A framework for combating insider trading on developing stock exchanges: Evidence from the Zimbabwean stock exchange

Stock exchanges play a vital role in any capitalist economy as they provide a secondary market where investors can buy and sell shares under orderly conditions at fair and competitive prices. This role requires stock exchange operations to be regulated in order to enhance the efficiency, transparency and full disclosure in their operations. This is particularly true with respect to the potential harm associated with insider trading. In Zimbabwe the trading of shares is conducted through Zimbabwe Stock Exchange and is regulated by the Zimbabwe Securities Commission. The Zimbabwean Stock Exchange is a typical emerging stock exchange whose performance has been noteworthy in the past two decades in terms of returns on investment in United States dollar terms and in terms of share price increases. In recent years however, the Zimbabwe Stock Exchange has faced some challenges associated with insider trading. On the other hand principles of corporate governance, business ethics and morality have been emphasized as critical managerial attributes that result in fair trading and business practices. Based on literature review on the subject and responses to qualitative interviews with stakeholder groups on insider trading in Zimbabwe, this paper discussed the concept of insider trading and its causes and proposes a framework for combating insider trading in developing stock exchanges

Education and SMME Business Growth: A Gender Perspective from South Africa

Entrepreneurship is becoming an increasingly important source of employment for women in many countries. Policymakers and other stakeholders typically fail to differentiate between the needs of different SMME sectors when designing support programmes. Using survey data obtained from SMME owner managers in the Western Cape, this article attempts to identify whether the level of education and gender has an impact on business growth. A survey instrument in the form of a questionnaire was utilized to capture the data from 369 face-to-face interviews. The findings from this research reveal a positive relationship between the level of education of business owners and their respective business abilities to increase business growth. There were no significant differences between men and women in relation to business growth. The research has implications for policymakers seeking to understand the factors that influence business growth.Department of HE and Training approved lis

Roles, trust and skills: a typology of patronage appointments

This article contributes to the study of the politics of patronage appointments by creating a typology of patronage roles based on the nature of trust between patrons and appointees and on the skills patrons seek in appointees. Our classification brings together the dispersed literature on patronage roles and can be applied to the study of modalities of patronage across and within countries. We offer preliminary evidence from our study of the politics of patronage appointments in Latin America suggesting that variations in patronage roles can be related to variations in party systems institutionalisation and to the nature of the links between political actors and voters. Finally, we explore whether the categories identified in our empirical study can be found in other settings. We conclude that our typology can contribute to the study of the impact of modalities of patronage on the quality of the public administration and on political governability

A Remote Sensing-Based Tool for Assessing Rainfall-Driven Hazards

RainyDay is a Python-based platform that couples rainfall remote sensing data with Stochastic Storm Transposition (SST) for modeling rainfall-driven hazards such as floods and landslides. SST effectively lengthens the extreme rainfall record through temporal resampling and spatial transposition of observed storms from the surrounding region to create many extreme rainfall scenarios. Intensity-Duration-Frequency (IDF) curves are often used for hazard modeling but require long records to describe the distribution of rainfall depth and duration and do not provide information regarding rainfall space-time structure, limiting their usefulness to small scales. In contrast, Rainy Day can be used for many hazard applications with 1-2 decades of data, and output rainfall scenarios incorporate detailed space-time structure from remote sensing. Thanks to global satellite coverage, Rainy Day can be used in inaccessible areas and developing countries lacking ground measurements, though results are impacted by remote sensing errors. Rainy Day can be useful for hazard modeling under nonstationary conditions

Uses of ERP systems and their influence on controllership functions in Brazilian Companies

Controllership and Information Technology provide ways for companies to adapt to the competitive context of business environments. As such, the aim of this research is to identify and analyze the impacts of ERP systems on Controllership functions, verifying the relationships between the use of solutions and possible improvements in such functions. The need for management control and operations control were observed. This research is descriptive and exploratory of the survey kind. The subjects mentioned in this research are managers involved in Controllership activities in large companies from the Auto Parts sector in the State of São Paulo. The data obtained through a questionnaire by non-probabilistic samples were analyzed with the use of descriptive statistics. According to the subjects, ERP systems modify Controllership functions and better serve the control needs of the operations. The results showed problems to be overcome in management control

Education And Small Business Growth: A Gender Perspective Of Two Divergent Provinces In South Africa

The article attempts to identify whether the level of education and gender has an impact on the business growth of SMMEs in a developing economy. The study furthermore looks at the contribution made by the SMME sector from a spatial perspective. The Western Cape is seen as a more affluent province and a bigger contributor to the country’s GDP as opposed to KwaZulu-Natal, which comprises of the former province of Natal and the Zululand homelands. Entrepreneurship can be considered as one of the means of creating an enabling environment conducive to reducing poverty, stimulating economic growth, and creating employment opportunities, particularly in a South African context. Hence, activities in the SMME sector are often considered to be the bedrock of an economy and a key driver of growth and development. This holds most true for women assuming the role of entrepreneur, especially in developing countries. This study aims to explore and test this delicate relationship between women entrepreneurs and SMME sustainability, and to conduct empirical investigations into high-density SMME operations in two South African provinces. Survey data were collected from SMME owners/managers in the Western Cape and KwaZulu-Natal provinces of South Africa. In building on previous academic literature on SMME sustainability and women in business, various measures are developed and tested for reliability and validity. The study is cross-sectional in design, making use of trained fieldworkers to administer face-to-face surveys to a diverse set of SMMEs. A structured questionnaire was used to collect data from 465 owners/managers in the two provinces. The findings show (i) a positive relationship between a business owner’s/manager’s level of education and business growth, (ii) no correlation between a business owner’s/manager’s education and employment, and (iii) no relationship between gender and business growth. The findings of the study can benefit the South African Government in directing policy, SMME owners, educators and women in business by increasing awareness of the nature of sustainable SMMEs, and the effect of operational skills, gender and education on the development thereof. This study focuses on the growing sector of women in business and the impact of education in SMMEs linked toward business sustainability. A contribution is made toward theory development through empirical research

2.5D Flow MRI: 2D phase-contrast of the tricuspid valvular flow with automated valve-tracking

Tricuspid regurgitant velocity is a crucial biomarker in identifying pressure overload in the right heart, associated with diastolic dysfunction and pulmonary hypertension. 2D phase-contrast cannot quantify this flow, and echocardiography is used clinically. We developed a phase-contrast method which utilizes deep-learning algorithms to track the valvular slice in a cardiac phasedependent manner, which we call 2.5D flow. We studied its performance in nine healthy subjects and patients with tricuspid regurgitation. RV stroke volumes correlated better to forward flow volumes by 2.5D flow vs. static 2D phase-contrast (ICC=0.88 vs. 0.62). 2.5D flow characterized regurgitation in a patient

Deuterium imaging of the Warburg effect at sub-millimolar concentrations by joint processing of the kinetic and spectral dimensions

Deuterium metabolic imaging (DMI) is a promising molecular MRI approach, which follows the administration of deuterated substrates and their metabolization. [6,6’-2H2]-glucose for instance is preferentially converted in tumors to [3,3’-2H2]-lactate as a result of the Warburg effect, providing a distinct resonance whose mapping using time-resolved spectroscopic imaging can diagnose cancer. The MR detection of low-concentration metabolites such as lactate, however, is challenging. It has been recently shown that multi-echo balanced steady-state free precession (ME-bSSFP) increases the signal-to-noise ratio (SNR) of these experiments approximately threefold over regular chemical shift imaging; the present study examines how DMI's sensitivity can be increased further by advanced processing methods. Some of these, such as compressed sensing multiplicative denoising and block-matching/3D filtering, can be applied to any spectroscopic/imaging methods. Sensitivity-enhancing approaches were also specifically tailored to ME-bSSFP DMI, by relying on priors related to the resonances' positions and to features of the metabolic kinetics. Two new methods are thus proposed that use these constraints for enhancing the sensitivity of both the spectral images and the metabolic kinetics. The ability of these methods to improve DMI is evidenced in pancreatic cancer studies carried at 15.2 T, where suitable implementations of the proposals imparted eightfold or more SNR improvement over the original ME-bSSFP data, at no informational cost. Comparisons with other propositions in the literature are briefly discussed