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This paper presents a behavioral model of volatility designed to capture the asymmetric dynamics of the VIX. Departing from traditional symmetric frameworks, we propose a wave-based structure in which volatility spikes rapidly in response to shocks and decays slowly due to psychological persistence. The model introduces a dynamic curvature term that governs fear dissipation and is supported by simulation and historical VIX data. We derive testable predictions for volatility duration and magnitude and validate them using real-world events. The framework offers a tractable approach to modeling volatility as the emotional arc of uncertainty, rather than a purely statistical process.

Keywords: Behavioral Volatility, VIX, Asymmetric Fear Decay, Wave Modeling
JEL Classification: G12, G14, C63

The study examined the impact of climate change and geopolitics on financial resilience of some selected West African countries from 1980 to 2023. The study did an examination of disruptions to ecosystems, global warming occasioned by industrial pollution and how geography, territorial disputes and military conflicts shape the economies of West African states. The purposive sampling method was used for selection of four countries with highest population growth rate in 2024. These selected countries are Nigeria, Ghana, Cote d'Ivoire and Niger republic. The Ex-post facto research designed was used on the secondary data sourced from world development indicator and published articles of other researchers. The study used carbon emission by industrialization, military expenses and economic growth rate to represent climate change, geopolitics and financial resilience respectively, while inflation rate served as a moderating variable. Pre and post estimation tests were carried out to ensure that estimated parameters are valid and reliable. Auto regressive distributed lag (ARDL) model was employed for parameter estimation. The specific objectives of the study are: (i) To examine the impact of industrial pollution on economic growth of West African countries, (ii) To assess the impact of territorial dispute and military conflicts on economic growth of West African countries. The study revealed that climate change and geopolitics had a negative and non-significant impact on the economic growth rate of West African countries (1980-2023). The study recommends that targeted policy intervention need to be explored through climate adaptation strategies and geopolitical risk mitigation to counteract the negative impact of economic growth in West African countries.

Keywords: Climate Change, Geopolitics, Financial Resilience, Ecosystems, ARDL model

This paper assessed the effect of health care financing on household economic welfare in Cameroon. Secondary data is gotten from the fifth round of the Cameroon Demographic Health Survey conducted in 2018. The dataset has information on healthcare financing and it is captured through out of pocket health payment reflected in the dataset as self-medical while household economic welfare is captured as wealth index. This study adopts a quantitative research design specifically survey research design. Control function approach was used to establish a link between healthcare financing and household economic welfare. The result reveals a positive and significant effect of healthcare financing through out-of-pocket on household economic welfare in Cameroon. Policy suggests that, decision makers should sensitize households to take advantage of preventive healthcare services to avoid costly medical treatments in the future. The government should continuously increase the percentage of budget allocated for health.

Keywords: Healthcare financing, Household economic welfare, Out-of-pocket health expenditure, Cameroon

This study examines the impact of financial development, nonrenewable energy consumption, and technological innovation on environmental sustainability in Nigeria using the Dynamic Autoregressive Distributed Lag (D- RDL) model. The findings reveal that increased nonrenewable energy consumption exacerbates ecological degradation in the short run but contributes to environmental improvement in the long run. Similarly, financial development exhibits a dual effect, initially intensifying environmental degradation before fostering sustainability. In contrast, technological innovation consistently enhances ecological quality in both the short and long run. Additionally, greater trade openness is found to support ecological sustainability across both time horizons. Based on these insights, the study recommends that the government introduce tax incentives, subsidies, and low- nterest loans to encourage businesses and households to invest in renewable energy technologies such as solar, wind, and hydroelectric power. This can be achieved by gradually reducing subsidies for nonrenewable energy sources and reallocating these funds to support renewable energy initiatives. Furthermore, fostering collaboration among the government, private sector, and international organizations is essential for financing and implementing large-scale renewable energy projects, ensuring long-term environmental sustainability in Nigeria.

Keywords: Technological innovation, environment, Dynamic ARDL, Sustainability, Nigeria.
JEL Classification Code: C53, O31, O44, Q27

The implosion of Mobile Money in sub-Saharan Africa in 2000s seems to have given a major boost to financial inclusion in the African informal sector once excluded from the traditional banking sector. The aim of this article is to understand the contribution of Mobile Money to financial inclusion in Cameroon’s informal sector. Our experimental area is Cameroon. Our methodological approach is qualitative. Empirical material includes documentary research, semi-structured interviews with managers of companies operating in the informal sector, and participant and non-participant observation... Our results show that Mobile Money has made a significant contribution to financial inclusion in Cameroon’s informal sector and can therefore be considered as a tool for financial inclusion. It open a reflection on the management to be put in place to secure financial transactions.

Keywords: Mobile Money, informal sector, financial inclusion

The relationship of ESG risk rating with financial performance, stock return and risk is the subject of this study. Panel data of 23 firms that are traded on the Athens Stock Exchange are used. The study period spans from 2019 to 2022. The ESG risk rating used is provided by Morningstar’s Sustainalytics. Financial performance is calculated as Return on Assets (ROA) and Return on Equity (ROE), while stock return is calculated as the daily return, total return, Sharpe ratio, Modigliani and Modigliani ratio, and the alpha deriving from the market model. Size, as well as efficiency, leverage, solvency and liquidity ratios are used as control variables. The results reveal a strong negative relationship between financial performance and ESG risk. A negative, but insignificant, relationship exists between stock return and ESG risk too.

Keywords: Firm Performance, Stock Return, Risk, ESG Risk, Greek Stock Market
JEL Classification Codes: G11

Maize value-added products are essential for reducing post-harvest losses, enhancing food security, and generating income. While extensive research has focused on maize production in Cameroon, the identification of its value-added products, their profitability and impact on food security in the North-West Region has been underexploited. This study analyzed the profitability of maize value-added products in Mezam Division, North-West Region of Cameroon. The specific objectives of the study were to: identify various maize products, assess the diversity of these products, conduct a cost-benefit analysis of selected products, and identify the key constraints to profitability. Data were collected from 500 small-scale maize entrepreneurs, with 446 involved in maize value addition, using purposive, stratified, and snowball sampling techniques. Descriptive statistics identified maize products and constraints, while the Shannon Diversity Index assessed product diversity. A cost-benefit analysis was performed on four selected products: pap, parched corn, corn chaff corn, and corn beer. The findings revealed a total of 13 maize value-added products with a diversity index of 4.4. The cost-benefit analysis showed that the total cost of processing a bucket of maize (18 kg) into pap, parched corn, corn chaff corn, or corn beer was FCFA 16,875.39, FCFA 17,699.7, FCFA 9,939.02, and FCFA 9,435.62, respectively. The corresponding economic profits were FCFA 10,944.61, FCFA 5,700.30, FCFA 2,524.27, and FCFA 2,133.46 respectively. The primary constraints to profitability included fluctuating market prices, high production costs, limited access to finance, and inadequate storage facilities. Entrepreneurs can leverage this data to make informed decisions about future investments, focusing on products like pap and parched corn that offer the highest return on investment. They can also experiment with optimizing the production of less profitable products like corn beer or corn chaff to improve their overall profitability

Keywords: Maize, Value-added products, Cost-benefit analysis, Profitability.