Browsing by Author "Musa, Abdullahi O."

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    DETERMINANTS OF INVESTMENT DECISION IN QUOTED MANUFACTURING COMPANIES IN NIGERIA
    (Department of Banking and Finance, Nasarawa State University Keffi, 2014-03-03) Musa, Hassan; Nwala, Maureen Nneka; Musa, Abdullahi O.
    This study examines the determinants of investment decision of quoted manufacturing firms in Nigeria. The study is necessitated by the fact that establishing the link between cash flow, firm size and capital structure will provide an insight into the activities of manufacturingf irms in Nigeria. The study collected data from thirteen (13) manufacturingf irm's annual financial statements. The data collected were analysed using ordinary least square regression. In all the sub sector analysis, it was found that cashflow and firm size are the major determinants of investment decision by manufacturing firms in Nigeria. Based on the findings, it is recommended that while cashflow can affect the investment decision of firms, it is also important that these firms take into consideration the type of capital structure they have before embarking on investment. A firm that is largely financed by debt capital will need to borrow more to carry out further investments which could consequently result in total control by outsiders.
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    IMPACT OF LIQUIDITY AND VOLATILITY ON THE RETURN OF THE NIGERIAN STOCK EXCHANGE
    (Department Of Public Administration, Nasarawa State University, Keffi, 2013-02-03) Musa, Abdullahi O.; Opemi, Yusuf Rakiya
    The stock market holds an important role in the development of the Nigerian economy, the presence of uncertainty and not being able to raise funds in the stock market at the time of need impairs the return of the market and consequently the economy. Using data from 1985 to 2011, the study examines the impact of market volatility and liquidity on the return of the Nigerian Stock Exchange (NSE). Descriptive statistic and graphs are used to analyse the behaviour and the patterns of the variables while the hypotheses were tested using ordinary least squares regression, after examining the data for the presence of a unit root It was found in this study that a significant negative relationship exists between volatility and return while a significant positive relationship exists between liquidity and return. It was also observed in this study that volatility is high especially during the period of 2007 to 2010 when the market was in crises and the level of liquidity as measured by turnover low compared to other markets
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    A TEST OF NIGERIAN STOCK MARKET EFFICIENCY USING RUNS TEST
    (Department Of Public Administration, Nasarawa State University, Keffi, 2013-02-03) Aza, Solomon Mangwa; Musa, Abdullahi O.
    This study empirically examines the claim of efficient market efficiency on the Nigerian stock exchange. Due to the conflicting result on the efficiency of the market, this study employs the use of the runs test. The study Covers The Period 1985 To 2012 Using The Monthly All Share Index of the Nigerian Stock Exchange constituting a sample of 412. The result of the analysis shows that the Nigerian stock market is not efficient. Thus shore prices on the market do not reflect all the available information in the market. Based on the finding it was recommended that regulators should always be at their toe and not to rely on the proposition of the efficient market hypothesis. Since efficiency varies or change with time, relying on it will lead to market failure. Regulators should constantly monitor and should take prompt actions to curb any case of ill practices by firms and traders in the market.