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Fintech, human development and energy poverty in sub-Saharan Africa (2023)
Journal Article
Oyebola Etudaiye-Muhtar, F., Johan, S., Lawal, R., & Sakariyahu, R. (2024). Fintech, human development and energy poverty in sub-Saharan Africa. Journal of International Financial Markets, Institutions and Money, 91, Article 101931. https://doi.org/10.1016/j.intfin.2023.101931

Studies have highlighted the important role of financial technology (fintech) in enhancing socio-economic conditions of nations. However, despite the efforts of governments to improve the latter, the rating of African countries still remains manifest... Read More about Fintech, human development and energy poverty in sub-Saharan Africa.

Mobile money innovation and global value chain participation: Evidence from developing countries (2023)
Journal Article
Ajide, F. M., Sakariyahu, R., Lawal, R., Etudaiye-Muhtar, O. F., & Johan, S. (2023). Mobile money innovation and global value chain participation: Evidence from developing countries. Finance Research Letters, 58, Article 104694. https://doi.org/10.1016/j.frl.2023.104694

This study provides empirical insights on the effect of mobile money innovation on global value chain participation. Applying quantile estimation technique on the data of 90 developing economies between 2011 and 2018, we document that mobile money in... Read More about Mobile money innovation and global value chain participation: Evidence from developing countries.

Dynamic connectedness between investors’ sentiment and asset prices: A comparison between major markets in Europe and USA (2023)
Journal Article
Sakariyahu, R., Johan, S., Lawal, R., Paterson, A., & Chatzivgeri, E. (2023). Dynamic connectedness between investors’ sentiment and asset prices: A comparison between major markets in Europe and USA. Journal of International Financial Markets, Institutions and Money, 89, Article 101866. https://doi.org/10.1016/j.intfin.2023.101866

In this study, we use the GARCH-MIDAS model and its extensions to provide new insights on the impact of investor sentiment on asset prices focusing on major market indices in Europe and that of USA. Specifically, we account for leverage, thresholds,... Read More about Dynamic connectedness between investors’ sentiment and asset prices: A comparison between major markets in Europe and USA.

Emissions trading scheme participation and firms’ cash holdings (2023)
Journal Article
Sakariyahu, R., Lawal, R., Kwansa, N. A., Ahmed, A., & Adamolekun, G. (2023). Emissions trading scheme participation and firms’ cash holdings. Finance Research Letters, 58(Part C), Article 104565. https://doi.org/10.1016/j.frl.2023.104565

This study investigates the effect of participating in an emissions trading scheme (ETS) on firms' future cash holdings. Using global firm-level data from different continents, our findings show that, notwithstanding the benefits of ETS, its membersh... Read More about Emissions trading scheme participation and firms’ cash holdings.

Chasing noise in the stock market: an inquiry into the dynamics of investor sentiment and asset pricing (2023)
Journal Article
Sakariyahu, R., Paterson, A., Chatzivgeri, E., & Lawal, R. (2024). Chasing noise in the stock market: an inquiry into the dynamics of investor sentiment and asset pricing. Review of Quantitative Finance and Accounting, 62(1), 135-169. https://doi.org/10.1007/s11156-023-01214-8

This study explores the inclusion of sentiment measures as a risk factor in asset pricing. Using UK market data for the period January 1993 to December 2020, we create a new sentiment variable, and construct both raw and clean sentiment indices from... Read More about Chasing noise in the stock market: an inquiry into the dynamics of investor sentiment and asset pricing.

Mass shootings, investors’ panic, and market anomalies (2023)
Journal Article
Sakariyahu, R., Lawal, R., Yusuf, A., & Olatunj, A. (2023). Mass shootings, investors’ panic, and market anomalies. Economics Letters, 321, Article 111284. https://doi.org/10.1016/j.econlet.2023.111284

Do mass shootings exacerbate investors’ sentiments towards the stock market? We empirically examine this question using 1,947 cases of mass shootings in the US from February 2014 to May 2023. We document that investors react negatively to mass shooti... Read More about Mass shootings, investors’ panic, and market anomalies.

Panic bank runs, global market contagion and the financial consequences of social media (2023)
Journal Article
Dosumu, O. E., Sakariyahu, R., Oyekola, O., & Lawal, R. (2023). Panic bank runs, global market contagion and the financial consequences of social media. Economics Letters, 228, Article 111170. https://doi.org/10.1016/j.econlet.2023.111170

This paper provides empirical analysis on how social media amplifies bank runs, using the recent bank turmoil in the US. Employing data for 94 countries, our findings show that social media provides a conduit through which an immediate negative and s... Read More about Panic bank runs, global market contagion and the financial consequences of social media.

Natural disasters, investor sentiments and stock market reactions: Evidence from Turkey-Syria earthquakes (2023)
Journal Article
Sakariyahu, R., Lawal, R., Oyekola, O., Dosumu, O. E., & Adigun, R. (2023). Natural disasters, investor sentiments and stock market reactions: Evidence from Turkey-Syria earthquakes. Economics Letters, 228, Article 111153. https://doi.org/10.1016/j.econlet.2023.111153

This study provides stylized facts on the relationships between natural disasters, investor sentiments and market performance using the recent Turkey-Syria earthquakes. We employ daily stock market data relating to Turkey’s 21 major trading partners... Read More about Natural disasters, investor sentiments and stock market reactions: Evidence from Turkey-Syria earthquakes.

Electronic trading and stock market participation in Africa: Does technology induce participation? (2023)
Journal Article
Adamolekun, G., Sakariyahu, R., Lawal, R., & Ahmed, A. (2023). Electronic trading and stock market participation in Africa: Does technology induce participation?. Economics Letters, 224, Article 110991. https://doi.org/10.1016/j.econlet.2023.110991

This study examines the effect of migrating to electronic trading platforms on stock market participation among African stock exchanges. Using Bayesian estimations, we demonstrate that transitioning from a physical to an electronic stock exchange dec... Read More about Electronic trading and stock market participation in Africa: Does technology induce participation?.

The Impact of Government Policy Responses to the COVID‐19 Pandemic and Brexit on the UK Financial Market: A Behavioural Perspective (2023)
Journal Article
Sadie Paterson, A., Sakariyahu, R., Lawal, R., & Alabi, A. (2024). The Impact of Government Policy Responses to the COVID‐19 Pandemic and Brexit on the UK Financial Market: A Behavioural Perspective. British Journal of Management, 35(1), 174-191. https://doi.org/10.1111/1467-8551.12702

At the height of the COVID-19 pandemic in the United Kingdom, the Governor of the Bank of England, while granting an interview, described the pandemic as an unprecedented economic emergency and said that the Bank could go as far as radical money-prin... Read More about The Impact of Government Policy Responses to the COVID‐19 Pandemic and Brexit on the UK Financial Market: A Behavioural Perspective.