Why African stock markets should formally harmonise and integrate their operations

Despite experiencing rapid growth in their number and size, existing evidence suggests that African stock markets remain highly fragmented, small, illiquid and technologically weak, severely affecting their informational efficiency. Therefore, this study attempts to empirically ascertain whether African stock markets can improve their informational efficiency by formally harmonising and integrating their operations. Employing parametric and non-parametric variance-ratios tests on 8 African continent-wide and 8 individual national daily share price indices from 1995 to 2011, we find that irrespective of the test employed, the returns of all the 8 African continent-wide indices investigated appear to have better normal distribution properties compared with the 8 individual national share price indices examined. We also report evidence of statistically significant weak form informational efficiency of the African continent-wide share price indices over the individual national share price indices irrespective of the test statistic used. Our results imply that formal harmonisation and integration of African stock markets may improve their informational efficiency

Why African stock markets should formally harmonise and integrate their operations

Despite experiencing rapid growth in their number and size, existing evidence suggests that African stock markets remain highly fragmented, small, illiquid and technologically weak, severely affecting their informational efficiency. Therefore, this study attempts to empirically ascertain whether African stock markets can improve their informational efficiency by formally harmonising and integrating their operations. Employing parametric and non-parametric variance-ratios tests on 8 African continent-wide and 8 individual national daily share price indices from 1995 to 2011, we find that irrespective of the test employed, the returns of all the 8 African continent-wide indices investigated appear to have better normal distribution properties compared with the 8 individual national share price indices examined. We also report evidence of statistically significant weak form informational efficiency of the African continent-wide share price indices over the individual national share price indices irrespective of the test statistic used. Our results imply that formal harmonisation and integration of African stock markets may improve their informational efficiency

To study the association between SCC and bacteria numbers and milk composition in farm bulk milk supplied to Tui Milk Products Company for 1992/3 season : a thesis presented in partial fulfilment of the requirements for the degree of Master of Agricultural Science at Massey University

The association between bulk milk SCC and bacteria numbers and milk composition were studied using data containing test records of 12OO farms which supplied bulk milk to TUI Milk Company Limited, for 1992/93 season. Three data sets were created, (1) data set A (N = 4623) with all measurements recorded for each herd for the same milk sample; (2) data B (N = 30 120) with all measurements of BMSCC and milk composition recorded for each herd within a 10 day period but not necessarily on the same sample of bulk milk; and (3) data set C (N = 33 800) with all measurements of bulk milk bacteria numbers and milk composition recorded for each herd within a 10 day period but not necessarily on the same sample of bulk milk. Correlation was used to determine the association between bulk milk SCC and bacteria numbers and milk composition. Multiple regression analysis was also carried to determine the association between bacteria numbers (dependent variable) and SCC and milk composition for early lactation and whole lactation. The results showed the overall average of the mean BMSCC of 280 000 cells/ml of all the farms studied. Approximately 85 % of the farms supplied bulk milk with SCC 5OO OO0 cells/ml. Both bulk milk SCC and bacteria numbers were higher in early and late parts of lactation. Highly significant but low positive corretations occurred between the mean bulk milk SCC and bacteria number in early (r = o.24; r2 = 0.06; P<0.001) and whole lactation(r = 0.15; r2 = 0.02; p<0.001). Thus 2 to 6 % of the variation observed in bacteria count was accounted for by variation in bulk milk SCC.The mean fat %, protein % and total solids % increased from mid-lactation to the end of lactation. In contrast, the mean lactose % showed a decrease as the lactation progressed. On the average for the whole lactation, low positive correlations occurred between the mean bulk milk SCC and fat % (r = 0.18), protein % (r = 0.26) and total solids % (r = 0.15). However, a moderate but highly significant negative correlation occurred between bulk milk SCC and lactose %(r= -0.43; P<0.001). In conclusion the overall low average BMSCC suggests that good quality bulk milk was supplied to the company, which also meets the EC standards. Significant low correlation between BMSCC and bacteria numbers suggests that mastitis bacteria were only a small but significant contributor to the high bacteria count in the bulk milk particularly in early lactation, with dirty milking machines or poor cooling being the most likely major contributor. Finally, lactose % was more sensitive to mastitis effective than fat %, protein % and total solids % in the bulk milk

Governance Structures, Voluntary Disclosures and Public Accountability: The Case of UK Higher Education Institutions

Purpose: We investigate the extent of voluntary disclosures in UK higher education institutions’ (HEIs) annual reports and examine whether internal governance structures influence disclosure in the period following major reform and funding constraints. Design/methodology/approach: We adopt a modified version of Coy and Dixon’s (2004) public accountability index, referred to in this paper as a public accountability and transparency index (PATI), to measure the extent of voluntary disclosures in 130 UK HEIs’ annual reports. Informed by a multi-theoretical framework drawn from public accountability, legitimacy, resource dependence and stakeholder perspectives, we propose that the characteristics of governing and executive structures in UK universities influence the extent of their voluntary disclosures. Findings: We find a large degree of variability in the level of voluntary disclosures by universities and an overall relatively low level of PATI (44%), particularly with regards to the disclosure of teaching/research outcomes. We also find that audit committee quality, governing board diversity, governor independence, and the presence of a governance committee are associated with the level of disclosure. Finally, we find that the interaction between executive team characteristics and governance variables enhances the level of voluntary disclosures, thereby providing support for the continued relevance of a ‘shared’ leadership in the HEIs’ sector towards enhancing accountability and transparency in HEIs. Research limitations/implications: In spite of significant funding cuts, regulatory reforms and competitive challenges, the level of voluntary disclosure by UK HEIs remains low. Whilst the role of selected governance mechanisms and ‘shared leadership’ in improving disclosure, is asserted, the varying level and selective basis of the disclosures across the surveyed HEIs suggest that the public accountability motive is weaker relative to the other motives underpinned by stakeholder, legitimacy and resource dependence perspectives. Originality/value: This is the first study which explores the association between HEI governance structures, managerial characteristics and the level of disclosure in UK HEIs

Antecedents of Voluntary Corporate Governance Disclosure: A Post-2007/08 Financial Crisis Evidence from the Influential UK Combined Code

Purpose: This study investigates the level of compliance with, and disclosure of, good corporate governance (CG) practices among UK publicly listed firms, and consequently ascertains whether board characteristics and ownership structure variables can explain observable differences in the extent of voluntary CG compliance and disclosure practices. Design/Methodology/Approach: The study uses one of the largest datasets to-date on compliance and disclosure of CG practices from 2008 to 2013 containing 120 CG provisions drawn from the 2010 UK Combined Code relating to 100 UK listed firms to conduct multiple regression analyses of the determinants of voluntary CG disclosures. A number of additional estimations, including two stage least squares, fixed-effects and lagged structures, are conducted in order to test the robustness of the findings. Findings: The results suggest that there is a substantial variation in the levels of compliance with, and disclosure of, good CG practices among the sampled UK firms. We also find that firms with larger board size, more independent outside directors and greater director diversity tend to disclose more CG information voluntarily, whereas the level of voluntary CG compliance and disclosure is insignificantly related to the existence of a separate CG committee and institutional ownership. Additionally, the results indicate that block ownership and managerial ownership impact negatively on voluntary CG compliance and disclosure practices. The findings are fairly robust across a number of econometric models that sufficiently address various endogeneity problems and alternative CG indices. Overall, the findings are generally consistent with the predictions of neo-institutional theory. Originality/Value: This paper extends, as well as contributes to the extant CG literature by offering new evidence on compliance with, and disclosure of, good CG recommendations contained in the 2010 UK Combined Code following the 2007/08 global financial crisis. This paper also advances the existing literature by offering new insights from a neo-institutional theoretical perspective of the impact of board and ownership mechanisms on voluntary CG compliance and disclosure practices. Keywords: Corporate governance; Board and ownership mechanisms; Comply or explain; Neo-institutional theory; UK Combined Cod

Determining Factors of Transfer: Their Implications for Teaching to Foster Generalisation and Conceptual Restructuring

Transfer can be defined as ‘the degree to which behaviour will be repeated in a new situation’ (Detterman and Sternberg, 1993, p. 4). Thus transfer of learning occurs when learning in one context or with one set of materials impacts on performance in another context or with related material. Pennington and Rehder (1995) borrowing from Larkin (1989) also define transfer as the use of knowledge or skill acquired in one situation in the performance of a new, novel task, a task sufficiently novel that it involves additional learning as well as the use of old knowledge. Research evidence as to whether or not transfer occurs is rather ambivalent. On one hand some research indicate that there is no transfer and that even if there is, it is rather through manipulation of one sort or the other: subjects are told what to do. Detterman (1993) makes two important conclusions: a) Spontaneous transfer is very rare; b) those studies claiming to show transfer can only be said to have found transfer by the most generous of criteria and would not meet the classical definition of transfer. (ibid: 13-15)

Synthesis of Phytosulfokine Analogs as Probes for Studying Plant Signaling and Molecular Trafficking

Plants are exposed to a wide range of biotic and abiotic stresses that hinder their growth and reduce crop productivity. In their adaptive response, plants use signaling molecules that are trafficked throughout the plant. This research focuses on the chemical synthesis and assessment of analogs of the plant signal phytosulfokine (PSK, a sulfated pentapeptide), its delivery to plants and its observation using a fiber-optic fluorescence microscope. PSK regulates growth, cell expansion, heat tolerance, and tissue longevity. Analogs of PSK were synthesized using solid-phase peptide synthesis. Pure PSK and TAMRA-labeled PSK were delivered into the wild-type Arabidopsis thaliana Col-0 and a transgenic line expressing PSKR-GFP (PSK receptor – green fluorescent protein). PSKR-GFP could be detected in imaging experiments, but no internalization was observed upon treatment with PSK. Successful implementation of a microscopic approach suited for live plants opens a path to understanding how plants signal and adapt under different stress conditions

GPS-based math trails: a multiple case study on benefits and challenges.

It is an undeniable fact that mathematics contributes tremendously to human activities. However, some students think of mathematics as boring and unrelated to the environment. Some students have expressed how mathematics is not related to the real world. Some dressed-up tasks which are inauthentic are given to the students as word problems to connect mathematics and reality. This study sought to find an alternative activity to these dressed-up tasks. As well as find the challenges and benefits of having such kind of activities. Research has shown that, having outdoor learning provides for the students to learn in a real and authentic situation. Some educational theories prove that learning in an authentic situation mediates between students’ mathematical knowledge and reality. Math trail, is an outdoor math activity, in which the participants walk to discover mathematics in the environment. In recent times, math trail activities have been used in schools to supplement mathematics learning. In this study, the math trails activity was blended with modern technology. That is, it was GPS-based. This study sought to find out the benefits and challenges of doing a GPS-based math trail. Case study and design-based research approaches were employed for the study. Actionbound app was used to design the math trails activity. It had a GPS feature and also a feature which tasks and solutions of tasks could be used. The data were collected from two different groups; 16 first-year videregående students, 10 fourth-year mathematics education teachers, 1 mathematics lecturer and the researcher. Two math trails activities were done namely; the KKG math trail and the pre-service teacher’s math trail. One of the major benefits is that the students saw the connection of some mathematical concepts with real life and one of the challenges was when they didn’t see some of the tasks relating to mathematics but rather, a question whose answer needed to be guessed while having the activity. The GPS-based app helped the participants to find the tasks locations without difficulty. The Actionbound app which contained tasks and some solutions to the tasks gave immediate feedback to the students. For the implementation of GPS-based math trails in education settings, further research on this topic is recommended. In the end appendices of the instruments used in the data collection, transcripts, and an information letter are provided.

Why African Stock Markets Should Formally Harmonise and Integrate their Operations

Despite experiencing rapid growth in their number and size, existing evidence suggests that African stock markets remain highly fragmented, small, illiquid and technologically weak, severely affecting their informational efficiency. Therefore, this study attempts to empirically ascertain whether African stock markets can improve their informational efficiency by formally harmonising and integrating their operations. Employing parametric and non-parametric variance-ratios tests on 8 African continent-wide and 8 individual national daily share price indices from 1995 to 2011, we find that irrespective of the test employed, the returns of all the 8 African continent-wide indices investigated appear to have better normal distribution properties compared with the 8 individual national share price indices examined. We also report evidence of statistically significant weak form informational efficiency of the African continent-wide share price indices over the individual national share price indices irrespective of the test statistic used. Our results imply that formal harmonisation and integration of African stock markets may improve their informational efficiency. Keywords: Harmonisation and integration, Efficiency, Share price indices, Stock markets, Afric

Lifetime Estimation of Wireless Body Area Sensor Network for Patient Health Monitoring

Wireless Body Area Sensor Networks (WBASN) is an emerging technology which utilizes wireless sensors to implement real-time wearable health monitoring of patients to enhance independent living. These sensors can be worn externally to monitor multiple bio-parameters (such as blood oxygen saturation (SpO2), blood pressure and heart activity) of multiple patients at a central location in the hospital. In health monitoring, the loss of critical or emergency information is a serious issue so there is a concern for quality of service which needs to be addressed. It is important to have an estimate of the time the first node will fail in order to replace or recharge the battery. A common type of failure happens when a node runs out of energy and shuts down. In this work, Monte Carlo simulation is used to determine the lifetime of WBASN. The lifetime of the WBASN is defined in this work as the duration of time until the first sensor failure due to battery depletion. A parametric model of the health care network is created with sets of random input distributions. Probabilistic analysis is used to determine the timing and distributions of nodes\u27 failures in the health monitoring network