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The study aims to examine the appropriateness of the coefficient of elasticity of trading (CET) as a measure of liquidity using Nigerian stock market data. Given that liquidity is multidimensional, the CET is complemented with the popular measure of liquidity, turnover ratio to explore the causal relationship among the CET, turnover ratio and market return to determine their relevance in security valuation. In other words, an attempt is made to examine if either of these two measures of liquidity is a relevant factor in explaining stock market return.

The Toda-Yamamoto version of Granger causality test is applied to two sets of data on the Nigerian Stock Exchange (NSE). The available monthly time series data are from 2008 to 2019 while the annual data are from 1986 to 2018. The Toda-Yamamoto test is preferred because it is more robust to integration and cointegration of the variables.

The results of the Toda-Yamamoto version of the Granger causality test on monthly data reveal no causal relationship between CET and market return, turnover and market return and CET with turnover and market return. These results are consistent with those for several frontier countries reported by Rubio et al. (2005), Hartian and Sitorus (2015), Batten and Vo (2019) and Sterenczak et al. (2020). The results support the conclusion that the Nigerian economy is not fully integrated with the global economy. Market inefficiency due to order imbalances given the nature of the trading system can also explain the reported results. However, the results from annual data do not tally with the monthly results. There is causality running from CET to market return. There is also causality running from turnover to market return. Therefore, both CET and turnover are statistically significant causal predictors of market return. The results from annual data are consistent with those reported by Marozva (2019).

The key limitation is availability of high-frequency transaction-level data to researchers to consider many measures of liquidity that have been employed in developed countries. The research implication is that more researchers will be encouraged to conduct more studies on liquidity and how the study results can drive policy recommendations. The standard asymptotic distribution of underlying the Toda-Yamamoto approach has been found to lead to overrejection.

This study is the first to apply Toda-Yamamoto model on data from Nigeria to investigate the causal relationship between stock market return and liquidity proxied by the CET given the nature of the automated trading system (ATS) in use. The CET is also complemented with the turnover ratio to explore the multidimensional nature of liquidity and its causal relationship with market return. The study is also interpreted as a determination of the integration of Nigeria's economy with the global economy with its implication on investment diversification.

This study aims to explore the possibility that securities markets in selected African countries of Egypt, Kenya, Nigeria and South Africa play a significant role in capital accumulation using panel data analysis. This is done by exploring the relationship between gross fixed capital formation on the one hand and financial market development indicators on the other hand. Thus, the study aims to examine if stock market size and liquidity are determinants of capital accumulation.

The analysis is based on annual times series from 1991 through 2017 spanning four African stock markets. The analysis utilizes the fixed-effect and random-effect econometric models. The Durbin–Wu–Hausman test is used to choose between the two models.

The key results indicate that stock market capitalization is a positive determinant of gross fixed capital formation. The market value traded and turnover have no relationship with capital formation. Therefore, the role of stock African stock markets in promoting capital accumulation and, subsequently, industrial growth in Africa is seriously questioned.

Only a handful of studies have examined the role of the African securities market in promoting capital accumulation. This study is unique in which it focuses on the leading stock markets in the four corners of Africa. The markets are from Egypt in the north, South Africa from the south, Nigeria from the west and Kenya from the east. These four markets account for a significant segment of all African markets.

A global trend of type 2 diabetes prevalence is rising. Preventing and managing of systemic and dental complications is crucial to decrease negative effects on glycemic control. The purpose of this paper is to estimate the efficacy of Brief Lifestyle Change in conjunction with Dental Care (Brief-LCDC) Programs to decrease glycemic level and improve periodontal status in patients with type 2 diabetes.

Health Center 54 conducted randomized controlled trial among 192 patients (96 intervention and 96 control) from February to August 2018. Group education for lifestyle modification, individual oral hygiene instruction and lifestyle counseling by motivational interviewing was provided to the intervention group at baseline. Motivation of lifestyle modification every month by multimedia was also provided to the intervention group. The usual program was provided to the control group. At baseline and a six-month follow-up, glycemic level and periodontal status were assessed from participants. Data were analyzed by descriptive statistic, t-test, χ² test, Fisher’s exact test, Repeated measure ANOVA and multiple linear regression.

Glycemic level and periodontal status were lower in the intervention group than the control group at the sixth-month followed up with statistical significances. Glycemic level and periodontal status had negatively correlated to intervention group with statistically significant.

Brief-LCDC Program which incorporated lifestyle modification and oral health care had efficacious to decrease glycemic level and improve periodontal status in patients with type 2 diabetes. Early prevention program by Brief-LCDC Program is crucial to prevent dental complications.