STOCK MARKET DEVELOPMENT AND ECONOMIC GROWTH: THE CAUSAL LINKAGE

This paper addresses the question: does stock market development cause growth? It examines the causal linkage between stock market development, financial development and economic growth. The argument is that any inference that financial liberalisation causes savings or investment or growth, or that financial intermediation causes growth, drawn from bivariate causality tests may be invalid, as invalid causality inferences can result from omitting an important variable. The empirical part of this study exploits techniques recently developed by Toda and Yamamoto (1995) to test for causality in VARs, and emphasises the possibility of omitted variable bias. The evidence obtained from a sample of seven countries suggests that a well-developed stock market can foster economic growth in the long run. It also provides support to theories according to which well-functioning stock markets can promote economic development by fuelling the engine of growth through faster capital accumulation, and by tuning it through better resource allocation.Financial Development, Economic Growth, Stock Market, Causality Testing, VARs, Incomplete Systems

A Phenomenological Analysis of Managerial Capability in SMEs in Nigeria

As concluded by researchers change process of transformation involves implementation of better strategies to have sustainable competitive advantage. Non financing strategies should be adopted rather than solely relying on financial indices as observed in most Nigerian SMEs. This research argues that managerial capabilities which include HR competencies and skills are vital for business survival as such employers should develop and execute strategies to prioritise capabilities. The aim of this study is to evaluate phenomenologically an interpretation of managerial capability as a non-financial dimension of Organisational Health in relation to the growth of SMEs in the Nigerian context. It is pertinent to know that managerial capability which is one of the soft factor dimensions has already identified skills and competencies in related literature. This interpretive phenomenological study adopted an inductive approach using the philosophical paradigm of constructivism and semi-structured interviews for data collection. Nvivo software was used for the data analysis. The study’s key findings show that managerial capability has the highest percentage and seems to be the ultimate foundation of Organisational Health. It further shows that connectivity and relationship exist between dimensions of Organisational Health especially capability and leadership on the one hand and accountability and reporting structure on the other hand which all have influence on the growth of SMEs. However, capability and accountability are found to have stronger influence on SMEs' growth compared to leadership and reporting structure. This study reveals that the successes of SMEs are closely tied to socio-psychological processes and not only to financing support. DOI: 10.5901/mjss.2016.v7n3p12

Calli Essential Oils Synergize with Lawsone against Multidrug Resistant Pathogens.

The fast development of multi-drug resistant (MDR) organisms increasingly threatens global health and well-being. Plant natural products have been known for centuries as alternative medicines that can possess pharmacological characteristics, including antimicrobial activities. The antimicrobial activities of essential oil (Calli oil) extracted from the Calligonum comosum plant by hydro-steam distillation was tested either alone or when combined with lawsone, a henna plant naphthoquinone, against MDR microbes. Lawsone showed significant antimicrobial activities against MDR pathogens in the range of 200-300 µg/mL. Furthermore, Calli oil showed significant antimicrobial activities against MDR bacteria in the range of 180-200 µg/mL, Candida at 220-240 µg/mL and spore-forming Rhizopus fungus at 250 µg/mL. Calli oil's inhibition effect on Rhizopus, the major cause of the lethal infection mucormycosis, stands for 72 h, followed by an extended irreversible white sporulation effect. The combination of Calli oil with lawsone enhanced the antimicrobial activities of each individual alone by at least three-fold, while incorporation of both natural products in a liposome reduced their toxicity by four- to eight-fold, while maintaining the augmented efficacy of the combination treatment. We map the antimicrobial activity of Calli oil to its major component, a benzaldehyde derivative. The findings from this study demonstrate that formulations containing essential oils have the potential in the future to overcome antimicrobial resistance

ON THE EXISTENCE OF MILD SOLUTIONS OF SEMILINEAR FUNCTIONAL DIFFERENTIAL INCLUSIONS

In this paper the existence of local and global mild solution of a semi-linear functional differential inclusion in the case when the kernel is not necessarily compact is proved. Also, some topological properties of the solution set are obtained.In this paper the existence of local and global mild solution of a semi-linear functional differential inclusion in the case when the kernel is notnecessarily compact is proved. Also, some topological properties of thesolution set are obtained

Evaluation of the safety and antioxidant activities of Crocus sativus and Propolis ethanolic extracts

AbstractThe possible toxicological effects and in vitro antioxidant activity of the ethanolic extracts of Crocus sativus and Propolis were investigated. Both extracts did not cause any mortalities or signs of toxicity in mice when administered orally at doses up to 5g/kgb.wt. In the sub-chronic study; the tested extracts did not produce any significant change in liver and kidney functions of rats, following oral administration for 8 successive weeks at doses of 500mg/kgb.wt. of each. Propolis showed remarkable in vitro antioxidant activity at concentrations of (40–100mg/ml). In contrast, the ethanolic extract of C. sativus ethanolic extract showed weak antioxidant activity in concentrations of (1–10mg/ml) while at concentrations of (20–100mg/ml) failed to exhibit any antioxidant activity. It was concluded that: both extracts were non-toxic, as they did not cause any mortalities or signs of toxicity in mice when administered orally at doses up to 5g/kgb.wt. Daily oral administration of C. sativus, Propolis ethanolic extracts alone or in combination for 8 successive weeks to rats was quiet safe and didn't cause any toxic changes in liver and kidney. Antioxidant study showed that Propolis ethanolic extract was a more potent antioxidant than C. sativus extract

Gonadal infection: a risk factor for the development of adolescent varicocele

Objective: The aim of this study was to determine whether a relationship between previous gonadal infections and adolescent varicocele occurrence exists.Patients and methods: All adolescents who presented with varicocele at Tanta Urology Department during the period from January 2006 to March 2011 were included in this study. Patients were evaluated for age, clinical presentation, previous history of epididymitis or epididymoorchitis, laterality, and grading of varicocele. Examination of testicular consistency and ultrasound measurement of testicular volume were carried out for all patients to define those with testicular atrophy.Results: Sixty-three boys were included in this study. The mean patients’ age was 15.6 years (range: 10–18, SD; 1.6 years). Twenty-nine (44.4%) boys had signs of testicular atrophy (testes are soft in consistency with ultrasounddetected volume smaller than that normal for age) either unilateral or bilateral. About 28.6% of patients (18 boys) had a history of epididymitis or epididymo-orchitis either associated with mumps or of unknown etiology. Of those patients, six boys had previous history of single attack, 10 boys had two attacks, and two boys had more than two attacks of epididymo-orchitis. A significant positive correlation was seen between the incidence of epididymo-orchitis attacks and the grade of varicocele (rs=0.63, 95% confidence interval: 0.21–0.85, P<0.05). Patients with past history of epididymo-orchitis were significantly more liable (4.1 times) of developing testicular atrophy as compared with those without a history of epididymo-orchitis (95% confidence interval: 1.517–11.097, P<0.05).Conclusion: History of epididymo-orchitis is significantly a potential risk factor for the development of adolescent varicocele with subsequently higher risk for testicular atrophy. We advise routine ultrasonographic examinations in patients with previous history of epididymo-orchitis both for possible early detection of varicocele and to avoid testicular atrophy in this cohort of patients. However, more studies on a larger scale are still warranted.Keywords: adolescent varicocele, epididymo-orchitis, testicular atroph

Molecular Determinants of the Sensitivity to Gq/11-Phospholipase C-dependent Gating, Gd3+ Potentiation, and Ca2+ Permeability in the Transient Receptor Potential Canonical Type 5 (TRPC5) Channel

Transient receptor potential canonical type 5 (TRPC5) is a Ca2+-permeable cation channel that is highly expressed in the brain and is implicated in motor coordination, innate fear behavior, and seizure genesis. The channel is activated by a signal downstream of the G-protein-coupled receptor (GPCR)-Gq/11-phospholipase C (PLC) pathway. In this study we aimed to identify the molecular mechanisms involved in regulating TRPC5 activity. We report that Arg-593, a residue located in the E4 loop near the TRPC5 extracellular Gd3+ binding site, is critical for conferring the sensitivity to GPCR-Gq/11-PLC-dependent gating on TRPC5. Indeed, guanosine 5'-O-(thiotriphosphate) and GPCR agonists only weakly activate the TRPC5R593A mutant, whereas the addition of Gd3+ rescues the mutant's sensitivity to GPCR-Gq/11-PLC-dependent gating. Computer modeling suggests that Arg-593 may cross-bridge the E3 and E4 loops, forming the "molecular fulcrum." While validating the model using site-directed mutagenesis, we found that the Tyr-542 residue is critical for establishing a functional Gd3+ binding site, the Tyr-541 residue participates in fine-tuning Gd3+-sensitivity, and that the Asn-584 residue determines Ca2+ permeability of the TRPC5 channel. This is the first report providing molecular insights into the molecular mechanisms regulating the sensitivity to GPCR-Gq/11-PLC-dependent gating of a receptor-operated channel

تحليل أدوات السياسات المرتبطة بعرض محصولي القمح والبرسيم في مصر

This study dealt with the analysis of the related policies affecting the supply response of wheat and Egyptian clover (berseem) acreage in Egypt. These policies were the price policy, the policy of raising the yield (productivity) of wheat, bread price subsidy at the retail stage, foreign trade policy of wheat. In addition, the study estimated some econometric relationships between the policy variables, which included domestic price and the world price of wheat, the variables affecting the wheat profitability and berseem profitability in Egypt. The study concluded from the analysis of relations between the variables of the policies targeted modifying the prevailing competitiveness between wheat and berseem on the agricultural area produced several important results: the depreciation of the value of the Egyptian pound against the American dollar makes the growth rate in domestic wheat price to match imported wheat price to the Egyptian market would be doubled 6 times, the growth rate of world wheat price, which places a huge burden on the state to procure foreign currency and inflate the size of the funding gap. These burdens are compounded by increased imports of wheat due to population growth. Such policy would increase the subsidy burden and then social costs as the world price in US dollars has grown by about 1% a year over the four decades ago, while the exchange rate of the dollar to Egyptian pound led to make the growth rate of domestic wheat in Egyptian pounds about 6% which, will enter Egypt to fall in a dilemma of risk of enlargement of the national debt payment. Thus, despite the positive impact of increased farm price, depending on a policy of raising the price to cover the increase in the costs of production due to increase in the free agricultural input prices, monopolistic practices and fraud, with fluctuations in productivity of wheat through time, would cause burdens of distortions in the economy over the long term that might be of unbearable consequences

Stability study of thymoquinone, carvacrol and thymol using HPLC-UV and LC-ESI-MS

The aim of this study was to investigate the stability of three major antioxidants of Nigella sativa: thymoquinone (TQ), carvacrol (CR) and thymol (THY), under different stress conditions using HPLC and LC-MS/MS. Forced degradation for each compound was performed under different conditions, including oxidation, hydrolysis, photolysis and thermal decomposition. The results showed that both CR and THY were stable under the studied conditions, whereas TQ was not affected by acidic, basic and oxidative forced conditions but the effect of light and heat was significant. The degradation products of TQ were further investigated and characterized by LC-MS/MS. HPLC-UV method has been fully validated in terms of linearity and range, the limit of detection and quantitation, precision, selectivity, accuracy and robustness. The method was successfully applied to quantitative analysis of the principal antioxidants of Nigella sativa TQ, CR and THY in different phytopharmaceuticals