-
Asymmetry and Persistence of Stock Returns: A Case of the Ghana Stock Exchange
Abonongo John,
Oduro F. T.,
Ackora-Prah J.,
Luguterah Albert
Issue:
Volume 5, Issue 6, December 2016
Pages:
183-190
Received:
19 May 2016
Accepted:
31 May 2016
Published:
11 November 2016
Abstract: Measuring and estimating volatility of asset return is bubbly for risk management, asset allocation, and option pricing. This paper investigated the asymmetry and persistence of the return of some stocks on the Ghana Stock Exchange using univariate TGARCH-M (1, 1) and half-life measure of the daily returns of eight stocks from 02/01/2004 to 20/12/2014. It was realized that, volatility was persistent (explosive process) in all the stocks. The persistence in volatility was extended in investigating the half-life measure of the stocks and it was realized that almost all the stocks had strong mean reversion and short half-life measure with the exception of Fan Milk Limited. Also all the returns series exhibited a positive leverage effect parameter indicating that bad news influenced volatility than good news of the same magnitude.
Abstract: Measuring and estimating volatility of asset return is bubbly for risk management, asset allocation, and option pricing. This paper investigated the asymmetry and persistence of the return of some stocks on the Ghana Stock Exchange using univariate TGARCH-M (1, 1) and half-life measure of the daily returns of eight stocks from 02/01/2004 to 20/12/2...
Show More
-
Women Empowerment in the Arab Region: A Comparative Investigation
Hanan Atta Shamlawi,
Nahil Ismail Saqfalhait
Issue:
Volume 5, Issue 6, December 2016
Pages:
191-201
Received:
12 October 2016
Accepted:
22 October 2016
Published:
17 November 2016
Abstract: This study aims at investigating women empowerment in the Arab region through a comparative investigation using the analytical descriptive methodology. Inevitably, woman is a key and an important contributor to development. Therefore, enhancing her empowerment is a vital driver and a key element for a development process that is sustainable and continuous. Measuring the woman empowerment is crucial for pinpointing the fragility in woman empowerment efforts in the Arab region. The overall index consists of four dimensions: economic, educational, political and healthcare. Data used is retrieved from the Global Gender Gap reports (GGG) for the years 2006-2015. By reviewing the GGG reports for fifteen Arab countries during the last ten years, notably the major Arab accomplishment is in bridging the gender gap in health and education, countered by the breadth of the political and economic participation gaps. The inability of Arab countries to bridge both political and economic gaps is attributable to several political, economic, social and religious factors. Based on the analysis in this paper, the authors suggest several actions to improved the economic contribution and political participation of woman.
Abstract: This study aims at investigating women empowerment in the Arab region through a comparative investigation using the analytical descriptive methodology. Inevitably, woman is a key and an important contributor to development. Therefore, enhancing her empowerment is a vital driver and a key element for a development process that is sustainable and con...
Show More
-
Impact of Some Selected Macroeconomic Variables (Money Supply and Deposit Interest Rate) on Share Prices: A Study of Dhaka Stock Exchange (DSE)
Issue:
Volume 5, Issue 6, December 2016
Pages:
202-209
Received:
21 July 2016
Accepted:
30 July 2016
Published:
23 November 2016
Abstract: This paper tries to investigate the long-run relationship and the short-run dynamics between Bangladesh stock market index (DSE General Index) and some selected macroeconomic variables such as Broad money supply (M2) and Deposit Interest rate (DIR). This study analyses monthly data for the above variables between the periods spanning from January 2009 to June 2015 and employ different econometric tools. The Johansen multivariate co-integration tests indicate that the Bangladesh stock market index (DSE General Index) and chosen two macroeconomic variables are co-integrated, this is indicative of a long-run relationship. It shows the speed of adjustment of any disequilibrium towards long run equilibrium state. The speed of adjustment is 10.7816 percent. Cointegration analysis, along with the VECM, suggests that deposit interest rate is negatively related to stock prices, and money supply (M2) is positively related to stock prices in the long-run. This study also finds short-run causal relationship. It is found that only Deposit Interest Rate has short run influence on DSE General Index. R-squared of the VECM is 0.291900 that is 29.1900 percent. It means that all of the independent variables can explain 29.1900 percent of the total variations of the dependent variable. The residuals of the regression model have serial correlation, but they are homoscedastic and normally distributed.
Abstract: This paper tries to investigate the long-run relationship and the short-run dynamics between Bangladesh stock market index (DSE General Index) and some selected macroeconomic variables such as Broad money supply (M2) and Deposit Interest rate (DIR). This study analyses monthly data for the above variables between the periods spanning from January 2...
Show More
-
Industrial Disputes at Ready Made Garments in Bangladesh: An Analysis
Mohammad Monir Hossen,
Md. Hossen Miazee
Issue:
Volume 5, Issue 6, December 2016
Pages:
210-216
Received:
4 October 2016
Accepted:
28 October 2016
Published:
23 November 2016
Abstract: The Ready Made Garments of Bangladesh at present occupy a rigid position in the national economy of Bangladesh. The sector has emerged with silent revolution, contributing economic development such as creating enormous employment, strengthening national GDP, decreasing child marriage, self- development through empowering women specially for the less privileged women. The sector exports various items with good quality and a good quantity throughout the world according to buyer’s demand. Hence, the prospects and possibilities of the sector are increasing day by day. But some unexpected impediments created by some owners of the industry, political instability, politicizing the industrial disputes by the local politicians, non co-operation from the part of the leaders of CBA and trade unions, which ultimately undermine the image of the sector and jeopardizes the economy of the country. The study has taken an attempt to identify the reasons for industrial disputes occurred throughout the country. Some reported incidents have been mentioned in this regard. The paper is also suggesting to the concerned authority to take the effective step and materialize the proposals which are proposed in the study at the end.
Abstract: The Ready Made Garments of Bangladesh at present occupy a rigid position in the national economy of Bangladesh. The sector has emerged with silent revolution, contributing economic development such as creating enormous employment, strengthening national GDP, decreasing child marriage, self- development through empowering women specially for the les...
Show More
-
Renewable Energy Consumption, CO2 Emissions and Economic Growth: A Case of Jordan
Khawlah Ali Ahmed AbdAlla Spetan
Issue:
Volume 5, Issue 6, December 2016
Pages:
217-226
Received:
19 October 2016
Accepted:
31 October 2016
Published:
23 November 2016
Abstract: This study inspects the causal relationship between renewable energy consumption, CO2 emissions, labor, capital and economic growth for Jordan over the period 1986-2012 within a multivariate framework. The time series cointegration test suggests a long-run equilibrium relationship among real GDP, renewable energy consumption, real gross fixed capital formation and labor force. The outcomes of the error correction models reveal that there is a unidirectional causality running from renewable energy consumption to real GDP. Also there is a unidirectional causality running from renewable energy consumption to carbon dioxide while unidirectional causality is revealed from real GDP to capital and finally bidirectional causality is detected between capital and renewable energy consumption in the short-run. Furthermore the error correction terms indicate that there is a long-run bidirectional causality between the variables except for labor model which is statistically insignificant. In addition the outcomes revealed that an increase in the usage of renewable energy has a desirable effect on environment as it reduces the CO2 emissions.
Abstract: This study inspects the causal relationship between renewable energy consumption, CO2 emissions, labor, capital and economic growth for Jordan over the period 1986-2012 within a multivariate framework. The time series cointegration test suggests a long-run equilibrium relationship among real GDP, renewable energy consumption, real gross fixed capit...
Show More
-
The Role of Workers’ Remittances in Development of Jordanian Banking Sector
Issue:
Volume 5, Issue 6, December 2016
Pages:
227-234
Received:
26 October 2016
Accepted:
7 November 2016
Published:
2 December 2016
Abstract: This paper examines the impact of workers’ remittances on a key indicator of banking sector development using Jordanian data over the period 1964 to 2013. The results are obtained using cointegration analysis depending on the E-G procedure test within the ECM framework. The study has found evidence of significant positive effects of remittances on the credit to the private to GDP ratio. Any increase in the workers' remittances, increases the level of banking sector development. In addition, a test for asymmetric relationship between variables is implemented, and results show that this relation does not exist.
Abstract: This paper examines the impact of workers’ remittances on a key indicator of banking sector development using Jordanian data over the period 1964 to 2013. The results are obtained using cointegration analysis depending on the E-G procedure test within the ECM framework. The study has found evidence of significant positive effects of remittances on ...
Show More
-
Effect of Entrepreneurship Education on Students Orientation Towards Entrepreneurship at the Malawi Polytechnic
Charles Mwatsika,
Eric Sankhulani
Issue:
Volume 5, Issue 6, December 2016
Pages:
235-245
Received:
28 September 2016
Accepted:
7 October 2016
Published:
14 December 2016
Abstract: Entrepreneurship education has proliferated in universities following empirical studies linking it to entrepreneurship practice. The University of Malawi introduced entrepreneurship and innovation course to the bachelor of business administration programme and aims to make entrepreneurship a core module across academic programmes. This study assessed the effects of the entrepreneurship and innovation course on the entrepreneurial orientation of students thereby joining research into the investigation of the effects of entrepreneurship education on entrepreneurial orientation of students. A questionnaire was administered on a class of 58 students before commencement of the course and at the end of the course delivery to assess movement in students knowledge about entrepreneurship, attitudes towards entrepreneurship, subjective norms, self efficacy and entrepreneurial intentions that could be attributed to entrepreneurship education holding other factors constant over the period of study. The study found that entrepreneurship education positively effects students knowledge about entrepreneurship and their self efficacy; the self confidence in skills and competences that they can engage in entrepreneurship successfully. The study however found weak correlation between entrepreneurship education and students attitudes towards entrepreneurship and their entrepreneurial intentions and did not find any relationship between entrepreneurship education and students' subjective norms. Although attitudes, subjective norms and self efficacy are factors that influence intentions,which are an antecedent of behaviour within the Theory of Planned Behaviour, the study found that entrepreneurship education positively and significantly effects self efficacy only within this framework.
Abstract: Entrepreneurship education has proliferated in universities following empirical studies linking it to entrepreneurship practice. The University of Malawi introduced entrepreneurship and innovation course to the bachelor of business administration programme and aims to make entrepreneurship a core module across academic programmes. This study assess...
Show More
