Browsing by Author "Daud, A"

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    Decision-Usefulness of Non-Financial Information of Quoted Firms in Nigeria.
    (Faculty of Management Sciences, University of Ilorin, 2019) Abogun, S.; Salam, M. O.; Daud, A; Fakile, O. G
    One of the major problems encountered by investors in Developing economies is inadequate reliable and relevant information for their investment decisions despite the audited annual financial statements of firms; hence the continuous search for information from other sources. This study examined the usefulness of non-financial information for investors’ decision among quoted firms in Nigeria. The explanatory research design was employed because this study examined the changes in investors’ decision due to changes in the non-financial information and other explanatory variables. The panel regression model was estimated by the fixed effect (within estimator) technique. The study found that non-financial information is statistically significant in explaining investors’ decision with a coefficient of 1.76 and a p-value of 0.000. The study concludes that non-financial information is decision-useful. It is therefore recommended that more efforts be made by officials of quoted firms in Nigeria towards disclosing more non-financial information, particularly information about future growth opportunities of firms; because the study revealed that they are relevant information for investment decision.
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    Testing the Validity of the Weak form Market Efficiency in the UK Stock Exchange: Evidence from London Stock Market
    (Department of Finance, University of Ilorin., 2017) Daud, A; Abogun, S.
    The mixed results from a wide range of research and a new concern raised by Moore (2006) that United Kingdom market participants did not display a rational behavior in the lead up to and aftermath of the British referendum to leave the European union motivated a new research into market efficiency of the London stock exchange using larger sample size hat reflects more recent trading. Therefore, this research work examined whether the London stock exchange is weak form efficient using the random walk theory. Three objectives were formulated based on three different statistical methods of testing for randomness in price series. The log returns of Financial Times Stock Exchange 250 share index between 1986 to 2016 were examined using serial correction test, variance ratio test and unit root test. The three statistical tests agree that the randomness of successive stock prices do not hold in the London stock exchange. Therefore, the result of this research work suggests that London stock exchange is not informationally efficient in the weak form. This implies that prices of stocks listed on the London stock exchange may not be a true reflection of asset value and opportunities exist for technical and fundamental analysts to study stock trend and predict future prices. Based on the conclusion, the study recommended that: firms should ensure good information management and a very cautious investment strategy that put into consideration the possibility of overreaction from investors.