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Effect of Branch Expansion on Cost Efficiency of Ethiopian Commercial BANKS. (Stochastic Cost frontier Approach)

Banks are a vital parts of a nation’s economy that catalyzed Economic growth through facilitate spending and investment in the economy.Bank institutionis one and the top from the major financial institutions in Ethiopia.The number of all branches of the industry including public banks increased from year to year aggressively.Thus, the overall objective of this study was to investigate effect of branch expansion on cot efficiency Ethiopian commercial banks.Accordingly, from the population, Commercial banks operating in the country a total of 18, among these, 2 public and 16 private commercial banks (a total of 14 commercial banks) were included in the study period 2010/11-2018/19 based on non-probability, purposefully sampling method. The research used theprice of labor, prices of capital,Number of branches, annual inflation rate, real GDP growth, Total loan output, management performances, market share, capital adequacy ratio,liquidity risk, prices of deposit and total securities variables to measure cost efficiency. To this end, the study used secondary data from the NBE, balance sheets and income statements of individual commercial banks obtained from the period from to 2010/11 to 2018/9. Then nine years’ panel data of bank levelvariables has been collected and analyzed using stochastic cost frontier regression analysis. As a resultthe researcher concluded that stochastic frontier model as appropriate to represent inefficient operation among the commercial banks of Ethiopia .The Ethiopian commercial banks expanded their branches throughout the country’s territory; most of the bank branches were opened.Despite the various challenges, banks preferred to go ahead with its plan to open more branches to reach customers. However their cost efficiency had been decreased as of aggressively opened branches in the study years.Accordingly the analysis result Zemen bank was the most cost efficiency and become the best practiced bank and CBE the most inefficiency bank and in reverses also characterizes in branch expansion profile.The researcher recommended thatEthiopianbanking institutions should continue to innovate so as to reduce their cost inefficiencies. Moreover, NBE and government stand towards policy that forbids foreign banks entry, the Reserve required ratio amount, and competition environment and policy in opening branches must revised. Keywords: Branch expansion, cost efficiency, Ethiopian commercial banks DOI: 10.7176/RJFA/12-9-04 Publication date:May 31st 202

Inferring The Cost Of Equity: Does The CAPM Consistently Outperform The Income And Multiples Valuation Models?

A number of surveys reveal that a large number of analysts, valuation experts, investors, chief financial officers and finance academics employ the capital asset pricing model (CAPM) of Sharpe (1962) and Lintner (1965) to estimate the cost of equity. There are, however, a number of alternative valuation models that can be used to infer the cost of equity. These alternative equity valuation models include the constant growth dividend discount, the earnings and book market multiples, the residual income and the Ohlson and Juettner-Nauroth (2005) abnormal earnings growth (AEG) models.  Using four mature retail firms listed on the Johannesburg Stock Exchange, this paper tested for the equivalence of these models to the CAPM in estimating the cost of equity.  The study found that the variants of the constant growth dividend discount and the AEG models give similar estimates which are closer to those of the CAPM. The variants of the price-to-earnings market multiples, price-to-book market multiples, and residual income models all yield estimates that are higher than those of the CAPM. Finally, the estimates seem to be affected by the stability of the firm’s earnings and financial position

Physicians' working conditions and job satisfaction : does hospital ownership in Germany make a difference?

Background: A growing number of German hospitals have been privatized with the intention of increasing cost effectiveness and improving the quality of health care. Numerous studies investigated what possible qualitative and economic consequences these changes issues might have on patient care. However, little is known about how this privatization trend relates to physicians' working conditions and job satisfaction. It was anticipated that different working conditions would be associated with different types of hospital ownership. To that end, this study's purpose is to compare how physicians, working for both public and privatized hospitals, rate their respective psychosocial working conditions and job satisfaction. Methods: The study was designed as a cross-sectional comparison using questionnaire data from 203 physicians working at German hospitals of different ownership types (private for-profit, public and private nonprofit). Results: The present study shows that several aspects of physicians' perceived working conditions differ significantly depending on hospital ownership. However, results also indicated that physicians' job satisfaction does not vary between different types of hospital ownership. Finally, it was demonstrated that job demands and resources are associated with job satisfaction, while type of ownership is not. Conclusion: This study represents one of a few studies that investigate the effect of hospital ownership on physicians work situation and demonstrated that the type of ownership is a potential factor accounting for differences in working conditions. The findings provide an informative basis to find solutions improving physicians' work at German hospitals

Medical work Assessment in German hospitals: a Real-time Observation study (MAGRO) – the study protocol

Background: The increasing economic pressure characterizes the current situation in health care and the need to justify medical decisions and organizational processes due to limited financial resources is omnipresent. Physicians tend to interpret this development as a decimation of their own medical influence. This becomes even more obvious after a change in hospital ownership i.e. from a public to a private profit oriented organization. In this case each work procedure is revised. To date, most research studies have focused mainly on differences between hospitals of different ownership regarding financial outcomes and quality of care, leaving important organizational issues unexplored. Little attention has been devoted to the effects of hospital ownership on physicians' working routines. The aim of this observational real time study is to deliver exact data about physicians' work at hospitals of different ownership. Methods: The consequences of different management types on the organizational structures of the physicians' work situation and on job satisfaction in the ward situation are monitored by objective real time studies and multi-level psycho diagnostic measurements. Discussion: This study is unique in its focus. To date no results have been found for computer-based real time studies on work activity in the clinical field in order to objectively evaluate a physician's work-related stress. After a complete documentation of the physicians' work processes the daily work flow can be estimated and systematically optimized. This can stimulate an overall improvement of health care services in Germany

Scoliosis : density-equalizing mapping and scientometric analysis

Background: Publications related to scoliosis have increased enormously. A differentiation between publications of major and minor importance has become difficult even for experts. Scientometric data on developments and tendencies in scoliosis research has not been available to date. The aim of the current study was to evaluate the scientific efforts of scoliosis research both quantitatively and qualitatively. Methods: Large-scale data analysis, density-equalizing algorithms and scientometric methods were used to evaluate both the quantity and quality of research achievements of scientists studying scoliosis. Density-equalizing algorithms were applied to data retrieved from ISI-Web. Results: From 1904 to 2007, 8,186 items pertaining to scoliosis were published and included in the database. The studies were published in 76 countries: the USA, the U.K. and Canada being the most productive centers. The Washington University (St. Louis, Missouri) was identified as the most prolific institution during that period, and orthopedics represented by far the most productive medical discipline. "BRADFORD, DS" is the most productive author (146 items), and "DANSEREAU, J" is the author with the highest scientific impact (h-index of 27). Conclusion: Our results suggest that currently established measures of research output (i.e. impact factor, h-index) should be evaluated critically because phenomena, such as self-citation and co-authorship, distort the results and limit the value of the conclusions that may be drawn from these measures. Qualitative statements are just tractable by the comparison of the parameters with respect to multiple linkages. In order to obtain more objective evaluation tools, new measurements need to be developed

A TEMPORAL AND KINETIC COMPARISON OF THE KETTLEBELL SWING AND MAXIMAL VERTICAL JUMP

The purpose of this study was to compare the temporal and kinetic characteristics of the kettlebell swing to those of the maximal vertical jump in an attempt to understand how the kettlebell swing could potentially enhance vertical jump performance from the kinetic perspective. Twenty-five recreational athletes completed five two handed kettlebell swings and 5 maximal vertical jumps while ground reaction force data was sampled at 1200 Hz using two force plates. Variables related to power such as time to peak rate of force development (RFD), peak RFD, and average RFD were smaller in the kettlebell swing than the vertical jump. The lack of similarity between the kettlebell swing and vertical jump indicates the kettlebell swing may not be an appropriate training method for eliciting improvements in vertical jump performance at the 20% body weight load examined in this study

Sub-plastidial localization of two different phage-type RNA polymerases in spinach chloroplasts

Plant plastids contain a circular genome of ∼150 kb organized into ∼35 transcription units. The plastid genome is organized into nucleoids and attached to plastid membranes. This relatively small genome is transcribed by at least two different RNA polymerases, one being of the prokaryotic type and plastid-encoded (PEP), the other one being of the phage-type and nucleus-encoded (NEP). The presumed localization of a second phage-type RNA polymerase in plastids is still questionable. There is strong evidence for a sequential action of NEP and PEP enzymes during plant development attributing a prevailing role of NEP during early plant and plastid development, although NEP is present in mature chloroplasts. In the present paper, we have analysed two different NEP enzymes from spinach with respect to subcellular and intra-plastidial localization in mature chloroplasts with the help of specific antibodies. Results show the presence of the two different NEP enzymes in mature chloroplasts. Both enzymes are entirely membrane bound but, unlike previously thought, this membrane binding is not mediated via DNA. This finding indicates that NEP enzymes are not found as elongating transcription complexes on the template DNA in mature chloroplasts and raises the question of their function in mature chloroplasts

STUDENTS’ LEARNING OF SPECIFIC BIOMECHANICAL COMPETENCIES

The purpose of this study was to examine student learning in various competency areas of undergraduate biomechanical concepts based on the North American guidelines. A total of 173 students were recruited from introductory biomechanics classes from two state universities. The third version of Biomechanics Concept Inventory (BCI3) was given during the first and last two weeks of the sessions to measure student learning in six competency areas. Data from the 162 students who completed the study protocol showed that performance on items requiring prerequisite skills remained consistent between pre- and post-test. Overall, post-test scores significantly improved by 17 percent from pre-test values. Furthermore, the students demonstrated significant learning progress on neuromuscular and kinetics competencies