{"id":"https://openalex.org/W2135197152","doi":"https://doi.org/10.1016/j.rfe.2010.04.002","title":"Can common stocks provide a hedge against inflation? Evidence from African countries","display_name":"Can common stocks provide a hedge against inflation? Evidence from African countries","publication_year":2010,"publication_date":"2010-04-18","ids":{"openalex":"https://openalex.org/W2135197152","doi":"https://doi.org/10.1016/j.rfe.2010.04.002","mag":"2135197152"},"language":"en","primary_location":{"id":"doi:10.1016/j.rfe.2010.04.002","doi":"https://doi.org/10.1016/j.rfe.2010.04.002","is_oa":false,"landing_page_url":"https://doi.org/10.1016/j.rfe.2010.04.002","pdf_url":null,"source":{"id":"https://openalex.org/S105710273","display_name":"Review of Financial Economics","issn_l":"1058-3300","issn":["1058-3300","1873-5924"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","fnege-4","jufo-1","norway-1","poland-70","russia-white-list-3"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Financial Economics","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5005101979","display_name":"Paul Alagidede","orcid":"https://orcid.org/0000-0003-1571-0227","observed_orcids":["https://orcid.org/0000-0003-1571-0227"]},"institutions":[{"id":"https://openalex.org/I12093191","display_name":"University of Stirling","ror":"https://ror.org/045wgfr59","country_code":"GB","type":"education","lineage":["https://openalex.org/I12093191"]}],"countries":["GB"],"is_corresponding":true,"raw_author_name":"Paul Alagidede","raw_affiliation_strings":["Department of Economics, University of Stirling, Stirling, FK9 4LA, UK"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics, University of Stirling, Stirling, FK9 4LA, UK","institution_ids":["https://openalex.org/I12093191"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5006102507","display_name":"Theodore Panagiotidis","orcid":"https://orcid.org/0000-0002-5328-3054","observed_orcids":["https://orcid.org/0000-0002-5328-3054"]},"institutions":[{"id":"https://openalex.org/I192756129","display_name":"University of Macedonia","ror":"https://ror.org/05fg6gr82","country_code":"GR","type":"education","lineage":["https://openalex.org/I192756129"]}],"countries":["GR"],"is_corresponding":false,"raw_author_name":"Theodore Panagiotidis","raw_affiliation_strings":["Department of Economics, University of Macedonia, 54006 Thessaloniki, Greece"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics, University of Macedonia, 54006 Thessaloniki, Greece","institution_ids":["https://openalex.org/I192756129"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5005101979"],"corresponding_institution_ids":["https://openalex.org/I12093191"],"apc_list":{"value":3470,"currency":"USD","value_usd":3470},"apc_paid":null,"fwci":8.2634,"has_fulltext":false,"cited_by_count":71,"citation_normalized_percentile":{"value":0.97014033,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":"19","issue":"3","first_page":"91","last_page":"100"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11059","display_name":"Market Dynamics and Volatility","score":0.49459999799728394,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11059","display_name":"Market Dynamics and Volatility","score":0.49459999799728394,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.38499999046325684,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.09669999778270721,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/inflation-hedge","display_name":"inflation hedging","score":0.8579999804496765},{"id":"https://openalex.org/keywords/common-stock","display_name":"common stock","score":0.7739999890327454},{"id":"https://openalex.org/keywords/stock-prices","display_name":"stock prices","score":0.9300000071525574},{"id":"https://openalex.org/keywords/consumer-prices","display_name":"consumer prices","score":0.9539999961853027},{"id":"https://openalex.org/keywords/long-run-relationship","display_name":"long-run relationship","score":0.7039999961853027},{"id":"https://openalex.org/keywords/african-stock-markets","display_name":"African stock markets","score":0.7720000147819519},{"id":"https://openalex.org/keywords/cointegration","display_name":"cointegration","score":0.5320000052452087}],"concepts":[{"id":"https://openalex.org/C145162277","wikidata":"https://www.wikidata.org/wiki/Q1751675","display_name":"Cointegration","level":2,"score":0.7738900780677795},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7580409049987793},{"id":"https://openalex.org/C70771513","wikidata":"https://www.wikidata.org/wiki/Q235779","display_name":"Hedge","level":2,"score":0.6775035858154297},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.6592190265655518},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.6154575943946838},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.5906692147254944},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.46173322200775146},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.38534507155418396},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0},{"id":"https://openalex.org/C18903297","wikidata":"https://www.wikidata.org/wiki/Q7150","display_name":"Ecology","level":1,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0}],"mesh":[],"locations_count":9,"locations":[{"id":"doi:10.1016/j.rfe.2010.04.002","doi":"https://doi.org/10.1016/j.rfe.2010.04.002","is_oa":false,"landing_page_url":"https://doi.org/10.1016/j.rfe.2010.04.002","pdf_url":null,"source":{"id":"https://openalex.org/S105710273","display_name":"Review of Financial Economics","issn_l":"1058-3300","issn":["1058-3300","1873-5924"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","fnege-4","jufo-1","norway-1","poland-70","russia-white-list-3"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Financial Economics","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:koc:wpaper:1022","doi":null,"is_oa":false,"landing_page_url":"http://eaf.ku.edu.tr/sites/eaf.ku.edu.tr/files/erf_wp_1022.pdf","pdf_url":"http://eaf.ku.edu.tr/sites/eaf.ku.edu.tr/files/erf_wp_1022.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:RePEc:mcd:mcddps:2010_06","doi":null,"is_oa":false,"landing_page_url":"http://aphrodite.uom.gr/econwp/pdf/dp0610.pdf","pdf_url":"http://aphrodite.uom.gr/econwp/pdf/dp0610.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:RePEc:rim:rimwps:06_10","doi":null,"is_oa":false,"landing_page_url":"http://www.rcea.org/RePEc/pdf/wp06_10.pdf","pdf_url":"http://www.rcea.org/RePEc/pdf/wp06_10.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"mag:3121388551","doi":null,"is_oa":false,"landing_page_url":"https://econpapers.repec.org/RePEc:koc:wpaper:1022","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null},{"id":"pmh:oai:RePEc:eee:revfin:v:19:y:2010:i:3:p:91-100","doi":null,"is_oa":false,"landing_page_url":"http://www.sciencedirect.com/science/article/pii/S1058-3300(10)00022-4","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:RePEc:stl:stledp:2010-07","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/1893/2282","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:dspace.stir.ac.uk:1893/2282","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/1893/2282","pdf_url":null,"source":{"id":"https://openalex.org/S4306400268","display_name":"Stirling Online Research Repository (University of Stirling)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I12093191","host_organization_name":"University of Stirling","host_organization_lineage":["https://openalex.org/I12093191"],"host_organization_lineage_names":[],"type":"repository"},"license":"public-domain","license_id":"https://openalex.org/licenses/public-domain","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Working Paper"},{"id":"pmh:oai:econstor.eu:10419/45418","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10419/45418","pdf_url":null,"source":{"id":"https://openalex.org/S4306401696","display_name":"Econstor (Econstor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"doc-type:workingPaper"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"display_name":"Decent work and economic growth","id":"https://metadata.un.org/sdg/8","score":0.41999998688697815}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":52,"referenced_works":["https://openalex.org/W33317393","https://openalex.org/W604604043","https://openalex.org/W1481512792","https://openalex.org/W1481945423","https://openalex.org/W1484159650","https://openalex.org/W1533232858","https://openalex.org/W1583657264","https://openalex.org/W1585814524","https://openalex.org/W1588163064","https://openalex.org/W1591398478","https://openalex.org/W1960127097","https://openalex.org/W1964162933","https://openalex.org/W1967490906","https://openalex.org/W1970927287","https://openalex.org/W1975230256","https://openalex.org/W1984120742","https://openalex.org/W1985327236","https://openalex.org/W1985541794","https://openalex.org/W1990892678","https://openalex.org/W1998699813","https://openalex.org/W2003567591","https://openalex.org/W2004941222","https://openalex.org/W2007785900","https://openalex.org/W2029393180","https://openalex.org/W2030879879","https://openalex.org/W2035021579","https://openalex.org/W2041744580","https://openalex.org/W2049987483","https://openalex.org/W2060188846","https://openalex.org/W2064354772","https://openalex.org/W2066363505","https://openalex.org/W2069121116","https://openalex.org/W2071778870","https://openalex.org/W2093592663","https://openalex.org/W2103795087","https://openalex.org/W2106972544","https://openalex.org/W2108311456","https://openalex.org/W2109162812","https://openalex.org/W2110155273","https://openalex.org/W2114499656","https://openalex.org/W2131733003","https://openalex.org/W2151674044","https://openalex.org/W2156316771","https://openalex.org/W2189139855","https://openalex.org/W2418420817","https://openalex.org/W2608182729","https://openalex.org/W2889648621","https://openalex.org/W3123177349","https://openalex.org/W3125453467","https://openalex.org/W3141830910","https://openalex.org/W4285719527","https://openalex.org/W7075631902"],"related_works":["https://openalex.org/W2051550471","https://openalex.org/W4315699359","https://openalex.org/W1494666263","https://openalex.org/W3123570990","https://openalex.org/W2408996786","https://openalex.org/W2883521030","https://openalex.org/W2765183683","https://openalex.org/W2173844101","https://openalex.org/W1606476877","https://openalex.org/W1998699813"],"abstract_inverted_index":{"Abstract":[0],"The":[1],"extent":[2],"to":[3,11,42,50,71,99],"which":[4,86],"the":[5,31,35,62,66,95],"stock":[6,19,38,69,96],"market":[7,97],"provides":[8],"a":[9,57,77,101],"hedge":[10,102],"investors":[12],"against":[13,103],"inflation":[14],"is":[15],"examined":[16],"for":[17,48,52,81],"African":[18,108],"markets.":[20,109],"By":[21],"employing":[22],"parametric":[23],"and":[24,83],"nonparametric":[25],"cointegration":[26],"procedures,":[27],"we":[28],"show":[29],"that":[30,94],"point":[32],"estimates":[33],"of":[34,37,56,65,68],"elasticities":[36],"prices":[39,44,70,75,106],"with":[40],"respect":[41],"consumer":[43,74,105],"range":[45],"from":[46],"0.015":[47],"Tunisia":[49],"2.264":[51],"South":[53,84],"Africa,":[54,85],"evidence":[55],"positive":[58,88],"long\u2010run":[59],"relationship.":[60],"Further,":[61],"time":[63],"path":[64],"response":[67,80],"innovations":[72],"in":[73,107],"exhibits":[76],"transitory":[78],"negative":[79],"Egypt":[82],"becomes":[87],"over":[89],"longer":[90],"horizons:":[91],"important":[92],"indication":[93],"tends":[98],"provide":[100],"rising":[104]},"counts_by_year":[{"year":2026,"cited_by_count":3},{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":6},{"year":2023,"cited_by_count":4},{"year":2022,"cited_by_count":3},{"year":2021,"cited_by_count":5},{"year":2020,"cited_by_count":3},{"year":2019,"cited_by_count":6},{"year":2018,"cited_by_count":6},{"year":2017,"cited_by_count":9},{"year":2016,"cited_by_count":4},{"year":2015,"cited_by_count":3},{"year":2014,"cited_by_count":7},{"year":2013,"cited_by_count":7},{"year":2012,"cited_by_count":1}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}