Are GCC Financial Markets Weak Form Efficient? An Analysis Using Multiple Variance Ratio Test

This paper examined the Efficient Market Hypothesis ( EMH) for seven financial markets located in the Gulf Cooperative Council (GCC) countries; Bahrain Securities Market (BSE), Qatar\u27s Doha Financial Market (DFM), Kuwait Securities Market (KSE) , Oman\u27s Muscat Securities Market (MSM), Saudi Arabia\u27s Tadawul All-Shares Index (TASI), and the two UAE markets, Dubai Securities Market (DSM) and Abu Dhabi Securities Exchange (ADX). This paper utilizes both the runs and multiple variance ratio (MVR) tests on weekly and daily index returns between June 2003 and June 2008. The runs test on weekly data rejects EMH for five out of the seven markets. The more powerful MVR test rejects the EMH for only two markets, Dubai Securities Market (DSM) and Abu Dhabi Securities Exchange (ADX). Keywords: GCC, Multiple Variance Ratio, Weak Form Efficien

Are GCC financial markets weak-form efficient? An analysis using multiple variance ratio test

This paper examined the EMH for seven financial markets located in all the Gulf Cooperative Council (GCC) countries; Bahrain Securities Market (BSE), Qatar\u27s Doha Financial Market (DFM), Kuwait Securities Market (KSE), Oman\u27s Muscat Securities Market (MSM), Saudi Arabia\u27s Tadawul All-Shares Index (TASI), and the two UAE markets, Dubai Securities Market (DSM) and Abu Dhabi Securities Exchange (ADX). The paper utilized both the runs and multiple variance ratio (MVR) tests on weekly and daily index returns between June 2003 and June 2008. The runs test results on weekly returns show that the EMH is rejected for five out of the seven markets. The more powerful MVR test rejected the EMH for only two markets, Dubai Securities Market (DSM) and Abu Dhabi Securities Exchange (ADX)

Assessing IT disaster recovery plans the case of publicly listed firms on Abu Dhabi/UAE security exchange

© 2016 Emerald Group Publishing Limited. Purpose - This purpose of this paper is to assess information technology (IT) disaster recovery plans (DRPs) in publicly listed companies on Abu Dhabi securities exchange (ADX) in the United Arab Emirates. The authors assessed, among other things, DRP preparedness, documentation, employees\u27 preparedness and awareness and the most significant physical and logical risks that pose the most threads to drive the development of the DRP, etc. Design/methodology/approach - The authors surveyed publicly listed companies on the ADX using a questionnaire adapted from past research papers as well as from audit programs published by the Information Systems Audit and Control Association. The surveys were completed through interviews with middle and senior management familiar with their firm\u27s IT practices. Findings - The majority of the respondents reported having a DRP, and a significant number of the respondents reported that their top management were extremely committed to their DRP. Employees were generally aware of their role and the existence of the DRP. The greatest risk/threat to their organization\u27s IT system was logical risk followed closely by power and network connectivity loss as the second highest physical risk. The most highly ranked consequence of an IT disaster was loss of confidence in the organization. Research limitations/implications - Because this paper only examined publicly listed companies on ADX, the research results may lack generality. Therefore, further research is needed in this area for determining the extent of the deployment of the DRP in the region. Practical implications - Results of this paper could be used for IT DRP planning bench-marking purposes. Originality/value - This paper adds value to research by investigating the current IT DRP practices by public companies listed on ADX

Undergraduate employability training and employment: A UAE study

© Emerald Group Publishing Limited. Purpose-The purpose of this paper is to investigate the link between female undergraduate student participation in a university-sponsored employment skills development program and employment post-graduation. Design/methodology/approach-From historical institutional data a random sample was analyzed using the logistic regression model. The main variable investigated was participation in the World of Work (WOW) program during undergraduate study. It was hypothesized that participation would contribute positively to the probability of employment after graduation. Findings-Grade point average at the time of graduation was also expected to have a positive relationship with employability. The study found that those who participated in the WOW program while undergraduates were more 6.7 times more likely to find post-graduate employment than non-participants. Research limitations/implications-Data were collected at a single institution as such findings may not be generalizable. Practical implications-This study provides support for the inclusion of employability training at the tertiary level and provides evidence to support resourcing such initiatives. Social implications-The study supports the development of work-ready, nationals and to supplying the UAE economy with needed human capital, in particular the goal of Emiratization. Originality/value-This study is of one of very few in the Arabian Gulf region to examine employability factors of university graduates

Black Gold\u27s Price Plunge: Are Conventional and Islamic Banks Equally Vulnerable?

Regarding the vulnerability of the banking industry to oil price plunges, we investigate the effects of oil price declines on credit and insolvency risks for the banking industry within specific bank specializations (conventional, Islamic, and conventional banks with Islamic windows), from 2000 through 2016, at both the aggregate and country levels in the Gulf Cooperation Council (GCC). Our findings show that falling oil prices significantly increase the credit risk for the banking industry, particularly for banks operating in Kuwait, Qatar, Saudi Arabia and the United Arab Emirates. Commercial banks with Islamic windows are also prone to oil price shocks. However, falling oil prices do not affect the credit risk of Islamic banks. Utilizing accounting-based and marked-based proxies for the insolvency risk, our analysis shows that oil price plunges do not increase the insolvency risk of the banking industry or bank specializations. We argue that bailout packages given by the wealth funds to GCC banks is a probable cause for counter intuitive results with respect to solvency risk. Our research findings will be of interest to various stakeholders, particularly the regulators who look for empirical evidence to develop deeper insights to the sound functioning of the banking systems

Application of energy management coupled with fuel switching on a hydrotreater unit

AbstractIn the last decades, saving energy and protecting environment became the most important topics for search and survey. The energy engineer for any chemical process is obliged by restrictions of “Kyoto Protocol” for limitation of carbon dioxide emissions from fuel combustion, so he does his best to reduce utility consumption and thus reduce gas emission. Proper designing of the heat exchanger network (HEN) for any process is an effective and successful method to minimize utility consumption and therefore minimize gas emission (mainly carbon gases (CO2) and sulfur gases (SOx)). Fuel switching coupled with energy targeting achieved the least gas emission. In this work we choose a hydrotreater unit of a petroleum refinery as a case study due to its effective role and its obvious consumption of utility. We applied the methodology of energy targeting through HEN design (using pinch technology) at several values of mean temperature difference (ΔTmin); where the maximum percentage of energy saving was 37% for hot and cold utility which directly leads to percentage reduction of gas emission by 29% for CO2 and 17% for SOx. Switching fuel oil to other types of fuel realized gas emission reduction percentage where the maximum reduction established was through natural gas fuel type and reached 54% for CO2 and 90% for SOx. Comparison between existing design and the optimum ΔTmin HEN led to few modifications with the least added capital cost for the hydrotreater existing design to revamp it through four scenarios; the first one depended on fuel switching to natural gas while the second one switched fuel to diesel oil, in the third scenario we applied heat integration only and the fourth one used both of heat integration and fuel switching in a parallel way

Genetic heterogeneity in spondylo-epimetaphyseal dysplasias: a clinical and radiological study

Introduction: Spondylo-epi-metaphyseal dysplasias (SEMD) are a heterogeneous group of skeletal disorders characterized by defective growth and modeling of the spine and long bones. Different types are described in the literature. Accurate classification of SEMDs is essential for proper genetic counseling. Patients and Methods: This study included 20 cases of SEMDs diagnosed by clinical and radiological findings. Cases were classified based on additional associated clinical and/or radiological features into 7 subtypes. Different subtypes were discussed with review of the literature. Results: The study illustrated the heterogeneity of SEMDs and emphasized the importance of detailed and meticulous clinical genetic and biochemical evaluation in addition to comprehensive radiological investigations for such group of disorders. It also recommends further molecular studies to identify the molecular bases of the different types. Keywords: Spondyloepimetaphyseal dysplasias, Genetic heterogeneity, Dyggve- Melchior-Clausen dysplasia, Glycoaminoglycans. Egypt. J. Hum. Genet Vol. 8 (2) 2007: pp. 147-17

Clinical, anthropometric, radiological and molecular characteristics of Egyptian achondroplasia patients

Background: Achondroplasia is the most common form of non lethal skeletal dysplasia. It is a fully penetrant autosomal dominant disorder and the majority of cases are sporadic resulting from de novo mutations associated with advanced paternal age. The phenotype of achondroplasia is related to disturbance in endochondral bone formation due to mutations in the fi broblast growth factor receptor-3 (FGFR3) gene. Aim of the Work: Evaluation of the cardinal phenotypic features in achondroplasia, the body physique using anthropometric measurements, the characteristic radiological signs in the patients as a main tool for diagnosis and detection of the most common mutations in achondroplasia patients in the studied sample.Subjects and Methods: From 42 cases referred to us as achondroplasia, we selected 20 cases where clinical manifestations were consistent with achondroplasia. Cases were subjected to full clinical examination, detailed anthropometric measurements, whole body skeletal survey and molecular studies of the most common mutations of the FGFR3 gene using PCR amplifi cation technique. Results: Nineteen cases were sporadic (95%) and one case had an affected father (5%). A paternal age above 35 years at the time of child’s birth was present in 7 cases (35%). Paternal exposure to occupational heat was noted in 6 cases (30%) and parental exposure to chemicals in 3 cases (15%). All cases showed typical clinical and radiological manifestations of achondroplasia. Anthropometricmeasurements quantitatively confi rmed the body physique in thestudied cases. G380R common mutations of the FGFR3 gene were detected in 15/18 cases (83%) with the G to A transition at nucleotide 1138 in 14 cases (77%). Agenesis of corpus callosum, not previously reported in association with achondroplasia, was present in the only case with the G-C transversio nmutation at nucleotide 1138 (5%).Conclusions: Awareness of the cardinal features of achondroplasia, properanthropometric measurements and detailed skeletal survey are the key foraccurate diagnosis, genetic counseling and avoidance of over diagnosis. The majority of studied Egyptian achondroplasia patients have the same common mutation that has been most often defi ned in patients with achondroplasia from other countries.Keywords: Achondroplasia, fi broblast growth factor receptor3,skeletal dysplasia, paternal heat exposure

Kinetics of lactose fermentation using a recombinant saccharomyces cerevisiae strain

This work presents a multi-route, non-structural kinetic model for interpretation of ethanol fermentation of lactose using a recombinant flocculent Saccharomyces cerevisiae strain expressing both the LAC4 (coding for β-galactosidase) and LAC12 (coding for lactose permease) genes of Kluyveromyces lactis. In this model, the values of different metabolic pathways are calculated applying a modified Monod equation rate in which the growth rate is proportional to the concentration of a key enzyme controlling the single metabolic pathway. In this study, three main metabolic routes for S. cerevisiae are considered: oxidation of lactose, reduction of lactose (producing ethanol), and oxidation of ethanol. The main bioprocess variables determined experimentally were lactose, ethanol, biomass, and dissolved oxygen concentrations. Parameters of the proposed kinetic model were established by fitting the experimental data obtained in a small lab-scale fermentor with the initial lactose concentrations ranging from 5 g/dm³ to 50 g/dm³. A very good agreement between experimental data and simulated profiles of the main variables (lactose, ethanol, biomass, and dissolved oxygen concentrations) was achieved.Slovak Scientific Grant Agency ; Fundação para a Ciência e a Tecnologia (FCT

The Experience of Quality in Higher Education in the United Arab Emirates: In Times of Rapid Change and Complexities

In less than five decades, from offering formal education only in a few schools to a small tribal community to providing a selection of three public and approximately 100 private higher education institutions to the citizens of seven emirates creates a unique context in the United Arab Emirates (UAE). It is an evolution that corresponds with its remarkable economic growth. Quality assurance of diverse higher educational institutions requires complex schemes to ensure their fitness for purpose, while perhaps development and enhancement aspects need time to mature. The quality of the education is especially important because the UAE yearns for the diversified and knowledge-based economy; one that is led by its own citizens whose contribution to the workforce is currently less than 10%. This chapter highlights contextual complexities in the UAE that might have direct and/or indirect impacts on the quality experiences in the higher education sector, with proposed recommendations