AGDI currently has about 300 publications.
2019 |
|
| 1. | le Roux, Jacinta Nwachukwu Chris Pyke Simplice Asongu Sara International Journal of Managerial Finance, 15 (2), pp. 130-163, 2019. Abstract | Links | BibTeX | Tags: Financial access, ICT, Information asymmetry @article{Asongu_252, author = {Jacinta Nwachukwu Chris Pyke Simplice Asongu Sara le Roux}, url = {https://www.emeraldinsight.com/doi/full/10.1108/IJMF-01-2018-0027}, doi = {10.1108/IJMF-01-2018-0027}, year = {2019}, date = {2019-03-20}, journal = {International Journal of Managerial Finance}, volume = {15}, number = {2}, pages = {130-163}, abstract = {Purpose The purpose of this paper is to investigate loan price and quantity effects of information sharing offices with information and communication technology (ICT), in a panel of 162 banks consisting of 42 African countries for the period 2001–2011. Design/methodology/approach The empirical evidence is based on a panel of 162 banks in 42 African countries for the period 2001–2011. Misspecification errors associated with endogenous variables and unobserved heterogeneity in financial access are addressed with generalized method of moments and instrumental quantile regressions. Findings The findings uncover several major themes. First, ICT when integrated with the role of public credit registries significantly lowered the price of loans and raised the quantity of loans. Second, while the net effects from the interaction of ICT with private credit bureaus (PCBs) do not improve financial access, the corresponding marginal effects show that ICT could complement the characteristics of PCBs to reduce loan prices and increase loan quantity, but only when certain thresholds of ICT are attained. The authors compute and discuss the policy implications of these ICT thresholds for banks with low, intermediate and high levels of financial access. Originality/value This is one of the few studies to assess how the growing ICT can be leveraged in order to reduce information asymmetry in the banking industry with the ultimate aim of improving financial access in a continent where lack of access to finance is a critical policy syndrome.}, keywords = {Financial access, ICT, Information asymmetry}, pubstate = {published}, tppubtype = {article} } Purpose The purpose of this paper is to investigate loan price and quantity effects of information sharing offices with information and communication technology (ICT), in a panel of 162 banks consisting of 42 African countries for the period 2001–2011. Design/methodology/approach The empirical evidence is based on a panel of 162 banks in 42 African countries for the period 2001–2011. Misspecification errors associated with endogenous variables and unobserved heterogeneity in financial access are addressed with generalized method of moments and instrumental quantile regressions. Findings The findings uncover several major themes. First, ICT when integrated with the role of public credit registries significantly lowered the price of loans and raised the quantity of loans. Second, while the net effects from the interaction of ICT with private credit bureaus (PCBs) do not improve financial access, the corresponding marginal effects show that ICT could complement the characteristics of PCBs to reduce loan prices and increase loan quantity, but only when certain thresholds of ICT are attained. The authors compute and discuss the policy implications of these ICT thresholds for banks with low, intermediate and high levels of financial access. Originality/value This is one of the few studies to assess how the growing ICT can be leveraged in order to reduce information asymmetry in the banking industry with the ultimate aim of improving financial access in a continent where lack of access to finance is a critical policy syndrome. |
2018 |
|
| 2. | Asongu, Jacinta Nwachukwu Venessa Tchamyou Simplice C S A International Journal of Managerial Finance, 14 (5), pp. 542-557, 2018. Abstract | Links | BibTeX | Tags: Information asymmetry, Market timing, Market uncertainty, Mutual funds @article{Asongu_315, author = {Jacinta Nwachukwu C Venessa S. Tchamyou Simplice A. Asongu}, url = {https://www.emeraldinsight.com/doi/full/10.1108/IJMF-09-2017-0187}, doi = {10.1108/IJMF-09-2017-0187}, year = {2018}, date = {2018-09-26}, journal = {International Journal of Managerial Finance}, volume = {14}, number = {5}, pages = {542-557}, abstract = {Purpose The purpose of this paper is to investigate the effects of information asymmetry (between the realized return and the expected return) on market timing in the mutual fund industry. Design/methodology/approach For the purpose, the authors use a panel of 1,488 active open-end mutual funds for the period 2004-2013. The authors use fund-specific time-dynamic betas. The information asymmetry is measured as the standard deviation of idiosyncratic risk. The data set is decomposed into five market fundamentals in order to emphasis the policy implications of the findings with respect to: equity, fixed income, allocation, alternative, and tax-preferred mutual funds. The empirical evidence is based on endogeneity-robust difference and system generalized method of moments. Findings The following findings are established. First, the information asymmetry broadly follows the same trend as volatility, with a higher sensitivity to market risk exposure. Second, fund managers tend to raise (cutback) their risk exposure in time of high (low) market liquidity. Third, there is evidence of convergence in equity funds. The authors may, therefore, infer that equity funds with lower market risk exposure are catching-up with their counterparts with higher exposure to fluctuation in market conditions. Originality/value The paper complements the sparse literature on market timing in the mutual fund industry with time-dynamic betas, information asymmetry and an endogeneity-robust empirical approach.}, keywords = {Information asymmetry, Market timing, Market uncertainty, Mutual funds}, pubstate = {published}, tppubtype = {article} } Purpose The purpose of this paper is to investigate the effects of information asymmetry (between the realized return and the expected return) on market timing in the mutual fund industry. Design/methodology/approach For the purpose, the authors use a panel of 1,488 active open-end mutual funds for the period 2004-2013. The authors use fund-specific time-dynamic betas. The information asymmetry is measured as the standard deviation of idiosyncratic risk. The data set is decomposed into five market fundamentals in order to emphasis the policy implications of the findings with respect to: equity, fixed income, allocation, alternative, and tax-preferred mutual funds. The empirical evidence is based on endogeneity-robust difference and system generalized method of moments. Findings The following findings are established. First, the information asymmetry broadly follows the same trend as volatility, with a higher sensitivity to market risk exposure. Second, fund managers tend to raise (cutback) their risk exposure in time of high (low) market liquidity. Third, there is evidence of convergence in equity funds. The authors may, therefore, infer that equity funds with lower market risk exposure are catching-up with their counterparts with higher exposure to fluctuation in market conditions. Originality/value The paper complements the sparse literature on market timing in the mutual fund industry with time-dynamic betas, information asymmetry and an endogeneity-robust empirical approach. |
| 3. | Raheem, Venessa Tchamyou Simplice Asongu Ibrahim African Journal of Economic and Management Studies, 9 (2), pp. 231-249, 2018. Abstract | Links | BibTeX | Tags: Africa, Dollarization, Information asymmetry, Openness @article{Asongu_346, author = {Venessa Tchamyou Simplice Asongu Ibrahim Raheem}, url = {https://doi.org/10.1108/AJEMS-11-2017-0291}, doi = {10.1108/AJEMS-11-2017-0291}, year = {2018}, date = {2018-05-18}, journal = {African Journal of Economic and Management Studies}, volume = {9}, number = {2}, pages = {231-249}, abstract = {Purpose Financial dollarisation in sub-Saharan Africa (SSA) is most persistent compared to other regions of the world. The purpose of this paper is to complement the existing scant literature on dollarisation in Africa by assessing the role of information sharing offices (public credit registries and private credit bureaus) on financial dollarisation in 25 SSA countries for the period 2001-2012. Design/methodology/approach The empirical evidence is based on ordinary least squares and generalised method of moments (GMM). Findings The findings show that information sharing offices (which are designed to reduce information asymmetry) in the banking industry are a deterrent to dollarisation. The underpinning assumption that financial development reduces financial dollarisation is confirmed. Originality/value There is scant literature on the relevance of information sharing offices in development outcomes in Africa. While the establishment of these offices in most countries in the continent began in 2004, scholarship on the importance of these offices in financial development is sparse.}, keywords = {Africa, Dollarization, Information asymmetry, Openness}, pubstate = {published}, tppubtype = {article} } Purpose Financial dollarisation in sub-Saharan Africa (SSA) is most persistent compared to other regions of the world. The purpose of this paper is to complement the existing scant literature on dollarisation in Africa by assessing the role of information sharing offices (public credit registries and private credit bureaus) on financial dollarisation in 25 SSA countries for the period 2001-2012. Design/methodology/approach The empirical evidence is based on ordinary least squares and generalised method of moments (GMM). Findings The findings show that information sharing offices (which are designed to reduce information asymmetry) in the banking industry are a deterrent to dollarisation. The underpinning assumption that financial development reduces financial dollarisation is confirmed. Originality/value There is scant literature on the relevance of information sharing offices in development outcomes in Africa. While the establishment of these offices in most countries in the continent began in 2004, scholarship on the importance of these offices in financial development is sparse. |
