PurposeThe purpose of this paper is to examine how investors and stockbrokers in Nigeria value shares and whether their approach to share valuation differs from that documented in other countries. In particular, the paper investigates whether the investors and stockbrokers use fundamental, technical and/or risk analysis differently to appraise investments. The information which investors and stockbrokers employ for share valuation purposes is also considered to see whether differences from developed market countries exist.Design/methodology/approachA series of semi‐structured interviews was conducted with eight stockbrokers and ten investors from Nigeria.FindingsThe main approach to share valuation employed by the Nigerian interviewees was fundamental analysis; investors and brokers forecast earnings for a company and multiplied this prediction by a P/E ratio to estimate the intrinsic worth of a share. This intrinsic value was then compared with the current share price to see if the equity was under‐ or over‐valued. Thus, Nigerian investors are similar to their counterparts in other countries in terms of the main approach to share valuation employed. Other company fundamentals considered in the valuation process included cash flows and dividend information. Technical and risk analyses were also undertaken to supplement any initial conclusions reached. Indeed, the findings suggest that there was a greater use of risk analysis by Nigerian investors in comparison to the results documented for other countries. Company financial statements and stockbroker reports were the main sources of information used by investors although qualitative information, such as that obtained from meetings with company executives, was also important. However, access to senior executives was not uniform across all interviewees.Practical implicationsInvestors and stockbrokers in Nigeria behave in a similar fashion to their counterparts in developed countries. However, political risk assumes a greater prominence in the equity valuation process within Nigeria; a reduction in this risk might help Nigerian equity values to increase.Originality/valueThe paper reports the views of senior stockbrokers and investors in Nigeria. To date, most work in this area has focused on developed markets; the current paper considers the case for an emerging market which is important in Africa. This market plays an important role in furthering the economic aims of the Government via their privitisation programmes. In addition, the market is attracting the attention of foreign investors who wish to invest in Nigerian equities.
Purpose The purpose of this study is to provide quantitative information on the growth of Islamic finance literature. The study focused on publishing trends, countries producing research on Islamic finance, key authors, major contributing organizations, authorship patterns, keywords and articles with the highest citations. Design/methodology/approach Bibliometric analysis is applied to analyse the growth and publishing trends in Islamic finance literature. The Web of Science (WoS) database was used to extract bibliometric data covering the period 1939–2019 for Islamic finance literature. Findings The study finds that Islamic finance research has gained remarkable momentum in the literature. However, such growth is largely manifested in Malaysia because of a conducive atmosphere for this type of research. Interestingly, the study finds that the three most productive journals are located in the UK and Malaysia, while Professor M. Kabir Hassan from the University of New Orleans, the USA appears to head the list of authors with 23 publications on Islamic finance. Practical implications This study provides up-to-date literature on the current state of Islamic finance in the world; as a result, it supports the development of policies by the Islamic finance industry. The findings of the study also serve as a reference point for Islamic finance training and educational institutions. Originality/value Islamic finance is an emerging financial discipline; as such, there is a need for more awareness of this financial system in the world. Muslim-majority countries, especially Saudi Arabia, Turkey, Indonesia, the United Arab Emirates (UAE), Pakistan and Bahrain, have to include Islamic finance in their curriculum and establish research institutions and research journals. In addition, Arabic language journals should be indexed in WoS and/or Scopus to provide a high-quality publication platform. This study provides a more comprehensive bibliometric analysis on the growth of Islamic finance literature (1939–2019) in the WoS database; most of the prior studies have covered relatively few areas of focus and a lower range of years in some cases.
This paper investigates the Impact of relative humidity, varying the concentrations of water-soluble aerosol particle concentrations (WASO), Mineral Nuclei Mode Aerosols Particle Concentration (MINN), mineral accumulation mode, nonspherical (MIAN) aerosol particles concentrations and Mineral Coarse Mode Aerosols Particle Concentration (MICN) on the visibility and particles size distribution of desert aerosols based on microphysical properties of desert aerosols. The microphysical properties (the extinction coefficients, volume mix ratios, dry mode radii and wet mode radii) were extracted from Optical Properties of Aerosols and Clouds (OPAC 4.0) at eight relative humidities, RHs (00 to 99%) and at the spectral visible range of 0.4-0.8mm, the concentrations were varied to obtain five different models for each above-mentioned component. Regression analysis of some standard equations were used to determine the Angstrom exponent (α), the turbidity coefficient (β), the curvature (α2), humidification factor (), the mean exponent of aerosol growth curve (µ) and the mean exponent of aerosol size distributions (n). The values of angstrom exponent (α) were observed to be less than 1 throughout the five models at all RHs for the four studied components, and this signifies the dominance of coarse mode particles over fine mode particles. But the magnitude of the angstrom exponent (α) fluctuates all through the studied components except for WASO which increased with the increase in RH across the models and this also signifies the dominance of coarse mode particles with some traces of fine mode particles. The investigation also revealed that the curvature (α2) has both monomodal (negative signs) and bimodal (positive signs) types of distributions all through the five models and this also signifies the dominance of coarse mode particles with some traces of fine mode particles across the individual models for all the studied components. it was also found that the visibility decreased with the increase in RH and increased with the increase in wavelength. The investigation further revealed that the turbidity coefficient (β) fluctuates with the increase in RH and the particles concentrations, and this might be due to major coagulation and sedimentation. The analysis further found that there is a direct inverse power relation between the humidification factor and the mean exponent of aerosols size distribution with the mean exponent of aerosols growth curve. It was also found that as the magnitude of µ increased for MIAN, MINN and MICN, the effective hygroscopic growth decreased. For WASO, it was found that as the magnitude of µ decreased, the effective hygroscopic growth increased with the increase in particles concentrations and RH. The decreased in the magnitude of µ for WASO might be due to the fact that as we increase the non-hygroscopic particles, we decrease the deliquescence. The mean exponent of aerosol size distribution (n) being less than 3 shows foggy condition of the desert atmosphere the four investigated components and five studied models.
The present work focused on the effect of relative humidity (RH) on some microphysical and optical properties of maritime tropical aerosols from the software package OPAC (Optical Properties of Aerosols and Clouds) data at the spectral range of 0.25 μm to 2.5 μm and eight relative humidities (0%, 50%, 70%, 80%, 90%, 95%, 98%, and 99%). The microphysical properties extracted were radii, volume mix ratio, number mix ratio and mass mix ratio as a function of RH while the optical properties were optical depth, extinction, scattering and absorption coefficients single scattering albedo, refractive indices and asymmetric parameters. The hygroscopic growth and enhancement parameters were then parameterized by using some models to determine the hygroscopicity, bulk hygroscopicity, humidification factors and some other parameters that depend on RH and/or wavelengths. The results showed that the data fitted our models very well and can be used to extrapolate the hygroscopic growth at any RH and enhancement parameters at any RH and wavelengths. The importance of determining gfmix(RH) as a function of RH and volume fractions, mass fractions and number fractions, and enhancement parameters as a function of RH. The effective radii increases with the increase in RH, while Angstrom coefficients decrease with the increase in RH and this signifies the dominance of coarse mode particles. The angstrom coefficients show that the mixture has bimodal type of distribution and the mode size increases with the increase in RH.
onboard satellite, then a second instrument was launched onboard EOS-Aqua in May 2002. Both satellites are sun-synchronous with Equatorial overpass at 10:30 AM for Terra and 1:30 PM for Aqua, local time. They measure angular dependence of radiance at multi ranging from UV to infrared. As they are able to provide spectral optical depth, and aerosol size information in the form of Angstrom exponent (Remer et al., 2005). MODIS also measures the properties of aerosols-tiny liquid or solid particles in the atmosphere. Aerosols enter the atmosphere from manmade sources like pollution and biomass burning and natural sources like dust storms, volcanic eruptions, and forest fires (Kaufman et al., 2000). Aerosol Robotic Network (AERONET) is a federated ground-based remote sensing ABSTRACT In this Paper, Empirical Orthogonal Function (EOF) was used to assess the MODIS C006 LV2 aerosol AOD and AE products, and compared the data with AERONET AOD and AE observations. The data were taken from an AERONET station at Ilorin, Nigeria which were obtained from (MAPSS) and wer data period for the two satellite data were from Dec 2004 to May 2015 It was observed from the graphical representation that the seasonal variation of AOD peaks during the dry season from Dec to Feb and reaches minimum during summer in August 2008.The comparisons showed both underestimations in MODIS AOD and considerable overestimations in the AE. On the EOF analysis it was observed that a good correlation between MODIS & AERONET AOD are observed on the correlation matrices in all the data. Lower correlation is only observed at Ilorin AERONET wavelength at 470nm (ILA470) with Ilorin 660nm (ILM660).On the total variance explained table for MODIS and AERONET AOD, it was observed that out of the 6 com with a very high percentage of 81.57% observed with a percentage of 83.95% for MODIS and AERONET AOD,and little variation was observed for MODIS and AERONET AE.
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