The Effect of Financial Development and International Trade on Deregulation

This paper provides robust evidence of financial development and international trade liberalization on deregulation in some developing economies. Specifically, it investigates the effect of financial development and international trade liberalization on deregulation in 45 African countries in a panel set between January 1, 1980, to December 31, 2017. It employed the system Generalized Method of Moments (GMM) panel data estimation to address potential endogeneity concerns. Demir and Dahi (2011) showed that system GMM can effectively deal with any endogeneity issue originating from unobserved country-specific effects, and bias. The study found a robust positive effect of financial development and international trade liberalization on deregulation. The key finding was that technological impact is observed when private credit is regressed on market capitalization on Gross Domestic Product (GDP). It found that both GDP and gross per capita negatively impact financial development, conceivably causing the selected African countries’ markets to be insulated

Wealth effects of mergers and acquisitions for US firms: using alternative pricing models

This empirical study employs a different methodology to examine the change in wealth associated with mergers and acquisitions (M&As) for US firms. Specifically, we employ the standard CAPM, the Fama-French three-factor model and the Carhart four-factor models within the OLS and GJR-GARCH estimation methods to test the behaviour of the cumulative abnormal returns (CARs). Whilst the standard CAPM captures the variability of stock returns with the overall market, the Fama-French factors capture the risk factors that are important to investors. Additionally, augmenting the Fama-French three-factor model with the Carhart momentum factor to generate the four-factor captures additional pricing elements that may affect stock returns. Traditionally, estimates of abnormal returns (ARs) in M&As situations rely on the standard OLS estimation method. However, the standard OLS will provide inefficient estimates of the ARs if the data contain ARCH and asymmetric effects. To minimise this problem of estimation efficiency we re-estimated the ARs using GJR-GARCH estimation method. We find that there is variation in the results both as regards the choice models and estimation methods. Besides these variations in the estimated models and the choice of estimation methods, we also tested whether the ARs are affected by the degree of liquidity of the stocks and the size of the firm. We document significant positive post-announcement cumulative ARs (CARs) for target firm shareholders under both the OLS and GJR-GARCH methods across all three methodologies. However, post-event CARs for acquiring firm shareholders were insignificant for both sets of estimation methods under the three methodologies. The GJR-GARCH method seems to generate larger CARs than those of the OLS method. Using both market capitalization and trading volume as a measure of liquidity and the size of the firm, we observed strong return continuations in the medium firms relative to small and large firms for target shareholders. We consistently observed market efficiency in small and large firm. This implies that target firms for small and large firms overreact to new information resulting in a more efficient market. For acquirer firms, our measure of liquidity captures strong return continuations for small firms under the OLS estimates for both CAPM and Fama-French three-factor models, whilst under the GJR-GARCH estimates only for Carhart model. Post-announcement bootstrapping simulated CARs confirmed our earlier results

Bank risk, corporate governance and bank performance in Africa

This thesis contains the findings of the empirical studies of the relationship between bank risk, corporate governance and bank performance in Africa. Specifically, using a sample of 635 banks from 48 countries in Africa (a total of 10795 firm-year observations) and corporate governance data collected directly from banks annual report, the thesis seeks to examine whether there is a relationship between bank risk and bank performance, whether there is a relationship between corporate governance and bank risk, whether there is a relationship between corporate governance and bank performance, and whether corporate governance moderate the relationship between bank risk and bank performance. Firstly, using Generalised Method of Moments (GMM) technique, the result suggests that bank risk, measured by Loan Loss Provisions to Net Interest Revenue (LLPNR) has negative relationship with both accounting measures, Return on Assets (ROA) and Return on Equity (ROE). However, bank risk, measured by Loan Loss Reserve to Gross Loan (LLRGL) is insignificantly negative related to both Return on Assets (ROA) and Return on Equity (ROE). Secondly, the result based on bank risk and corporate governance is mixed. Board size is insignificantly negative related with Loan Loss Provisions to Net Interest Revenue (LPNR) and significantly negative related with Loan Loss Reserve to Gross Loan (LLRGL). Duality is significantly negative related with Loan Loss Provisions to Net Interest Revenue LLPNR and insignificantly negative related with Loan Loss Reserve to Gross Loan (LLRGL). Board meeting is significantly negative related with Loan Loss Provisions to Net Interest Revenue (LLPNR) and significantly positive related with Loan Loss Reserve to Gross Loan (LLRGL). Female directors is significantly negative related with Loan Loss Provisions to Net Interest Revenue (LLPNR) and significantly positive related with Loan Loss Reserve to Gross Loan (LLRGL). Finally, independent directors is insignificantly positive related with Loan Loss Provisions to Net Interest Revenue (LLPNR) and significantly negative related with Loan Loss Reserve to Gross Loan (LLRGL). Thirdly, the result based on corporate governance and bank performance is mixed. Board size and board meetings have significant and negative impact on Return on Assets (ROA) and Return on Equity (ROE). Duality has insignificant positive impact on Return on Assets (ROA) and significant negative impact on Return on Equity (ROE). Female directors has significant positive impact on both Return on Assets (ROA) and Return on Equity (ROE), while independent directors has insignificant negative impact on Return on Assets (ROA) and significant negative impact on Return on Equity (ROE). Finally, the result suggests that all the five governance variables, board size, duality, board meeting, female directors and independent directors, moderate the relationship between bank risk and bank performance in Africa. Given a dearth of empirical evidence on the relationship between bank risk, corporate governance and bank performance, this study seeks to fill the gap and contribute to the growing literature by providing new evidence on the relationship between bank risk and bank performance, corporate governance and bank risk, corporate governance and bank performance, and the joint effect of corporate governance and bank risk on bank performance

Inalienable possession: An aspect of the syntax of personal reference in Swahili.

In a group of constructions in Swahili, the person ('possessor') and a part of the body or other thing intimately connected with them ('property') feature as two independent arguments of the verb rather than as components of a single noun phrase. The privileged treatment of parts of the body has been described in the literature as 'inalienable possession', and the verbal expression of the relationship as 'possessor raising'. Previous treatments of the phenomenon in Swahili have concentrated on transitive constructions in which the possessor and property are respectively direct and oblique objects (She grasped him [by the] shoulder), and to a lesser extent on 'intransitive constructions' in which possessor and property are respectively subject and object (She was swollen eyes). The more common construction in which the property features as subject (Eyes were swollen [for] her) has been largely overlooked. Also considered are the 'auto-referential' constructions in which there is an implicit relationship between agent/possessor as subject and property as object (He washed [his] hands). We refer to these constructions collectively as 'affective'. The dissertation takes a corpus of four Swahili novels by coastal authors and explores the different forms of construction involving possessor and property whether nominally or verbally related, and the factors that determine their choice. The frequency of these constructions proves very high especially in the description of physical and emotional conflict, and over 900 citations have been extracted. In contrast to previous studies, we found that inalienable possessions extend to clothing on the body and emotions; that possessive constructions are widely used alongside affective constructions; and that the range of constructions identified in previous studies was unrepresentative. Factors determining choice are subtle and individual, but involuntariness of action appears to favour affective constructions, while possessive constructions are more used when the agent or observer is detached. Other choices may be determined by discourse considerations such as topic switching and continuity. Confronting affective and possessive constructions, we have found that affective constructions focus on the person rather than the property, and imply involuntariness. Other choices are influenced by discourse considerations such as topic switching and continuity within the narrative fabric

Shareholders wealth and mergers and acquisitions (M&AS)

We re-examine the abnormal returns (ARs) around merger announcements using a large sample of 8,945 announcements. We estimate the ARs using the Carhart (1997) fourfactor model under the standard ordinary least square (OLS) method and the Glosten et al.'s (1993) asymmetric GARCH specification (hereafter, GJR-GARCH). Under the OLS method, acquirers do not generate significant cumulative ARs (CARs) in line with prior work. Our new results, however, show that under the GJR-GARCH estimation, acquirers generate positive and significant cumulative CARs. We attribute the gains to the use of the GJR-GARCH estimation method, as the GJR-GARCH method is more effective in capturing conditional volatility and asymmetry in the excess returns

Extra gonadal sclerosing stromal tumour in the transverse mesocolon

Sclerosing stromal tumour (SST) is a rare benign sex cord stromal tumour of the ovary. We report a case of sclerosing stromal tumour of the mesentery in a 32-year-old Para one who presented with intra abdominal mass, menstrual irregularity and secondary infertility. Histopathology and immunohistochemistry of the completely excised tumour was consistent with sclerosing stromal tumour, immunoreactive only to vimentin. No ovarian tissue was found in the sectioned tumour. Her menses became regular and she conceived 3 months after complete excision and delivered after 9 months. Hormonal assay was not done because SST was least suspected. From literature this is the first case of SST in the transverse mesocolon reported in the West African subregion, and may probably be one of the rare cases of hormonally active SST.Keywords: Extragonadal, sclerosing stromal tumour, Hormonally active, secondary infertility, Ghan

Creation of Network on the Esoko platform to monitor beneficiaries and information dissemination

Esoko was able to create a network of 256,981 and provided them with Climate Information Services and Climate Smart Agriculture (CIS-CSA)

Bridging the Gap between Rural Water Supply and Demand using Harvestable Rainwater: A Case Study of Adansi-Fumso

Rainwater harvesting has several benefits including providing a valuable alternative source of water for households, reduction in flood flow to storm drains and settlement erosion as well as health benefits. The research aimed at assessing and confirming the available renewal water sources, determining the cost of developing a rainwater harvesting system and assessing the potential of rainwater as a supplement to water supply at Fumso. Using a systematic random sampling technique and a sample size of 100 respondents, it was discovered that rainwater harvesting in Adansi Fumso has the potential to conserve on-site potable water use, protect water quality and reduce the risk of flooding within the community. Rainwater was preferred by the community due to its easy accessibility, nature (clean, pure, healthier and tastier), cost and quality. An examination of the rainfall records at AngloGold Ashanti weather station at Obuasi revealed an average annual rainfall of 1449.2 mm with the drier months (November, December, January and February) receiving only a quarter of the average monthly rainfall. The relatively high rainfall means that rainwater harvesting system designs need to be taken as a priority in addressing the water shortage situation in the community. Geometrically uniform building shapes and the local hydrology can provide sufficient rainwater to serve buildings in the community. The cost of the proposed rainwater harvesting system is GH ¢ 389.00 ($256.00). Reasons have been given for the need for this project and recommendations made for its implementation at Adansi Fumso as the best alternative source of water to the fewer boreholes in the community

The dynamic relationship between bank risk and corporate governance in Africa

This paper investigates the nexus between corporate governance and bank risk in Africa using annual data of 635 banks from 48 countries for the period 2000 to 2019 in a panel GMM approach. Our bank risk variables are loan loss provision to net interest revenue (LLPNR) and loan loss reserve to gross loan (LLRGL). The corporate governance variables are board size, female directors, role duality, board meetings, and independent directors. Findings indicate that bank risk measured by LLPNR has significant negative association with female directors, role duality, and frequent board meetings. However, bank risk measured by LLRGL has significant negative connections with board size, and independent directors, but positive connections with female directors and board meetings. This study provides a guide to regulators, shareholders, and management of banks in adopting appropriate corporate governance practices to reduce risk

Surgical management of BPH in Ghana: A need to improve access to transurethral resection of the prostate

Background: Open prostatectomy for benign prostate hyperplasia (BPH) is widely practiced in Ghana and Africa. Some of the reasons include lack of expertise and facilities for Transurethral Resection of the Prostate (TURP) and digital rectal examination assessment of prostates as greater than 50 grams.Objectives: To assess the prostate volumes of patients for surgical management of BPH by transrectal ultrasound (TRUS) and to determine, on the basis of prostatic volume, what percentage of those who had open prostatectomy could have been managed by TURP.Design: Prospective cohort study.Setting: The Korle Bu Teaching Hospital, Accra, Ghana.Subjects: Patients for elective surgical management of BPH from March to September 2010 were studied.Results: Fifty-eight patients had surgical management of BPH. Forty-six of them (79.3%) had open prostatectomy whilst twelve (20.7%) had TURP with a mean age of 70.4 and 65.2 years respectively. The most common reason for the open prostatectomy was refractory retention of urine (76.0%) while that for TURP was lower urinary tract symptoms (58.3%). The mean prostate volume for the patients who had open prostatectomy was 64.2ml ±28.7mls (range 23.0-121.0ml) while that of the TURP group was 40.1g±16.2mls (range18.5-70.0mls). Of the open prostatectomy group, 67.4% of them had prostate volumes 75mls or less. The blood transfusion and peri-operative complication rates for the open prostatectomy and TURP groups were 13% versus 8.3% and 8.7% versus 8.3% respectively. There was no mortality.Conclusion: Access to TURP in the surgical management of BPH in Ghana is low (20.7%). With improved facilities including routine use of TRUS for assessing prostate size and availability of expertise for TURP, 67.4% of patients offered open prostatectomy presently could benefit from TURP, using prostate volumes 75mls (75g) or less as indication for TURP