The current price of risk is obviously of major concern to financial managers. While the existing financial literature provides a wealth of insight into the issue, little is…
Abstract
The current price of risk is obviously of major concern to financial managers. While the existing financial literature provides a wealth of insight into the issue, little is offered with respect to precise quantification of the return/risk trade‐ off. Perhaps the central difficulty in quantifying current risk and return stems from the fact that virtually all valuation models for unique assets are cast, by necessity, in an expectational framework. Even though expected risk and return are embedded in current price, it is difficult to extract these expectations when they, like prices, are unstable. In this event, history becomes a less than perfect surrogate for the expected future relationship.
The unsatisfactory state of the law with regard to prosecutions for impoverished milk has been further exemplified in a series of prosecutions at Oldham. Three farmers were…
Abstract
The unsatisfactory state of the law with regard to prosecutions for impoverished milk has been further exemplified in a series of prosecutions at Oldham. Three farmers were summoned for having sold milk “ not of the nature, substance and quality demanded by the purchaser,” and the evidence produced showed that the milk in each case was not only deficient as compared with the standard set by the Board of Agriculture, but even more deficient when compared with mixed samples taken at the farm. The Deputy Town Clerk, who conducted the prosecution, pointed out that the case of Wilkinson v. Clark clearly showed that the Inspectors were justified in going to the farm for a second sample, if the second was comparable with the first, and were entitled to rely on the Public Analyst's certificate for both samples. He argued that, in view of the enhanced price of milk, it was very necessary that the purchaser should be adequately protected and that he should obtain what he paid for — pure unadulterated milk. The defence in the first case was a denial of the milk having been tampered with, it being sold “ as it came from the cow.” Results of experiments at the Yorkshire College for Agricultural Education were quoted to show that wide variations in the quality of the milk might occur for which the farmer ought not to be held responsible. In the present case it was admitted that one of the cows was not milking satisfactorily, and had a “ hard udder.” The milk from this cow when examined closely, was stated in the defendant's evidence to be “ more like water.” This had only been found out on the morning when the first sample had gone into the churn for sale. The Bench, after consultation, expressed themselves satisfied that the milk had not been tampered with, and dismissed the summons.
Morten Eriksen and Tarjei Thorkildsen
In most jurisdictions a suspect has the right to remain silent during criminal proceedings and he cannot be penalised for making false statements. This is loosely known as the…
Abstract
In most jurisdictions a suspect has the right to remain silent during criminal proceedings and he cannot be penalised for making false statements. This is loosely known as the ‘ban on self incrimination’ and is regarded as an important factor in due process protection of individuals subject to criminal proceedings. The right to silence applies only to the stage of criminal proceedings, and up to date it has surprisingly not been seriously debated. A criminal may have caused individuals and society major loss, damage or suffering; in principle one would expect that he would be obliged to assist in the clearing‐up of the case, particularly if this could ameliorate or repair the negative consequences of the crime. But this is not the way it is looked at. The suspect is under pressure, and must not be faced with the choice of lying or confessing.
Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).
The inaugural meeting of the newly established National Party was held in the Queen's Hall, Langham Place, on Thursday, October 25th, under the presidency of Admiral Lord…
Abstract
The inaugural meeting of the newly established National Party was held in the Queen's Hall, Langham Place, on Thursday, October 25th, under the presidency of Admiral Lord Beresford. There was a large and distinguished audience numbering about 3,000 persons, among those on the platform being Lord Montagu of Beaulieu, Brigadier‐General Page Croft, M.P., Mr. Havelock Wilson, Miss Constance Williams, the Hon. G. J. Jenkins (all of whom addressed the meeting), Earl Bathurst, Sir C. Allom, Major Alan Burgoyne, M.P., Colonel Cassal, Mr. G. K. Chesterton, Sir R. Cooper, M.P., Capt. Viscount Duncannon, M.P., Sir W. Earnshaw Cooper, Mr. H. A. Gwynne, Mr. Rowland Hunt, M.P., Lieut.‐Col. Lord Leconfield, Lord Leith of Fyvie, Admiral Sir H. Markham, The Earl of Northesk, Colonel R. H. Rawson, M.P., Lord Edward St. Maur, Admiral Sir Edward Seymour, Lord Stafford and others.
IN 1937, when Imperial Airways and Pan American were conducting their flight surveys of the North Atlantic route with developed Empire boats and Sikorsky 42's respectively, and…
Abstract
IN 1937, when Imperial Airways and Pan American were conducting their flight surveys of the North Atlantic route with developed Empire boats and Sikorsky 42's respectively, and later, in 1939, when Pan American had just opened up their first scheduled Transatlantic Service with Boeing 314's, the design staff of Saunders‐Roe were engaged on the study of a flying‐boat to meet the same requirements.
Sulait Tumwine, Samuel Sejjaaka, Edward Bbaale and Nixon Kamukama
The purpose of this paper is to investigate the determinants of interest rate in emerging markets, focusing on banking financial institutions in Uganda.
Abstract
Purpose
The purpose of this paper is to investigate the determinants of interest rate in emerging markets, focusing on banking financial institutions in Uganda.
Design/methodology/approach
Using the net interest margin model, interest rate was estimated by applying a panel random effects regression method on 24 banks, while controlling for bank-specific factors, industry and macroeconomic indicators. Data were drawn from annual reports provided by Bank of Uganda Depository Corporation survey from 2008 to 2016.
Findings
The results indicate that liquidity, equity capital, market power and reserve requirement have a positive effect on interest rate. The study further finds that operational efficiency, lending out ratio, concentration, public sector borrowing and private sector credit have a negative effect on interest rate. However, credit risk does not influence interest rate.
Research limitations/implications
Studied banks are grouped in one panel data set; future studies would focus on the differences in banks and establish how these differences affect interest rate. Future study would also focus on how the determinants of interest rate in Uganda are compared with those of other banks in other emerging market countries.
Practical implications
Bank managers need to take interest in equity mobilization because it is a reliable and cheaper source of funding bank operations. Banks should emphasize efficient operations to reduce on the cost of doing business. Government should utilize funds borrowed from banks in efficient ways to improve economic growth. The central bank should minimize the use of reserve requirement as a means of controlling money in circulation.
Originality/value
This is the first paper that uses annual report data from several banks and periods to investigate the determinants of interest rate in an emerging country.
Details
Keywords
The concept of entrepreneurship is not new. As a concept, it remains elusive, diverse and multi-faceted. Although there is an extensive body of research within the field, there is…
Abstract
The concept of entrepreneurship is not new. As a concept, it remains elusive, diverse and multi-faceted. Although there is an extensive body of research within the field, there is little consensus on what underpins entrepreneurship, and whether it should remain a distinct domain of study.
This chapter contributes to the literature on entrepreneurship in developing economies. The study seeks to uncover the challenges facing entrepreneurs in a developing economy using the formal retail sector in Nigeria as a case.
Entrepreneurship in the retail sector of a developing economy has not been given significant attention by researchers despite its uniqueness and dynamism. By adopting a qualitative approach involving semi-structured interviews of 51 respondents, the lived experiences of these entrepreneurs were understood. Given the challenges such entrepreneurs face in a developing economy, this study makes a contribution, as the challenges such retail entrepreneurs face namely, challenges within the industry, government policy inconsistencies and corruption, infrastructural deficit and technology deficit were identified. In practice, the findings of this study serve as a useful reference for practitioners and policy-makers of the challenges that need to be addressed for entrepreneurship to flourish in Nigeria.