November 2010

Exchange rate volatility, stock price fluctuations and the lending behaviour of banks in Nigeria

  Following the recent global economic crisis, so many macroeconomic maladjustments have unfolded in the Nigerian economy. First, the naira exchange rate depreciated sharply and became more volatile than any other time in nearly a decade; the stock market indices have dived very south relative to their previous year's levels and banks, because of their exposure to foreign credit lines, the stock market by...

Author(s): Mbutor O. Mbutor

November 2010

Determinants of interest rates in Nigeria: An error correction model

  This paper analyzes the determinants of interest rate in Nigeria within the framework of a Vector Error Correction Model (VECM), using quarterly data between first quarter of 2000 and last quarter of 2008. The study found that the Treasury Bill Rates (TBR) in Nigeria and its hypothesized determinants are generally I (1) series, with two cointegrating equations existing among their linear combinations. Results...

Author(s): Abayomi Toyin Onanuga and Adebayo M. Shittu

November 2010

The market reaction to the appointment of an outside CEO: An empirical investigation

  The primary objective of this study is to examine whether there is a market reaction around the announcement day of an outside Chief Executive Officer (CEO) appointment. A significant market reaction around the announcement would indicate the strategic importance of a CEO and his/her contribution to future firm prospects. Our dataset consists of 158 US firms over the period 1993 to 2005 that appointed an...

Author(s): Melita Charitou, Andreas Patis and Adamos Vlittis

November 2010

A dynamic panel data analysis for relationship between private and public investment in R and D

  This paper investigates the relationship between private and public investment in R and D, while taking into account the effect of several instruments policies such as subsidies and taxes. We design a new look of knowledge spillovers and R and D cooperation to explain the contribution of public and private R and D on growth. We propose a heterogeneous dynamic panel data model to consider the effect as well as...

Author(s): Tarek Sadraoui and Adnen Chockri