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Hedging potentials of green investments against climate and oil market risks (2023)
Journal Article
Adediran, I. A., Swaray, R., Orekoya, A. O., & Kabir, B. A. (2023). Hedging potentials of green investments against climate and oil market risks. Fulbright Review of Economics and Policy, https://doi.org/10.1108/FREP-04-2022-0030

Purpose: This study examines the ability of clean energy stocks to provide cover for investors against market risks related to climate change and disturbances in the oil market. Design/methodology/approach: The study adopts the Feasible Quasi Genera... Read More about Hedging potentials of green investments against climate and oil market risks.

Carbon trading amidst global uncertainty: The role of policy and geopolitical uncertainty (2023)
Journal Article
Adediran, I. A., & Swaray, R. (2023). Carbon trading amidst global uncertainty: The role of policy and geopolitical uncertainty. Economic modelling, 123, Article 106279. https://doi.org/10.1016/j.econmod.2023.106279

Economic policy uncertainty (EPU) and geopolitical uncertainty (GPU) can fuel speculation, flood the carbon trading market with excess allowances, and undermine the scheme's efficacy in tackling climate change. While the existing literature documents... Read More about Carbon trading amidst global uncertainty: The role of policy and geopolitical uncertainty.

Tourism and Troubles: Effects of Security Threats on the Global Travel and Tourism Industry Performance (2022)
Journal Article
Akamavi, R. K., Ibrahim, F., & Swaray, R. (2022). Tourism and Troubles: Effects of Security Threats on the Global Travel and Tourism Industry Performance. Journal of Travel Research, https://doi.org/10.1177/00472875221138792

The literature on the effects of security threats such as terrorism, political instability, and geopolitical power-plays on travel and tourism has produced mixed results with scant attention paid to the spillover effects on the tourism economy (e.g.,... Read More about Tourism and Troubles: Effects of Security Threats on the Global Travel and Tourism Industry Performance.

Improving forecasting accuracy of the Phillips curve in OECD countries: The role of commodity prices (2020)
Journal Article
Salisu, A. A., Salisu, A. A., Swaray, R., & Sa'id, H. (in press). Improving forecasting accuracy of the Phillips curve in OECD countries: The role of commodity prices. International journal of finance & economics : IJFE, https://doi.org/10.1002/ijfe.1944

We investigate the power of commodity prices to improve inflation forecast performance in 21 OECD countries, within the framework of commodity prices-augmented Phillips curve model. Using monthly data spanning over 57 years, we use single and multi-f... Read More about Improving forecasting accuracy of the Phillips curve in OECD countries: The role of commodity prices.

A fractional cointegration VAR analysis of Islamic stocks: A global perspective (2019)
Journal Article
Salisu, A. A., Ndako, U. B., Adediran, I. A., & Swaray, R. (2020). A fractional cointegration VAR analysis of Islamic stocks: A global perspective. North American journal of economics and finance, 51, Article 101056. https://doi.org/10.1016/j.najef.2019.101056

In this study, we analyse the behaviour of Islamic stocks from a global perspective covering an array of regional Islamic stock markets. Both the fractional integration and fractional cointegration techniques are employed. Thus, we are able to establ... Read More about A fractional cointegration VAR analysis of Islamic stocks: A global perspective.

Can urban coffee consumption help predict US inflation? (2019)
Journal Article
Salisu, A. A., Swaray, R., & Adediran, I. A. (2019). Can urban coffee consumption help predict US inflation?. Journal of forecasting, 38(7), 649-668. https://doi.org/10.1002/for.2589

Motivated by the importance of coffee to Americans and the significance of the coffee subsector to the US economy, we pursue three notable innovations. First, we augment the traditional Phillips curve model with the coffee price as a predictor, and s... Read More about Can urban coffee consumption help predict US inflation?.

Improving the predictability of the oil–US stock nexus: The role of macroeconomic variables (2019)
Journal Article
Salisu, A. A., Swaray, R., & Oloko, T. F. (2019). Improving the predictability of the oil–US stock nexus: The role of macroeconomic variables. Economic modelling, 76, 153-171. https://doi.org/10.1016/j.econmod.2018.07.029

In this study, we revisit the oil–stock nexus by accounting for the role of macroeconomic variables and testing their in-sample and out-of-sample predictive powers. We follow the approaches of Lewellen (2004) and Westerlund and Narayan (2015), which... Read More about Improving the predictability of the oil–US stock nexus: The role of macroeconomic variables.

A firm-level analysis of the upstream-downstream dichotomy in the oil-stock nexus (2018)
Journal Article
Swaray, R., & Salisu, A. A. (2018). A firm-level analysis of the upstream-downstream dichotomy in the oil-stock nexus. Global finance journal, 37, 199-218. https://doi.org/10.1016/j.gfj.2018.05.007

In this paper, we query whether the stock prices of nonintegrated firms in the upstream and downstream sectors of the global oil supply chain respond symmetrically to changes in oil prices. This inquiry relates to the “homogenous expectation” assumpt... Read More about A firm-level analysis of the upstream-downstream dichotomy in the oil-stock nexus.

U.S. stocks in the presence of oil price risk: Large cap vs. small cap (2017)
Journal Article
Swaray, R., Salisu, A. A., & Oloko, T. (2017). U.S. stocks in the presence of oil price risk: Large cap vs. small cap. Economics and business letters, 6(4), 116-124. https://doi.org/10.17811/ebl.6.4.2017.116-124

This study queries the act of making generalization about the dynamics of returns and volatility spillovers between oil price and U.S. stocks by merely considering only large cap stocks. It argues that this kind of generalization may be misleading, a... Read More about U.S. stocks in the presence of oil price risk: Large cap vs. small cap.

Parental expectations and school enrolment decisions: Evidence from rural Ghana (2015)
Journal Article
Ahiakpor, F., & Swaray, R. (2015). Parental expectations and school enrolment decisions: Evidence from rural Ghana. Review of development economics, 19(1), 132-142. https://doi.org/10.1111/rode.12122

We use field data to investigate factors which influence parents’ decision to enrol children in schools in rural Ghana. The empirical results identified a host of socio-economic and household-level factors including remittances parents expect from in... Read More about Parental expectations and school enrolment decisions: Evidence from rural Ghana.

Market reforms and commodity price volatility: the case of East African Coffee Market (2013)
Journal Article
Lukanima, B., & Swaray, R. (2014). Market reforms and commodity price volatility: the case of East African Coffee Market. The World economy, 37(8), 1152-1185. https://doi.org/10.1111/twec.12124

The goal of this paper is to examine the impact of commodity market reforms on producer price volatility using evidence from the East African coffee market. The results, based on time-varying volatility models and key summary statistics, show that co... Read More about Market reforms and commodity price volatility: the case of East African Coffee Market.

Commodity buffer stock redux: the role of International Cocoa Organization in prices and incomes (2011)
Journal Article
Swaray, R. (2011). Commodity buffer stock redux: the role of International Cocoa Organization in prices and incomes. Journal of policy modeling, 33(3), 361-369. https://doi.org/10.1016/j.jpolmod.2011.03.002

This paper utilizes linear demand and supply models, with additive independent shocks, to derive producer price and income variances of a typical commodity during and after a buffer stock control. It proceeds to use the models to evaluate Internation... Read More about Commodity buffer stock redux: the role of International Cocoa Organization in prices and incomes.

New Labour legacy: comparing the Labour governments of Blair and Brown to Labour governments since 1945 (2010)
Journal Article
Mullard, M., & Swaray, R. (2010). New Labour legacy: comparing the Labour governments of Blair and Brown to Labour governments since 1945. The Political quarterly, 81(4), 511-521. https://doi.org/10.1111/j.1467-923x.2010.02131.x

The election of the Conservative-Liberal coalition in May 2010 provides the opportunity to start to map out the record of the Labour governments between 1997 and 2010. This paper deals with the specific question how the Brown/Blair governments perfor... Read More about New Labour legacy: comparing the Labour governments of Blair and Brown to Labour governments since 1945.

The politics of public expenditure from Thatcher to Blair (2006)
Journal Article
Mullard, M., & Swaray, R. (2006). The politics of public expenditure from Thatcher to Blair. Policy and Politics, 34(3), 495-515. https://doi.org/10.1332/030557306777695343

The central concerns of this study are twofold: first, to analyse the nature of the politics of public expenditure under both the Thatcher and Blair governments and to ask whether changes in government did make a difference. Second, to deal with the... Read More about The politics of public expenditure from Thatcher to Blair.