Godfred Aawaar - Academia.edu (original) (raw)

Papers by Godfred Aawaar

Research paper thumbnail of Economic activities’ response to the COVID-19 pandemic in developing countries

Scientific African

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Research paper thumbnail of African stock markets: empirics of development, integration, efficiency and investor herd behaviour

A thesis submitted to the Faculty of Commerce, Administration and Law in fulfillment of the Degre... more A thesis submitted to the Faculty of Commerce, Administration and Law in fulfillment of the Degree of Doctor of Philosophy in the Department of Economics at the University of Zululand, 2017

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Research paper thumbnail of What accounts for the high underwriting losses in the Ghanaian insurance industry?

African Journal of Economic and Management Studies

PurposeThis research explores to answer the question: What accounts for the substantial underwrit... more PurposeThis research explores to answer the question: What accounts for the substantial underwriting losses in the Ghanaian insurance industry?Design/methodology/approachThirty-four (34) insurers' audited financial reports covering the period of 2007 to 2017 were analysed through dynamic panel regression to uncover the underlying causes of high underwriting losses in the Ghanaian insurance industry.FindingsThe findings indicate that efforts at increasing market share by overtrading add no value to insurers underwriting profitability. The underwriting risk suggests that the industry charges disproportionately too small premiums for the risks it underwrites. This may indicate under-pricing by some insurers to grow their customer base.Practical implicationsThe findings have implications for managerial efficiency and risk management structures that align compensation with underwriting efficiency.Originality/valueThe association between managerial preference and the underwriting perf...

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Research paper thumbnail of Financial development and educational quality in Sub-Saharan Africa

Cogent Economics & Finance

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Research paper thumbnail of Using signalling theory to assess the Government of Ghana’s risk communication during the COVID-19 pandemic

Health SA Gesondheid

Background: The proliferation of information through social media and on other communication netw... more Background: The proliferation of information through social media and on other communication networks during the corona virus disease 2019 (COVID-19) era altered information transfer in many countries. The content of the messages from government officials, media coverage and alternative narratives, affected the level of compliance in adhering to the various health protocols amongst the public.Aim: This article aimed to determine the relationship between the message used, media coverage, alternative narratives, the public’s attitude towards staying at home and their commitment to stay at home during the COVID-19 pandemic campaign period in Ghana.Setting: A total of 352 respondents was sampled from the Kumasi metropolis.Methods: A survey sample strategy and a convenience sampling technique were used while structural equation modelling with Partial least square (PLS) version 3.0 was used for the analysis.Results: The study revealed that the nature of media coverage employed and the alt...

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Research paper thumbnail of Financial innovations and economic growth: Does financial inclusion play a mediating role?

Cogent Business & Management

Innovations in the financial sector play a critical role in promoting economic growth. Studies th... more Innovations in the financial sector play a critical role in promoting economic growth. Studies that have sought to investigate this linkage in sub- Saharan Africa have produced mixed results. None of the existing studies have attempted to examine the possible mediating role of financial inclusion in explaining the relationship between innovations and growth. This paper thus sought to establish if financial inclusion mediates the relationship between innovation and growth. Secondary data from (26 selected SSA countries over the period 2004 to 2017 were used. The data were analysed using the GMM estimation technique. It was found amongst other things that investments in innovations in the banking sector promote financial inclusion. In addition, financial inclusion fully mediates the relationship between innovation and economic growth. It is thus recommended that governments in the sub-region invest in the appropriate technological infrastructure that the banking sector can leverage on in the provision of banking services as the key to promoting financial inclusion and economic growth.

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Research paper thumbnail of Determinants of Capital Structure of Ghanaian Firms

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Research paper thumbnail of Market Integration and Informational Efficiency of Africa's Stock Markets

Market integration and informational efficiency of stock markets are key policy variables, yet ha... more Market integration and informational efficiency of stock markets are key policy variables, yet have long been studied as separate concepts. In this article, we address the forthright question of whether a more integrated stock market is also a more informationally efficient market using a panel of 11 of Africa’s leading stock markets for the period 2002-2014. We proxy market integration using the adjusted pricing error from an equilibrium international asset pricing model. The aggregate market-level price delay, which captures the relative speed of adjustment by each aggregate stock market to global common news, is used as an inverse measure of informational efficiency. We find compelling evidence that corroborates the hypothesis that markets that are more integrated with the world market tend to be more efficient as well. We suggest that policy efforts towards market integration and informational efficiency must be complementary as the two policy goals are closely related.

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Research paper thumbnail of Evolving Co-Movements of Africa’s Stock Markets: Evidence from DCC-GARCH Analysis

We used dynamic conditional correlation of the generalised autoregressive conditional heterosceda... more We used dynamic conditional correlation of the generalised autoregressive conditional heteroscedasticity (DCC GARCH) analytical technique to examine the evolving co-movements of Africa’s stock markets and the world stock market. We analysed the time-varying nature of the correlations of 11 of Africa’s leading stock markets with the world stock market using weekly stock price data covering the period 4 January 2002 – 26 December 2014. The results largely point to lower intra-regional and interregional co-movements amongst African stock markets, although the relative strengths differ across markets and regions. The findings further suggest evidence of greater comovements at varying degrees between the only African emerging markets of South Africa, Egypt, and Morocco as well as most stock markets in Southern Africa and the world stock market. We conclude that co-movements between stock markets in African and the world stock market are time-varying. An important implication of the findi...

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Research paper thumbnail of Investor Herd Behaviour in Africa’s Emerging and Frontier Markets

Daily returns of 224 stocks traded on three distinctively classified markets (stand-alone, fronti... more Daily returns of 224 stocks traded on three distinctively classified markets (stand-alone, frontier, and emerging) within a developing continent context are used, employing the Chang, Chen and Khorana (2000) measure. We provide evidence of the presence of investor herding in Africa’s emerging and frontier markets. Evidence of asymmetric herding activities during various market conditions is further provided. The paper also shows that the 2007-2009 global financial crisis did not intensify herding in African markets. The findings suggest that Africa’s leading markets are still fairly inefficient, allowing for potential excess returns for investment strategies that seek to explore market anomalies.

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Research paper thumbnail of Relationship between financial inclusion, banking stability and economic growth: a dynamic panel approach

PurposeThe purpose of this paper is to analyse the relationship between financial inclusion, bank... more PurposeThe purpose of this paper is to analyse the relationship between financial inclusion, banking stability and economic growth in sub-Saharan African countries given the interconnectedness between them. Globally, financial inclusion has gained recognition as a critical channel for promoting economic growth by bringing a large proportion of the unbanked population into the formal financial system. This cannot be achieved exclusive of the banking sector.Design/methodology/approachThis paper focussed on 18 countries in sub-Saharan Africa. Data on financial inclusion and the economy were obtained from the World Bank, and bank soundness indicators data were also obtained from International Monetary Fund covering the 11-year period from 2008 through 2018. Panel system generalised method of moments is employed for the regression analysis because it has the capability to produce unbiased and consistent results even if there is endogeneity in the model.FindingsThe results show that econo...

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Research paper thumbnail of Educational Sector Reforms in Ghana: A Review

This paper sought to examine and review the reforms in the education sector in Ghana. The motivat... more This paper sought to examine and review the reforms in the education sector in Ghana. The motivation of the authors was the fact that the paper would provide information and policy recommendations on the real state of educational sector reforms in Ghana for stakeholders’ consideration. Data were collected using a triangulation approach from three main sources including interview, observation and document analysis. The study identified various reforms that have taken place in both the pre-tertiary and tertiary educational levels in Ghana. The reforms, though often fashioned with good intentions, are often misunderstood, wrongly approached and accidently implemented. On the basis of the number of reforms that the education sector has experienced over the years, the paper concluded that education in Ghana can be described as being under experimentation, without a very clear direction and focus. The country appears very indecisive regarding the education system to adopt for all levels. ...

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Research paper thumbnail of Economic Engagement and Within Emerging Markets Integration

Research in International Business and Finance

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Research paper thumbnail of Determinants of working capital requirement in listed firms: Empirical evidence using a dynamic system GMM

Cogent Economics & Finance

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Research paper thumbnail of Economic activities’ response to the COVID-19 pandemic in developing countries

Scientific African

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Research paper thumbnail of African stock markets: empirics of development, integration, efficiency and investor herd behaviour

A thesis submitted to the Faculty of Commerce, Administration and Law in fulfillment of the Degre... more A thesis submitted to the Faculty of Commerce, Administration and Law in fulfillment of the Degree of Doctor of Philosophy in the Department of Economics at the University of Zululand, 2017

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Research paper thumbnail of What accounts for the high underwriting losses in the Ghanaian insurance industry?

African Journal of Economic and Management Studies

PurposeThis research explores to answer the question: What accounts for the substantial underwrit... more PurposeThis research explores to answer the question: What accounts for the substantial underwriting losses in the Ghanaian insurance industry?Design/methodology/approachThirty-four (34) insurers' audited financial reports covering the period of 2007 to 2017 were analysed through dynamic panel regression to uncover the underlying causes of high underwriting losses in the Ghanaian insurance industry.FindingsThe findings indicate that efforts at increasing market share by overtrading add no value to insurers underwriting profitability. The underwriting risk suggests that the industry charges disproportionately too small premiums for the risks it underwrites. This may indicate under-pricing by some insurers to grow their customer base.Practical implicationsThe findings have implications for managerial efficiency and risk management structures that align compensation with underwriting efficiency.Originality/valueThe association between managerial preference and the underwriting perf...

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Research paper thumbnail of Financial development and educational quality in Sub-Saharan Africa

Cogent Economics & Finance

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Research paper thumbnail of Using signalling theory to assess the Government of Ghana’s risk communication during the COVID-19 pandemic

Health SA Gesondheid

Background: The proliferation of information through social media and on other communication netw... more Background: The proliferation of information through social media and on other communication networks during the corona virus disease 2019 (COVID-19) era altered information transfer in many countries. The content of the messages from government officials, media coverage and alternative narratives, affected the level of compliance in adhering to the various health protocols amongst the public.Aim: This article aimed to determine the relationship between the message used, media coverage, alternative narratives, the public’s attitude towards staying at home and their commitment to stay at home during the COVID-19 pandemic campaign period in Ghana.Setting: A total of 352 respondents was sampled from the Kumasi metropolis.Methods: A survey sample strategy and a convenience sampling technique were used while structural equation modelling with Partial least square (PLS) version 3.0 was used for the analysis.Results: The study revealed that the nature of media coverage employed and the alt...

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Financial innovations and economic growth: Does financial inclusion play a mediating role?

Cogent Business & Management

Innovations in the financial sector play a critical role in promoting economic growth. Studies th... more Innovations in the financial sector play a critical role in promoting economic growth. Studies that have sought to investigate this linkage in sub- Saharan Africa have produced mixed results. None of the existing studies have attempted to examine the possible mediating role of financial inclusion in explaining the relationship between innovations and growth. This paper thus sought to establish if financial inclusion mediates the relationship between innovation and growth. Secondary data from (26 selected SSA countries over the period 2004 to 2017 were used. The data were analysed using the GMM estimation technique. It was found amongst other things that investments in innovations in the banking sector promote financial inclusion. In addition, financial inclusion fully mediates the relationship between innovation and economic growth. It is thus recommended that governments in the sub-region invest in the appropriate technological infrastructure that the banking sector can leverage on in the provision of banking services as the key to promoting financial inclusion and economic growth.

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Research paper thumbnail of Determinants of Capital Structure of Ghanaian Firms

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Market Integration and Informational Efficiency of Africa's Stock Markets

Market integration and informational efficiency of stock markets are key policy variables, yet ha... more Market integration and informational efficiency of stock markets are key policy variables, yet have long been studied as separate concepts. In this article, we address the forthright question of whether a more integrated stock market is also a more informationally efficient market using a panel of 11 of Africa’s leading stock markets for the period 2002-2014. We proxy market integration using the adjusted pricing error from an equilibrium international asset pricing model. The aggregate market-level price delay, which captures the relative speed of adjustment by each aggregate stock market to global common news, is used as an inverse measure of informational efficiency. We find compelling evidence that corroborates the hypothesis that markets that are more integrated with the world market tend to be more efficient as well. We suggest that policy efforts towards market integration and informational efficiency must be complementary as the two policy goals are closely related.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Evolving Co-Movements of Africa’s Stock Markets: Evidence from DCC-GARCH Analysis

We used dynamic conditional correlation of the generalised autoregressive conditional heterosceda... more We used dynamic conditional correlation of the generalised autoregressive conditional heteroscedasticity (DCC GARCH) analytical technique to examine the evolving co-movements of Africa’s stock markets and the world stock market. We analysed the time-varying nature of the correlations of 11 of Africa’s leading stock markets with the world stock market using weekly stock price data covering the period 4 January 2002 – 26 December 2014. The results largely point to lower intra-regional and interregional co-movements amongst African stock markets, although the relative strengths differ across markets and regions. The findings further suggest evidence of greater comovements at varying degrees between the only African emerging markets of South Africa, Egypt, and Morocco as well as most stock markets in Southern Africa and the world stock market. We conclude that co-movements between stock markets in African and the world stock market are time-varying. An important implication of the findi...

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Research paper thumbnail of Investor Herd Behaviour in Africa’s Emerging and Frontier Markets

Daily returns of 224 stocks traded on three distinctively classified markets (stand-alone, fronti... more Daily returns of 224 stocks traded on three distinctively classified markets (stand-alone, frontier, and emerging) within a developing continent context are used, employing the Chang, Chen and Khorana (2000) measure. We provide evidence of the presence of investor herding in Africa’s emerging and frontier markets. Evidence of asymmetric herding activities during various market conditions is further provided. The paper also shows that the 2007-2009 global financial crisis did not intensify herding in African markets. The findings suggest that Africa’s leading markets are still fairly inefficient, allowing for potential excess returns for investment strategies that seek to explore market anomalies.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Relationship between financial inclusion, banking stability and economic growth: a dynamic panel approach

PurposeThe purpose of this paper is to analyse the relationship between financial inclusion, bank... more PurposeThe purpose of this paper is to analyse the relationship between financial inclusion, banking stability and economic growth in sub-Saharan African countries given the interconnectedness between them. Globally, financial inclusion has gained recognition as a critical channel for promoting economic growth by bringing a large proportion of the unbanked population into the formal financial system. This cannot be achieved exclusive of the banking sector.Design/methodology/approachThis paper focussed on 18 countries in sub-Saharan Africa. Data on financial inclusion and the economy were obtained from the World Bank, and bank soundness indicators data were also obtained from International Monetary Fund covering the 11-year period from 2008 through 2018. Panel system generalised method of moments is employed for the regression analysis because it has the capability to produce unbiased and consistent results even if there is endogeneity in the model.FindingsThe results show that econo...

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Research paper thumbnail of Educational Sector Reforms in Ghana: A Review

This paper sought to examine and review the reforms in the education sector in Ghana. The motivat... more This paper sought to examine and review the reforms in the education sector in Ghana. The motivation of the authors was the fact that the paper would provide information and policy recommendations on the real state of educational sector reforms in Ghana for stakeholders’ consideration. Data were collected using a triangulation approach from three main sources including interview, observation and document analysis. The study identified various reforms that have taken place in both the pre-tertiary and tertiary educational levels in Ghana. The reforms, though often fashioned with good intentions, are often misunderstood, wrongly approached and accidently implemented. On the basis of the number of reforms that the education sector has experienced over the years, the paper concluded that education in Ghana can be described as being under experimentation, without a very clear direction and focus. The country appears very indecisive regarding the education system to adopt for all levels. ...

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Research paper thumbnail of Economic Engagement and Within Emerging Markets Integration

Research in International Business and Finance

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Determinants of working capital requirement in listed firms: Empirical evidence using a dynamic system GMM

Cogent Economics & Finance

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