Papers by Paul Q. Eleke-Aboagye
Journal of economics and sustainable development, 2013
Adequate sewerage tariff determination has been a challenge to the Accra Metropolitan Assembly (A... more Adequate sewerage tariff determination has been a challenge to the Accra Metropolitan Assembly (AMA) for effective management of sewerage in Accra. Hence the aim of this study is to assess the current tariff system for provision of sewerage services and how its review can improve upon the system in Accra. The study which was conducted from July 2009 to December 2009 looked at the sewerage tariff model being implemented, willingness and ability of sewerage users to pay for the service, full cost recovery tariff and operation and maintenance (O&M) cost recovery tariff as well as the amount of subsidies to be paid to support proper delivery of sewerage services in Accra. While the Statistical Package for Social Sciences was used to analyse data to determine the willingness and ability to pay for sewer usage, the Average Incremental Cost was used to determine the O&M and full cost recovery tariffs. The results indicated that while full cost recovery tariff and O&M cost recovery tariff per month were determined to be GH¢ 17.06 per household (GH¢ 2.06/m 3) and GH¢ 7.12 per household (GH¢ 0.86/m 3) respectively, the current average sewer user fee is GH¢ 5.14 per household (GH¢ 0.62/m 3). Therefore the current sewer user fee is inadequate to generate enough revenue for the service provider to increase the level of service needed by customers. It is therefore recommended that sewer user charges should be increased progressively to achieve O&M cost recovery and full cost recovery, subject to affordability. Also major industrial polluters should be charged on a two-part tariff system based on volume of wastewater and level of pollution. Public education and awareness of tariff increases should be done for customers to understand the main components of the tariff and what the increased revenue resulting from increased tariff will be used for, so as to enhance payment. For the regulatory body (ies) to fix realistic tariffs or request for the right amount of subsidy within a particular period time, elaborate studies on sewer user fees must be conducted regularly (once every other year).
Research Journal of Finance and Accounting, 2013
This study was designed to assess the effect of microfinance on Small Scale Enterprises (SSEs) in... more This study was designed to assess the effect of microfinance on Small Scale Enterprises (SSEs) in wealth creation and poverty reduction in Ghana. Specifically, it was designed to examine the various sources of finance needed by SSEs for start-up survival and future expansion; ascertain the current microfinance institutions (MFIs) arrangements to finance SSEs towards wealth creation and poverty reduction; determine the main obstacles hindering SSEs in accessing credit to MFIs; determine the main challenges MFIs face in advancing credit to SSEs; and identify new and sustainable ways MFIs can utilize to advance credit to SSEs. Five research questions that guided this study were gleaned from these research objectives. The study was a survey designed with questionnaires as the major means of data gathering. The respondents for the study come from 5 MFIs and 85 SSEs who operate in Abossey Okai. While the respondents from the MFIs were selected purposively, those from the SSEs were selected conveniently. The study found that personal sources were the main sources of funding for SSEs start-up and expansion. Other sources such as commercial and microloans contribute marginally to start-up and growth relative to personal sources. It was also found that the current MFIs arrangements to finance SSEs include different types of loans whiles the major challenges SSEs face in sourcing for credit include laborious loan application process, the demand for non-existent collateral among others. Meanwhile the challenges MFIs face in advancing credit to SSEs pertains mainly to default and their inability to recover loans. In the light of these findings, it was suggested that MFIs should ensure that they understand the business of their clients to be able to design products and services that fit their needs. Such products should be marketed to the target recipients to ensure that these products are patronized.
Research Journal of Finance and Accounting, 2013
In an efficient market, information is as plentiful and inexpensive, and the market is expected t... more In an efficient market, information is as plentiful and inexpensive, and the market is expected to immediately absorb any information released to the public. This paper examined the effect of earnings announcement on GSE by analyzing changes in share prices for the period from January 2010 to June 2013. The study population was all the listed companies on GSE and 10 companies were selected for the study. Abnormal returns during an event window of 21 days were determined using the event study methodology by employing the market model on data collected about selected companies. Inferential and descriptive statistics were used to test for significant effect of earnings announcement on share prices. The results obtained indicate that the abnormal returns around the earnings announcement were not significant at a 5 % margin of error and the insignificant cumulative average abnormal returns surrounding the event date are inconsistent with EMH. This suggests that the Ghana stock market does not efficiently adjust to earnings information. It is concluded that earnings announcement depicted no major effect on share prices of companies at the time of the announcement as well as immediately after the announcements.
Qualitative Research in Financial Markets, Jun 9, 2021
Purpose The finance literature is awash with papers bordering on the classical assumption that in... more Purpose The finance literature is awash with papers bordering on the classical assumption that investors are rational in their decision-making, and hence, would always take decisions rationally given the right information, thus making the stock market efficient. This assumption has, however, been found to be at least inadequate given the fact that investors are complex psychological beings full of emotions. This paper aims to investigate the psychological factors that tend to influence the decisions of investors. Design/methodology/approach The study used a questionnaire to survey a total of 350 investors holding stocks of listed banks on the Ghana Stock Exchange (GSE). Findings The study found the existence of various behavioural biases among the investors surveyed. The most dominant factor or bias found to be influencing investment decisions of respondents was herding with nearly 62% weight. Again, biases such as regret aversion and gambler’s fallacy were also found to strongly influence the decisions of investors, along with mental accounting, overconfidence and anchoring. Practical implications The presence of these behavioural biases, therefore suggests that investors do not always take rational decisions, and hence, making the stock market efficient and that as psychological beings, their investment decisions are impacted strongly by their psychology. Originality/value The study used a questionnaire to survey a total of 350 investors holding stocks of listed banks on the GSE with a special focus on overconfidence, anchoring, herding, gambler’s fallacy, mental accounting and regret aversion as the variables of interest, the first of its kind in Ghana.
Research Journal of Finance and Accounting, 2013
In an efficient market, information is as plentiful and inexpensive, and the market is expected t... more In an efficient market, information is as plentiful and inexpensive, and the market is expected to immediately absorb any information released to the public. This paper examined the effect of earnings announcement on GSE by analyzing changes in share prices for the period from January 2010 to June 2013. The study population was all the listed companies on GSE and 10 companies were selected for the study. Abnormal returns during an event window of 21 days were determined using the event study methodology by employing the market model on data collected about selected companies. Inferential and descriptive statistics were used to test for significant effect of earnings announcement on share prices. The results obtained indicate that the abnormal returns around the earnings announcement were not significant at a 5 % margin of error and the insignificant cumulative average abnormal returns surrounding the event date are inconsistent with EMH. This suggests that the Ghana stock market does not efficiently adjust to earnings information. It is concluded that earnings announcement depicted no major effect on share prices of companies at the time of the announcement as well as immediately after the announcements.
This study was designed to assess the effect of microfinance on Small Scale Enterprises (SSEs) in... more This study was designed to assess the effect of microfinance on Small Scale Enterprises (SSEs) in wealth creation and poverty reduction in Ghana. Specifically, it was designed to examine the various sources of finance needed by SSEs for start-up survival and future expansion; ascertain the current microfinance institutions (MFIs) arrangements to finance SSEs towards wealth creation and poverty reduction; determine the main obstacles hindering SSEs in accessing credit to MFIs; determine the main challenges MFIs face in advancing credit to SSEs; and identify new and sustainable ways MFIs can utilize to advance credit to SSEs. Five research questions that guided this study were gleaned from these research objectives. The study was a survey designed with questionnaires as the major means of data gathering. The respondents for the study come from 5 MFIs and 85 SSEs who operate in Abossey Okai. While the respondents from the MFIs were selected purposively, those from the SSEs were selecte...
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Papers by Paul Q. Eleke-Aboagye