Market Risk Instruments and Portfolio Inflows in African Frontier Economies

Financial investments enable portfolio investors to earn above market returns which do not come without risks. The African frontier markets (FMs) are investigated here and this chapter brings into focus the determinants of portfolio flows into these markets. The number of FEs in African investigated is six and two key financial instruments are used as returns: stock market returns and interest rate spread. Other variables used in the study include reserve liquidity, exchange rates and national income. The method of estimation adopted is the Vector autoregression with Granger causality. The results show that the all the variables are significant with the portfolio inflows. Specifically, portfolio funds are income chasing; the liquidity of reserves is also significant for every country among the FEs to enjoy inflows of portfolio funds, impacting on the exchange rates. Stock market returns is also highly significant in the Granger causality tests. Recommendations made include the increase in productivity to increase income and exports in these economies. In addition, African FEs must reduce interest rate margins to increase real production and encourage bonds markets development and thus attract portfolio investment into the sector rather than to concentrate all attention on the equities market

Inheritance of resistance to blackeye cowpea mosaic virus in Vigna unguiculata

Abstract: Crosses between the resistant cowpea line TVU 2480 obtained from the International Institute of Tropical Agriculture (llTA), Ibadan, Nigeria and the susceptible domestic cultivar Early Ramshorn were used to determine the inheritance of resistance to blackeye cowpea mosaic virus (B1CMV). Evaluation of F1, F2, and reciprocal backcross populations by symptomatology and enzyme-linked immunosorbent assay (ELISA) clearly indicated that a single recessive gene controls the high level of resistance. The symbol bcm (blackeye cowpea mosaic) is assigned to this factor. llTA cowpea lines TVU 2740, TVU 3273, TVU 2657, and TVU 2845 seem to possess this same gen

Inheritance of resistance to blackeye cowpea mosaic and cowpea aphid-borne mosaic viruses in Phaseolus vulgaris

In populations from crosses of resistant and susceptible plants of the bean (Phaseolus vulgaris) cultivar Black Turtle Soup, resistance to blackeye cowpea mosaic virus (BICMV) and to cowpea aphidborne mosaic virus (CAbMV) was conferred independently by single dominant factors that appear to be closely linked. The symbol Bcm was assigned to the gene for BICMV resistance and Cam to that for CAbMV. Linkage was determined by separately inoculating plants of the testeross with both viruses on different leaves. Since BICMV and CAbMV Incite identical symptoms, but do not cross protect against each other, their presence in each susceptible plant was determined by enzyme-linked immunosorbent assay (ELISA). This detection method was highly specific because the two viruses are distantly related serologically. The normally resistant plants responded with a lethal systemic hypersensitive reaction when approach-grafted to BICMV or CAbMV-infected plants, or when mechanically in oculated and held constantiy at 35°

Numerical Solutions for Linear Fredholm Integro-Differential Difference Equations with Variable Coefficients by Collocation Methods

We employed an efficient numerical collocation approximation methods to obtain an approximate solution of linear Fredholm integro-differential difference equation with variable coefficients. An assumed approximate solutions for both collocation approximation methods are substituted into the problem considered. After simplifications and collocations, resulted into system of linear algebraic equations which are then solved using MAPLE 18 modules to obtain the unknown constants involved in the assumed solution. The known constants are then substituted back into the assumed approximate solution. Numerical examples were solved to illustrate the reliability, accuracy and efficiency of these methods on problems considered by comparing the numerical solutions obtained with the exact solution and also with some other existing methods. We observed from the results obtained that the methods are reliable, accurate, fast, simple to apply and less computational which makes the valid for the classes of problems considered.   Keywords: Approximate solution, Collocation, Fredholm, Integro-differential difference and linear algebraic equation

Impact of working Capital Management on Financial Performance of Quoted Consumer Goods Manufacturing Firms in Nigeria

Working capital management is indispensable in strengthening firms’ liquidity position. A weak liquidity position poses a threat to the solvency of the company and makes it unsafe as well as unsound. The persistent winding up of most Nigerian manufacturing firms and the recent decline in the world oil price which significantly affected all the oil producing countries in the world of which Nigeria is not an exception demand for effective and efficient management of  resources to guarantee going concern.  This study examined the impact of working capital management on financial performance of quoted consumer goods manufacturing firms in Nigeria by specifically examined the impact of working capital management on return on assets and gross operating profit. The secondary data used were obtained from annual financial statements over a period of ten (10) years from 2005 to 2014 of purposively sampled fifteen (15) firms. Descriptive statistics were used to measure variations, statistical inferences were drawn using correlation and panel regression analysis was applied on performance and working capital management indicators to test the formulated hypotheses. The findings revealed that efficient working capital management increases financial performance. In conclusion, a negative relationship exists between Cash Conversion Cycle (CCC) and financial performance while there is a positive relationship between Average Collection Period (ACP) and financial performance. The study recommended that firms within the industry may increase their average collection period above the present industry average collection period of 58 days and proper analysis of working capital components should be constantly carried out to ensure that those critical areas for decision making process as it related to each of the performance measurement variables are identified and properly examined

Impact of working Capital Management on Financial Performance of Quoted Consumer Goods Manufacturing Firms in Nigeria

Working capital management is indispensable in strengthening firms’ liquidity position. A weak liquidity position poses a threat to the solvency of the company and makes it unsafe as well as unsound. The persistent winding up of most Nigerian manufacturing firms and the recent decline in the world oil price which significantly affected all the oil producing countries in the world of which Nigeria is not an exception demand for effective and efficient management of  resources to guarantee going concern.  This study examined the impact of working capital management on financial performance of quoted consumer goods manufacturing firms in Nigeria by specifically examined the impact of working capital management on return on assets and gross operating profit. The secondary data used were obtained from annual financial statements over a period of ten (10) years from 2005 to 2014 of purposively sampled fifteen (15) firms. Descriptive statistics were used to measure variations, statistical inferences were drawn using correlation and panel regression analysis was applied on performance and working capital management indicators to test the formulated hypotheses. The findings revealed that efficient working capital management increases financial performance. In conclusion, a negative relationship exists between Cash Conversion Cycle (CCC) and financial performance while there is a positive relationship between Average Collection Period (ACP) and financial performance. The study recommended that firms within the industry may increase their average collection period above the present industry average collection period of 58 days and proper analysis of working capital components should be constantly carried out to ensure that those critical areas for decision making process as it related to each of the performance measurement variables are identified and properly examined

SOCIO-PERSONALOGICAL FACTORS AS DETERMINANTS OF ANTISOCIAL BEHAVIOURS AMONG ADOLESCENTS IN IKENNE, OGUN STATE

The dynamic relationship between individual and social factors and their connection with adolescents’ anti-social behaviour have been examined using a descriptive survey design. Three schools were purposively selected in Ikenne local Government and Two hundred and thirty-one Senior Secondary School students from these schools participated in the study. Three instruments namely, Adolescent Self-Regulatory Inventory (ASRI), Monitoring the Future Study and Delinquent Subscale of the Child Behaviour Checklist – Youth Self Report were adapted to examine the effect of independent variables on dependent variable. Reliability values of 0.78, 0.65 and 0.75 respectively were obtained for the instrument. Multiple regression and independent t-test were used to test the three hypotheses postulated. The results show significant joint and relative contribution of the independent variables on adolescents’ anti-social behaviour . The moderating effect of gender on self-control was also significant while gender did not moderate the effect of social skill on antisocial behaviour. It was then concluded that the combination of self-control and social skills can help reduce the antisocial behaviours displayed by adolescents. Implications for counseling have been outlined in the body of the work

Emulsifying and Suspending Properties of Enterolobium cyclocarpum Gum

Background:The thermodynamic instability of emulsions and suspensions necessitate the incorporation of emulsifiers and suspending agents respectively, in order to stabilize the formulations and ensure administration of accurate doses.Objective:Enterolobium cyclocarpum gum was characterized and evaluated for its emulsifying and suspending properties in comparison with official acacia gum.Method:Physicochemical and phytochemical characterization of Enterolobium cyclocarpum gum (ENCG) were carried out. Emulsifying properties were assessed using creaming rate, globule-size distribution and viscosity measurements. Metronidazole suspensions containing 1.0 -5.0%w/v of ENCG (or acacia) were assessed by sedimentation volume, pH determinations, viscosity and flow rate. Primary emulsions containing ENCG (or acacia) were formulated. Polysorbate-80 was also incorporated in the formulations to enhance the surface activity of the system.Results:ENCG contains anthraquinones, cardiac glycosides and flavonoids. It is a highly viscous, weakly acidic gum (pH 5.96 at 250C), with a high hydration power and swelling index of 15.14. Acacia emulsions were more stable than ENCG emulsions, however, polysorbate-80 at 8.95 %v/v, reduced the creaming rate of the emulsions. Globule size and viscosity (250C) ranked ENCG emulsions > acacia emulsions. Sedimentation volume decreased over time with ENCG suspensions demonstrating faster sedimentation rate. The pH of the suspensions remained relatively unchangedSuspensions containing ENGG were more viscous and the flow rates ranked ENCG suspensions < acacia emulsions.Conclusion:The results suggest that Enterolobium cyclocarpum gum is a highly viscous, poorly emulsifying gum but it hassuspending properties comparable with official acacia gum.Keywords: Enterolobium cyclocarpum, Emulsions, Suspensions, Pharmaceutical excipients

Comparative effects of farmyard manure, sawdust and NPK 15-15-15 fertilizer on growth and yield of garden egg (solanum gilo).

A study was carried to determine the effect of inorganic and organic fertilizer for garden egg production. This is to assess and establish the type that will produce optimum yield. The fertilizer types evaluated were poultry manure, sawdust, NPK 15-15-15.The study was conducted on Alfsoil soil at kabba. The experimental design used was Randomized Completely Block Design (RCBD) with five treatments. The treatment were poultry manure (25 tons/hac) T1, sawdust 25 tons/hac (T2), NPK 15-15-15 (400kg/hac)  T3, poultry manure  (25 tons/hac) + NPK 15-15-15  (400kg/hac) T4 and control (No fertilizer application) T5. All the treatments were replicated four times to give a total of twenty (20) Experimental plots. The gross experimental site was 25m x 11m (275m”). Each bed was 1m x 5m (5m”).Planting was carried out using 2 seeds per hole at a spacing of 60cm x 60cm. The plant population per bed was 32 plants and for the whole plots were 640 plants. The result of this study showed that the combination of poultry manure and NPK 15-15-15 had significant effect (P<0.05) on Number of leaves, Number of fruits and weight of fruits (fruit yield).  The yield performance sequence was in the order FYM + NPK 15-15-15 > FYM > sawdust > NPK control. Keywords:-  poultry manure, sawdust, NPK 15-15-15, garden egg, afsoil