The purpose of this study is to examine the link between technical efficiency and both the corpor... more The purpose of this study is to examine the link between technical efficiency and both the corporate governance and financial performance of listed financial firms on the floor of the Nigerian Stock Exchange using three theoretical approaches: shareholder theory, stakeholders’ theory, and resource dependence theory. We employed a stochastic frontier analysis to examine the impact of technical efficiency on the link between corporate governance and financial performance on the one hand, and, on the other, multiple regressions comprised of OLS and Poisson estimates to analyze a data-generating set sourced from 2007 to 2020. The results of our OLS estimates suggest that a negative but significant relationship exists between the corporate governance mechanism and the financial performance of the listed firms. When we subject the analysis to the Poisson estimates, the relationship becomes positive and significant. Our results have some positive implications.
This study describes the approach for modeling extreme and lengthy time-varying series of an Auto... more This study describes the approach for modeling extreme and lengthy time-varying series of an Autoregressive Moving Average of order ( , ) p q via a Skew Generalized Extreme Value distribution as the white noise. This approach establishes the procedure for parameters’ estimation and their standard errors for the SGEV-ARMA ( , ) p q model via the iterative Fisher information scores derived from the Maximum Likelihood Estimation for a chosen optimal degree of flexibility (bandwidth) " " . The study was applied to a lengthy series of average monthly temperature (report in C) of Lagos, Nigeria from January 1901 to December 2016 with 1381 data points. It was noted that SGEV-ARMA (3,3) recorded a subjacent model performance error via the evaluated indexes of AIC, BIC and HQIC (103.02, 141.35 & 124.50) respectively compare to an intensive error performance in the white noise Gaussian-ARMA (3, 3) with (108, 144.4 & 129.26) respectively. In addition, the forecast error indexes wit...
Australian Journal of Business and Management Research, 2011
Asset pricing has remained an issue of interest to scholars, investment managers and analysts wit... more Asset pricing has remained an issue of interest to scholars, investment managers and analysts without borders. Pricing of equities in environments characterized with imperfect information and determining the effect of information asymmetry on the asset have also remained a challenge. The risk the information uncertainty from the firm poses to the investors and analysts and the risk the information uncertainty from the investment opportunities of the firm poses to the managers need to be measured and incorporated into equity price. This study made an attempt to develop a model from the works of Lowry, Officer and Schwert (2007) and Reber and Fong (2008) for measuring the effect of firm and market-specific proxies of information asymmetry on equity prices in the stock market. The model developed is considered suitable for adoption in developing and emerging economies where information is considered prevalent. In addition to providing a model for measuring the effects of proxies of inf...
The purpose of this study is to examine the link between technical efficiency and both the corpor... more The purpose of this study is to examine the link between technical efficiency and both the corporate governance and financial performance of listed financial firms on the floor of the Nigerian Stock Exchange using three theoretical approaches: shareholder theory, stakeholders’ theory, and resource dependence theory. We employed a stochastic frontier analysis to examine the impact of technical efficiency on the link between corporate governance and financial performance on the one hand, and, on the other, multiple regressions comprised of OLS and Poisson estimates to analyze a data-generating set sourced from 2007 to 2020. The results of our OLS estimates suggest that a negative but significant relationship exists between the corporate governance mechanism and the financial performance of the listed firms. When we subject the analysis to the Poisson estimates, the relationship becomes positive and significant. Our results have some positive implications.
This study describes the approach for modeling extreme and lengthy time-varying series of an Auto... more This study describes the approach for modeling extreme and lengthy time-varying series of an Autoregressive Moving Average of order ( , ) p q via a Skew Generalized Extreme Value distribution as the white noise. This approach establishes the procedure for parameters’ estimation and their standard errors for the SGEV-ARMA ( , ) p q model via the iterative Fisher information scores derived from the Maximum Likelihood Estimation for a chosen optimal degree of flexibility (bandwidth) " " . The study was applied to a lengthy series of average monthly temperature (report in C) of Lagos, Nigeria from January 1901 to December 2016 with 1381 data points. It was noted that SGEV-ARMA (3,3) recorded a subjacent model performance error via the evaluated indexes of AIC, BIC and HQIC (103.02, 141.35 & 124.50) respectively compare to an intensive error performance in the white noise Gaussian-ARMA (3, 3) with (108, 144.4 & 129.26) respectively. In addition, the forecast error indexes wit...
Australian Journal of Business and Management Research, 2011
Asset pricing has remained an issue of interest to scholars, investment managers and analysts wit... more Asset pricing has remained an issue of interest to scholars, investment managers and analysts without borders. Pricing of equities in environments characterized with imperfect information and determining the effect of information asymmetry on the asset have also remained a challenge. The risk the information uncertainty from the firm poses to the investors and analysts and the risk the information uncertainty from the investment opportunities of the firm poses to the managers need to be measured and incorporated into equity price. This study made an attempt to develop a model from the works of Lowry, Officer and Schwert (2007) and Reber and Fong (2008) for measuring the effect of firm and market-specific proxies of information asymmetry on equity prices in the stock market. The model developed is considered suitable for adoption in developing and emerging economies where information is considered prevalent. In addition to providing a model for measuring the effects of proxies of inf...
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Papers by Oseni Ezekiel