The Effect of Corporate Governance on Mutual Fund Dividend Policy: Evidence from Egypt

The purpose of this paper is to investigate whether mutual fund governance has an effect on fund dividend policy in the Egyptian Stock Market. Using a final sample of 27 mutual funds between 2004 and 2013, this paper applies a Structural Equation Modelling technique to solve the potential endogeneity problem between internal governance measures and dividend policy. The empirical evidence shows a positive correlation between governance quality and dividend policy measured by dividend yield. The results are consistent with the notion that shareholders of firms with better governance quality are able to force managers to disgorge more cash through dividends, thereby reducing what is left for expropriation by opportunistic manager. No significant association was found between board independency and dividend policy, because firms with higher number of independent directors are more restricted to pay higher dividends. This study provides additional evidence of the applicability of the Outcome Model in the emerging market of Egypt. It was found that the payment of higher dividend was considered necessary to attract capital during this transitional period. Keywords: Corporate Governance, Dividend Policy, Mutual Fund, Endogeneity. JEL Classification G34, G35, G23, C3

The effect of board structure on Egyptian mutual fund fees: a structural equation model analysis

Mutual fund governance has been a great concern among practitioners and has received considerable attention in the finance literature. This paper aims to assess the impact of mutual fund board structure and ownership structure on mutual fund fees. This study fill the gap on the literature by focusing on the Egyptian mutual funds during the period of 2007 to 2013 with using a final sample of 48 mutual fund. This paper applies a Structural Equation Modelling to solve the potential endogeneity problem between internal governance measures and fees. The results reveal that board size, proportion of professional directors, and proportion of audit committee are negatively correlated with mutual fund expenses ratio

The Effect of Board Structure on Stock Picking and Market Timing Abilities of the Egyptian Mutual Fund Managers: Evidence from Financial Crisis

This paper seeks to examine the effect of mutual fund governance on stock selection and market timing abilities. This paper applies a Structural Equation Modelling technique to solve the potential endogeneity problem between internal governance measures and stock selection and market timing. The main conclusion of this paper is to provide evidence through robust statistical analysis around the usefulness of governance attributes Egyptian mutual funds stock selection and market timing abilities. Accordingly, the financial crisis demonstrates a need to modify some recommendations contained in the OECD methodology for evaluating the implementation of the OECD Principles of Corporate Governance. This paper find that board size and proportion of independent directors is negatively associated with stock selection, and proportion of directors holding zero shares is positively associated with stock selection. Keywords: Corporate Governance, Mutual Fund, Endogeneity

ICT, Permeability Between the Spheres of Life and Psychological Distress Among Lawyers

The pervasiveness of information and communications technologies (ICT) has changed the nature of work in recent decades. Positive and negative impacts of ICT have been identified in every profession, including among lawyers. This paper examines the impact of ICT on the working conditions, stress and psychological distress experienced by lawyers, based on a qualitative study. Twenty-two (22) interviews were conducted with the aim of gaining a deep understanding of this issue. A thematic content analysis of the interviews revealed that factors related to ICT appear to contribute to the overall stress (technostress and other stress) experienced by lawyers, in turn leading to psychological distress. Moreover, the growing permeability between the different spheres of life caused by ICT and their particular characteristics has increased the workload of lawyers and accelerated their pace of work. Participants also identified frequent technological problems, as well as clients’ misinformation on the Internet, as risk factors

Techno(Stress) and Techno(Distress): Validation of a Specific TechnoStressors Index (TSI) Among Quebec Lawyers

The pervasive and ubiquitous characteristics of information technology has been associated to technostress. Current measures oftechnostress do not consider some recent issues of the stress generated by technology in the day-to-day work of lawyers. This paper presents the validation of a 25-item self-report scale (TechnoStressors-Index-TSI) for the study of technostress in lawyers’ professional context. Items were constructed through qualitative exploratory interviews (N=22) and adaptation of existing scales. The scale was tested (N=40) and retested (N=2027) among Quebec lawyers using EFA and CFA. This scale proposes a second order reflexive model of five dimensions to understand technostress. The scale validation among a large sample of professionals helped to fulfill the gap regarding specific techno-stressors to which lawyers are exposed and leading to technostress at work or other health outcomes, such as psychological distress. For further research, it needs to be validated with other professionals to confirm its relevance in different contexts

L’impact du champ de pratique et du secteur d’activité sur la détresse psychologique au travail : le cas des avocats québécois

Au Canada, 27 % des travailleurs considèrent la plupart de leurs journées extrêmement stressantes. Les conséquences de ce stress sont lourdes pour les individus et pour les organisations. La croissance de près de 400 % des demandes d’aide adressées au PAMBA au cours des dernières années démontre que les avocats québécois n’échappent pas à cette tendance. À cet égard, les avocats seraient trois fois plus susceptibles de souffrir de dépression comparativement au reste de la population en emploi. Face à ce portrait alarmant, cette thèse doctorale vise à répondre à la question principale suivante : quel rôle jouent le champ de pratique et le secteur d’activité dans l’explication de la détresse psychologique au travail (DPT) chez les avocats québécois ? Deux principaux objectifs sont poursuivis : 1) valider une échelle réduite de DPT; et 2) cerner la contribution du champ de pratique et du secteur d’activité sur la DPT chez les avocats québécois, et ce, dans une approche multidimensionnelle. Pour ce faire, différentes analyses sont réalisées, à partir d’une base de données secondaires récoltées via un questionnaire auto rapporté regroupant des variables clés permettant une couverture conceptuelle pertinente à l’étude de la DPT dans le contexte étudié. Dans l’ensemble, les résultats confirment l’importance de considérer des déterminants provenant de plusieurs sphères de vie de l’individu lors de l’analyse de la DPT et soutiennent le modèle théorique retenu. Contrairement à la littérature, nos résultats montrent que la grande partie de la variance de DPT est expliquée par les conditions de travail. Aussi, il en découle que l’effet de ces conditions sur la DPT diffère selon le champ de pratique dans lequel travaillent les avocats. Enfin, il paraît que chaque champ de pratique est exposé à des risques différents découlant des conditions de travail spécifiques à ces champs et qui sont susceptibles de développer de la DPT.Abstract: In Canada, 27% of workers consider most of their days extremely stressful. The consequences of this stress are onerous for individuals and organisations. The strong growth (nearly 400%) in requests for assistance addressed to the PAMBA in recent years demonstrates that the legal profession in Quebec is no exception to this trend. In this respect, lawyers are three times more likely to suffer from depression compared to the rest of the employed population. Faced with this alarming portrait, this doctoral thesis aims to answer the following main question: what role do the field of practice and the sector of activity play in the explanation of psychological distress at work (PDW) among Quebec lawyers? Two main objectives are pursued: 1) to validate an abbreviated scale of PDW; and 2) to identify the specific contribution of the field of practice and the sector of activity on PDW among Quebec lawyers, using a multidimensional approach. To do this, factorial analyses and hierarchical multiple regressions are carried out, from a secondary database (2086 participants) collected via a self-reported questionnaire comprising 44 key variables allowing a relevant conceptual coverage to the study of PDW in the context studied. Overall, the results confirm the importance of considering determinants coming from several spheres of the individual’s life when analyzing PDW and support the theoretical model adopted. Contrary to the literature, our results show that most of the variance of PDW is explained by working conditions. Also, it appears that the effect of these conditions on the PDW differs according to the field of practice in which the lawyers work. Finally, it seems that each field of practice is exposed to different risks arising from the working conditions that are specific to each of these fields, and which are likely to play a role in developing PDW

Comparative Study of Modelling and Forecasting Volatility: The Case of Egypt, and Japan

The purpose of this paper is to evaluate the forecasting performance of linear and non-linear (GARCH) models in terms of their in-sample and out-of-sample forecasting accuracy for EGX30 and Nikkei225 indices as an example of an emerging and developed markets respectively. We employ GARCH, GARCH-IN-MEAN, EGARCH, GJR-GARCH, Multivariate GARCH, and Nelson's EGARCH for forecasting using daily price data of the indices for the period of 2001 to 2019. We find that the volatility shocks on the indices returns are quite persistent. Furthermore, our findings show that the indices have leverage effect, and the impact of shocks is asymmetric, and consequently it can be stated that the impact of negative shocks on volatility are higher than positive shocks. The results suggest that the Nelson's EGARCH model is the most accurate model in the GARCH class for forecasting, as this model outperforms the other models. Additionally, we find that emerging stock markets have higher volatilities than those in developed markets. Further, these results imply that the EGARCH model might be more useful than other models when implementing risk management strategies and developing stock pricing model. This paper contributes to the literature by comparing two significant global markets; one of the largest developed economies in the world, Japan, and one of Africa’s largest developing economies, Egypt

The effect of board structure on Egyptian mutual fund fees: a structural equation model analysis

Mutual fund governance has been a great concern among practitioners and has received considerable attention in the finance literature. This paper aims to assess the impact of mutual fund board structure and ownership structure on mutual fund fees. This study fill the gap on the literature by focusing on the Egyptian mutual funds during the period of 2007 to 2013 with using a final sample of 48 mutual fund. This paper applies a Structural Equation Modelling to solve the potential endogeneity problem between internal governance measures and fees. The results reveal that board size, proportion of professional directors, and proportion of audit committee are negatively correlated with mutual fund expenses ratio

Predictors of the Late Renal Outcome after Posterior Urethral Valves Ablation in a Developing Country: Long Term Study

Introduction: Posterior urethral valves are the commonest form of obstructive uropathy in pediatrics and a common cause of chronic kidney disease (CKD) during childhood with estimated renal failure rate of 25-40%. This study aims at evaluating long term changes in kidney and bladder functions of children with posterior urethral valves after ablation, and at assessing predictors of late renal outcome, considering challenges in Egypt as a developing country.   Materials and Methods: A retrospective study of 30 surgically managed  PUVs patients who attended at Alexandria University Children’s Hospital for follow up. Patients underwent surgery between 2005 and 2016. Mean postoperative follow up period was 6.7±3.8 years (range 3.1 to 14.6 years). Data collected included age at presentation, clinical presentation, serum creatinine (initial, nadir, and last follow up), eGFR at last follow up, renal ultrasound (initial, and last follow up), voiding cystourethrogram (initial, and last follow up), and urodynamic studies at last follow up.   Results: Thirty patients underwent PUVs ablation at a median age of 9 months. Ten (33.3%) patients were diagnosed antenatally. At the last follow up visit, 14 (46.7%) patients had moderate-severe CKD. Twenty-five (83.3%) patients had abnormalities in their urodynamic studies. Univariate analysis showed the need for re-ablation, use of anti-cholinergics, high initial serum creatinine, high nadir creatinine, presence of VUR, history of febrile UTIs and presence of proteinuria were significantly associated with low eGFR. Multivariate analysis showed that high nadir creatinine and presence of VUR were independent factors associated with lower e-GFR at last follow-up. Antenatal diagnosis was significantly associated with better e-GFR. Conculsion: Nadir creatinine and vesicoureteral reflux have high prognostic value for late renal functions, and antenatal diagnosis is associated with better renal functions in patients with posterior urethral valves. Increasing family awareness, antenatal care facilities,and referal to tertiary care centers are priorities for promoting the antenatal diagnosis and management in developing countries.Facilities and training for prenatal intervention should be encouraged

Effect of the Soil Spatial Variability on the Static and Dynamic Stability Analysis of a Lebanese Slope

The accidental topography and heterogeneous Lebanese geology in addition to the active seismicity have initiated the static and dynamic stability analysis of Lebanese slopes. In this paper, the stability of a sandy Lebanese slope situated at Mansourieh near Beirut is investigated using deterministic and probabilistic approaches. The characterization of the variability of the slope soil properties is done based on geological investigation, as well as geophysical (Resistivity and Ambient noise) and geotechnical tests performed on this slope. Three dimensional 3D static deterministic analyses is performed to determine the overall safety factor of the slope and to find the location of the critical failure surface. The deterministic model is based on numerical simulations using the finite difference code FLAC3D. Then, two-dimensional probabilistic analysis is carried out on the critical section obtained from the 3D model. In the probabilistic analysis, the soil properties are modeled using the random field theory. An efficient uncertainty propagation methodology based on the expansion optimal linear estimation EOLE method is used to discretize the random field. Concerning the dynamic analysis, it is implemented in order to determine the amplification at the top of slope, where the looseness of the soil there may amplify the earthquake acceleration. The results have shown a small safety factor as well as high amplification. The importance of using the probabilistic approach versus the deterministic one is also presented and discussed