Papers by IFUERO OSAMWONYI
Global Journal of Social Sciences, Oct 24, 2007
No Abstract.African Journal for the psychological studies of social issue Vol. 10 (1&2) 2007: pp.... more No Abstract.African Journal for the psychological studies of social issue Vol. 10 (1&2) 2007: pp. 1-1
International Journal of Financial Research
This study examines the relationship between financial development and life insurance demand in S... more This study examines the relationship between financial development and life insurance demand in Sub-Saharan Africa with a sample of fifteen countries. These countries are Nigeria, South Africa, Namibia, Cameroon, Ghana, Cote d’Ivoire, Sudan, Kenya, Uganda, Mozambique, Togo, Benin, Senegal, Cape Verde and Zambia. The specific objectives are to determine the relative effect of financial depth, as well as major macroeconomic factors, preferences and life insurance demand in the sampled countries. It is argued in this study that the traditional textbook and theoretical factors driving demand for life insurance may not be extensively dominant in the case of Sub-Sahara Africa where low formal financial patronage are rife. Using annual data covering the period 1990 – 2011 (22 years), the study applies the panel data estimation, which allows for endogenization of individual country characteristics in the analysis. The model adopted in this study categorises all the necessary macroeconomic f...
International Journal of Financial Research
This study examines the relationship between financial development and life insurance demand in S... more This study examines the relationship between financial development and life insurance demand in Sub-Saharan Africa with a sample of fifteen countries. These countries are Nigeria, South Africa, Namibia, Cameroon, Ghana, Cote d’Ivoire, Sudan, Kenya, Uganda, Mozambique, Togo, Benin, Senegal, Cape Verde and Zambia. The specific objectives are to determine the relative effect of financial depth, as well as major macroeconomic factors, preferences and life insurance demand in the sampled countries. It is argued in this study that the traditional textbook and theoretical factors driving demand for life insurance may not be extensively dominant in the case of Sub-Sahara Africa where low formal financial patronage are rife. Using annual data covering the period 1990 – 2011 (22 years), the study applies the panel data estimation, which allows for endogenization of individual country characteristics in the analysis. The model adopted in this study categorises all the necessary macroeconomic f...
International Journal of Information and Decision Sciences
Journal of Banking, 2017
Abstract
This paper considers investment behaviour in the Nigerian stock
market with particular r... more Abstract
This paper considers investment behaviour in the Nigerian stock
market with particular reference to the Cumulative Prospect
Theory. As an exploratory study a small sample set is surveyed
using structured questionnaires; the study examined various
investors’ characteristics that can influence investor’s behaviour
in the stock market. Cross tabulation, descriptive statistics,
correlation matrix and Chi-square are employed for data
analysis. From the analysis, the study finds that investment
behaviour in the Nigerian stock market is consistent with the
prediction of the Cumulative Prospect Theory. Individuals are
risk – averse over gains and risk – seeking over losses, and that
they tend to overweight low – probability events while
underweighting the likelihood of high – probability ones. The
study identifies some behavioural bias factors such as feelings,
news of loss, and crowd influence as important. The study tends
to suggest that the major participants in the Nigerian financial
markets should design products and strategies that will cover
Organizations are formed to realize goals. Consequently, efforts of organization members are inte... more Organizations are formed to realize goals. Consequently, efforts of organization members are intended to be directed at achieving organizational goals. However, the extent to which organization members will contribute efforts to organizational goal realization is contingent, to a very degree, on the rewards attached to goal-directed efforts or behavior. Research has shown that behavior that is rewarded is the behavior that is more likely to be repeated. Thus, in organizations, the extent to which rewards are linked to goal achievement will have implications for the display of goal-directed behaviors. This study attempts to ascertain the behaviourial implications of the current reward system for academics in Nigerian universities. The study reveals that a majority of Nigerian academics believe that teaching is the primary purpose for establishing a university, but that the reward system is linked more to research and publications rather than teaching. They then submitted that they wo...
Acta Universitatis Danubius: Oeconomica, 2021
This study examines the effect of disposable income on life insurance demand in Sub- Saharan Afri... more This study examines the effect of disposable income on life insurance demand in Sub- Saharan Africa by taking a sample of 15 selected African countries in the Sub-Sahara region. To achieve this, we selected various countries of our interest that have consistently published their data between 1995 and 2016. The specific objectives are to determine the relative effect of per capita income, as well as major macroeconomic factors and preferences on life insurance demand in the sample countries. A sample of fifteen (15) selected African countries in the Sub-Saharan region formed the sample of this study, this was to ensure adequate observation for statistical testing. We adopted a panel (balanced) data analysis to identify the possible country's specific type of disposable income and how it affects life insurance demand. To this end, we conducted the unit root test analysis to check the level of data stationarity in the specified models. Fixed and random effects panel data techniques...
International Journal of Financial Research, 2013
In the paper, we examine the causal relationship and the direction of causality between stock mar... more In the paper, we examine the causal relationship and the direction of causality between stock market development and economic growth in Ghana, Kenya and Nigeria. In examining the causal relationship and the direction of causality, we used the Granger Causality test procedure as developed in Granger. The study regressed five indicators of stock market namely stock market capitalization (MC), stock turnover ratio (STO), stock traded value (TVL), number of listed securities (LS), and stock market index (MI) against the real gross domestic product (GDP) which is used as a proxy for economic growth.
Journal of Financial Management and analysis, 2007
Unclaimed dividends refer to declared dividends warrants sent to the various shareholders' ad... more Unclaimed dividends refer to declared dividends warrants sent to the various shareholders' addresses that are returned unpaid for one reason or the other to the company. Nigerian investors similar to those of most developing countries are dividend driven, therefore the growth of unclaimed dividends has become a major problem. This study therefore addresses the issues of huge incidence of unclaimed dividends, causes and appropriate solutions in Nigeria. The poor communication infrastructure backbone, legal problems and environmental problems were identified. Solutions suggested include Trust Fund, dividends reinvestment plan and improved registrar services.
The study examines Stock Market development and economic growth in Nigeria and South Africa using... more The study examines Stock Market development and economic growth in Nigeria and South Africa using quarterly time series data for the period 1995Q1 to 2015Q4 sourced from World Bank Indicator. The granger causality test and ordinary least squares multivariate regression and panel estimation methods were employed to determine how stock market development impacts on and granger causes economic growth of the emerging countries. Stationarity test was conducted using the Augmented Dickey Fuller test to ensure the regression result was devoid of spuriousness. Findings arising from the empirical estimations indicate that in Brazil, Russia, India, China and South African (BRICS), Total Value of Stock Traded Ratio (TVSTR) Granger causes Turnover Ratio (TR) unidirectionally while bi-directional relationship exists between Inflation Rate (INFR) and Real Gross Domestic Product Growth Rate (RGDPGR). In Nigeria, stock market development does not granger cause economic growth, and vice versa. Howe...
Journal of Asian Scientific Research, 2013
Organizational ailments and failures are common in Nigeria, and poor management style has contrib... more Organizational ailments and failures are common in Nigeria, and poor management style has contributed significantly to these failures. The paper is aimed at studying whether harmonious industrial relations can be used as a panacea for organizational ailments especially that relating to human resources management. The method and techniques employed in collecting data and information for this study include critical summary of some existing literature and data collection (questionnaire and oral interview). Our conclusion inter alia is that a harmonious industrial relation is indeed a most potent panacea for organization suffering from poor management, and that the support framework exists for the internalization as a management culture. The pivot is transaction theory and the theme is that collaboration will ensure positive change and team effort.
Journal of Applied Finance and Banking, 2016
The objective of the study is to establish whether quoted manufacturing companies in Nigeria are ... more The objective of the study is to establish whether quoted manufacturing companies in Nigeria are operating on the production possibility frontier, that is, if they are technically and scale efficient. In pursuance of this, the study adopted the output orientated DEA with input variables as total asset, shareholder’s equity, cost of goods sold and operating expenses, while the output variables are sales/turnover, net profit, return on asset, and return on equity. Output orientated DEAP Version 2.1 package with variable return to scale assumption using multi-stage DEA is employed. The analysis revealed that quoted manufacturing companies in Nigeria are efficient with an average variable return to scale mean score of 85% and scale efficiency mean score of 76%. A breakdown of the results shows that thirty-one companies out of the fifty-eight companies selected for the study are operating on production possibility frontier while the remaining twenty-seven companies are not. It is recom...
International Journal of Financial Research, 2017
This study seeks to investigate the effect of presidential elections on investors’ portfolio sele... more This study seeks to investigate the effect of presidential elections on investors’ portfolio selection in Nigeria from 2003 to 2011. The regression analysis was used to identify the effects that election could have on stock prices in the country, while event study was applied to investigate the focused effects of election event on portfolio selection in the Nigerian stock exchange. Price index for high and medium capitalization stocks were used in the analysis. The study showed that there were low returns performance in the stock market during elections and that elections events have strong (generally) negative effects on abnormal returns for the selected companies in the Nigerian Stock Exchange. In addition, the study showed a negative relationship between the return and risk behaviour of selected companies and election announcement in Nigeria. It is recommended that government and relevant authorities should increase the surveillance of both the market and political system prior t...
Journal of Financial Management and analysis, 2013
In this study we test for the existence of calendar effect in Nigerian stock market returns. The ... more In this study we test for the existence of calendar effect in Nigerian stock market returns. The data utilised comprised of the daily All Shares Price Index returns for a period of 1339 sampled days ranging from 19th April 2005 to 30th September 2010. In testing for calendar effect in the Nigerian bourse (stock exchange) for the period of study, we utilized relevant descriptive statistics such as mean, standard deviation, skewness, kurtosis and Jaque-Bera (JB) test to enable us understand and compare the unique statistical properties of the stock returns utilized. We also subjected the daily stock returns to stationary tests using Augmented Dicker-Fuller (ADF) and the Philip-Per ron (PP) Unit root test, while the data analysis was performed using the multiple ordinary least square regression (OLS) techniques in testing for the day of the week and month of the year effect. Our findings revealed that Monday Thursday and Friday are associated with negative market returns (R) while Tues...
The improved performance of stock exchanges in Nigeria and in other developing countries, in term... more The improved performance of stock exchanges in Nigeria and in other developing countries, in terms of its All-share index, stock market turnover and market capitalization has engendered public confidence in the stock market. Investments inflows coupled with enhanced economic activities has brought to the fore the current emphasis on effective and efficient fund management. The task before the investor and fund manager is to determine the optimal asset mix in order to remain competitive. The objective of this paper is to present a linear programming technique that can be applied in the selection of an optimal investment portfolio as an alternative to the single asset selection method popular with fund managers in Nigeria and other African economies. Using the theoretical framework of Sharpe's Single Index Model, a sample of ten companies quoted on the Nigerian Stock Exchange was used in formulating a linear programming model. This model performed better than the single asset sele...
The paper examined the empirical impact of the capital market on economic development in Nigeria ... more The paper examined the empirical impact of the capital market on economic development in Nigeria using a time series data from 1986 to 2005. The co-integration estimation technique found support for the existence of long run relationship between the capital market and economic development. The empirical evidence supported the positive impact of the capital market on economic development in Nigeria proxied by Gross Fixed Capital Formation. It was then suggested interalia that new instruments such as asset-backed securities and derivatives should be facilitated by the necessary policy and legal framework that will deepen the market.
This study investigates the long term relationship between the behaviour of stock markets during ... more This study investigates the long term relationship between the behaviour of stock markets during the 2008 crisis and some selected international macroeconomic variables using information from January 2005 to December 2015. The procedures of the Autoregressive Distributed Lag modeling techniques (ARDL) are employed for the analysis. The bounds testing procedure in the ARDL framework is used to test for the existence of long term relationships between stock market behaviour and global economic factors (interest rate, exchange rate, index of industrial production and oil price) as well as the direction of effects, while estimated coefficients are used to test the pattern of long term relationships among the variables. The study revealed that a significant long term relationship exists between stock price movements and these global economic trends while the stock market crash significantly impacted the efficiency of the markets under review. Thus, it is recommended that market fundament...
This study explores whether board political connection is important to firms performance in Niger... more This study explores whether board political connection is important to firms performance in Nigeria which has a growing financial market. The study also provides a descriptive analysis of firms whose board members are politically connected in the context of Nigeria, with a special focus on their corporate governance features. A total of thirty listed firms in the Nigerian Stock Exchange were used. Secondary sources of data were used. The research data were analyzed based on regression analysis using ordinary least square method and correlation analysis .The empirical findings revealed that there is no significant positive relationship between board composition, board political connection and firm performance. There is a negative relationship between board size and firm performance. Therefore, managers should lay appropriate policy in order to maximize firm performance as well as organizing the firm’s resources. Keywords: Firm Performance, Political connection, Board Size, Board Comp...
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Papers by IFUERO OSAMWONYI
This paper considers investment behaviour in the Nigerian stock
market with particular reference to the Cumulative Prospect
Theory. As an exploratory study a small sample set is surveyed
using structured questionnaires; the study examined various
investors’ characteristics that can influence investor’s behaviour
in the stock market. Cross tabulation, descriptive statistics,
correlation matrix and Chi-square are employed for data
analysis. From the analysis, the study finds that investment
behaviour in the Nigerian stock market is consistent with the
prediction of the Cumulative Prospect Theory. Individuals are
risk – averse over gains and risk – seeking over losses, and that
they tend to overweight low – probability events while
underweighting the likelihood of high – probability ones. The
study identifies some behavioural bias factors such as feelings,
news of loss, and crowd influence as important. The study tends
to suggest that the major participants in the Nigerian financial
markets should design products and strategies that will cover
This paper considers investment behaviour in the Nigerian stock
market with particular reference to the Cumulative Prospect
Theory. As an exploratory study a small sample set is surveyed
using structured questionnaires; the study examined various
investors’ characteristics that can influence investor’s behaviour
in the stock market. Cross tabulation, descriptive statistics,
correlation matrix and Chi-square are employed for data
analysis. From the analysis, the study finds that investment
behaviour in the Nigerian stock market is consistent with the
prediction of the Cumulative Prospect Theory. Individuals are
risk – averse over gains and risk – seeking over losses, and that
they tend to overweight low – probability events while
underweighting the likelihood of high – probability ones. The
study identifies some behavioural bias factors such as feelings,
news of loss, and crowd influence as important. The study tends
to suggest that the major participants in the Nigerian financial
markets should design products and strategies that will cover