Residential Mortgage Default Risk and Market Returns of Public Mortgage Originator Firms in Kenya

The mortgage market plays a vital role in the development of the real estate sector. The mortgage industry in Kenya has experienced tremendous growth since the year 2000. Despite this growth, Kenya’s mortgage debt to GDP ratio is still relatively low when compared to other economies like South Africa. Default risk has been revealed as one of the risks that significantly impacts on the profitability of mortgagees. However, literature is inconclusive with reference to the relationship between default risk and the market returns of mortgage firms. Consequently, this study sought to determine the extent to which residential mortgage default risk influences the market returns of publicly listed mortgage firms in Kenya. Default risk in this case was measured using the non-performing loans ratio: the ratio of non-performing residential mortgage loans to total residential mortgage loans and advances. The study adopted descriptive and quantitative forms of research design. A census was conducted on the eleven NSE listed mortgage originating firms. A panel data regression model was utilized to draw inference from the secondary data collected. Descriptive statistical findings revealed a mean of 0.0796 with a standard deviation of 0.04219 for residential mortgage default risk. Inferential statistics revealed an R square value of 0.2794 between residential mortgage default risk and market returns of publicly listed mortgage originators. In addition, there was significant effect between default risk and the market returns of public mortgage originators. Consequently, mortgagees should develop strategies of reducing nonperforming loans. For instance, mortgage firms can improve their credit rating systems

Effect of Foreign Equity Gross Purchases on Stock Market Volatility in Kenya : Empirical Evidence from Nairobi Securities Exchange

The main objective of the study was to determine the effect of foreign equity purchases turn-over on the level of volatility at the Nairobi Securities Exchange. The study was twofold as it focused on the effect of foreign equity gross purchases on stock market volatility before and after introducing foreign exchange rate as a moderating variable. The span of the study was eight years from 2008 to 2015 as the period was marked by unprecedented world events such as the global economic recession and the post poll pandemonium in Kenya which subsequently affected foreign equity flows and the volatility in the equity bourse. The research design employed in the study was the causal research design. The target population of the study were the monthly foreign equity gross purchases, monthly Nairobi Securities Exchange 20 share indices and monthly USD Bid-Ask foreign exchange. The study samples in the study were the monthly foreign equity gross purchases, monthly Nairobi Securities Exchange 20 share indices and monthly USD Bid-Ask foreign exchange from May 2008 to December, 2015. Time series secondary data was used in the study. The data was subjected to diagnostic tests such as linearity test, multicollinearity test, normality test, test for homoscedasticity and test for autocorrelation with E-views being the main statistical tool of analysis. The main model used in the study was the vector error correction model subsequent to undertaking stationarity test, lag selection test and cointegration tests. Study results reveal a positive but in-significant effect of foreign equity purchases turn-over on stock market volatility and a negative but in-significant effect after introducing foreign exchange rate as a moderating variable. The study recommends adoption of efficacious cross-border listing rules to spur stock market integration that would subsequently increase foreign investor participation and development of apt financial derivative markets to aid in the mitigation of time-varying foreign currency risks as a consequence of foreign exchange risk exposure

Valuation of cow attributes by conjoint analysis: A case study of Western Kenya

Better dairy production could reduce poverty and improve nutrition in western Kenya, but the requisite technologies have not been widely adopted. This study collected dairy cow attributes from 630 households to evaluate what factors influence smallholder farmers to adopt technologies. Conjoint analysis was used to compute the marginal rate of substitution between attributes, marginal willingness to pay, and marginal willingness to accept. Two ethnic groups had the highest willingness to pay for cattle with a high milk yield and low feed requirement. The highest marginal rate of substitution for cattle with a high disease resistance and a low feed requirement was from households with off-farm income, from areas with a good agro-climate, and from areas where cattle had cultural functions. The results suggest that farmers are more likely to choose cross-bred than high grade cows, and that extension services have little effect on their adoption of dairy technology. Kenya’s breed policy and infrastructure may need to be revised to reflect farmers’ needs.Conjoint analysis, valuation of cow attributes, dairy production, Kenya, Livestock Production/Industries,

Analysis of Factors Influencing Adoption of Dairy Technologies In Western Kenya

Indicators of poverty in western Kenya show high poverty levels. The area has low dairy development yet the potential for dairy development is quite high. Dairy farming has the potential to reduce poverty by increasing incomes and reducing unemployment. This paper reports factor interrelationships in dairy adoption with a view to understanding factors that influence adoption. The binary probit model was used to analyse data from 1575 households. Contrary to findings from similar studies elsewhere, some factors had a negative association with adoption, thus unfolding a unique adoption process. The association between the factor interactive affects and technology adoption highlighted the importance of exploring factor interrelationships. The widely held conclusion that smallholder households are resource constrained in technology adoption did not hold in this study. The source of labour supply dictated choice of variables to be used as proxies for labour availability. The exploration of endogenous relationships in the various factors dictated the use of the single probit model. The spatial factors used were highly significant in adoption, and the predicted probabilities from these factors gave a true spatial prediction. This confirmed reliability of the probit estimates. An understanding of factor interrelationships in adoption gives adoption studies high specificity while making conclusions and recommendations, thus necessitating case studies in adoption.Adoption, factor interrelationship, spatial factors, Agricultural and Food Policy, Demand and Price Analysis, Environmental Economics and Policy, Farm Management, Food Consumption/Nutrition/Food Safety, Food Security and Poverty, International Relations/Trade, Livestock Production/Industries, Marketing, Productivity Analysis, Research and Development/Tech Change/Emerging Technologies,

Valuation of Cow Attributes by Conjoint Analysis: A Case Study in Western Kenya

The objective of the study was to determine the value that different households attach to attributes of the dairy cow. The cow attributes were, milk yield, disease resistance, feed requirement. The valuation was done in order to quantify the economic trade-offs made during adoption of dairy technologies, assess resource availability, households perceptions on dairy technologies and their farming priorities. This was necessary to understand the adoption patterns of dairy technologies observed and suggest intervention. The Marginal Rate of Substitution (MRS), Marginal Willingness to Pay (mWTP), and Marginal Willingness to Accept (mWTA) that were used were determined from conjoint (CJ) analysis using data from a survey of 630 households in Western Kenya. The household characteristics that influenced valuation were off-farm income, precipitation over evapo-transpiration (PPE), ethnicity, cultural values, education, and extension. In reference to the typical households, household characteristics that showed a higher mWTP for a cow with low feed requirement implied either scarcity of feed, high opportunity cost of using land for fodder or lack of information on feed resources. The latter indicates inefficiency in resource use. A higher mWTP for a cow with high milk yield gave an indication of the households' priorities. A mWTA payment for a cow with high milk yield in the face of potential markets showed different farming priorities and lack of information. A mWTA payment for a cow with low disease resistance shows risk aversion and limited information on disease control.cow attributes, conjoint, marginal willingness to accept, marginal willingness to pay, Livestock Production/Industries,

High Efficacy of Combined Albendazole and Ivermectin Treatment Against Gastrointestinal Nematodes in Vervet Monkeys and Baboons

Conventional treatment that eliminates other gastrointestinal nematodes has failed to show adequate efficacy against Trichuris trichura in non-human primates (NHPs). We investigated the efficacy of albendazole and ivermectin against natural infestation of nematodes in non human primates. 18 vervet monkeys (Chlorocebus aethiops) and 21 baboons (Papio anubis) were divided into three treatment groups comprising of 6 vervets and 7 baboons per group. Albendazole (ABZ, 7.5mg/kg) was administered orally, and ivermectin (IVM, 300μg/kg) subcutaneously, each for three consecutive days. Group I animals were treated with a combination of albendazole and ivermectin, Group II ABZ alone, while Group III animals were treated with IVM alone. Faecal samples were collected at 0, 7, 14 and 28 days post treatment (dpt) and analysed for the presence of faecal eggs using the McMaster and formol ether acetyl (FEA) methods. Faecal egg count reduction percentage (FECR (%)) and cure rate (CR (%) i.e. percentage of faecal egg negative individuals after treatment) were used to determine the efficacy of the treatment regimens. The FEA method was found to be a more sensitive assessment method than the McMaster technique. When both methods were used the helminths observed included Trichuris trichura (100% in both NHPs) and strongyles (29.4% in vervets and 28.6% in baboons). In vervets, the FECR of T. trichura at 28 dpt was 100% (Group I), 75% (Group II) and 0% (Group III) while the CR (at the same time point) was 100% (Group I), 60% (Group II) and 0% (Group III). In baboons, the FECR% and CR% of T. trichura at 28dpt, for groups I, II, III was 100%, 100%, 0%, respectively. All the three drug regimens were curative (100%) of strongyles at 28 dpt. It is concluded that a combined ivermectin and albendazole treatment for 3 days is effective in treating T. trichura and strongyles infections in vervet monkeys and baboons. Further trials should be conducted using a bigger sample size as well as in other primates including humans

Evolved bacterial resistance against fluoropyrimidines can lower chemotherapy impact in the Caenorhabditis elegans host

Metabolism of host-targeted drugs by the microbiome can substantially impact host treatment success. However, since many host-targeted drugs inadvertently hamper microbiome growth, repeated drug administration can lead to microbiome evolutionary adaptation. We tested if evolved bacterial resistance against host-targeted drugs alters their drug metabolism and impacts host treatment success. We used a model system of Caenorhabditis elegans, its bacterial diet, and two fluoropyrimidine chemotherapies. Genetic screens revealed that most of loss-of-function resistance mutations in Escherichia coli also reduced drug toxicity in the host. We found that resistance rapidly emerged in E. coli under natural selection and converged to a handful of resistance mechanisms. Surprisingly, we discovered that nutrient availability during bacterial evolution dictated the dietary effect on the host - only bacteria evolving in nutrient-poor media reduced host drug toxicity. Our work suggests that bacteria can rapidly adapt to host-targeted drugs and by doing so may also impact the host

Assessing the Impact of Pumpkins Plantation, Harvest and Storage Decisions on a Collaborative Supply Chain with Data Analysis Tools

[EN] Successful pumpkins production requires the use of varieties that jointly with other factors yield well and produce pumpkins of the size, shape, color, and quality demanded by the market. But not only these issues are important. The perishable nature of pumpkins makes other issues such as how to prevent deterioration after harvest to become also relevant. In this paper the pumpkins plantation, harvest and storage (PHS) process is described and how some decisions affect certain goals, such as yield or conservation time. Additionally, some decision-making insights in a supply chain collaborative scenario made up of two stages: plantation/harvest and storage are given, where yield and conservation time trade-offs are outlined to develop win-win strategies. A real case using data analysis tools is analyzed. Results provide guidelines not only to make decisions independently on each stage but also to collaboratively work.The authors acknowledge the support of the project 691249, RUCAPS: "Enhancing and implementing knowledge based ICT solutions within high risk and uncertain conditions for agriculture production systems", funded by the European Union's research and innovation programme under the H2020 Marie Skodowska-Curie Actions.Pérez Perales, D.; Rodríguez-Sánchez, MDLÁ.; Ortiz Bas, Á.; Guyon, C. (2020). Assessing the Impact of Pumpkins Plantation, Harvest and Storage Decisions on a Collaborative Supply Chain with Data Analysis Tools. IFIP Advances in Information and Communication Technology. 598:511-523. https://doi.org/10.1007/978-3-030-62412-5_42S511523598Prima, W.A., Xing, K., Amer, Y.: Collaboration and sustainable agri-food supply chain: a literature review. MATEC, 5802004 (2016)Pérez Perales, D., Alarcón Valero, F., Drummond, C., Ortiz, Á.: Towards a sustainable agri-food supply chain model. the case of LEAF. In: Ortiz, Á., Andrés Romano, C., Poler, R., García-Sabater, J.-P. (eds.) Engineering Digital Transformation. LNMIE, pp. 333–341. Springer, Cham (2019). https://doi.org/10.1007/978-3-319-96005-0_40Esteso, A., Alemany, M.M.E., Ortiz, A.: Conceptual framework for designing agri-food supply chains under uncertainty by mathematical programming models. Int. J. Prod. Res. 56(13), 4418–4446 (2018)Bahrami, R., Khodadadi, M., Piry, S., Hassanpanah, D.: The effects of planting methods and head pruning on seed yield and yield components of medicinal pumpkin (Cucurbita Pepo Subsp. Pepo Convar. Pepo Var. Styriaca) at low temperature areas. Pak. J. Bio. Sci. 12(6), 538–541 (2009)Tarus, W.J., Ochuodho, J.O., Rop, N.K.: Influence of harvesting stage on seed quality aspects of pumpkin (Cucurbita Pepo L.). J. Exp. Agr. 18(2), 1–9 (2017)Amodio, M.L., Rinaldi, R., Colell, G.: Extending shelf life of fresh-cut pumpkin (Cucurbita Maxima): effect of pre-treatments and storage conditions. Acta Hortic. 876, 333–340 (2010)Pimentel, D., et al.: Annual vs perennial grain production. Agric. Ecosyst. Environ. 161, 1–9 (2012)Biesiada, A., Nawirska, A., Kucharska, A., Sokół-Łętowska, A.: The effect of nitrogen fertilization methods on yield and chemical composition of pumpkin (Cucurbita maxima) fruits before and after storage. Veg. Crops. Res. B. 70, 203–211 (2009)Gwenael, J., Paul, Ch., Sau, I., Saurabh, S., Thomasse, S.: Hitting and harvesting pumpkins. Siam. J. Discrete. Math. 28(3), 1363–1390 (2014)Oluoch, M.O.: Production practices of pumpkins for improved productivity. Scripta. Hort. 15, 181–189 (2012)Ondigi, A., Toili, W., Ijani, A., Omuterema, S.: Comparative analysis of production practices and utilization of pumpkins (Cucurbita Pepo and Cucurbita Maxima) by smallholder farmers in the lake victoria basin, East Africa. Afr. J. Environ. Sci. Tech. 2(9), 296–304 (2008)Naik, M.L., Prasad, V.M., Raya, L.P.: A study on character association and path analysis in pumpkin (Cucurbita Moschata Duch. Ex Poir.). Int. J. Adv. Res. 3(1), 1030–1034 (2015)Nerson, H., Paris, H.S., Paris, E.P.: Fruit shape, size and seed yield in Cucurbita Pepo. Acta Hort. 510, 227–230 (2000)Ortiz, A., Alarcón, F., Pérez, D., Alemany, M.M.E.: Identifying the main uncertainties in the agri-food supply chain. In: Mula, J., Barbastefano, R., Díaz-Madroñero, M., Poler, R. (eds.) New global perspectives on industrial engineering and management. LNMIE, pp. 221–229. Springer, Cham (2019). https://doi.org/10.1007/978-3-319-93488-4_25Khalid, E., Mohammed, E.: Dependence of pumpkin yield on plant density and variety. Am. J. Plant. Sci. 2, 636–643 (2011)Jakop, M., et al.: Yield performance and agronomic efficiency in oil pumpkins (Cucurbita Pepo L. Group Pepo) depending on production systems and varieties. Agr. 14(1), 25–36 (2017)Ahmed, B., Masud, M.A.T., Zakaria, M., Hossain, M.M., Mian, M.A.K.: Evaluation of pumpkin (Cucurbita Moschata Duch. Ex Poir.) for yield and other characters. Bangl. J. Agr. Res. 42(1), 1–11 (2017)Zhao, J., et al.: Physicochemical and antioxidant properties of different pumpkin cultivars grown in China. Food Sci. Technol. 9(4), 308–316 (2015)Zhou, C., et al.: The effect of high hydrostatic pressure on the microbiological quality and physical–chemical characteristics of pumpkin (Cucurbita Maxima Duch.) during refrigerated storage. Innov. Food. Sci. Emerg. 21, 24–34 (2014)Loy, J.B.: Harvest period and storage affect biomass partitioning and attributes of eating quality in acorn squash (Cucurbita Pepo), Présenté à Cucurbitaceae, Asheville, North Carolina, USA, pp. 568–577 (2006)Nagao, A., Indou, T., Dohi, H.: Effects of curing condition and storage temperature on postharvest quality of squash fruit. J. Jpn. Soc. Hort. Sci. 60(1), 175–181 (1991)Habibunnisa, R., Prasad, R., Shivaiah, K.M.: Storage behaviour of minimally processed pumpkin (Cucurbita Maxima) under modified atmosphere packaging conditions. Eur. Food Res. Technol. 212(2), 165–169 (2001)Sharrock, K.R., Parkes, S.L.: Physiological changes during development and storage of fruit of buttercup squash in relation to their susceptibility to Rot. New. Zeal. J. Crop. Hort. 18(4), 185–196 (1990)Muzzaffar, S., Baba, W.N., Nazir, N., Masoodi, F.A., Bhat, M.M., Bazaz, R.: Effect of storage on physicochemical, microbial and antioxidant properties of pumpkin (Cucurbita Moschata) candy. Cog. Food. Agr. 2(1), 1163650 (2016)Rahman, M.A., Miaruddin, M., Khan, M.H.H., Masud, M.A.T., Begum, M.M.: Effect of storage periods on postharvest quality of pumpkin. Bangl. J. Agr. Res. 38(2), 247–255 (2013)Song, J., Wei, Q., Wang, X., Li, D., Liu, C., Zhang, M., Meng, L.: Degradation of carotenoids in dehydrated pumpkins as affected by different storage conditions. Food. Res. Int. 107, 130–136 (2018)Matová, A.: the influence of genotype and storage condition on the content of selected bioactive substances in the fruit of pumpkin (Cucurbita Moschata Duch.). J. Microbiol. Bioech. Food. Sci. 9(2), 288–292 (2019)Tilman, D., Balzer, C., Hill, J., Befort, B.L.: Global food demand and the sustainable intensification of agricultura. Proc. Natl. Acad. Sci. U. S. A. 108, 20260–20264 (2011)Wang, W., et al.: Multiple trade‐offs between maximizing yield and minimizing greenhouse gas production in Chinese rice croplands. Land. Degrad. Dev. (2020)Pleijel, H., Uddling, J.: Yield vs. quality trade-offs for wheat in response to carbon dioxide and ozone. Glob. Change. Biol. 18(2), 596–n/a (2011)Pedhazur, E.J., Schmelkin, L.P.: Measurement, Design, and Analysis: an Integrated Approach. Lawrence Erlbaum Associates, Hillsdale (1991