The Degree of Financial Liberalization and Aggregated Stock-return Volatility in Emerging Markets

In this study, we address whether the degree of financial liberalization affects the aggregated total volatility of stock returns by considering the time-varying nature of financial liberalization. We also explore channels through which the degree of financial liberalization impacts aggregated total volatility. We document a negative relation to the degree of financial liberalization after controlling for size, liquidity, country, and crisis effects, especially for small and medium-sized markets. Moreover, the degree of financial liberalization transmits its negative impact on aggregated total volatility through aggregated idiosyncratic and local volatilities. Overall, our results provide evidence in favor of the view that the broadening of the investor base due to the increasing degree of financial liberalization causes a reduction in the total volatility of stock returns.return volatility;financial liberalization;market integration;volatility decomposition;emerging markets

Are stock prices too volatile to be justified by the dividend discount model?

This study investigates excess stock price volatility using the variance bound framework of LeRoy and Porter [The present-value relation: tests based on implied variance bounds, Econometrica 49 (1981) 555-574] and of Shiller [Do stock prices move too much to be justified by subsequent changes in dividends? Am. Econ. Rev. 71 (1981) 421-436.]. The conditional variance bound relationship is examined using cross-sectional data simulated from the general equilibrium asset pricing model of Brock [Asset prices in a production economy, in: J.J. McCall (Ed.), The Economics of Information and Uncertainty, University of Chicago Press, Chicago (for N.B.E.R.), 1982]. Results show that the conditional variance bounds hold, hence, our hypothesis of the validity of the dividend discount model cannot be rejected. Moreover, in our setting, markets are efficient and stock prices are neither affected by herd psychology nor by the outcome of noise trading by naive investors; thus, we are able to control for market efficiency. Consequently, we show that one cannot infer any conclusions about market efficiency from the unconditional variance bounds tests. © 2006 Elsevier B.V. All rights reserved

Film Stability on Zn-Al-Cu Alloy in Universal Buffer

The effect of some anions and pH of solution on the corrosion of Zn-Al-Cu alloy were tested by impedance, cyclic voltammetry and scanning electron micrographs in the universal buffer. The tested anions included Cl-, SO42-, IO3-, MoO42-, CrO42-, Cr2O72- and CH3COO-. In acidic medium (pH 2) Cr2O72- produces the highest passivation of the alloy surface, whereas in alkaline medium (pH 12) CrO42- is the best passivator.The presence of Cr2O72- in the solution produced a smooth surface on the alloy and minimized the number of pits formed in the universal buffer. The most protective film was formed in solutions of pH 9.7. The order of film stability is at pH 9.7 > 7.7 > 12 > 2

Assessing Water Quality for Al-Diwaniyah River, Iraq Using GIS Technique

In this  study,  Al-Diwaniyah  River  within  Al-Diwaniyah  Governorate was monitored for a set of chemical, physical,and bacteriological parameters for the assessment of water quality during January to July 2018. Water quality maps for  this  river  were  plotted  torepresent  the  change  in  each  parameter  during  the study  period  using  GIS  program.  Three  sampling  stations  along  the  river  and eighteen parameters were selected: air temperature, water temperature, turbidity, pH  value,  electrical  conductivity  (EC),  biochemical  oxygen  demand  (BOD), dissolved oxygen (DO), alkalinity, chloride, Sulfate, total suspended solids (TSS), total  dissolved  solids  (TDS),  calcium,  magnesium,  total  hardness,  lead,  total coliform,and  Escherichia  coli  bacteria.  The  results  explained  that the  water temperature  varied between (15-31) °C. pH  values ranged between (7.4-8.2) and river  water  was  considered  as  slightly  alkaline  with  alkalinity  concentrations between (124-176) mg/L. Most waterof the  river was very  hard according to the values of hardness that varied between (384-531) mg/L. The turbidity values of the river  ranged  between  (1.5-35.2)  NTU.Electrical  conductivity  was  between  (998-1380)  μs/cm.  Total  dissolved  solids  and  total  suspended  solids  were  their  values varied  between  (620-932)mg/L  and  (2-28)  mg/L  respectively.  It  was  found  that among  measured  positive  ions,  calcium  concentrations  were  higher  than  the magnesium  concentrations,  ranging  between  (71-175)  mg/L  and  (21-67)  mg/L respectively.  On  the  other  hand,  when  studying  Anions, sulfate  concentrations were  higher  than  chloride  concentrations  with  values  ranging  from  (152-339) mg/L  and  (101-167)  mg/L  respectively.  River  water  contained  dissolved  oxygen concentrations  ranging  (6.3-10.1)  mg/L  while  concentrations  of  biochemical oxygen  demand  varied  between  (0.6-7.6)  mg/L.  Lead  ranged  in  valuesbetween (0.001-0.017)  mg/L.  The  study  found  that  bacteriological  parameters,  including total coliform and E. coli, ranged between (500-1600) MPN/100ml and (30-1600) MPN/100ml respectively. In general, the parameters of Turbidity, SO4, BOD5, TC and E. coli have exceeded Iraqi standards for drinking water IQS: 417 while the rest  of  the  parameters  were  within  these  limits.  It  revealed  that  station  2  which was  located  only  at  ashort  distance  from  the  site  of  the  wastewater  treatment plant  was  more  polluted  than  the  other  two  stations.  The  results  showed  that  the water  of  the  river  is neithersuitable  for  drinking,  nor  suitable  for  swimming according  to  the  high  bacterial  pollution  in  addition  to  the danger  and  threat  to aquatic life but can be used for irrigation purposes

Control del crecimiento de hongos en semillas de sésamo (Sesamum indicum L.) con irradiación γ: impactos en algunas propiedades del aceite de sésamo

This study investigated the free fatty acids, fatty acid profile, total phenolics, and antioxidant activity of sesame seed oil extracted from γ-irradiated seeds and the decontamination effects of the treatment on fungal incidence in the seeds. Gamma irradiation reduced (P ≤ 0.05) fungal growth and colony forming units of sesame seeds in a dose-dependent manner. The free fatty acid content of sesame oil decreased (P ≤ 0.05) in irradiated samples compared to non-radiated controls, but there was no difference (P ≥ 0.05) between samples treated at doses ≥ 1.0 kGy. A concomitant (P ≤ 0.05) increase in total phenolic and scavenging activity was observed in the oil extracted from γ-irradiated sesame seeds in comparison with non-radiated samples, while free fatty acid (FFA) content decreased. The results obtained in the present study demonstrate that γ-irradiation at low doses can be used as an effective post-harvest preservation method for sesame seeds without a major effect on the quality of sesame oil.Este estudio investigó los ácidos grasos libres, el perfil de los ácidos grasos, los fenoles totales, la actividad antioxidante del aceite de semillas de sésamo extraído de las semillas irradiadas con rayos gamma y los efectos de descontaminación del tratamiento sobre la incidencia de hongos en las semillas. La irradiación gamma redujo (P ≤ 0,05) el crecimiento de hongos y las unidades formadoras de colonias en las semillas de sésamo de una manera dependiente de la dosis. El contenido de ácidos grasos libre del aceite de sésamo disminuyó (P ≤ 0,05) en las muestras irradiadas en comparación con los controles no irradiados, pero no hubo diferencia (P ≥ 0,05) entre las muestras tratadas a dosis ≥ 1,0 kGy. Se observó un aumento concomitante (P ≤ 0,05) en la actividad fenólica total y de eliminación en el aceite extraído de semillas de sésamo irradiadas con rayos gamma en comparación con muestras no irradiadas, mientras que el contenido de ácidos grasos libres (FFA) disminuyó. Los resultados obtenidos en el presente estudio demostraron que la irradiación con rayos γ a dosis bajas se puede usar como un método efectivo de conservación del sésamo después de la cosecha sin un efecto importante en la calidad del aceite de sésamo

Occupational exposure to dromedaries and risk for MERS-CoV infection, Qatar, 2013–2014

We determined the presence of neutralizing antibodies to Middle East respiratory syndrome coronavirus in persons in Qatar with and without dromedary contact. Antibodies were only detected in those with contact, suggesting dromedary exposure as a risk factor for infection. Findings also showed evidence for substantial underestimation of the infection in populations at risk in Qatar

The spreading of East Coast Fever into Great Bahr- El Ghazal Region, North West of South Sudan

Theileriosis is a fatal tick-borne disease caused by Theileria parva (T.parva) and affecting cattle mainly in East and Central Africa. A cross-sectional survey was conducted during June to November 2015 in 12 localities of Great Bahr- El Ghazal Region, South Sudan to investigate the prevalence of East Coast Fever in indigenous zebu (Nilotic) cattle kept under traditional management system. A total of 600 blood and 105 lymph node smears were collected from cattle. Microscopic examination of Giemsa stained blood smears revealed prevalence of 8.7% for Theileria spp piroplasms. Surprisingly, all the105 lymph node smears were negative for Theileria schizonts. In addition, out of 599 blood samples examined, 464 (77.5%) were positive for Theileria parva DNA using p104 nested polymerase chain reaction (nPCR) with significant differences (P < 0.001) between the localities of the study areas. Out of eight pooled ticks species that were identified (Amblyomma variegatum, Rhipicephalus evertsi evertsi, R. decoloratus, Hyalomma rufipes, R.annulatus, H. truncatum, R. sanguineus group and R. praetextus), one tick species (Amblyomma variegatum) was positive for Theileria parva DNA. The study concluded that T. parva is endemic in the region in spite of the absence of R. appendiculatus. Detection of T. parva DNA in A. variegatum may indicate the role of this tick species in transmission of T. parva among cattle. However, a need for further investigationemploying more samples and using more advanced techniques is highly recommended. Keywords: Epidemiology, East Coast fever; Bahr- El Ghazal; South Sudan

On-farm water management practices and crop production indicators in selected areas of the Gezira Scheme

In International Irrigation Management Institute (IIMI). Sudan Field Operations. Gezira Scheme. Khartoum, Sudan: International Irrigation Management Institute (IIMI). Sudan Field OperationsIrrigation Management in Sudan Technical Report