IOSR-JEF   Volume-9 ~ Issue-3 ~ May-June 2018

Abstract: The study examines the Nexus between stock market volatility and economic growth in Nigeria. An evaluation of literature on the transmission between stock market volatility and economic growth was conducted resulting into specification of an empirical model. The researchers adapted Generalized Autoregressive Conditional Herteroskedascity (GARCH) and Bivariate GARCH (BGARCH) specifications to account for the relationship between the variables. The study employed quarterly data for the period of 1985 to 2015. The data frequency selected ensured an adequate number of observations. The maximum likelihood estimation technique was adopted to estimate the model.........

Abstract: The effect of dividend policy on value of the firm is the most debated issue in the field of finance because the dividend decision is correlated with investment decision and financing decision of a listed firm. The most important factor that is considered in working capital financing decision is the dividend policy of a firm because working capital requirement can be financed by the retained earnings. A large number of literatures that support and do not support this wisdom have been found. So, the current study has been undertaken aiming at evaluating the effect of dividend policy on working capital requirement of listed Pharmaceutical companies. The study has covered secondary data and analyzed the data by employing descriptive statistics, correlation and multiple regression models. Different tests of hypotheses are employed to test the coefficient, constant and fitness of the model. The study has found that there is positive effect of dividend policy on the determination of working capital requirements of a firm.

Keywards: Dividend payout ratio, Retention Ratio, current ratio and working capital.

Abstract: Changes are taking place in the financial market on regular basis at worldwide. Adherence of inheritance is not the custom of financial markets. To survive in the financial markets, one should adopt rapid changes in the economy. The structure and functions of the banks got entirely changed after globalization. The home nation opened numerous doors to other nations to develop the economy of the home nation as well as other nations. Countries are importing needed goods and services from other countries and export their own surplus production. This exchange mechanism enhances the chances of banking sector in both home and host countries. The foreign banks began to operate in home........

Keywards: Foreign banks – overseas branches –National economy –financial stability – Indian banking sector.

Abstract: How large are the benefits of Special Economic Zones and what are the channels of these benefits? To shed light on these questions, I collect a unique data set of Chinese and south Africaneconomic statistics from 1960-2016 and useit to evaluate the impact of a Special Economic Zone experiment aimed at attracting foreign direct investment. Guided by a conceptual framework, I define the Special Economic Zone policy: 1) increases per capita foreign direct investment mainly in the form of foreign-investment and export-oriented industrial enterprises; 2) does not reduce domestic investment and domestically owned capital stock and 3) increases total factor productivity growth rate. The results suggest that creating Special Economic Zones not only brings capital, but also more advanced technology, and provide important policy implications for many developing countries.

Abstract: The sought to examine the dynamic causal relationship between-crude oil prices, exchange rate and stock market performance in Nigeria from January 1995 to December 2016 using a Parsimonious Vector Error Correction Model (VECM) that uses the Granger causality test and Accounting Innovation-generalized variance decomposition analysis. The result are as follows; a short-run positive relationship is observed between the Nigerian stock market and crude oil prices and the direction is from crude oil prices to the Nigerian stock market but not the other way round. The short run relationship between exchange rate and Nigerian stock market is observed to be positive and the direction is from the exchange rate to the Nigerian stock market. Exchange rate is also observed to be positively.............

Keywards: Exchange Rate, Crude Oil Price, Nigerian Stock Market, Vector Error Correction Model

Abstract: TThe study examines the impact of ginger production on poverty alleviation in Kaduna State, Nigeria. A total of 253 ginger farmers were purposive randomly selected from Kachia, Kagarko and Jaba Local Government Areas of Kaduna State. Primary data were collected using structured questionnaires. Foster, Greer and Thorbecke mathematical model of poverty measurement were used. The result of the study on poverty status revealed that about 74 percent farmers' live above poverty line. This implies that 65 household farmers' with expenditure less than ₦1,120.64 were classified as poor farmers.It was concluded that ginger as the subset of agricultural sector has a significant impact on revenue generation and farmer's income hence reduce poverty. It was recommended that, ginger production should be intensify as part of the root and tuber programme so as to generate more income. There is need for value addition through the development of ginger value chain.

Keywards: Ginger, Production, Poverty Alleviation, Kaduna.

Abstract: Income levels tend to converge across different regions through the diffusion of technology and productivity. Asian economies are closing income gap between them and high income countries, African economies are not. The literature has provided different reasons for this divergent performance, weak institutions, poor governance, poor policy choices, geography, natural resources endowment, among others. This paper concentrates on one of the reasons, Asia ability to leverage on its Diaspora in the West to diffuse social models that drive high productivity and encourage skill and technology transfer. The paper identifies five drivers of diaspora-induced development. First, domestic reforms help in encouraging investment. Second, stock of high quality human capital at home is important to complement diaspora investment and skill transfer. Third, decentralisation of global supply chain has also helped.........

Keywards: Migrants, Diaspora, Remittances, Africa, Asia, Economic Development

Abstract: The objective of this study was to determine influence of working capital management on financial distress in hospitality industry. More specifically the study determined the influence of cash conversion cycle on financial distress in hospitality industry. Theory used in this study was Entropy Theory. Descriptive survey research design was adopted in the study. The targeted population composed of 100 hotels in Nairobi. The study targeted all the financial managers in all the hotels. The study used a simple random sampling method to select 50 hotels whose financial officers served as the study respondents. Data collection was done through use of questionnaires. Questionnaire was tested for validity.............

Keywards:Financial Distress, Hospitality, Capital Management, Four and Five star hotels, Nairobi County.

Abstract: The paper used gravity model to analyze trade creation and trade diversion. All continous variables exhibited unit root at levels except for population, but all became stationary after first dfference. It was found that GDP was significant and positive as expected. Kenya's Population was also positive and significant but the estimate of the exporter population was negative. All were significant at 0.05 level, where P < 0.05. From the analysis, there was evidence of trade creation and trade diversion. It was recomended that the goverment to strongly push for free trade in order to fully realize the benefits therein.

Keywards: Trade Creation, Trade Diversion, Robust Random Effect

Abstract: Foreign direct investment (FDI) is an important source of capital to supplement the total investment capital for economic growth of each country, including Vietnam. Since the Law on Foreign Investment was adopted in 1987, Vietnam has attracted a large amount of foreign capital, and this capital inflow has made important contributions to economic development. Since 1986, Vietnam has undertaken a comprehensive renovation of the country. Compared to reform and transition from a planned economy to a market economy in other countries, innovation in Vietnam has its own characteristics. Innovation in Vietnam takes place in two dimensions: "from the bottom up" in cooperatives, enterprises and "top down" means the decisions of the Party and the State. Relationship bidirectional for the renovation in Vietnam took place without conflict between "top" and "bottom", nor the "shock" is too strong to be...........

Keywards: FDI, export, GDP, Vietnam, reforms