https://hdl.handle.net/10419/328056 Thu, 22 Oct 2026 21:26:24 GMT 2026-10-22T21:26:24Z https://hdl.handle.net/10419/328179 Title: Corruption, natural capital and economic development: A dynamic GMM analysis Authors: Ang, Joshua Ping; Patalinghug, Jason Abstract: Using a dynamic panel dataset of 150 countries for the period of 2006-2018 and a twostep system GMM estimation model, this paper shows that natural resources have a positive effect on economic development while holding corruption constant. Our findings support the notion that natural resources have a positive effect on the economy of a nation. When a country has less corruption, it improves the appropriation of economic gains from natural resources which serves as natural capital that would drive further capital accumulation and further development. We also find that physical capital, human capital, and freedom from corruption show strong positive effects on economic development, controlling for other economic and institutional variables. Wed, 01 Jan 2025 00:00:00 GMT https://hdl.handle.net/10419/328179 2025-01-01T00:00:00Z https://hdl.handle.net/10419/328180 Title: Neuroscience and market dynamics: The impact of smoking withdrawal syndrome on the stock performance of tobacco companies Authors: Vasileiou, Evangelos; Floros, Christos; Gillas, Konstantinos Gkillas Abstract: This study investigates the effect of the annual 'No-Smoking Day' on the stock performance of British American Tobacco (BATS) and Imperial Brands (IMB) from 1997 to 2023. Our findings reveal a significant negative impact of No-Smoking Wednesdays on BATS, with a moderate but statistically significant effect on IMB. To enhance robustness, we also perform a panel data analysis, which underscores the consistent negative effect of No-Smoking Day on the tobacco sector as a whole. These results suggest that No-Smoking Day generates a calendar-based effect on stock prices, challenging the Efficient Market Hypothesis. Beyond the behavioral effects tied to the anti-smoking campaign, this study introduces a novel perspective by linking investor behavior with neurological factors, particularly Nicotine Withdrawal Syndrome (NWS). NWS, characterized by irritability, anxiety, and mood disturbances, may influence investor sentiment, even among smokers who do not intend to quit. These withdrawal symptoms could induce stress and emotional responses, thereby affecting investor behavior and contributing to negative returns. Our findings align with prior behavioral studies and highlight the role of both psychological and neurobiological factors in shaping market dynamics. Future research should examine the combined effects of anti-smoking campaigns and NWS on investor behavior and market outcomes. Additionally, the varying statistical significance across firms suggests that the diversification of tobacco companies into non-traditional products warrants further investigation. Wed, 01 Jan 2025 00:00:00 GMT https://hdl.handle.net/10419/328180 2025-01-01T00:00:00Z https://hdl.handle.net/10419/328178 Title: The long-run effects of fiscal consolidation on economic activity in the CEMAC zone Authors: Nokam, Vivien Narcisse Wabo; Soh, Syrie Galex Abstract: This study aims to analyze the long-run effects of fiscal consolidation on economic activity in the Economic and Monetary Community of Central Africa (CEMAC), a grouping of six countries (Cameroon, Congo, Gabon, Equatorial Guinea, the Central African Republic, and Chad) forming a monetary union. The empirical analysis of annual data from the Bank of Central African States (BEAC) over the 1987-2016 period first enabled us to identify 22 episodes of fiscal consolidations in all the CEMAC zone countries during the abovementioned period. Secondly, by adopting the Fully Modified Ordinary Least Square (FMLOS) and the Dynamic Ordinary Least Square (DOLS) panel methods, our results show that fiscal consolidations have recessionary (Keynesian) effects on the CEMAC zone's economy. Those effects are mainly due to fiscal consolidations that focus on reducing public expenditure. Wed, 01 Jan 2025 00:00:00 GMT https://hdl.handle.net/10419/328178 2025-01-01T00:00:00Z https://hdl.handle.net/10419/328182 Title: Does relation between energy and economic growth hold for all Indian states? Empirical analysis using Hurlin-Venet process Authors: Arora, Rochna; Kaur, Baljit Abstract: Electricity consumption is often regarded as a precondition for economic growth and any bottleneck in its production can severely hurt the growth prospects of an economy more specifically a developing one. Representing a strong case of its value, the causal relationship between energy consumption and economic growth is addressed by extending the Granger causality framework in a heterogeneous panel setup. Exclusively four different causal behaviours are examined: Homogeneous Non-Causality (HNC), Homogeneous Causality (HC), Heterogeneous Non-Causality (HENC), and Heterogeneous Causality (HEC). Both HNC and HC hypotheses are rejected in the causality direction from Economic growth to energy consumption thereby suggesting that the panel of Indian states is not homogeneous. Following this heterogeneous causality tests (HENC and HEC) are conducted for each Indian state to check the hypothesis of causality from economic growth to energy. For 8 out of 17 Indian states strong unidirectional causality is found while for 6 other states, there is no evidence of any causality in the stated direction. The remaining 3 states show weak evidence of causality. Thus, the results are suggestive of the fact that the central government cannot dictate policies at the state level rather state needs to frame regional policies in line with the situation that suits. Wed, 01 Jan 2025 00:00:00 GMT https://hdl.handle.net/10419/328182 2025-01-01T00:00:00Z