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Perception of corruption as a business obstacle, generalized trust and relation centrism in low- and middle-income nations: the moderating influence of governance (2024)
Journal Article
Olarewaju, T., Tamvada, J. P., McDowall-Emefiele, S., & Swaray, R. (online). Perception of corruption as a business obstacle, generalized trust and relation centrism in low- and middle-income nations: the moderating influence of governance. Review of Managerial Science, https://doi.org/10.1007/s11846-024-00802-9

We examine regional differences in how generalized trust and relation centrism influence how 16,785 firms across 20 lower- and middle-income countries perceive corruption as a business obstacle. Using the machine learning method LASSO, our empirical... Read More about Perception of corruption as a business obstacle, generalized trust and relation centrism in low- and middle-income nations: the moderating influence of governance.

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.

Forecasting the return volatility of energy prices: a GARCH-MIDAS approach (2020)
Book Chapter
Salisu, A. A., & Swaray, R. (2020). Forecasting the return volatility of energy prices: a GARCH-MIDAS approach. In S. Goutte, & D. K. Nguyen (Eds.), Handbook of energy finance: Theories, practices and simulations (47-71). World Scientific Publishing. https://doi.org/10.1142/11213

This chapter offers an extension to the literature on energy prices by forecasting the return volatility of these prices using the GARCH-MIDAS approach. In addition to the realized volatility, it also evaluates the predictability of relevant macroeco... Read More about Forecasting the return volatility of energy prices: a GARCH-MIDAS approach.

Impacts of taxation and financial development in Thailand : CGE and econometric analyses (2019)
Thesis
Chonlakan Benjasak. (2019). Impacts of taxation and financial development in Thailand : CGE and econometric analyses. (Thesis). University of Hull. Retrieved from https://hull-repository.worktribe.com/output/4223691

The primary focus of this thesis is to investigate the impacts of tax reform, energy consumption and financial development on the growth and efficiency of the Thai economy. There are three main objectives, which are (i) to evaluate the impacts of ref... Read More about Impacts of taxation and financial development in Thailand : CGE and econometric analyses.

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.

Stock markets, financial development and economic growth in sub-Saharan Africa (2016)
Thesis
Muba, S. R. (2016). Stock markets, financial development and economic growth in sub-Saharan Africa. (Thesis). University of Hull. Retrieved from https://hull-repository.worktribe.com/output/4219490

In general, this study examines the Stock Market, Financial Development and Economic Growth in selected sub-Sahara African countries. Empirically, Chapter Two of the study used Generalised Method of Moment (GMM) dynamic instrumental variable approach... Read More about Stock markets, financial development and economic growth in sub-Saharan Africa.

Trade openness : an African perspective : examining the determinants of trade openness and bilateral trade flows for the African countries (2015)
Thesis
Mbogela, C. S. (2015). Trade openness : an African perspective : examining the determinants of trade openness and bilateral trade flows for the African countries. (Thesis). University of Hull. Retrieved from https://hull-repository.worktribe.com/output/4216827

This research entails an empirical examination of the determinants of trade openness in Africa and the determinants of bilateral trade flows between Africa and the BRIC and OECD member countries. Besides, the study examines the impacts of trade openn... Read More about Trade openness : an African perspective : examining the determinants of trade openness and bilateral trade flows for the African countries.

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.

Electoral economic cycles and the role of political institutions : do political institutions influence the political budget cycle? (2014)
Thesis
Halbeisen, P. H. R. (2014). Electoral economic cycles and the role of political institutions : do political institutions influence the political budget cycle?. (Thesis). University of Hull. Retrieved from https://hull-repository.worktribe.com/output/4216823

The Political Budget Cycle describes the repetitive change of fiscal policy by the office holder in order to improve their chances for re-election. This research investigates the connection between the size and type of the Political Budget Cycle and... Read More about Electoral economic cycles and the role of political institutions : do political institutions influence the political budget cycle?.

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.

Optimum currency areas in the sub Sahara region : examining eligibility of the east African community for a monetary union (2013)
Thesis
Nyamrunda, G. C. (2013). Optimum currency areas in the sub Sahara region : examining eligibility of the east African community for a monetary union. (Thesis). University of Hull. Retrieved from https://hull-repository.worktribe.com/output/4214760

This study assesses the impact of fiscal policy and structural harmonisation (common market) of the East African Community (EAC) on the flow of goods and services, market responses, the flow of FDIs in the region and the volatility levels of the exch... Read More about Optimum currency areas in the sub Sahara region : examining eligibility of the east African community for a monetary union.

Modelling the impact of oil price volatility on investment decision-making (2011)
Thesis
Hammad, R. S. (2011). Modelling the impact of oil price volatility on investment decision-making. (Thesis). University of Hull. Retrieved from https://hull-repository.worktribe.com/output/4212025

The energy industry is transforming from the old, vertically integrated model into a more competitive model in which most companies are exposed to different types of risk. One of the major challenges facing energy companies is making investment decis... Read More about Modelling the impact of oil price volatility on investment decision-making.