Inflation Dynamics and Returns on Equity: The Nigerian Experience
Bibliographic record
Abstract
Inflation in a developing economy is a dynamic force that shapes equity investment decisions. Equity being a variable income security has the potential of hedging inflation. This study examines inflation dynamism and equity returns using monthly data sourced from the various volumes of Central Bank of Nigeria (CBN) Statistical bulletin and Nigerian Stock Exchange (NSE) daily official list for a period of thirty- six months. The study utilizes the unrestricted vector autoregressive (UVAR) mechanism to examine the nature of the relationship between inflation and rate of return on equity. It was observed that inflation rises faster than rate of return on equity; and the nature of the relationship between inflation and return is found to be inconsistent over time. Furthermore, there are no causal effects between past inflationary rates and rate of return; though such effect is evident between current rates of inflation and immediate previous stock returns. Thus, the study recommends that Nigerian government should attempt to synchronise its monetary and fiscal policies in order to achieve stability in the economy. Also private sector productivity should be enhanced to reduce inflation and make returns on equity more attractive.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.002 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.001 |
| Science and technology studies | 0.001 | 0.001 |
| Scholarly communication | 0.001 | 0.001 |
| Open science | 0.000 | 0.001 |
| Research integrity | 0.000 | 0.001 |
| Insufficient payload (model declined to judge) | 0.002 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".