Gabriel Nkechukwu - Academia.edu (original) (raw)
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Papers by Gabriel Nkechukwu
Emerging Markets Economics: Macroeconomic Issues & Challenges eJournal, 2017
The study examined the effect of stock market reform activities on standard of living in Nigeria ... more The study examined the effect of stock market reform activities on standard of living in Nigeria for the period of 1986 to 2014. The objective of the study is to evaluate the contributions of market capitalization and stock market volatility on the standard of living in Nigeria. The study was structured around an expo facto research design on secondary data sourced from various issues of Central Bank of Nigeria (CBN) Statistical Bulletin, World Development Indicators (WDI), and Nigeria Stock Exchange Factbook. Two models were developed to test the hypotheses formulated for the study. Johanson Co-integration test was conducted and indicated the existence of a long run relationship among the variables employed for each model tested at 5% level of significance. Ordinary least square analysis (OLS) was used to test the hypothesis. The result revealed that both stock market capitalization and stock market volatility have a significant effect on standard of living of the citizens. The stu...
This study was undertaken to evaluate the effect of macroeconomic variables on stock market price... more This study was undertaken to evaluate the effect of macroeconomic variables on stock market prices using annual time series datasets for Nigeria for the period 1980-2013. The data were analyzed with the application of OLS regression technique. The study employs Johansen cointegration and VECM based on arbitrage pricing theory (APT) of Ross (1976). The macroeconomic variables utilized were gross domestic product (GDP) and broad money supply (M2). The results of the findings indicate that Nigerian stock market prices have long-run relationship with macroeconomic variables. However, GDP has significant long-run negative effect on stock prices contrary to a priori expectation that GDP has significant positive effect on stock prices. But M2 has significant long-run positive effect on stock prices, the result being consistent with a priori expectation. Again, there is unidirectional causal effect between GDP and stock prices with direction running from stock prices to GDP. Whereas there i...
The main objective of this paper is to examine the partial and joint effects of disaggregated cap... more The main objective of this paper is to examine the partial and joint effects of disaggregated capital expenditures on economic growth in Nigeria. The study is perceived on the causal effect between government expenditure and economic growth. Annual timeseries data coverage 1981-2013 for capital expenditure on education, health, agriculture and road construction were analyzed using ordinary least square multiple regression model to predict economic growth. The Data were obtained from the Central Bank of Nigeria Statistical Bulletin. Cointegration and VECMs were applied in estimating the data to test the long-run and short-run effect of the variables on the economic growth. Granger-causality tests were conducted to ascertain the cause-effect of the variables. Results indicate there exists long-run positive relationship between economic growth and capital expenditure on education and road; while there is longrun negative relationship between economic growth and capital expenditures on ...
Emerging Markets Economics: Macroeconomic Issues & Challenges eJournal, 2017
The study examined the effect of stock market reform activities on standard of living in Nigeria ... more The study examined the effect of stock market reform activities on standard of living in Nigeria for the period of 1986 to 2014. The objective of the study is to evaluate the contributions of market capitalization and stock market volatility on the standard of living in Nigeria. The study was structured around an expo facto research design on secondary data sourced from various issues of Central Bank of Nigeria (CBN) Statistical Bulletin, World Development Indicators (WDI), and Nigeria Stock Exchange Factbook. Two models were developed to test the hypotheses formulated for the study. Johanson Co-integration test was conducted and indicated the existence of a long run relationship among the variables employed for each model tested at 5% level of significance. Ordinary least square analysis (OLS) was used to test the hypothesis. The result revealed that both stock market capitalization and stock market volatility have a significant effect on standard of living of the citizens. The stu...
This study was undertaken to evaluate the effect of macroeconomic variables on stock market price... more This study was undertaken to evaluate the effect of macroeconomic variables on stock market prices using annual time series datasets for Nigeria for the period 1980-2013. The data were analyzed with the application of OLS regression technique. The study employs Johansen cointegration and VECM based on arbitrage pricing theory (APT) of Ross (1976). The macroeconomic variables utilized were gross domestic product (GDP) and broad money supply (M2). The results of the findings indicate that Nigerian stock market prices have long-run relationship with macroeconomic variables. However, GDP has significant long-run negative effect on stock prices contrary to a priori expectation that GDP has significant positive effect on stock prices. But M2 has significant long-run positive effect on stock prices, the result being consistent with a priori expectation. Again, there is unidirectional causal effect between GDP and stock prices with direction running from stock prices to GDP. Whereas there i...
The main objective of this paper is to examine the partial and joint effects of disaggregated cap... more The main objective of this paper is to examine the partial and joint effects of disaggregated capital expenditures on economic growth in Nigeria. The study is perceived on the causal effect between government expenditure and economic growth. Annual timeseries data coverage 1981-2013 for capital expenditure on education, health, agriculture and road construction were analyzed using ordinary least square multiple regression model to predict economic growth. The Data were obtained from the Central Bank of Nigeria Statistical Bulletin. Cointegration and VECMs were applied in estimating the data to test the long-run and short-run effect of the variables on the economic growth. Granger-causality tests were conducted to ascertain the cause-effect of the variables. Results indicate there exists long-run positive relationship between economic growth and capital expenditure on education and road; while there is longrun negative relationship between economic growth and capital expenditures on ...