Emmanuel Anoruo, Ph.D.

• CAREER OBJECTIVES
• AREAS OF INTEREST
• WORK EXPERIENCE
• EDUCATION
• COMPUTER SKILLS
• PROFESSIONAL ACTIVITIES
• HONORS AND AWARDS
• PROFESSIONAL AFFLIATIONS

1. “Joint Variance-Ratio Tests of Random Walks in China’s Closed-End Fund Market” with Uhenna Elike, Investment Management and Financial Innovations, (Vol. 5, Issue 2,  2008).

2. “Asymmetric Dynamics in Current Account – Interest Rate Nexus: Evidence from Asian Countries,” Investment Management and Financial Innovations, with Uhenna Elike, (Vol. 5, Issue.4,  2008),
3. “An Empirical Investigation into the Impact of High Oil Prices on Economic Growth of Oil-Importing African Countries,” with Uchenna Elike , International Journal of Economic Perspective, ( Accepted for publication, 2008).
4. “Stock Prices and Consumer Spending: A Study of Wealth Effect,” International Journal of Finance and Policy Analyst, with M. Mustafa, (Vol. I, Issue 1, Spring-Autumn, 2008).
5. “The Effect of the Conservative Agenda on the Income Shares of the Highest Income Groups” Bulletin of Political Economy, (Accepted for      publication, 2008) with B. DiPietro.

6. “Housing and Stock Market Returns: An Application of GARCH enhanced VECM”, The ICFAI Journal of Financial Economics

     (2008, vol. VI, Issue 2) with Habtu Braha

7. “A Cointegration Analysis of Investment Output Ratio in Bangladesh”, Indian Development Review, (Accepted for publication, Forthcoming, 2008), with Saten Kumar and Bill DiPietro.
8. “Cross-Border Linkages in Consumer Sentiment,” International Journal of Economic Research, Vol. 5, No. 1, 2008, with Sanjay. Ramchander and Marc W. Simpson.
9. “The Effect of the Size of the Military on Stock Market Performance in the United States and the UK,” Kyklos, Vol. 61-2008-No. 1, with B. DiPetro and B. Sawhney.
10. "Income Convergence in Developing Countries,” The ICFAI Journal of Applied Economics, (2007, VI,  Issue 6) with Ferdinand Nwafor
11. "Inflation Convergence among SACU Members" Journal of Social and Economic Policy, July-December, 2006 Issue, with Habtu Braha
12. Does the Permanent Income Hypothesis hold for African Countries, The ICFAI Journal of Monetary Economics, Vol. V, Issue 2, 2007, with Habtu Braha
13. “An Empirical Investigation into the Relation of Oil to Stock Prices” North American Journal of Finance and Banking Research, Vol. 1, Issue 1, Spring 2007 with Mustafa
14. “Military Size and Its Effects on Income Distribution in the United States” Economia Internazionale/International Economics, Vol. LX, No.2, 2007, with W. DiPietro and B. Sawhney
15. “Crisis, Contagion and Cross-border Effects: Evidence from the Latin American Closed-end Fund Market” with S. Ramchander and H. Thiewes, Global Finance Journal, (Vol. 17, Issue 3, 2007)
16. "The Effect of World Military Power on the Output of Nations” Southern Business and Economic Journal, (Vol. 30, No. 3 & 4, 2008), with B. Sawhney and B. DiPetro
17. “Foreign Investment Burden, Exchange Rates and External Debt Crises: Further Evidence from Nigeria,” The Academy of Taiwan Business Management Review, Vol. No.1, April 2007, with C.B. Ezirim, M., Muoghalu and E. Emenyonu.
18. "Volatility Relationship between Exports and Imports: Evidence from South Africa," Asian-African Journal of Economics and Econometrics, (Forthcoming Vol. 7, No. 1, 2007), with Y. Ahmad and B. DiPietro.
19. “GDP Per Capita and its Challengers as Measures of Happiness” International Journal of Social Economics, Vol. 33, Issue 10, 2006, with W. DiPietro
20. “Long-run Relationship between Economic Growth and Stock Returns” Journal of Economics, August 2006, with M. Feridun and B. Sawhney.
21. “Nonlinear Real Exchange Rate Behavior: Are the African Currencies Exceptional?” International Research Journal of Finance and Economics, Issue 1, 2006, with Venus Khim-Sen Liew and U. Elike
22. "The Long-Run Relationship between Real Exchange Rate and Short-Term Interest Rate: Evidence from South Africa". Asian-African Journal of Economics and Econometrics Vol. 6, No. 1 (2006).
23. “Fractional Integration Analysis of Real Short-Term Interest Rates: Evidence from Select African Countries,” Global Review of Business and Economic Research,  Vol. 2, N0. June 2006), with Habtu Braha and U. Elike.
24. “External Debt Burden, Foreign Direct Investment Remittances, and Economic Growth: Empirical Evidence from Nigeria,” African Economic and Business Review with Chinedu Ezirim and Michael Muoghalu, Vol. 4, No. 1, Spring 2006.
25. "Are Current Account Deficits Sustainable among African Countries? A Panel Cointegration Approach”, The ICFAI International Journal of Applied Economics Vol. 5, Issue 1, 2005, with C. Ezirim.
26. “Economic Growth and Stock Returns: Some Causality Tests for Canada and the U.S,” European Journal of Economics, Finance and Administrative Sciences, Vol. 2, No. 1, 2005, with Bansi Sawhney.
27. “Creativity, Innovation, and Export Performance,” Journal of Policy Modeling, Vol. 28, 2, February 2006, with Bill DiPetro.
28. “Are Inflation Rates Mean-Reverting or Random Walks? Evidence from Selected African Countries” Journal of Development Alternatives and Area Studies, (Forthcoming, September 2005) with Uchenna Elike
29. "Money-Real Output Nexus in Nigeria: A Nonparametric Cointegration Approach”, The ICFAI Journal of Monetary Economics Vol. VII, No. 6, Nov. 2005.
30. "International Trade and Global Income Inequality" International Journal of Applied Economics, (Vol. 2, Issue 1, 2005), with William DiPietro.
31. "Macroeconomic Determinants of the Income Shares of the Very Highest Income Groups", with William DiPietro and Bansi Sawhney, Review of Applied Economics, Vol. 1, No.1, 2005.
32. "Determinants of the Very Highest Income Shares of the Very Highest Income Shares: The Case of France,” with William DiPietro and Bansi Sawhney, Review of Applied Economics, Volume 1, No. 2, 2005   
33. "International Capital Mobility: Evidence from Developing Countries" The ICFAI International Journal of Applied Economics, (Volume IV, No 5, September 2005).
34. "Long Memory in Inflation Rates: Evidence from Select African Countries " The ICFAI  Journal of Monetary Economics, (Volume IV, No 5, November 2005).
35. “Corruption and Economic Growth: A Dynamic Data Approach " Journal of Sustainable Economic Development in Africa (Vol. 7, No. 1, Spring 2005) with Habtu Braha
36. "The Permanent and Transitory Effects of Budget Deficits on Private Investment in South Africa,” Studies in Economics and Econometrics (Vol. 29, Issue 2, 2005), with Habtu Braha.
37. “Dynamics of External Debts among Heavily Indebted Poor Countries: A Panel Data Approach”, with Yusuf Ahmad and Young Dimkpah, Journal of International Business Research (Forthcoming, 2005).
38. "Government Spending and Private Consumption among Select African Countries: A Panel Data Approach," Indian Journal of Economics and Business, (Vol. No. 2, 2005).
39. "Testing Weak and Strong Forms of PPP for Eight Asian Countries”, with Habtu Braha, Journal of Industrial, Business & Economic Research (JIBER), January-June, Vol. 8, No. 1. 2004.
40. "The Dynamics of Financial Deepening, Economic Growth and Real Deposit Rate: The South African Experience," Southern Business and Economic Journal, (Vol. 25, No. 3, 2003).
41. "The Effect of Consumer Expectations on Portfolio Asset Allocation" with S. Ramchander, and M. Simpson, Journal of Financial Planning, (September 2003, Issue, Article No. 8).
42. "The Impact of Population Growth on Botswana's Economic Growth" with Habtu Braha, Journal of Sustainable Economic Development in Africa, (Vol. 5, No.2, Fall 2003)
43. "An Empirical Investigation into the Budget Deficit-Inflation Nexus in South Africa" The South African Economic Journal, (Vol. 71, No. 2, June, 2003).
44. "Return Dynamics Across the Asian Equity Markets” with S. Ramchander and H. Thiewes, Journal of Managerial Finance, (Vol. 9, No. 3, 2003)
45. "Cross Boarder Linkages among Asian Closed-End Funds" with S. Ramchander and H. Thiewes, Journal of Economics and Finance, (Vol. 27, No. 2, Fall, 2003).
46. "Stability of the Nigerian M2 Money Demand Function in the SAP Period," Economics Bulletin, 2002, Vol. 14 No. 3.
47. "Currency Substitution in Nigeria" with H. Braha, Journal of Industrial, Business & Economic Research (JIBER). (Volume 6, No. 1, January-June 2002).
48. "Saving and Investment Connection: Evidence from the ASEAN Countries" The American Economist (Vol. 45, No.1, spring 2001).
49. "Cross Boarder Linkages among Asian Closed-End Funds" with S. Ramchander and H. Thiewes, Journal of Industrial, Business & Economic Research (JIBER). (Volume 6, No. 2, July-December 2002).
50. "International Transmission of Lending Rates: The Case of Developing African Countries" with S. Ramchander and H. Thiewes, Journal of Industrial, Business & Economic Research (JIBER). (Volume 5, No. 2, July-December 2001)
51. "An Examination of the Long-Run Relationship Between Money Between Money and Inflation: The Case of South American Countries" with H. Braha and Y. Ahmad, Journal of Industrial, Business & Economic Research (JIBER). (Volume 5, No. 1, January-June 2001).
52. "Purchasing Power Parity: Evidence from Developing Countries" with H. Braha and Y. Ahmad, International Advances in Economic Research, (Volume 8, No. 2, May 2002).
53. "Causal Relationship Between Domestic Savings and Economic Growth: Evidence from Seven African Countries" with Yusuf Ahmad, African Development Review (Vol. 13, No. 2, December 2001).
54. "Equilibrium Relationship Between Inflationary Expectations and Short-Term Interest Rates: Evidence from Emerging Economies," (with S. Ramchander and S. Wilcox), International Journal of Finance Vol. 12, No. 4 (Special Issue), 2000, pp. 1876 -1897 (edited by K. Dandapani, Gulser Meric, Ilhan Meric).
55. "Openness and Economic Growth: Evidence from Selected ASEAN Countries" with Yusuf Ahmad, The Indian Economic Journal (Vol. 47, No. 3, January/March 2000).
56. "Causal Relationship Between Exchange Rate and Inflation: Evidence from Four Asian Countries" Wilberforce University Business and Economics Review (Vol. 2, No. 1, May 2002)
57. “Trade Policies and Macroeconomic Expansion in Mexico,“ with S. Ramchander, Wilberforce University Business and Economics Review (Vol. 2, No. 1, May 2002)
58. "Current Account and Budget Deficit: Evidence from India," with S. Ramchander. The Indian Economic Journal (Vol. 45, No. 3, January/March 1998).
59. "Current Accounts and Budget Deficits: Evidence from Five Developing Economies of Asia," with S. Ramchander. Journal of Asian Economics (Vol. 9, No.3, Fall 1998).
60. “International Linkage of Interest Rates: Evidence from the Emerging Economies of Asia” with S. Ramchander and H. Thiewes, Global Finance Journal, (Vol. 13, No. 3, 2002)

1. "Factors Affecting Home Foreclosures: An Empirical Analysis”, at the 36^th Academy of Finance and Economics Annual Meeting, (Pensacola, Florida), February 11-14, 2009, with M. Mustafa.
2. “Are Real GDP per Capita Series in African Economies Non-Stationary with Multiple Structural Breaks?:  Evidence from Panel Data”, at the 36^th Academy of Finance and Economics Annual Meeting, (Pensacola, Florida), February 11-14, 2009, with V. Murthy.
3. “Testing for Long Memory in REIT Returns” at the 36^th Academy of Finance and Economics Annual Meeting, (Pensacola, Florida), February 11-14, 2009, with Habtu. Braha.
4. “Lecture Capture Technology—Enhancing Student Learning” at the 36^th Academy of Finance and Economics Annual Meeting, (Pensacola, Florida), February 11-14, 2009, with Habtu. Braha.
5. ‘Cross Border Linkages of Asian Closed End Funds in the Aftermath of the 1990s International Financial Crises”, at the 36^th Academy of Finance and Economics Annual Meeting, (Pensacola, Florida), February 11-14, 2009, with S. Ramchander and H. Thiewes.
6. “An Empirical Investigation into the Impact of High Oil Prices on Economic Growth of Oil-Importing African Countries” at the 64th International Atlantic Economic Conference, October 9-12, 2008 (Montreal, Canada), with U. Elike
7. “The Relationship between International Reserves and Exchange Rates: Empirical Evidence from a Panel of Asian Countries” at the 64th International Atlantic Economic Conference, October 9-12, 2008 (Montreal, Canada), with Habtu. Braha
8. “Asymmetric Dynamics in Current Account – Interest Rate Nexus: Evidence from Asian Countries” Global Academy of Business and Economic Research, September 17-19, 2008, (Orlando, Florida), with U. Elike
9. “An Examination of Output Convergence among Members of ECOWAS,” at the 35^th Annual Meeting of Academy of Economics and Finance, February 13-16, 2008 (Nashville, Tennessee), with H. Braha.
10. “Stock Prices and Consumer Spending: A Study of Wealth Effect,” at the 35^th Annual Meeting of Academy of Economics and Finance, February 13-16, 2008 (Nashville, Tennessee), with M. Mustafa.
11. “Testing Random Walk Behavior of Exchange Rate Returns for African Countries” at the 64^rd International Atlantic Economic Conference, October 7-10, 2007 (Savannah, Georgia), with Habtu Braha.
12. “Teaching on Candid Camera” at the Educause Mid-Atlantic Regional Conference, January 17-19, 2007, (Baltimore, MD), with Christopher Brittan-Powell and Rolande Murray.
13. “Oil Price Shocks and Stocks market,” at the 34^th Annual Meeting of Academy of Economics and Finance, February 14-16, 2007 (Jacksonville, Florida), with M. Mustafa.
14. “A fractional Integration Analysis of the Relationship Between Real Estate and Stock Market Returns,” at the 34^th Annual Meeting of Academy of Economics and Finance, February 14-16, 2007 (Jacksonville, Florida), with H. Braha. 
15. “Volatility Relationship between Exports and Imports: Evidence from South Africa” at the 62^nd International Atlantic Economic Conference, October 5-8, 2006 (Philadelphia, PA), with Y. Ahmed and W. DiPietro
16.  “Does Permanent Income Hypothesis hold for Africa Countries? An Empirical Evidence”, at the 62^nd International Atlantic Economic Conference, October 5-8, 2006 (Philadelphia, PA), with H. Braha
17. "The Effect of the Military on the Distribution of Income in the United States", Eastern Economic Association Annual Conference, February 24-26, 2006 (Philadelphia, PA), with B. Sawhney and W. DiPietro.
18. “Inflation Convergence among the Southern African Customs Union” at the 33^rd Annual Meeting of Academy of Economics and Finance, February 8-11, 2006 (Houston, Texas), with H. Braha.
19. “Are Stock Market, Oil and Dollar - Convergence or Diverging?” at the 33^rd Annual Meeting of Academy of Economics and Finance, February 8-11, 2006 (Houston, Texas), with M. Mustafa.
20. “Do Mutual Funds React Asymmetrically to Changes in Consumer Sentiment?” 33^rd Annual Meeting of Academy of Economics and Finance, February 8-11, 2006 (Houston, Texas), with S. Ramchander and H. Thiewes.
21. "The Nonlinear Relationship between Interest Rates and Exchange Rates in Africa", 60^th International Atlantic Economic Conference, October 6-9, 2005 (New York).
22. "Fractional Integration Analysis of Real Short-Term Interest Rates for Select African Countries", 60^th International Atlantic Economic Conference, October 6-9, 2005 (New York), with Habtu Braha.
23. “Are Inflation Rates Mean Reverting or Random Walk? Evidence from Select African Countries” 32nd Annual Meeting of Academy of Economics and Finance, February 9-12, 2005  (Myrtle, South Carolina).
24. "Real Exchange Rate Behavior in Africa: A Fractional Integration Approach", 32^nd Annual Meeting of Academy of Economics and Finance, February 9-12, 2005  (Myrtle, South Carolina) with Habtu Braha
25. "Crisis, Contagion and Cross-border Effects: Evidence from the Latin American Closed-end Fund Market, " 32^nd Annual Meeting of Academy of Economics and Finance, February 9-12, 2005  (Myrtle, South Carolina) with S. Ramchander and H. Thieves
26. "Corruption and Economic Growth: A Dynamic Data Approach ", 56^th International Atlantic Economic Conference, October 7-10, 2004 (Chicago, Illinois) with Habtu Braha
27. "Testing for Neutrality of Money for Nigeria: A Nonparametric Cointegration Approach ", 56^th International Atlantic Economic Conference, October 7-10, 2004 (Chicago, Illinois)
28. "The Permanent and Transitory Effects of Budget Deficit" with Habtu Braha February 11-14, 2004 Academy of Economics and Finance (Biloxi, Mississippi)
29. "Cross-Border Linkages in Consumer Sentiment" with S. Ramchander and H. Thieves, February 11-14, 2004 Academy of Economics and Finance (Biloxi, Mississippi)
30. "The Determinants of External Public Debt: The Case of HIPCs" February 20-22, 2004 Eastern Economic Association (Washington D.C.)
31. "Government Spending and Private Consumption: An Application of the Fixed and Random Effects Models" 55^th International Atlantic Economic Conference, October 16 –19, 2003 (Quebec City, Canada)
32. "Are Current Account Deficits Sustainable Among African Countries? A Panel Cointegration Approach" Academy of Economics and Finance (Savannah, Georgia), February 12- 15, 2003
33. "Testing the Long-Run Stability of M2 Money Demand Function in Nigeria" at the 2003 Annual Meetings of the Allied Social Sciences, January 3 - 5, 2003 (Washington D.C.)
34. "The Impact of Population Growth on Botswana's Economic Growth" with H. Braha, 54^th International Atlantic Economic Conference, October 10 –13, 2002 (Washington D.C.)
35. "Australian Long-Run Import Demand Elasticities: Further Evidence" with S. Usianeneh, 54^th International Atlantic Economic Conference, October 10 –13, 2002 (Washington D.C.) 
36. "Currency Substitution in Nigeria" Academy of Economics and Finance (Pensacola, Florida), February 13- 16, 2002
37. "Cross Boarder Linkages Among Asian Closed-End Funds" Academy of Economics and Finance (Pensacola, Florida), February 13- 16, 2002
38. "Testing Weak and Strong Form Purchasing Power Parity: The Case of Asian Countries" with H. Braha. 53rd International Atlantic Economic Conference, October 11 –14, 2001 (Philadelphia Pennsylvania)
39. Budget Deficits and Private Investment Nexus: Evidence from South Africa" with H. Braha, International Conference of the Academy of African Business and Development, Washington DC, USA, April 4-7, 2001
40. "International Transmission of Lending Rates: The Case of Developing African Countries" February 2001 Academy of Economics and Finance (Biloxi, Mississippi), 2001
41.  "An Examination of the Long-Run Relationship Between Money and Inflation: The Case of South American" February 2001 Academy of Economics and Finance (Biloxi, Mississippi), 2001
42. “Purchasing Power Parity: Evidence from Developing Countries” International Atlantic Economic Society, October 15 –18, 2000 (Charleston South Carolina)
43. "Teaching Economics Online" International Business School Computing Association 28^th Annual Conference, July 2000 (Erie Pennsylvania)
44. "International Capital Mobility: The Case of Developing Countries" February 2000 Academy of Economics and Finance (Nashville Tennessee)
45. "International Linkage of Stock Markets: Evidence from the Emerging Economies of Asia" February 2000 Academy of Economics and Finance (Nashville Tennessee)
46. "Export Growth and Economic Performance: Evidence from Mexico" February 1999 Academy of Economics and Finance (Little Rock, Arkansas)
47. "Current Account and Budget Deficits: Evidence from India" January 1998 Eastern Economic Association Annual Conference (New York)
48. "External Debt and Economic Growth: A Comparative Study of Highly Indebted Countries" 1996 Graduate Research Symposium (Howard University)
49. "An Empirical Examination of the Fisher Effect in India" 1996 Graduate Research Symposium (Howard University)
50. "Changing Quality Characteristics, New Varieties and the U.S. Import Demand" The 1994 Graduate Research Symposium (Howard University)
51. "International Fall-Out of the U.S. Budget Deficit" The 1993 Graduate Research Symposium (Howard University)
52. "The Impact of Currency Devaluation: A Case Study of Selected Developing Countries" The 1992 Graduate Research Symposium (Howard University)

• Best Paper Award, Global Academy of Business and Economic Research, September 17-19, 2008, Orlando, Florida.
• Outstanding Leadership in Technology in Teaching and Learning, May 25, 2006, Coppin State University
• Outstanding Paper in Finance, Academy of Economics and Finance, 2000 Annual Meeting
• Outstanding Paper in Economics, Academy of Economics and Finance, 1999 Annual Meeting
• Certificate of Achievement (Web Initiative in Teaching) University System of Maryland 2000
• Microsoft Mentor Program Certificate Award, June 2000
• Certificate of Completion of GSMT Faculty WebTycho Training Course, Fall 1998, UMUC.
• Certificate of Appreciation, 1996 (Division of Arts and Sciences, Coppin State College)
• Certificate of Appreciation, 1995 (Division of Arts and Sciences, Coppin State College)
• Outstanding Research Award, 1993 (Graduate school of Arts & Sciences, Howard University)
• Member - Omicron Delta Epsilon International Honor Society in Economics (Since 1993)
• The National Deans List, 1992
• Graduate Assistantship 1991 to 1994 (Department of Economics, Howard University)
• Certificate o f Outstanding Service, 1992 (Department of Economics, Howard University.)
• Frank A DeCosta Graduate Scholarship, 1984 to 1985, Morgan State University
• Distinguished Honor Student Certificate, 1984, Morgan State University
• Certificate of Merit, 1982 through 1984 Morgan State University
• Dean's List Certificates, 1982 through 1984 Morgan State University
• Certificate of Academic Excellence in the Lower Division, 1982, Morgan State University