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Macroeconomics and Finance in Emerging Market Economies Volume 17, 2024 - Issue 1: On stock markets
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Research Articles

Can crude oil price returns drive stock returns of oil producing countries in Africa? Evidence from bivariate and multiple wavelet

Emmanuel Asafo-Adjeia Department of Finance, School of Business, University of Cape Coast, Cape Coast, GhanaCorrespondence[email protected]
ORCID Iconhttps://orcid.org/0000-0002-4449-6285View further author information
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Anokye M. Adama Department of Finance, School of Business, University of Cape Coast, Cape Coast, GhanaORCID Iconhttps://orcid.org/0000-0003-3830-1186View further author information
ORCID Icon &
Patrick Darkwab Department of Accounting, School of Business, University of Cape Coast, Cape Coast, GhanaORCID Iconhttps://orcid.org/0000-0002-7606-337XView further author information
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Pages 59-77 | Received 16 Dec 2020, Accepted 07 Jul 2021, Published online: 26 Jul 2021

Citations (29)

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Read on this site (6)

Samuel Kwaku Agyei & Ahmed Bossman. (2023) Exploring the dynamic connectedness between commodities and African equities. Cogent Economics & Finance 11:1.
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Collins Baffour Kyei, Emmanuel Asafo-Adjei, Peterson Owusu Junior, Anokye Mohammed Adam, Anthony Adu-Asare Idun & Justice K.G Agyenim Boateng. (2023) Nexus between commodities and banking sector financial soundness: The role of general macroeconomic setting in Ghana. Cogent Economics & Finance 11:1.
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Gilbert K. Amoako, Ebenezer Boateng, Emmanuel Asafo-Adjei, Daniel Kofi Amoanyi & Anokye Mohammed Adam. (2022) Contagion and Interdependencies: A Dynamic Connectedness approach among Implied Volatilities. Cogent Economics & Finance 10:1.
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Bernice Nkrumah-Boadu, Peterson Owusu Junior, AnokyeM Adam & Emmanuel Asafo-Adjei. (2022) Safe haven, hedge and diversification for African stocks: cryptocurrencies versus gold in time-frequency perspective. Cogent Economics & Finance 10:1.
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Mohammed Armah, Godfred Amewu & Ahmed Bossman. (2022) Time-frequency analysis of financial stress and global commodities prices: Insights from wavelet-based approaches. Cogent Economics & Finance 10:1.
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Samuel Kwaku Agyei, Anokye Mohammed Adam, Ahmed Bossman, Oliver Asiamah, Peterson Owusu Junior, Roberta Asafo-Adjei & Emmanuel Asafo-Adjei. (2022) Does volatility in cryptocurrencies drive the interconnectedness between the cryptocurrencies market? Insights from wavelets. Cogent Economics & Finance 10:1.
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Articles from other publishers (23)

Tii N. Nchofoung. (2024) Oil price shocks and energy transition in Africa. Energy Policy 184, pages 113855.
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Tristano Sainati, Giorgio Locatelli & Benito Mignacca. (2023) Social sustainability of energy infrastructures: The role of the programme governance framework. Energy 282, pages 128630.
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Izunna Anyikwa & Andrew Phiri. (2023) Connectedness and spillover between African equity, commodity, foreign exchange and cryptocurrency markets during the COVID-19 and Russia-Ukraine conflict. Future Business Journal 9:1.
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Titus Ojeyinka & Anthonia Emoshokemhe Aliemhe. (2023) Disaggregated crude oil prices and stock market behaviour in Nigeria: Evidence from sectorial analysis. Economic Journal of Emerging Markets, pages 42-55.
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Shafi Madhkar Alsubaie, Khaled H. Mahmoud, Emmanuel Asafo-Adjei & Ahmed Bossman. (2023) Time-Frequency Connectedness between Shariah Indices in a Systemic Crisis Era. Complexity 2023, pages 1-17.
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Samuel Kwaku Agyei & Ahmed Bossman. (2023) Investor sentiment and the interdependence structure of GIIPS stock market returns: A multiscale approach. Quantitative Finance and Economics 7:1, pages 87-116.
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Ahmed Bossman, Ştefan Cristian Gherghina, Emmanuel Asafo-Adjei, Anokye Mohammed Adam & Samuel Kwaku Agyei. (2022) EXPLORING THE ASYMMETRIC EFFECTS OF ECONOMIC POLICY UNCERTAINTY AND IMPLIED VOLATILITIES ON ENERGY FUTURES RETURNS: NOVEL INSIGHTS FROM QUANTILE-ON-QUANTILE REGRESSION. Journal of Business Economics and Management 23:6, pages 1351-1376.
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Ebenezer Boateng, Emmanuel Asafo-Adjei, John Gartchie Gatsi, Ştefan Cristian Gherghina & Liliana Nicoleta Simionescu. (2022) Multifrequency-based non-linear approach to analyzing implied volatility transmission across global financial markets. Oeconomia Copernicana 13:3, pages 699-743.
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Zulaiha Hamidu, Priscilla B. Oppong, Emmanuel Asafo-Adjei & Anokye Mohammed Adam. (2022) On the Agricultural Commodities Supply Chain Resilience to Disruption: Insights from Financial Analysis. Mathematical Problems in Engineering 2022, pages 1-12.
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Ebenezer Boateng, Peterson Owusu Junior, Anokye M. Adam, Mac Jr. Abeka, Thobekile Qabhobho & Emmanuel Asafo-Adjei. (2022) Quantifying Information Flows among Developed and Emerging Equity Markets. Mathematical Problems in Engineering 2022, pages 1-19.
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Emmanuel Asafo-Adjei, Ahmed Bossman, Ebenezer Boateng, Peterson Owusu Junior, Anthony Adu-Asare Idun, Samuel K. Agyei & Anokye Mohammed Adam. (2022) A Nonlinear Approach to Quantifying Investor Fear in Stock Markets of BRIC. Mathematical Problems in Engineering 2022, pages 1-20.
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Emmanuel Asafo-Adjei, Anokye Mohammed Adam, Peterson Owusu Junior, Patrick Kwashie Akorsu & Clement Lamboi Arthur. (2022) A CEEMDAN-Based Entropy Approach Measuring Multiscale Information Flow between Macroeconomic Conditions and Stock Returns of BRICS. Complexity 2022, pages 1-24.
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Samuel Kwaku Agyei, Ahmed Bossman, Emmanuel Asafo−Adjei, Oliver Asiamah, Vincent Adela & Cornelius Adorm−Takyi. (2022) Exchange Rate, COVID-19, and Stock Returns in Africa: Insights from Time-Frequency Domain. Discrete Dynamics in Nature and Society 2022, pages 1-20.
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Shafi Madhkar Alsubaie, Khaled H. Mahmoud, Ahmed Bossman & Emmanuel Asafo-Adjei. (2022) Vulnerability of Sustainable Islamic Stock Returns to Implied Market Volatilities: An Asymmetric Approach. Discrete Dynamics in Nature and Society 2022, pages 1-22.
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Siaw Frimpong. (2022) On the Macroeconomic Conditions of West African Economies to External Uncertainty Shocks. Risks 10:7, pages 138.
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CHRISTINA ARCHER, PETERSON OWUSU JUNIOR, ANOKYE M. ADAM, EMMANUEL ASAFO-ADJEI & STEPHEN BAFFOE. (2022) ASYMMETRIC DEPENDENCE BETWEEN EXCHANGE RATE AND COMMODITY PRICES IN GHANA. Annals of Financial Economics 17:02.
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Emmanuel Asafo-Adjei, Siaw Frimpong, Peterson Owusu Junior, Anokye Mohammed Adam, Ebenezer Boateng & Robert Ofori Abosompim. (2022) Multi-Frequency Information Flows between Global Commodities and Uncertainties: Evidence from COVID-19 Pandemic. Complexity 2022, pages 1-32.
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Emmanuel Asafo-Adjei, Anokye M. Adam, Anthony Adu-Asare Idun & Peace Y. Ametepi. (2022) Dynamic Interdependence of Systematic Risks in Emerging Markets Economies: A Recursive-Based Frequency-Domain Approach. Discrete Dynamics in Nature and Society 2022, pages 1-19.
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Gilbert K. Amoako, Emmanuel Asafo-Adjei, Kofi Mintah Oware & Anokye M. Adam. (2022) Do Volatilities Matter in the Interconnectedness between World Energy Commodities and Stock Markets of BRICS?. Discrete Dynamics in Nature and Society 2022, pages 1-13.
Crossref
Zynobia Barson, Peterson Owusu Junior, Anokye M. Adam & Emmanuel Asafo-Adjei. (2022) Connectedness between Gold and Cryptocurrencies in COVID-19 Pandemic: A Frequency-Dependent Asymmetric and Causality Analysis. Complexity 2022, pages 1-17.
Crossref
Emmanuel Assifuah-Nunoo, Peterson Owusu Junior, Anokye Mohammed Adam & Ahmed Bossman. (2022) Assessing the safe haven properties of oil in African stock markets amid the COVID-19 pandemic: a quantile regression analysis. Quantitative Finance and Economics 6:2, pages 244-269.
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Ebenezer Boateng, Anokye M. Adam & Peterson Owusu Junior. (2021) Modelling the heterogeneous relationship between the crude oil implied volatility index and African stocks in the coronavirus pandemic. Resources Policy 74, pages 102389.
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Emmanuel Asafo-Adjei, Peterson Owusu Junior & Anokye M. Adam. (2021) Information Flow between Global Equities and Cryptocurrencies: A VMD-Based Entropy Evaluating Shocks from COVID-19 Pandemic. Complexity 2021, pages 1-25.
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