Professor Paul-Francois Muzindutsi

Professor Paul Muzindutsi
Head of Research Prof Paul Muzindutsi (acting)
Westville Campus
J Block 3th Floor, Room 362

Biography

Professor Paul-Francois Muzindutsi is a professor of Finance and has expertise in Financial Modelling, Financial Risk, Financial Markets and Time Series.   He has extensive experience in lecturing undergraduate and postgraduate modules in Finance and Econometrics. The modules he teaches include Quantitative Finance, Financial Econometrics, International Business Finance, Financial Management, and Risk and Portfolio Management.   Muzindutsi is National Research Foundation (NRF)-rated researcher who is actively involved in research, has published several peer-reviewed journal articles and has presented research papers at local and international conferences. He has successfully supervised several PhD candidates and master’s students in the field of Finance and Economics and has occupied leadership positions at various higher learning institutions, including academic leadership and research coordination.  Muzindutsi is an assistant editor of the African Journal of Business and Economic Research (AJBER), a reviewer of various journals and a member of scientific committees for local and international academic conferences. He is also a member of the NRF evaluation standing committee, a fellow member of the Pan-African Scientific Research Council (PASRC), and a founding member of UKZN’s Business Rescue Unit (BRU). He is passionate about student development and believes in teaching through motivation. 

Academic Qualifications

  • B. Com- Economics and Finance (University of KwaZulu-Natal)
  • B. Com Honours- Finance (University of KwaZulu-Natal)
  • M.Com- Finance (University of KwaZulu-Natal)
  • PhD- Economics (North-West University)

Research Interests

  • Financial Modelling
  • Financial markets
  • Financial risk
  • Behavioural finance
  • Investment and Portfolio analysis
  • Time series analysis of macroeconomic variables
  • Development economics

Recent Publications and Papers

Recent Journal Article Publications (from 2020)
  1. Muzindutsi, P.F., Sheodin, A., Moodley, K., Naidoo, M., Ramjiyavan, P., Moonsamy, R., Tiffany A. Pillay, T.A., & Dube F. (2023). Contagion risk in Equity Markets during Financial Crises and COVID-19: A comparison of developed and emerging markets. Scientific Annals of Economics and Business, Vol. 69 (4), 615-629.
  2. Gyimah, K. N., Akande, J. O., & Muzindutsi, P.F. (2022). Lending methodologies and SMEs access to finance in Ghana; the mediating role of credit reference information. Cogent Business & Management, Vol. 9(1), https://doi.org/10.1080/23311975.2022.2143075
  3. Muzindutsi, P.F., Mbili S., Molefe N., Ngcobo H., & Dube, F (In press). The JSE Size-Based Indices and Country Risk Components under Bullish and Bearish Market Conditions. International Journal of Economic Policy in Emerging Economies, Forthcoming.
  4. Muguto, H. T., Muguto, L., Bhayat, A., Ncalane, H., Jack, K. J., Abdullah, S., … & Muzindutsi, P.F. (2022). The impact of investor sentiment on sectoral returns and volatility: Evidence from the Johannesburg stock exchange. Cogent Economics & Finance, Vol.10(1), 2158007.
  5. Oyetade, D., Obalade, A.A., & Muzindutsi, P.F. (2022). Changes in Basel Capital Requirements and Lending Ability of African Commercial Banks. Journal of Central Banking Theory and Practice, Vol.11(3), 179-201.
  6. Aboluwodi, D., Nomlala, B., & Muzindutsi, P.F. (2022). The COVID-19 Crisis and Interaction between the JSE, Real Estate, Energy, Commodity and Cryptocurrency Markets. Journal of Economics and Financial Analysis, Vol. 6(1), 55-76.
  7. Obalade, A.A., Nhlapho, R. & Muzindutsi, P.F. (2022). Cyclical Efficiency vis-à-vis Market Conditions: A Case of Casablanca Stock Exchange.” The Journal of Developing Areas, Vol. 56(3), 1-15.
  8. Kunjal, D., Peerbhai, F. & Muzindutsi, P.F. (2022). Political, economic, and financial country risks and the volatility of the South African Exchange Traded Fund market: A GARCH-MIDAS approach. Risk Management, Vol. 24, 236–258. https://doi.org/10.1057/s41283-022-00093-y.
  9. Obalade, A.A., Tshutsha, A., Mvuyana, L., Ndlovu, N., & Muzindutsi, P.F. (2022). Are Frontier African Markets Inefficient or Adaptive? Application of Rolling GARCH Models. Journal of Economics and Financial Analysis, Vol. 6(1), 19-35.
  10. Muzindutsi, P.F., Rajhununan, S., Dube, M., Ganie, B., Mahess, E. & Reddy D. (2022). The effect of economic, financial and political country risk factors on the JSE mining index: An ARDL approach. International Journal of Trade and Global Markets, Vol. 15(1), 22-31.
  11. Vengesai, E., Rupande, L., Muguto, H.T., & Muzindutsi, P.F. (2022). Country risk and the interaction between gold price and gold stock index return volatilities: evidence from the South African market. International Journal of Trade and Global Markets, Vol. 15(1), 32-41.
  12. Muguto, L., & Muzindutsi, P.F. (2022). A Comparative Analysis of the Nature of Stock Return Volatility in BRICS and G7 Markets. Journal of Risk and Financial Management, Vol. 15(2), 85.
  13. Oyetade, D., Obalade, A.A., & Muzindutsi, P.F. (2022). The Impact of Changes in Basel Capital Requirements on the Resilience of African Commercial Banks. Scientific Annals of Economics and Business, Vol. 69(1), 111-132.
  14. Dube, F., Nzimande, N. & Muzindutsi, P.F. (2021). F Application of artificial neural networks in predicting financial distress in the JSE financial services and manufacturing companies. Journal of Sustainable Finance & Investment, https://doi.org/10.1080/20430795.2021.2017257
  15. Vengesai, E., Obalade, A.A. & Muzindutsi, P.F. (2021). Country Risk Dynamics and Stock Market Volatility: Evidence from the JSE Cross-Sector Analysis. Journal of Economics and Financial Analysis, Vol. 5(2),63-84.
  16. Oyetade, D., Obalade, A.A. & Muzindutsi, P.F. (2021). Basel capital requirements, portfolio shift and bank lending in Africa. ACRN Journal of Finance and Risk Perspectives, Vol. 10, 296-319.
  17. Muzindutsi, P.F., Dube, F. & Manaliyo, J.C. (2021). Impact of Economic, Financial and Political Risks on Tourism Performance: A Case of South Africa. GeoJournal of Tourism and Geosites, Vol. 38(4), 1309-1316.
  18. Dube F., Nzimande N. & Muzindutsi, P.F. (2021) Application of artificial neural networks in predicting financial distress in the JSE financial services and manufacturing companies. Journal of Sustainable Finance & Investment, https://doi.org/10.1080/20430795.2021.2017257
  19. Oyetade, D., Obalade, A.A. & Muzindutsi, P.F. (2021). Basel IV capital requirements and the performance of commercial banks in Africa. Journal of Banking Regulation, 1-14. https://doi.org/10.1057/s41261-021-00181-1
  20. Kunjal, D., Peerbhai, F. & Muzindutsi, P.F. (2021). The Performance of South African Exchange Traded Funds Under Changing Market Conditions. Journal of Asset Management, Vol. 22, 350-359.
  21. Redda, E.H. & Muzindutsi, P.F. (2021). Monetary Union Feasibility in the East African Community: Evidence from GPPP. International Journal of Economics and Financial Issues, Vol. 11(6), 9-16.
  22. Apau, R., Moores-Pitt, P. & Muzindutsi, P.F. (2021). Regime-Switching Determinants of Mutual Fund Performance in South Africa. Economies, Vol. 9(4), 161.
  23. Muzindutsi, P.F., Zungu, Z, Khanyile, M., Dlamini, T., Sithole, A. & Obalade, A.A. (2021) Modelling Exchange Rate Movements in South Africa: An ARDL Application. International Journal of Monetary Economics and Finance, Vol., 14(4), 342-352.
  24. Kunjal D., Nyasha, J., Ghisyan, A., Govender, P.J., Murugasen, S., Naidoo, P., Patel, D.S. & Muzindutsi, P.F. (2021). The Effect of Managerial Overconfidence on Firm Value: Evidence from the Johannesburg Stock Exchange. Management and Economics Review, Vol. 6(1), 1-14. https://doi.org/10.24818/mer/2021.06-01.
  25. Muzindutsi, P.F. & Mposelwa, S. (2021) A Comparative Analysis of the Expectations Hypothesis of the Term Structure of Interest Rates between the BRICS and G7 Countries. Comparative Economic Research. Central and Eastern Europe, Vol. 24(2), 41-56. https://doi.org/10.18778/1508-2008.24.13.
  26.  Apau, R., Muzindutsi, P.F. & Moores-Pitt, P.B.D (2021). Mutual fund flow-performance dynamics under different market conditions in South Africa. Investment Management and Financial Innovations, Vol. 18 (1), 236-249.
  27. Obalade A.A. & Muzindutsi, P.F. (2021) Are African Stock Returns Significantly Different over Time? Rolling ANOVA Tests. Journal of Developing Areas (JDA), Vol. 55(2), 131-145.
  28. Chipunza, K. J., Muguto, H. T., Muguto, L., & Muzindutsi, P. F. (2020). Stock Returns and Valuation Ratios at Sector Level in South Africa: The Regime-switch Modelling Approach. Global Business Review, https://doi.org/10.1177/0972150920976641.
  29. Gaston R.T., Obalade, A.A & Muzindutsi P.F. (2020) Financial Crisis and Return Volatility of the JSE General Mining Index: GARCH Modelling Approach. The Journal of Accounting and Management, Vol. 10 (3).
  30. Muzindutsi, P.F.  & Obalade, A.A. (2020) Effects of Country Risk Shocks on the South African Bond Market Performance Under Changing Regimes. Global Business Review, 1-13. https://doi.org/10.1177/0972150920951116.
  31. Sgammini, M., & Muzindutsi, P.F. (2020). Effect of Exchange Rate Movements on the Performance of Investment Portfolios in South Africa. International Journal of Economics and Finance, Vol. 12(2), 469-486.
  32. Chipunza, K. J., Muguto, H. T., Muguto, L., & Muzindutsi, P.F. (2020). Return predictability and valuation ratios: sector-level evidence on the Johannesburg stock exchange. Cogent Economics & Finance, Vol. 8(1). https://doi.org/10.1080/23322039.2020.1817252.
  33. Muzindutsi, P.F., Jamile, S., Zibani, N. & Obalade, A.A. (2020) The effects of political, economic and financial components of country risk on housing prices in South Africa. International Journal of Housing Markets and Analysis, Vol. 13(4). https://doi.org/10.1108/IJHMA-05-2020-0060.
  34. Oyetade, D., Obalade, A.A. & Muzindutsi, P.F. (2020). Impact of the Basel IV framework on securitization and performance of commercial banks in South Africa. Banks and Bank Systems, Vol. 15(3), 95-105. https://doi.org/10.21511/bbs.15(3).2020.09.
  35. Obalade, A.A. & Muzindutsi, P.F. (2020) Static or adaptive? The month-of-the-year and intra-month effects in African stock markets. International Journal of Monetary Economics and Finance, Vol. 13 (3), 215-234.
  36. Garidzirai, R. & Muzindutsi, P.F.  (2020) A Panel ARDL Analysis of the Productivity of Key Economic Sectors Contributing to Local Economic Growth in an Emerging Country. Studia Universitatis Babes Bolyai-Oeconomica, Vol. 1, 39-53.
  37. OBALADE, A.A. & Muzindutsi, P.F. (2020) Validating the Adaptive Market Hypothesis in the Tunisian Stock Market.  International Journal of T Trade and Global Markets, Vol. 13(1), 42-51.
  38. Vengesai, E., & Muzindutsi, P.F. (2020) Effect of Disaggregated Country Risk Shocks on Financing Decisions of the JSE listed Firms. International Journal of Economics and Finance Studies, Vol. 12 (1) 32-49.
  39. Nhlapho R.N. & Muzindutsi, P.F. (2020) The Impact of Disaggregated Country Risk on the South African Equity and Bond Market. International Journal of Economics and Finance Studies, Vol. 12 (1) 189-203.
  40. Obalade, A.A., & Muzindutsi, P.F. (2019). Calendar Anomalies, Market Regimes, and the Adaptive Market Hypothesis in African Stock Markets. Central European Management, Vol. 27(4), 71–94.
  41. Vengesai, E., & Muzindutsi, P.F. (2019). Country Risk Components and Firm Investment Behaviour of JSE Listed Firms. The Journal of Accounting and Management, Vol. 9(2), 35-44.
  42. Obalade, A.A., & Muzindutsi, P.F. (2019). Time Varying Calendar Anomaly in African Stock Markets: Application of GARCH Models. Journal of Global Business and Technology, Vol. 9 (15).1-15.
  43. Rupande, L., Muguto, H.T. & Muzindutsi, P.F. (2019). Investor sentiment and foreign financial flows: Evidence from South Africa. Proceedings of Rijeka Faculty of Economics, Vol. 37 (2), 473-498.
  44. Obalade, A.A. & Muzindutsi, P.F. (2019). Adaptive Market Hypothesis and Day-Of-The-Week Effect In African Stock Markets: Markov Switching Model. Comparative Economic Research, Vol. 22(3), 145-162.
  45. Rupande, L., Muguto, H.T. & Muzindutsi, P.F. (2019). Investor Sentiment and Volatility: Evidence from the Johannesburg Stock Exchange. Cogent Economics & Finance, Vol. 7. 1600233. https://doi.org/10.1080/23322039.2019.1600233.
BOOK CHAPTERS
  1. Gyimah, K. N., Akande, J.O., & Muzindutsi, P.F. (2023). Evaluation of Lending Methodologies Used by Ghanaian Banks to Extend Credit to SMEs. In Financial Sector Development in Ghana: Exploring Bank Stability, Financing Models, and Development Challenges for Sustainable Financial Markets (pp. 265-293). Cham: Springer International Publishing.
  2. Nyebar, A., Obalade, A.A., & Muzindutsi, P.F. (2023). Effectiveness of Credit Risks Management Policies Used by Ghanaian Commercial Banks in Agricultural Financing. In Financial Sector Development in Ghana: Exploring Bank Stability, Financing Models, and Development Challenges for Sustainable Financial Markets (pp. 231-264). Cham: Springer International Publishing.
  3. Kishimba, K.J., Akande, J.O. & Muzindutsi, PF. (2022). Financial Sector Reforms and the Significance to Banking Sector in Tanzania. In: Mugova, S., Akande, J.O., Olarewaju, O.M. (eds) Corporate Finance and Financial Development. Contributions to Finance and Accounting. Springer, Cham. https://doi.org/10.1007/978-3-031-04980-4_7
  4. Obalade, A.A., Moeti, T., Moodley, V., Randeree, Y. & Muzindutsi, P.F. (2021). Interlinkages and diversification opportunities among emerging bond markets: BRIC and BRICS comparison. In International Symposia in Economic Theory and Econometrics (pp. 131-149). Emerald Publishing Limited.
  5. Obalade, A.A. & Muzindutsi, P.F. (2020). Are African Stock Markets Inefficient or Adaptive? Empirical Literature [Online First], IntechOpen, DOI: 10.5772/intechopen.94438. Available from: https://www.intechopen.com/online-first/are-african-stock-markets-inefficient-or-adaptive-empirical-literature.
Recent Conference Presentations
  1. Kunjal, D., Peerbhai, F. & Muzindutsi, P.F. (2022) Liquidity Responses to Country Risk Effects: An Evaluation of the South African Exchange Traded Fund Market. Presented at: Southern African Finance Association (SAFA) Annual Conference, 11 – 14 January 2022, Cape own South Africa.
  2. Muzindutsi, PF, et al. (2022) A Comparative Analysis of Housing Price Bubbles in the South African Major Cities. Presented at: SIBR 2022 (Tokyo) Conference on Interdisciplinary Business and Economics Research, 6th-7th January 2022, Tokyo, Japan.
  3. Apau, R., Moores-Pitt, P. & Muzindutsi, P.F. (2021). Markov-Switching VAR Estimation of South African Flow-Performance Dynamics. Presented at: the Biennial Conference of the Economic Society of South Africa conference, 14 – 16 September 2021, virtually.
  4. Aboluwodi, D., Nomlala, N. & Muzindutsi, P.F. (2021) COVID-19 Crisis and linkages between the JSE Markets and the Alternative Investment Markets. Presented at: the Biennial Conference of the Economic Society of South Africa conference, 14 – 16 September 2021, virtually.
  5. Muzindutsi, P.F., Mbili S., Molefe N., Ngcobo H., & Dube, F. (2021). The JSE Size-Based Indices and Country Risk Components under Bullish and Bearish Market Conditions. Presented at: SIBR 2021 (Tokyo) Conference on Interdisciplinary Business and Economics Research, 7th-8th January 2021, Tokyo, Japan.
  6. Muzindutsi, P.F., Zungu, Z, Khanyile, M., Dlamini, T., Sithole, A. & Obalade, A.A. (2020) Modelling Exchange Rate Movements in South Africa: An ARDL Application. Presented at: SIBR 2020 (Kuala Lumpur) Conference on Interdisciplinary Business and Economics Research, 2nd – 3rd October 2020, Kuala Lumpur, Malaysia.
  7. Muzindutsi, P.F., Rajhununan, S., Dube, M., Ganie, B., Mahess, E. & Reddy D.  (2020). Disaggregated Country Risk and the JSE Mining Index: An ARDL Approach. Presented at 2020 (Sydney) Conference on Interdisciplinary Business and Economics Research, 10th-11th January 2020, Sydney, Australia.
  8. Obalade, A.A. & Muzindutsi, P.F. (2019) Static or Adaptive? The Month-Of-The-Year and Intra-Month Effects in African Stock Markets. Presented at SIBR Hong Kong 2018 Conference on Interdisciplinary Business and Economics Research, September 28 – 29, 2019, Hong Kong.
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