Kaizen Cost Management Technique and Profitability of Small and Medium Scale Enterprises (SMEs) in Ogun State, Nigeria

The study examines the relationship that exists between Kaizen cost management technique and profitability of small and medium scale enterprise in Ogun State, Nigeria. It evaluates the nature of Kaizen cost management technique and how it can be adopted to reduce and control operational costs of SMEs. The study adopted primary data and a sample of 269 respondents consisting of small and medium scale enterprises were purposively chosen from Agro-allied, confectionery, general trading and transport business in Ogun State Nigeria. The study population comprised 2,685 enterprises obtained through a preliminary survey of SMEs in the three senatorial districts of Ogun States namely Ogun West, Ogun East, Ogun Central. A structured questionnaire was used to elicit information on relevant variables from respondents. The Statistical Package for Social Sciences (SPSS) was adopted to analyze the questionnaire. The result of statistical test of hypothesis shows that there is a significant relationship between Kaizen cost management technique and profitability of SMEs. A further test of significant relationship between cost components and profitability of SMEs using Regression Analysis shows that only fixed cost reliably predicted the average annual profit by a factor of 0.099. Key-words-: Kaizen, cost management, technique and Profitabilit

A Note on Black-Scholes Pricing Model for Theoretical Values of Stock Options

In this paper, we consider some conditions that transform the classical Black-Scholes Model for stock options valuation from its partial differential equation (PDE) form to an equivalent ordinary differential equation (ODE) form. In addition, we propose a relatively new semi-analytical method for the solution of the transformed Black-Scholes model. The obtained solutions via this method can be used to find the theoretical values of the stock options in relation to their fair prices. In considering the reliability and efficiency of the models, we test some cases and the results are in good agreement with the exact solution

ON A DIVIDEND-PAYING STOCK OPTIONS PRICING MODEL (SOPM) USING CONSTANT ELASTICITY OF VARIANCE STOCHASTIC DYNAMICS

In this paper, we propose a pricing model for stock option valuation. The model is derived from the classical Black-Scholes option pricing equation via the application of the constant elasticity of variance (CEV) model with dividend yield. This modifies the Black- Scholes equation by incorporating a non-constant volatility power function of the underlying stock price, and a dividend yield parameter

He’s Polynomials for Analytical Solutions of the Black-Scholes Pricing Model for Stock Option Valuation

The Black-Scholes model is one of the most famous and useful models for option valuation as regards option pricing theory. In this paper, we propose a semianalytical method referred to as He’s polynomials for solving the classical Black-Scholes pricing model with stock as the underlying asset. The proposed method gives the exact solution of the solved problem in a very simple and quick manner even with less computational work while still maintaining high level of accuracy. Hence, we recommend an extension and adoption of this method for solving problems arising in other areas of financial engineering, finance, and applied science

DOES WORKING CAPITAL MANAGEMENT AFFECT THE PROFITABILITY OF CONSUMER GOODS MANUFACTURING FIRMS IN NIGERIA?

The study examined the effect of working capital management on profitability of consumer goods manufacturing firms in Nigeria between the periods 2009 to 2018. The study adopted ex-post-facto design to generate data from the audited financial statements of the selected companies. The population of the study comprised 24 listed consumer goods manufacturing companies, out of which 10 were purposively selected based on the availability of data. The surrogates for independent variables were Account Payable Period (APP), Account Receivable Period (ARP), Inventory Turnover Period (INVTP), Cash Conversion Cycle (CCC) and Sales Growth (SG) as a control variable while the proxy for profitability was Return on Asset (ROA). Descriptive and inferential statistics coupled with multiple regressions were adopted to analyze the data.  The Random Effects Generalized Least Square showed that ARP, INVTP, CCC had a negative and significant relationship with ROA while APP, SG had a positive and insignificant relationship with ROA. The study concluded that timely collection of debts and shorter inventory turnover period with cash conversion cycle enhance profitability of consumer goods manufacturing companies. Hence, the study suggested that the management of the companies should implement efficient working capital management for improved profitability.   &nbsp

Understanding How Dividends Affect Option Prices

In this paper, we propose a pricing model for stock option valuation. The model is derived from the classical Black-Scholes option pricing equation via the application of the constant elasticity of variance (CEV) model with dividend yield. This modifies the Black- Scholes equation by incorporating a non-constant volatility power function of the underlying stock price, and a dividend yield parameter

The Modified Black-Scholes Model via Constant Elasticity of Variance for Stock Options Valuation

In this paper, the classical Black-Scholes option pricing model is visited. We present a modified version of the Black-Scholes model via the application of the constant elasticity of variance model (CEVM); in this case, the volatility of the stock price is shown to be a non-constant function unlike the assumption of the classical Black-Scholes model

Pollen morphological studies of selected flowering plants in Federal University Of Agriculture, Abeokuta, Nigeria

The taxonomic classifications of some flowering plants into families have been a subject of review in recent times. This is because many were classified in the early days of taxonomy using plant morphological characters alone. This study assessed pollen characters of ten flowering plants in Federal University of Agriculture, Abeokuta, Nigeria with a view to identifying valuable taxonomic characters which could be employed for resolving classification controversies associated with the use of morphological characters alone. Pollen study was conducted using acetolysis method. Means, standard deviations and coefficient of variations were calculated while photomicrographs of pollen grains were taken at X400 magnification. The result showed tricolporate, pantoporate, triporate, tricolpate and heterocolpate pollen types while exine patterns were granulate, reticulate, psilate and echinate. Results of pollen shape revealed oblate spheroidal, prolate and subprolate while there were variations in pollen characters among species of the same family in apertural type, sculpture, exine surface pattern, pollen shape and pollen fertility. This suggests that apertural type, sculpture, exine surface pattern, pollen shape and pollen fertility could be useful in resolving taxonomic issues related to classification associated with grouping of some flowering plants into the same family on the basis of morphological traits alone

Sub-acute Toxicological Effects of Jobelyn® on Pregnant Albino Rats

The aim of the present study was to investigate the sub-acute toxicological effects of Jobelyn® on pregnant albino rats by employing biochemical, haematological and histopathological methods. A total of 32 pregnant female rats were randomly assigned to four different groups of eight rats each. The control group received distilled water and different doses of Jobelyn®; 250, 500, 1000 mg kg-1were administered orally once a day for 2 weeks to the other groups. Biochemical analysis revealed a significant decrease (p<0.05) in the levels of alanine aminotransferase, albumin, urea, PCV and Hb in the treatment groups when compared to the control. However, the significant decrease in PCV and Hb was observed solely in the group treated with 1000 mg kg-1body weight, suggesting that this decrease could be dosedependent. Alkaline phosphatase, total protein, triglycerides, cholesterol, HDL cholesterol, LDL cholesterol, eosinophils, basophils, neutrophils, monocytes, lymphocytes, WBC count, revealed no significant difference (p<0.05) when compared to the control. The results show that at an appropriate dosage, the use of Jobelyn® during pregnancy may have no adverse effect on the liver and kidney tissues and may possess hepatoprotective and nephroprotective properties however the histopathological studies revealed that very high levels of Jobelyn may be hepatotoxi

Performance Evaluation of Sand-based Surface flow Constructed wetland in Domestic Wastewater Treatment using Typha Orientalis as Macrophyte

A laboratory-scale free water surface-flow constructed wetland was set up at the Department of Civil Engineering; Ladoke Akintola University of Technology (LAUTECH) Ogbomoso, Nigeria in May 2013 to demonstrate the performance of sand- based constructed wetland, using Typha Orientalis as a viable low-cost efficient treatment option for domestic wastewater from kitchen. The nutrient removal and performance evaluation of the constructed wetland in treatment of kitchen wastewater against retention period of ten days was investigated. During the 10-day retention period, the sand- based constructed wetland set up with Typha Orientalis had improved the wastewater quality significantly as it had reduced 94.9% of Turbidity, BOD5 by 79.0%, NO-3 by 66.7%, 87.9% of SO-4 , 70.24% of Cl-, Conductivity by 70.8% and Magnesium by 80.62%. The pH value and Dissolve Oxygen increased by 28.3% and 64.01% respectively and the initial offensive odour of the raw water was no more noticeable. The final effluent was found to be suitable for non-drinking purposes like crop irrigation and keeping aquatic animals. However, it was noted that a 7- day detention time was optimal for the treatment of domestic wastewater from kitchen. The treatment system was found to be economical, as the cost of construction only was involved and maintenance cost very minimal. It was environmentally friendly as it was free from offensive odour and insect invasion. The prototype scale is recommended for in-situ use, especially for wastewater from kitchen. Keywords: Constructed wetland, Domestic wastewater, Nutrient removal, Retention period, Typha Orientalis