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The Anatomical Record, 1976
The purpose of this study was to investigate the feasibility of Asset-Backed Securities in Kenya.... more The purpose of this study was to investigate the feasibility of Asset-Backed Securities in Kenya. The study answered the following research questions: What are the benefits of Asset-Backed Securities in the financial market? What are the challenges facing Asset-Backed Securities market? What are the possible solutions to overcome the challenge facing Asset-Backed Securities market? To effectively respond to these questions, the researcher adopted an exploratory research design. The target population was the senior staff working with the registered member firms of the Nairobi Securities Exchange. A convenient sample of 40 respondents was adopted. The data collection tool used was a questionnaire that was distributed by way of email and collected in the same manner using telephone follow-up. The qualitative data was coded and analyzed using content analysis while the quantitative data was validated using validation checks, edited and coded then analyzed using both descriptive and inferential statistics. Both Microsoft Excel and Statistical Product and Services Solutions (SPSS) software were used for this analysis. This information was presented both in tabular and graphical formats. The study findings are that the market for Asset-Backed Securities in Kenya is feasible. The main benefits would be increasing liquidity in the market, lowering the cost of credit, risk dispersion, encouraging market growth and promoting FDI. Further benefits would include provide a better way to manage regulatory capital while at the same time creating revenue and managing profitability. Additionally, it would promote market and operational efficiency. There are challenges though in terms of infrastructure due to lack of optimal regulation, un-updated legal structure on company law, taxation and accounting laws as well as credit rating firms" challenges. In addition there are issuance and pricing challenges as well as the problem of adverse selection and risk shifting. Lack of tested credit rating agencies in the Kenyan market is another challenge as well as the issues relating to separation of the originator and owner. These challenges may be overcome by implementing raft of laws and measures to address them including reviewing the laws and establishing an optimal regulatory framework. v Credit enhancements would be part of the solution and also a close oversight on regulatory capital. Further it would be key to manage investors" risk appetite. From this study the recommendations are for the Government and the regulating authority to take stock and consider marshalling the ship to securitization forward. This may be the solution to the agitation for lower credit costs and the liquidity trap that the country seems to be bottled in. Other recommendations are for further studies to be conducted on other securitized products with a view to comparing them and establishing the best starting point for Kenya. vi ACKNOWLEDGEMENT I wish to acknowledge the people who have truly contributed to the completion of this project. First of all I would like to acknowledge my Supervisor Dr. Amos Njuguna for his ever ready guidance even at night after classes. It is his dedication to see that I complete the project in time that has given me impetus to move on. Second I would like to acknowledge are my peers who have had me on my toes into completing the project, without them, this could not have been. I also want to acknowledge the USIU library staff for their readiness to assist in sourcing for the necessary resources which were scarce but they made it possible. Lastly I acknowledge the support of my dear wife and children for their understanding and support always. v DEDICATION To my late father who passed on just one week before I completed this project. I would have loved to see him celebrate with us. vi
The Anatomical Record, 1976
The present study was initiated to determine whether specific hormones would influence adenylate ... more The present study was initiated to determine whether specific hormones would influence adenylate cyclase activity within the maxillary-palatal complex during formatton of the hamster secondary palate. Stages from initial appearance of the palatal processes to shortly after birth were studied. Highest basal adenylate cyclase activities occurred during the earliest periods of palate development. This basal enzyme activity began to diminish as palatal fusion occurred and remained lowered until birth. Activation of adenylate cyclase by fluoride was maximal at concentrations of 5-10 mM, and was observed throughout the span of palatal development. Fluoride activation of adenylate cyclase was greatest prior to fusion of the palatal processes, then decreased until birth when a slightly increased enzymatic stimulation was seen. Norepinephrine and epinephrine were the catecholamines most capable of inducing increased activation of adenylatc cyclase at most periods of palatal growth. Increased enzyme activity in the presence of norepinephrine was more susceptible to antagonism by the beta adrenergic agent, propranolol, than to the alpha adrenergic agent, phentolamine. The remaining catecholamines, namely isoproterenol and dopamine, displayed a lesser ability to activate the enzyme, and adenylate cyclase was not equally responsive to these catecholamines at identical developmental stages. Other hormones, i.e., histamine, serotonin, thyrotropin, growth hormone, thyroxine and glucagon were generally ineffective in activating the enzyme. Phosphodiesterase activity was not detected until shortly before birth.
The Anatomical Record, 1976
The purpose of this study was to investigate the feasibility of Asset-Backed Securities in Kenya.... more The purpose of this study was to investigate the feasibility of Asset-Backed Securities in Kenya. The study answered the following research questions: What are the benefits of Asset-Backed Securities in the financial market? What are the challenges facing Asset-Backed Securities market? What are the possible solutions to overcome the challenge facing Asset-Backed Securities market? To effectively respond to these questions, the researcher adopted an exploratory research design. The target population was the senior staff working with the registered member firms of the Nairobi Securities Exchange. A convenient sample of 40 respondents was adopted. The data collection tool used was a questionnaire that was distributed by way of email and collected in the same manner using telephone follow-up. The qualitative data was coded and analyzed using content analysis while the quantitative data was validated using validation checks, edited and coded then analyzed using both descriptive and inferential statistics. Both Microsoft Excel and Statistical Product and Services Solutions (SPSS) software were used for this analysis. This information was presented both in tabular and graphical formats. The study findings are that the market for Asset-Backed Securities in Kenya is feasible. The main benefits would be increasing liquidity in the market, lowering the cost of credit, risk dispersion, encouraging market growth and promoting FDI. Further benefits would include provide a better way to manage regulatory capital while at the same time creating revenue and managing profitability. Additionally, it would promote market and operational efficiency. There are challenges though in terms of infrastructure due to lack of optimal regulation, un-updated legal structure on company law, taxation and accounting laws as well as credit rating firms" challenges. In addition there are issuance and pricing challenges as well as the problem of adverse selection and risk shifting. Lack of tested credit rating agencies in the Kenyan market is another challenge as well as the issues relating to separation of the originator and owner. These challenges may be overcome by implementing raft of laws and measures to address them including reviewing the laws and establishing an optimal regulatory framework. v Credit enhancements would be part of the solution and also a close oversight on regulatory capital. Further it would be key to manage investors" risk appetite. From this study the recommendations are for the Government and the regulating authority to take stock and consider marshalling the ship to securitization forward. This may be the solution to the agitation for lower credit costs and the liquidity trap that the country seems to be bottled in. Other recommendations are for further studies to be conducted on other securitized products with a view to comparing them and establishing the best starting point for Kenya. vi ACKNOWLEDGEMENT I wish to acknowledge the people who have truly contributed to the completion of this project. First of all I would like to acknowledge my Supervisor Dr. Amos Njuguna for his ever ready guidance even at night after classes. It is his dedication to see that I complete the project in time that has given me impetus to move on. Second I would like to acknowledge are my peers who have had me on my toes into completing the project, without them, this could not have been. I also want to acknowledge the USIU library staff for their readiness to assist in sourcing for the necessary resources which were scarce but they made it possible. Lastly I acknowledge the support of my dear wife and children for their understanding and support always. v DEDICATION To my late father who passed on just one week before I completed this project. I would have loved to see him celebrate with us. vi
The Anatomical Record, 1976
The present study was initiated to determine whether specific hormones would influence adenylate ... more The present study was initiated to determine whether specific hormones would influence adenylate cyclase activity within the maxillary-palatal complex during formatton of the hamster secondary palate. Stages from initial appearance of the palatal processes to shortly after birth were studied. Highest basal adenylate cyclase activities occurred during the earliest periods of palate development. This basal enzyme activity began to diminish as palatal fusion occurred and remained lowered until birth. Activation of adenylate cyclase by fluoride was maximal at concentrations of 5-10 mM, and was observed throughout the span of palatal development. Fluoride activation of adenylate cyclase was greatest prior to fusion of the palatal processes, then decreased until birth when a slightly increased enzymatic stimulation was seen. Norepinephrine and epinephrine were the catecholamines most capable of inducing increased activation of adenylatc cyclase at most periods of palatal growth. Increased enzyme activity in the presence of norepinephrine was more susceptible to antagonism by the beta adrenergic agent, propranolol, than to the alpha adrenergic agent, phentolamine. The remaining catecholamines, namely isoproterenol and dopamine, displayed a lesser ability to activate the enzyme, and adenylate cyclase was not equally responsive to these catecholamines at identical developmental stages. Other hormones, i.e., histamine, serotonin, thyrotropin, growth hormone, thyroxine and glucagon were generally ineffective in activating the enzyme. Phosphodiesterase activity was not detected until shortly before birth.