Electronic Theses and Dissertations (PhDs)

Permanent URI for this collectionhttps://hdl.handle.net/10539/37943

Browse

Filter results by typing the first few letters
Now showing 1 - 3 of 3
  • Thumbnail Image
    Item
    Essays on exchange rate movements and stock returns in emerging and frontier African economies
    (University of the Witwatersrand, Johannesburg, 2024) Atipaga, Umar-Farouk; Alagidede, Imhotep Paul; Tweneboah, George
    Global financial markets have recently undergone significant turmoil due to numerous factors, such as economic uncertainties, pandemics, geopolitical tensions, and extreme contagion. Unfortunately, African economies are not immune to these global developments and are often impacted by risk-off sentiment. As a result, these shocks have significant consequences for African exchange rates and capital markets. Due to the region's trade and investment dynamics, African economic policymakers rely heavily on exchange rate management as a policy tool. Additionally, capital flows in the form of equities are important for Africa’s growth agenda. The research explored four distinct, yet interconnected essays related to currency and equity movements in Africa, aiming to offer valuable insights into investment and policy considerations while enriching the existing literature. The first essay explored the connection between currency movements and equities in Africa. This approach departs from the usual VAR and GARCH models and employs a tool that accounts for time-frequency co-movements. This is critical for investment and policy decisions as it better explains which part of the sample period produces shocks. Given the recent market uncertainties, this study suggests that investors can determine the right investment horizon. The bivariate wavelet technique established a profound negative correlation at the upper end of the horizon, making room for diversification opportunities. With exchange rates playing a dominant leading role, it presents a case for policy considerations towards currency stability. The partial wavelet results revealed that investors should scale down to the short end of the investment horizon during crisis periods like COVID-19. In the second essay, the asymmetric linkages were modelled between stock returns of developed economies and African markets using quantile regressions along 0.05 quantile iii | P a g e intervals. The crux of this study is to determine the options available to holders of African stocks considering market integration. Having employed the U.S. and U.K. as proxy for advanced markets, we found diversification and hedging benefits from the two advanced markets for some African equities at different time scales. The quantile-on-quantile regression results revealed that both U.S. and U.K. stocks could offer safe-haven benefits for some African equities in extreme market conditions. The findings strongly project that investors making decisions to mitigate risks must appreciate the heterogeneity in the nexus between the advanced markets and African economies to arrive at optimal risk-adjusted returns The third essay applied transfer entropy techniques for the examination of information flows between advanced and African markets. Information content analysis is vital in the current investment and portfolio management dispensation. Findings from the information exchanges indicated that some African markets have led the market integration process ahead of their peers. This study compared significant periods of global interest, such as the Fed normalisation period and BREXIT. The results present important implications for risk management strategies and policy measures to anchor markets to withstand shocks. Due to the potential scales of investments from market integration with advanced markets, African policymakers are encouraged to champion this agenda. However, this requires the need to build economies to withstand shocks. Similarly, in the last essay, the information content was modelled between currencies of advanced markets and African economies. Exchange rate spillovers have significant implications for emerging and frontier economies due to the linkages between currency performance and other key variables. The essay examined information exchanges with the iv | P a g e world’s most liquid currencies over different crisis periods. The results possess essential implications for risk management strategies and policy frameworks, especially in this current period of heightened global uncertainties. Due to the spillovers in the currency market, African policymakers should be wary about the susceptibility of their currencies to global shocks.
  • Thumbnail Image
    Item
    Implication of Regulated Cannabis Legalisation on Wellbeing and Economic Growth
    (University of the Witwatersrand, Johannesburg, 2022) Quarshie, Emmanuel; Alagidede, Imhotep Paul
    This is a thesis on the cost benefit analysis of cannabis legalisation, public (mis)perception about cannabis usage and cannabis users, the medical application of cannabinoids and their commercial and industrial potential in the new global political economy. The study shows that, although there are misconceptions about cannabis, there is still much to unpack about its effects on human well-being. Drawing on both qualitative and quantitative cross-country dataset from Ghana and South Africa, the study employed a logit model to address the following questions: (a) What does society know about cannabis and its industrial and medical applications? (b) What is the evidence-based scientific claims of cannabis regarding human well-being? (c) What are the existing gaps between perception and knowledge? Among the contributions, this study clarifies the often-misunderstood position of cannabis in society and illuminates the blind side of the role of cannabis as an economic enabler in the post pandemic world. More importantly, while some schools of thought project cannabis as a gateway drug to the infernal realm, this study provides evidenced based on real-time practical experience from well- informed and educated users. The study provides a model for regulated cannabis legalisation, a proper guide on value-added supply chain mechanism, and guiding principles to ensure the model functions properly, based on lessons and best practices from countries that have legalized cannabis, such as the Netherlands, Canada, Lesotho, Malawi, Zambia, South Africa, and Zimbabwe. This study further establishes empirical and theoretical foundations for the key thematic subjects of cannabis use, as well as a policy direction pertaining to its regulated legalisation, prohibition, or decriminalization in Ghana and South Africa. Given the disconnect between knowledge and perception about cannabis, the study recommended knowledge enhancement and adequate advocacy on the pros and cons of cannabis for society to enhance understanding of the benefits and its side effects to provide evidence-based guidance on the medical application and industrial potentials
  • Thumbnail Image
    Item
    The Glass Cliff: Exploring the Dynamics Around the Appointment of Women to Precarious Leadership Positions in Corporate South Africa
    (University of the Witwatersrand, Johannesburg, 2021) Mashele, Winsome; Alagidede, Imhotep Paul
    The current research explores the "glass cliff" form of discrimination. The research argues that while women are now appointed in high-profile positions, there is a greater likelihood that they end up on a 'glass cliff' as compared to their male counterparts. Glass cliff positions put women executives' in potentially risky roles that could harm their reputations and career prospects because, when a company performs poorly, people tend to blame its leadership without considering situational variables. The research problem statement centres around the overrepresentation of women who are in senior leadership positions in organizations that are experiencing difficulties, which is an increasing concern in corporate South Africa. The main objectives of the study, among others includes to: (i) gain a better understanding of why women choose risky leadership positions. (ii) identify the leadership experiences of women in leading organisations in relation to gender. (iii) understand the suitable leadership styles that women facing the glass cliff have at their disposal to build relationships with internal shareholders as well as influence the structure of the organisation. (iv) understand the tools and resources that are needed to support women in senior leadership roles during times of crises in corporate South Africa. Design/methodology/approach: A qualitative research methodology was employed, and data collected through semi-structured interviews from a total of 15 participants. Findings: The findings suggest that women are now allowed to occupy senior leadership positions where these positions record a decline in status, competence and prestige, and as a result are time consuming and difficult to combine with a successful academic career. An important set of findings is: (i) the participants perceived the risky activity as a form of promotional opportunity and were willing to accept an offer. (ii) if women are placed in the right positions with the right skills, success is potentially guaranteed. (iii) leaders should practice the situational leadership style which evolves according to the situation, the time at hand and its nature. Contribution / value: Despite some limitations that were experienced over the course of the study, some answers emerged in response to the key question on which the study was premised. Furthermore, the aim of this study was achieved in terms of its contribution not only in providing guidance to organizational decision makers, policy makers and business leaders to address inequalities in corporate South Africa, but also in highlighting the role played by women in making career decisions within the rubric of the glass cliff phenomenon