Harmonizing the Disjointed: Economic Integration and Risk Sharing

This dissertation consists of three essays examining the role of risk diversification in European markets. At the economy level the first two essays seek to identify whether economic integration efforts among European countries result in sharing risks to consumption with regional neighbors, as opposed to global partners. At the firm level, the third essay seeks to understand whether managers of large companies in the United Kingdom choose less financial leverage if they are specifically compensated with more cash bonus as opposed to other forms of performance incentives. In Essay 1, I assess the extent to which European countries diversify consumption risks and share them both within the European region and with major non-European countries. I identify that an empirical model can be obtained from a standard theoretical risk sharing framework, that allows for a direct evaluation of the extent of dependence of a country\u27s own consumption on its own output growth, on regional output growth, and on output growth of the rest-of-world (ROW). The empirical model helps to understand whether growing European regional economic integration changes the patterns of regional and world risk sharing. Using data for 45 European and 15 ROW countries over the 1960 - 2017 sample period, I find that higher levels of risk sharing are associated with growing European Union (EU) and Eurozone (EZ) membership, but Europe\u27s risk sharing with the ROW declines, a possible competition effect. In Essay 2, I point out how the long run average increase in risk sharing due to growing financial integration is often taken as given. Yet decoupling financial integration from economic integration at large may lead to very conflicting consequences on risk sharing for economically integrated countries. Using stock, money and bond markets, as well as industrial production and CPI data for European countries, I show that financial integration and real integration point in different directions, minimizing the ability to share consumption risks within Europe. Specifically I find that the European Central Bank may have made progress towards integrating money and bond markets, but stock markets are still highly globally influenced. Also real integration in production and prices is low and do not differ among advanced EU and non-EU countries. The findings give a new perspective as to why inter-country consumption risk sharing appears low in several empirical studies. Finally, in Essay 3, the aim of the study is to investigate whether managerial earnings-based incentive influence firms\u27 leverage policy and the extent to which this relationship is conditional on the firm earnings performance. Further, we show how firms\u27 growth opportunities affect managerial cash compensation - leverage relationship. The paper utilize a sample of 213 non-financial and non-utility U.K. FTSE350 firms for the period 2007 – 2015. In examining these issues, we employ several econometric techniques: OLS, FE, Predicted method, and three-stage least squares (3SLS) to robustly deal with the existing leverage – cash bonus simultaneity problem. We find empirical support for our theoretical contention that managerial cash bonus induces managers to implement lower leverage policy. We further observe that the effect of managerial cash bonus on leverage is more pronounced in a well-performing firm. In addition, we find that cash-motivated executives with huge unexploited growth opportunities tend to keep low leverage level. Overall, our analyses show that the widespread usage of earnings-based incentives in the U.K executives’ compensation contract, partly explains the conservative debt policy of the U.K firms

The Positive Dimension of Informal Relations on Organizations’ Performance: The Case of KNUST Banks

This study examined the impact of informal relations on banks (Eco bank, Stanchart, United Bank for Africa, Barclays, Ghana Commercial Bank, and Cal Bank) at KNUST campus. Social survey was the design used for this study. The population of study was all workers of all banks on KNUST Campus. The sample size for the study was fifty-four (54) consisting of six (6) managers and forty-eight (48) working staff from the various banks. The simple random sampling technique was employed to select the sample. Additionally, purposive sampling technique, which is a non-probability sampling method, was used to select the various managers who participated in the study. The data used for this study included both primary and secondary. Closed ended questions were used to collect the primary data. In analysing the data collected from the field, both quantitative and qualitative methods of analysis were employed. From the study, it was evident that employees who interacted informally and participated in informal groups increased their capacity to be creative and express new ideas, which positively reflected in their performance. Again, it became known that informal relations complemented the formal structure by safeguarding the organization from self-destruction that would result from literal obedience to the formal policies, rules, regulations, and procedures. It was recommended that managers should critically look at informal relations and explore means that encourage employees to relate informally in relation to the objectives of the organization. In addition, managers should make efforts to check rumours since untrue information perpetuated by dissatisfied employees can affect the morale of other employees. It must be emphasized that informal relations is a natural, social and psychological need of employees and therefore managers need to study the informal group to discover ways in which the interests of informal groups can combine with the interest of the formal organization for higher productivity Keywords: Positive, Productive, Organization, Informal Relations, Performance, Networ

Empirical Analysis of the Effectiveness of Teacher Distance Education (TDE) in Ghana: The Perception of Student Teachers, Tutors and Coordinators of the University of Education, Winneba (UEW)

Education has proven to be an effective means of developing the human resource base of most nations and could advance the development of nations. In other to upgrade and train more professionals and non-professionals in the sphere of education, the concept of teacher distance education has gained more attention globally. Therefore, more and new knowledge is required to advance the course of teacher distance education in developing countries through empirical research; it becomes critically important to understand the perceived quality and, therefore, effectiveness of teachers distance education from stakeholders’ perspective in the Ghanaian teacher distance education context. Overall, student teachers, tutors and coordinators rated the University of Education Teacher Distance Education successful. It was recommended among other things that the programme design, content quality, instruction design, instructional delivery, student support and student assessment quality must be given further attention. Keywords: effectiveness, perception, teacher distance education, university of educatio

The Role of Institutional Policies in Promoting Agribusiness Development in Rural China

Sustainable agricultural growth has become an area of interest for many researchers in the quest to increase food production in the midst of an escalating population. However, the evidence remains largely scanty, isolated and devoid of an in-depth analysis of how some economic policies promote agribusiness development in mainland China. Using time series data from 1990 to 2013, this paper adopts semi-parametric quantile regression to study the complex relationship between institutional policies in rural areas and agribusiness development. The study revealed the role of family household in promoting agribusiness development at the higher quantiles of the distribution. Moreover, government investment in rural health and education contributed significantly across the quantile distribution. The impact of research and development on agribusiness development is positively significant across the quantile points of the distribution within the study period. The result from the quantile graph clearly shows the disparities between OLS and quantile regression coefficients

DEMOGRAPHIC CHARACTERISTICS OF TUTORS ON THE INTEGRATION OF INFORMATION AND COMMUNICATION TECHNOLOGY IN TEACHING AND LEARNING IN THE COLLEGES OF EDUCATION

The purpose of the study was to examine demographic characteristics of tutors on the integration of information and communication technology in teaching and learning in the Colleges of Education in Ghana. The descriptive survey design was used to conduct the study. The purposive sampling technique was used in the selection process. The sample size was 120 tutors. Independent sample t-test and One-way ANOVA were used to analyze the data. The findings showed that there is a significant difference between male and female tutors in their use of ICTs in teaching and learning in the public Colleges of Education in Ghana. The findings revealed that there is no significant difference between tutors with different age and their integration of ICT in teaching and learning. The findings again, indicated that there is no significant difference between the level of academic qualification and the use of ICTs among tutors. The results revealed that there is a significant difference between the use of ICTs among tutors based on their teaching experience. The study recommended that female tutors who could not effectively integrate ICT into the teaching and learning should be identified and supported to integrate ICT into the teaching of the subject. The study recommended that appropriate pedagogical models suitable for the integration of ICTs in teaching and learning should be developed by curriculum designers to assist tutors in their urge to employ them in the teaching and learning process. The study again, recommended that management of the public Colleges of Education in Ghana should seek sponsorship from internet service providers in Ghana to provide free or affordable and reliable internet connectivity in the colleges to facilitate effective use of ICTs in the teaching and learning in the Colleges of Education. Article visualizations

ACCESS TO LIBRARY FACILITIES AND RESOURCES BY STUDENTS WITH VISUAL IMPAIRMENT AT UNIVERSITY OF EDUCATION, WINNEBA.

This case study focused on how students with visual impairment access library facilities and resources at the University of Education, Winneba. Data were gathered through focus group interviews from 48 out of 99 undergraduate students with visual impairment. Purposive sampling technique was used to select the participants for the study. Data were analyzed thematically using color coding for the categorization of themes. The results indicated that students with visual impairment had some difficulties accessing the physical infrastructure of the libraries. It was revealed that learning materials of the University libraries were not in accessible formats, and the braille library only produced chapters of books for students with visual impairment. The results further indicated that students with visual impairment in the University wanted the management of the University to purchase assistive devices for them for personal and independent use. The study recommended that the management of the University’s libraries should ensure the provision of more technological devices that will produce learning materials in accessible formats for students with visual impairment to promote the use of library resources

Academic Self-Concept and Academic Performance of College of Education Students

The study examined academic self-concepts (ASC) and academic performance of College of Education students in Ghana. The descriptive survey design was adopted using a sample of 229 students. An original ASC scale by Liu &Wang (2005) was adopted and used for the study. Independent sample T-test and multiple linear regression were the tools used in testing the hypotheses. The findings of the study showed that there is no statistically significant gender difference in ASC of College of Education students. The study further revealed that ASC did not predict academic performance of College of Education students. The study recommends that, stakeholders such as teachers and parents must consider a variety of factors that can influence the development of a healthy ASC and must also encourage, monitor, and supervise students to put in some effort in their studies because effort promotes academic performance. The study again, recommends that academicians should hold workshops and seminars to students in developing a stronger self-concept so that they can improve their abilities and lead a successful life in the future. Students with low ASC may benefit from counseling sessions in order to enhance their academic standing. It may be suggested that curriculum designers pay attention to the relevance of self-concept and create courses that will encourage students to think critically and thoroughly in order to improve their self-concept. Keywords: key words, academic self-concepts and academic performance DOI: 10.7176/JEP/12-24-06 Publication date:August 31st 202

Investment-cash flow sensitivity: Evidence from investment in identifiable intangible and tangible assets activities

Open access article The file attached to this record is the author's final peer reviewed version. The Publisher's final version can be found by following the DOI link. open access articleIn this study, we examine whether investments in fixed (identifiable) intangible assets and tangible assets are sensitive to cash flow and the extent to which this sensitivity differs for firms with different levels of financial constraints. Using both UK private and public firms’ data, our overall analysis shows strong positive (negative) effects of cash flow on intangible assets (tangible assets) investments. When we split the data on the basis of listing status, we observe that cash flow is positively (negatively) and significantly related to intangible assets (tangible assets) investments for private firms but not so for public firms. In addition, we further observe that both public and private firms' investments follow a similar pattern when we split our data based on the availability of internal funds. Moreover, we also find that the sensitivity of investment (identifiable intangible assets) to cash flow is higher for young and large private firms but lower for small and old ones. Our results remain similar to other econometric specifications which account for possible endogeneity issues

Executive bonus compensation and financial leverage: do growth and executive ownership matter?

The file attached to this record is the author's final peer reviewed version. The Publisher's final version can be found by following the DOI link.Purpose: This study examines the impact of executive bonus compensation on a firm’s financial leverage policy and the extent to which this compensation–leverage relation is moderated by firm growth and executive ownership. Design/method/approach: Using data from 213 non-financial and non-utility UK FTSE 350 firms for the period 2007-2015, generating a total of 1,784 firm-year observations, panel econometric methods are employed to test our model. Findings: Drawing insights from agency theoretic view, we uncover that managerial cash bonus compensation is negatively and significantly related to financial leverage. However, stock bonus compensation has a positive and significant impact on leverage. We also observe that compensation–leverage is moderated by both firm growth and executive ownership. Our results remain robust to alternative econometric models. Originality/value: While this paper builds on the risk-motivated argument of executive bonus compensation literature, it is the first – to the best of our knowledge – to explore the bonus compensation-corporate financial leverage and, particularly, examine the extent to which firm growth and corporate executive ownership matter in this relationship

Women and Medicine: A Historical and Contemporary Study on Ghana

Women have always been central concerning the provision of healthcare. The transitions into the modern world have been very slow for women because of how societies classify women. Starting from lay care, women provided healthcare for their family and sometimes to the members of the community in which they lived. With no formal education, women served as midwives and served in other specialised fields in medicine. They usually treated their fellow women because they saw ‘women’s medicine’ as women’s business. They were discriminated against by the opposite sex and by the church, which regarded it as a taboo to allow women to practice medicine. This study points to a Ghanaian context on how the charismas of women have made them excel in their efforts to provide healthcare for their people. The study also focused on the role of indigenous practitioners who are mostly found in the rural areas and modern practitioners who are mostly found in the peri-urban, urban areas and larger cities in Ghana