Capital Asset Pricing Model (CAPM): Evidence from Nigeria

In this paper, we apply the Capital Asset Pricing Model (CAPM) to the Nigerian stock market using weekly stock returns from 110 companies listed on the Nigerian stock exchange (NSE) from January 2007 to February 2010. In order to enhance the precision of the beta estimates and reduce the statistical problems that arise from measurement errors in individual beta estimates, the securities were combined into portfolios. The results generally invalidate the CAPM’s predictions that higher risk (beta) is associated with a higher level of return and that the intercept should be equal to zero when estimating SML. The claim by the CAPM that the slope of the Security Market Line (SML) should equal the excess return on the market portfolio is also not supported by this study. This in effect, invalidates the prediction of the CAPM as far as Nigeria is concerned. Keywords: CAPM, Nigerian Stock Exchange, Returns, Portfolio Returns, Beta, Risk-free rate, Stocks,  Anomalie

Perancangan Sistem Penunjang Keputusan Pemilihan Anak Asuh Menggunakan Metode Technique For Others Reference By Similarity To Ideal Solution (Topsis) pada LAZ Sejahtera Ummat

Pada proses penyaluran beasiswa anak asuh di LAZ Sejahtera Ummat sering terjadi ketidak sesuaian dengan kriterianya. Kriterianya meliputi penghasilan orang tua, jumlah tanggungan orang tua, rata-rata nilai, prestasi non akademik dan status anak. Maka dari itu dibutuhkan sebuah sistem penunjang keputusan untuk menyelesaikan permasalahan pemilihan anak asuh dengan metode Technique For Order Preference by Similarity to Ideal Solution (TOPSIS). TOPSIS merupakan suatu bentuk metode pendukung keputusan yang didasarkan pada konsep bahwa alternatif yang terbaik tidak hanya memiliki jarak terpendek dari solusi ideal positif tetapi juga memiliki jarak terpanjang dari solusi ideal negatif. Konsep ini banyak digunakan untuk menyelesaikan masalah keputusan secara praktis. Konsepnya sederhana dan mudah dipahami, komputasinya efisien dan memiliki kemampuan untuk mengukur kinerja relatif dari alternatif-alternatif keputusan dalam bentuk matematis yang sederhana. Sistem yang dibuat menggunakan bahasa pemrograman PHP dan basis data mysql

Histology and ultrastructure of the uterus of African giant rat (Cricetomys Gambianus, Waterhouse) during oestrous cycle

This study describes histology and ultrastructure of uterus in the African giant rat during oestrous cycle. Endometrial histology displayed glandular mucosa consisting of lamina epithelialis and lamina propria mucosae. Its epithelium varied between simple and pseudostratified columnar. The myometrium consisted of inner circular and outer longitudinal smooth muscles with medium sized arteries and veins in-between. The perimetrium contained simple squamous epithelium. Endometrial ultrastructures were variable during oestrous cycle. At mid oestrus, hemidesmosomes anchored undulating basement membrane of the mucosal epithelium. Preponderance spherical mitochondria, lipofuscin granules concentration, flocculent homogenous materials and indented nuclei were displayed. At mid metoestrus, late metoestrus/early dioestrus and mid dioestrus, the base of the mucosal columnar epithelium lain on relatively straight basement membrane and their cytoplasmic ultrastructure displayed variation to mid oestrus. Epithelial apex showed intermediate filament, microvilli and junctional complexes. The uterine glands occurred in variable numbers and sizes during oestrous cycle and shared similar ultrastructure. Mid dioestrus showed cell ultrastructure of uterine glands having apical accumulation of secretory vesicles. Some actively secreting uterine glands were lined by simple ciliated columnar epithelium mingled with pseudostratified epithelium. The findings of the study indicate that giant rat endometrial ultrastructure varies during oestrous cycle and glandular secretion is merocrine.

Volatility Transfer from Developed Countries to Emerging Markets: Evidence from Nigeria

In this paper, we examine the existence of volatility transfer from stock exchanges of 5 major developed economies of USA (NYSE), Canada (S&PTSX), France (CAC) Germany (DAX) and UK (FTSE) to the Nigerian Stock Exchange (NSE). To ascertain the relationship between these five bourses and the NSE, we employ the Ordinary Least Square Estimation (OLSE) technique. Moreover, we use the Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model to determine the existence or otherwise of volatility transfer from these five advanced bourses to the NSE. The results of this study confirm the existence of volatility transfer from the NYSE, S&PTSX, CAC, DAX and FTSE to the NSE from January 1st January 2006 to 15th March 2010. Following from this, it behooves on policy makers in Nigeria to pay particular attention to events in these bourses and in these economies and proactively take prompt actions when necessary. Keywords: Global Financial Crisis, Bourses, Contagion, GARCH, Meltdown, OLSE, Volatility Spillover, Volatility Transfer

Cranio-facial and Ocular Morphometrics of the Male Greater Cane Rat (Thryonomys swinderianus)

Cranio-facial indices still remain a useful means of early detection of the characteristic facial appearance of some syndromes. The cranio-facial and gross ocular morphometry of the male Greater cane rat (Thryonomys swinderianus) was studied using 9 adults. A total of twenty seven parameters were determined for each head. Linear measurements were determined on each eyeball using digital vernier calliper, measuring rule and a piece of twine. Cranio-facial parameters assessed included distance between medial canthi, height of the incisor, extent of oral commissures, width and length of the pinnae. All measured parameters were correlated with the body weight. The highest positive correlation was observed between the body weight and the width of the head, while the heights of the two upper incisors showed the lowest negative correlation with the body weight. The weights of the animals, heads and both eyeballs were 1.97 ± 0.37 kg, 252.00 ± 36.89 g, and 1.00 ± 0.12 g respectively. With increase in the use of wildlife as experimental animals, results from this study may find application in the field of comparative anatomy and pathological studies as well as in wildlife clinical applications.Key words: Greater cane rat, craniofacial index, anthropometric indices, ocular measurements

A Case of Bacterial Postpartum Metritis in a 4-Year Old Duroc Sow

The attention of the Animal Health team of Swine Research Unit of Swine and Rabbit Research Programme of National Animal Production Research Institute (NAPRI) was drawn to a farrowing pen with a complaint of pus discharge from the vulva of a Duroc sow which farrowed 9 piglets 10 days earlier. Microbiological survey identified the presence of Escherichia coli, Staphylococcus and Proteus species from the sterile vaginal swab was taken from the sow. Antibiogram revealed the susceptibility of the three identified bacteria to ofloxacin, streptomycin and gentamicin in the order of increasing susceptibility. Staphylococcus species was also found to be susceptible to ciprofloxacin while Proteus species was susceptible to augmentin® and chloramphenicol. All the three species of bacteria were resistant to nitrofuratoin, rocephin® and ampiclox®. The sow was treated with deep intramuscular administration of streptomycin at 20 mg/kg once daily for 5 days and 10 IU of oxytocin once daily for 2 days. There was expulsion of macerated feotus about 24 hours following administration of the last dose of oxytocin and the macerated feotus was properly disposed and the entire pen was cleaned and disinfected. The vulva was noticed to be completely devoid of the mucous discharges after the course of the antibiotic regimen.Key words: Metritis, Postpartum, Duroc, Sow, NAPRI

ICT and Gender Specific Challenges Faced by Female Entrepreneurs in Nigeria

The accepted “gender” generalization in the Nigerian society expects a female to be dominantly a homemaker and not engaged in stressful, high-risk business activities, generalized as entrepreneurial activities. This has hindered many Nigerian female entrepreneurs from starting, running and growing successful business enterprises, as they face many political, economic and social obstacles in the society as highlighted by the feminist theory. Following the resource-based theory; this study highlights the importance of a nation to fully utilize all its resources including women who constitute 49% of Nigeria’s population. Through case study research of two successful female entrepreneurs in Nigeria, this study established that ICT does have a positive influence in tackling the challenges faced by female entrepreneurs, as the two successful female entrepreneurs studied, highlighted in their interviews how they gained advantage in the business world by the use of various ICT tools. From the case study analysis, a framework was created to serve as a yardstick for measurement of successful female entrepreneurship. It is anticipated that the insights developed in this study will be beneficial both by female entrepreneurs across developing countries and the world at large, and in effective program development by policy designers

Fertility Parameters in Crossbred Sows Treated with Cloprostenol Sodium (Synchromate®) in Zaria, Nigeria

This study was carried out to evaluate fertility parameters in crossbred sows in Zaria, following treatment with Cloprostenol sodium (Synchromate®). Ten (n = 10) apparently healthy crossbred sows were randomly assigned to two equal treatment groups based on number of injections of 500μg Synchromate®. Group 1 received two injections on days 0 and 13, while Group 2 received three injections on days 0, 7 and 13. Oestrus was monitored visually for signs of oestrus twice daily from 0700 – 1000h and 1500 – 1800h. The fertility parameters evaluated were: oestrus response rate (ORR), time to onset of oestrus (TOO), duration of oestrus (DOO), conception rate (CR), pregnancy rate (PR), farrowing rate (FR) and litter size (LS). Data on ORR, CR, PR and FR were expressed in percentages while TOO, DOO and LS were expressed as mean ± SEM. Student t-test and Tukey’s post-hoc test were used to compare the percentages and mean values between the groups. The Graphpad Prism® data package was used for statistical analysis and values of P<0.05 were considered significant. Fertility parameters TOO, DOO, LS, ORR, CR, PR, FR for Group 1 (187.20 ± 8.98h, 87.60 ± 4.49h, 7.25 ± 1.44, 100 %, 60 %, 80 % and 100 % respectively) and Group 2 (176.00 ± 40.00h, 86.60 ± 13.36h, 7.50 ± 1.50, 60 %, 100 %, 80 % and 66.67 % respectively). The differences in fertility parameters between the groups were not statistically significant. It is recommended therefore that double injections of cloprostenol sodium (Synchromate®) should be used for oestrus synchronization as it increases fertility parameters in cross bred sows at 13 days apart.Key words: Fertility parameters, crossbred sows, cloprostenol sodium, Zaria

Parametric Studies on a Mitchell-Ossberger Turbine (Numerical Approach)

This present study focuses on some selected parameter towards designing an efficient MOT hydro turbine via MOT-model formulation, parametric analysis for optimal performance, as well as development of computational interface with Visual Basic 10 programming software.The parametric studies play important role when it comes to performance optimization of the locally manufactured Mitchell-Ossberger Turbine (MOT). Several literatures on hydro-turbine had discussed extensively on the design of MOTs as well as their advantages over the other types of hydro-turbines. But none had ever discussed extensively, the parametric studies involved in optimizing an efficient MOT. This present study focused on some selected parameter towards designing an efficient and optimal MOT. This was achieved via formulation of a turbine parametric model, development of turbine computational interface (module) and decoding of the obtained data with Visual Basic (VB) 10. The algorithm, which contains step by step solution to the problem, was developed for the program. The flow formed was designed to have a data grid view which displays data loaded into the application. The flow interface had eight buttons based on certain parametric entries. The strength of this interface lied in its codes and after data which were sorted on descending order has been loaded to the memory via Visual Basic programming software. It was discovered from the obtained results that as the angle of attack increases, the turbine power developed and the efficiency decreases marginally. The effect of the flow rate was that, it increases as other parameter increases. Then, all necessary recommendations were made.Self-sponsore