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Dr Lorraine Muguto

Dr Lorraine Muguto

Dr Lorraine Muguto

Senior Lecturer

Discipline Finance
Email

Mugutol@ukzn.ac.za

Campus Westville Campus

Academic Qualifications

  • Bachelor of Commerce Economics and Finance (Cum Laude; UKZN)
  • Bachelor of Commerce Honours in Business Finance (UKZN)
  • Master of Commerce in Finance (Cum Laude; UKZN)
  • PhD in Finance (UKZN) 

Biography

Dr Lorraine Muguto is a senior lecturer in the School of Commerce, discipline of finance at the University of KwaZulu-Natal (UKZN). She holds a PhD in finance from UKZN, where her doctoral research examined investor sentiment and stock return volatility across emerging and developed markets. Her teaching spans undergraduate, honours and postgraduate programmes, and includes core and specialist modules such as capital market theory, financial risk management, international business finance, portfolio management and investments. She has contributed to curriculum development within the school, including programme review and industry-aligned module design. She has published in peer‑reviewed journals and contributed to scholarly book chapters. Dr Muguto has supervised research at honours, master’s and doctoral levels and is committed to developing the next generation of finance scholars and practitioners who can drive positive, sustainable development.

Research Interests

  • Financial markets,
  • Behavioural finance,
  • Financial risk management,
  • Green finance,
  • Financial technology,
  • Shadow banking
  • Investment portfolio management 

Professional Qualifications

Selected Publications

  • Muzindutsi, P. F., Aboluwodi, D., Muguto, L., & Muguto, H. T. (2025). Assessing Global Spillovers in Shadow Banking Systems: The Case of BRICS Economies. In Shadow Banking and Financial Risk in Emerging and Developing Markets: The Growth and Development of Non-Bank Financial Intermediation (pp. 201-232). Cham: Springer Nature Switzerland.
  • Lefatsa, P. M., Msomi, S., Muguto, H. T., Muguto, L., & Muzindutsi, P. F. (2025). An Empirical Analysis of the Impact of Global Risk Sentiment, Gold Prices, and Interest Rate Differentials on Exchange Rate Dynamics in South Africa. International Journal of Financial Studies, 13(3), 120.
  • Hiramoney, P., Muguto, L., & Muguto, H. T. (2024). Investor sentiment, stock market returns and volatility: evidence from the Johannesburg Stock Exchange. Business Resilience, Continuity and Regeneration, 7.
  • Muguto, L., and Muguto, H. T. (2023). Responsible investing – is it worth it? A comparison of South African and United States stock markets. Issues In Social and Environmental Accounting (ISEA).
  • Muzindutsi, P.F., Apau, R., Muguto, L., and Muguto, H.T. (2023). The Impact of Investor Sentiment on Housing Prices and the Property Stock Index in South Africa. Journal of Real Estate Finance and Economics.
  • 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, 15(2), 85.
  • 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, 10(1), 2158007.
  • 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.
  • 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, 0972150920976641.
  • 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, 8(1), 1817252.

Conference Papers 

  • Muguto, L., Moodley, S., Pillay, J., Pillay, J., Pramraj, N., Muguto, H., and Muzindutsi, P. (2025). Volatility Spillovers in G7 and BRICS Stock Markets: The Role of Geopolitical Risk. 3rd International Conference on Business Resilience, Continuity and Regeneration, BRU, 2025.
  • Muguto, H., Muguto, L. and Muzindutsi, P. (2025). Navigating Healthcare Policy Uncertainty: The Investment Implications of South Africa’s National Health Insurance Scheme. 3rd International Conference on Business Resilience, Continuity and Regeneration, BRU, 2025.
  • Merana, S., Muguto, H., Muguto, L., and Muzindutsi, P. (2025). Impact of Investor Sentiment on Responsible and Traditional Fund Returns: A Markov-Switching Approach. 3rd International Conference on Business Resilience, Continuity and Regeneration, BRU, 2025.
  • Charteris, A., McCullough, K, and Muguto, L. (2025). Evaluating passive fund performance: short term vs long term metrics? Southern Africa Finance Association Conference (SAFA) 2025.
  • Muguto, H., Muguto, L. and Muzindutsi, P. (2025). Sentiment in the driver’s seat: Unveiling profitability in high-minus-low investor sentiment strategies. Southern Africa Finance Association Conference (SAFA) 2025.
  • Muguto. L., Moodley. A., Pillay. S., Zulu. M., Vilakazi. N., Muguto. H. T., & Muzindutsi. P.F. (2024). Volatility Spillovers between BRIC and South African markets: Evidence from the COVID-19 and Russia-Ukraine Crises. International Conference on Business Resilience, Continuity and Regeneration, Durban, South Africa.
  • Muguto. H., Muguto. L., and Muzindutsi. P.F. (2024). Robots taking over? Not so fast: Debunking the tumultuous rise of artificial intelligence in governance in South Africa. 9th International Conference on Corporate Governance and Accountability (ICGA) 2024.
  • Muguto. L., Muguto. H. T., and Muzindutsi. P.F. (2024). Stronger than ever or a tell-tale story: The case of the expanded BRICS. 9th International Conference on Corporate Governance and Accountability (ICGA) 2024.
  • Muguto, L., Aboluwodi, D., Muguto, H., Oyetade, D. and Muzindutsi. P.F. (2024). Determinants of Non-Bank Financial Intermediation: A Comparative Study in Developed (G7) and Emerging (BRICS) Economies. College of Law and Management Studies Research day, 2024. Durban, South Africa.
  • Muguto, L. and Muzindutsi, P. (2023). Investor Sentiment and Volatility: Evidence from the BRICS and G7 Stock. International Conference on Business Resilience, Continuity and Regeneration, Durban, South Africa.

Additional Information