Managerial Compensation, Investment and Financial Leverage: An Empirical Analysis of UK Firms.

This thesis examines the causal effects of the different components of managerial compensation on the value-critical risk-taking activities, particularly those linked to investment, and financial leverage. Employing a three-stage least squares (3SLS) technique in a system of equations, the study makes interesting contributions to the growing strand of literature using datasets from the UK (FTSE 350) companies for the period 2006 – 2015. Specifically, this scholarly study contributes to the extant literature in three ways. First, the study finds that higher long-term incentive plans (LTIPs) and stock options incentive cause more investment in capital expenditure and fixed intangible but less in research and development activity, whilst greater cash bonus induces more intangibles (research and development and fixed intangible) investment but less capital expenditure activity. Largely, the presented evidence is contrary to the view that the risk-motivated incentives (stock options and LTIPs) encourage more riskier activity like R&D. Rather, shareholders use risk-avoiding incentive (cash bonus) to reduce managerial risk-related agency problems. Further, the result suggests that higher LTIPs and stock options lead to lower spending on other fixed asset activities, which is inconsistent with the risk-related argument. Second, the study further contributes to the optimal contracting theory by suggesting that the level and the effectiveness of managerial compensation induces capital expenditure investment distortions. Specifically, the research finds that extremely over-compensated (under- compensated) managers are more (less) likely to commit over-investment in capital expenditure. In contrast, extremely over-compensated (under-compensated) managers have a decreased (increased) probability of over-investing in research and development. Finally, the finding shows that LTIPs (stock options) has a positive (negative) impact on leverage, which is consistent (inconsistent) with the alignment (risk-motivated incentive) hypothesis, whilst the cash bonus finding shows support for the risk-reduction assumption. The study also observes that shareholders use more debt-like incentive (deferred stock) to reduce the risk-shifting incentive problem and lower agency cost of debt. The evidence further reveals that the effectiveness of the stock options (risk-motivated) incentive to induce managerial risk- taking decisions via borrowings is limited to high-growth opportunity firms. Additionally, consistent with the alignment hypothesis, the study finds that highly monitored (governed) firms use the LTIPs incentive to influence managers to contract more debt; however, the stock options incentive discourages more borrowing in such governing state. This tends to support the view that the firm’s remuneration committee applies LTIPs in lieu of stock options to minimise managerial excessive risk-taking

Relative Effects of Problem-Solving and Concept Mapping Instructional Strategies on Student's Achievement in Economics

This paper examines the relative effects of problem-solving and concepts mapping instructional strategies on students' achievement in economics. The definition of economics as a concept was discussed. The reasons for acceptance of Economics as a subject in secondary school were also looked into. The paper discussed various types of teaching strategies and they can aid the academic achievement of students in Economics. Also problem-solving and concept mapping strategies are also discussed and their significance and importance to students. The research design employed a 3x2 pre test, post test, control group, quasi experimental. The result of the analysis showed that there was no significant main effect of the treatment on students' achievement in Economics. (F(2.50) = 1.517, P >.05). It is obtained that the main effect of gender on students' achievement in Economics is not significant. (F(1,50) = .502; P>.05).However the two way interaction effect of treatment and gender is not significant (F(1.50 = .585, P>.05). It was however recommended that teachers should be trained in the used of learner centered instructional strategies such as problem solving. The periodic use of such and other innovative strategies will promote high-level learning. Teachers should pay attention to the training of their students in the development of problem solving skills before the end of SSCE Programmebr> African Research Review Vol. 2 (1) 2008: pp. 109-12

Concepts of Some Indigenous Pottery Decorative Techniques in Northern Ghana

The aim of this paper was to identify some concepts of indigenous pottery within the three northern regions of Ghana. As a result, emphasis was given to the identification of some concepts of indigenous pottery in northern Ghana. The descriptive approach of the qualitative research methodology was used. Interview and observation methods were employed as the data collection processes to ascertain reasons why they engage in pottery decoration and the concepts behind them. The data was subjected to comparative analyses and the indications were that, the people of northern Ghana make interesting forms of decorative techniques which comes with an authentic concepts. The study revealed that, there are eight identified indigenous pottery decorative techniques which included; incision, impression, stainning, blasting, smooking, perfforation, macrame and modeling. With these techniques the researchers realised that there are some basic concepts behind each and every decorative techniques found on the indigenous pottery. These included; convertions of red ferric ironoxide to black ferric ironoxide, reduction of friction, restriction purposes and movement and handling purposes

Transformation of teaching quality in secondary school education: Teachers’ conception

Teaching is a versatile and valued exercise that is geared towards bringing about achievement in students’ learning. In view of the importance of teaching, there is need for it to be effective and of good quality. Education in secondary school within South Africa is seen as an imperative sub-sector in the educational system that aids the growth of the economic system through transformation. Although, there are various transformational systems to improve teaching quality in education, it is generally believed that there is no common agreement on what transformation systems entail in secondary school education in developing nations. This study investigates the perceptions of teachers in the transformation of teaching quality education in secondary schools. Eight teachers were selected from four secondary schools in the East London Education District in South Africa. The respondents varied in gender, age, years of teaching experience, academic qualifications and professional qualifications. The study used semi-structured interviews to gather data. A thematic approach was used for data analysis while trustworthiness was adopted for the validity of the instrument. The findings revealed that some of the teachers were aware of the need for transformation to improve the secondary school education system in South Africa. However, it was noticed that there was no adequate training and monitoring on the use of infrastructure. In addition, the findings further indicated that some teachers have a negative perception toward any additional role in transforming and improving the quality of teaching. Furthermore, the findings also indicated that transformation in teaching should be the responsibility of the government and head of schools. In light of this, the study recommended that policy makers should increase the budget on secondary school education as well as monitor the process of implementation to achieve the desired goal. Moreover, there should be regular effective training and workshops for teachers in secondary schools to remind them of their roles and responsibilities in teaching

Modeling Road Traffic Fatality Cases in Ghana.

Road traffic fatalities are of major concern in Ghana. According to the annual report of National Road Safety Commission (NRSC), 2,047 road traffic fatality cases were recorded in the year 2007 which is an increase of 29.5% over that of the year 2000 (NRSC, 2007 Report). Relative to the year 2001(NRSC, 2001) the 2010 figures for fatal crashes and fatalities also recorded corresponding increases of 34.1% and 19.6% respectively. Using annual road fatality data for the period 1991-2011 from the National Road Safety Commission and Building and Road Research Institute (BRRI) in Ghana, the Autoregressive Integrated Moving Average (ARIMA) model has been utilized to study the trend and pattern of road fatalities in Ghana. The results showed that road traffic fatalities in the country increased over the period of study. Moreover, a forecasting approach indicates that road traffic fatalities would continue to increase over the next five years. Keywords: Accident, Autoregressive (AR), Moving average (MA) and ARIMA

Protein Enhancement of Yam (Dioscorea rotundata) Peels with Single-or Co-Inoculation of Aspergillus niger Van Tieghem and Trichoderma viride Pers Ex Fr. Under Solid-State Fermentation

This study assessed the protein enrichment of sterilized and non-sterilised yam peels substrates fermented for 21 days at 25°C with mono- and co-cultures of Aspergillus niger and Trichoderma viride. Yam substrates were harvested at 0, 7, 14, and 21 days intervals for protein content and other chemical composition analyses. Results showed an overall percentage increase in protein contents of sterilised yam peels by 71.80% for A. niger, 58.03% for T. viride, and 80.60% for co-culture of A. niger and T. viride. Protein contents in non-sterilised yam peels increased by 113.30%, 95.00%, and 96.45% for A. niger, T. viride and co-culture of the test fungi, respectively. The significantly (p ≤ 0.05) higher protein contents of the fermented, non-sterilised yam peels suggest possible successional microbial colonization of the substrate, and their combined, cumulative contributions to protein enhancement, unlike the sterilised yam peels. Ash content significantly (p ≤ 0.05) increased in both sterilised and non-sterilised yam peels. These findings underscore the fact that, through fungal bioprocessing, protein contents of yam peels can be significantly enriched for value-addition. The practical implications of the findings are discusse

The Grasscutter: An Untapped Resource of Africa’s Grasslands

The grasscutter (or Greater cane rat – Thryonomys swinderianus) is a common rodent in Africa, south of the Sahara. Its distribution ranges from The Gambia to southern Sudan, across the continent down to south Namibia and South Africa (Fritzinger 1995). The grasscutter grows to \u3e 0.5 m in length and weighs ~8 kg. It has characteristic rounded ears, a short nose, coarse bristly hair, and forefeet smaller than its hind feet. Grasscutters are herbivores and their natural diet is mainly grasses and cane, but they also eat bark, fallen fruits, nuts and many different kinds of cultivated crops. Grasscutters get their name from the way they cut the grasses and other foods with their incisors, producing a chattering sound that is relatively loud and very distinguishable (Mills 1997). The meat is highly preferred by a wide range of West Africans and is gaining some acceptance in Central and Southern Africa (Van Zyl et. al. 1999a, Adu et. al 2005). The meat commands a premium price compared to other meat sources, with its sale being a major industry in both urban and rural centres (Adu et al. 2005). Grasscutter farming is therefore being promoted in most countries in West Africa as a model for poverty reduction (Baptist and Mensah 1986). Though various aspects of captive grasscutter production have been studied, it has a low uptake rate as a new farming venture (Anang et. al. 211). This paper therefore attempts to create a broader and clearer picture of the potential of grasscutter farming in parts of Africa where the animal occurs

Is there specificity in a defensive mutualism against soil versus lab nematodes, Dictyostelium discoideum farmers and their bacteria?

Background: The social amoeba Dictyostelium discoideum is a soil-dwelling microbe, which lives most of its life cycle in the vegetative stage as a predator of bacteria and as prey for nematodes. When bacteria are sparse, amoebae aggregate into a multicellular fruiting body. Some clones of D. discoideum have agriculture (Brock et al., 2011). They carry bacteria through the social stage, eat them prudently, and use some bacteria as defence against non-farming D. discoideum competitors. Caenorhabditis elegans preys on D. discoideum in the laboratory but does not encounter it in nature because C. elegans lives on rotten fruit. The nematode Oscheius tipulae is abundant in the soil. Questions: Do the defensive bacteria that farmers carry also protect farmers from nematodes? Is this protection specific to nematodes that reside with D. discoideum? Hypotheses: Many organisms evolve defensive mutualisms against predators. The natural habitat of D. discoideum is populated with nematodes. Therefore, we hypothesize that farming D. discoideum clones use non-food bacteria for protection from nematodes. We predicted higher fitness of farmers than non-farmers in the presence of nematodes. We also predicted to see this change of fitness only in the presence of the soil nematode, O. tipulae. Organisms: Amoeba Dictyostelium discoideum, nematodes Caenorhabditis elegans and Oscheius tipulae, bacteria Klebsiella pneumoniae and Burkholderia xenovorans. Methods: We compared spore production of D. discoideum farmers and non-farmers with and without nematodes. We also looked at nematode proliferation in the presence of farmers, non-farmers, K. pneumonia, and B. xenovorans. Results: Overall, farmer D. discoideum produced fewer spores than non-farmers. There was a decrease in the spore counts in the presence of nematodes for both farmers and non-farmers. There was a significant decrease in the percentage change in spore production for the farmers in the presence of soil nematodes but not laboratory nematodes. Nematode proliferation with the laboratory nematode and soil nematode did not vary in the presence of farmers, non-farmers, K. pneumoniae or B. xenovorans. Conclusion: The non-food bacteria that farmers carry do not provide defence against nematodes. In fact, it was a disadvantage for farmers to carry bacteria, since the soil nematode decreased spore production for farmers compared with non-farmers. However, the differences between the laboratory nematode and the soil nematode are marked enough to conclude that different species of nematodes respond differently to D. discoideum as a food source

The Poetics of Traditional Ghanaian Beads

The use of beads in Ghana is a site for a robust cultural meaning-making Beads have been very popular in the past and are growing stronger in popularity with modernity to the extent that their modern meanings seem to be eclipsing the traditional ones This paper takes us back to their traditional meanings by examining closely their relationship with the wearer Using qualitative instruments of research methodology basically through interviews and participant observation this paper by examining the bead as a cultural text identifies two main relationships between the bead and the wearer the synecdochic and the metonymic relationships Using mainly linguistic theories to interrogating these relationships the paper relying on the entextualization theory of Michael Silverstein and Greg Urban and the performance theory of Richard Bauman discovers that in addition to being objects of aesthetics as the modern meanings mainly suggest the bead has very important traditional meanings The paper also demonstrates that where the bead is placed on the body is a function of traditional meanings Again when the bead is used is also contingent upon traditional meaning