneurship
Permanent URI for this collectionhttp://197.211.34.35:4000/handle/123456789/168
Entrepreneurship
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Item How have COVID-19 Confirmed Cases and Deaths Affected Stock Markets? Evidence from Nigeria(CONTEMPORARY ECONOMICS, 2021) Nurudeen Abu; Awadh Ahmed Mohammed Gamal; Musa Abdullahi Sakanko; Ana Mateen; David Joseph; Ben-Obi Onyewuchi AmaechiThis study assesses the effect of COVID-19 proxied by the number of confirmed cases of the infection and deaths on Nigeria’s stock market over the 23rd March to 11th September 2020 period using the autoregressive distributed lag (ARDL), canonical cointegrating regression (CCR), dynamic ordinary least squares (DOLS) and fully modified ordinary least squares (FMOLS) techniques. The bounds test to cointegration result reveals that a long-run relationship exists between COVID-19 and Nigeria’s stock market (along with oil prices and exchange rate). The results of the various estimations demonstrate that COVID-19 (proxied by the number of confirmed cases of infection) has a negative and significant impact on stock market performance, while the number deaths has a positive and significant impact on the market in the long-run. In addition, oil prices and exchange rate have a significant and positive effect on stock market performance in the long-run. Similar results were found for sub-sectors including consumer goods and healthcare sub-sectors of the stock market. The study recommends policies to curb the spread of the virus.Item OIL PRICE AND PUBLIC EXPENDITURE RELATIONSHIP IN NIGERIA: DOES THE LEVEL OF CORRUPTION MATTER?(Economic Studies, 2022) Nurudeen Abu; Joseph David; Musa Abdullahi Sakanko; Ben-Obi Onyewuchi AmaechiWe employ the non-linear autoregressive distributed lag (NARDL) approach to examine if the oil price and public expenditure relationship are dependent on the level of corruption using Nigeria’s quarterly data during the 1996-2019 period. The result of the NARDL-bounds test to co-integration demonstrates that there is a long-run relationship between the variables, and we found evidence of long-run asymmetry in this relationship. The estimation results indicate that both positive and negative shocks to oil price have a significant positive effect on public expenditure in the long run, and the impact of oil price on public expenditure depends on the level of corruption. In addition, the marginal effect of oil price on public expenditure varies at different levels of corruption. Other important factors that drive public expenditure in Nigeria, in the long run, include spending on internal security and debt service. Based on these outcomes, we proffer some policy recommendations