Modelling spillover effects between the UK and the US stock markets over the period 1935–2020

This study investigates the spillovers of shocks and volatilities between the UK and the US stock markets over the period 1935–2020. The empirical analysis is carried out for the full sample and four subsample periods by applying the asymmetric GARCH-BEKK model. Based on the empirical results, the evidence indicates that financial market linkages between the two markets have become stronger since the commencement of the European Monetary Union (EMU), which suggests that stronger financial market interactions and interdependence could increase the vulnerabilities of domestic markets to any global shocks and reduce the potential benefits of portfolio diversification. This is an Accepted Manuscript of an article published by Taylor & Francis in Investment Analyst Journal on 26 June 2020, available online: http://www.tandfonline.com/10.1080/10293523.2020.177314

Measuring the Impact of the Finance Industry on States’ Economic Growth

This paper analyzes how per capita GDP has grown in the 50 states within the U.S. between the years 2006 and 2016, and how different economic indicators have affected economic growth. Particularly, we examine the link between per capita GDP growth and the growth of state-level financial industries. By studying the links between these two variables, we were able to determine a statistically significant connection between the the growth of U.S. states’ finance industries and state-level per capita GDP growth over the course of the given time period

Aquatic Environmental Contamination: The fate of Asejire Lake in South-Western Nigeria

In Nigeria major cities face serious water pollution crises, in which lack of environmental control of water-dependent activities play an important part. This generates unpleasant implications for health and economic development since most urban and rural areas depend upon lakes and rivers for their water supplies. A study of catfish from Asejire Lake (located at the outskirt of Ibadan, a major city in Oyo State of South-West Nigeria) was carried out to assess the level of contamination due to effluents from various industries in Ibadan, Oyo State particularly the Nigerian Bottling Company, Plc (NBC). The industrial site is located close to the lake and is known to be passing effluent to it. Heavy metals analysis was carried out by the use of an atomic absorption spectrophotometer (AAS) using an airacetylene flame in the Alpha-4 ChemTech spectrophotometer. The result shows that Fe had the highest concentration (11.9 ppm), this was evidenced by an absorption peak at 406 nm and the high level of Fe after its AAS metal determination experiment. The other metals gave the following concentration: Ni (0.9 ppm), Mg (0.47 ppm), Mn (0.45 ppm), Zn (0.35 ppm), Ca (0.06 ppm), Cu and Co (0.00 ppm). These metals had a threshold in which the body can take before they will be lethal, as a result, accumulation and continuous consumption of these aquatics and drinking of the water can lead to coma or death. Fish stocks are at the upper end of the food chains and are vital food supplies to local populations and thus they present a major source of contaminants to local communities. Therefore this project highlights the need for environmental regulation and policy intervention in other to prevent the risk attached to accumulation of these contaminants via the water and the aquatic life. This paper focused on the instruments needed by the policy maker to be better informed and understand how to create a cleaner environment for people so as to increase the economy, health and well being of the people.Key words: Asejire lake, pollution, contamination, catfish

The Proximate Composition and Sensory Evaluation of the Flours of Breadfruit (artocarpus altilis), Benth Seed (adenopus breviflorus) and their Composite Bread.

The proximate composition and sensory evaluation of breadfruit (Artocarpus altilis), benth seed (Adenopus breviflorus) and wheat flour (Triticum aestivum) were analysed. The proximate composition of the seed flour revealed that breadfruit flour had the lowest protein content (6.35%) while benth seed flour had the highest protein content of 28.37%. The percentage ash and crude fibre were high in breadfruit and benth seed when compared with wheat flour. The highest value for crude fat was recorded in benth seed flour (47.60%). However, the protein and fat content of the bread produced increased with increase in the level of substitution of the non-wheat flour. The sensory evaluation also revealed that wheat flour can be substituted with breadfruit or benth seed flour up to 20 % level without any significant difference in taste, appearance and colour of the resulting composite bread and that of the commercially available bread but their flavours and textures were quite different at all levels of substitution. Keywords:  Proximate composition, Sensory evaluation

Anatomical sites of colorectal cancer in a Semi-Urban Nigerian Hospital: Is there a true rightward shift

Background: Recent report on colorectal tumours in Nigeria and Africa sub-region from big urban cities have shown that the incidence of colorectal cancer is rising and with a proportionate right-ward shift.Objective: To assess the sub-site distribution and surgical treatment patterns of colorectal cancer in a semi-urban tertiary Nigerian hospital.Design: A retrospective descriptive study.Setting: Tertiary health institution in a semi-urban (rural) community.Subjects: All consecutive in-patients, admitted and managed for acute intestinal obstruction due to colorectal cancer.Main outcome: The right colon was the site of predilection (60.6%) while the left colon was only (6.06%). Young adults were mostly affected.Result: A total of thirty three (33) cases of colorectal cancer (CRC) were seen during the study period. There were 20(60.6%) males and 13(39.4%) females. The male:female ratio was 1.5:1. The age range was between 22 – 87 years (mean 57.09years). The peak age of occurrence was the 6th decade. All patients’ were symptomatic at presentation. The caccum (36.365) was the predominant site affected; followed by the rectum (24.24%) and the hepatic flexure (21.21%). Of the colonic tumours, 60.6% were on the right colon while only 6.06% were on the left colon. Tumours of the descending and sigmoid colon were conspicuously absent. Fifteen patients (45.5%) had curative resection and 33.3% had palliative surgery. Twenty one point two percent mortality was recorded, while 21.2% refused surgery and opted for alternative care.Conclusion: Colorectal cancers are seen among rural dwellers in Nigeria. Presentations are often late. The right colon is the dominant site affected; this calls for a change in strategy for formulating a preventive policy for the country

Phyto-Sociological Attributes, Ecosystem Services and Conservation Dynamics of Three Protected Forests in Tropical Rainforest Ecosystem of Nigeria

This study aimed at determining ecosystem services and conservation dynamics of three protected forests in Nigeria. Using simple sampling technique, 24 plots with 25 m2 were established in these protected forests to facilitate data collection. A total of 370 individual trees per hectare, disproportionately distributed between 53 different species in 25 families, were encountered in Omo biosphere reserve (BR) while 381 stems in 63 species in 24 families in strict nature reserve (SNR) and Okomu national park (NP) recorded 352 individual stems, 59 species, and 25 families. The three protected forests had high tree species diversity index (Shannon-Wiener diversity index of 3.19 for Omo BR, 3.90 for Akure SNR, and 3.45 for Okomu NP). The values for basal area (36.63, 72.39, and 32.47 m2), volume (427.08, 929.05, and 366.71 m3), above-ground biomass (153.20, 316.73, and 353.92 ton), below-ground biomass (30.64, 63.35, and 190.04 ton), and total carbon stock (70.78, 91.92, and 212.35 ton) for Omo BR, Akure SNR, and Okomu NP, respectively. This study serves as baseline information for management of protected forests in Nigeria and it shows the potential of in-situ conservation for the dynamism of the ecosystem services

Non intrusive load monitoring & identification for energy management system using computational intelligence approach

Includes bibliography.Electrical energy is the life line to every nation’s or continent development and economic progress. Referable to the recent growth in the demand for electricity and shortage in production, it is indispensable to develop strategies for effective energy management and system delivery. Load monitoring such as intrusive load monitoring, non-intrusive load monitoring, and identification of domestic electrical appliances is proposed especially at the residential level since it is the major energy consumer. The intrusive load monitoring provides accurate results and would allow each individual appliance's energy consumption to be transmitted to a central hub. Nevertheless, there are many practical disadvantages to this method that have motivated the introduction of non-intrusive load monitoring system. The fiscal cost of manufacturing and installing enough monitoring devices to match the number of domestic appliances is considered to be a disadvantage. In addition, the installation of one meter per household appliances would lead to congestion in the house and thus cause inconvenience to the occupants of the house, therefore, non-intrusive load monitoring technique was developed to alleviate the aforementioned challenges of intrusive load monitoring. Non-intrusive load monitoring (NILM) is the process of disaggregating a household’s total energy consumption into its contributing appliances. The total household load is monitored via a single monitoring device such as smart meter (SM). NILM provides cost effective and convenient means of load monitoring and identification. Several nonintrusive load monitoring and identification techniques are reviewed. However, the literature lacks a comprehensive system that can identify appliances with small energy consumption, appliances with overlapping energy consumption and a group of appliance ranges at once. This has been the major setback to most of the adopted techniques. In this dissertation, we propose techniques that overcome these setbacks by combining artificial neural networks (ANN) with a developed algorithm to identify appliances ranges that contribute to the energy consumption within a given period of time usually an hour interval

An empirical examination of the stock return dynamics of developed, emerging and frontier markets

PhD ThesisThis thesis is comprised of three chapters that independently investigate the dynamics of market efficiency, market integration, portfolio diversification and risk management of developed, emerging and frontier equity markets. Overall, we have demonstrated that market efficiency, market integration, asset portfolio allocation and hedging effectiveness vary continuously over time and across markets due to changing economic conditions. In chapter one, we examine the return predictability and technical trading rules profitability of developed, emerging and frontier equity markets over the period 1999 to 2015. Using automatic portmanteau test and wild bootstrapped automatic variance ratio test, we find evidence of time-varying return predictability to be consistent with the adaptive market hypothesis. Secondly, we find that the adaptive moving average rule outperforms the moving average convergence-and-divergence rule and buy-and-hold strategy on the basis of dynamic profitability and risk-adjusted profits. Finally, we find that macroeconomic volatility weakly increases technical rule profitability while crisis period strongly diminishes profitability. In chapter two, we evaluate the spillover effects, correlation dynamics and macro-finance determinants between UK and US stock markets for a long dataset using asymmetric BEKK-GARCH model. We carry out empirical analysis by splitting the period 1935 – 2015 into Interwar/Second World War, Bretton Wood System, pre-UK exchange control, post-UK exchange control, pre-EMU and post-EMU, and find that shock and asymmetric volatility spillovers have become stronger in the final period between the two markets, suggesting strong financial linkages. Using mixed-sampling regression model, we find that stock market integration has been driven by macroeconomic convergences, financial indicators, stock market characteristics and market contagion. In chapter three, we examine correlation dynamics, portfolio diversification and risk management of developed, emerging and frontier equity markets from 1999 to 2015 using asymmetric BEKK-GARCH and value-at-risk models. We find that with very low integration, strong hedging effectiveness, significantly high portfolio returns and minimal loss of investment, UK investors are better-off holding diversified portfolios that include UK and frontier markets during the Great Moderation period (1999 – 2007). In contrast, as a result of moderately high integration, less strong hedging effectiveness, comparatively low tail risk and marginally high portfolio returns and relatively lower loss of investment, UK investors are better off holding two-asset portfolio that include UK and some emerging and frontier markets during the Great Austerity period (2007 – 2015).Postgraduate Research Studentship and financial supports received from Newcastle University Business School

The Social Use of Batonu Personal Names

Previous researchers on the use of Batonu personal names argue that there are different categories of Batonu names and using thirty (30) respondents, the researchers submit that the use of Muslim names has replaced the use of Batonu native names in all domains. However, the present study, using three hundred (300) respondents, visited the study area and identifies names that are used as personal names among the Batonu people. It also examines the social use of the names in formal and informal domains. The research adopted the theory of Domains  of language use by Ferguson (1966). Questionnaires and interviews were used to collect data on the various uses of personal names in intra and inter group interactions. There were three findings. Some showed names that were drawn from Islam and Christianity. Some names were also drawn from Batonu native names. Two domains of name usage have been identified. The informal domains consisted of home/community, peer-group and play ground. The formal ones comprised school, places of worship, certificates, wedding cards, almanacs and work places. It is evident that the Batonu native names are still frequently used with foreign or Christian and Muslim names in formal and in informal domains although with different degrees of use. This present study has shown that although a foreign culture may have an overwhelming influence over an indigenous culture, it does not mean that the indigenous culture will not thrive especially if the indigenous culture has traditional activities that can help sustain it

Geological Characterization of Azara Barite Mineralization, Middle Benue Trough Nigeria

The Azara Barites Mineralization in The Middle Benue Trough Occurs as Vein Infilling Materials associated with Lead-Zinc Lodes. A Fracture Formed as Single Linear Structures with thickness of  generally not more than 0.5m. The Geological Characterization of The Azara Barite Deposits which Include; Geotechnical, Petrological And Geochemistry Were Studied Within The Four (4) Selected  Veins Samples: V1 N (08020’40.6’’) E (0090 17’21.3’’) V 12 N(08021’59.0’’) E(009021’13.6’’) V13 N(08021’44.0’’) E (009021’14.6’’) V17 N(08022’27.1’’) E(0090 17’31.7’’). Soluble Alkaline Earth Metal Test (100mg/L) Indicate Presence of Calcium or  Magnesium which is Good for  Drilling Fluid, Hardness Capacity of  the Veins Mineralization ranges From 3.0 to 3.5 with an average Specific Gravity of 4.2. this classify the Veins as a High Grade Barite. Fluid Performance was Measured based on Yield Point and Plastic Viscosity which is high even at aging and at high Temperature. Quantitative Mineralogical Analysis reveals Barite as the Main Mineral with an  average  of 92 Wt.%   and Quartz as an associated Minerals with average  of  8wt.%.The Mineralogy revealed a Mineralization with One of the purest Veins and less  Number of Impurity, the Colour Index  Criteria also classify the Veins to be Melanocratic (60-90).The Elemental Composition of the Veins show  classes of Major Elements with average weight Percentage of greater than 1% (Sio2, SO3, Bao , Sro,) also  reveal  the Veins Are Oversaturated Based on The Composition of Sio2 And Metaluminous Group ( K2O+Na2O+Ca2>Al2O3>Na2O+K2O) With Modal Minerals Of Feldspar and Normative Minerals of Anorthite + Diopside. These have contributed to the grade and value of Azara Barite Mineralization Veins  and its Purity and Quality for Exploration Purposes. Keywords: Barite, Mineralization, Quartz,Benue Trough,Petrology,Veins,Azar