Effects of election years in Kenya on performance of shares at the Nairobi securities exchange in Kenya: the mediating role of market

A Research project submitted in partial fulfillment of the requirements for the Degree of Bachelor of Business Science in Financial Economics at Strathmore UniversityThe Efficient Market Hypothesis is a core theory which explain s how the securities markets work. Itv proposes that capital markets are efficient to varying degrees where in this context, the term efficient means that the price of a share reflects information that pertains to the company (Fama, 1969). There are two types of investors, those who can consistently make above average returns and the other, those who lose their money due to unfavorable movements in the market. According to (Fama, 1969) market players can 't earn an above average return on their investment from information trading as long as markets are efficient, where information trading is making investment decisions based on information acquired on various securities. This gives rise to phenomena which can't be explained by EMH. Examples are 'day of the week' effect and 'month of the year" effect which shows that on certain days, returns are lower than on others. (Gao 2005) shows that an investor making decisions based on such phenomena could very well earn abnormal return

Moderating Effect of Firm Characteristics on the Relationship between Electric Power Outage Dynamics and Financial Performance of Manufacturing Firms in Kenya

Past literatures on the correlational link between electric power outage dynamics and performance of manufacturing firms, in most economies, have portrayed a controversial conceptual debate amongst scholars with little focus on the moderating role played by firm characteristics. This paper focuses on determining the effect of firm characteristics (capital structure) on the relationship between electric power outage dynamics and financial performance of manufacturing firms in Kenya. Positivism philosophical point of view and descriptive survey research design was utilized. A population of 447 manufacturing firms in Kenya, which were also members of Kenya Manufacturers Association, was selected out of which a sample size of 138 firms was drawn using stratified random sampling methodology. Structured questionnaires were utilized to collect data which involved drop and pick approach. The research results indicate that the relationship between electric power outage dynamics and performance of manufacturing firms in Kenya is not significantly moderated by firm characteristics. This study outcome augments existing knowledge on electric power outage dynamics in relation to firm characteristics and financial performance. This is because it is evident that top management should not focus on capital structure as a conditional factor when making decisions aimed at enhancing firm financial performance under power outage conditions. The study has also made an input to the academic literature ascending from empirical reinforcement of tradeoff theory and pecking order theory in making determination on firms’ capital investments. Policy makers and power utilities benefit in understanding the negative effect of power outages on the performance of firms are therefore guided in overseeing the planning and implementation of proper electricity infrastructure. Kenya Association of Manufacturers (KAM) will find these research findings useful in guiding their member firms on strategies to adopt to ensure continuous productivity and safeguard damages to the firm as a result of electric power outages

Exploring the importance of critical thinking in creating capabilities for self-reliance in international community development: A Kenyan context

Self-reliance as a component of development agendas is often relegated to the background if mentioned at all. This thesis explores the value of self-reliance in meaningful progress, as well as the conditions which enable self-reliance, paying particular attention to the role of critical thinking in that process. It investigates individual and collective use of local knowledge in formulating strategies for progressive community development in collaboration with international agencies. By drawing attention to the practical aspects of development interventions, the challenges can be observed from an equality, justice and inclusion perspective. The thesis works with the frameworks of Amartya Sen’s and Martha Nussbaum’s human development and capabilities approach calling attention to the value of freedom in development and the capabilities to do and to be. It adopts a critical theoretical approach from an emancipatory perspective and argues that a useful way to consider self-reliance may be Immanuel Kant’s perspective on Enlightenment as emergence from self-imposed inability to use one’s own knowledge. This approach emphasises the value in acknowledging the views of those the process is meant to support. By approaching the issues through Freirean dialogue and participatory methods, that address concerns of power relationships, the thesis provides a ‘space to speak’ for the community groups. This is facilitated by the use of the creative engagement tool ‘Ketso’. This thesis argues that meaningful progress is inclusive and that it should pay attention to mutual processes of knowledge production. The findings highlight the role of lifelong learning as a mediating process where knowledge is exchanged and where reciprocation takes place in a way that respects other people’s values and interests

Do Elephants Show Empathy?

Elephants show a rich social organization and display a number of unusual traits. In this paper, we analyse reports collected over a thirty-five year period, describing behaviour that has the potential to reveal signs of empathic understanding. These include coalition formation, the offering of protection and comfort to others, retrieving and ‘babysitting’ calves, aiding individuals that would otherwise have difficulty in moving, and removing foreign objects attached to others. These records demonstrate that an elephant is capable of diagnosing animacy and goal directedness, and is able to understand the physical competence, emotional state and intentions of others, when they differ from its own. We argue that an empathic understanding of others is the simplest explanation of these abilities, and discuss reasons why elephants appear to show empathy more than other non-primate species

Elephants classify human ethnic groups by odor and garment color

Animals can benefit from classifying predators or other dangers into categories, tailoring their escape strategies to the type and nature of the risk. Studies of alarm vocalizations have revealed various levels of sophistication in classification [1-5]. In many taxa, reactions to danger are inflexible, but some species can learn the level of threat presented by the local population of a predator [6-8] or by specific, recognizable individuals [9-10]. Some species distinguish several species of predator, giving differentiated warning calls and escape reactions; here we explore an animal’s classification of sub-groups within a species. We show that elephants distinguish at least two Kenyan ethnic groups, and can identify them by olfactory and color cues independently. In the Amboseli ecosystem, Kenya, Maasai warriors demonstrate virility by spearing elephants (Loxodonta africana), but Kamba agriculturalists pose little threat. Elephants showed greater fear when they detected the scent of garments previously worn by Maasai than by Kamba men, and reacted aggressively to the color associated with Maasai warriors. Elephants are therefore able to classify members of a single species into sub-groups that pose different degrees of danger

Assessing performance of small-scale pumped irrigation systems in Sub-Saharan Africa: evidence from a systematic review

Small-scale irrigation (SSI) has significant potential to increase crop productivity in Sub Saharan Africa (SSA). Pumped irrigation systems are one of the technologies increasingly being used by smallholder farmers. The aim of this study was to systematically review evidence on the performance of SSI pumped systems, including motorized, treadle, rope and washer, solar and wind pumps. The study revealed a lack of standardization and use of a wide range of indicators to assess performance. Most evidence related to motorized pumps, these studies confirmed mixed levels of performance; studies relating to other types of pumped system mostly reported a positive impact, although the method of assessment used was critical. Studies reporting positive impacts tended to be those that used socio-economic based factors such as yield and profitability, whereas studies reporting mixed performance tended to be those that relied more on technically based indicators such as pumping and irrigation system efficiency. The analysis highlights the sensitivity of interpreting findings from different studies, and how caution should be exercised when comparing performance within and between different types of irrigation system. The implications for supporting policy development and identifying future research gaps are discussed

Why Do African Elephants (Loxodonta africana) Simulate Oestrus? An Analysis of Longitudinal Data

Female African elephants signal oestrus via chemicals in their urine, but they also exhibit characteristic changes to their posture, gait and behaviour when sexually receptive. Free-ranging females visually signal receptivity by holding their heads and tails high, walking with an exaggerated gait, and displaying increased tactile behaviour towards males. Parous females occasionally exhibit these visual signals at times when they are thought not to be cycling and without attracting interest from musth males. Using demographic and behavioural records spanning a continuous 28-year period, we investigated the occurrence of this “simulated” oestrus behaviour. We show that parous females in the Amboseli elephant population do simulate receptive oestrus behaviours, and this false oestrus occurs disproportionately in the presence of naïve female kin who are observed coming into oestrus for the first time. We compare several alternative hypotheses for the occurrence of this simulation: 1) false oestrus has no functional purpose (e.g., it merely results from abnormal hormonal changes); 2) false oestrus increases the reproductive success of the simulating female, by inducing sexual receptivity; and 3) false oestrus increases the inclusive fitness of the simulating female, either by increasing the access of related females to suitable males, or by encouraging appropriate oestrus behaviours from female relatives who are not responding correctly to males. Although the observed data do not fully conform to the predictions of any of these hypotheses, we rule out the first two, and tentatively suggest that parous females most likely exhibit false oestrus behaviours in order to demonstrate to naïve relatives at whom to direct their behaviour

Bridging gender gaps through innovations in agricultural value chains in Africa

This paper examines innovations for bridging gender gaps in agricultural value chains in Africa. It focuses on innovative platforms for addressing gender gaps, considering women contribute up to 40 percent of labor in agricultural production. Women remain at the bottom of value chains and face gender-specific constraints attributable to gender and social norms, discriminatory beliefs and practices, gender-blind designs and delivery of technologies and innovations which impede women s participation in value chains. Consequently, women are unable to adjust to challenges and opportunities of technological progress, commercial orientation, and global integration. This paper suggests that gender-sensitive technological and institutional innovations is essential to promote women s participation in agricultural value chains and bridge the gender gap while upholding gender-specific outcomes. The study shows that women rely on alternative institutional innovations and arrangements such as group-based approaches in order to improve their participation in value chains which implies the call for policies that nurture and strengthen these kinds of institutions. Integrating research, designing value chain interventions and monitoring and evaluation with a gender lens is essential in order to accelerate women s participation in value chain development programmes, while allowing them to be role models and spearhead their own empowerment. Acknowledgement : We acknowledge the financial support from the Center for Development Research under PARI projec