Search results for: Nigerian stock exchange

Authors: Nkereke M. Essien

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The intention of this paper is to examine stress in the Educated Nigerian Accent of English (ENAE) with the aim of analyzing stress and rhythmic patterns of Nigerian English. Our aim also is to isolate differences and similarities in the stress patterns studied and also know what forms the accent of these Educated Nigerian English (ENE) which marks them off from other groups or English’s of the world, to ascertain and characterize it and to provide documented evidence for its existence. Nigerian stress and rhythmic patterns are significantly different from the British English stress and rhythmic patterns consequently, the educated Nigerian English (ENE) features more stressed syllables than the native speakers’ varieties. The excessive stressed of syllables causes a contiguous “Ss” in the rhythmic flow of ENE, and this brings about a “jerky rhythm’ which distorts communication. To ascertain this claim, ten (10) Nigerian speakers who are educated in the English Language were selected by a stratified Random Sampling technique from two Federal Universities in Nigeria. This classification belongs to the education to the educated class or standard variety. Their performance was compared to that of a Briton (control). The Metrical system of analysis was used. The respondents were made to read some words and utterance which was recorded and analyzed perceptually, statistically and acoustically using the one-way Analysis of Variance (ANOVA). The Turky-Kramer Post Hoc test, the Wilcoxon Matched Pairs Signed Ranks test, and the Praat analysis software were used in the analysis. It was revealed from our findings that the Educated Nigerian English speakers feature more stressed syllables in their productions by spending more time in pronouncing stressed syllables and sometimes lesser time in pronouncing the unstressed syllables. Their overall tempo was faster. The ENE speakers used tone to mark prominence while the native speaker used stress to mark pronounce, typified by the control. We concluded that the stress pattern of the ENE speakers was significantly different from the native speaker’s variety represented by the control’s performance.

Keywords: accent, Nigerian English, rhythm, stress

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Authors: Luyao Liu, Dekui Yuan, Xu Li

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As one of the most important bays of China, the water exchange capacity of Bohai Bay can influence the economic development and urbanization of surrounding cities. However, the rapid reclamation has influenced the weak water exchange capacity of this semi-enclosed bay in recent years. This paper sets two hydrodynamic models of Bohai Bay with two shorelines before and after reclamation. The mean value and distribution of Turn-over Time, the distribution of residual current, and the feature of the tracer path are compared. After comparison, it is found that Bohai Bay keeps these characteristics; the spending time of water exchange in the northern is longer than southern, and inshore is longer than offshore. However, the mean water exchange time becomes longer after reclamation. In addition, the material spreading is blocked because of the inwardly extending shorelines, and the direction changed from along the shoreline to towards the center after reclamation.

Keywords: Bohai Bay, water exchange, reclamation, turn-over time

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Authors: Zainab Abdulkarim

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Literature is the study of life, a source of knowledge. It involves the truth about many things in life. Most of these creative artistes most especially the poets are representatives of the voices of the people. These set of artistes have been the critics to all involved in the development of their nation. This paper will examine how Nigerian Poets goes further not just by writing but by showing the different ways the country has been convoluted. This paper intends to show the power and ability literature has in representation. The power is to represent the important values of life. There is no doubt that literature asserts truth. Through the various poems examined in this paper, Nigerian Poets have proved to portray the realities of the nation.

Keywords: literature, poets, reality, representation

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Authors: Lynmar M. Didal, Ramises G. Manzano Jr., Jacque Bon-Isaac C. Aboy

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This study analyzes the performance of global minimum variance and naive portfolios across different economic periods, using monthly stock returns from the Philippine Stock Exchange Index (PSEI), S&P 500, and Dow Jones Industrial Average (DOW). The performance is evaluated through the Sharpe ratio, Sortino ratio, Jensen’s Alpha, Treynor ratio, and Information ratio. Additionally, the study investigates the impact of short selling on portfolio performance. Six-time periods are defined for analysis, encompassing events such as the global financial crisis and the COVID-19 pandemic. Findings indicate that the Naive portfolio generally outperforms the GMV portfolio in the S&P 500, signifying higher returns with increased volatility. Conversely, in the PSEI and DOW, the GMV portfolio shows more efficient risk-adjusted returns. Short selling significantly impacts the GMV portfolio during mid-GFC and mid-COVID periods. The study offers insights for investors, suggesting the Naive portfolio for higher risk tolerance and the GMV portfolio as a conservative alternative.

Keywords: portfolio performance, global minimum variance, naïve portfolio, risk-adjusted metrics, short-selling

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Authors: Mourad Zmami Oussema BenSalha

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The current research aims to assess empirically the reaction of private investment to exchange rate fluctuations in Tunisia using a sample of 548 firms operating in manufacturing industries between 1997 and 2002. The micro-econometric model we estimate is based on an accelerator-profit specification investment model increased by two variables that measure the variation and the volatility of exchange rates. Estimates using the system the GMM method reveal that the effects of the exchange rate depreciation on investment are negative since it increases the cost of imported capital goods. Turning to the exchange rate volatility, as measured by the GARCH (1,1) model, our findings assign a significant role to the exchange rate uncertainty in explaining the sluggishness of private investment in Tunisia in the full sample of firms. Other estimation attempts based on various sub samples indicate that the elasticities of investment relative to the exchange rate volatility depend upon many firms’ specific characteristics such as the size and the ownership structure.

Keywords: investment, exchange rate volatility, manufacturing firms, system GMM, Tunisia

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Authors: Abdulla D. Alblooshi

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The stock market is a representation of human behavior and psychology, such as fear, greed, and discipline. Those are manifested in the form of price movements during the trading sessions. Therefore, predicting the stock movement and prices is a challenging effort. However, those trading sessions produce a large amount of data that can be utilized to train an AI agent for the purpose of predicting the stock movement. Predicting the stock market price action will be advantageous. In this paper, the stock movement data of three DFM listed stocks are studied using historical price movements and technical indicators value and used to train an agent using KNN and SVM methods to predict the future price movement. MATLAB Toolbox and a simple script is written to process and classify the information and output the prediction. It will also compare the different learning methods and parameters s using metrics like RMSE, MAE, and R².

Keywords: KNN, ANN, style, SVM, stocks, technical indicators, RSI, MACD, moving averages, RMSE, MAE

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Authors: William Abiodun Duyile

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It is common knowledge that marine food has always been found from the sea, energy can also be found underneath and, to a growing extent; other mineral resources have come from the sea spaces. It is the importance of the sea and the sea lines of communication to littoral nations that has made concepts such as sea power, naval power, etc., significant to them. The study relied on documentary data. The documentary data were sourced from government annual departmental reports, newspapers and correspondence. The secondary sources used were subjected to internal and external criticism for authentication, and then to textual and contextual analyses. The study found that the differential level of seamanship amongst states defined their relationship. It was sea power that gave some states an edge over the others. The study proves that over the ages sea power has been core to the development of States or Empires. The study found that the Nigerian Navy was centre to Nigeria’s conquest of the littoral areas of Biafra, like Bonny, Port-Harcourt, and Calabar; it was also an important turning point of the Nigerian civil war since by it Biafra became landlocked. The research was able to identify succinctly the Nigerian Navy’s contribution to the security and development of the Nigerian State.

Keywords: sea power, naval power, land locked states, warship

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Authors: Oluwayemisi Onyenankeya

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The popularity and viewership of Nollywood films have expanded across African countries as well as European and American cities especially those with considerable Diaspora population. This appears to underscore the assumption that Nollywood films not only project or transmit the embedded Nigerian cultural values to audience members but also actually make appreciable impression on those audience members. This study sought to ascertain the role of Nollywood film in the transference of Nigerian cultural heritage across other cultures using students at the University of Fort Hare as a case study. This study sought to determine if audience members learn, imbibe or manifest any behavioural tendencies that can be ascribed to the influence of watching Nollywood films. Specifically, the study sought to establish the aspect of Nigerian culture that Nollywood films transmit to audience members. The survey research method was used while data was analysed using descriptive statistics. In all, 400 questionnaires were distributed while 370 were returned. Results show that students who were exposed to Nollywood film could mimic some common Nigerian expressions and exclamations. A small percentage of viewers could actually speak a smattering of some Nigerian language while a few have bought or made dresses in the pattern of what they saw in the films. It could be concluded that Nollywood films do exert significant influence on the viewers in the University of Fort Hare.

Keywords: culture, film, Nollywood, transmission

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Authors: Richard Ayobayowa Foyewa

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This work examined the application of ICT in the teaching and learning of English language in Nigerian secondary schools. The definition of ICT was given briefly before areas in which the ICT could be applied in teaching and learning of English language were observed. Teachers’ attitudes towards the use of the computer and Internet facilities were also observed. The conclusion drawn was that ICT is very relevant in the teaching and learning of English language in Nigerian secondary schools. It was therefore recommended that teachers who are not computer literate should go for the training without further delay; government should always employ English language teachers who are computer literates. Government should make fund available in schools for the training and re-training of English language teachers in various computer programmes and in making internet facilities available in secondary schools.

Keywords: ICT, Nigerian secondary schools, teaching and learning of English

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Authors: Zahid Ahmad, Nosheen Imran, Nauman Ali, Farah Amir

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The objective of the study is to forecast the US Dollar and Pak Rupee exchange rate by using time series models. For this purpose, daily exchange rates of US and Pakistan for the period of January 01, 2007 - June 2, 2017, are employed. The data set is divided into in sample and out of sample data set where in-sample data are used to estimate as well as forecast the models, whereas out-of-sample data set is exercised to forecast the exchange rate. The ADF test and PP test are used to make the time series stationary. To forecast the exchange rate ARIMA model and GARCH model are applied. Among the different Autoregressive Integrated Moving Average (ARIMA) models best model is selected on the basis of selection criteria. Due to the volatility clustering and ARCH effect the GARCH (1, 1) is also applied. Results of analysis showed that ARIMA (0, 1, 1 ) and GARCH (1, 1) are the most suitable models to forecast the future exchange rate. Further the GARCH (1,1) model provided the volatility with non-constant conditional variance in the exchange rate with good forecasting performance. This study is very useful for researchers, policymakers, and businesses for making decisions through accurate and timely forecasting of the exchange rate and helps them in devising their policies.

Keywords: exchange rate, ARIMA, GARCH, PAK/USD

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Authors: Admassu Addi, Sebesebe Demissew, Teshome Soromessa, Zemede Asfaw

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This study measures the carbon stock of the Moist Afromontane Gesha-Sayilem forest found in Gesha and Sayilem District in southwest Ethiopia. A stratified sampling method was used to identify the number of sampling point through the Global Positioning System. A total of 90 plots having nested plots to collect tree species and soil data were demarcated. The results revealed that the total carbon stock of the forest was 362.4 t/ha whereas the above ground carbon stock was 174.95t/ha, below ground litter, herbs, soil, and dead woods were 34.3,1.27, 0.68, 128 and 23.2 t/ha (up to 30 cm depth) respectively. The Gesha- Sayilem Forest is a reservoir of high carbon and thus acts as a great sink of the atmospheric carbon. Thus conservation of the forest through introduction REDD+ activities is considered an appropriate action for mitigating climate change.

Keywords: carbon sequestration, carbon stock, climate change, allometric, Ethiopia

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Authors: Kazeem Oluwatoyin Ajape

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The study is concerned with the problem of how to improve the teaching of Arabic as a foreign language in Nigerian Higher Education System. The paper traces the historical background of Arabic education in Nigeria and also outlines the problems facing the language in Nigerian Institutions. It lays down some of the essential foundation work necessary for bringing about systematic and constructive improvements in the Teaching of Arabic as a Foreign Language (TAFL) by giving answers to the following research questions: what is the appropriate medium of instruction in teaching a foreign or second language? What is the position of English language in the teaching and learning of Arabic/Islamic education? What is the relevance of the present curriculum of Arabic /Islamic education in Nigerian institutions to the contemporary society? A survey of the literature indicates that a revolution is currently taking place in FL teaching and that a new approach known as the Communicative Approach (CA), has begun to emerge and influence the teaching of FLs in general, over the last decade or so. Since the CA is currently being adapted to the teaching of most major FLs and since this revolution has not yet had much impact on TAPL, the study explores the possibility of the application of the CA to the teaching of Arabic as a living language and also makes recommendations towards the development of the language in Nigerian Institutions of Higher Learning.

Keywords: Arabic Language, foreign language, Nigerian institutions, curriculum, communicative approach

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Authors: Siphat Lim

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The result of the study revealed that the interaction between money, exchange rate, and price level was mainly derived from the policy-induced by the central bank. Furthermore, the variation of inflation was explained weakly by exchange rate and money supply. In the period of twelfth-month, the variation of inflation which caused by exchange rate and money supply were not more than 1.78 percent and 9.77 percent, respectively.

Keywords: money supply, exchange rate, price level, VAR model

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Authors: Wong Hock Tsen

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This study aims to investigate the impact of exchange rate volatility on real export in Malaysia. The moving standard deviation with order three (MSD(3)) is used for the measurement of exchange rate volatility. The conventional and partially asymmetric autoregressive distributed lag (ARDL) models are used in the estimations. This study finds exchange rate volatility to have significant impact on real total export and some sub-categories of real total export. Moreover, this study finds that the positive or negative exchange rate volatility tends to have positive or negative impact on real export. Exchange rate volatility can be harmful to export of Malaysia.

Keywords: exchange rate volatility, autoregressive distributed lag, export, Malaysia

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Authors: Muhammad Dahiru

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A contestable polemic in postcolonialism is the Western Universalist conception of the people of a vast continent such as Africa as homogenous. Quite often, the postcolonial African woman is seen as an entity in western cultural and literary feminist theorisations. The debate between the so-called western feminist scholarship and the postcolonial/third world feminists that began in the late 1980s focuses on this universalisation of women’s concerns as monolithic. This article argues that the universalising assumption that all women share similar concerns in not only Africa as a continent but even in Nigeria as a country is misleading because of cultural differences. The article is a dialogic reading of Nigerian literature arguing that there is no culturally normative perspective on Nigerian feminist fiction because of the multifaceted and multicultural concerns of women writers from the different cultural regions in the country. The article concludes that this can better be read and appreciated through the lens of M. M. Bakhtin’s theory of dialogism.

Keywords: cultural exclusion, dialogics, Nigerian feminist fiction, postcolonialism

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Authors: Ifeoma Patricia Osamor, Ayotunde Qudus Saka, Godwin Omoregbee, Hikmat Oreoluwalomo Omolaja

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Persistent fall in the value of Nigeria's currency compared to other foreign currencies, constant fluctuations in the exchange rate, and an increase in the price of goods and services necessitated the examination of the effects of exchange rate fluctuations on the economic performance of the manufacturing sector in Nigeria. An ex-post facto research design was adopted. Manufacturing gross domestic product (MGDP) was proxied for performance; Naira/Dollar exchange rate (NDE), Naira/Pounds exchange rate (NPE), Foreign exchange supply (FES) were used for exchange rate fluctuations; and inflation rate (INF) was a control variable. Data were collected from CBN Statistical Bulletin (2020) also World Development Indicators of the World Bank, while data collected were analysed using descriptive analysis, unit root, bounds cointegration test, and ARDL. Findings showed that changes in Naira/Dollar exchange rate (NDE) and Naira/Pound Sterling exchange rate negatively but significantly impact the economic performance of the manufacturing sector, while foreign exchange supply leads to an insignificant positive effect on the economic performance of the manufacturing. The study concludes that exchange rate fluctuations negatively impact the performance of the manufacturing sector in Nigeria and, therefore, recommends that government should encourage export diversification through agriculture, agro-investment, and agro-allied industries that would boost export in order to improve the value of the Naira, thereby stabilizing the exchange rate.

Keywords: exchange rate, economic performance, gross domestic product, inflation rate, foreign exchange supply

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Authors: Nwobu Obiamaka, Samuel O. Faboyede

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This study examines the factors influencing career choice of undergraduate accounting students in selected Nigerian universities. The manner in which students of accounting perceive the factors that drive them into pursuing a career in accounting is important to the profession. The study made use of primary data collected from undergraduate accounting students in their final year in selected Nigerian universities. The data was collected using a survey instrument (questionnaire), copies of which were made and administered to the respondents (undergraduate accounting students in selected Nigerian universities). The finding suggests that the major factors influencing undergraduate accounting students to opt for a career in accounting include pressure from peers and monetary reward. The findings from the study have crucial policy implications for admission officers in tertiary institutions as well as the accounting profession in Nigeria.

Keywords: accounting, career, choice, undergraduate

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Authors: David Bolaji

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Operatic production in Nigeria emanates from the traditional theatrical performances rooted in the ritual festival and traditional religious ceremonies among different cultures in Nigeria. The existence and the performative continuum of opera in Nigeria have been in the limelight of stage productions and diverse performances before the presence of Europeans in Nigeria. However, the transformation of this musical genre evolved from an indigenous concept into an art form that is acceptable within the circumference theatrical platform globally. The present state of stage operatic production has gone into extinction as the result of diverse factors, which include: a lack of scripted operatic works by Nigerian art composers, disconnection and lack of continuation from the artistic, theatrical contributions of the foremost folk operatic practitioners in Nigeria and lack of progressive transformation of stage operatic production into screen production in Nigeria. The bibliography method was employed in this study. Also, the use of interviews and questionnaires was adopted. Findings reveal that the extinction of operatic production can be corrected through the intentional act of composing scripted operatic works by Nigerian art composers; by establishing a collaborative effort between the scriptwriters (librettists) and the Nigerian art composers, operatic stage performance could be transformed in screen production to create more awareness of it in the society.

Keywords: operatic production, extinction, nigerian art music, and nigerian art composers

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Authors: Omer Farooq, Salman Ahmed Khan, Sadaf Khalid

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Modern day stock markets have almost entirely became automated. Even though it means increased profits for the investors by algorithms acting upon the slightest price change in order of microseconds, it also has given birth to many ethical dilemmas in the sense that slightest mistake can cause people to lose all of their livelihoods. This paper reviews one such event that happened on May 06, 2010 in which $1 trillion dollars disappeared from the Dow Jones Industrial Average. We are going to discuss its various aspects and the ethical dilemmas that have arisen due to it.

Keywords: flash crash, market crash, stock market, stock market crash

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Authors: Morten Brøgger, Kim Wittchen

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Focus on reducing energy consumption in existing buildings at large scale, e.g. in cities or countries, has been increasing in recent years. In order to reduce energy consumption in existing buildings, political incentive schemes are put in place and large scale investments are made by utility companies. Prioritising these investments requires a comprehensive overview of the energy consumption in the existing building stock, as well as potential energy-savings. However, a building stock comprises thousands of buildings with different characteristics making it difficult to model energy consumption accurately. Moreover, the complexity of the building stock makes it difficult to convey model results to policymakers and other stakeholders. In order to manage the complexity of the building stock, building archetypes are often employed in building stock energy models (BSEMs). Building archetypes are formed by segmenting the building stock according to specific characteristics. Segmenting the building stock according to building type and building age is common, among other things because this information is often easily available. This segmentation makes it easy to convey results to non-experts. However, using a single archetypical building to represent all buildings in a segment of the building stock is associated with loss of detail. Thermal characteristics are aggregated while other characteristics, which could affect the energy efficiency of a building, are disregarded. Thus, using a simplified representation of the building stock could come at the expense of the accuracy of the model. The present study evaluates the accuracy of a conventional archetype-based BSEM that segments the building stock according to building type- and age. The accuracy is evaluated in terms of the archetypes’ ability to accurately emulate the average energy demands of the corresponding buildings they were meant to represent. This is done for the buildings’ energy demands as a whole as well as for relevant sub-demands. Both are evaluated in relation to the type- and the age of the building. This should provide researchers, who use archetypes in BSEMs, with an indication of the expected accuracy of the conventional archetype model, as well as the accuracy lost in specific parts of the calculation, due to use of the archetype method.

Keywords: building stock energy modelling, energy-savings, archetype

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Authors: Juniarti, Agus Arianto Toly

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This study aims to examine the effect of capital expenditure on the investors’ responses. The respondents were companies with the best stock performance in each sector in 2017. The observation period is 2017 to 2019. Top 10 companies in each sector with the best stock performance in companies listed on the Indonesia Stock Exchange were selected. The main variables are a growth signal which is proxied by growth in capital spending and capital expenditure, and risk and investor response, which is proxied by CAR. Financial performance as measured by ROA is a control variable in this study. The results showed that the signal of growth as measured by capital expenditures responded positively by the market, the risk moderates this influence, companies with high risk will be responded negatively by investors and vice versa. This finding corrects previous findings that only looked at the signal aspect of growth, without linking it to risk. In addition, these findings reinforce the argument that investors buy the future of the company, not a momentary financial performance. This can be seen from the absence of ROA influence on investor response. This study found that companies need to manage risk appropriately, because the risk aspect of the company is a crucial factor for investors. High risks will eliminate the benefits of strategic decisions in this case in the form of capital expenditures.

Keywords: capital expenditure, growth signals, investor response, risk

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Authors: Hadi Mousavi, Majid Davoudi Nasr

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Executives can maximize profits by recognizing the factors that affect investment and using them to obtain the optimal level of investment. Inefficient markets have shortcomings that can impact the optimal level of investment, leading to the process of over-investment or under-investment. In the present study, the relationship between the overconfidence of senior managers and abnormal cash fluctuations with respect to financial flexibility in companies listed in the Tehran stock exchange from 2009 to 2013 were evaluated. In this study, the sample consists of 84 companies selected by a systematic elimination method and 420 year-companies in total. In this research, EVIEWS software was used to test the research hypotheses by linear regression and correlation coefficient and after designing and testing the research hypothesis. After designing and testing research hypotheses that have been used to each hypothesis, it was concluded that there was a significant relationship between the overconfidence of senior managers and abnormal cash fluctuations, and this relationship was not significant at any level of financial flexibility. Moreover, the findings of the research showed that there was a significant relationship between senior manager’s overconfidence and positive abnormal cash flow fluctuations in firms, and this relationship is significant only at the level of companies with high financial flexibility. Finally, the results indicate that there is no significant relationship between senior managers 'overconfidence and negative cash flow abnormalities, and the relationship between senior managers' overconfidence and negative cash flow fluctuations at the level of companies with high financial flexibility was confirmed.

Keywords: abnormal cash fluctuations, overconfidence of senior managers, financial flexibility, accounting

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Authors: Zane Turner, Kevin Labille, Susan Gauch

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Sentiment analysis is a broad and expanding field that aims to extract and classify opinions from textual data. Lexicon-based approaches are based on the use of a sentiment lexicon, i.e., a list of words each mapped to a sentiment score, to rate the sentiment of a text chunk. Our work focuses on predicting stock price change using a sentiment lexicon built from financial conference call logs. We present a method to generate a sentiment lexicon based upon an existing probabilistic approach. By using a domain-specific lexicon, we outperform traditional techniques and demonstrate that domain-specific sentiment lexicons provide higher accuracy than generic sentiment lexicons when predicting stock price change.

Keywords: computational finance, sentiment analysis, sentiment lexicon, stock movement prediction

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Authors: Zane Turner, Kevin Labille, Susan Gauch

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Sentiment analysis is a broad and expanding field that aims to extract and classify opinions from textual data. Lexicon-based approaches are based on the use of a sentiment lexicon, i.e., a list of words each mapped to a sentiment score, to rate the sentiment of a text chunk. Our work focuses on predicting stock price change using a sentiment lexicon built from financial conference call logs. We introduce a method to generate a sentiment lexicon based upon an existing probabilistic approach. By using a domain-specific lexicon, we outperform traditional techniques and demonstrate that domain-specific sentiment lexicons provide higher accuracy than generic sentiment lexicons when predicting stock price change.

Keywords: computational finance, sentiment analysis, sentiment lexicon, stock movement prediction

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Authors: Lina Najafian, Hamidreza Vakilifard

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The present study focused on the relationship between the quality of accruals and non-systematic risk. The independent study variables included the ability of accruals, the information content of accruals, and amount of discretionary accruals considered as accruals quality measures. The dependent variable was non-systematic risk based on the Fama and French Three Factor model (FFTFM) and the capital asset pricing model (CAPM). The control variables were firm size, financial leverage, stock return, cash flow fluctuations, and book-to-market ratio. The data collection method was based on library research and document mining including financial statements. Multiple regression analysis was used to analyze the data. The study results showed that there is a significant direct relationship between financial leverage and discretionary accruals and non-systematic risk based on FFTFM and CAPM. There is also a significant direct relationship between the ability of accruals, information content of accruals, firm size, and stock return and non-systematic based on both models. It was also found that there is no relationship between book-to-market ratio and cash flow fluctuations and non-systematic risk.

Keywords: accruals quality, non-systematic risk, CAPM, FFTFM

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Authors: Ernest Nweke

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Mongolia has made giant strides in the development of its auditing and accounting system from Soviet-style to a market-oriented system. High levels of domestic and foreign investment desired by the Mongolian government require that better and improved quality of corporate information and disclosure consistent with international standards be made available to investors. However, the Mongolian Certified Public Accountants (CPA) profession is still developing, and the quality of services provided by accounting firms in most cases do not comply with International Financial Reporting Standards (IFRS) framework approved by the government for use in financial reporting. Against this backdrop, Accounting and audit reforms, liberalization and deregulation, establishment of an efficient and effective professional monitoring and supervision regime are policy necessities. These will further enhance the Mongolian business environment, eliminate incompetence in the system, make the economy more attractive to investors and ultimately lift reporting standards and bring about improved accounting, auditing and disclosure practices among Mongolian firms. This paper examines the fundamental issues in the accounting and auditing environment in Mongolia and investigates the relationship between selected characteristics of Mongolian Stock Exchange (MSE) listed firms (profitability, leverage, firm size, firm auditor size, firm listing age, board size and proportion of independent directors) and voluntary accounting disclosures in their annual reports and accounts. The selected sample of firms for the research purpose consists of the top 20 indexes of the MSE, representing over 95% of the market capitalization. An empirical analysis of the hypothesized relationship was carried out using multiple regression in EViews analytical software. Research results lend credence to the fact that only a few of the company attributes positively impact voluntary accounting disclosures in Mongolian Stock Exchange-listed firms. The research is motivated by the absence of empirical evidence on the correlation between the quality of voluntary accounting disclosures made by listed companies in Mongolia and company characteristics and the findings thereof significantly useful to both firms and regulatory authorities. The concluding part of the paper precisely consists of useful research-based recommendations for listed firms and regulatory agencies on measures to put in place in order to enhance the quality of corporate financial reporting and disclosures in Mongolia.

Keywords: accounting, auditing, corporate disclosure, listed firms

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Authors: Lethamaga Tladi, Ray Kekwaletswe

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This study sought to conceptualise a multi-level framework for the effective use of stock ordering system in small enterprises in a rural area context. The interpretive research methodology has been used to enable the researcher to analyse, in-depth, and the subjective meanings of small enterprises’ employees in using the stock ordering system. The empirical data was collected from 13 small enterprises’ employees as participants through semi-structured interviews and observations. Interpretive Phenomenological Analysis (IPA) approach was used to analyse the small enterprises’ employee’s own account of lived experiences in relations to stock ordering system use in terms of their relatedness to, and cognitive engagement with. A case study of Kgautswane, a rural area in Limpopo Province, South Africa, served as a social context where the phenomenon manifested. Technology-Organisation-Environment Theory (TOE), Technology-to-Performance Chain Model (TPC), and Representation Theory (RT) underpinned this study. In this multi-level study, the findings revealed that; At the organisational level, the effective use of stock ordering system was found to be associated with the organisational performance gains such as efficiency, productivity, quality, competitiveness, and market share. Equally so, at the individual level, the effective use of stock ordering system minimised the end-user’s efforts and time to accomplish their tasks, which yields improved individual performance. The Multi-level framework for effective use of stock ordering system was presented.

Keywords: effective use, multi-dimensions of use, multi-level of use, multi-level research, small enterprises, stock ordering system

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Authors: Yosra Mefteh Rekik

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A computational agent-based model of financial markets stresses interactions and dynamics among a very diverse set of traders. The growing body of research in this area relies heavily on computational tools which by-pass the restrictions of an analytical method. The main goal of this research is to understand how the stock market operates and behaves how to invest in the stock market and to study traders’ behavior within the context of the artificial stock markets populated by heterogeneous agents. All agents are characterized by adaptive learning behavior represented by the Artificial Neuron Networks. By using agent-based simulations on artificial market, we show that the existence of heterogeneous agents can explain the price dynamics in the financial market. We investigate the relation between market diversity and market efficiency. Our empirical findings demonstrate that greater market heterogeneity play key roles in market efficiency.

Keywords: agent-based modeling, artificial stock market, heterogeneous expectations, financial stylized facts, computational finance

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Authors: Chih-Hsiang Chang, Fang-Jyun Su

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This paper explores whether stock characteristics influence the herding formation among investors in the US equity market. To extend the research scope of the existing literature, this paper further examines the role that stock risk characteristics play in the US equity market, and the way they influence investors’ decision-making. First, empirical results show that whether general stocks or high-risk stocks, there are no herding behaviors among the investors in the US equity market during the whole research period or during four great events. Moreover, stock characteristics have great influence on investors’ trading decisions. Finally, there is a bidirectional lead-lag relationship of the herding formation between high-risk stocks and low-risk stocks, but the influence of high-risk stocks on the low-risk stocks is stronger than that of low-risk stocks on the high-risk stocks.

Keywords: stock characteristics, herding formation, investment decision, US equity market, lead-lag relationship

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Authors: Kunle Oparinde, Ernestina Maleshoane Rapeane-Mathonsi, Gift Mheta

Abstract:

Using Critical Discourse Analysis (CDA) and Multimodal Discourse Analysis (MDA), the research seeks to deconstruct politically-motivated discourse as observed from Nigerian politics. This is intended to be achieved by analysing linguistic (mis)representation and manipulation in Nigerian political settings, drawing from instances of language use as observed from different political campaigns. Since language in itself is generally meaningless without context, it is therefore paramount to analyse the (mis)representation and manipulation in Nigerian political sceneries within their contextual basis. The study focuses on political language used by Nigerian politicians emanating from printed and social media forms such as posters, pamphlets, speeches, billboards, and internet sources purposely selected across Nigeria. The research further aims at investigating the discursive strategies used by politicians to gain more audience, and, as a result, shape opinions that result in votes. The study employs a qualitative approach. Two parties are intentionally selected because they have been essentially strong at the national level namely: All Progressive Congress (APC) and the People’s Democratic Party (PDP). The study finds out that politicians in Nigeria, as in many parts of the world, use language to manipulate the electorate. Comprehensive discussion of these instances of political manipulation remains the thrust of this paper.

Keywords: communication, discourse, manipulation, misrepresentation

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