Cryptocurrencies are risky currencies due to their extreme price volatilities and requires an est... more Cryptocurrencies are risky currencies due to their extreme price volatilities and requires an estimation of coherent risk measures for an effective portfolio optimization and risk management. We focus on seven cryptocurrencies (Bitcoin, Ethereum, Litecoin, Ripple, Das, Monero, and Steller) and provide empirical application of Fissler and Ziegel joint loss dynamic models (FZL) for joint Value-at-Risk (VaR) and Expected Shortfall (ES) in a cryptocurrency context at α= 0.01 and α= 0.025 risk levels. Results show Ethereum and Steller as less risky currencies followed by Monero, Das, Litecoin, Bitcoin, and largest for Ripple suggesting that Ethereum and Steller requires the least capital to absorb losses. Following this result, we argue that market participants interested in cryptocurrencies can follow the rankings in this study to hedge, calculate margins, and capital requirement to maximize utility whiles minimizing risk to ensure financial stability in the global economy.
Purpose To explore how inclusive banking services are marketed to financially vulnerable consumer... more Purpose To explore how inclusive banking services are marketed to financially vulnerable consumers (FVCs) in Ghana from the perspective of managers. This study aims to explore this under-researched area and contribute towards a transformative service research in the country. Design/methodology/approach This study adopted a multiple case study research approach to analyse six banks, including commercial, development, investment and rural and community banks. Specifically, semi-structured interviews and archival documents were used to collect data from the perspectives of bank managers. Findings The empirical research based on practical and theoretical models shows that Ghanaian banks design an array of financial products and services (FPS), adopt innovative traditional marketing strategies and apply inclusive technologies to reach out to the FVCs. Research limitations/implications The authors conducted this study on six banks in Ghana; thus, service researchers are cautioned when gen...
International Journal of Management and Sustainability, 2014
This study investigates SERQUAL Dimensions in the delivery of satisfied services in the domestic ... more This study investigates SERQUAL Dimensions in the delivery of satisfied services in the domestic airline industry in Ghana. Questionnaires were distributed to four hundred and fifty (450) customers from three domestic airlines namely Antrak Air, Fly 540 and Star Bow using the convenience sampling technique. The responses from the field indicate that domestic airlines operating in Ghana fall short in their adoption of SERVQUAL model to deliver quality services to their customers. According to the findings of this study, domestic airlines in Ghana are regarded by majority of the respondents as not being reliable, responsive, showing sense of assurance, empathy and tangible in all their operations. The same majority of respondents also indicated that the airlines fall short in adopting best practices of service quality.
Research in International Business and Finance, 2020
Abstract We model the asymmetric linkages between returns of spot gold prices and African stock m... more Abstract We model the asymmetric linkages between returns of spot gold prices and African stock markets using wavelets and quantile regression techniques. The maximal overlap discrete wavelet transform technique was employed to decompose the returns into short-, medium-, and long-term series and the quantile regression was employed to explore the nexus by matching their conditional distributions along 0.05 quantile intervals. We find that the relationship between gold and African stocks is frequency-dependent and asymmetric in nature across the various timescales and quantiles. We find a mixture of negative and positive connections across the various quantiles in the short- and medium-terms. In the long-term, whereas the effect of gold is positive for Ghana, Mauritius, and Nigeria; it is negative for Egypt, Morocco, South Africa, and Tunisia. The results possess important implications for risk management as dependencies are not only studied over the entire conditional distribution at once but based on quantiles and further at different frequencies. Investors can make well-informed decisions to mitigate trade risks as they closely match the time heterogeneity in the markets.
The study compares the risk management practices among commercial banks in Ghana. Using the multi... more The study compares the risk management practices among commercial banks in Ghana. Using the multiple regression model the paper examines the determinants of risk management practices among the selected commercial banks. Cross-sectional research design was used. A standard modified questionnaire from (Hussien and Faris, 2007), were administered to risk analysts and senior risk managers of the sampled banks at the headquarters offices and branch head offices in Accra and Kumasi. The results show that the sampled banks are somewhat efficient in managing risk, and risk monitoring and control is the most influencing variable in risk management practices. The results again show a significant difference among commercial banks in the practice of risk identification, understanding risk and in risk monitoring and control except risk assessment and analysis.
In the financial management arena, corporate capital structure has attracted intense debate and s... more In the financial management arena, corporate capital structure has attracted intense debate and scholarly attention over the past four decades. However, in the context of countries in the West African Monetary Zone (WAMZ), capital structure has received a scanty attention and most literature on this issue modelled only the firm specific determinants in their studies. Practically, managers also like to consider market conditions, like GDP growth, interest rate, inflation, stock market performance and other economic factors when deciding for financing mix (Antoniou et al, 2002). This paper provides new insights into the capital structure theory by proposing a more superior model which takes into account both the additional important and "lately" evidence firm specific factors and macroeconomic factors on capital structure as opposed to the existing models for capital structure. Both theoretical and empirical literature is reviewed. Conclusions are drawn based on the findings.
This study examines the importance of Senior High School level mathematics to the development of ... more This study examines the importance of Senior High School level mathematics to the development of a country. It would not be enough for a country to just believe that mathematics is important until a substantial amount of the subject content have been successfully imparted into a country's schooling citizens. This has made students' mathematics achievement an issue of concern to many countries of today including Ghana. These concerns have necessitated this research to investigate what should be done by educational institutions to enhance the teaching and learning of mathematics. Various outcomes and contributions made in the past regarding teachers endeavors have been provided to students to learn and achieve in mathematics have been reviewed in this study to inform readers of what have existed already. While some reviewed works criticized methods used in teaching mathematics and also condemned shorter instructional periods for the teaching and learning of mathematics, others made suggestions and recommendations that would help improve achievement in the subject. This work employed both quantitative and qualitative methods. The analysis revealed that majority of SHS mathematics teachers perceives the following professional activities to be influential to SHS students' mathematics development: Assigning mathematics homework and reviewing the given homework, encouraging learners to work in groups, engaging the whole class in discussion, using additional mathematics textbooks as instructional tools, taking students' prior understanding into account when planning a lesson and motivating student to practice mathematics on their own www.iiste.org
This study examines the market’s reaction to dividend initiation announcements. In particular, it... more This study examines the market’s reaction to dividend initiation announcements. In particular, it considered the magnitude of abnormal returns during the days that surround announcements of dividend initiation. This study expects to reveal whether dividend initiation is important to investors on the Ghana Stock Exchange. It also expects to reveal whether the type of firm’s industry has influence on the investors’ investment decision. This is accomplished by measuring the abnormal returns before, during and after dividend initiation announcements. Using an event study approach, the evidence shows that dividend initiation announcements are greeted positively by investors. Industry based analysis is made to ascertain if firms in different industries react differently to dividend initiation announcement. The industries included: manufacturing, financial service and the other industries. The results suggest that firms in the manufacturing industry experience stronger investors’ reaction ...
The random walk behaviour of exchange rates in Ghana is explored by employing parametric and non-... more The random walk behaviour of exchange rates in Ghana is explored by employing parametric and non-parametric variance ratio tests based on ranks and signs. The paper fills an important gap by using various time series techniques to investigate the efficiency of the foreign exchange market in Ghana. The conclusive evidence based on non-parametric variance ratio tests indicates that the behaviour of monthly Cedi/US dollar exchange rates is inconsistent with the random walk process and the weak-form efficient market hypothesis. This supports prior findings of the validity of long-run purchasing power parity and predictability of exchange rates in Ghana.
The study examines the personal finance knowledge level among Senior High School students in the ... more The study examines the personal finance knowledge level among Senior High School students in the Cape Coast Metropolis. Specifically, the study investigated how students apply knowledge in personal finance management in their daily decision making processes. Cross-sectional research design was used. Self administered questionnaires and focused group interviews were the main instruments used to gather data from respondents. The stratified sampling technique was used in selecting the sample frame and size. The research findings showed that students in the Senior High Schools have low level of knowledge in personal finance management and therefore could not manage their personal finances properly.
Purpose The paper aims to examine the asymmetric response of three major altcoins to shocks in si... more Purpose The paper aims to examine the asymmetric response of three major altcoins to shocks in six African fiat currencies in a time-frequency space. Design/methodology/approach Data are for the period 10th August 2015 to 2nd February 2019 at a daily frequency. The authors capture the time and frequency information in the return series of the currencies using the ensemble empirical mode decomposition. The authors implemented quantile regression and quantile-in-quantile regression on the decomposed series to test the response of altcoins to both positive and negative shocks in the fiat currencies across time to see if the altcoins are viable alternatives to African fiat currencies. Findings The outcome of the study suggests that altcoins behave differently from African fiat currencies and are viable alternative digital currencies and good hedges for African fiat currencies from the medium-term. Research limitations/implications Policymakers in Africa and across the globe can follow t...
The COVID-19 pandemic provides the first widespread bear market conditions since the inception of... more The COVID-19 pandemic provides the first widespread bear market conditions since the inception of cryptocurrencies. We test the haven properties of cryptocurrencies for African stocks and commodity markets in a pandemic implementing the frequency domain spillover index. Data spans 11th August 2015 to 28th August 2020 at a daily frequency. Findings show weak interconnectedness across markets suggesting non-contagion risk and that cryptocurrency are safe havens for African stocks and commodity indices from the medium-term. We find the major transmitters of spillover effects across markets to be time-varying and heterogeneous. This study provides significant risk diversification benefits for policymakers and investors in the African financial markets.
This study examines the market's reaction to dividend initiation announcements. In particula... more This study examines the market's reaction to dividend initiation announcements. In particular, it considered the magnitude of abnormal returns during the days that surround announcements of dividend initiation. This study expects to reveal whether dividend initiation is important to investors on the Ghana Stock Exchange. It also expects to reveal whether the type of firm's industry has influence on the investors' investment decision. This is accomplished by measuring the abnormal returns before, during and after dividend initiation announcements. Using an event study approach, the evidence shows that dividend initiation announcements are greeted positively by investors. Industry based analysis is made to ascertain if firms in different industries react differently to dividend initiation announcement. The industries included: manufacturing, financial service and the other industries. The results suggest that firms in the manufacturing industry experience stronger inves...
Cryptocurrencies are risky currencies due to their extreme price volatilities and requires an est... more Cryptocurrencies are risky currencies due to their extreme price volatilities and requires an estimation of coherent risk measures for an effective portfolio optimization and risk management. We focus on seven cryptocurrencies (Bitcoin, Ethereum, Litecoin, Ripple, Das, Monero, and Steller) and provide empirical application of Fissler and Ziegel joint loss dynamic models (FZL) for joint Value-at-Risk (VaR) and Expected Shortfall (ES) in a cryptocurrency context at α= 0.01 and α= 0.025 risk levels. Results show Ethereum and Steller as less risky currencies followed by Monero, Das, Litecoin, Bitcoin, and largest for Ripple suggesting that Ethereum and Steller requires the least capital to absorb losses. Following this result, we argue that market participants interested in cryptocurrencies can follow the rankings in this study to hedge, calculate margins, and capital requirement to maximize utility whiles minimizing risk to ensure financial stability in the global economy.
Purpose To explore how inclusive banking services are marketed to financially vulnerable consumer... more Purpose To explore how inclusive banking services are marketed to financially vulnerable consumers (FVCs) in Ghana from the perspective of managers. This study aims to explore this under-researched area and contribute towards a transformative service research in the country. Design/methodology/approach This study adopted a multiple case study research approach to analyse six banks, including commercial, development, investment and rural and community banks. Specifically, semi-structured interviews and archival documents were used to collect data from the perspectives of bank managers. Findings The empirical research based on practical and theoretical models shows that Ghanaian banks design an array of financial products and services (FPS), adopt innovative traditional marketing strategies and apply inclusive technologies to reach out to the FVCs. Research limitations/implications The authors conducted this study on six banks in Ghana; thus, service researchers are cautioned when gen...
International Journal of Management and Sustainability, 2014
This study investigates SERQUAL Dimensions in the delivery of satisfied services in the domestic ... more This study investigates SERQUAL Dimensions in the delivery of satisfied services in the domestic airline industry in Ghana. Questionnaires were distributed to four hundred and fifty (450) customers from three domestic airlines namely Antrak Air, Fly 540 and Star Bow using the convenience sampling technique. The responses from the field indicate that domestic airlines operating in Ghana fall short in their adoption of SERVQUAL model to deliver quality services to their customers. According to the findings of this study, domestic airlines in Ghana are regarded by majority of the respondents as not being reliable, responsive, showing sense of assurance, empathy and tangible in all their operations. The same majority of respondents also indicated that the airlines fall short in adopting best practices of service quality.
Research in International Business and Finance, 2020
Abstract We model the asymmetric linkages between returns of spot gold prices and African stock m... more Abstract We model the asymmetric linkages between returns of spot gold prices and African stock markets using wavelets and quantile regression techniques. The maximal overlap discrete wavelet transform technique was employed to decompose the returns into short-, medium-, and long-term series and the quantile regression was employed to explore the nexus by matching their conditional distributions along 0.05 quantile intervals. We find that the relationship between gold and African stocks is frequency-dependent and asymmetric in nature across the various timescales and quantiles. We find a mixture of negative and positive connections across the various quantiles in the short- and medium-terms. In the long-term, whereas the effect of gold is positive for Ghana, Mauritius, and Nigeria; it is negative for Egypt, Morocco, South Africa, and Tunisia. The results possess important implications for risk management as dependencies are not only studied over the entire conditional distribution at once but based on quantiles and further at different frequencies. Investors can make well-informed decisions to mitigate trade risks as they closely match the time heterogeneity in the markets.
The study compares the risk management practices among commercial banks in Ghana. Using the multi... more The study compares the risk management practices among commercial banks in Ghana. Using the multiple regression model the paper examines the determinants of risk management practices among the selected commercial banks. Cross-sectional research design was used. A standard modified questionnaire from (Hussien and Faris, 2007), were administered to risk analysts and senior risk managers of the sampled banks at the headquarters offices and branch head offices in Accra and Kumasi. The results show that the sampled banks are somewhat efficient in managing risk, and risk monitoring and control is the most influencing variable in risk management practices. The results again show a significant difference among commercial banks in the practice of risk identification, understanding risk and in risk monitoring and control except risk assessment and analysis.
In the financial management arena, corporate capital structure has attracted intense debate and s... more In the financial management arena, corporate capital structure has attracted intense debate and scholarly attention over the past four decades. However, in the context of countries in the West African Monetary Zone (WAMZ), capital structure has received a scanty attention and most literature on this issue modelled only the firm specific determinants in their studies. Practically, managers also like to consider market conditions, like GDP growth, interest rate, inflation, stock market performance and other economic factors when deciding for financing mix (Antoniou et al, 2002). This paper provides new insights into the capital structure theory by proposing a more superior model which takes into account both the additional important and "lately" evidence firm specific factors and macroeconomic factors on capital structure as opposed to the existing models for capital structure. Both theoretical and empirical literature is reviewed. Conclusions are drawn based on the findings.
This study examines the importance of Senior High School level mathematics to the development of ... more This study examines the importance of Senior High School level mathematics to the development of a country. It would not be enough for a country to just believe that mathematics is important until a substantial amount of the subject content have been successfully imparted into a country's schooling citizens. This has made students' mathematics achievement an issue of concern to many countries of today including Ghana. These concerns have necessitated this research to investigate what should be done by educational institutions to enhance the teaching and learning of mathematics. Various outcomes and contributions made in the past regarding teachers endeavors have been provided to students to learn and achieve in mathematics have been reviewed in this study to inform readers of what have existed already. While some reviewed works criticized methods used in teaching mathematics and also condemned shorter instructional periods for the teaching and learning of mathematics, others made suggestions and recommendations that would help improve achievement in the subject. This work employed both quantitative and qualitative methods. The analysis revealed that majority of SHS mathematics teachers perceives the following professional activities to be influential to SHS students' mathematics development: Assigning mathematics homework and reviewing the given homework, encouraging learners to work in groups, engaging the whole class in discussion, using additional mathematics textbooks as instructional tools, taking students' prior understanding into account when planning a lesson and motivating student to practice mathematics on their own www.iiste.org
This study examines the market’s reaction to dividend initiation announcements. In particular, it... more This study examines the market’s reaction to dividend initiation announcements. In particular, it considered the magnitude of abnormal returns during the days that surround announcements of dividend initiation. This study expects to reveal whether dividend initiation is important to investors on the Ghana Stock Exchange. It also expects to reveal whether the type of firm’s industry has influence on the investors’ investment decision. This is accomplished by measuring the abnormal returns before, during and after dividend initiation announcements. Using an event study approach, the evidence shows that dividend initiation announcements are greeted positively by investors. Industry based analysis is made to ascertain if firms in different industries react differently to dividend initiation announcement. The industries included: manufacturing, financial service and the other industries. The results suggest that firms in the manufacturing industry experience stronger investors’ reaction ...
The random walk behaviour of exchange rates in Ghana is explored by employing parametric and non-... more The random walk behaviour of exchange rates in Ghana is explored by employing parametric and non-parametric variance ratio tests based on ranks and signs. The paper fills an important gap by using various time series techniques to investigate the efficiency of the foreign exchange market in Ghana. The conclusive evidence based on non-parametric variance ratio tests indicates that the behaviour of monthly Cedi/US dollar exchange rates is inconsistent with the random walk process and the weak-form efficient market hypothesis. This supports prior findings of the validity of long-run purchasing power parity and predictability of exchange rates in Ghana.
The study examines the personal finance knowledge level among Senior High School students in the ... more The study examines the personal finance knowledge level among Senior High School students in the Cape Coast Metropolis. Specifically, the study investigated how students apply knowledge in personal finance management in their daily decision making processes. Cross-sectional research design was used. Self administered questionnaires and focused group interviews were the main instruments used to gather data from respondents. The stratified sampling technique was used in selecting the sample frame and size. The research findings showed that students in the Senior High Schools have low level of knowledge in personal finance management and therefore could not manage their personal finances properly.
Purpose The paper aims to examine the asymmetric response of three major altcoins to shocks in si... more Purpose The paper aims to examine the asymmetric response of three major altcoins to shocks in six African fiat currencies in a time-frequency space. Design/methodology/approach Data are for the period 10th August 2015 to 2nd February 2019 at a daily frequency. The authors capture the time and frequency information in the return series of the currencies using the ensemble empirical mode decomposition. The authors implemented quantile regression and quantile-in-quantile regression on the decomposed series to test the response of altcoins to both positive and negative shocks in the fiat currencies across time to see if the altcoins are viable alternatives to African fiat currencies. Findings The outcome of the study suggests that altcoins behave differently from African fiat currencies and are viable alternative digital currencies and good hedges for African fiat currencies from the medium-term. Research limitations/implications Policymakers in Africa and across the globe can follow t...
The COVID-19 pandemic provides the first widespread bear market conditions since the inception of... more The COVID-19 pandemic provides the first widespread bear market conditions since the inception of cryptocurrencies. We test the haven properties of cryptocurrencies for African stocks and commodity markets in a pandemic implementing the frequency domain spillover index. Data spans 11th August 2015 to 28th August 2020 at a daily frequency. Findings show weak interconnectedness across markets suggesting non-contagion risk and that cryptocurrency are safe havens for African stocks and commodity indices from the medium-term. We find the major transmitters of spillover effects across markets to be time-varying and heterogeneous. This study provides significant risk diversification benefits for policymakers and investors in the African financial markets.
This study examines the market's reaction to dividend initiation announcements. In particula... more This study examines the market's reaction to dividend initiation announcements. In particular, it considered the magnitude of abnormal returns during the days that surround announcements of dividend initiation. This study expects to reveal whether dividend initiation is important to investors on the Ghana Stock Exchange. It also expects to reveal whether the type of firm's industry has influence on the investors' investment decision. This is accomplished by measuring the abnormal returns before, during and after dividend initiation announcements. Using an event study approach, the evidence shows that dividend initiation announcements are greeted positively by investors. Industry based analysis is made to ascertain if firms in different industries react differently to dividend initiation announcement. The industries included: manufacturing, financial service and the other industries. The results suggest that firms in the manufacturing industry experience stronger inves...
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Papers by Seyram Kumah