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This paper set out to assess the effects of governance on entrepreneurship development in Cameroon. Time series data for the period from 2002 to 2018 was obtained from two databases. Governance data was obtained from Worldwide Governance Indicators (WGI) for 2020 and data on FDI, GDP were obtained from the world development indicators (WDI) 2020. The Ordinary Least Squares regression analysis technique was used to estimate the parameters of the model. The results revealed that governance indicators such as Rule of Law, Regulatory Quality, Political Stability and Absence of Violence/ Terrorism, Control of Corruption and Foreign Direct Investment affect entrepreneurship development in Cameroon negatively while Voice and Accountability, Government Effectiveness and Gross Domestic Product positively affect entrepreneurship development in Cameroon. From a policy perspective the paper concludes that policies that are aimed at increasing affect entrepreneurship development in Cameroon should be focused on improving the level of governance.

Key Words: Governance, Entrepreneurship Development, OLS, Cameroon.

In the article a new version of the method called Exact Individual Trajectories Method (EIT),used for the management of pension funds, is introduced and tested for quantification of the annual premium need to finance a long-term care insurance system. This method developed on an axiomatic basis and is an alternative to the already known multiple state valuation models based on Markov and semi Markov stochastic processes and methods of actuarial present value. The EIT is formulated on an individual basis which takes into account, for a hypothetical insured person, the set of all possible future life events, called feasible trajectories. In the article some numerical results are also presented.

Keywords: long-term care system; ageing; insurance protection products.

Enterprise risk management and associated value relevance and quality of the financial information are said to be curial for sound corporate governance and organisational success. The value of enterprise risk management in checkmating managerial opportunistic tendencies and improving the quality of financial reporting has been debated by various scholars; the quarrelsome view in terms of the direction of their association has remained unclear, which entreats the exploration of the possible effect of enterprise risk management practices on the quality of firms’ accounting numbers. The population of the study consists of all the 74 listed nonfinancial firms that are active on the Nigerian Stock Exchange as at 31st December, 2019 and whose data were for the period of the study 2010-2019. Secondary source of data was used and the data in respect of all the variables of the study was extracted from the Annual Report and Accounts of the firms. Longitudinal balanced panel multiple regression (two stage least square) was used as a technique of data analysis for the study. The study reveals that enterprise risk management has significant impact on quality of financial reports of the firms under investigation. Specifically, both Board Risk Management Committee and Value at Risk are positively, strongly and significantly constraining earnings management to improve quality of financial reporting. On the other hand, Cash Flow Volatility is inversely related with earnings management and therefore significantly diminishes the quality of accounting numbers in the financial statement of the firms. The implications of these findings show that when ERM is appropriately managed, a quite number of abnormal earnings would be exterminated, which improves the quality of financial reporting of listed nonfinancial firms in Nigeria. What is left to be done therefore, is for the regulatory bodies like FRCN, SEC, and NSE to ensure that listed firms in Nigeria strictly adhere with code of best practice of corporate governance, COSO frameworks and all other enactments in terms of integrated risk management, so that the quality of financial reports is protected and enhanced so that the contents do not mislead both existing and prospective investors which influence investment decision as well as the cost of raising funds especially among the listed Nigerian nonfinancial firm.

Keywords: ERM, Cash flow Volatility, Value at Risk, Fraud Risk Factors, FRQ and Nigeria.

The present paper examines the dynamic relationship among oil price, oil revenue, nonoil revenue and government expenditure between the periods of 1981 to 2017.This is an attempt to further confirm the revenue and expenditure relationship in Nigeria as an oil revenue dependent economy. The structural model of SVAR is adopted to account for the exogeneity of the global oil price to the Nigeria’s economy. The Johansen cointegration test confirms the oil price exogeneity and shows long run relationship among the variables. The finding of the study reveals the existence of both revenue spend hypothesis and spend tax hypothesis in Nigeria. Finally, this study suggests that more spending and diversification efforts should be directed towards generation of nonoil revenue for economic sustainability of the country.

Keywords: Oil price, oil revenue, spending, SVAR, Nigeria.

The unprecedented impact of the Covid-19 pandemic on businesses globally has spurred a rethink about risk mitigation and financial performance. Crossborder transactions based on global currencies and not securely hedged suffered setbacks at the onset of the pandemic as the US Dollar’s value depreciated. This study looks at Foreign Exchange Risk Management from the Portfolio Theory approach with the objective of determining its effect on financial performance and improving the discourse. Modification of the traditional research approach was made to include both aspects of the risk management strategy of banks in focus. The variable of Other Comprehensive Income was introduced to the model for regression analysis. It was determined that Foreign Exchange Risk Management had a significant positive effect on financial performance. Other Comprehensive Income improved the modified model, is ascertained to be a substantive inclusion to the discourse and, is recommended in practice and research.

Keywords: Foreign Exchange Risk Management, Portfolio Theory, Other Comprehensive Income, Financial Performance, Diversification.

JEL Classification: G32, F31, M41

This study explores both the static and dynamic conditional dependency between stock market return series for Zimbabwe and its four supposedly major trading partners. A broad set of the most popular linear and nonlinear copulatype models that capture dependency structure under different circumstances is applied to investigate this relevancy. To measure the constant dependence structure, we used the Normal and Student copulas, and the Generalized Autoregressive Score model with the Student copula was used to capture the dynamic dependence. Our results show that volatility of stock return series among these economies can be best described by Student copula models. Zimbabwe’s stock return is positively influenced by the South African counterpart implying that such a core movement greatly affects Zimbabwe. Several implications for stock market risks, policy implication and hedging strategies can be singled out and implemented from the results obtained. The value at risk VaR and expected shortfall was performed and results revealed that the VaR for all the pairs starts at the 3% mark and generally decreases to very low levels of 6% at the start of 2015 going along with a further decline to impassioned levels of approximately 7.5% at the middle of the year 2016.

Key words: dependence structure; copula, covolatility, stock return, equity market.