George Mukupa - Academia.edu (original) (raw)

Papers by George Mukupa

Research paper thumbnail of Zero-Waste Processes Utilizing Microbes

Energy, environment, and sustainability, 2024

Research paper thumbnail of Polyaniline Nanostructures: Techniques in Structure-Tailored Polymerization-Superstructures

IntechOpen eBooks, Aug 20, 2023

Research paper thumbnail of Optimal investment, consumption and life insurance problem with labour income and jump-diffusion model

Research Square (Research Square), May 14, 2024

Optimal investment, consumption and life insurance control problem with labour income and jump-di... more Optimal investment, consumption and life insurance control problem with labour income and jump-diffusion model for a CRRA wage earner is solved in this study. The wage earner invest in the financial market with one bond, two stocks, receive labor income and has a life insurance policy resulting to an incomplete market. The two stocks are described by jump-diffusion processes. Investors are concerned with sudden breaks or jumps in the dynamics of the risky securities. We investigates optimal investmentconsumption-insurance premium strategies that maximize the expected utility of consumption, legacy and terminal wealth under jump-diffusion models. A life insurance policy is purchased in order to hedge the financial wealth for the beneficiary in case of wage earner premature death. By applying Martingale approach, we prove the existence of optimal controls and optimal martingale measure.

Research paper thumbnail of Index Terms-Economic Growth, Multiple Regression

In this paper, we assess the key determinants of economic growth in Zambia between 1973 and 2013.... more In this paper, we assess the key determinants of economic growth in Zambia between 1973 and 2013. In this view, a model is developed to assess investment, infrastructure development, economic diversification, and human development. Following the endogenous growth theories which postulate that policies play a substantial role in advancing growth on a long-run basis, we make use of exploratory data analysis techniques, multiple regression analysis and statistical tests to model economic growth as a function of foreign direct investment, construction, exports of goods and services and gross national income per capita power parity. We find that the real domestic product increased four times per unit increase in foreign direct investment, and the gross national income has a one-to-one correspondence with economic growth.

Research paper thumbnail of Nanotechnology applications in food and bioprocess industries

Research paper thumbnail of An Empirical Analysis of The Determinants of Economic Growth In Zambia: 1973-2013

World journal of research and review, May 1, 2016

Research paper thumbnail of Portfolio Management Problem with Stochastic Wage Income and Inflation-Adjusted Wealth

Journal of Mathematical Finance

In this paper, the portfolio management problem with stochastic wage income and inflation risk fo... more In this paper, the portfolio management problem with stochastic wage income and inflation risk for CRRA investors is solved. In real life, investors experience stochastic wage income and inflation risk. This could be due to events such as COVID-19, fiscal policy, financial policy adjustments, and climate change. We consider an agent who invests in the financial market with one risk-free security (e.g. a money market account or bond) and one risky security (e.g. a stock or stock index). Our goal is to choose the optimal controls that maximize the objective function in order to obtain the value function. By applying Dynamic Programming Principle, we determine the HJB PDE. Solving the HJB PDE, we establish the value function and optimal controls.

Research paper thumbnail of Emerging Mobile Phone-based Social Engineering Cyberattacks in the Zambian ICT Sector

arXiv (Cornell University), Dec 28, 2022

The number of registered SIM cards and active mobile phone subscribers in Zambia in 2020 surpasse... more The number of registered SIM cards and active mobile phone subscribers in Zambia in 2020 surpassed the population of the country. This clearly shows that mobile phones in Zambia have become part of everyday life easing not only the way people communicate but also the way people perform financial transactions owing to the integration of mobile phone systems with financial payment systems. This development has not come without a cost. Cyberattackers, using various social engineering techniques have jumped onto the bandwagon to defraud unsuspecting users. Considering the aforesaid, this paper presents a high-order analytical approach towards mobile phone-based social engineering cyberattacks (phishing, SMishing, and Vishing) in Zambia which seek to defraud benign victims. This paper presents a baseline study to reiterate the problem at hand. Furthermore, we devise an attack model and an evaluation framework and ascertain the most prevalent types of attack. We also present a logistic regression analysis in the results section to conclude the most prevalent mobile phonebased type of social engineering attack. Based on the artifacts and observed insights, we suggest recommendations to mitigate these emergent social engineering cyberattacks.

Research paper thumbnail of An Empirical Analysis of The Determinants of Economic Growth In Zambia: 1973-2013

In this paper, we assess the key determinants of economic growth in Zambia between 1973 and 2013.... more In this paper, we assess the key determinants of economic growth in Zambia between 1973 and 2013. In this view, a model is developed to assess investment, infrastructure development, economic diversification, and human development. Following the endogenous growth theories which postulate that policies play a substantial role in advancing growth on a long-run basis, we make use of exploratory data analysis techniques, multiple regression analysis and statistical tests to model economic growth as a function of foreign direct investment, construction, exports of goods and services and gross national income per capita power parity. We find that the real domestic product increased four times per unit increase in foreign direct investment, and the gross national income has a one-to-one correspondence with economic growth.

Research paper thumbnail of The Impact of Load Shedding on The Cost of Living: A Zambian Perspective

In this paper, we assess the impact of Zambia Electricity Supply Corporationrsquos (ZESCO) power ... more In this paper, we assess the impact of Zambia Electricity Supply Corporationrsquos (ZESCO) power rationing (load shedding) on the cost of living of the Zambian people. We also assess whether the businesses and households have capacity to resort to alternative sources of energy in the time of crisis. Our results show that, although the rationing does not last for 24 hours in most places, the duration that businesses and households stay out of power is long enough to impact negatively on the livelihoods of the Zambian people and consequently itrsquos Economy. nbsp

Research paper thumbnail of Macro-Economic Variables Determining Stochastic Volatility of The Zambian Currency

In this paper, we assess the macro-economic determinants of the stochastic volatility of the Zamb... more In this paper, we assess the macro-economic determinants of the stochastic volatility of the Zambian currency over time. The research was motivated by the debates revolving around the depreciation of the Zambian currency against major foreign currencies, which are mainly characterized by a lack of empirical analysis and evidence of the factors influencing the volatility of the currency. We determine the correlation between the Zambian foreign currency exchange rate and the macro-economic variables including inflation, interest rate, foreign direct investment and external debt and forecast the volatility of the Zambian currency based on the historical data. Our results show a statistically significant relationship between the exchange rate of the Zambian currency and the macro-economic indicators at a 95 percent level of confidence. In this respect, the Zambian foreign currency exchange rate is found to be highly sensitive to external debt and foreign direct investment net inflows.

Research paper thumbnail of The Semimartingale Equilibrium Risk Premium for a Risk Seeking Investor

In this paper, we consider jump amplitudes which are arbitrary and normal to study the risk seeki... more In this paper, we consider jump amplitudes which are arbitrary and normal to study the risk seeking investor's equilibrium risk premium in the semimartingale market. We realize that, there is no optimal consumption for this investor in the market. The investor's premium differ significantly with risk aversion in both martingale and semimartingale markets in that the risk seeking investor has no optimal consumption and the wealth process only affects the rare-event premia with no effect on the diffusive premia. The compensation for this investor is highly attractive compared to risk aversion in this market.

Research paper thumbnail of Equilibrium Equity Premium in a Semi Martingale Market When Jump Amplitudes Follow a Binomial Distribution

Journal of Mathematical Finance

This paper studies equilibrium equity premium in a semi martingale market when jump amplitudes fo... more This paper studies equilibrium equity premium in a semi martingale market when jump amplitudes follow a binomial distribution. We take n to be the number of times. An investor is trading in this market with p being the probability that there is a shift in the price at the trading time t. We find significant variations in the equilibrium equity premium for the martingale and semi martingale markets in terms of wealth value, volatility and other parameters under study. In this market, the equilibrium equity premium remains constant regardless of volatility and wealth value.

Research paper thumbnail of The semi-martingale equilibrium equity premium for risk-neutral investors

International Journal of Financial Engineering

In this paper, we study the risk-neutral investor’s equilibrium equity premium in a semi-martinga... more In this paper, we study the risk-neutral investor’s equilibrium equity premium in a semi-martingale market with arbitrary, normal, binomial and gamma jumps. We simulate graphs for discrete distribution of jump amplitudes in order to study the parameter effect. The equity premium for this investor remains the same regardless of [Formula: see text] and [Formula: see text] variations in the linear utility function. In fact, there is no optimal consumption for [Formula: see text]. For normal jumps, our results are consistent with the risk-averse investor’s power utility effect on the equity premium. However, the binomial and gamma amplitudes show significant variations between risk neutrality and risk aversion.

Research paper thumbnail of The Risk Averse Investor's Equilibrium Equity Premium in a Semi Martingale Market with Arbitrary Jumps

Journal of Mathematics Research, 2016

In this paper, we study the risk averse investor's equilibrium equity premium in a semi martingal... more In this paper, we study the risk averse investor's equilibrium equity premium in a semi martingale market with arbitrary jumps. We realize that, if we normalize the market, the equilibrium equity premium is consistent to taking the risk free rate ρ = 0 in martingale markets. We also observe that the value process affects both the diffusive and rare-event premia except for the CARA negative exponential utility function. The bond price always affect the diffusive risk premium for this risk averse investor.

Research paper thumbnail of A Comparative Study of Equilibrium Equity Premium under Discrete Distributions of Jump Amplitudes

Journal of Mathematical Finance, 2016

In this paper, we compare equilibrium equity premium under discrete distributions of jump amplitu... more In this paper, we compare equilibrium equity premium under discrete distributions of jump amplitudes. In particular, we consider the binomial and gamma distributions because of their applicability in finance. For the binomial, we assume that the price movement is allowed to either increase or decrease with probability p or 1 − p respectively. n is the trading period thereby forming a vector x of jump sizes (shifts) whose distribution is a binomial over time. For the gamma, the jumps are taken to be rare events following a Poisson distribution whose waiting times between them follows a gamma. In both distributions, the optimal consumption of the investor is affected by the deterministic time preference function () y t but it has no effect on the diffusive and rare-events premia thereby not affecting the equilibrium equity premium. Also, for n k , 0 = , the volatility effect on the equity premium is the same in both the power and square root utility functions although the equity premium is not affected by the wealth process () V t. However, the wealth process affects the equity premium of the quadratic utility fuction. We observe no significant differences in equity premium for the two discrete distributions.

Research paper thumbnail of Factors that influence Zambian higher education lecturer’s attitude towards integrating ICTs in teaching and research

Journal of Technology and Science Education

This paper investigates factors that influence Zambian higher education lecturer’s attitude towar... more This paper investigates factors that influence Zambian higher education lecturer’s attitude towards integrating ICTs in research and teaching. To determine these factors, we used online administered survey with a total of 163 respondents from public and private higher education institutions in Zambia. Quantitative data analysis based on descriptive and inferential statistics was used in this study. Inferential analysis was employed to investigate the relationships among variables using Pearson correlation analysis and completely randomized design. The results revealed that lack of adequate Internet bandwidth is among the major barrier or obstacle for assimilating ICTs in research and teaching for Zambian higher education lecturers. Additionally, training lecturers on the use of ICTs e.g. email, PowerPoint presentations, electronic boards and its advantages is the most important incentive to motivate lecturers to incorporate ICTs in research and teaching. Therefore, this study contri...

Research paper thumbnail of Zero-Waste Processes Utilizing Microbes

Energy, environment, and sustainability, 2024

Research paper thumbnail of Polyaniline Nanostructures: Techniques in Structure-Tailored Polymerization-Superstructures

IntechOpen eBooks, Aug 20, 2023

Research paper thumbnail of Optimal investment, consumption and life insurance problem with labour income and jump-diffusion model

Research Square (Research Square), May 14, 2024

Optimal investment, consumption and life insurance control problem with labour income and jump-di... more Optimal investment, consumption and life insurance control problem with labour income and jump-diffusion model for a CRRA wage earner is solved in this study. The wage earner invest in the financial market with one bond, two stocks, receive labor income and has a life insurance policy resulting to an incomplete market. The two stocks are described by jump-diffusion processes. Investors are concerned with sudden breaks or jumps in the dynamics of the risky securities. We investigates optimal investmentconsumption-insurance premium strategies that maximize the expected utility of consumption, legacy and terminal wealth under jump-diffusion models. A life insurance policy is purchased in order to hedge the financial wealth for the beneficiary in case of wage earner premature death. By applying Martingale approach, we prove the existence of optimal controls and optimal martingale measure.

Research paper thumbnail of Index Terms-Economic Growth, Multiple Regression

In this paper, we assess the key determinants of economic growth in Zambia between 1973 and 2013.... more In this paper, we assess the key determinants of economic growth in Zambia between 1973 and 2013. In this view, a model is developed to assess investment, infrastructure development, economic diversification, and human development. Following the endogenous growth theories which postulate that policies play a substantial role in advancing growth on a long-run basis, we make use of exploratory data analysis techniques, multiple regression analysis and statistical tests to model economic growth as a function of foreign direct investment, construction, exports of goods and services and gross national income per capita power parity. We find that the real domestic product increased four times per unit increase in foreign direct investment, and the gross national income has a one-to-one correspondence with economic growth.

Research paper thumbnail of Nanotechnology applications in food and bioprocess industries

Research paper thumbnail of An Empirical Analysis of The Determinants of Economic Growth In Zambia: 1973-2013

World journal of research and review, May 1, 2016

Research paper thumbnail of Portfolio Management Problem with Stochastic Wage Income and Inflation-Adjusted Wealth

Journal of Mathematical Finance

In this paper, the portfolio management problem with stochastic wage income and inflation risk fo... more In this paper, the portfolio management problem with stochastic wage income and inflation risk for CRRA investors is solved. In real life, investors experience stochastic wage income and inflation risk. This could be due to events such as COVID-19, fiscal policy, financial policy adjustments, and climate change. We consider an agent who invests in the financial market with one risk-free security (e.g. a money market account or bond) and one risky security (e.g. a stock or stock index). Our goal is to choose the optimal controls that maximize the objective function in order to obtain the value function. By applying Dynamic Programming Principle, we determine the HJB PDE. Solving the HJB PDE, we establish the value function and optimal controls.

Research paper thumbnail of Emerging Mobile Phone-based Social Engineering Cyberattacks in the Zambian ICT Sector

arXiv (Cornell University), Dec 28, 2022

The number of registered SIM cards and active mobile phone subscribers in Zambia in 2020 surpasse... more The number of registered SIM cards and active mobile phone subscribers in Zambia in 2020 surpassed the population of the country. This clearly shows that mobile phones in Zambia have become part of everyday life easing not only the way people communicate but also the way people perform financial transactions owing to the integration of mobile phone systems with financial payment systems. This development has not come without a cost. Cyberattackers, using various social engineering techniques have jumped onto the bandwagon to defraud unsuspecting users. Considering the aforesaid, this paper presents a high-order analytical approach towards mobile phone-based social engineering cyberattacks (phishing, SMishing, and Vishing) in Zambia which seek to defraud benign victims. This paper presents a baseline study to reiterate the problem at hand. Furthermore, we devise an attack model and an evaluation framework and ascertain the most prevalent types of attack. We also present a logistic regression analysis in the results section to conclude the most prevalent mobile phonebased type of social engineering attack. Based on the artifacts and observed insights, we suggest recommendations to mitigate these emergent social engineering cyberattacks.

Research paper thumbnail of An Empirical Analysis of The Determinants of Economic Growth In Zambia: 1973-2013

In this paper, we assess the key determinants of economic growth in Zambia between 1973 and 2013.... more In this paper, we assess the key determinants of economic growth in Zambia between 1973 and 2013. In this view, a model is developed to assess investment, infrastructure development, economic diversification, and human development. Following the endogenous growth theories which postulate that policies play a substantial role in advancing growth on a long-run basis, we make use of exploratory data analysis techniques, multiple regression analysis and statistical tests to model economic growth as a function of foreign direct investment, construction, exports of goods and services and gross national income per capita power parity. We find that the real domestic product increased four times per unit increase in foreign direct investment, and the gross national income has a one-to-one correspondence with economic growth.

Research paper thumbnail of The Impact of Load Shedding on The Cost of Living: A Zambian Perspective

In this paper, we assess the impact of Zambia Electricity Supply Corporationrsquos (ZESCO) power ... more In this paper, we assess the impact of Zambia Electricity Supply Corporationrsquos (ZESCO) power rationing (load shedding) on the cost of living of the Zambian people. We also assess whether the businesses and households have capacity to resort to alternative sources of energy in the time of crisis. Our results show that, although the rationing does not last for 24 hours in most places, the duration that businesses and households stay out of power is long enough to impact negatively on the livelihoods of the Zambian people and consequently itrsquos Economy. nbsp

Research paper thumbnail of Macro-Economic Variables Determining Stochastic Volatility of The Zambian Currency

In this paper, we assess the macro-economic determinants of the stochastic volatility of the Zamb... more In this paper, we assess the macro-economic determinants of the stochastic volatility of the Zambian currency over time. The research was motivated by the debates revolving around the depreciation of the Zambian currency against major foreign currencies, which are mainly characterized by a lack of empirical analysis and evidence of the factors influencing the volatility of the currency. We determine the correlation between the Zambian foreign currency exchange rate and the macro-economic variables including inflation, interest rate, foreign direct investment and external debt and forecast the volatility of the Zambian currency based on the historical data. Our results show a statistically significant relationship between the exchange rate of the Zambian currency and the macro-economic indicators at a 95 percent level of confidence. In this respect, the Zambian foreign currency exchange rate is found to be highly sensitive to external debt and foreign direct investment net inflows.

Research paper thumbnail of The Semimartingale Equilibrium Risk Premium for a Risk Seeking Investor

In this paper, we consider jump amplitudes which are arbitrary and normal to study the risk seeki... more In this paper, we consider jump amplitudes which are arbitrary and normal to study the risk seeking investor's equilibrium risk premium in the semimartingale market. We realize that, there is no optimal consumption for this investor in the market. The investor's premium differ significantly with risk aversion in both martingale and semimartingale markets in that the risk seeking investor has no optimal consumption and the wealth process only affects the rare-event premia with no effect on the diffusive premia. The compensation for this investor is highly attractive compared to risk aversion in this market.

Research paper thumbnail of Equilibrium Equity Premium in a Semi Martingale Market When Jump Amplitudes Follow a Binomial Distribution

Journal of Mathematical Finance

This paper studies equilibrium equity premium in a semi martingale market when jump amplitudes fo... more This paper studies equilibrium equity premium in a semi martingale market when jump amplitudes follow a binomial distribution. We take n to be the number of times. An investor is trading in this market with p being the probability that there is a shift in the price at the trading time t. We find significant variations in the equilibrium equity premium for the martingale and semi martingale markets in terms of wealth value, volatility and other parameters under study. In this market, the equilibrium equity premium remains constant regardless of volatility and wealth value.

Research paper thumbnail of The semi-martingale equilibrium equity premium for risk-neutral investors

International Journal of Financial Engineering

In this paper, we study the risk-neutral investor’s equilibrium equity premium in a semi-martinga... more In this paper, we study the risk-neutral investor’s equilibrium equity premium in a semi-martingale market with arbitrary, normal, binomial and gamma jumps. We simulate graphs for discrete distribution of jump amplitudes in order to study the parameter effect. The equity premium for this investor remains the same regardless of [Formula: see text] and [Formula: see text] variations in the linear utility function. In fact, there is no optimal consumption for [Formula: see text]. For normal jumps, our results are consistent with the risk-averse investor’s power utility effect on the equity premium. However, the binomial and gamma amplitudes show significant variations between risk neutrality and risk aversion.

Research paper thumbnail of The Risk Averse Investor's Equilibrium Equity Premium in a Semi Martingale Market with Arbitrary Jumps

Journal of Mathematics Research, 2016

In this paper, we study the risk averse investor's equilibrium equity premium in a semi martingal... more In this paper, we study the risk averse investor's equilibrium equity premium in a semi martingale market with arbitrary jumps. We realize that, if we normalize the market, the equilibrium equity premium is consistent to taking the risk free rate ρ = 0 in martingale markets. We also observe that the value process affects both the diffusive and rare-event premia except for the CARA negative exponential utility function. The bond price always affect the diffusive risk premium for this risk averse investor.

Research paper thumbnail of A Comparative Study of Equilibrium Equity Premium under Discrete Distributions of Jump Amplitudes

Journal of Mathematical Finance, 2016

In this paper, we compare equilibrium equity premium under discrete distributions of jump amplitu... more In this paper, we compare equilibrium equity premium under discrete distributions of jump amplitudes. In particular, we consider the binomial and gamma distributions because of their applicability in finance. For the binomial, we assume that the price movement is allowed to either increase or decrease with probability p or 1 − p respectively. n is the trading period thereby forming a vector x of jump sizes (shifts) whose distribution is a binomial over time. For the gamma, the jumps are taken to be rare events following a Poisson distribution whose waiting times between them follows a gamma. In both distributions, the optimal consumption of the investor is affected by the deterministic time preference function () y t but it has no effect on the diffusive and rare-events premia thereby not affecting the equilibrium equity premium. Also, for n k , 0 = , the volatility effect on the equity premium is the same in both the power and square root utility functions although the equity premium is not affected by the wealth process () V t. However, the wealth process affects the equity premium of the quadratic utility fuction. We observe no significant differences in equity premium for the two discrete distributions.

Research paper thumbnail of Factors that influence Zambian higher education lecturer’s attitude towards integrating ICTs in teaching and research

Journal of Technology and Science Education

This paper investigates factors that influence Zambian higher education lecturer’s attitude towar... more This paper investigates factors that influence Zambian higher education lecturer’s attitude towards integrating ICTs in research and teaching. To determine these factors, we used online administered survey with a total of 163 respondents from public and private higher education institutions in Zambia. Quantitative data analysis based on descriptive and inferential statistics was used in this study. Inferential analysis was employed to investigate the relationships among variables using Pearson correlation analysis and completely randomized design. The results revealed that lack of adequate Internet bandwidth is among the major barrier or obstacle for assimilating ICTs in research and teaching for Zambian higher education lecturers. Additionally, training lecturers on the use of ICTs e.g. email, PowerPoint presentations, electronic boards and its advantages is the most important incentive to motivate lecturers to incorporate ICTs in research and teaching. Therefore, this study contri...