Trypanosoma (Nannomonas) Congolense: pathogenesis and cellular responses during the early stages of infection in sheep

Cellular responses and parasites kinetics associated with the development of local skin reactions were examined in sheep following infection with metacyclic forms of Trypanosoma (Nannomonas) congolense. Leucocyte phenotypes in the skin and regional draining lymph nodes were examined by indirect immunoperoxidase staining using monoclonal antibodies specific for ovine leucocyte subsets. Immunofluorescence and flow cytometry was used to determine changes in the numbers and proportions of different cell phenotypes in peripheral blood and in lymph from cannulated afferent and efferent lymphatic ducts draining both the skin reaction and regional nodes respectively. Cellular reactions occurring in the skin prior to development of local skin reactions were investigated by light and transmission electron microscopy.Trypanosomes were observed in the skin during the first four days of infection. Following development of the local skin reaction, and histological demonstration of trypanosomes in the skin and draining lymph nodes five to seven days after infection, large numbers of parasites appeared in the afferent lymph, reaching peak numbers seven to 10 days after infection. During this period, trypanosomes were also present in the efferent lymph. Trypanosomes were not detectable in skin or draining lymph nodes after 13 days but persisted at a low level in both afferent and efferent lymph. Parasites did not appear in peripheral blood until 15 days after infection.Cellular responses varied according to the stage of development of local skin reactions and the presence of trypanosomes in the various compartments. Prior to development of local skin reactions, the only cellular event observed histologically by transmission electron microscopy was evidence of mast cell degranulation. Local skin reactions developed at inoculation sites of sheep from day five after infection and were initially characterized by an infiltrate of mononuclear cells and neutrophils. Mononuclear cell infiltrate comprised equal proportions of T cells (CD5+, CD4+ and CD8+) and B cells (CD45R+), MHC Class II+ cells and macrophages. B cells and MHC Class II+ cells were found mainly in aggregates, suggesting local proliferation and antibody production. There was a greater proportion of CD4+ cells than CD8+ cells, but SBU-T19+ (tS T cells) were rarely present. The marked cellular response in afferent lymph during this time was characterized by both an absolute and proportional increase in T cells, particularly those expressing CD4. Expansion of the B cell population was observed in draining lymph nodes while a predominantly lymphoblastic, B cell (CD45R+, SIg+) and MHC Class II+ cell response was observed in efferent lymph.As the local skin reaction started to regress 10 days after infection, the cell infiltrate was predominantly mononuclear, composed of equal numbers of CD4+ and CD8+ cells and a few B cells, MHC Class II+ cells and SBU-T19* cells. The afferent lymph still contained high numbers but lower proportions of T cells (CD4+ and CD8+ cells) and also increased numbers and proportions of lymphoblasts, B cells (CD45R+, SIg+ cells) and MHC Class II+ cells indicating that these cells were leaving the skin. The B cell response persisted in draining regional nodes and efferent lymph. Changes in peripheral blood leucocyte subpopulations did not occur until 15 to 38 days after infection when a gradual increase in B cells and MHC Class II+ cells and decline in T cells was observed.C Class II+ cells and decline in T cells was observed. Observations of afferent lymph using light and transmission electron miscroscopy showed that trypanosomes were attached to, and phagocytosed by macrophages/dendritic cells. Further evidence of the host-effector response was the presence of numerous lysed trypanosomes in the skin, afferent and efferent lymph from day eight, suggesting that lytic antibodies were being produced.dies were being produced. Sheep immunized by infection and trypanocidal drug therapy failed to develop local skin reactions following challenge with an homologous serodeme: trypanosomes were absent from the afferent lymph and there was no evidence of a cellular response. Similarly, following challenge of infected sheep with an heterologous serodeme, skin reactions failed to develop, no trypanosomes were seen in draining lymphatics and there was no evidence of a cellular response in efferent lymph. Hence, both homologous immunity and interference in establishment of secondary infection appears to operate at the level of the skin.Proliferation of trypanosomes in the skin is crucial for establishment of infection. The marked cellular responses elicited in the skin and draining lymph nodes are however ineffective in preventing the onset of infection but are important in subsequent development of homologous immunity following infection and therapy

The Mediating Effect of Technical Efficiency on the Relationship between Revenue Diversification and Financial Performance of Commercial Banks in Kenya

Banks generate revenue through the intermediation process and perceive revenue diversification as a possible solution to financial performance challenges. The banks’ income statements attest to this argument with banking activities moving gradually from interest-bearing activities to non-interest-bearing activities. The objectives of this paper were to assess the relationship between revenue diversification and return on assets and establish the mediation effect of technical efficiency on the relationship between revenue diversification and return on assets. The research used unbalanced panel data sourced from forty-two commercial banks spanning 2009 to 2018. The study measured revenue diversification using the Hirschman-Herfindahl index while technical efficiency level was measured using data envelopment analysis. The performance attribute, return on assets was measured as a ratio of earnings before interest and tax over the total assets. The paper assessed the relationships using the panel least square regression guided by the mediation assessment process proposed by Baron and Kenny. The cross-section randomeffects model results revealed a significant positive relationship between revenue diversification and return on assets. Further, results indicated the absence of technical efficiency mediation effect on the relationship between revenue diversification and return on assets. The study recommends policy and regulatory programs that allows banks to diversify in revenue-generating activities as well as initiatives that synchronize technical efficiency in the intermediation process to improve financial performance of commercial banks, especially in emerging economies

INTERVENING EFFECT OF INTERNATIONAL COMPETIVENESS ON THE RELATIONSHIP BETWEEN TAX INCENTIVES AND FOREIGN DIRECT INVESTMENT AMONG THE EAST AFRICA COMMUNITY PARTNER STATES

Countries around the world employ different efforts aimed at attracting more FDI, top most being tax incentives. Appropriate fiscal policy framework establishes tax incentive that improves country’s investment climate. However, tax incentives may at times not adequately compensate for poor investment climate in developing countries resulting from poor infrastructure, lack of trade openness, weak judicial system, small market size and most importantly political instability. Therefore, this study sought to determine the moderating effect of investment climate on the relationship between tax incentives and FDI among the East Africa Community partner states. The study was carried out using data relating to the five states in the East Africa Community: Tanzania, Rwanda, Kenya, Burundi, and Uganda.   Secondary data covering a period of 15 years from 2002 to 2016 was used. The results revealed that tax holiday and the period of losses carried forward had an insignificant and positive relationship with FDI inflows but investment allowances had an insignificant negative relation with FDI inflows. The study revealed that consumer prices and tax holiday had a positive and statistically insignificant relationship with FDI and that investment allowances and the period of losses carried forward had a negative and statistically insignificant relationship. The findings also revealed that tax holiday and export growth had a negative and statistically significant relationship while investment allowances and the period of losses carried forward and export growth had a negative and insignificant relationship. The findings further revealed that consumer prices had a statistically insignificant positive relationship with FDI inflows while export growth had negative and statistically insignificant relationship with FDI. Finally, the study found that tax holiday, consumer prices and export growth had negative and statistically insignificant relationship with FDI while investment allowances and the period of losses carried forward had a positive and statistically insignificant relation with FDI

TAX INCENTIVES AND FOREIGN DIRECT INVESTMENT ELATIONSHIP IN THE EAST AFRICA COMMUNITY PARTNER STATES

The relationship between tax incentives and Foreign Direct Investments (FDI) isone of the unresolved issues in public finance. The existing studies on theeffectiveness of tax incentives in attracting foreign investors differ depending onjurisdiction of research and the methodological approach employed. This studywas to establish the relationship between tax incentives and FDI in East AfricaCommunity Partner States. A panel descriptive study design was used todetermine the relationship between tax incentives and foreign direct investment inEast Africa Community Partner States, which included Tanzania, Rwanda,Kenya, Burundi, and Uganda. The study used panel secondary data, whichcovered a period of 16 years from 2002 to 2017. The study revealed that taxholidays and period of losses carried forward did not have statistically significantinfluence on FDI inflow. However, investment allowances had a positivestatistically significance influence on and FDI inflow in EAC. The studyconcluded that the investment allowance had a significant influence on FDIinflows among the East African community partner states. The studyrecommended that the leadership of East Africa community partner states shouldencourage use of investment allowances to attract FDI. The study alsorecommended that tax holidays and period of losses carried forward should not beused as a means of attracting FDI since the empirical evidences shows that the twoare not significant in attracting FDI

Comparison of cellular assays for TLR activation and development of a species-specific reporter cell line for cattle

PRRs are sentinels of the innate immune system, with TLRs being the most important. Assays for TLR ligand interactions have been used to gain insights into their function and signaling pathways. As significant differences exist between species with regard to ligand recognition, it is necessary to adapt these tools for TLRs of other species. In the present work, we describe a species-specific cell-based assay adapted for the analysis of single PRRs. Human embryonic kidney 293T cells were stably transfected with the NF-κB-inducible reporter gene secreted embryonic alkaline phosphatase (SEAP) together with bovine TLR2. We compared the SEAP response with an existing luciferase NF-κB reporter assay for correlation with IL-8 production. A dose-dependent response was detected upon stimulation using both methods with good correlation to IL-8 secretion. Lower stimulant concentrations were detected by SEAP assay than IL-8 secretion. The luciferase assay produced high non-specific background for all ligand concentrations. Of all assays tested, we found the bovine-specific SEAP reporter assay to be the most convenient and delivered results in the shortest time. The developed reporter cell line would lend well to rapid, high-throughput TLR ligand screening for cattle

Financial Structure and Operating Efficiency of Housing Cooperative Societies

Housing co-operatives contribute to the social-economic growth of a country. They are voluntary in concept and owner-user and based on members’ loyalty. Therefore, this study sought to establish the relationship between financial structure and operating efficiency on housing co-operative Societies in Nairobi City County, Kenya. The data collection form was used to record data of all the elements of financial structure and operating efficiency from audited financial statements. Housing co-operatives, which constituted 50.3% of response rate were analysed using a two-stage process: data envelopment analysis and regression analysis. The first stage involved the use of DEA model to compute the efficiency scores, which were regressed in the second stage using linear regression analysis. The results from DEA output indicate that most of the housing co-operatives were inefficient while the regression results indicated that a positive and significant relationship existed between financial structure and operating efficiency. Therefore, this study recommends that housing co-operatives should formulate strategies that would grow their operations to reduce operational costs and enhance management efficiency. Besides, there is a need for housing co-operatives' boards of directors to make prudent investment decisions that would help members’ maximize social and economic goals

Intervening Effect of Cash Holdings in the Relationship Between Financial Performance and Dividend Policy

Many studies on relationship between financial performance and dividend policy have resulted to controversial outcome with few studies questioning the intervening effect of cash holdings. The purpose of this study was to evaluate the effect of cash holdings on the relationship between financial performance and dividend policy. The study applied positivism research philosophy and descriptive causal research design. The study was anchored on hypothetical view that the relationship between financial performance and dividend policy of firms listed at the Nairobi securities exchange is not intervened by cash holdings which was tested against a sample size of 31 firms listed at the Nairobi securities exchange selected using purposive sampling technique. The research findings were as follows: There was a significant direct association between operating cash flows and dividend policy which was intervened by cash holdings. In general it was concluded that the link between financial performance and dividend policy of firms listed at the Nairobi securities exchange was significant. The study outcome augment existing knowledge on financial performance and dividend policy for it is evident that firms with ability to generate income directly influence dividend payout ratio and therefore, top management should enhance financial performance and not dividend policy which is irrelevant. Cash holdings intervenes this relationship hence the level of cash balances maintained by the firm explain more on the reason why some firms pay more dividend on increase of profitability levels while others does not. Regulatory bodies such as Capital Market Authority and Centre for Corporate Governance use these research findings to improve their financial viability assessment approach of firms listed at the Nairobi securities exchange

Financial Performance and Dividend Policy

Past studies on the relationship between dividend policy and firm performance continue being an unresolved predicament with few studies interrogating the causality relationship between financial performance and dividend policy. The purpose of this study was to establish the nature of relationship between financial performance and dividend policy of firms listed at the Nairobi securities exchange. The study applied positivism research philosophy and descriptive causal research design. The study was anchored on hypothetical view that the relationship between financial performance and dividend policy of firms listed at the Nairobi securities exchange is not significant which was tested against a sample size of 31 firms listed at the Nairobi securities exchange selected using purposive sampling technique. The research findings were as follows: There was a statistically significant direct association between return on equity and dividend policy. This implies that as firm profitability improve; a corresponding proportionate change in dividend payout ratio is initiated by management. In addition, it was established that there was a statistically significant positive linkage between operating cash flows and dividend policy which denotes that as cash flow levels from operating activities change, dividend payout ratio will change in the same direction leading to increased distribution of cash dividend to investors. Also, a statistically significant direct connection between price earnings and dividend policy was established. This relationship shows that increase in share market value positively prompts increased dividend payout ratio whereby the management follow a more acceptable dividend policy by the shareholders. However, market to book value depicted a weak insignificant inverse relationship with dividend policy and was dropped. In general it was concluded that the link between financial performance and dividend policy of firms listed at the Nairobi securities exchange was significant. The study outcome augment existing knowledge on financial performance and dividend policy for it is evident that firms with ability to generate income directly influence dividend payout ratio and therefore, top management should focus on financial performance strategies and not dividend policy which is irrelevant. Regulatory bodies such as Capital Market Authority and Centre for Corporate Governance use these research findings to improve their financial viability assessment approach of firms listed at the Nairobi securities exchange

Effects of Operating Environment Factors on Infrastructure Finance Flows in the Capital Markets in Kenya

Purpose – This study sought to establish the whether the operating environment factors affect efficient infrastructure finance flows in the capital markets in Kenya. Policy framework, legal environment, regulations and institutions are the operating environment factors which influence the infrastructure finance flows through the capital markets. Methodology – The study was undertaken using descriptive research design where a questionnaire was used targeting a population of 100 infrastructure related institutions. The questionnaire used to collect quantitative data was on the Likert scale with numerical scores 1 to 5. Descriptive and regression analysis were conducted on the data to show how each independent variable of the operating environment factors influences the infrastructure finance flows. Findings – Majority of respondents think that there are inadequate policies, laws and regulations while half of these respondents believe that the institutions lack the necessary capacity to operate efficiently and effectively. From the results, majority of these respondents agreed that there is need for an urgent review of the existing financial sector policies and institutions. Half of the respondents want the regulations revised but majority of these respondents believe that the existing laws do not require review. The results indicated that the policy framework, legal environment, regulations and institutions significantly affect the infrastructure finance flows through the capital markets in Kenya.  From the results, it can be concluded that there are no adequate policy, legal, regulatory and institutional arrangements to facilitate the uptake of infrastructure finance in the capital markets. Further, it can be deduced that the policy, legal, regulatory and institutional regimes are poorly configured to deliver financing of infrastructure projects in the capital markets of Kenya. Finally, it can be inferred that the financial sector policies, regulations and institutions are not strong enough to provide a supportive environment in delivery of infrastructure finance. Implications – The financial sector policies, laws, regulations and institutions need to be reviewed in order to create a conducive operating environment for financing of infrastructure investments. Benchmarking studies are critical for enhancement of policies, laws, regulations and institutions based on the international best practices for efficient and effective delivery of infrastructure finance through the capital markets in Kenya. Further research is recommended on effects of operating environment factors on infrastructure finance flows in the capital markets in Kenya

The Effect of Selected Macro-economic Variables on Exchange Rates in Kenya

Purpose – This paper sought to establish the effect of selected macro-economic variables on exchange rates in Kenya. The selected macro-economic variables for this study were interest rates, inflation rates and trade flows. Methodology – The study was modeled as a descriptive survey. A data collection sheet was used to collect secondary data from the published bulletin and other publications by Central Bank of Kenya and Kenya National Bureau of Statistics for a period of ten years between 2006 and 2015. The data was examined using descriptive, correlation and regression analyses. Findings - Results of the study showed that interest rate had a positive correlation coefficient of 0.446 with exchange rate, Inflation rate and exchange rate had a correlation coefficient of negative 0.395 while the Level of aggregation of trade flows had a correlation coefficient of positive 0.829 to the exchange rate. The value of R square was 0.745, a discovery that 74.5 percent of the deviations in exchange rates in Kenya occurred due to changes in interest rate, inflation rate and trade flows at 95 percent confidence level. The significance value obtained was less than p=0.05 implying that the model was statistically significant in predicting how the macro economic variables of interest rate, inflation rate and trade flows affect exchange rates in Kenya. Implications - The Kenyan shilling has been depreciating in value over the years implying a weakening of its purchasing power in the international markets. Policy makers should come up with policies that will contribute to reversing this trend. Managing the prevailing levels of inflation, interest rates and trade flows will be key as they have been found to significantly affect exchange rates. Value - The study will act as a guide to various banking sector policymakers key being the Central Bank of Kenya and the Treasury in formulation of the policies which will manage exchange rates and spur growth and profitability in this sector. The monetary policy decision makers can innovatively formulate foreign exchange strategies that ensure that the exchange rate in the financial market at any time do not negate investments in the economy. Key Words: selected macro-economic variables, exchange rates in Keny