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Stock market development and investment growth in Nigeria

100%
Onisanwa I. D., Adaji M. O.
Journal of Economics and Management
|
2020
|
vol. 42
99-117
EN
Aim/purpose – The poor investment climate is one of the reasons advanced for the slow pace of growth in Nigeria; evidenced by the absence or inadequate amount of investible funds in the productive sectors. While the money market in Nigeria provides very limited investment options, the underdevelopment and underutilisation of the Nigerian Stock Market constitute a drawback to the investment climate. However, any economy desiring sustainable development requires a long-term source of fund. Therefore, this study ascertains the perfor-mance of the stock market and investment growth nexus in Nigeria.Design/methodology/approach – The study is based on the neoclassical growth theory with a slight modification in the wake of Levine’s specification (2003), an augmented investment growth relationship was specified. This study utilises the Autoregressive Distributed Lag (ARDL) in establishing the co-integration relation between stock market development and investment growth. Gross capital formation was used as a proxy for investment growth while the stock market indicators are market capitalisation ratio, total value traded ratio and turnover ratio. The study utilises data covering 1981 to 2018, sourced from the Nigerian Stock Exchange annual reports and diverse publication of the Nigerian Bureau of Statistics.Findings – The market capitalisation ratio had a negative impact on gross capital for-mation both in the short run and the long run, but its significance is only evident in the short run. The turnover ratio had a negative and significant impact on investment growth. The total value traded ratio exerted a positive and significant impact on gross capital formation both in the short run and the long run. The coefficient of the error cor-rection term was negative and statistically significant. Research implications/limitations – The total value traded ratio enhanced investment growth in Nigeria. Both market capitalisation and turnover ratio dampen investment growth. The Stock Exchange is not efficient and does not possess the amount of liquidity required to finance long term investment need in Nigeria. Emphasis on measures geared towards increasing efficiency and liquidity should be intensified by the government. Mean-while, the sectorial analysis of the impact of stock exchange movements in Nigeria and the use of other estimation techniques may create room for more robust relationships.Originality/value/contribution – The study directly investigates the capability of the Nigerian stock market in driving investment, both in the short and long run.
2
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USING NEURAL NETWORKS TO PREDICTION ON WARSAWS STOCK EXCHANGE

100%
Lichy K.
Information Systems in Management
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2016
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vol. 5
|
issue 4
508-519
EN
The paper describes an experiment consisting of the application of artificial intelligence algorithms in the processes of predicting the stock market. A special tool was developed to evaluate whether artificial neural networks can predict stock market behavior. The aim of this paper was also to test how neural networks tapping trivial and easily attainable input data perform in an environment which is both complex and difficult to predict.
3
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Towards the Great Crash American Economic Policy at the Twilight of “Golden Twenties”

63%
Tajovský L.
Dvacáté století - The Twentieth Century
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2013
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vol. 5
|
issue 2
115-125
EN
At the end of the 1920s the structural imbalances in the American economy were growing. They were successfully disguised till 1928 by the loose monetary policy of the central bank together with the Department of the Treasury which was then led by the Secretary of Treasury Andrew Mellon. During the 1920s the volume of assets held by both the American public and big investors and which were interconnected with development on the stock indice was constantly increasing. Trading on the stock markets was becoming more and more common and it was practised directly or indirectly by tens percent of the population. The increase in American household debt in form of the more and more popular instalment loans became another phenomenon of the 1920s. New flat, car and electric appliances became a standard of the American form of the consumer live. The indirect economic regulation by the means of cooperative individualism was growing within whole decade.
CS
Koncem 20. let narůstaly strukturální nerovnováhy v americké ekonomice. Ty se do roku 1928 dařilo zastírat uvolněnou monetární politikou centrální banky v součinnosti s ministerstvem financí vedeným Andrewem Mellonem. Během dvacátých let stále rostl objem aktiv držených americkou veřejností i velkými investory, které byly vázány na vývoj akciového indexu. Obchodování na burze se stal běžným jevem a přímo či nepřímo jej prováděly desítky procent populace. Dalším jevem provázejícím dvacátá léta byl nárůst zadlužení amerických domácností v podobě rozšiřování praxe splátkových obchodů. Nový byt, auto a elektrické spotřebiče se staly standardem americké podoby konzumního života. Po celou dekádu narůstal nepřímá regulace ekonomiky prostřednictvím praxe tzv. kooperativního individualismu.
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