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- ItemImpact of ownership structure on dividend policy of listed banks in Kenya(Strathmore University, 2018) Kamau, Joan WanjiruThis study examines the effect of ownership structure of listed banks in Kenya on their dividend payout policy. The theoretical frmne7.uork of this study is based on dividend relevance theory dividend irrelevance theory and agency theory. The study explains ownership types such as-: government ownership, institutional ownership, family ownership, foreign ownership and managerial ownership in relation to the impact they have on the dividend policy of listed banks in Kenya. The relationship between dividend payout ratios will be tested against ownership structures with control variables like return on assets, price to book value, size of the firm, age of the firm and debt to equity ratio being used. Past studies in Kenya have not addressed the impact ownership structure has on dividend payout policy of listed banks in Kenya. Since most portfolio managers use bank stocks to get exposure to a market, thus bank stocks are in high demand, this provides incentive to focus on banking sector in Kenya. Findings of the study could be used by investors and owners of banks to better their understanding of dividend payout policies and investor decisions
- ItemApplicability of non-financial defined contribution scheme compared to financial schemes in Kenya(Strathmore University, 2015) Murgor, Vanessa CherotichOver the years, there has been an advancement in the technology used in various procedures that aid in early detection of certain conditions and informed prevention of others . Improved sanitation and food supply to various regions as well as better nutrition has led to improved mortality and thus more individuals are living longer than expected. This, therefore, means that the government makes pension payments for even longer periods of time. Having a stable scheme funding is paramount to.ensure that members of the scheme are catered for after retirement. This paper looks into the conventional schemes used for the public service pension schemes while assessing the financial status of the scheme previously applied and study if the NDC scheme would provide a flexible and stable scheme. Using publicly available data, possible assessments are made using the NDC framework and a sample of the population to establish the sustainability of the scheme over the long run.
- ItemA stochastic analysis of medical misdiagnosis in children(Strathmore University, 2015) Mugwe, Teresia WanjikuMedical misdiagnosis has been an issue on the rise in the past decade with an observed increase in medical malpractice cases. In Africa, most malpractice cases are due to negligence and misdiagnosis, with the cases of misdiagnosis rising. Children are seen to suffer more from medical misdiagnosis as compared to adults, especially those under five. A stochastic analysis of the transition of children from different states confirms that there is a high transition to a state of misdiagnosis. Cases in Africa are much higher than the rest of the world as pediatric technology is not as advanced. Analysis of data confirms the problem is dire in Africa as compared to the rest of the world, a factor which can be attributed to the lack of pediatric expertise and modem technology in the medical field . The study is to enhance the economic development in Africa with focus in medical sector. This will curb the high infant mortality rate problem and decrease the cases of medical misdiagnosis.
- ItemSupply model estimation of the equity risk premium in selected African equity markets(Strathmore University, 2015) Kayaviri, Ivy S.The supply model of (Grinold & Kroner, 2002)is used to estimate the Equity Risk Premium (ERP) in Kenya and South Africa for the period 2009 to 2013. Total return consists of capital appreciation from inflation, per capita GDP and population growth and income return from dividend yields. The average for Kenya is estimated at 8.3% with a minimum of 5.11% and maximum of 9.8% and that for South Africa is estimates as 6.6% with a minimum of3.15% and a maximum of9.6% over the 5 year period. Fernadez et al (2013) obtain a survey premium for Africa of 8.62%. In (Fernandez, Linares, & Acin, 2014), the market risk premium for Kenya and South Africa were estimated at 11.6% and 6.3% respectively. Capital gains contribute more to ERP as such economic variable contribute a more substantial part of the ERP in comparison to financial variables. Dividend yield exhibit a positive relationship with the ERP hence unequivocally matter in determining the ERP levels. Estimation using priced inflation, including share repurchases in the income return and including the impact of changes in the PE ratio on return will provide more insights on the ERP characteristics in the markets.
- ItemA comparative analysis of the level of risk in investment financing between Islamic and conventional banks in Kenya(Strathmore University, 2015) Abdi, Ali SadamThis study investigates whether Islamic banks are more risky in terms of their business model than Conventional banks in Kenya and the impact of these risks in the business model on both banking systems. A sample offour Conventional banks and two fullyfledged Islamic banks were selected. The study employed secondary data that cover a period 0.(four years, i.e. 20JJ-20J4. Three models were used each representing different risk. Credit, liquidity and operational risk were regressed against five explanatory variables i.e. bank size, NPL ratios, capital adequacy ratios, debt-to-equity ratios and asset management. The studyfound that Islamic banks in Kenya face greater credit and operational risk in their business model activities than their conventional counterparts. The Islamic banking model's credit and operational risk had a stronger and positive relationship with most explanatory variables than the Conventional banking model; as a result, the credit and operational risks were found to have a greater impact on the overall performance 0.( Islamic banks than Conventional banks. The liquidity risk in the business model was found to be greater in the Conventional banking model than the Islamic banking model as a result of the stronger relationship between liquidity risk and the explanatory variables of the Conventional banking model.