The preservation of some East African freshwater fish

Quality changes during storage were investigated for several commercially important East African freshwater fish. Lates, Bagrus, Protopterus, Tilapia esculenta and T. nilotica were examined during storage in ice and at ambient temperature (250•C). After 24 hours at ambient temperature Lates and Bagrus were completely spoilt but Protopterus was still edible. In iced storage most fish were acceptable for at least 20 days. Organoleptic examination showed that T. nilotica was acceptable after 22 days storage in ice and that gutting was only marginally beneficial. Changes in physical appearance, which could form the basis of a fish inspection system, were recorded during storage. Possible chemical quality control indices were also investigated. It was found that total volatile bases and hypoxanthine are unlikely to be useful quality indices for the species studied with the possible exception of Lates. The bacterial counts of the flesh and skin of T. esculenta and T. niloticus were found to be low (a maximum of 10 organisms per sq cm of skin or per g of flesh) after 22 days storage in ice

Corporate financing decisions: UK survey evidence

Despite theoretical developments in recent years, our understanding of corporate capital structure remains incomplete. Prior empirical research has been dominated by archival regression studies which are limited in their ability to fully reflect the diversity found in practice. The present paper reports on a comprehensive survey of corporate financing decision-making in UK listed companies. A key finding is that firms are heterogeneous in their capital structure policies. About half of the firms seek to maintain a target debt level, consistent with trade-off theory, but 60 per cent claim to follow a financing hierarchy, consistent with pecking order theory. These two theories are not viewed by respondents as either mutually exclusive or exhaustive. Many of the theoretical determinants of debt levels are widely accepted by respondents, in particular the importance of interest tax shield, financial distress, agency costs and also, at least implicitly, information asymmetry. Results also indicate that cross-country institutional differences have a significant impact on financial decisions