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Article
Publication date: 7 August 2017

Frederick A. Adjei and Mavis Adjei

Using the economic policy uncertainty (EPU) index as a proxy for the level of EPU, we study the impact of the level of EPU on the conditional mean of market returns and we…

Abstract

Purpose

Using the economic policy uncertainty (EPU) index as a proxy for the level of EPU, we study the impact of the level of EPU on the conditional mean of market returns and we examine the predictive power of EPU on future market returns.

Design/methodology/approach

We employ a GARCH-in-Mean model with exogenous variables.

Findings

The results show that even after controlling for business cycle effects, EPU is inversely related to contemporaneous market returns. Particularly, the authors find that the negative impact of EPU subsists only during recessions or recessionary states of the economy, and has no discernible effects during expansionary periods.

Originality/value

This is the first study to examine the predictive power of EPU on future market returns.

Details

Journal of Financial Economic Policy, vol. 9 no. 3
Type: Research Article
ISSN: 1757-6385

Keywords

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Article
Publication date: 31 July 2017

Ralph Nyadu-Addo and Mavis Serwah Benneh Mensah

Entrepreneurship education thrives on the pillars of experiential education. Using the case of the Kwame Nkrumah University of Science and Technology in Ghana, the purpose…

Abstract

Purpose

Entrepreneurship education thrives on the pillars of experiential education. Using the case of the Kwame Nkrumah University of Science and Technology in Ghana, the purpose of this paper is to examine the entrepreneurship clinic (EC) as a viable pedagogy for the promotion of experiential education in entrepreneurship.

Design/methodology/approach

The paper relies on insider action research to analyse, within Joplin’s five-step model, the case of the EC at the Kwame Nkrumah University of Science and Technology (KNUST), Ghana.

Findings

The analysis showed that the KNUST clinic comprises five main activities including preparation, orientation, selection and matching, coaching and monitoring and evaluation. In relation to Joplin’s five-step model, the first three stages of the clinic provide focus for the clinic while the remaining two stages – coaching and monitoring and evaluation – entail activities that are geared towards action, support, feedback and debrief. Through the clinic, thousands of tertiary students have been trained in entrepreneurship and new venture creation; some selected participants have been coached while others have had the opportunity to qualify for business incubation.

Research limitations/implications

Although the paper discusses some achievements of the clinic in relation to enrolment and fundraising, it does not assess the impact of the clinic on the entrepreneurial competencies, intentions and initiatives of participants, hence, these issues are recommended for future research.

Practical implications

The paper demonstrates that it is feasible to implement the EC methodology, irrespective of the cost and time implications that are often associated with experiential educational methodologies. However, support from university management, funding raising from internal and external sources and technical support from industry and government agencies are key to the sustainability of clinics.

Originality/value

The paper adds novelty to the entrepreneurship education literature by bringing to the fore how a university in an emerging African economy is implementing and managing the EC pedagogy.

Details

Journal of Small Business and Enterprise Development, vol. 25 no. 4
Type: Research Article
ISSN: 1462-6004

Keywords

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