This study examined the effect of corporate governance variables of board independence, instituti... more This study examined the effect of corporate governance variables of board independence, institutional ownership, managerial ownership, board size, and director expertise on the market reaction to seasoned equity offering (SEO) announcements by firms in the Nigerian stock market. The event study methodology was employed, and abnormal returns were computed using the market model. A total of 62 announcements by 38 firms listed on the Nigerian stock exchange from 1st January 2006 to 31st December 2016 were included in the analysis. The study recorded significant positive cumulative abnormal returns before and after the announcement day, and a significant negative cumulative abnormal return upon the announcement day of SEOs. Similarly, significant positive cumulative abnormal returns were recorded six months before the SEO announcement day and negative significant cumulative abnormal returns six, twelve, and twenty-four months after the announcements. Furthermore, there were significant ...
In this work, data extracted from OPAC 4.0 was compared and validated with 11 years data record f... more In this work, data extracted from OPAC 4.0 was compared and validated with 11 years data record from MEERA-2 model (average Angstrom Exponent and average Extinction Coefficient). The 11 years MEERA-2 model data for 10 selected deserts was extracted at an average relative humidity (RH) condition of 78%RH while OPAC considers eight different (RH) levels (00% to 99%RH). Based on the investigation, MEERA-2 model has the highest angstrom exponent (a) values for (Arabian, Danakil, Ferlo, Lompoul, Patagonian, Registan and Syrian deserts), which is greater than 1, and this signifies the dominance of fine mode particles over coarse mode particles when compared to OPAC 4.0. It can be seen that Chalbi (0.845), Karoo (0.482) and Sahara (0.417) deserts have an a values which is less than 1(indicating the dominance of coarse mode particles over fine mode particles). It can also be said that, MEERA-2 (a) is still greater than that of OPAC and this shows that the deserts atmosphere can be dominated...
International Journal of Environment and Climate Change
Well validated simulation software and models are meant to add value through a more precise repre... more Well validated simulation software and models are meant to add value through a more precise representation of different atmospheric features and climate characteristics that are physically out of reach. In this work, comparison and validation was carried out using the Modern Era Retrospective Analysis for Research and Applications (MERRA) averaged Angstrom Exponents (α) and averaged visibilities for ten urban countries against simulated Optical Properties of Aerosols and Clouds (OPAC) urban components. The simulations of OPAC were performed at 0%, 50%, 70%, 80%, 90%, 95%, 98% and 99% relative humidities (RH) while the MERRA satellite data were extracted at an average of 78% relative humidity. results based on α values showed that OPAC was only able to simulate well the insoluble and soot aerosol particle size distributions of India’s urban atmosphere such that it had approximately the same insoluble and soot aerosol particle size distributions as India. For the rest of the nine coun...
Atmospheric aerosol concentrations have been found to change constantly due to the influence of s... more Atmospheric aerosol concentrations have been found to change constantly due to the influence of source, winds and human activities over short time periods. This has proved to be a constraint to the study of varied aerosol concentrations in urban atmosphere alongside changing relative humidity and how it affects visibility and aerosol particle size distribution. In this research simulation was carried out using Optical Properties of Aerosols and Clouds (OPAC 4.0) average concentration setup for relative humidity (RH) 0-99% at visible wavelength 0.4-0.8 μm to vary the concentrations of three aerosol components: WASO (Water-soluble), INSO (Insoluble) and SOOT. The Angstrom exponents (α), the curvatures (α2) and atmospheric turbidities (β) were obtained from the regression analysis of Kaufman’s first and second order polynomial equations for visibility. The research determined the mean exponent of the aerosol size growth curve (µ) from the effective hygroscopic growth (geff) and the hum...
This research work examines the impact of the quality of accounting information on the decisions ... more This research work examines the impact of the quality of accounting information on the decisions of entrepreneurs in the Eastern Province of Saudi Arabia. The focus is on how the internal decisions made in these enterprises are affected by accounting information which is characterised by high quality (relevance, reliability, comparability and consistency). The study used a questionnaire instrument, which targeted the managers of the SMEs across four Chambers in the Eastern Province. Pearson’s correlation coefficient was employed to provide a picture of the relationship between the variables. It was followed by multiple regression analysis to determine the direction and significance of the relationship between the variables and to test the hypotheses. The findings reveal a statistically significant positive impact of relevance, comparability and consistency of accounting information on decisions made by entrepreneurs in the Eastern Province. In addition, a statistically insignificant...
The aim of this study is to empirically examine the impact of earnings smoothness on operational ... more The aim of this study is to empirically examine the impact of earnings smoothness on operational and market performance of Indian National Stock Exchange (NSE) using panel data. The dynamic general...
The paper attempts to deal with data problems associated with shares traded on the Nigerian stock... more The paper attempts to deal with data problems associated with shares traded on the Nigerian stock exchange (NSE). In particular, the paper investigates the effects of thin trading on share price changes and designs an approach to examine the extent of any possible inactive trading associated with Nigerian shares. This paper used disaggregated data which comprise the weekly closing share prices for 69 firms listed on the NSE over the period January 1995 to December 2005. Results suggest that sizeable periods of trading inactivity exist for NSE equities. The estimates of the probability that a share on the NSE will be actively or inactively traded as well as the average length of the period of activity or inactivity are determined.
This paper examines the impact of applying corporate governance (CG) mechanisms on the quality of... more This paper examines the impact of applying corporate governance (CG) mechanisms on the quality of financial reports of listed financial firms in Saudi Arabia. The focus is on how quality of financial reporting (QFR) is affected by board independence, board size, audit committee independence, audit committee size, and ownership structure of listed financial firms. The study uses financial statistics from the annual reports and accounts of a sample of 18 financial firms listed in the Saudi Stock Exchange over the period 2012 to 2017. QFR is measured using discretionary accruals of the modified Jones model (Dechow et al., 1995). The findings revealed a statistically positive significant impact of board independence, audit committee independence and ownership structure on QFR. On the other hand, results showed a statistically insignificant impact of the size of the board and audit committee on QFR. Results support arguments of the stakeholder theory that having high institutional shares...
The paper is to determine the impact of free cash flow on dividend policy of oil and gas companie... more The paper is to determine the impact of free cash flow on dividend policy of oil and gas companies in Nigeria. The data was collected from annual reports and accounts of the sampled companies for the period of twelve years from 2003 to 2014. Data is analyzed by means of descriptive statistics to provide summary statistics for the variables and correlation analysis is also carried out using Pearson correlation technique for the correlation between the dependent and explanatory variables. Multiple regression technique was used to analyze the data using STATA software version 12.00. The study found that free cash flow and earnings per share have positive effects on the dividend policy while a negative significant relationship is found between leverage and dividend policy of listed oil and gas companies Nigeria. Companies in which high proportion of shares are held by managers are more reluctant in paying a higher dividend. Hence, The study recommends that companies in the oil and gas s...
Advances in Physics Theories and Applications, 2014
In this paper, the authors investigated some microphysical and optical properties of arctic aeros... more In this paper, the authors investigated some microphysical and optical properties of arctic aerosols extracted from the data base Optical Properties of Aerosols and Clouds(OPAC) to determine the effect of hygroscopic growth at the spectral range of 0.25?m to 2.5?m and eight relative humilities (RHs) (0, 50, 70, 80, 90, 95, 98, and 99%).The microphysical properties extracted were radii, volume mix ratio, number mix ratio and mass mix ratio as a function of RH while the optical properties are scattering and absorption coefficients and asymmetric parameters. Using the microphysical properties, effective growth factors of the mixtures were determined while using optical properties enhancement parameters were determined and then parameterized using some models. We observed that the data fitted the models very well. The angstrom coefficients which determined the type of particles size distribution increases with the increase in RHs except at the delinquent point where it decreases with th...
The spatial and temporal variations of aerosol optical depth at 550 nm (τ550) and Angstrom expone... more The spatial and temporal variations of aerosol optical depth at 550 nm (τ550) and Angstrom exponent derived from 470 and 660 nm (α470-660) over Nairobi (NAI), Skukuza (SKU) and Ilorin (ILO) Aerosol Robotic Network (AERONET) stations in sub-Saharan Africa, as recorded by Moderate Resolution Imaging Spectroradiometer (MODIS) satellites for fifteen years (2000-2015), were examined in relation to their climatologies and prediction. The MODIS measurements of τ550 and α470-660 from aqua (MYD04) and terra (MOD04) satellites were used in this study. Retrievals of τ550 for both satellites were validated with AERONET τ550 for the same period. The validation results showed that they compare favourably over the three stations, but MOD04 performed better than MYD04 data in NAI and ILO for τ550. This shows that the τ550 of NAI and ILO are best captured using the MOD04 data while that of SKU is best with MYD04. It was also discovered that MODIS underestimated AERONET τ550 data over NAI and SKU. Th...
In this study, time series statistical analysis was carried out on the monthly average daily mete... more In this study, time series statistical analysis was carried out on the monthly average daily meteorological parameters of global solar radiation, sunshine hours, wind speed, mean temperature, rainfall, cloud cover and relative humidity during the period of thirty one years (1980 – 2010) using IBM SPSS Statistics version 20 with expert modeler to determine the level, trend and seasonal variations for Ogoja and Maiduguri. Seasonal Auto Regressive Integrated Moving Average models were determined for the two locations along with their respective statistical indicators of coefficient of determination, Root Mean Square Error, Mean Absolute Percentage Error and Mean Absolute Error and are found suitable for one step ahead forecast for the studied area. The factor analysis (empirical orthogonal transformation) and descriptive statistical analysis was also carried out for the study areas under investigation. The results indicated that the model type for all the meteorological parameters for ...
According to the weak-form of the Efficient Market Hypothesis (EMH), investors should not be able... more According to the weak-form of the Efficient Market Hypothesis (EMH), investors should not be able to outperform the market consistently by looking at charts of past share prices or by devising trading rules based on historic share returns. This paper investigates the extent to which the equity prices of firms listed on the Nigerian Stock Exchange (NSE) are consistent with
German medical science : GMS e-journal, Jan 16, 2011
Several attempts have been made in the last two decades to investigate ulcerative colitis (UC) pa... more Several attempts have been made in the last two decades to investigate ulcerative colitis (UC) patients during the natural course of the disease so as to identify appropriate surrogate markers of disease activity. Most patients with quiescent inflammatory bowel disease have low grade inflammation and it is possible that relapse occurs only once the inflammatory process crosses a critical intensity. Since inflammation is a continuous process, its direct assessment may provide us a quantitative pre-symptomatic measure of imminent relapse. If substantial, it may allow targeted treatment early, to avert relapse or formulate newer therapeutic strategies to maintain symptomatic remission. It is clinically very important to identify these patients at a subclinical stage, noninvasively, by various biomarkers. Biomarkers help to gain an objective measurement of disease activity as symptoms are often subjective. Biomarkers also help to avoid invasive procedures which are often a burden to the...
PurposeThe purpose of this paper is to examine how investors and stockbrokers in Nigeria value sh... more PurposeThe purpose of this paper is to examine how investors and stockbrokers in Nigeria value shares and whether their approach to share valuation differs from that documented in other countries. In particular, the paper investigates whether the investors and stockbrokers use fundamental, technical and/or risk analysis differently to appraise investments. The information which investors and stockbrokers employ for share valuation purposes is also considered to see whether differences from developed market countries exist.Design/methodology/approachA series of semi‐structured interviews was conducted with eight stockbrokers and ten investors from Nigeria.FindingsThe main approach to share valuation employed by the Nigerian interviewees was fundamental analysis; investors and brokers forecast earnings for a company and multiplied this prediction by a P/E ratio to estimate the intrinsic worth of a share. This intrinsic value was then compared with the current share price to see if the...
This study examined the effect of corporate governance variables of board independence, instituti... more This study examined the effect of corporate governance variables of board independence, institutional ownership, managerial ownership, board size, and director expertise on the market reaction to seasoned equity offering (SEO) announcements by firms in the Nigerian stock market. The event study methodology was employed, and abnormal returns were computed using the market model. A total of 62 announcements by 38 firms listed on the Nigerian stock exchange from 1st January 2006 to 31st December 2016 were included in the analysis. The study recorded significant positive cumulative abnormal returns before and after the announcement day, and a significant negative cumulative abnormal return upon the announcement day of SEOs. Similarly, significant positive cumulative abnormal returns were recorded six months before the SEO announcement day and negative significant cumulative abnormal returns six, twelve, and twenty-four months after the announcements. Furthermore, there were significant ...
In this work, data extracted from OPAC 4.0 was compared and validated with 11 years data record f... more In this work, data extracted from OPAC 4.0 was compared and validated with 11 years data record from MEERA-2 model (average Angstrom Exponent and average Extinction Coefficient). The 11 years MEERA-2 model data for 10 selected deserts was extracted at an average relative humidity (RH) condition of 78%RH while OPAC considers eight different (RH) levels (00% to 99%RH). Based on the investigation, MEERA-2 model has the highest angstrom exponent (a) values for (Arabian, Danakil, Ferlo, Lompoul, Patagonian, Registan and Syrian deserts), which is greater than 1, and this signifies the dominance of fine mode particles over coarse mode particles when compared to OPAC 4.0. It can be seen that Chalbi (0.845), Karoo (0.482) and Sahara (0.417) deserts have an a values which is less than 1(indicating the dominance of coarse mode particles over fine mode particles). It can also be said that, MEERA-2 (a) is still greater than that of OPAC and this shows that the deserts atmosphere can be dominated...
International Journal of Environment and Climate Change
Well validated simulation software and models are meant to add value through a more precise repre... more Well validated simulation software and models are meant to add value through a more precise representation of different atmospheric features and climate characteristics that are physically out of reach. In this work, comparison and validation was carried out using the Modern Era Retrospective Analysis for Research and Applications (MERRA) averaged Angstrom Exponents (α) and averaged visibilities for ten urban countries against simulated Optical Properties of Aerosols and Clouds (OPAC) urban components. The simulations of OPAC were performed at 0%, 50%, 70%, 80%, 90%, 95%, 98% and 99% relative humidities (RH) while the MERRA satellite data were extracted at an average of 78% relative humidity. results based on α values showed that OPAC was only able to simulate well the insoluble and soot aerosol particle size distributions of India’s urban atmosphere such that it had approximately the same insoluble and soot aerosol particle size distributions as India. For the rest of the nine coun...
Atmospheric aerosol concentrations have been found to change constantly due to the influence of s... more Atmospheric aerosol concentrations have been found to change constantly due to the influence of source, winds and human activities over short time periods. This has proved to be a constraint to the study of varied aerosol concentrations in urban atmosphere alongside changing relative humidity and how it affects visibility and aerosol particle size distribution. In this research simulation was carried out using Optical Properties of Aerosols and Clouds (OPAC 4.0) average concentration setup for relative humidity (RH) 0-99% at visible wavelength 0.4-0.8 μm to vary the concentrations of three aerosol components: WASO (Water-soluble), INSO (Insoluble) and SOOT. The Angstrom exponents (α), the curvatures (α2) and atmospheric turbidities (β) were obtained from the regression analysis of Kaufman’s first and second order polynomial equations for visibility. The research determined the mean exponent of the aerosol size growth curve (µ) from the effective hygroscopic growth (geff) and the hum...
This research work examines the impact of the quality of accounting information on the decisions ... more This research work examines the impact of the quality of accounting information on the decisions of entrepreneurs in the Eastern Province of Saudi Arabia. The focus is on how the internal decisions made in these enterprises are affected by accounting information which is characterised by high quality (relevance, reliability, comparability and consistency). The study used a questionnaire instrument, which targeted the managers of the SMEs across four Chambers in the Eastern Province. Pearson’s correlation coefficient was employed to provide a picture of the relationship between the variables. It was followed by multiple regression analysis to determine the direction and significance of the relationship between the variables and to test the hypotheses. The findings reveal a statistically significant positive impact of relevance, comparability and consistency of accounting information on decisions made by entrepreneurs in the Eastern Province. In addition, a statistically insignificant...
The aim of this study is to empirically examine the impact of earnings smoothness on operational ... more The aim of this study is to empirically examine the impact of earnings smoothness on operational and market performance of Indian National Stock Exchange (NSE) using panel data. The dynamic general...
The paper attempts to deal with data problems associated with shares traded on the Nigerian stock... more The paper attempts to deal with data problems associated with shares traded on the Nigerian stock exchange (NSE). In particular, the paper investigates the effects of thin trading on share price changes and designs an approach to examine the extent of any possible inactive trading associated with Nigerian shares. This paper used disaggregated data which comprise the weekly closing share prices for 69 firms listed on the NSE over the period January 1995 to December 2005. Results suggest that sizeable periods of trading inactivity exist for NSE equities. The estimates of the probability that a share on the NSE will be actively or inactively traded as well as the average length of the period of activity or inactivity are determined.
This paper examines the impact of applying corporate governance (CG) mechanisms on the quality of... more This paper examines the impact of applying corporate governance (CG) mechanisms on the quality of financial reports of listed financial firms in Saudi Arabia. The focus is on how quality of financial reporting (QFR) is affected by board independence, board size, audit committee independence, audit committee size, and ownership structure of listed financial firms. The study uses financial statistics from the annual reports and accounts of a sample of 18 financial firms listed in the Saudi Stock Exchange over the period 2012 to 2017. QFR is measured using discretionary accruals of the modified Jones model (Dechow et al., 1995). The findings revealed a statistically positive significant impact of board independence, audit committee independence and ownership structure on QFR. On the other hand, results showed a statistically insignificant impact of the size of the board and audit committee on QFR. Results support arguments of the stakeholder theory that having high institutional shares...
The paper is to determine the impact of free cash flow on dividend policy of oil and gas companie... more The paper is to determine the impact of free cash flow on dividend policy of oil and gas companies in Nigeria. The data was collected from annual reports and accounts of the sampled companies for the period of twelve years from 2003 to 2014. Data is analyzed by means of descriptive statistics to provide summary statistics for the variables and correlation analysis is also carried out using Pearson correlation technique for the correlation between the dependent and explanatory variables. Multiple regression technique was used to analyze the data using STATA software version 12.00. The study found that free cash flow and earnings per share have positive effects on the dividend policy while a negative significant relationship is found between leverage and dividend policy of listed oil and gas companies Nigeria. Companies in which high proportion of shares are held by managers are more reluctant in paying a higher dividend. Hence, The study recommends that companies in the oil and gas s...
Advances in Physics Theories and Applications, 2014
In this paper, the authors investigated some microphysical and optical properties of arctic aeros... more In this paper, the authors investigated some microphysical and optical properties of arctic aerosols extracted from the data base Optical Properties of Aerosols and Clouds(OPAC) to determine the effect of hygroscopic growth at the spectral range of 0.25?m to 2.5?m and eight relative humilities (RHs) (0, 50, 70, 80, 90, 95, 98, and 99%).The microphysical properties extracted were radii, volume mix ratio, number mix ratio and mass mix ratio as a function of RH while the optical properties are scattering and absorption coefficients and asymmetric parameters. Using the microphysical properties, effective growth factors of the mixtures were determined while using optical properties enhancement parameters were determined and then parameterized using some models. We observed that the data fitted the models very well. The angstrom coefficients which determined the type of particles size distribution increases with the increase in RHs except at the delinquent point where it decreases with th...
The spatial and temporal variations of aerosol optical depth at 550 nm (τ550) and Angstrom expone... more The spatial and temporal variations of aerosol optical depth at 550 nm (τ550) and Angstrom exponent derived from 470 and 660 nm (α470-660) over Nairobi (NAI), Skukuza (SKU) and Ilorin (ILO) Aerosol Robotic Network (AERONET) stations in sub-Saharan Africa, as recorded by Moderate Resolution Imaging Spectroradiometer (MODIS) satellites for fifteen years (2000-2015), were examined in relation to their climatologies and prediction. The MODIS measurements of τ550 and α470-660 from aqua (MYD04) and terra (MOD04) satellites were used in this study. Retrievals of τ550 for both satellites were validated with AERONET τ550 for the same period. The validation results showed that they compare favourably over the three stations, but MOD04 performed better than MYD04 data in NAI and ILO for τ550. This shows that the τ550 of NAI and ILO are best captured using the MOD04 data while that of SKU is best with MYD04. It was also discovered that MODIS underestimated AERONET τ550 data over NAI and SKU. Th...
In this study, time series statistical analysis was carried out on the monthly average daily mete... more In this study, time series statistical analysis was carried out on the monthly average daily meteorological parameters of global solar radiation, sunshine hours, wind speed, mean temperature, rainfall, cloud cover and relative humidity during the period of thirty one years (1980 – 2010) using IBM SPSS Statistics version 20 with expert modeler to determine the level, trend and seasonal variations for Ogoja and Maiduguri. Seasonal Auto Regressive Integrated Moving Average models were determined for the two locations along with their respective statistical indicators of coefficient of determination, Root Mean Square Error, Mean Absolute Percentage Error and Mean Absolute Error and are found suitable for one step ahead forecast for the studied area. The factor analysis (empirical orthogonal transformation) and descriptive statistical analysis was also carried out for the study areas under investigation. The results indicated that the model type for all the meteorological parameters for ...
According to the weak-form of the Efficient Market Hypothesis (EMH), investors should not be able... more According to the weak-form of the Efficient Market Hypothesis (EMH), investors should not be able to outperform the market consistently by looking at charts of past share prices or by devising trading rules based on historic share returns. This paper investigates the extent to which the equity prices of firms listed on the Nigerian Stock Exchange (NSE) are consistent with
German medical science : GMS e-journal, Jan 16, 2011
Several attempts have been made in the last two decades to investigate ulcerative colitis (UC) pa... more Several attempts have been made in the last two decades to investigate ulcerative colitis (UC) patients during the natural course of the disease so as to identify appropriate surrogate markers of disease activity. Most patients with quiescent inflammatory bowel disease have low grade inflammation and it is possible that relapse occurs only once the inflammatory process crosses a critical intensity. Since inflammation is a continuous process, its direct assessment may provide us a quantitative pre-symptomatic measure of imminent relapse. If substantial, it may allow targeted treatment early, to avert relapse or formulate newer therapeutic strategies to maintain symptomatic remission. It is clinically very important to identify these patients at a subclinical stage, noninvasively, by various biomarkers. Biomarkers help to gain an objective measurement of disease activity as symptoms are often subjective. Biomarkers also help to avoid invasive procedures which are often a burden to the...
PurposeThe purpose of this paper is to examine how investors and stockbrokers in Nigeria value sh... more PurposeThe purpose of this paper is to examine how investors and stockbrokers in Nigeria value shares and whether their approach to share valuation differs from that documented in other countries. In particular, the paper investigates whether the investors and stockbrokers use fundamental, technical and/or risk analysis differently to appraise investments. The information which investors and stockbrokers employ for share valuation purposes is also considered to see whether differences from developed market countries exist.Design/methodology/approachA series of semi‐structured interviews was conducted with eight stockbrokers and ten investors from Nigeria.FindingsThe main approach to share valuation employed by the Nigerian interviewees was fundamental analysis; investors and brokers forecast earnings for a company and multiplied this prediction by a P/E ratio to estimate the intrinsic worth of a share. This intrinsic value was then compared with the current share price to see if the...
Uploads
Papers by Bashir Tijjani