Assessing the impact of oil prices on exchange rate dynamics in the Kenyan economy

This paper aims to investigate the role of murban adnoc oil import prices in explaining the dynamics of exchange rates in the Kenyan economy. The study uses monthly data covering the period 2005 to 2014. The Johansen Co-integration technique will be used to determine long run relationships of variables in the study.The vector autoregressive model is then used to analyse the regression by allowing the value of exchange rates to depend on more than just its own lags but also lags of lending interest rates and extemal reserves. The findings from this study show that in the Kenyan economy, murban adnoc oil import prices do not have a significant impact on exchange rates. Therefore, exchange rate stability could still be achieved even with fluctuating murban adnoc oil import prices in Kenya

INFLUENCE OF FINANCIAL RISK ON PERFORMANCE OF YOUTH OWNED ENTERPRISES IN BARINGO NORTH SUB COUNTY, KENYA

Small and Medium Enterprises (SMEs) owned by youths play vital role in Kenya’s economy. Despite this key role, they are often faced with entrepreneurial risks. Studies have been conducted to investigate these risks but few have attempted to focus on youth owned SMEs. The effects of financial risk are unknown. Therefore, the purpose of this study is to investigate the influence of financial risk on performance of youth owned small and medium enterprises in Baringo North Sub County, Kenya. The research questions are; what is the influence of financial risk on performance of youth owned enterprises in Baringo North Sub County. The study was anchored on Enterprises Risk Management theory. A descriptive design was used. The target population was 182 and a sample of 125 respondents was used. Simple random sampling technique was used to select respondents and data collection was done using questionnaires. Multiple regression technique was used to analyze data with help of SPSS. From regression model, the result showed that 82.4% of the variation in performance of youth owned enterprise was due to entrepreneurial risk (R2=0.824) while 28.8% was for other factors. The findings revealed positive significant influence of financial risk and market risk on performance of youth owned enterprise (t=3.312, P<0.05; t=5.600, P<0.05) while social risk and psychological risk (t= -0.492, P>0.05; t=-0.018, P>0.05) had insignificant influence on the performance of youth owned enterprise. The study concluded that financial risk greatly affects performance of youth owned SMEs but effects of social risk and psychological risk were minimal. The study recommended that MFIs to increase their support to youth owned enterprises, use of modern marketing strategies and improvement on networking, make observations on social-cultural dynamics and respond accordingly and finally more trainings be organized by the County Government. The study will benefit youth entrepreneurs’ in Baringo North Sub County, Baringo County Government, National Government and Scholars.  Article visualizations

Effects of Task Identity on Employee Motivation: A Survey of Eldoret Polytechnic, Kenya

Motivation is one of the major challenges in human resource management and without a motivated workforce; organizations stand to suffer in terms of production and efficiency The study sought to determine the effect of task identity on employee motivate ion using Hackmans’s job characteristics model and the content theories of motivation.  The context of study is localized, and this forms the research gap.  A study/survey of Eldoret Polytechnic was done.  The objective of the study was determination of relationship between task identity, and employee motivation. Thus the research hypothesis was to determine whether there is significant relationship between task identity and employee level of motivation. The research design used correlational research design which correlated task identity to employee motivation.Methodology of research used was descriptive and inferential statistics. The model for methodology is: Y0= X1; where Y is the dependent variable which is employee motivation, and independent variable X1, to represent task identity, respectively. A sample of 110 employees was obtained from a population of 364 employees. The population was stratified into administrative staff, teaching staff and non-teaching staff. Primary data was collected using structured questionnaire questions.  The data collected was edited, coded, and tabulated.  It was analyzed using SPSS (statistical package for social scientists) version 19, to carry out linear regression analysis. Findings showed a correlation between task identity (r=0.531, p=0.000<0.05; B=0.060); The hypothesis was rejected, and the alternative hypothesis was taken, meaning that task identity has a significant effect on employee motivation. This means that up to 67.9% of employee motivation can be explained by task identity factor. The result of the study is that task identity has a positive effect on employee motivation.. The study recommends that managers of organizations can use these findings to make human resource decisions regarding job analysis and also when formulating Policies on human resource aspects like recruitment, remuneration, and retention policies. Keywords: Task Identity, Employee Motivatio

Effects of Plural Suffixation on Tone Assignment in the Keiyo Language Spoken by the Keiyo Community in Kenya

This paper discusses the effects of the plural suffixes on the assignment of tone in Keiyo language. The aim of the study was to analyze the phonological and prosodic processes that Keiyo nouns (both definite and indefinite) undergo when inflected for number. Since the research was basically descriptive, a design that allowed for the careful description of the phonological characteristics was used. The research was carried out in Tambach Division of Keiyo District in Rift Valley Province. Four adult native speakers who have spent their entire lives in Tambach Division were selected as respondents as they had a rich inventory of the Keiyo nominal vocabulary. The author engaged them with a list of different kinds of generated nouns in their root forms, the singular forms and their corresponding plurals for them to confirm the researcher’s version of the selection of suffixes. Data analysis was done in various stages. From the findings, Keiyo has about three (3) different underlying tones that include High (H), Low (L) and Mid (M). As such, tone is assigned on a noun depending on the meaning that is desired from the individual word. It was noted that plural suffixes in Keiyo are of two forms the indefinite default /in/ and the definite default /ik/ respectively. These two suffixes are however realized differently in different contexts because of constraining phonological factors. Noun roots in Keiyo in their standard forms predominantly carry mid-tone or occasionally a low tone. This feature is however exclusive to the first syllable of the noun roots. The rest of the syllables that follow will also be dictated by the harmony factor. Therefore, when the suffix applies, the initial mid-tone in the root word changes to a low (L) tone in the suffixed word and then to a high (H) tone on the suffix boundary which in most cases is the last syllable in the realized plural suffixed word. Upon suffixation therefore, the features found in the singular nouns and those brought in by the suffixes merge and create a new pattern of tone in the plural form. Keywords: Effects, Plural Suffixation, Tone Assignment, Keiyo Language, Keiyo Community, Keny

Calibration of vasicek model in a hidden markov context: the case of Kenya

A Dissertation submitted in partial fulfillment of the requirements for the Master of Science in Mathematical Finance (MSc.MF) at Strathmore UniversityThis dissertation calibrates the Vasicek term-structure model to the evolution of interest rate dynamics in Kenya. This is done for both a single-state and a multi-state model using state estimated under a Hidden Markov Model (HMM). The findings of this paper provide a starting point for the management of the risk posed by interest rate-dependent instruments.The Vasicek model is calibrated using monthly observations of the 91-day treasury bill rate from September 1994 to July 2014 as a proxy for the short rate. Key results show an increase in the mean reversion parameter with an increase in the number of states, suggesting higher stability of states. The volatility is observed to move independently of the level of the interest rate,supporting the idea that risk is not necessarily a function of the level of the interest rate but rather related to the inherent variability of rates in a particular state. Findings from this parameter estimation provide support for interest rate models that incorporate regime switches

The Forms and Modes of Training Received by School Principals before and after Appointment: A Case of Nandi County, Kenya

Skills and knowledge is a prerequisite for any given activity or labor to be performed. Acquisition of these skills and knowledge are significantly important because most of the functions of an organization cannot be realized without them. Previous studies indicate that experience and level of education are the yard stick to appointing any principal of a secondary school from professional teachers. Despite the fact that they are professionally trained as teachers, they carry out educational management roles, which are meant for professionally trained Human Resource Managers (HRM). To this end these Principals require some training on the new roles they take up after getting the new appointment. This study thus sought to identify the forms of training and the mode used in training the School Principals in Nandi County, Kenya. The study used a Survey research design with a target population of 140 secondary school principals drawn from Nandi County. Census sampling was used to select the study sample. Data collection was done using self-administered questionnaires after which Coding of responses was done using Statistical Package for Social Scientists (SPSS) for windows Version 16. Analysis of the data was done through descriptive statistics. Data was presented in form of frequency tables and charts. This paper concludes that Lack of human resource management skills and background of the same make the principals of secondary schools not to realize the need of career development of their staff. From the findings it was noted that majority of these principals are graduate teachers therefore they don’t see the need of allowing others to advance their career and skills since all of them are at the same level. Keywords: Training Levels, Forms of Training, Secondary school, Principals, Appointment

Risk Assessment of Aflatoxin and Fumonisin in Fish Feeds, Kenya: A Review

Fish is a protein source and constitutes other significant nutrients that have been crucial to human health. Aquaculture in Kenya has grown faster than any other food production sector, with fish feeds being prepared from different cereal products commonly contaminated by Mycotoxins. But controlling the growth of fungi that cause mycotoxin has been a challenge due to conditions that enable their development. With fish contamination primarily ignored, there is still high consumption of fish being propagated by improved and increased aquacultural activities. There have been various qualitative and quantitative assessments on Aflatoxin and Fumonisin in animal feed and food with little focus on fish feed which might be the most significant risk factor for cancer development. Kenya's high occurrence warranted the current review, which describes sources of fish feeds, conditions for mould growth, exposure of fish too contaminated feeds, decontamination of fish feed and feed ingredients, effects of Fumonisin and Aflatoxin on fish and human, risk characterization and management strategies. This review provides a platform and insights to novice researchers to pave the way for future research in the area. Keywords: Mycotoxins; Aflatoxins; Fumonisin; Uasin Gishu; Kisumu. DOI: 10.7176/JBAH/11-10-05 Publication date:May 31st 202

The Effect of Rehabilitation on Nutritional Status of Alcohol Dependent Males in Nairobi, Kenya

Background: Habitual alcohol consumption leads to alcohol dependency which is associated with significant nutritional, medical, economical, and social risks. This has become a major public health issue globally both in developed and developing countries. The main objective of the study was to determine the effect of rehabilitation on nutritional status of alcohol dependent males in Nairobi Place and Mathari hospital in Nairobi, Kenya. Methodology: This was an experimental (Pre-post) study design of 57 rehabilitated alcohol dependent males recruited for the study within one week of admission and re-assessed after four weeks. Semi-structured interviewer administered questionnaire was used to collect data on social-demographic characteristics. A food frequency questionnaire was used to collect information on food consumed. Chi-square test of association, T-test and multivariate logistic regression were employed in the analysis. All the analysis was done using SPSS V.16.0 for windows and results were considered significant at 5% ?- level. Results: The proportion of under-nutrition before and after rehabilitation at Nairobi place was 10% and 5% respectively (?2=0.604, p=0.865). Mathari had 16.2% and 8.1% underweight before and after rehabilitation respectively (?2=1.349, p=0.592). In the first encounter Nairobi place and Mathari hospital, nutrient inadequacies were high in vitamin C at 80% and 61.9%; zinc at 67.4% and 79.8%; folate at 80% and 49.7% respectively. In the second encounter Nairobi place provided food with adequate nutrients while Mathari hospital food was inadequate in folate, Vitamin A and Vitamin C at probabilities of 100%, 100%, and 93% respectively. Socio-demographic characteristics and diseases were not significantly associated with under nutrition (p>0.05). Conclusion: Alcohol was the cause of under-nutrition in both centers as other factors were not significantly associated with under-nutrition. Rehabilitation play a role in the nutrition status and recovery of alcohol dependent males. The Government and program managers need to consider and place emphasis nutrition in alcohol and drug rehabilitation programs. Keywords: Alcohol dependence, Rehabilitation, Nutritio

Intertemporal equity asset pricing with stochastic volatility at the NSE and the JSE

This paper explores the implementation of an intertemporal asset pricing model with stochastic volatility. This model is applied to equity asset pricing at the Nairobi Securities Exchange (NSE) and the Johannesburg Stock Exchange (JSE). The return on the aggregate stock market is modelled using a vector auto regression (VAR) model and the volatility of all shocks to the VAR is modelled using GARCH and EGARCH models. It is shown that the reduced form of the ICAPM with stochastic volatility is inadequate in the context of equity asset pricing at the NSE and JSE. However, the variables indicate the existence of a significant relationship between asset returns and realized market variance and PE ratios to motivate further research

Accessibility of Financial Credit and the Growth of Women Owned Small Retail Enterprises in Uasin Gishu County

Women in the world account the highest economic growth through the economic activities they engage in.  Even though women entrepreneurs in Kenya have been known to engage in small scale retail enterprises, there has been a need to grow their businesses beyond the current level. However, hindering factors such as lower academic standards, higher interest rates, low income from these businesses and socio-cultural constraints have contributed to poor growth and management of these businesses. Access to credit by these women has also been hampered by these factors. The study investigated the challenges of access to credit on the growth of women owned enterprises in Kapseret constituency, Uasin Gishu County. Use of questionnaires and interview schedules to collect primary data was preferred in this study.  The study adopted a descriptive survey research design. It targeted women entrepreneurs in Kapseret constituency and the management of various micro-finance institutions in the region. A total of 1468 women entrepreneurs were  targeted which is the total number of women identified to have small scale business enterprises in the region operating as small enterprises. The desired sample size was identified using the Morgan and Krejcie Table for Determining Sample Sizes where the sample size comprised of 306 respondents. SPSS was used to code and enter data for analysis. The study adopted both the qualitative and quantitative analysis in order to achieve the objective of the study where the former used descriptive statistics where graphs, tables and pie charts has been used. This research used quantitative analysis to analyze collected data. The study also employed descriptive methods such as means, mode and median. The study established that education levels affects access to credit by women entrepreneurs and interest rate affects access to credit by women entrepreneurs, Keywords. women entrepreneurs , micro-finance institutions , Financial Credit , Growth,  Small Retail Enterprise