PurposeThis study aims to examine the ability of clean energy stocks to provide cover for investo... more PurposeThis study aims to examine the ability of clean energy stocks to provide cover for investors against market risks related to climate change and disturbances in the oil market.Design/methodology/approachThe study adopts the feasible quasi generalized least squares technique to estimate a predictive model based on Westerlund and Narayan’s (2015) approach to evaluating the hedging effectiveness of clean energy stocks. The out-of-sample forecast evaluations of the oil risk-based and climate risk-based clean energy predictive models are explored using Clark and West’s model (2007) and a modified Diebold & Mariano forecast evaluation test for nested and non-nested models, respectively.FindingsThe study finds ample evidence that clean energy stocks may hedge against oil market risks. This result is robust to alternative measures of oil risk and holds when applied to data from the COVID-19 pandemic. In contrast, the hedging effectiveness of clean energy against climate risks is limit...
The study seeks to understand the implications of cultural indices like language and religion on ... more The study seeks to understand the implications of cultural indices like language and religion on international trade. Using data compiled on the three most religious states and the three least religious states in the world, we reviewed the trading activities of these countries alongside their trading partners to find out if they are culturally connected or not. The research controls for colonialism and geographical distance. This is to isolate the effects of common colonial heritage and geographical proximity of countries on the trade between such countries. The study concludes that trade of cultural goods in the most and least religious countries in the world is not significantly determined by cultural layers of religion and language but other factors such as reciprocity trading and economic factors.
PurposeThis study aims to examine the ability of clean energy stocks to provide cover for investo... more PurposeThis study aims to examine the ability of clean energy stocks to provide cover for investors against market risks related to climate change and disturbances in the oil market.Design/methodology/approachThe study adopts the feasible quasi generalized least squares technique to estimate a predictive model based on Westerlund and Narayan’s (2015) approach to evaluating the hedging effectiveness of clean energy stocks. The out-of-sample forecast evaluations of the oil risk-based and climate risk-based clean energy predictive models are explored using Clark and West’s model (2007) and a modified Diebold & Mariano forecast evaluation test for nested and non-nested models, respectively.FindingsThe study finds ample evidence that clean energy stocks may hedge against oil market risks. This result is robust to alternative measures of oil risk and holds when applied to data from the COVID-19 pandemic. In contrast, the hedging effectiveness of clean energy against climate risks is limit...
The study seeks to understand the implications of cultural indices like language and religion on ... more The study seeks to understand the implications of cultural indices like language and religion on international trade. Using data compiled on the three most religious states and the three least religious states in the world, we reviewed the trading activities of these countries alongside their trading partners to find out if they are culturally connected or not. The research controls for colonialism and geographical distance. This is to isolate the effects of common colonial heritage and geographical proximity of countries on the trade between such countries. The study concludes that trade of cultural goods in the most and least religious countries in the world is not significantly determined by cultural layers of religion and language but other factors such as reciprocity trading and economic factors.
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Papers by Aminat Orekoya