Stock Market Performance and Sustainable Economic Growth in Nigeria: A Bounds Testing Co-integration Approach

The study examined the relationship between stock market performance and economic growth in Nigeria. It utilized the bounds testing co-integration procedure also known as autoregressive distributed lag estimation procedure. The empirical model combined key stock market indicators and some traditional macroeconomic variables to estimate the hypothesized relationship in the study. It found that in the long-run, overall output in the Nigerian economy is less sensitive to changes in stock market capitalization as well as the average dividend yield thereby casting doubt on the ability of the Nigerian stock market in its present level of development to serve as a barometer for measuring or predicting the overall health of the Nigerian economy as well as its direction over the long-run horizon. The other major finding in the study is that the long-run growth of the Nigerian economy is highly sensitive to marginal variations in interest rate which is suggestive that macroeconomic variables in the country are at present more useful in shaping the long-run direction of the Nigerian economy

Fluid-structure interaction in the Lagrange-Poincare formalism: the Navier-Stokes and inviscid regimes

In this paper, we derive the equations of motion for an elastic body interacting with a perfect fluid via the framework of Lagrange-Poincare reduction. We model the combined fluid-structure system as a geodesic curve on the total space of a principal bundle on which a diffeomorphism group acts. After reduction by the diffeomorphism group we obtain the fluid-structure interactions where the fluid evolves by the inviscid fluid equations. Along the way, we describe various geometric structures appearing in fluid-structure interactions: principal connections, Lie groupoids, Lie algebroids, etc. We finish by introducing viscosity in our framework as an external force and adding the no-slip boundary condition. The result is a description of an elastic body immersed in a Navier-Stokes fluid as an externally forced Lagrange-Poincare equation. Expressing fluid-structure interactions with Lagrange-Poincare theory provides an alternative to the traditional description of the Navier-Stokes equations on an evolving domain.Comment: 32 pages, 2 figures. Comments welcome

Bryophyte floras of tropical Pacific islands

A review of the status of bryological research in each of the nations, states or governmental units of southern Melanesia, Micronesia and tropical Polynesia shows the imperfect state of knowledge about the Pacific tropical islands. Best known overall are Hawaii and Micronesia with Wallis and Futuna, the Marquesas and the high mountains of Fiji seeming to be the least known potentially species rich areas. Involvement of residents from Pacific islands in botanical study and preservation of ecosystems should be encouraged by tropical bryologists