The role of transformative mediation in post-electoral violence: the case of Kenya 2007-2008

Free and fair elections, accompanied by smooth transitions of democratically elected leaders, constitute one of the key pillars of democracy. The dawn of democratisation and advent of multi-party politics after the end of the Cold War in 1991, seemingly held great promise for Africa. However, in recent years, many elections in Africa have consistently become a source of violence. Electoral violence is threatening to become an intractable source of conflict on the African continent, making it hard for emerging democracies to consolidate their status as free democratic societies. Many remain largely autocratic or semi-democratic. African leaders are all too often not ready to relinquish political power, while political elites are ‘power hungry’ and use violence to skew the outcomes of elections in their favour. Hence, electoral violence is employed in order to manipulate civilian election choices and outcomes. Election violence is often deliberately used to target civilians, and in countries like Kenya involves inter-ethnic clashes. These “new wars” are fought unconventionally using ‘crude weapons’, (Kaldor 2013). Kaldor describes how these ‘new wars’ are fought as intra-state (within the state) wars in developing countries. Often, they are waged via state or county networks based on identity or ethnicity. The consequences of electoral violence include the destruction of property, reversed development, injuries, rape, death, internally displaced persons and refugees. Electoral violence persists despite attempts to contain it and measures to effectively manage these processes often prove to be inadequate. The study utilises an exploratory case study of Kenya during 2007-2008 Post-Election violence. The causes, the immediate steps that were initiated to mitigate violence and the reforms undertaken to generate peace structures and prevent future occurrences of post-election violence were explored. Forty-five participants representing involved citizens, negotiators and mediators were interviewed. The research was triangulated via the interview process, together with the use of primary document analysis and an extensive review of the literature. The data was analysed via the use of grounded theory. The research findings reveal that the causes of electoral violence are multi-faceted and multi-layered, with deep underlying issues. The causes include weak institutions, corruption, a non-representational electoral system, ethnicity and ethnic militia. Further causes include statelessness as experienced by certain groups, abuse of state resources and human rights violations. The role of political elites who withhold crucial information, thus denying the public the opportunity to make informed choices during elections was also found to contribute to electoral violence. Other information-related causes include biased media and sensational reporting. Findings also show that socio-economic issues such as poverty, unemployment, scarce resources and unmet basic human needs cannot be underestimated. Lastly, the causes of electoral violence included diverse interests of internal and external actors at play during elections. The findings revealed that although the Kenyan mediation process included the signing of a peace agreement, the root causes of electoral violence such as corruption, weak institutions, abuse of state resources and the unjust electoral system were not adequately addressed. A model for mediation for electoral violence which was explored and developed sought to build on the strengths of the Kenyan mediation process and address its inherent weaknesses, thus making this a significant contribution flowing from the study. The election model for mediation proposes certain key phases which include a pre-mediation process that will ensure a cessation of all hostilities; the mapping of the root causes of electoral violence and electoral reforms that provide resolutions that are acceptable to all the parties. Training of personnel at all levels of government to implement these reforms is also proposed. These measures can ensure the integrity and independence of electoral institutions from political manipulation. Training constitutes a crucial stage in the process of consolidating the emerging democracies. The model for mediation developed is therefore not only meant to mitigate electoral violence but is also intended to serve as a preventive measure. Many African states currently experience structural weaknesses similar to those that existed in Kenya before the 2007-2008 elections (and still persist). These fault lines include corruption, weak institutions, human rights violations, and lack of information. The proposed model for mediation which aims to counter these problems can thus be applied and adapted for implementation in Africa and globally. Several recommendations with implications for policy development are proposed to curb electoral violence. They include constitutional reforms, training of government and electoral officials and the introduction of a properly representational election system. This study, which focuses specifically on post-election violence, recommends further research investigating the pre-election phase, and ‘voting day’ causes of electoral violence for a more comprehensive approach to electoral violence research

RISK MANAGEMENT, FIRM CHARACTERISTICS, CORPORATE GOVERNANCEAND BANK PERFORMANCE: A CRITICAL LITERATURE REVIEW

Effective risk management is accepted as a major cornerstone of bank management byacademicians, practitioners and well as regulators. Acknowledging this reality and the need for acomprehensive approach to deal with bank risk management, the Basel Committee on BankingSupervision adopted the Base I Accords, followed by the Basel II Accords and more recently, theBasel III accords, to attempt to deal with the critical matter in the banking industry. This studyaims to undertake a critical theoretical literature review on risk management, firm characteristics,corporate governance and performance of commercial banks. The paper starts from thetheoretical and empirical proposition that the risk management, firm characteristics as well ascorporate governance effectively leads to improved bank performance. The paper argues that riskmanagement coupled with theexternal demands for efficiency in banks (external corporategovernance) translates to internal, organizational arrangements for performance management andincentive system design (internal governance), leads into better performance of banks. Further itproposes that firm characteristics such as ownership structure, size and financial architecture caninfluence the nature of the relationship among risk management, corporate governance and bankperformance.The most common firm characteristics being included as variables in corporategovernance or risk management researches arefirm size,leverage and industry type. Theinfluence of these firm characteristics on the relationship between risk management and firmperformance however is not well documented.The study presents a conceptual framework guidedby the following theories: enterprise risk management framework, agency theory, thestewardship theory, the stakeholder theory. The study concludes by identifying and discussingthe knowledge gaps and documenting four possible areas for researches including: the effect ofrisk management on bank performance; the mediating effect of corporate governance on therelationship betweenrisk management;the moderating effect of firm characteristics on therelationship between risk management and corporate governance as well as the moderating effectof firm characteristics on the relationship between corporate governance and firm performance;further, many studies have assumed that the efficient performance of banks’ relies on either riskmanagement, corporate governance and firm characteristics in isolation or in combinations,however future research could focus on the effect of macroeconomic variables such as, financialcrisis, exchange rate, inflation rates, money supply and Gross domestic product as well microeconomic variables such as corporate strategy and management quality on the relationshipbetween risk management, corporate governance and bank .performance. Finally, future researchcould focus on the effect ofrisk management and corporate governance on shareholder return forlisted firms.Key Words: Risk Management, Corporate Governance, Firm Characteristi

The Effect of Mergers and Acquisitions Strategies on Financial Performance of Commercial Banks in Kenya

The operating environment for commercial banks in Kenya has become very dynamic and highly competitive. The witnessed cases of bank failure and poor financial performance have made commercial banks develop strategies to improve their financial performance, remain competitive, and meet the regulator's compliance requirements. Mergers and Acquisitions Strategies are on the rise as a strategy aimed to alleviate the ailing sector. In light of this, the purpose of this study was to examine the impact on financial performance of commercial banks in Kenya as a result of mergers and acquisitions Strategies. Operating efficiency and market share impact on the financial performance of commercial banks in Kenya formed the specific objectives. The study objectives were supported by synergies theory, resource-based view theory and agency theory. The study adopted a correlational descriptive research design, including cross-sectional data analysis.  By the year 2017, 30 commercial banks in Kenya had considered mergers and acquisitions strategies were considered as the population of this study. An average of three-year ratios was computed in both pre-merger and post -acquisition periods inorder to assess the impact financial performance. The years of the deal were excluded. The mean difference between the pre-Mergers and Acquisitions Strategies and post-Mergers and Acquisitions Strategies ratios was tested using the T-test.The findings were that Mergers and Acquisitions Strategies have a statically positive significant relationship with the dependent variable. Recommends from the study are that, the policymakers create policies that facilitate and encourage commercial banks to employ mergers and acquisition strategies to achieve better financial performance

Polymer based electrospun nanofibers as diagnostic probes for the detection of toxic metal ions in water

The thesis presents the development of polymer based electrospun nanofibers as diagnostic probes for the selective detection of toxic metal ions in water. Through modification of the chemical characteristics of nanofibers by pre- and post-electrospinning treatments, three different diagnostic probes were successfully developed. These were the fluorescent pyridylazo-2-naphthol-poly(acrylic acid) nanofiber probe, the colorimetric probe based on glutathione-stabilized silver/copper alloy nanoparticles and the colorimetric probe based on 2-(2’-Pyridyl)-imidazole functionalized nanofibers. The probes were characterized by Fourier transform infrared spectroscopy (FTIR), Energy dispersive x-ray spectroscopy (EDX), Scanning Electron Microscopy (SEM) and Transmission Electron Microscopy (TEM). The fluorescent nanofiber probe was developed towards the determination of Ni²⁺. Covalently functionalized pyridylazo-2-naphthol-poly(acrylic acid) polymeric nanofibers were employed. The solid state Ni²⁺ probe exhibited a good correlation between the fluorescence intensity and nickel concentration up to 1.0 mg/mL based on the Stern-Volmer mechanism. The detection limit of the nanofiber probe was found to be 0.07 ng/mL. The versatility of the fluorescent probe was demonstrated by affording a simple, rapid and selective detection of Ni²⁺ in the presence of other competing metal ions by direct analysis without employing any sample handling steps. For the second part of the study, a simple strategy based on the in-situ synthesis of the glutathione stabilized silver/copper alloy nanoparticles (Ag/Cu alloy NPs) in nylon 6 provided a fast procedure for fabricating a colorimetric probe for the detection of Ni²⁺ in water samples. The electrospun nanofiber composites responded to Ni²⁺ ions but did not suffer any interference from the other metal ions. The effect of Ni²⁺ concentration on the nanocomposite fibers was considered and the “eye-ball” limit of detection was found to be 5.8 μg/mL. Lastly, the third probe was developed by covalently linking an imidazole derivative; 2-(2′-Pyridyl)-imidazole (PIMH) to Poly(vinylbenzyl chloride) (PVBC) and nylon 6 nanofibers by post-electrospinning treatments using a wet chemical method and graft copolymerization technique, respectively. The post-electrospinning modifications of the nanofibers were achieved without altering their fibrous morphology. The color change to red-orange in the presence of Fe²⁺ for both the grafted nylon 6 (white) and the chemically modified PVBC (yellow) nanofibers was instantaneous. The developed diagnostic probes exhibited the desired selectivity towards the targeted metal ions

A colorimetric probe for the detection of Ni2+ in water based on Ag-Cu alloy nanoparticles hosted in electrospun nanofibres

A Ni2+ based colorimetric probe based on glutathione-stabilized silver/copper nanoparticles (GSH-Ag-Cu alloy NPs) in an electrospun polymer matrix is reported. Glutathione-Ag-Cu alloy NPs were characterized by ultraviolet-visible spectroscopy (UV-vis), scanning electron microscopy (SEM) and transmission electron microscopy (TEM). The freshly synthesized GSH-Ag-Cu alloy NPs in a polymer matrix were black in colour due to an intense surface plasmon absorption band at 424 nm. However the electrospun nanocomposite fibres were green in colour and in the presence of Ni2+ the green GSH-Ag-Cu alloy NP fibres were discoloured. The sensitivity of the GSH-Ag-Cu alloy NPs towards other representative transition, alkali and alkali earth metal ions was negligible. The effect of the concentration of Ni2+ on the nanocomposite fibres was evaluated and the ‘eye-ball’ limit of detection was found to be 5.8 μg/mL.Keywords: colorimetric probes, alloy nanoparticles, electrospun nanofibres, heavy metal determinatio

THE RELETIONSHIP BETWEENFINANCIAL LIBERALIZATIONANDECONOMIC GROWTH INKENYA.

Financial liberalization in Kenya is much more recent. Ceilings on bank lending rates werenot removed until July 1991. The central bank continued to announce guidelines for thesectoral composition of bank credit expansion, although these were not strictly enforced afterinterest rate liberalization. Although the Kenyan authorities have allowed market forces toplay a relatively influential role in the financial system, the government maintains aformidable presence in the financial sector. The primary function of the central bank is toregulate the flow of money and credit in order to maintain economic stability, efficiency andgrowth of the country. To earn profit is the secondary objective of the Central Bank but themain motive is to regulate the monetary and credit system of the country and to foster itsgrowth in the best national interest with a view to securing monetary stability and fullutilization of the country's productive resources. These regulations provide guidelines foropening of accounts, limit against advances, setting up of internal audit system, requirementfor minimum capital and reserves for a banking company, maintenance of liquidity assets forevery banking company, detecting banking frauds etc. The Central Bank of Kenya wasestablished in May 1966. The powers and operations of the Central Bank of Kenya aregoverned by the Central Bank of Kenya Act 1966, and the Banking Act 1968. The study useddescriptive technique and carried out a meta- analysis study. This study exclusivelysecondary data. The study used Statistical Package for Social Sciences for data analysis(SPSS) to analyze the data and the data findings were presented in tables and figures. Thestudy carried out regression analysis to establish the relationship. The study findingsestablished that in the year 2003, the lending rates were rates were 16.37%. These rates decreased in the year 2004 to 12.53%. Since then, the lending interest rates increasedgradually to 19.65% by the year 2011. In the year 2012, there was a rapid increase inlending interest rates whereby the rates increased to 19.65%. Foreign assets as found by thestudy had been increasing over the study period with exception of the 2008 financial year.Foreign assets stood at USD. 110,991 million in the year 2003. Foreign assets increasedthereafter to stand at USD. 115,774. After the year 2007, foreign investment dropped slightlyin the year 2008 to USD 223,549 before picking up a positive trend again from the year 2009till 2012 were it amounted to USD 374,457.The study inferences established a positive perfect correlation between the dependentvariable, Financial Liberalization and the independent/ explanatory variable, Economicgrowth as evidenced by the empiricism from the operational variables in lieu of the current account, Lending rates and Capital controls

The Effect of Behavioral Factors on Investment Decisions in Real Estate Sector in Nairobi County

Purpose-This study was intent on establishing the effect of behavioral factors on investment decisions in the real estate sector in Nairobi County. The behavioral factors explored for this study were herd behavior, representativeness, anchoring and overconfidence. Methodology-The study exploited descriptive research design to explicate how investors in real estate sector in Nairobi County make investment decisions from a behavioral finance point of view. Descriptive statistics and inferential statistics were used to scrutinize the data. Descriptive statistics adopted in this study included frequencies, mean, percentages and standard deviation. Additionally, inferential statistics of regression models and correlation analysis were used to examine the relationship of the study variables. The scrutinized data were presented in form of frequency tables and pie charts. Findings-The results of the study revealed that 53.71% of the respondents make use of the intuitions when evaluating investment decisions. The outcomes of the study further showed that representativeness, herd behaviour, anchoring and overconfidence have positive correlation coefficients of 0.21, 0.31, 0.16 and 0.32 respectively with the investment decisions in the real estate sector. The multiple R for the regression was 0.817, suggesting a strong positive correlation between the values that the model predicts and the actual values of the dependent variable. The R Square was 0.667 suggesting that about 66.7% of the variation in the real estate investment can be explained by the variation in the extent to which they are influenced by the behavioral factors. The Multiple R and the R Square suggest that behavioral factors exert influence on the investment decisions in the real estate sector. Implications- Behavioural factors analysis provides explanations on the trend of the investors in making critical investment decisions which portray a particular pattern of behaviour in the investment. Investors lack rationality when making decisions about their investments but rather make decisions based on emotions, feelings, mood and sentiments. Value- The study findings will enable investors to acquire skills necessary in eliminating various behavioral biases and increasing their rationality when making investment decisions in the real estate sector

A COMPARATIVE STUDY OF THE RETURNS OF QUOTED SIN AND NON SIN STOCKS AT THE NAIROBI SECURITIES EXCHANGE

Sin stocks are of increased interest since more and more investors and fund managers avoid them whileintegrating social screening with their investment decisions. As a reflection of social norms, sociallyresponsible investing has become a niche of its own in determining investors’ portfolio decisions in the pastdecade. The study adopted an explanatory research design with the population consisting of all firms listen inthe NSE. The sample of the study involved the 20 firm that make up the NSE index. Secondary data usedsecondary data sources in gathering data for analysis which was done using the Statistical Package forSocial Sciences (SPSS version 20) to generate the descriptive statistics and also to generate inferentialresults. T-Tests used to check whether the mean returns of Sin stock differ from the mean returns of non sinstocks. Regression analysis done showed that the type of firm that is either sinstock or non sinstock have apositive and significant relationship with return. T-test statistics indicate that capital gains for sinstocks werehigher than that of non sinstocks. Dividends of nonsinstocks, were slightly lower than that of sinstocks. Fromthe given results, it is evident to conclude that sinstocks have a higher capital gain, return and dividends thanin nonsinstocks

Time to Reflect on Global Health Agenda in Kenya: A Tribute to our Academic and Biomedical Research Mentors

We submit this column to present a brief biography, a tribute to three departed global health mentors who were instrumental in our careers and for the growth of biomedical research in Kenya. We briefly discuss their educational backgrounds and put forth a set of qualities, values, personal supportive experiences, and achievements that nurtured our careers as scientists. The mentors are Prof. Ayub Opiyo Ofulla, Dr. John F. Kennedy Vulule, and Dr. Peter Odada Sumba. We appeal to the community of researchers in biomedical sciences, global health, and epidemiology who study a particular disease or health risk (conducting interventional and observational research) to mentor, teach, and serve as role models for upcoming scholars. There is a need for a positive and supportive attitude to create a universal environment to nurture the next generation of researchers transcending race, color, nationality, ethnicity, culture, faith, gender identities, sexual orientation, age, ability, and background

HIV infection drives IgM and IgG3 subclass bias in Plasmodium falciparum-specific and total immunoglobulin concentration in Western Kenya

BACKGROUND: HIV infection is associated with more frequent and severe episodes of malaria and may be the result of altered malaria-specific B cell responses. However, it is poorly understood how HIV and the associated lymphopenia and immune activation affect malaria-specific antibody responses. METHODS: HIV infected and uninfected adults were recruited from Bondo subcounty hospital in Western Kenya at the time of HIV testing (antiretroviral and co-trimoxazole prophylaxis naïve). Total and Plasmodium falciparum apical membrane antigen-1 (AMA1) and glutamate rich protein-R0 (GLURP-R0) specific IgM, IgG and IgG subclass concentrations was measured in 129 and 52 of recruited HIV-infected and uninfected individuals, respectively. In addition, HIV-1 viral load (VL), CD4+ T cell count, and C-reactive protein (CRP) concentration was quantified in study participants. Antibody levels were compared based on HIV status and the associations of antibody concentration with HIV-1 VL, CD4+ count, and CRP levels was measured using Spearman correlation testing. RESULTS: Among study participants, concentrations of IgM, IgG1 and IgG3 antibodies to AMA1 and GLURP-R0 were higher in HIV infected individuals compared to uninfected individuals (all p < 0.001). The IgG3 to IgG1 ratio to both AMA1 and GLURP-R0 was also significantly higher in HIV-infected individuals (p = 0.02). In HIV-infected participants, HIV-1 VL and CRP were weakly correlated with AMA1 and GLURP-R0 specific IgM and IgG1 concentrations and total (not antigen specific) IgM, IgG, IgG1, and IgG3 concentrations (all p < 0.05), suggesting that these changes are related in part to viral load and inflammation. CONCLUSIONS: Overall, HIV infection leads to a total and malaria antigen-specific immunoglobulin production bias towards higher levels of IgM, IgG1, and IgG3, and HIV-1 viraemia and systemic inflammation are weakly correlated with these changes. Further assessments of antibody affinity and function and correlation with risk of clinical malaria, will help to better define the effects of HIV infection on clinical and biological immunity to malaria