ISSN 2736-1756
Research Article
Advanced Journal of Microbiology Research Vol. 2015
Available online at http://internationalscholarsjournals.org/journal/ajmr
© 2015 International Scholars Journals
Full Length Research Paper
Role of the credit rating agencies in the financial market crisis
Vandana Gupta1*, R. K. Mittal2 and V. K. Bhalla3
1Faculty, Fore School of Management, New Delhi, India.
2Teerthanker Mahaveer University, Moradabad, Uttar Pradesh State, India.
3Faculty of Management Studies, University of Delhi, India.
Accepted 8 July, 2014
Abstract
The objective of this paper is to critically examine the role of credit rating agencies in the sub-prime crisis. The paper traces the development of the sub- prime crisis from its origin till the aftermath. It studies the weaknesses of credit rating agencies in performing their basic function of timely and accurate rating of bond obligations. The paper then scrutinizes the diversification of credit rating agencies into the structuring and rating of complex securitized products. This raises fundamental issue of the independence and accountability of these agencies. The paper comes to the conclusion that appropriate changes in the regulatory framework of credit rating agencies are necessary to help avert similar crises in the future.
Key words: Crisis, sub-prime, mortgage, credit ratings, default, global markets, accountability, regulation.
R. K. Mittal and V. K. Bhalla, Vandana Gupta*
Page: 1 - 10
Research Article
Advanced Journal of Microbiology Research Vol. 2015
Available online at http://internationalscholarsjournals.org/journal/ajmr
© 2015 International Scholars Journals
Full Length Research Paper
Factors that influence the success and failure of land bank supported farming small, micro and medium enterprises (SMMES) in South Africa
V. M. Mmbengwa1* T. Ramukumba¹, J. A. Groenewald2, H. D. van Schalkwyk2, M. B. Gundidza3 and A. N. Maiwashe4
1School of Natural Resource Management, Nelson Mandela Metropolitan University (NMMU), George Campus, Republic of South Africa and University of Free State, South Africa.
2Department of Agricultural Economics, University of the Free State, Bloemfontein, republic of South Africa.
3School of Therapeutic Sciences, University of Witwatersrand, Johannesburg 1710, Republic of South Africa.
4Livestock Business Division, Agricultural Research Council, P/Bag X2, Irene, 0062, Kampala in Uganda.
Accepted 2 February, 2011
Abstract
In order to establish reasons for their success and failure (defining failure as incapability to meet financial obligations, e.g. defaults), a study was undertaken to determine the problems faced by emerging or developing farmers, who are clients of, or are /funded by the Land Bank. Results from this study revealed that the farmers’ perceptions do depict a lack of capacity on essential prerequisites for their businesses, especially, their perception on the value of extension support and business plans. The objective analysis of farm profitability shows that emerging farmers are unable to accurately identify factors that influence their success and failure. Extension support, sole proprietorship and business plans were found to be crucial for the farming supported farming small, micro and medium enterprises (SMMEs) to succeed and be profitable. It is therefore essential that agricultural stakeholders ensure that farming SMMEs have adequate support regarding the identified factors that may potentially influence profit and loan repayments, as these factors are crucial for the success of these enterprises.
Key words: Success, failure, farming supported farming small, micro and medium enterprises (SMMEs), profitability, emerging farmers.
V. M. Mmbengwa* T. Ramukumba, J. A. Groenewald, H. D. van Schalkwyk, M. B. Gundidza and A. N. Maiwashe
Page: 1 - 10
Research Article
Advanced Journal of Microbiology Research Vol. 2015
Available online at http://internationalscholarsjournals.org/journal/ajmr
© 2015 International Scholars Journals
Full Length Research Paper
Comparative analysis of poverty effects of various candidate biofuel crops in South Africa
Nicholas N. Ngepah
Competition Commission South Africa, Private Bag X23, Lynnwood Ridge 0040, and University of Johannesburg, Johannesburg, South Africa. E-mail: [email protected]. Tel: 012841 4729 or 073378 9075. Fax: 012841 4322.
Accepted 7 February, 2014
Abstract
The aim of this study was to investigate the poverty reduction impact of various potential biofuel crops in South Africa. A simple pro-poor development framework (in which income is substituted for by its function) is specified. After analysis for outliers with considerable leverage, a robust regression option was used to carry out estimations for physical output, values and inputs of each crop. For reasons of data availability, the crops considered were maize, wheat, sorghum and sugarcane for bioethanol, and groundnuts, soybeans and sunflower for biodiesel. The results suggest that various crops have different impacts on the different poverty measures. If a biofuel strategy’s intent is to promote (income) poverty reduction, then for South Africa sugarcane should be prioritised for bioethanol and groundnut for biodiesel. Other crops like maize and sunflower would require stronger support to small farmers. The finding also suggests that poverty reduction comes mainly by employment of the poor in commercial farming. There is suggestion that investment in farming by the poor is often inadequate and would generally result to poverty exacerbation. The implication is that the capital base of the poor must be broadened for them to effectively participate in farming. This has to be done without stifling commercial farming which is simultaneously contributing to poverty reduction through employment. These recommendations hold for sugarcane, groundnut and maize. However, a weakness worth mentioning is that the data is likely to underestimate or completely ignore most of the subsistence producers whose production is mainly for own consumption. Therefore, poverty impact could equally experience a downward bias in the models estimated here.
Key words: Biofuel crops, comparative analysis, poverty effect, South Africa.
Nicholas N. Ngepah
Page: 1 - 10
Research Article
Advanced Journal of Microbiology Research Vol. 2015
Available online at http://internationalscholarsjournals.org/journal/ajmr
© 2015 International Scholars Journals
Full Length Research Paper
Economic capability of fresh coconut marketing in the Kumasi metropolis of Ghana
V. Abankwah1*, R. Aidoo2 and B. Tweneboah-Koduah1
1Department of Agricultural Economics and Extension Education, University of Education, Winneba, Ghana.
2Department of Agricultural Economics, Agribusiness and Extension, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana.
Accepted 12 November, 2011
Abstract
The study was conducted in the Kumasi metropolis of the Ashanti region of Ghana to examine the margins and economic viability of fresh coconut marketing. Cross-sectional data was randomly collected from 120 individual fresh coconut marketers in market centers across the metropolis and analyzed, using Deconstructed Marketing Margins and Return on Capital Employed. The study revealed that fresh coconut marketing in the Kumasi metropolis is a viable venture that employs people within the economically active age group. Actors in the market have very low educational background with some having no formal education. It has been identified as a safe net for school drop outs, proving meaningful employment for them. Fresh coconut marketing has been found as a lucrative venture to economically empower both men and women to improve their livelihoods. With a minimum of GH₡18.00, as a start-up capital, one can enter into this venture and receive proportionate returns. Actors in the market receive rates of returns several times higher than fixed-deposit interest rate in the Ghanaian economy because they can turn over their relatively low capital several times in the year to accrue more profit. Retailing, though needs a very small start-up capital, is the most profitable level along the distribution channel. Transporting and distributing fresh coconut from the production centre to the consumer market is more profitable than rationing them to retailers and wholesalers in the marketplace.
Key words: Economic viability, deconstructed market margin, sedentary wholesaler, itinerant wholesaler.
V. Abankwah*, R. Aidoo and B. Tweneboah-Koduah
Page: 1 - 10
Research Article
Advanced Journal of Microbiology Research Vol. 2015
Available online at http://internationalscholarsjournals.org/journal/ajmr
© 2015 International Scholars Journals
Full Length Research Paper
Analysis of dry season vegetable production in Owerri West Local Government Area of Imo State, Nigeria
U. C. Ibekwe1 and O. M. Adesope2*
1Department of Agricultural Economics, Federal University of Technology, Owerri, Nigeria.
2Department of Agricultural Economics and Extension, University of Port Harcourt, Port Harcourt, Nigeria.
Accepted 10 December, 2014
Abstract
The study focused on the costs and returns of small- scale vegetable production in Owerri West Local Government Area of Imo State, Nigeria. A total of 150 respondents were interviewed using questionnaire. The production system and socio economic characteristics of the farmers were evaluated. Vegetable production was found to be profitable with a Benefit – Cost Ratio (BCR) of 1.64 and the return per capital invested was found to be 0.50k. The regression analysis showed that variables such as, cost of labour, cost of fertilizer, cost of planting materials, cost of irrigation, level of education, size of household, farming experience and farm size were significant at five percent level of significance. Formation of cooperative society by farmers’ provision of appropriate planting materials and technologies were the methods recommended for amelioration of vegetable farmers’ problem.
Key words: Dry season, vegetable production.
O. M. Adesope*, U. C. Ibekwe
Page: 1 - 10
Research Article
Advanced Journal of Microbiology Research Vol. 2015
Available online at http://internationalscholarsjournals.org/journal/ajmr
© 2015 International Scholars Journals
Full Length Research Paper
Economic efficiency analysis in Côte d’Ivoire
Wautabouna Ouattara
Department of Economics and management, CAPEC (Cellule d’Analyse de Politiques Economiques du Cires), University of Cocody – Abidjan, Côte d’Ivoire. E-mail: [email protected].
Accepted 16 August, 2011
Abstract
This study investigates the determinant factors of economic efficiency in Cote d’Ivoire. We estimated a stochastic production frontier by the maximum likelihood method. For a deeper analysis, we considered a cost frontier and compared the scores of efficiency for each industrial sector. The findings of an investigation of about 3,000 firms observed from 2003 - 2006 reveal that the Ivorian economy is not economically efficient as a consequence of the ensuing: socio-political instabilities; outside debt burden; unemployment rate; and weakness in savings on organizational productivity. Therefore, this study recommends a permanent mechanism of supervision for economic efficiency indicators; promotion of a factual and evocative employment policy for the youth; and the enforcement of granting financial aid to enterprises to assist them in having high added value to improve organizational productivity.
Key words: Economic efficiency, technical efficiency, allocative efficiency, productivity, profit.
Wautabouna Ouattara
Page: 1 - 10