American International Journal of Economics and Finance Research https://www.acseusa.org/journal/index.php/aijefr American Center of Science and Education en-US American International Journal of Economics and Finance Research 2642-2867 Efficient Market Hypotheses Controversy and Nigerian Stock Exchange Relations https://www.acseusa.org/journal/index.php/aijefr/article/view/192 <p>This study; Nigerian Stock Exchange and Efficient Market Hypothesis was done using All Share Index (ASI) with daily data from January 02, 2014 to May 20, 2019 (1333 observations) and annual data from 1985 to 2018 (34 observations) collected from the Nigeria Stock Market fact books. The study employed three analytical methods namely the unit root test, GARCH Model and the Autocorrelation cum patial autocorrelation method&nbsp; for the assessment of weak form hypothesis on the daily and annual all share index in the Nigerian Stock market. The results of these evaluations indicated a significant relationship between the price series and their lagged values implying that stock price series do not follow a random walk process in Nigerian stock market. Thus, affirming that the Nigeria Stock Exchange is not efficient in weak form.&nbsp; In the light of this, the researchers recommend that the supervisory and regulatory authorities should strengthen the Nigerian Stock Market through palliating its regulations pertaining to transparency of information management rules such as market barriers and stringent listing requirement, publication of accounts, notices of annual general meeting and the like.</p> <p><strong>JEL Classification: </strong>C1, C4, E6, G1</p> Chukwu Agwu Ejem Udochukwu Godfrey Ogbonna Godwin Chigozie Okpara ##submission.copyrightStatement## http://creativecommons.org/licenses/by-nc-nd/4.0 2020-06-30 2020-06-30 2 1 1 13 10.46545/aijefr.v2i1.192 Do Macroeconomic Variables Predict Deposit Money Banks’ Performance in Nigeria? https://www.acseusa.org/journal/index.php/aijefr/article/view/193 <p>This study investigated the relationship between macroeconomic variables and the performance of deposit money banks in Nigeria, analyzed with suitable finametric tools. The results of the empirical examination found that all the macroeconomic variables employed (economic growth rate, interest rate, inflation rate, money supply and exchange rate in this study have no significant relationship with bank performance. It was also observed that each and jointly, the macroeconomic variables do not cause bank performance both in the short run and long run. Again, that bank performance responds insignificantly to the shocks of all the macroeconomic variables. Consequently the researchers advocate that deposit money banks in Nigeria with inherent discretionary policy be proactive to the monetary and fiscal policies of regulatory authorities in order to enhance their performance.</p> Chukwu Agwu Ejem Udochukwu Godfrey Ogbonna Onyemachi Maxwell Ogbulu ##submission.copyrightStatement## http://creativecommons.org/licenses/by-nc-nd/4.0 2020-06-30 2020-06-30 2 1 14 33 10.46545/aijefr.v2i1.193 Cash Flow Management, Human Capital Investment and Capital Gain of Quoted Commercial Banks in Nigeria https://www.acseusa.org/journal/index.php/aijefr/article/view/197 <p>This study examined how cash flow management and human capital investment affect capital gain of commercial banks in Nigeria. Cross sectional data were sourced from the financial statement of the commercial banks from 2009 to 2018.&nbsp;&nbsp; Capital gain&nbsp; was used as dependent variables&nbsp; while investment on employee training,&nbsp; investment on employee&nbsp; education, investment on employee health, differed employee payment, operating cash flow, cash flow from financing activities, cash flow from investing activities and net cash flow were&nbsp; used as&nbsp; independent variables. Ordinary least square method of panel co-integration, unit root, granger causality test was used. The study found among other things that operating cash flow, cash flow financing activities and cash flow from investing activities showed negative relationship with capital gain while net operating cash flow showed positive relationship with capital gain. Investment on employee training and health has positive relationship with capital gain while differed payment and education has negative relationship with capital gain.&nbsp; From the findings, the study concludes that cash flow management and human capital investments have significant effect capital gain of commercial banks in Nigeria.&nbsp; We that management of commercial banks should investment more on employee education as this can make the employees acquire dynamic knowledge in bank management such as credit appraisal that reduces the incidence of nonperforming loans and increase profitability. Furthermore, employees differed payment procedures should be well planned and seamlessly integrated into management broad policies of investment and financing decisions.</p> Lucky Anyike Lucky Phil-Olumba Ifunanya Sheila ##submission.copyrightStatement## http://creativecommons.org/licenses/by-nc-nd/4.0 2020-07-14 2020-07-14 2 1 34 53 10.46545/aijefr.v2i1.197 Monetary Policy and Commercial Banks Assets Quality in Nigeria: Panel Data Analysis https://www.acseusa.org/journal/index.php/aijefr/article/view/198 <p>This study examined the effect of monetary policy on assets quality indicator of Nigeria commercial bank soundness from 2009 to 2018. Cross sectional data were sourced from annual reports of commercial banks and Central Bank of Nigeria Statistical Bulletin. Assets quality indicator of commercial banks soundness was used as proxies for the dependent variables while cash reserve ratios, open market operation rates, monetary policy rates, treasury bills rates and money supply were used as proxies for the independent variables. Panel data methodology was employed while the fixed effects model was used as estimation technique at 5% level of significance. Fixed effects, random effects and pooled estimates were tested while the Hausman test was used to determine the best fit. Panel unit roots and panel cointegration analysis were conducted on the study.&nbsp; Findings of the study proved that cash reserve ratio, open market operations rates, monetary policy rates and treasury bills rates have no significant relationship with assets quality indicators of commercial banks in Nigeria. However, Money supply has significant relationship with assets quality indicators of commercial bank soundness in Nigeria. From the findings we recommend that Central Bank of Nigeria should intensify the use money supply as a veritable effective monetary policy tool to achieve bank soundness in Nigeria.&nbsp; Furthermore, CBN should redefine these monetary policy instruments such as open market operation and adjust the monetary policy rate by reducing the cash reserve ratio which will increase liquidity to enable the commercial banks to discharge their lending and investment duties effectively to the public.&nbsp; The cash reserve ratio should be used to complement the open market operations in ensuring that excess liquidity or lack of it in the banking system is minimized. It was further recommended that CBN should look beyond monetary policy in her regulatory governance of commercial banks as most monetary policy tools currently deployed do not have significant relationship with commercial bank soundness indicators within the periods covered in this study.</p> <p>&nbsp;</p> Ebulison Nelson Okheshimi ##submission.copyrightStatement## http://creativecommons.org/licenses/by-nc-nd/4.0 2020-07-14 2020-07-14 2 1 54 71 Impact of Military Expenditure on Economic Growth of Afghanistan https://www.acseusa.org/journal/index.php/aijefr/article/view/204 <p>This empirical study estimates and considers the impact of military expenditure on economic growth of Afghanistan for the period of 2004-2018 by applying the VAR model and VAR Granger causality (1980). The model is run by having the dependent (predicted) variable of economic growth and independent variable of military spending and employment. Ultimately, this analysis revealed that arm expenses do not have a significant effect on the economic growth of Afghanistan for the 15 years period from 2004-2018. And after running the VAR Granger causality it revealed that if some policy changes accrue to the GDP or economic then it will cause the military expenditure (unidirectional causality) and policy changes to the military expenditure will not cause GDP. According to the joint test, it is seen that if some policy changes accrue to the employment and military expenditure so it will cause GDP, if some policy changes accrue to the employment and GDP so it will cause military expenditure.</p> Khalilullah Hassani ##submission.copyrightStatement## http://creativecommons.org/licenses/by-nc-nd/4.0 2020-08-03 2020-08-03 2 1 72 80