bluuebunny/crossref_metadata_2025 huggingface dataset:
PENGEMBANGAN BAHAN AJAR KETERAMPILAN BERBICARA BAHASA JEPANG BERORIENTASI BUDAYA MATA KULIAH KAIWA TINGKAT MENENGAH
Authors: Widiati Sri Wahyu , Sugirin Sugirin
Published: December 2016

Penelitian ini bertujuan: (1) mengembangkan bahan ajar yang sesuai untuk keterampilan berbicara bahasa Jepang tingkat menengah dengan mengangkat tema-tema kebudayaan Jepang dan Indonesia, yang memadukan empat keterampilan berbahasa dengan fokus utama pada keterampilan berbicara; (2) mengetahui tingkat kelayakan bahan ajar yang dikembangkan. Jenis penelitian ini adalah penelitian dan pengembangan. Prosedur pengembangan produk terdiri dari: (1) pengumpulan data pada survei kebutuhan, (2) perencanaan, (3) pengembangan produk, (4) validasi (uji ahli, uji coba terbatas, uji coba lapangan) dan revisi, dan (5) produk akhir. Bahan ajar terdiri dari lima unit dan disertai VCD. Hasil validasi oleh ahli menunjukkan bahwa nilai rata-rata materi adalah 4.76 dengan kategori ‘sangat baik’ dan nilai rata-rata media adalah 4.31 dengan kategori ‘sangat baik’. Kesimpulan dari penelitian ini adalah bahan ajar yang dikembangkan layak untuk digunakan di dalam kegiatan pembelajaran. Kata kunci: bahan ajar berorientasi budaya, keterampilan berbicara, Kaiwa, bahasa Jepang tingkat menengah.  DEVELOPING A CULTURE-ORIENTED JAPANESE LANGUAGE LEARNING MATERIALS FOR SPEAKING SKILL OF INTERMEDIATE KAIWA LESSON Abstract This study aims to: (1) develop appropriate learning materials for intermediate Japanese Language speaking skill by adapting Japanese and Indonesian culture themes, which integrate four language skills focusing on the speaking skill; (2) reveal the properness level of the learning materials. This is a research and development study. The steps of conducting the study were (1) collecting the data on needs analysis, (2) planning, (3) developing the product, (4) validating (expert judgment, preliminary field testing, main field testing) and revising, (5) writing the final draft of the learning materials. The learning materials consist of five units accompanied with a VCD. The result of the expert judgment shows that the material is in the average score of 4.76 which is in the very good category. The result of the expert judgment on the media is in the average score of 4.31 which is in the very good category. The conclusion of this study is that the learning materials are appropriate to be implemented in the learning activities. Keywords: culture-oriented learning materials, speaking skills, kaiwa, intermediate Japanese language
Variasi keluasan makna interpersonal dalam teks translasional dwibahasa “perburuan” berbahasa Indonesia dan berbahasa Prancis
Authors: Astuti Dies Oktavia Dwi , Tou Asruddin Barori
Published: December 2016

Tujuan penelitian ini mendeskripsikan tingkat variasi keluasan makna interpersonal dalam teks translasional yang melibatkan dua bahasa, yaitu bahasa Indonesia dan bahasa Prancis serta mendeskripsikan faktor kontekstual yang memicu terjadinya variasi keluasan makna interpersonal dalam dua teks translasional. Pengumpulan data dilakukan dengan menggunakan metode simak, dengan melihat mood dan residue dari Eggin. Hasil penelitian ini menunjukkan bahwa variasi keluasan makna interpersonal lapis pertama yang diwujudkan dalam T1-T2 didominasi oleh variasi 0 (paling rendah). Hal ini dikarenakan T1-T2 keduanya bersarana grafik dengan kecirian bahasa tulis yang di dalamnya bercirikan Mood dan Residu yang tersurat. Selain itu, penerjemah T2 dari awal telah memutuskan T1 menjadi intertekstual konteks T2. Adapun bukti empiriknya adalah judul T1-T2 mempunyai makna kata yang sama sehingga dengan otomatis isi selanjutnya, ranah sosial dalam T2 selalu terkait dengan T1. Adapun pendorong penerjemah T2 memutuskan T1 menjadi intertekstual konteks T2 karena penerjemah T2 menganut ideologi makna berangkat dari T1 sehingga dalam melakukan tindak penerjemahan, penerjamah T2 setia dengan T1.Kata Kunci: variasi, keluasan makna interpersonal The breadth variation of interpersonal meaning on the bilingual translational text of “perburuan” in bahasa Indonesia and France AbstractThis research aims to describe the degree of the interpersonal meaning breadth on the translational texts which involves two languages, in this case Bahasa Indonesia and French. It also aims to describe the factors of the interpersonal meaning breadth on those texts. The data collection was conducted by observing the texts. The findings show that the variation of interpresional meaning breadth of the first layer, which is represented T1-T2, is dominated by variation 0 (the lowest variation). This is beacause T1-T2 is in the form of written text in which the characteristic of written text is the extrinsic Mood and Residue. Moreover, the T2 translator decided that T1 became the T2 intertextual context. The empirical proof is represented in the title of T1-T2 which has the same meaning so that the social context is always related to T1. The motive of the translator T2 to decide that T1 became intertextual of T2 is that he follows the ideology that meaning derives from T1 so that in the process of translation, he sticks to the T1.Keywords:variation, interpersonal meaning breadth
Kemampuan menulis bahasa Inggris siswa melalui self-editing and self-correcting berdasarkan analisis kesalahan gramatikal dan kosakata
Authors: Obisuru Mathelda , Purbani Widyastuti
Published: December 2016

Penelitian ini bertujuan meningkatkan kemampuan menulis bahasa Inggris siswa melalui self-editing and self-correcting berdasarkan analisis kesalahan tata bahasa dan kosakata. Jenis penelitian ini adalah penelitian tindakan kelas. Data dikumpulkan melalui observasi dan dari tes menulis siswa. Penelitian dilakukan secara kolaboratif dalam dua siklus, dan setiap siklus terdiri dari perencanaan, pelaksanaan, observasi, dan refleksi. Setelah dilakukan tindakan self-editing and self-correcting dalam dua siklus, ditemukan adanya peningkatan kemampuan menulis bahasa inggris siswa. Peningkatan ini dapat dilihat dari adanya perbedaan hasil analisis kesalahan pada pra-tindakan, tindakan siklus I dan tindakan siklus II. Hasil analisis pra-tindakan menemukan 29,16% memperoleh skor minimal 70, siklus I menemukan 60% siswa memperoleh skor minimal 70, dan siklus II 86,21% siswa memperoleh skor minimal 70. Kesimpulan dari penelitian ini adalah hasil analisis kesalahan tata bahasa dan kosakata yang digunakan sebagai landasan pembelajaran menulis melalui self-editing and self-correcting terbukti mampu meningkatkan kemampuan menulis bahasa Inggris siswa.Kata Kunci: analisis kesalahan, tata bahasa dan kosakata, self-editing and self-correcting, kemampuan menulis. Improving the students english writing skill through self-editing and self-correcting based on grammatical and vocabulary error analysis Abstract This study aims to improve students' English writing skills through self-editing and self-correcting based on grammar and vocabulary error analysis. This is calssroom action research. The data were collected through observation and test techniques from 28 students. The research was carried out collaboratively in two cycles. Each cycle consists of two actions. Each action consists of planning, implementation, observation, and reflection. After the self-editing and self-correcting action in two cycles, there is an increase in students’ English writing skills. The improvement of students’ writing skills can be seen from the difference in the error analysis in pre-action, first and second cycle action. The results of pre-action analysis show that 29,16% of students get 70 as a minimum score. After the implementation of cycle I, it is found that 60% of students get 70 as a minimum score, and in the second cycle, it is found that 86,21% of students get 70 as a minimum score. The conclusion of this research is the analysis of grammatical errors and vocabulary that is used as the basis for studying writing through self-editing and self-correcting can improve the students' English writing skills.Keywords: error analysis, grammar and vocabulary, self-editing and self-correcting, writing skills.
Penerapan metode inkuiri dalam pembelajaran membaca untuk meningkatkan aktivitas dan kemampuan menemukan gagasan utama
Authors: Hamidah Nur , Zamzani Zamzani
Published: December 2016

Jenis penelitian ini adalah penelitian tindakan kelas yang bertujuan untuk meningkatkan aktivitas dan kemampuan menemukan gagasan utama paragraf melalui penerapan metode inkuiri dalam pembelajaran membaca. Pengumpulan data dilakukan dengan cara melakukan observasi, pada wawancara, pengisian lembar check list, dan uji kompetensi. Setiap pelaksanaan tindakan dalam pembelajaran membaca dicatat oleh kolaborator dalam sebuah catatan lapangan. Selama tindakan, aktivitas siswa selalu dipantau dan diberi skor sesua kriteria yang ditentukan. Sementara itu, untuk mengetahui kemampuan siswa dalam menemukan gagasan utama paragraf dilakukan uji kompetensi. Hasil penelitian ini menunjukkan bahwa dengan diterapkannya metode inkuiri dalam pembelajaran membaca, ada peningkatan aktivitas dan kemampuan menemukan gagasan utama paragraf. Pada pembelajaran sebelum tindakan, aktivitas siswa mempunyai skor rata-rata atau mean 10,81 meningkat menjadi 13,68 pada tindakan siklus I, dan meningkat lagi menjadi 14,95 pada siklus II. Dilihat dari segi hasil, pembelajaran membaca dengan menggunakan metode inkuiri dapat meningkatkan hasil belajar siswa berupa kemampuan menemukan gagasan utama paragraf. Skor rata-rata uji kompetensi sebelum tindakan 6,04, meningkat menjadi 7,86 pada uji siklus I, dan meningkat lagi menjadi 8,32 pada uji siklus II.Kata Kunci: aktivitas siswa, gagasan utama paragraf, metode inkuiri. The implementation of inquiry methods in the reading learning to improve the activity and ability on finding the main idea AbstractThis research is action research that aims at increasing the activity and the ability to find the main idea of a paragraph through the implementation of the inquiry methods in the reading learning. Data collected by way of observation, interviews, check list, and competency tests. Each execution of actions in reading learning was recorded by collaborators in a field note. During the action, active students were closely monitored and scored according to the criteria specified. In the meantime, a competency test was given to find out the the students' skills in finding the main idea of the paragraph. The results of this study indicate that there is an improvement in the student’s activity and the ability to find the paragraph main idea. In The learning prior to the action, the student’s activity had an average score of 10.81 and increased to 13.68 in the first cycle of action and increased again to 14.95 in the second cycle. In terms of performance, the inquiry method could improve student’s ability to find the paragraph main idea. The competency average score was 6.04 before the action and increased to 7.86 in the first cycle test, and increased again to 8.32 in the second cycle test.Keywords: student’s activeness, the paragraph main idea, inquiry method
Guiding criteria for operational risk reporting in a corporate environment
Authors: Young Jacobus
Published: December 2016

Risk reporting is most probably one of the most important components of a risk management process. Operational risk reporting, in many organisations, is not developed to such a degree that it will add value to the organisation and is mostly based on regulatory requirements. This means that risk reports mostly aim to comply with regulations rather than add value in terms of providing useful information to ensure effective decision-making. Within this context, this research aims to develop guidelines for operational risk reporting which will be based on a comprehensive literature review of operational risk to determine criteria which can serve as guidelines for effective risk reporting. The criteria will be subject to an empirical analysis by means of an anonymous questionnaire completed by experienced managers in a corporate environment. The data will be analysed in terms of descriptive statistical analysis in order to confirm the applicability of the criteria in terms of operational risk reporting. The information will be used to compile a prioritised list of criteria which could serve as a guideline to corporate organisations during operational risk reporting.
The level and stability of institutional ownership and its influence on company performance in South Africa
Authors: Scholtz Henriette Elsabe , Engelbrecht Waldette
Published: December 2016

Institutional ownership in companies is an important tool in monitoring and controlling the business interests of the shareholders. This study investigated whether the performance of the Top 100 companies listed on the Johannesburg Securities Exchange is influenced by the level, and stability of institutional ownership. A regression analysis was used to test the relationship between Tobin’s Q and return on assets and the international, domestic and total institutional ownership and the stability of institutional shareholding. It was found that institutional shareholding is an important corporate governance factor to improve firm value. International institutional shareholding has an effect on future firm value, whilst domestic institutional, total institutional shareholding and the stability of total institutional shareholding has an effect on historical firm value.
Impact of structure on organisational performance of selected technical and service firms in Nigeria
Authors: Ogbo Ann I. , Chibueze Nwankwere F. , Christopher Orga C. , Anthony Igwe A.
Published: December 2016

The study aimed at establishing the impact of structure on organizational performance. Organizations today are becoming more automated and complex, hence, the need to maintain and improve performance by structuring and restructuring based on changing strategy. The study was conducted using the survey approach. The geographical scope of study was Innoson Nigeria Ltd, and Etisalat, Enugu Regional Office. Two sources of data were utilised in the study: they included primary and secondary sources. The primary source was the administration of copies of designed questionnaire to a total of eighty (80) respondents that made up the sample for the study. Out of the eighty (80) copies administered, seventy eight (78) were completed and returned. Simple percentage (%), chi-square (*a) and correlation were used in analysis of the data and in testing the three hypotheses. Findings revealed that decentralization enhanced better and more informed decision making in technical and service firms in Nigeria; that task routine affected staff productivity both positively and negatively; and that a significant positive relationship existed between narrow span of control and efficiency in organizations. The study concluded and recommended among others that managers of organizations should adopt more decentralized forms of structures as means of improving the decision making process; that managers should combine both task routine and variety in organizing employees for carrying out task in order to reap the advantages of both systems of task assignment; and that employees should be empowered to be more innovative in carrying out tasks, whether routine or not.
The impact of capital structure and certain firm specific variables on the value of the firm: Empirical evidence from Kuwait
Authors: Obeid Gharaibeh Ahmad Mohammad , Sarea Adel Mohammed
Published: December 2016

The main objective of this study is to empirically examine the impact of leverage and certain firm-characteristics that are believed to have significant effects on the decision to use debt and on the value of the firm. The sample is composed of 48 companies listed in the Kuwait Stock Exchange (KSE) representing four different sectors. The study uses actual and historical panel data set obtained from the published annual reports of individual firms in addition to the publications of KSE. The study was accomplished using 8 years of data with a total of 239 observations representing the study period 2006-2013. The study uses descriptive statistics, correlation, and multiple-regression analyses to examine the impact of explanatory variables on the value of the firm. The study findings lead to the conclusion that capital structure (leveraging) is the most influential factor on firm’s value. Business risk, previous year’s value (one-year lagged ROA), dividends payout ratio, size, growth opportunities and liquidity of the firm are found to have significant influence on the firm’s value in Model 1 (where ROA is used as a proxy for the value of the firm). In model 2 (i.e., where ROE is used as a proxy of the firm’s value), the findings reveal that capital structure (leveraging); firm’s size, growth opportunities and liquidity of the firm are significant influential of the firm’s value. The study is valuable to academicians, finance managers, policy makers and other stakeholders as it fills the gap of literature by providing up-to-date evidence of the impact of capital structure and other firm specific variables on the value of the firm in Kuwait.
Ownership concentration and investment sensitivity to market valuation
Authors: Tayem Ghada
Published: December 2016

During the past decade, Jordan has undertaken substantial reforms aiming at restructuring its stock market in order to strengthen its role in promoting investment and allocating capital efficiently. This paper empirically investigates the impact of stock market development on capital investment at the firm level by assessing the investment-q sensitivity. In addition, this paper examines the impact of concentrated ownership, a salient institutional feature of listed Jordanian companies, on the investment-q sensitivity. The findings of this study indicate that investments by Jordanian firms respond significantly and positively to market signals. Furthermore, the results show that a company responds more efficiently to market signals as ownership concentration increases, which suggests that large ownership stakes align the interests of large shareholders with those of the firm.
The gender composition of the board and firm performance. The role of regulatory measures
Authors: Iacoviello Giuseppina , Mazzei MariaСaterina , Riccardi Giovanni
Published: December 2016

The gender composition of the board of directors can affect the quality of its monitoring role and thus the financial performance of the firm. The relationship between female representation and firms’ performance represents a crucial issue in the debate on the effects of board gender quotas. The evidence on this relationship is mixed. Many studies analyze whether female top executives and women on boards of directors have a significant effect on firm performance. Many governments have introduced regulations regarding the gender composition of the boards of directors of private firms in order to improve equality of opportunity. This study examines the relationship between management diversity and firm performance for the 180 companies listed during 2008 - 2014. No evidence suggests that regulatory measures, on average, improve firm performance.
Assessing the effectiveness of financial compensation, promotional opportunities and workplace spirituality as employee motivational factors
Authors: Ramnarain Claudette , Parumasur Sanjana Brijball
Published: December 2016

This study aims to determine whether employees are motivated to a greater extent by monetary (financial compensation) or non-monetary (promotion opportunities, workplace spirituality) incentives and, to assess whether biographical influences exist in this regard. The study was undertaken in a large municipality department in eThekweni (Durban), South Africa. A sample of 108 participants was drawn using the cluster sampling technique. In this quantitative, cross-sectional, hypothesis-testing methodology, data was collected using a questionnaire whose psychometric properties of validity and reliability were statistically assessed using Factor Analysis and Cronbach’s Coefficient Alpha. Data was analysed using descriptive and inferential statistics. The results indicate that financial compensation is the main motivating factor for employees in the organisation, followed by workplace spirituality and lastly, promotional opportunities. It is evident that the elements of workplace spirituality have not yet been embraced by this public sector institution and, unhappiness exists with regards to perceptions of unfair and inconsistent implementation of promotional opportunities which are not linked to performance. Biographical influences of gender on financial compensation and, tenure and marital status on promotional opportunities respectively were noted. Recommendations are presented, which when carefully implemented, has the potential to bring about enhanced employee motivation in the organisation.
Changing ownership in the Turkish non-financial corporations listed on Borsa Istanbul (BIST)
Authors: Atici Gonca , Gursoy Guner
Published: December 2016

Purpose of the study is to investigate the changing ownership structures in the Turkish non-financial corporations listed on Borsa Istanbul (BIST) for the period of 1992-2014. This time frame entails the structural changes in the Turkish economy as well as Turkish corporations. With respect to ownership concentration, Turkish non-financial corporations reveal a concentrated nature. Most changes in ownership structures are triggered by the local and global economic and financial factors. In the years of research, excluding the economic crises periods, we witness a decrease in the shares of the largest shareholders and an increase in the shares owned by the minority shareholders. This finding can be interpreted as the democratization of capital in Turkish corporations. The initial public offerings and privatizations in Turkey tend to increase before the financial and economic crises, implying that democratization of capital needs stable economic environment. Findings assert that most of the new initial public offerings are mainly from the family owned corporations, which yield a promising sign in favor of improving corporate governance practices.
The bond and bond option market: The case of South Africa 1984–2014
Authors: Mynhardt Ronald H
Published: December 2016

Bond option transactions from a hedging perspective are currently almost non-existent in the South African bond and bond option market. As a result of comments and suggestions made by academics and independent observers a study was conducted in the South African bond options market amongst former and current bond option traders. The goals of the present study was to establish if bond options can be an effective hedging tool in the South African bond market, to conduct empirical tests on the basic option hedging strategies to ascertain these particular strategies’ suitability as hedges against investment risk by using actual market movements in the South African bond market, and to formulate recommendations that could be implemented to re-establish bond options as a viable hedging instruments in South Africa and also introduce it to Africa.
Operating cash flow and earnings under IFRS/GAAP: evidence from Australia, France & UK
Authors: Ntoung Agbor Tabot Lious , Cecilio Huarte Galván , Puime Guillén Felix
Published: December 2016

The purpose of this paper is to investigate the difference in the value relevance of operating cash flow and earnings in stock price before and after the mandatory IFRS adoption. The study basically uses Feltham and Ohlson (1995), Joos (1997) and other related studies valuation model. Using a sample of firms from 3 IFRS countries from 2003 to 2012, we find that operating cash flows seem to be more value relevance than earnings within and across country border after a switch to IFRS in Australia and the UK, and earnings seem to be more value relevance than operating cash flows in France. Additionally, Operating cash flow and earnings convey incremental explanatory power to explain share prices in Australia, France and the UK. After a switch to IFRS in 2005, our study shows that the difference in account number (operating cash flows and earnings) reduces across country border but increases within country when both the IFRS and local accounting standards are used. Taken together, our findings suggests that after a swift to the mandatory IFRS adoption, even though income statement and the statement of cash flow are very vital for strategic decisions, investors in Australia and UK are more likely to pay more value relevance to the statement of cash flow than income statement whereas in France, income state is more required than statement of cash flow.
Corporate governance and financial performance: An empirical study on Egyptian banks
Authors: Hafez Hassan M.
Published: December 2016

There is a distinct lack of research into the relationship between corporate governance and banks’ financial performance in the banking sector in Egypt. This research paper tries to fills this gab by examining the impact of corporate governance, with particular reference to the role of board of directors and ownership concentration, on the financial performance of Egyptian banks. Using a sample of 39 banks represent all commercial banks operate in Egypt for the period 2004– 2015 and controlling banks size and age. The study relied on the data through the annual reports of the respective banks, website of the central bank of Egypt and Data scope. The banks were selected for the study cutting across the local Islamic and Conventional banks, foreign Islamic and conventional banks, and regional Islamic and conventional banks. The results showed that banks ownership either foreign or national has an obvious effect on the banks’ financial performance. Board size has no significant effect. However, the hierarchy of the board of directors and the duality of the CEO has a direct effect on the banks financial performance in Egypt.
An empirical study of staff compliance to information security policy in a South African municipality
Authors: Mavetera Nehemiah , Dinah Moroke Ntebogang , Sebetlele Abbey
Published: December 2016

Despite increasing investment in information security and its strategic role in today’s business success, effective implementation of information security strategies still remains one of the top challenges facing global organizations. This study investigated Information Security Policy compliance of staff members of a municipality in South Africa. Factors such as information security policy, security policy strategic planning, policy implementation and compliance were considered. A questionnaire was distributed to 80 staff members from different sections in this municipality and a response rate of 100% was achieved. The study findings showed that the majority of employees are largely in support of the municipality’s efforts to develop and implement a security policy framework. They also concur that compliance to security policy safeguards and prevents intrusion information, theft and "denial of service". Among other issues, it is recommended that more training and awareness campaigns should be done to all employees in order to improve security of information in this municipality. The study results can be limited by the small number of the population as indicated that the sample was equal to the population (N=n).
Personal remittances, banking sector development and economic growth in Israel: A trivariate causality test
Authors: Tsaurai Kunofiwa
Published: December 2016

The current study investigates the causal relationship between personal remittances and economic growth using Israel time series data from 1975 to 2011. In a bid to contain the omission-of-variable bias not addressed in many past studies on this topic, this study included banking sector development as a third variable in the relationship between personal remittances and economic growth to create a tri-variate causality framework. Personal remittances as a ratio of GDP, domestic credit to private sector by banks as a ratio of GDP and GDP per capita were used as proxies for personal remittances, banking sector development and economic growth respectively for the purposes of this study. It used the Johansen co-integration test to examine the existence of the long run relationship and vector error correction model (VECM) to determine the direction of causality between personal remittances, banking sector development and economic growth both in the long and short run. The findings reveal that: (1) there is a significant long run causality relationship running from GDP per capita and banking sector development towards personal remittances, (2) there is an insignificant long run causality relationship running from personal remittances and GDP per capita towards banking sector development, (3) there is no long run causality relationship running from personal remittances and banking sector development towards GDP per capita and there is no short run causality relationship between the three variables that were under study in Israel. The author therefore recommends the authorities of Israel to speed up the implementation of banking sector development and economic growth programmes in order to increase the quantity of personal remittances inflows
The value relevance of voluntary intellectual capital disclosure: New Zealand evidence
Authors: Ellis Henry , Seng Dyna
Published: December 2016

The purpose of this study is to investigate the value relevance of voluntary intellectual capital disclosure (ICD) in New Zealand by examining the relationship between voluntary ICD and market value. The results suggest that the relationship between voluntary ICD and market value is not a simple, positive relationship across the board. That is, the benefits of different types of intellectual capital (IC) - namely human, relational and structural capital - may vary significantly, and there may even be some costs to disclosure. Positive relationships were found between human and relational capital as well as ICD overall. The results for structural capital disclosure, however, showed a significant and negative relationship. These results suggest that there may be a trade-off between the costs and benefits of disclosure. We also found that the relationship between voluntary ICD and market value is moderated by technologically intensive industries. This relationship is stronger for low-tech industries. This may be due to the fact that low-tech industries disclosed more IC information voluntarily, indicating that more disclosure strengthens the relationship between voluntary IC and market value.
The cash-cds basis for sovereign countries: Market strategy, price discovery and determinants
Authors: Carboni Alessandro , Carboni Andrea
Published: December 2016

We study the cash-CDS basis and its implication for market strategies and price discovery, together with the role of credit risk common factors. A positive net income is derived with a negative basis, once funding costs are considered. There exists an arbitrage opportunity for Greece in 2010, with a negative basis of more than 100 bp. Our comparison with three different basis shows that while converging markets seem adopt the same strategy, in particular for Portugal, Ireland and Greece. Results for price discovery show that the CDS market moves ahead the bond market. Finally, our empirical analysis shows that the global risk factor contributes to increase the basis, while the banking sector vulnerability proxy offers a negative contribution.
Banks’ incentives to over-herd
Authors: Giraldo Marcela
Published: December 2016

This paper evaluates the incentives that banks have to herd. It includes a complete literature review that focuses on papers from the last fifteen years, and a model of several banks and infinite time periods. The literature review looks at recent academic papers that have examined the different causes of bank herding. The model is discussed theoretically and then a numerical example explores the significance of its coefficients. The model section concludes that any policy that reduces the costs of overinvestment increases the incentives of banks to herd.
The performance of newly privatized firms: The case of Portugal
Authors: Vaz Ferreira José Manuel Bernardo
Published: December 2016

The aim of this study is to investigate the pre and post privatization financial, social and operational performance of forty two Portuguese companies in most of sectors of economic activity that experience full or partial privatization through public share offering, direct sale or public contest, for the period from 1989 to 2009. That is, this work investigates, whether or not, the privatization of sate-owned enterprises (SOE’s) had caused improvements on the economic and financial health of those privatized companies, as it is suggested by the literature of property rights, public choice and agency theory. First, we document significant improvements on profitability, operating efficiency, capital investment, real output, dividend payout, treasury applications, activity levels and capital structure. Secondly, we experience significant decreases in employment after privatization. Third, we observe that, following privatization, the financial equilibrium (short and long) of firms was negatively affected. Lastly, our results are generally robust surviving the partition of the dataset into various sub-samples.
The role of personal income tax reforms in the transition to a democratic and egalitarian Egypt
Authors: Abdel-Baki Monal , Dorasamy Nirmala
Published: December 2016

The efficacy of the 2005-Personal Income Tax (PIT) reform in enhancing the macroeconomic performance in Egypt is tested using a structural vector autoregressive model. The results reveal that PIT reforms have successfully generated jobs and accelerated GDP growth. The reforms may cause mild inflation in the short-run, but their long-term effects are non-inflationary. This is the first effort to assess the PIT reforms in Egypt, with the aim of helping the new government to assess preceding policies and pursue the successful ones. The research is also an important lesson for the leaders of emerging economies encountering similar circumstances to enact reforms and to perpetuate economic growth and sociopolitical stability.
A unifying philosophy of governance
Authors: Acharya Sankarshan
Published: December 2016

Bertrand Russell won Nobel Prize for arguing that science has triumphed over religion. Since religions are based on god, Russell’s argument implies that science has triumphed over both religion and god. But neither Russell nor anyone else has ever defined religion and god, rationally. The assertion about triumph of science (which is founded on rationality) over concepts such as religion and god (which are not defined rationally or scientifically in the extant literature) cannot be rational. This paper offers a novel rational philosophical foundation for the concepts of god, religion and science in which the claim that science triumphs over religion is redundant.
This paper also presents substantial new insights about epistemic truths to help resolve current problems facing humanity like financial moral hazard and terrorism which have unnerved nations worldwide. The humanity now begs to answer a fundamental question of how we can govern ourselves. This paper offers a coherent set of credible answers. In particular, it offers a coherent unified philosophy about how humans have universally formed beliefs to govern themselves and how this philosophy could help resolve current problems. The universal rendering of beliefs articulated here subsumes the extant characterization of probability beliefs in mathematics, science, engineering, economics, religion and philosophy. The universal beliefs so articulated in this paper obviate the currently prevalent philosophical conflicts between religion and science or between theism and atheism and paves the way for optimal governance for prosperity amid stability. This philosophy also offers a rational characterization of the spiritual notion of Nirvana or salvation of the soul and the notion of epistemic truth. The unifying philosophy can help humanity achieve unity, stability and prosperity, sans financial moral hazard, antagonism, wars, nuclear proliferation, global warming and atmospheric pollution.
Ensuring fair levels of executive directors’ remuneration: Regulation and use of principles against the use of detailed legal rules in determining the most effective approach for setting executive pay levels. A discussion
Authors: Hersonski Ewgeni
Published: December 2016

The purpose of this paper is to present arguments concerning the fair levels of executive directors’ remuneration. It is argued that principles are a better way to achieve this goal. However, we also find arguments in support of detailed legal rules when dealing with this matter. Since both methods have their pros and cons the paper delivers a balanced discussion and also outlines how the executive pay is currently regulated in the UK, the United States as well as on the global scale.
Does the intensity of prudential regulation affect banks? Evidence from the 2007-2009 crises.
Authors: Argimon Isabel , Castells Gerard Arqué , Tous Francesc Rodríguez
Published: December 2016

The main objective of this research is to gather empirical evidence on the effects of more or less stringency and more or less risk sensitivity in regulatory capital requirements on the observed behaviour of European banks during the initial years of the financial crisis. To do so, we use the indices built in Argimón and Ruiz (2010), which capture such characteristics of capital regulation. We test their incidence using changes in yearly data for individual banks for 25 countries of the European Union covering the period 2007-2009. Our results show that more stringency and risk sensitivity in capital regulation resulted in higher capital increases, with limited effect on risk taking. However, for well capitalized banks, higher risk sensitivity resulted in higher capital and higher risk, thus requiring striking the right balance, so as to lead to increased stability.
Economies of density in rail freight transport: Potential for utilisation in Southern Africa
Authors: Pienaar Wessel , de Bod Anneke , Havenga Jan H.
Published: December 2016

Road transport has replaced rail carriage as the dominant form of long-distance freight transport in Southern Africa. Road freight carriers can transport goods of various sizes and masses over long distances. This article highlights the significant cost-reduction opportunities possible through economies of density achievable in rail freight transport, especially over long distances, and the concomitant implications for increased profitability for railway organisations in Southern African countries. Traffic densification opportunities should focus on the development of transport corridors throughout the Southern African region.
To bail out or not to bail out systemically relevant financial institutions: The incentives of policy makers
Authors: Fuhrer Lucas Marc
Published: December 2016

The recent financial crisis has shown that many financial institutions may be systemically relevant. Their bankruptcy would cause significant costs for the overall economy. However, a clear definition of systemic risks still does not exist. Thus, the decision, whether an institution is, or is not systemically relevant is in the end made by policy makers. This paper takes a closer look at the incentives available to policy makers and their influence on the bailout decision. In the model presented here it is possible to show, that too many financial institutions get bailed out, when assuming that policy makers tend to be more risk-averse than socially optimal. The costs due to this misallocation of resources can be significant.
Initial Experiences of Laparoscopic Surgery at Nobel Medical College Teaching Hospital
Authors: Subedi Shanti , GC Narayan , Lamichhane Sabina , Chhetri Manisha
Published: December 2016

Introduction: The field of minimal invasive surgery has flowered explosively in the recent past. Modern endoscopy has changed the approach to diagnosis as well as the operative procedure. This study was done with the aim of sharing the experiences of gynecological laparoscopic procedures done at Nobel Medical College and Teaching Hospital, Nepal.

 

Methods: A descriptive study was done in the department of Obstetrics and Gynecology, Nobel Medical College from 1st April 2015 to 30th March 2016. All the patients undergoing laparoscopic procedures were analyzed for the indication, type of procedures and their complications.

 

Results: During the study period, 100 patients underwent laparoscopic procedures including 25 cases of diagnostic and 75 cases of therapeutic procedures. Fiftythree patients with an ovarian mass underwent laparoscopic cystectomy. Laparoscopic salpingectomy was done in 11 patients with ectopic pregnancy. Laparoscopy assisted vaginal hysterectomy (LAVH) was done in eight cases and laparoscopic sterilization in two cases. One patient underwent successful myomectomy. One patient undergoing laparoscopic cystectomy and one case of LAVH had conversion to laparotomy because of dense adhesion and vault bleeding respectively. No other major complication noted apart from port side bleeding, infection and vault hematoma.

 

Conclusion: Laparoscopy is a safe and feasible alternative to open gynecological surgeries though it has a longlearning curve and a lot of expertise is necessary.
Outcomes of Pediatric Supracondylar Fractures of Humerus Treated by Posterior Triceps Splitting Approach
Authors: Dwivedi Rajeev , Joshi Ruban Raj , Byanjankar Subin , Shrestha Rahul
Published: December 2016

Introduction: Close reductions and percutaneous pinning is the gold standard treatment for supracondylar fracture  of humerus. Open reduction and internal fixation is indicated in patients with unacceptable closed reduction, neurovascular compromise, and open fractures. Open reduction can be performed through various approaches. Every approach has their advantages and limitations. The aim of this study was  to assess the functional outcome of pediatric supracondylar fracture of humerus treated by posterior triceps splitting approach.

 

Methods: This was a prospective evaluation of 20 consecutive patients with displaced pediatric supracondylar humeral fractures operated by triceps spitting posterior approach in our institution for two years. At initial presentation, 19 cases were Gartland III  and one was flexion variant of injury. Complications such as reduction loss, pin migration, infection, osteonecrosis of any part of the elbow, bone healing, and functional results were evaluated. Flynn criteria were used to evaluate the final results.

 

Results: Twenty patients underwent open reduction and internal fixation by triceps splitting approach. Thirteen patients were male and seven were female with M:F ratio of 1.86:1. The mean age was 6.8 yr (SD=2.74, range 2-14). All the fractures united by six weeks; mean time for union was 4.5 wk (SD=0.94). All patients were assessed at six months using Flynn clinical and radiological criteria. Results were satisfactory in all patients.

 

Conclusion: Posterior triceps splitting approach is simple, safe and has good functional and radiological outcome. We recommend this approach  for open reduction and internal fixation in pediatric supracondylar fracture.
Why Audit Committees Oppose Mandatory Audit Firm Rotation: Interview Evidence from Canada
Authors: Fontaine Richard , Khemakhem Hanen , Herda David N.
Published: December 2016

This article summarizes our recent study (Fontaine, Khemakhem, and Herda 2016), which investigates audit committee (AC) members' perspectives on mandatory audit firm rotation (MAFR), mandatory audit partner rotation, ways in which AC members monitor auditor independence, and the costs associated with changing audit firms. We conduct in-person interviews with AC members in Canada to explore our research questions. Our findings reveal that AC members view MAFR as an unnecessary threat to their shareholder-granted authority to make audit firm appointment decisions, and believe their professional judgment and observations are the most effective means of ensuring auditor independence. We explain our findings using self-determination theory. Deep insight into the perspectives of AC members, attained by face-to-face interviews and guaranteed anonymity, should interest audit firms and regulators.
Effects of IFRS, Analysts, and ADR on Voluntary Disclosure of Brazilian Public Companies
Authors: Almeida José Elias Feres de , Rodrigues Herbert Simões
Published: December 2016

This study examines the effects of the interactions among IFRS adoption, analyst coverage, and cross-listings in the U.S. on the voluntary disclosure of Brazilian public companies. We document a significant positive shift on voluntary disclosure incentives among cross-listed firms from the IFRS pre-adoption period to the post-adoption period. We also find that analyst coverage has a positive association with voluntary disclosure over the IFRS adoption process; however, the interaction between IFRS adoption and analysts affects positively only environmental and social disclosure. Our results have some implications to regulators, investors, and practitioners.
Anesthetic Management of a Patient With Ehlers-Danlos Syndrome
Authors: Ohshita Naohiro , Kanazumi Masahiko , Tsuji Kaname , Yoshida Hiroaki , Morita Shosuke , Momota Yoshihiro , Tsutsumi Yasuo M.
Published: December 2016

We describe the case of a 37-year-old woman who had been diagnosed with Ehlers-Danlos syndrome (EDS) 4 years earlier and was scheduled to undergo removal of synovial chondromatosis in the temporomandibular joint. EDS is a heritable connective tissue disorder and has 6 types. In this case, the patient was classified into EDS hypermobility type. The major clinical feature of this type is joint hypermobility. The patient had sprain or subluxation of the elbows and ankles and dislocation of the knees. Anticipated problems during general anesthesia would be affected by the disease type. For this patient, extra attention was directed to positional injury–induced neuropathy and articular luxation, cutaneous injuries, injuries related to intubation and ventilation, and postoperative pain. Anesthesia was induced with propofol, remifentanil, and rocuronium and maintained with oxygen-air-desflurane, propofol, remifentanil, fentanyl, and rocuronium. In this case, the patient was safely managed without adverse events.
Asystole From Direct Laryngoscopy: A Case Report and Literature Review
Authors: Redmann Andrew J. , White Gregory D. , Makkad Benu , Howell Rebecca
Published: December 2016

The rare and potentially fatal complication of asystole during direct laryngoscopy is linked to direct vagal stimulation. This case describes asystole in an 85-year-old female who underwent suspension microlaryngoscopy with tracheal dilation for subglottic stenosis. Quick recognition of this rare event with immediate cessation of laryngoscopy resulted in the return of normal sinus rhythm. This incident emphasizes the implications of continued vigilance during laryngoscopy and the importance of communication between the anesthesia and surgical staff to identify and treat this rare complication. The case was successfully concluded by premedication with an anticholinergic and by increasing the depth of anesthesia.
Anesthetic Management of a Patient With Emanuel Syndrome
Authors: Tsukamoto Masanori , Hitosugi Takashi , Esaki Kanako , Yokoyama Takeshi
Published: December 2016

Emanuel syndrome is associated with supernumerary chromosome, which consists of the extra genetic material from chromosome 11 and 22. The frequency of this syndrome has been reported as 1 in 110,000. It is a rare anomaly associated with multiple systemic malformations such as micrognathia and congenital heart disease. In addition, patients with Emanuel syndrome may have seizure disorders. We experienced anesthetic management of a patient with Emanuel syndrome who underwent palatoplasty. This patient had received tracheotomy due to micrognathia. In addition, he had atrial septal defect, mild pulmonary artery stenosis, and cleft palate. Palatoplasty was performed without any complication during anesthesia. Close attention was directed to cardiac function, seizure, and airway management.