Hedging Effectiveness of Total Returns Swaps: Application to the Japanese Market

The development of the real estate swap market offers many opportunities for investors to adjust the exposure of their portfolios to real estate. A number of OTC transactions have been observed in markets around the world. In this paper we examine the Japanese commercial real estate market from the point of view of an investor holding a portfolio of properties seeking to reduce the portfolio exposure to the real estate market by swapping an index of real estate for LIBOR. This paper explores the practicalities of hedging portfolios comprising small numbers of individual properties against an appropriate index. We use the returns from 74 properties owned by Japanese Real Estate Investment Trusts over the period up to September 2007. The paper also discusses and applies the appropriate stochastic processes required to model real estate returns in this application and presents alternative ways of reporting hedging effectiveness. We find that the development of the derivative does provide the capacity for hedging market risk but that the effectiveness of the hedge varies considerably over time. We explore the factors that cause this variability.

Hedging effectiveness of total returns swaps: application to the Japanese market

The development of the real estate swap market offers many opportunities for investors to adjust the exposure of their portfolios to real estate. A number of OTC transactions have been observed in markets around the world. In this paper we examine the Japanese commercial real estate market from the point of view of an investor holding a portfolio of properties seeking to reduce the portfolio exposure to the real estate market by swapping an index of real estate for LIBOR. This paper explores the practicalities of hedging portfolios comprising small numbers of individual properties against an appropriate index. We use the returns from 74 properties owned by Japanese Real Estate Investment Trusts over the period up to September 2007. The paper also discusses and applies the appropriate stochastic processes required to model real estate returns in this application and presents alternative ways of reporting hedging effectiveness. We find that the development of the derivative does provide the capacity for hedging market risk but that the effectiveness of the hedge varies considerably over time. We explore the factors that cause this variability

State fragility and militia proliferation in Kenya a case study of policy inadequacy in the context of soft insecurity

Includes bibliographical references.This study looks at service delivery in the context of failed states. The objective of this study is to investigate whether state failure in its provisioning capacity of basic services to its citizens has led to the proliferation of militia groups in Kenya. The study draws upon secondary sources of literature such as research reports, articles, journals, and academic documents, classifications of militia groups, population growth and government service provision in Kenya since independence, and the basic needs of the poor in the slums to retrieve relevant information on the dimensions of fragility. Reports on the analysis of census data since 1963-2009 are reviewed to investigate whether government services in Kenya have been improving or deteriorating. Further, two main militia groups in Kenya: the Mungiki and SLDF (Sabaot Land Defence Force) are analysed to determine their agenda and activities

Impact of innovation platforms and information sharing on nurturing of smaller innovation platforms: A case study of Tanzania Dairy Development Forum

Information sharing on production, marketing, processing, and consumption among otherindustry attributes is a key determinant on the effectiveness and efficiency of the dairy industry.However, actors in the dairy value chain often lack awareness of where and how to accessinformation or are uncertain concerning the quality and reliability of the information shared withthem. However, innovation platforms bringing together dairy industry stakeholders harbour thepotential to improve accountability and quality of information, to benefit all actors in the dairyvalue chain. Accordingly, several innovation platforms have been established at the village anddistrict levels in Tanzania to address these challenges. Most importantly, the Tanzania DairyDevelopment Forum that was established in 2013 has a mandate to enhance information andknowledge sharing by convening annually to aggregate, synthesize, and disseminate informationrelevant to the dairy industry in Tanzania. In addition, it is also entrusted with the role ofnurturing smaller innovation platforms at the milk-shed level and facilitates evidence-basedinformation sharing to attract more investments from both private and public sectors into thedairy industry. This is expected to have a major impact on market access by smallholder farmersin Tanzania and improve the quality of milk and milk products through joint standards. Theconceptual framework of this study entails focusing on the structure, conduct, and performanceof the Tanzania Dairy Development Forum. Both qualitative and quantitative data will becollected through focus group discussions, key informant interviews, and individualquestionnaires of Tanzania Dairy Development Forum members and non-members. Thereafter,descriptive and inferential statistics will be used to analyse the data with specific focus onANOVA tests, Chi square and Factor Analysis. A mixed methods linear regression model willalso be used. The findings from this study will be useful in characterizing information sharingtrends in the Tanzania dairy industry, and in refining and testing a conceptual framework byILRI for the monitoring and evaluating the impact of innovation platform

Assessment of beef carcass contamination with Escherichia coli O157:H7 post-slaughter in Kenya

A cross sectional study was carried out on meat sourced from three slaughterhouses: Dagoretti in Nairobi, Limuru in Limuru and Eldoret Township in Eldoret. The objectives of the study were to assess the probability of obtaining an Escherichia coli O157 serotype contaminated carcass at loading, off loading and butchery stages of the transportation value chain, the prevalence of E. coli O157 serotype contamination of the carcass at the three stages and at the butchery equipment and highlight the unhygienic practices that could lead to the contamination and cross-contamination of the carcasses at each stage of transportation. The three slaughterhouses were selected on the basis of they being the main sources of meat consumed in Nairobi and Eldoret; the former being the capital city of Kenya and the most populated and the latter a stopover town in transit to the western side of Kenya. A total of 250 carcasses were randomly selected for non destructive sampling. Swab samples from a single carcass were obtained from three sites of the carcass, including the rump, the flank and the brisket at the three stages of the transportation value chain; the loading, the off loading and follow up after a day at the butchery. Swab samples were also obtained from four butchery equipment that was constantly in contact with the meat during sale: the cutting/chopping board, the knives/saw, the hooks and the weighing balance. A single carcass delivered to the butchery gave rise to eleven samples giving a total of 2750 samples. E. coli O157 serotype was isolated through culturing in sorbital MacConkey agar, further purification in MacConkey agar and nutrient agar and then serotyping using card agglutination test. The confirmed serotype were then tested for verotoxin production (both VT1and VT2). The prevalence was determined through running data using Statistical Package for Social Sciences (SPSS) ver17. The prevalence data was then modelled to determine the probability of carcass contamination at each stage of sampling. Monte Carlo simulation using winBUGS® software was used to determine the risk of obtaining contaminated carcass at each stage. The meat carrier temperature and humidity were taken using a sling hygrometer. A semi structured questionnaire was used to assess the knowledge, attitude and practice of the meat transporters and butchery attendants. Observations were made on some of the practices by these key players. The presumptive E. coli O157 isolates (non sorbital fermentors and with IMViC reaction of ++-) recovery from 2750 samples was 217 (7.89%). Only 20 (9.21%) of the presumptive isolates were positive for E. coli O157 serotype. The E. coli O157 serotype isolates that tested positive for verotoxin production were; one for VT1, two for VT2 and one for both VT1 and VT2. These were distributed along the transportation value chain of meat from the three slaughterhouses. The prevalence of E. coli O157 serotype contaminated carcasses was 2.4% along the transportation value chain and that of contaminated equipment at the butchery was found to be 0.6%. The contamination prevalence at offloading was significantly higher compared to loading (P=0.05). The probability of obtaining an E. coli O157 serotype contaminated carcass at Dagoretti, Limuru and Eldoret respectively was 14, 16 and 19 at loading and 31, 39 and 66 at offloading per 1000 carcasses handled. The temperature in the meat carrier significantly increased (p=0.004) during transportation between loading and offloading. The average time taken to transport the meat from the slaughterhouses to the butchery was found to be 65 minutes. The respondents interviewed for the knowledge, attitude and practices were 119 where 87 were butchery attendants and 32 meat transporters. Of those interviewed, 83 (69.75%) had worked in the meat industry for at least 5 years but only 19 (16%) had had formal training on meat hygiene. Most of the butchery attendants interviewed (97%) said they washed their hands frequently although only 9% of the butcheries had functional water taps in their premises. The meat transporters did not wash their hands during the transportation although 53% had said that they did so regularly. Cleaning of the butchery surfaces was done using cold water and soap only and no disinfectant was used. During meat transportation, it was observed that the carcasses were loaded on the shoulders of the transporters and placed on the floor of the carriers or heaped on top of other carcasses. Offloading at the butchery was done by the same person without any change over of clothes. Kraft papers were used to separate the carcasses and avoid staining those beneath with blood. Bacteriological quality of the papers was unknown. These unhygienic practices in combination with the temperature increase during transportation could have led to the significant increase in contaminated carcasses at offloading as compared to loading. Therefore this significant increase was mainly due to cross contamination and bacterial multiplication. There was risk of obtaining contaminated carcasses at the three stages of sampling. The risk increased along the transportation value chain. This was due to poor hygiene practices by both the transporters and butchery attendants who had little information on prevention of carcass contamination. Increase in temperature due to lack of the observation of the cold chain also led to the increase in the prevalence and probability of obtaining a contaminated carcass. E. coli O157 serotype contamination in the carcass could persist from loading to offloading

Determinants of Higher Institution Choice by Agriculture Undergraduate Students in Botswana

In this study, authors explored major factors that undergraduate students in Botswana consider vital in influencing their higher education institution choice decisions. It was based on a survey of 300 admitted students at the Botswana University of Agriculture and Natural Resources, to which 91.33 % (274/300) of the sample responded. Data was collected using a questionnaire and analysed by coding and using Microsoft Excel package. Results show that the choice decision is based on a number of factors, with the main factors being location of the institution, availability of relevant study programmes, institutional reputation and how the institution marketing and advertise itself to potential students. The findings may have important implications for an institution’s positioning in the competitive student recruitment market, and for re-evaluating marketing and advertising strategies. Recommendations are made on the basis of the main findings. Keywords: higher education, higher education institution, undergraduate, choice decision, BUAN. DOI: 10.7176/JEP/10-18-07 Publication date:June 30th 201

Negative perception of the local community towards tourism development

Purpose – Tourism has positive and negative sides. Due to ecological disturbance, cultural diffusion, and poor perceptions, tourism can sometimes be seen as a burden to locals and the area. If these perceptions are not addressed appropriately, it can lead to a chain of conflicts. This study explores people\u27s negative perceptions towards tourism in their locality. Methodology/Design/Approach – Data was collected using a structured questionnaire. Respondents were asked to rate their views on a 5-point Likert scale. Both primary and secondary data were used to achieve the objective of the study. Findings – The results indicate that local people are happy to receive tourists in their villages. However, they have certain concerns that need to be addressed for sustainable tourism growth. Anti-social activities such as drugs, alcoholism, prostitution and lack of measures to protect the ethnic group from outside influences are some of the key areas that require immediate attention. Originality of the research – Similar studies have been conducted before, but in the study area (Arunachal Pradesh, India), which is ecologically sensitive and geographically remote, a detailed study on negative perceptions alone was not conducted. Various dimensions were also added to understand healthy and relative perceptions

Competence of health care providers on care of newborns at birth in a level-1 health facility in Yaoundé, Cameroon

Introduction: This is an observational study which was carried out at a level one health facility in Yaoundé from June to July 2009. The aim was to evaluate the competence of health care providers towards newborns’ care at birth. Methods: Ten health care providers took care of three hundred and thirty-five pregnant women who were enrolled for the study after informed verbal consent in the delivery room. Results: Out of 340 offspring delivered and taken care of, 179 (52.6%) were male and 161 (47.4%) were female. Only two out of ten health workers had a WHO Essential Newborn Care (ENC) training. None of them had received any refresher course for the past two years. The mean gestational age of women was 39.5±3.5 weeks. Resuscitation was carried out on 21 (6.2%) of the newborns including 7 (33.3%) who had birth asphyxia. Health care providers scored 100% in performing the following tasks: warming up the baby, applying eye drops, injecting vitamin K, identifying the neonate, searching for any apparent life threatening congenital malformations, preventing for infection after procedures and initiating breastfeeding. The score was 24% at neonatal resuscitation tasks. Low level of education was associated with poor competence on applying ENC tasks (p<0.001). Lack of WHO ENC training was associated with poor competence on ENC tasks (p<0.001) and poor skills on resuscitation (p=0.03). Conclusion: There is a need to reinforce the capacity of health care providers by training in WHO ENC course with emphasis on providing skills on resuscitation in order to reduce the burden of neonatal intrapartum-related deaths

Chinese investments in Africa: legal ‘misengineering’ and unequal returns on investments

Magister Legum - LL