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This paper applies cointegration technique to investigate the long‐run equilibrium relationship between money supply variability and interest rate spread in Nigeria subsequent to the introduction of a structural adjustment program. The results imply no long‐run equilibrium relationship between money growth variability and interest rate spread between 1985 and 1992. Furthermore, we found evidence from the Pairwise Granger Causality test that supports Friedman's hypothesis that money growth variability impacts the term structure of interest rates. These results have implications for developing economies, especially those that share characteristics similar to Nigeria's.

This paper aims to investigate the impact of huge external debt with its servicing requirements on economic growth of the Nigerian economy so as to make meaningful inference on the impact of the debt relief which was granted to the country in 2006.

The neoclassical growth model which incorporates external sector, debt indicators and some macroeconomic variables was employed in this study. The paper investigates the linear and nonlinear effect of debt on growth and investment utilizing the ordinary least squares and the generalized least squares.

Among other things, the negative impact of debt (and its servicing requirements) on growth is confirmed in Nigeria. In addition, external debt contributes positively to growth up to a point after which its contributions become negative reflecting the presence of nonlinearity in effects.

Nigeria's external debt is analyzed in a new context utilizing a different but innovative model and econometric techniques. It is of tremendous value to researchers on related topic and an effective policy guide to policymakers in Nigeria and other countries with similar characteristics.

This study identified four performance measures often employed in corporate analysis and examined their relationship with the firm's expenditures in research and development over different periods. These measures reflect both the profitability of the firm and the market value of the firm's total capitalization. This inquiry is motivated by numerous attempts made in the literature to define an ideal measure of corporate financial performance. Repeated surveys and several financial studies [Mechlin and Berg (1980), Watts (1986), Dubofsky and Varadarajan (1987), and Obi (1994)] have revealed that in spite of their empirical shortcomings, the most frequently employed measures are those based on the firm's profitability, essentially, return on equity (ROE), profit margin on sales and return on total capitalization. These measures are handicapped by the fact that they reflect only the historical pattern of the accounting data generating them. In this study, we contend that a reliable measure of performance should reflect the market's perception of the riskiness and timing of the expected returns on the firm's current investments.

Many developing countries embarked on a program of financial liberalization in order to maximize the benefits associated with a free market system. The preponderance of the evidence in the financial economics literature is that market‐determined interest rates become volatile subsequent to financial liberalization. This paper aims to examine the liberalization program in Nigeria with a view to finding out whether the level of banking competition is increased after financial liberalization.

The test of banking competition is premised on the argument by Hannan and Berger that retail interest rate rigidity results from either market concentration or the size of the customer base. The cointegration and error correction models are applied to quarterly wholesale and retail interest rates from 1987 through 2001, in order to analyze their long‐run as well as short‐run dynamics.

The retail lending and deposit rates possess a long‐run equilibrium relationship. Moreover, the minimum rediscount (wholesale) rate (MRR) and the deposit rate also exhibit a long‐run equilibrium relationship. If the lending and deposit rates diverge from their long‐run equilibrium relationship, 37 per cent of the disequilibrium is corrected each quarter by changes in the lending rate. On the other hand, any disequilibrium in the long‐run relationship between the deposit and MRRs can be corrected by changes in the MRR at about 58 per cent per quarter.

The results imply that the financial liberalization in Nigeria failed to achieve its key objective of a market‐driven interest rate system.

This study describes the structure and function of a new financial modeling technique, namely, the Artificial Neutral Network (ANN) in predicting financial markets’ behavior. With the advancement of the computer technology to date, ANN allows us to imitate human reasoning and thought processes in identifying the optimal trading strategies in the financial markets. The paper identifies the theory and steps involved in performing ANN and Generic Alogorithm in financial markets, the accuracy of the computer learning process, and the appropriate ways to use this process in developing trading strategies. It further discusses the superiority of ANN over traditional methodologies. The study concludes with the description of successful use of ANN by various financial institutions.

Surveys African stock markets to find out if they are as efficient as developed markets, and follow the same “turn‐of‐the‐year” pattern as other markets. Compares Ghana, Zimbabwe and Nigeria, and focuses on the period between 1985 and 1995. Describes the environment of each, and computes monthly stock returns, testing them for seasonality. Finds evidence of the January effect only in Ghana, and there it is small. Notes that this may be the result of spillover from London.

Outlines previous research on measuring the performance of banks and the factors leading up to the banking crisis in Nigeria in the 1990s. Applies data envelopment analysis to 1991‐1994 data on ten listed Nigerian banks to assess their relative efficiency and tabulates the results for each year, year by year. Discusses the consistency of the findings with other research and draws conclusions on the root causes of Nigeria’s banking problem, e.g. government interface, poor management, unprofessional practices etc. Calls for a halt to government interference and better bank performance monitoring.

This study adds to the ongoing analysis of the long‐term impact of Asian financial crisis on the stock markets of eight Asian‐Pacific countries. Using current data to capture postcrisis behavior of returns, multivariate cointegration analysis reveals that a cointegrating relationship exists among the markets that transcend the financial crisis. Both vector error correction (VEC) and Granger causality tests demonstrate the profound effect of financial crisis in Korea on the returns of other countries. Granger causality tests further reveal that the events surrounding the crisis in Thailand and Indonesia largely dictate their own short‐run returns behavior since the advent of the crisis. Compared to earlier period, the post‐crisis era also experiences a closer relationship among the index returns of Hong Kong, Korea, and Singapore and a heightened degree of convergence among the returns of Asian markets.

This paper aims to investigate the competitiveness of two enterprise chicken regimes (upgraded and indigenous) in Eastern Uganda for poverty reduction in small farm enterprises.

The paper utilizes primary data collected using a structured questionnaire from a randomly selected sample of 108 chicken farmers (54 crossbred and 54 indigenous). Econometric methods are employed to analyze the data. Competitiveness is measured using unit cost ratio while the determinant factors are identified by the use of regression analysis.

The econometric results show that the most critical factors in increasing the competitiveness of the chicken enterprise are: proportion of birds weaned to the total flock, number of chickens reared and farmer's rearing experience. The main conclusion is that in order to increase performance of chicken enterprise and improve income of the rural population, upgrading of indigenous chickens through crossbreeding should be pursued. This approach should put emphasis on improving the management systems which will involve offering an enabling environment for farmers to access credit and markets.

Given the importance of poultry rearing in every household in Uganda, the sub‐sector provides a good entry point for poverty alleviation in this part of Uganda. However, limited information on economic analysis exists and hence the value of this study. The paper identifies a number of variables that must be addressed, if the sector is to play its rightful role in poverty reduction.