SU+ Digital Repository

SU+ is an online repository for the preservation and promotion of assorted digital content at Strathmore University

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Communities in DSpace

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Now showing 1 - 5 of 7

Conferences / Workshops / Seminars + 474
Documents and Proceedings of Conferences, Seminars, Workshops (and more) held at Strathmore University
Digital Archives 178
Assorted collections of resources covering various subject themes contributed by Faculty and Library Staff
Reports / Policies + 10
Public reports and policy documents
Research / Researchers / Publications 4577
Researcher Profiles / Conference presentations / Published research articles / Faculty and Corporate research outputs
Strathmore Heritage Collection 41
A digital chronicle of the History of the University presented through a mix of pictures, videos and digitized publications

Recent Submissions

Volatility clustering and persistence in Kenyan financial markets: a GARCH approach
(Strathmore University, 2025) Kanyangi, Nelly Kawira
This study aimed to understand volatility in emerging countries, particularly Kenya, by investigating volatility clustering and persistence in the Nairobi Securities Exchange (NSE) utilizing Generalized Autoregressive Conditional Heteroskedasticity (GARCH) models. The research emphasized the significance of understanding market volatility patterns, considering their implications for market efficiency, risk management, and investment strategies. Using weekly time series data from the NSE 25 share index spanning January 2016 to December 2023, the study evaluated the effectiveness of various GARCH model specifications, specifically asymmetric EGARCH and TGARCH models, in capturing volatility trends. The findings revealed significant volatility clustering and persistence in the NSE, characterized by periods of high volatility following similar patterns. Notably, the TGARCH model outperformed the EGARCH model in terms of model fit and forecasting accuracy, as evidenced by lower Akaike Information Criterion (AIC) and Bayesian Information Criterion (BIC) values, as well as superior Mean Absolute Error (MAE) and Root Mean Square Error (RMSE) metrics. These results provide insights into the unique volatility dynamics of the NSE and offer actionable recommendations for policymakers and investors to enhance market stability and improve investment decisions. Overall, this research fills existing knowledge gaps related to volatility in the Kenyan financial sector and contributes to the broader literature on emerging markets.
Comparison of CAPM and APT pricing models in the Kenyan stock market: the Kenyan banking sector
(Strathmore University, 2025) Kinya, Sharon Mumbi
This study aims to comparatively look at the CAPM and APT models and assess which one has a more explanatory power in predicting stock returns of listed banks in the NSE. This study uses secondary data from 2016 to 31st June 2024. For CAPM, regressions were done directly with the market risk being the NSE – All Share Index. For the APT model, several factors such as bank regulations and central bank policies, consumer behavior and monetary policies, were assumed to have an impact on the stock price movement. Regressions on the same were conducted as well as tests for heteroskedasticity, multicollinearity, autocorrelation and stationarity. The MAD of the two models were conducted as well and it was established that the APT model had a lower MAD value than CAPM. This implies that monetary policy makers, researchers, regulators and financial market participants can rely on the changes in the policies and regulations to assess stock price movements.
Effect of financial inclusion on economic growth in Kenya
(Strathmore University, 2025) Ntarangwi, Sharon Kinya
This research project investigates the impact of financial inclusion on economic growth in Kenya, with a particular focus on the roles of mobile and agency banking. As digital financial services continue to evolve, understanding their influence on economic dynamics becomes crucial for policymakers and financial institutions. The study employs a descriptive and causal research design to analyze the relationship between financial inclusion and GDP growth, utilizing time series data from 2007 to 2023. Through rigorous data analysis using STATA software, the research examines how mobile banking, agency banking, and digital lending services contribute to enhancing financial accessibility and promoting economic participation among underserved communities. The findings highlight the significance of regulatory frameworks in fostering responsible lending practices and the potential of alternative credit scoring methodologies to expand financial access. Additionally, the research identifies demographic factors influencing financial inclusion and suggests strategies for improving service delivery and customer satisfaction. Ultimately, this study aims to provide insights that can guide stakeholders in creating a more resilient and inclusive financial environment, thereby supporting sustainable economic development in Kenya.
The Moderating effect of interest rates rate on the effect of public debt on economic growth
(Strathmore University, 2025) Tinditina, Sheba
Public debt is a critical component influencing economic growth in any country, including Kenya. The effect of national public debt on economic growth in Kenya with a specific focus on how interest rates moderate this relationship. This analysis uses time series data from 2010 to 2023 and includes various lag structures to account for delayed effects of public debt and interest rates on economic growth. While the government has initiated fiscal reforms in order to increase private investments and therefore reduce unemployment, the constant rise of public debt has raised concerns owing to impacts on debt-service and fiscal policy. This research employs secondary time-series data sourced from the World Bank, Kenya National Bureau of Statistics, and the Central Bank of Kenya. The interest rates, exchange rate volatility, Domestic and external debts will be tested on the key economic indicators using the Autoregressive distributed lag (ARDL) model, which is suitable both in the short and the long run. Descriptive statistics will be used to condense the data collected while correlation and regression analyses will be used to establish the extent of these relationships. This research will therefore endeavor to fill this gap by coming up with a more elaborate understanding of the nature and impact of public debt while analyzing the moderating effect of interest rates through interaction terms on the economic growth of Kenya. It may be valuable for policymakers and various market players in deciding on fiscal and debt management measures. Keywords: public debt, interest rates, economic growth, Kenya, domestic debt, external debt, debt servicing, fiscal policy
Effect of inclusive financial inclusion on economic growth in Kenya
(Strathmore University, 2025) Bosire, Tacey Mary Kerubo
Kenya has made significant strides in financial inclusion, yet disparities remain, particularly among rural and underprivileged communities, with an estimated 13.5 million people still excluded from the formal financial system as of 2018. A persistent gender gap also exists, driven by disparities in digital financial inclusion, where men are more likely to own mobile phones and access formal digital credit. The primary purpose of this proposed study is to investigate how financial inclusion can contribute to economic growth, considering the specific barriers faced by women in accessing financial services. That study specifically determined the effect of financial inclusion, women financial inclusion, men financial, women mobile banking on economic growth in Kenya. The study, guided by the Endogenous Growth and New Growth Theories, employed a longitudinal research design to analyze time series data from 2019 to 2023, focusing on men and women in Kenya accessing formal financial services. Secondary data was sourced from institutions such as the World Bank (2024), the Central Bank of Kenya (CBK, 2021), the Kenya National Bureau of Statistics (KNBS, 2024), and the FinAccess Household Survey. Using descriptive statistics and Vector Autoregression (VAR) analysis, the study found that financial inclusion significantly enhances GDP growth (β = 19.087, p < 0.001), with positive contributions from women’s financial inclusion (β = 8.050, p = 0.003) and men’s financial inclusion (β = 3.173, p = 0.041). Mobile banking usage also positively impacted GDP growth, with women’s usage (β = 4.204, p = 0.011) and men’s usage (β = 7.331, p = 0.003), though men’s impact was more pronounced. The study concludes that financial inclusion is vital for economic growth, particularly through women’s economic participation, and recommends targeted interventions to enhance financial access for women, address barriers to mobile banking, invest in human capital, and optimize mobile banking platforms to support higher-value transactions and gender-sensitive economic policies.