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THE IMPLICATION OF EXPERIMENTAL METHOD IN TEACHING BASIC SCIENCE IN PRIMARY SCHOOLS
CHAPTER ONE
INTRODUCTION
1.1 Background of the study
Science ability is crucial for the economic success of societies (Lipnevich, MacCann, Krumm, Burrus, & Roberts, 2011). It is also important in the scientific and technological development of countries (Enu, Agyman, & Nkum, 2015). This is because basic science skills are essential in understanding other disciplines including engineering, sciences, social sciences and even the arts (Patena & Dinglasan, 2013; Phonapichat, Wongwanich, & Sujiva, 2014; Schofield, 1982). Abe and Gbenro (2014) point out that basic science plays a multidimensional role in science and technology of which its application outspread to all areas of science, technology as well as business enterprises. Due to the importance that basic science engulfs, the subject became key in school curriculum. According to Ngussa and Mbuti (2017), the basic science curriculum is intended to provide students with knowledge and skills that are essential in the changing technological world.
Factors that can influence basic science performance are demonstrated by Kupari and Nissinen (2013); Yang (2013); Tshabalala and Ncube (2016), when they show that poor performance in basic science is a function of cross-factors related to students, teachers and schools. Among the students’ factors, attitude is regarded by many researchers as a key contributor to higher or lower performance in basic science (Mohamed & Waheed, 2011; Mata, Monteiro & Peixoto, 2012; Ngussa & Mbuti, 2017). Attitude refers to a learned tendency of a person to respond positively or negatively towards an object, situation, concept or another person (Sarmah & Puri, 2014). Attitudes can change and develop with time (Syyeda, 2016), and once a positive attitude is formed, it can improve students’ learning (Akinsola & Olowojaiye, 2008; Mutai, 2011). On the other hand, a negative attitude hinders effective learning and consequently affects the learning outcome henceforth performance (Joseph, 2013). Therefore, attitude is a fundamental factor that cannot be ignored. The effect of attitude on students’ performance in basic science might be positive or negative depending on the individual student. In response to this problem, this study seeks to investigate students’ attitudes towards learning basic science in Nigeria.
In accordance with Syyeda (2016) attitude has three main components: affect, cognition and behaviour. The components are interrelated and involve several aspects contributing to the overall attitude towards learning basic science. We draw from the ABC (Affective, Behavioural and Cognitive) model (Ajzen, 1993) to investigate the students’ attitude towards basic science and the Walberg’s theory of productivity (Walberg, Fraser, & Welch, 1986) to interpret results about the factors influencing a like or dislike of basic science and those impacting students’ performance. Walberg’s theory postulates that individual students’ psychological attributes and the psychological environments surrounding them influences cognitive, behavioural and attitudinal learning outcomes. This theory will be relevant for this study because it is a suitable lens through which we can explain the reasons for the attitudes that students form towards basic science. In line with the ABC model, our study focuses on investigating attitude aspects, including: students’ self-confidence in their basic science ability, basic science anxiety, basic science enjoyment, perception about the usefulness of basic science and intrinsic motivation. Questions that guided the study are as follows:
1. What are the students’ attitudes towards learning geometry and basic science?
2. Why do students acquire a like or a dislike towards geometry in basic science?
3. What is the relationship between each attitude aspects and students’ performance (grades) in basic science and geometry?
4. What is the relationship between attitude and student grades in basic science and geometry?
This work is relevant since poor performance in Science Technology Engineering and Basic science (STEM) particularly in basic science is seen as a barrier towards achieving economic and social development, both at the individual and national level. In Nigeria, like any other country within Sub Saharan Africa (SSA), students consistently perform poorly in basic science and science, which makes Nigeria lose economic advantages over other countries. Students’ achievement in countries within SSA is ranked far below the average point in international assessments (Bethell, 2016; 38). Bethell further points out that the long-run development of countries in SSA requires significant improvements in STEM education if they are to benefit in a competitive global economy driven by new technologies. In this regard, it is important to find ways to improve students’ performance in the subject. The study of students’ attitudes towards basic science with associated factors and their connection to academic performance is certainly worth examining. The results will provide teachers, students, parents, and other education stakeholders with information that will help to develop strategies to improve students’ learning of basic science.
Experimental method brings to live abstract learnings in basic science through experiments and experimental procedures. These performed experiments gives series of visual teachings with makes it easier for students to understand. By laboratory practicals in geometry primary school students are able to have a better grasp of the realities of geometry and have deeper insights into the possibilities of geometry, and this could trigger their imaginative faculties to explore their potential in basic science in a broader sense. This whole psycho-educational facor could in a great way improve on students attitude towards geometry and basic science in general.
According to Umeh (2006) material resources are structured facilities that are used to ensure affective teaching and learning such as the laboratories
All science laboratories have certain general features and requirements in addition to which each separate science has its own special demand which requires a special laboratory and facilities. For example all modern laboratories need to have a preparation room with storage facilities and shelves for chemicals, tools as well as work benches for the preparation of solutions. They must have sufficient space for free movement
1.2 Statement of the problem
lack of basic science laboratory and basic science teachers’ non-use of laboratory technique in teaching basic science is one of the major factors that contribute to poor academic achievement in basic science by primary school students. The West African Examinations Council (WAEC), Chief examiners’ Reports (2010, 2011, 2012& 2018) affirmed that candidates lack requisite practical skills to answer the questions raised in number and numeration, which point to the fact that the most desired technological, scientific and business application of basic science cannot be sustained.
This makes it paramount to seek for an approach for teaching Geometrythat aims at improving its understanding and academic achievement by students. Ogunkunle(2000) asserted that lack of basic science laboratory and basic science teachers’ non-use of laboratory technique in teaching Geometryis one of the major factors that contribute to poor academic achievement of students in Geometryat junior primary school.
Despite the fact that Basic science Laboratories serve as fundamental sources of creative thinking, skill development and problem solving for Junior Primary school students, its facilities are seldom used by Basic science teachers (Shreedevi & Asha, 2014). Well-equipped Basic science Laboratory at the basic school level has given birth to scientific and technological growth in manpower among developed nations (Imoko & Isa, 2015).Beyond availability of Basic science laboratory materials, Malik (2017) opined that adequate use of Basic science laboratory prepares students for a useful and meaningful living, because Basic science is the language and key to everyday activities of mankind in the world of science and technology. For the fact that Basic science Laboratory is equipped with numbers, symbols, objects, counting devices, measuring materials, number patterns and relationships of quantities, it is central to basic science curriculum at the primary and secondary levels in Nigeria (Akanmu, 2017). Nneji and Alio (2017) observed that Basic science as a subject does not only deal with manipulation of numbers, but goes further to explain practical relationships between the numbers, attributes and application of the numbers to solving day to day practical life problems.
Purpose of the Study
The main purpose of this study is to investigate the effects of basic science laboratory on the academic achievement of students in Geometry at junior primary schools.
(1) Effect of basic science laboratory approach on students achievement in Geometryat Junior Primary school level.
(2) Effect of Basic science laboratory approach on male and female students achievement in Geometryat Junior Primary school level.
(3) Interaction effects of basic science laboratory and gender on students achievement in Geometryat junior primary school level.
Research Questions
The following research questions were addressed in the study:
(1) What are the achievements of students in Geometry before and after exposure to math lab facilities and conventional method?
(2) Do students differ in achievement by gender when taught Geometryusing basic science experimental method?
Research Hypotheses
The following hypotheses were formulated and tested at 5% level of significance:
Ho1: There is no significant effect of the usability of Basic science experimental method on the mean achievement scores of students taught Geometry
Ho2: There is no significant effect of gender on the mean achievement scores of students taught
Geometry using basic science laboratory approach.
Ho3: There is no significant interaction effect of Basic science laboratory method and gender on
students mean achievement scores in geometry.
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SURVEY ON MARKET RISK IN NIGERIA
CHAPTER ONE
INTRODUCTION
Background of the study
Market risk is the risk that the value of an investment will decrease due to moves in market factors. It can also be said to be the risk to an institution resulting from movements in market prices, in particular, changes in interest rates, foreign exchange rates, and equity and commodity prices. Market risk is often propagated by other forms of financial risk such as credit and market-liquidity risks.Market risk is the risk of loss in the value of a financial institution’s proprietary trading holdings in equity, debt, FX or commodity instruments, due to fluctuations in market prices.
Market risk can also arise with the management of client’s moneys where financial institutions provide unhedged guaranteed minimum returns. A form of market risk also arises where banks accept financial instruments exposed to market price volatility as collateral for loans. Poor market risk management practices can lead to
significant losses very quickly in volatile market conditions and also complete institutional collapse in severe situations. The most spectacular recent case of market risk management failure was the bankruptcy of Bear Sterns, a US investment bank with substantial proprietary trading activities, at the start of the global financial
crisis in 2008. During the 1998 emerging market crisis, LTCM a large US hedge fund made massive losses on so called zero risk arbitrage derivative contracts and the US Fed had to step in to prevent a systemic disruption.
However, the most famous case was probably the collapse of Barings Bank, a 100 year old British bank (and bankers to the royal family) in 1995 due to inadequate oversight of equity futures proprietary trading activities in the Asian operations.
The global financial crisis has shown that financial markets are becoming more integrated, more complex and more volatile, than what was previously commonly believed. The importance of survey market risk in nigeria management will thus increase going forward.The management of market risk is highly complex. To limit the size of market risk exposures it should allow traders to take to achieve profit targets, a bank needs to have an understanding of the size of potential loss that can be incurred under extreme market volatility. As nobody has a crystal ball, we can only rely on statistics to provide us with an estimate of downside market volatility. Deriving variance/covariance
parameters from historical market rates data, we can estimate for a given statistical confidence limit what the maximum potential lossin a downside scenario could be.
1.2 Statement of the general problem
The loss of finances as a result of the instability of the market has resulted to the steady decline of our economic base and foreign reserve. This has equally discouraged small and medium enterprises which is one of the cardinal thrust of any economy. The lack of proper understanding of the market has influenced unnecessary inflation and scarcity of goods.
1.3 Objectives of the study
The following aims and objectives of the study
1. To survey the Nigerian market risk.
2. To analyze the risk factor involved in venturing into the Nigerian market.
3. To know the stability level of Nigerian markets.
4. To know if the Nigerian market is safe for investors.
5. To know if the Nigerian market encourages SME development.
1.4 Significance of the study
This study will be of importance to investors as this would help them in knowing the true state of the Nigerian market. This study would also be of immense importance to SME owners in understanding the level of risk factor involved in Nigerian market.
1.5 Scope and limitation of the study
This study is restricted to the survey on market risks in Nigeria.
Limitation of the study
Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the
relevant materials, literature or information and in the process of data collection (Internet, questionnaire and interview).
Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.
1. 6 Research Questions
1. What is the stability level of Nigerian markets?
2. Is the Nigerian market is safe for investors?
3. Does the Nigerian market encourage SME development?
4. Is the risk in venturing into the Nigerian m
REFERENCE
Berkley, R.A., S.C. Myers and A.J. Marcus, 2001. Fundamental of Corporate Finance. 3rd Edn., McGraw-Hill Irwin, Boston.
Black, F., 1972. Capital market equilibrium with restricted borrowing. J. Bus., 45: 444-454.
Blume, M., 1975. Betas and their regression tendencies. J. Financ., 10(3): 785-795.
Brailsford, T.J. and T. Josev, 1997. The impact of return interval on the estimation of systematic risk. Pac. Basin Financ, J., 5: 357-376.
Breeden, D., 1979. An Intertemporal asset pricing model with stochastic consumption and investment opportunities. J. Financ. Econ., 7: 265-296.
Brock, W.A. and C.H. Hommes, 1998. Heterogeneous beliefs and routes to chaos in a simple asset pricing model. J. Econ. Dyn. Cont., 22: 1235-1274.
Burton, J., 1998. Revisiting the Capital Asset Pricing Model. Dow Asset Manager, pp: 20-28.
Campbell, J.Y., A.W. Lo and A.C. MacKinlay, 1997. The Econometrics of Financial Markets. Princeton University Press, Princeton,
NJ. Chiarella, C., R. Dieci and X.Z. He, 2006. Aggregation of Heterogeneous Beliefs and Asset Pricing Theory: A Mean-Variance Analysis. Research Paper186, Quantitative Finance Research Centre, University of Technology, Sydney.
Elton, J. E. and M.J. Gruber, 1997. Modern Portfolio Theory and Investment Analysis. 5th Edn., Wiley and Sons Pte Ltd., Singapore.
Elton, E.J., M.J. Gruber, S.J. Brown and W.N. Goetzmann, 2007. Modern Portfolio Theory and Investment Analysis. John Wiley and Sons, Inc.
Fama, F.E. and R.K. French 2003. The Capital Asset Pricing Model: Theory and Evidence. Retrieved from: www.ssrn.com.
Getmansky, M., 2004. The Life Cycle of Hedge Funds: Fund Flows, Size and Performance. MIT Sloan School of Management, Cambridge.
Grinold, R.C. and R.N. Kahn, 2000. Active Portfolio Management: A Quantitative Approach for Providing Superior Returns and Controlling Risk. McGraw-Hill, New York.
Jensen, M.C., 1969. Risk, the pricing of capital assets, and the evaluation of investment portfolios. J. Bus., 42(2): 167-247.
Kerr, E., 1997. Capital Asset Pricing Model- Basic Concepts, in Financial Management Study Notes.
Retrievedfrom:C:\Minein Flash\CAPM\ek422.htm, (Accessed on: April 21, 2006).
Kevin, S., 2001. Portfolio Management. Prentice Hall, New Delhi.
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THE IMPACT OF CASH FLOW MANAGEMENT ON THE INSURANCE INDUSTRY (A CASE STUDY OF AICCO INSURANCE)
CHAPTER ONE
INTRODUCTION
1. Background of the study
To the insurance industry, cash flows can be generated through underwriting activities, financing and investing choices, and even managing risks; consequently modeling cash-flow risks will be on a dynamic basis process because it is essential to forecasting and managing financial and underwriting risks. To model the cash-flow
risks specific to the insurance industry, we have to capture the dynamics of the cash-flow–generating process of an insurer. The cash-flow–generating process can be characterized by two major components: (1) the earnings that result from core activities and cannot be modified and (2) other profits that can be modified through the dimensions of investment choices, risk management, and financial policies. In addition, the factors underlying the cash-flow–generating process may be intertwined and thus under the generating process can present the risks to the extent of cash-flow level. For instance, the downside risk of a company can be signaled by an abnormal
decrease in operating cash flows. Moreover, the discrepancy of the magnitude and timing of the cash flows generated from underwriting insurance policies and those generated from investment activities create cash-flow uncertainty and risks to insurance firms.
For insurance firms, cash flows generated from investment, underwriting, and risk management activities are important indicators in financial management and are the key variables in capital budgeting decisions. Hence, these generated cash flows will provide internally interacting feedback on determining the insurers’ strategies of
underwriting, risk management, and investment from time to time. Correspondingly, cash-flow processes and cash flow risks demonstrate their dynamic characteristics.
1.2 Statement of the problem
Cash is king. It is true for entrepreneurs, and it is also true for managers of financial institutions. Cash-flow risks have long been one of the most essential factors while managing a variety of risks, particularly for the insurance
industry, which faces unique underwriting risks not observed in other industries.
1.3 Significance of the study
In this project, dynamic factor modeling (Stock and Watson 2006, 2009) was applied to capture the dynamic interactions between risk management and investment management by incorporating economy-wide macrovariables and industry-wide business cycle variables. Moreover, to further empirically carry out the applications of dynamic factor modeling as suggested in Rochet and Villeneuve (2011), we utilize a factor-augmented autoregression model (FAARM) through which we model how cash flows respond to the dynamic interactions mentioned above to explicitly model the non-monotonic effects. The research by Born et al. (2009) and Lin et al.
(2011) explores the dynamic interactions between risk management and financial management in the U.S. property and liability insurance industry, but the explicit effects on cash-flow management are left for future research in their study. As financial intermediaries, the insurance industry is subject to various sources of risk,
including interest rate risk, market risk, credit risk, and liquidity risk. Engaging in investment activities is one majorsource that generates the risks mentioned above, and the variability of cash flows reflects a firm’s risks (Keown et al. 2007; Shin and Stulz 2000). All risks, particularly liquidity risk, are related to cash flows. Bakshi
and Chen (2007) concluded that investing in stocks leads to the cash flows embedded with higher risks. Ballotta and Haberman (2009) and Azcue and Muler (2009) specifically examine the investment strategies of insurance companies and emphasize minimizing the default risks of the insurers, but not the dynamic optimal investment
strategies of insurers over economic downturns. In other words, they estimate the credit risk or liquidity risk at the firm level but fail to consider the macroeconomic issues such as interest risk and market risk. The study by Wen and Born (2005) explores the dynamic interactions between investment strategies and underwriting cycles, and their study suggests that although one may investigate how insurers dynamically adjust their investment and hedging strategies, the dynamic interactions between asset and liability risks corresponding to the underwriting cycles should be taken into consideration.
1.4 Objectives of the study
This research is aimed at evaluating the impact of cash flow management in the insurance industry. To be concise, these objectives are: a. To identify whether cash flow management have any significant impact on insurance industry.
1.5 Research questions
In order to have a thorough grasp of the understanding of this research, certain questions need to be asked.
These are:
a. Does cash flow management have any significant impact on insurance industry?
1.6 Research hypotheses
Ho: Cash flow management has no significant impact on insurance industry.
Hi: Cash flow management has significant impact on insurance industry.
1.7 Limitations of the study
This study investigates management of cash flows by the insurance industry by incorporating its interactions with risk management and investment management after identifying and capturing the dynamic relationships between one another. The study was limited by two major factors; financial constraint and time. Insufficient fund and time tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in of data collection.
1.8 Scope of the study
This project models cash-flow risks and empirically analyzes cash-flow risk management of insurance firms under a dynamic factor modeling framework, which can capture the dynamic interactions between an insurance
firm’s activities in financing, investing, underwriting, and risk transferring. In addition, through the use of a factor-augmented autoregressive technique, the empirical analysis can simultaneously consider the effects of macro-factors that are common to the entire economy as well as those factors specific to the insurance industry.
1.9 Definition of terms
Cash Flow:The total amount of money being transferred into and out of a business, especially as affecting liquidity.
Management:The process of dealing with or controlling things or people.
Insurance: An arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.
REFERENCES
Almeida, H., M. Campello, and M. S. Weisbach. 2004. The Cash Flow Sensitivity of Cash. Journal of Finance 59: 1777–1804.
Alti, A. 2003. How Sensitive Is Investment to Cash Flow When Financing Is Frictionless? Journal of Finance 58: 707–722.
Azcue, P., and N. Muler. 2009. Optimal Investment Strategy to Minimize the Ruin Probability of an Insurance Company under Borrowing Constraints. Insurance: Mathematics and Economics 44: 26–34.
Bakshi, G., and Z. Chen. 2007. Cash Flow Risk, Discounting Risk, and the Equity Premium Puzzle. In Handbook of Investments: Equity Premium, edited by Rajnish Mehra, 377-402. Amsterdam: North Holland.
Ballotta, L., and S. Haberman. 2009. Investment Strategies and Risk Management for Participating Life Insurance Contracts.
Belviso, F., and F. Milani. 2006. Structural Factor-Augmented VARs (SFAVARs) and the Effects of Monetary Policy. B.E. Journal of Macroeconomics 6: 1-46.
Born, P., H.-J. Lin, M. Wen, and C. C. Yang. 2009. The Dynamic Interactions between Risk Management, Capital Management, and Financial Management in the U.S. Property/Liability Insurance Industry. Asia-Pacific Journal of Risk and Insurance 4: 2– 17.
Cummins, J. D., S. Tennyson, and M. A. Weiss. 1999. Consolidation and Efficiency in the U.S. Life Insurance Industry. Journal of Banking & Finance 23: 325–357.
Cummins, J. D., and M. A. Weiss. 2000. Analyzing Firm Performance in the Insurance Industry Using Frontier Efficiency and Productivity Methods. In Handbook of Insurance, ed. Georges Dionne,767-829. Norwell, MA: Kluwer Academic Publishers.
Cummins, J. D., and X. Xie. 2008. Mergers and Acquisitions in the US Property-Liability Insurance Industry: Productivity and Efficiency Effects. Journal of Banking & Finance 32: 30–55.
Fairley, W. 1979. Investment Income and Profit in Property-Liability Insurance: Theory and Empirical Results. Bell Journal of Economics 10: 192–210.
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OR
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Account Number: 3139283609
Bank: FIRST BANK
FOR MORE INFORMATION, CALL:
08068231953 or 08168759420
BEFORE YOU READ THE ABSTRACT OR CHAPTER ONE OF THE PROJECT TOPICS BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!
INFORMATION:
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THE IMPACT OF CASH FLOW RISK MANAGEMENT IN THE INSURANCE INDUSTRY
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Cash is king. It is true for entrepreneurs, and it is also true for managers of financial institutions. Cash-flow risks have long been one of the most essential factors while managing a variety of risks, particularly for the insurance industry, which faces unique underwriting risk not observed in other industries. To the insurance industry, cash flows can be generated through underwriting activities, financing and investing choices, and even managing risks; consequently modeling cash-flow risks will be on a dynamic basis process because it is essential to forecasting and managing financial and underwriting risks. To model the cash-flow risks specific to the insurance industry, we have to capture the dynamics of the cash-flow–generating process of an insurer. The cash-flow–generating process can be characterized by two major components: (1) the earnings that result from core activities and cannot be modified and (2) other profits that can be modified through the dimensions of investment choices, risk management, and financial policies. In addition, the factors underlying the cash-flow–generating process may be intertwined and thus under the generating process can present the risks to the extent of cash-flow level. For instance, the downside risk of a company can be signaled by an abnormal decrease in operating cash flows. Moreover, the discrepancy of the magnitude and timing of the cash flows generated from underwriting insurance policies and those generated from investment activities create cash-flow uncertainty and risks to insurance firms. For insurance firms, cash flows generated from investment, underwriting, and risk management activities are important indicators in financial management and are the key variables in capital budgeting decisions. Hence, these generated cash flows will provide internally interacting feedback on determining the insurers’ strategies of underwriting, risk management, and investment from time to time. Correspondingly, cash-flow processes and cash flow risks demonstrate their dynamic characteristics. This study investigates management of cash flows by the insurance industry by incorporating its interactions with risk management and investment management after identifying and capturing the dynamic relationships between one another. For example, an efficient implementation of a risk management mechanism can mitigate agency costs deriving from over investments of free cash flows. In addition, a well-established investment portfolio can efficiently utilize free cash flows for better asset allocation. Furthermore, we extend the research to explicitly consider the dynamic effects of economy-wide macro-variables and industry-wide common factors. The research sample, based on the insurance industry, provides an opportunity to incorporate the factors uniquely specific to this industry, namely, insurance underwriting cycles and regulatory requirements, into the model. Therefore, this study conducts a comprehensive analysis of cash-flow modeling and cash-flow risk management in the insurance industry. The existing literature provides evidence that suggests the relationships between cash flows, investment, and risk management. As demonstrated in Alti (2003), cash flows contain valuable information about a firm’s investment opportunities. In addition, Almeida et al. (2004) © 2014 Society of Actuaries, All Rights Reserved Page 4 identify the significant relationship between cash-flow sensitivity and financial constraints. Rochet and Villeneuve (2011) examine how risk management mechanisms interact with the uncertainty of cash-flow levels and conclude that the decisions are simultaneously endogenous. In addition, the literature has shown that insurers have more actively participated in the derivative markets by employing financial derivatives not only to smooth cash-flow uncertainty from their invested assets and underwriting liabilities but also to generate more cash flows. Therefore, cash-flow management is important in the field of risk management, particularly for the insurer firms who intend to reach effective asset/liability duration management. To the best of our knowledge, very few of the existing studies have addressed the issues of cash-flow risk management of insurers under the framework of considering the dynamic risk management in investing, financing, and underwriting. In this project we apply dynamic factor modeling (Stock and Watson 2006, 2009) to capture the dynamic interactions between risk management and investment management by incorporating economy-wide macro-variables and industry-wide business cycle variables. Moreover, to further empirically carry out the applications of dynamic factor modeling as suggested in Rochet and Villeneuve (2011), we utilize a factor-augmented auto regression model (FAARM) through which we model how cash flows respond to the dynamic interactions mentioned above to explicitly model the non-monotonic effects. The research by Born et al. (2009) and Lin et al. (2011) explores the dynamic interactions between risk management and financial management in the U.S. property and liability insurance industry, but the explicit effects on cash-flow management are left for future research in their study. As financial intermediaries, the insurance industry is subject to various sources of risk, including interest rate risk, market risk, credit risk, and liquidity risk. Engaging in investment activities is one major source that generates the risks mentioned above, and the variability of cash flows reflects a firm’s risks (Keown et al. 2007; Shin and Stulz 2000). All risks, particularly liquidity risk, are related to cash flows. Bakshi and Chen (2007) concluded that investing in stocks leads to the cash flows embedded with higher risks. Ballotta and Haberman (2009) and Azcue and Muler (2009) specifically examine the investment strategies of insurance companies and emphasize minimizing the default risks of the insurers, but not the dynamic optimal investment strategies of insurers over economic downturns. In other words, they estimate the credit risk or liquidity risk at the firm level but fail to consider the macroeconomic issues such as interest risk and market risk. The study by Wen and Born (2005) explores the dynamic interactions between investment strategies and underwriting cycles, and their study suggests that although one may investigate how insurers dynamically adjust their investment and hedging strategies, the dynamic interactions between asset and liability risks corresponding to the underwriting cycles should be taken into consideration. 1 Taken with these earlier studies, our study intends to bridge the extant literature by taking steps further to model the cash-flow risks by taking into account the uncertainty of the market cycles, thereby explicitly examining insurers’ cash-flow management. Using the highly regulated insurance industry as a research sample enables us to further extend the existing literature by incorporating the specific industry-wide characteristics, such as regulatory requirements and underwriting cycles, in the models. The simultaneous consideration of market cycle, underwriting cycle, and regulatory requirements enables us to fully depict the insurance firms’ investment, risk management, and underwriting strategies.
1.2 Statement of the problem
Most insurance businesses encounter cash flow risk management problem at one time or another. Cash flow problems can be serious and threaten your ability to stay in business if not well analyzed. Insurance companies are more at cash flow risk due to the nature of their business.
1.3 Objectives of the study
1. To investigate the management of cash flows by the insurance industry. 2. To identify and capture the dynamic relationship between cash flow management and risk management in insurance industries.
1.4 Research question
What dynamic relationship exists between cash flow management and risk management in insurance industries?
1.5 Research hypothesis
Ho: There is no significant relationship between cash flow management and risk management in insurance industries.
Hi: There is significant relationship between cash flow management and risk management in insurance industries
1.6 Significance of the study
This project models cash-flow risks and empirically analyzes cash-flow risk management of insurance firms under a dynamic factor modeling framework, which can capture the dynamic interactions between an insurance firm’s activities in financing, investing, underwriting, and risk transferring. In addition, through the use of a factor-augmented auto regressive (FAAR) technique, the empirical analysis can simultaneously consider the effects of macro-factors that are common to the entire economy as well as those factors specific to the insurance industry.
1.7 Scope / Limitations of the study
This study on the evaluating the impact of cash flow risk management in the insurance industry will cover various approaches to the study and its impact on insurance industries in Nigeria.
Financial constraint– Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).
Time constraint– The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.
1.8 Definition of terms
Cash Flow: The total amount of money being transferred into and out of a business, especially as affecting liquidity.
Risk Management: Is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.
Insurance Industry: A business that provides coverage in the form of compensation resulting from loss, damages, injury, treatment or hardship in exchange for premium payments.
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EVALUATING THE IMPACT AND BARRIERS FOR DE-RISKING STRATEGIES
CHAPTER ONE
INTRODUCTION
1.1 Background of the study
In recent years, the international community has begun to focus on financial inclusion as part of a broader strategy to reduce poverty, encourage economic development, and promote stability and security. For the purposes of this paper, the term “financial inclusion” refers to the provision of accessible, usable, and affordable financial services, either through the formal or informal financial sector, to underserved populations. This includes the estimated 2.5 billion “unbanked” individuals worldwide who lack access to a formal bank account, the vast majority of whom reside in developing countries.1 Financial inclusion also applies to “underbanked” communities, where people lack reliable access to or are unable to afford the associated costs of financial services. In the US alone, 50.9 million adults are considered underbanked and have relied on alternative financial services in the past 12 months, including payday lenders, pawn shops, or check-cashing services.2 The international focus on financial inclusion has coincided with increased attention to anti-money laundering and countering the financing of terrorism (AML/CFT) frameworks as crucial tools for advancing stability and security objectives and for curbing criminal and violent extremist activity.
The focus on AML/CFT has resulted in regulators’ increased scrutiny of the formal and informal financial sectors, as well as international pressure on low-capacity countries to develop and implement effective AML/CFT frameworks. Although overly strict approaches to AML/CFT may inadvertently limit financial access, their respective aims do not inherently conflict. Proportionate and calculated implementation of AML/CFT measures can help to advance financial inclusion goals, drawing more economic activity into the formal banking sector and consequently enhancing transaction monitoring and customer due diligence, which in turn help advance AML/CFT goals. However, with risk appetites declining in the wake of the 2008 financial crisis, many financial institutions have opted to exit relationships assessed as being high risk, unprofitable, or simply “complex,” such as those with money service businesses (MSBs), foreign embassies, international charities, and correspondent banks. Closures of these entities’ bank accounts affect financial access for the individuals and populations those businesses serve. MSBs and other financial service providers, often referred to as “alternative money transfer services,” hold accounts with formal financial institutions (banks), which allow them to perform transactions and serve as an access point and gateway for their traditionally underserved client bases. They fill an important gap, particularly in jurisdictions with nascent financial systems where the informal sector is in fact the main provider of formal and traditional banking services. Such relationships also exist internationally.
Financial institutions in developing economies often rely on correspondent banking relationships to provide access to the global financial system and underpin trade finance. Charities operating in conflict and other sensitive environments rely on all of these channels to move much needed resources internationally. Although some non-bank financial service providers are noted for their traditionally low fees— including the remittance sector—others have been described as predatory, due to their staggering fees and disproportionate targeting of vulnerable communities.3 For example, annualized payday loan fees can amount to three- or even four-digit interest rates,4 which represent significant costs to the 80 percent of US borrowers who renew or roll over their initial loans.5 Unbanked or underbanked communities, particularly in the developing world, are also vulnerable to private lenders. These “loan sharks” offer no legal customer protection measures and have anecdotally been linked to extortion and even threats of violence.6 As banks close the accounts of non-bank financial service providers, underserved communities may be forced to increase their reliance on these types of costlier and less-regulated options. As financial institutions re-calculate risk appetites and decide to exit relationships, they directly and negatively affect these sectors and the populations they serve. For example, in August 2014, Westpac Banking Corp. followed other major Australian and UK banks and announcedthe closure of numerous money transfer operators’ accounts over concerns about AML/CFT and rising compliance costs.7 This followed the precedent set in the wake of Barclays’ May 2013 decision to close money transmitter accounts and the subsequent temporary injunction filed by Dahabshiil, one of the largest Somali remittance companies in the UK. 8 The closure of these bank accounts not only threatens these businesses but also jeopardizes the vital flow of remittances to Somalia from diaspora populations, which constitute an estimated 25 to 45 percent of the country’s GDP and serve as a key source of income for more than 40 percent of its vulnerable population.9 Financial exclusion is a huge barrier for disadvantaged populations. On an individual level, financial exclusion limits the ability of vulnerable populations to manage cash flows, build capital and savings, and mitigate economic shocks. 10 On a macroeconomic level, financial inclusion is linked to economic and social development, and improvements in financial access have been shown to contribute to reductions in extreme poverty and wealth inequality.11 Additionally, expanded access to the financial sector helps finance small business and microenterprise: a positive correlation has been found between financial inclusion and employment opportunities, and it is generally believed to positively affect economic growth.12 Women and other vulnerable groups are disproportionately affected by limited financial access. For example, in developing countries, 46 percent of men have a bank account, compared to 36 percent of women.13 Immigrants are another heavily affected population: factoring out socioeconomic and demographic considerations, immigrants are six percent less likely to have a checking account and eight percent less likely to have a savings account in the US than their American-born counterparts. 14 Without formal bank accounts, these underserved populations commonly rely on the remittance sector to send money to their families back home, and women have increasingly emerged as a key sending demographic. Although they remit about the same amount as men, women are shown to remit higher percentages of their income, more frequently, and for longer durations than their male counterparts.15 Reductions in the remittance sectors due to MSB account closures stand to further isolate these communities from the global financial system, exacerbating existing financial inclusion challenges. In an effort to ensure AML/CFT measures do not unduly limit financial access, international standards urge financial institutions to adopt a risk-based approach (RBA). Financial institutions are advised to assess their money laundering (ML) and terrorist financing (TF) vulnerabilities and to formulate policies and allocate resources according to their unique risk profiles and risk exposure. Although this approach is designed to allow for flexibility, it also introduces ambiguity and immense subjectivity around which actions are in fact required to meet international AML/CFT standards. High- and low-capacity jurisdictions alike struggle in implementing the RBA, and those perceived as being deficient in their implementation have been publicly listed by the Financial Action Task Force (FATF) and subjected to its ongoing global AML/CFT monitoring process—potentially dissuading international investors and hindering economic growth and trade relations. For financial institutions, concern over ambiguity in the RBA has been compounded in recent years by the imposition of large fines and enforcement actions related to inadequate AML/CFT compliance procedures.
1.2 Statement of the problem
De-risking practices have not been localized in any particular population, community, or industry. However, in recent years there has been an “aggregation of results” best described as a trend toward de-risking of sectors, including money service businesses (MSBs), foreign embassies, nonprofit organizations (NPOs), and correspondent banks. Those closures have had a ripple effect on financial access for the individuals and populations served by those businesses. Regulatory authorities continue to emphasize that de-risking is not in line with international guidelines, and in fact is a misapplication of the risk-based approach. Yet in the absence of clear instructions or an incentive to bank these clients, account closures continue across the United States, the United Kingdom, and Australia. These closures have significant humanitarian, economic, political, and security implications, effectively cutting off access to finances, further isolating communities from the global financial system, exacerbating political tensions, and potentially facilitating the development of parallel underground “shadow markets.” Unfortunately, little empirical data is available about the extent and nature of the client relationships being exited and the decision-making processes of financial institutions. This presents challenges to assessing the scale and scope of the problem, identifying vulnerable communities affected by the reduction in services, and developing effective responses. Nevertheless, this study endeavors to illuminate a number of existing trends and themes relating to the issue and provides some insight into likely factors behind de-risking practices.
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IMPACT OF NON-TRADITIONAL VARIABLES IN HEALTH CARE RISK ADJUSTMENT (A CASE STUDY OF UTH, UYO, AKWAIBOM)
CHAPTER ONE
INTRODUCTION
Background of the study
The business of risk adjustment has come a long way since the publication of the Academy’s “Monograph Number One” with the title, “Health Risk Assessment and Health Risk Adjustment—Crucial Elements in Effective Health Care Reform” in May 1993. Less than ten years later, we had hospital inpatient diagnosis-based approaches, such as the model used by the Market Stabilization Pool for small group and individual coverage in NYS in conjunction with mandated community rating. The PIP-DCG approach for Medicare + Choice, also inpatient only, soon followed.
Risk adjustment models have included variables such as demographic (i.e. age and gender) and clinical markers based either on ICD-9 diagnosis codes and/or pharmacy codes such as the National Drug Codes (NDCs).
Literature points to other variables such as geography, Body Mass Index (BMI), education, and income that also explain the variation in healthcare cost – but have hitherto not been included in risk adjustment programs mainly because such variables are not typically found in claim data. If these nontraditional variables explain meaningful variation in cost beyond traditional risk adjustment models – then this may provide incentives for issuers to select certain members. If such incentives lead to selection that affects the financial performance of issuers –
then the policy goals of the risk adjustment program will be undermined. Recognizing the importance of fortifying risk adjustment programs against selection based on nontraditional variables, the Society of Actuaries’ Health Section sponsored an in-depth study into the relationship of nontraditional variables with health costs.
This report presents the results of this study. We used the Medical Expenditure Panel Survey (MEPS) data in this research. Specific details concerning the data and preparation can be found in Section 3.2. This data is unique in that it includes a large number of individual characteristics (from BMI to whether a person has difficulty enjoying hobbies) together with healthcare claim data. There are limitations to the use of MEPS data, and these limitations are discussed further in Section 4. The results of this research demonstrate that it is important to adjust the traditional risk adjustment model in order to recognize nontraditional variables. The report develops a new measure (Loss Ratio Advantage or LRA) to help quantify the potential of a nontraditional variable to affect a risk adjustment program. With the help of this measure, the report compares the importance of over thirty variables that were systematically narrowed down from a list of Risk adjustment of any kind is inherently imperfect, the complexity and sophistication of risk adjustment models
has increased significantly in the past couple decades. With the passage of the Affordable Care Act (ACA), risk adjustment will be required for non-grandfathered commercial small group and individual coverage both inside
and outside Exchanges.Using a structured and scientific approach, the researcher has examined a long list of non-traditional drivers of health cost, chosen the most relevant ones, and tested their effect on bottom-line medical cost when included in the traditional risk adjustment formula.
1.3 Objectives of the study
1. To determine the relationshipbetween non-traditional variables and health care risk adjustment in Nigeria.
2. To ascertain the impact of non-traditional variables on health care risk adjustment in Nigeria.
1.4 Research questions
1. Is there a relationship between non-traditional variables and health care risk adjustment in Nigeria?
2. Does non-traditional variables significantly impacts on health care risk adjustment in Nigeria?
1.5 Research hypotheses
Ho: There is no relationship between non-traditional variables and health care risk adjustment in Nigeria.
Hi: There is a relationship between non-traditional variables and health care risk adjustment in Nigeria
Ho: Non-traditional variables have no significant impact on health care risk adjustment in Nigeria.
Hi:Non-traditional variables significantly impacts on health care risk adjustment in Nigeria.
1.6 Significance of the study
The Affordable Care Act (ACA) includes the mechanism of risk adjustment in commercial small group and individual markets in order to further the policy goals of premium stabilization, mitigating incentives for issuers of healthcare coverage policies (issuers) to avoid unhealthy members, and to remove any advantages or disadvantages for plans inside healthcare exchanges compared to plans outside of such exchanges. The importance of risk adjustment to these policy goals cannot be overemphasized, and details such as the variables that are included in the risk assessment formula affect the extent to which the program is successful in meeting
these goals.
1.7 Scope of the study
The study focuses on the impact of non-traditional variables in health care risk adjustment in Nigeria, University of Uyo Teaching Hospital (UTH) in Uyo Local Government Area of AkwaIbom state was used as the case study.
1.8 Limitations of the study
This study has some limitations most especially in the area of data collection. Financial constraints as well as time available for the completion of the study are among other factors that would limit the scope of the study.
1.9 Definition of terms
Health Care:The organized provision of medical care to individuals or a community.
Non-traditional:Not conforming to or in accord with tradition.
Risk Adjustment:A concept that refines an investment’s return by measuring how much risk is involved in producing that return.
REFERENCES
Adler, N., & Newman, K. (2002). Socioeconomic disparities in health: Pathways and policies. Health Affairs, 21(2). AHRQ. (2012). MEPS HC-138 2010 Full Year Consolidated Data File. Agency for Healthcare Research and Quality.
Backlund, E., Sorlie, P., & Johnson, N. (1999). Comparison of the relationships of education and income with mortality: The national longitudinal mortality study. Social Science and Medicine, 49(10), 1373–1384.
Berkman, L. F., & Glass, T. (2000). Social integration, social networks,social support, and health. NY: Oxford University Press.
Catalano, R., &Serxner, S. (1992). The effect of ambient threats to employment on low birth weight.Journal of Health and Social Behavior, 33(4).363-377.
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THE IMPACT OF FINANCIAL CRISES ON INSURERS
CHAPTER ONE
INTRODUCTION
Background of the study
The global financial crisis that rocked the economies of nations was an extremely troublesome issue. In terms of origin, the phenomena is said to be traceable to the United States of America. As far back as August 2007, the financial institutions in the United States (US) were experiencing immense difficulties raising funds (Esezobor, 2008). Financial institutions gradually became illiquid and runs, bankruptcy, take-overs, job losses and bailouts thus weakened the financial system. Lax financial regulation ensued with the hope that the market would regulate itself, an event that never took place. With the loose market regulation, available credits went to consumer lending rather that to the real sector that drives production and the economy at large.
Apart from the aforementioned, the financial crisis resulted in widespread unemployment, affecting every sector of the economy. The global financial crisis had a number of features including weak macro-economic fundamentals, high inflation rates, exchange rate crisis, devaluation of currency, decline in gross domestic product and difficulties in balancing international payment on current account (Esezobor, 2008; and Sampson, 2009). To prevent the adverse impact of the global financial crisis on Nigeria business development has been seen by many scholars and practical business individuals as a critical challenge (Sampson, 2009). Whether these and other measures can be instrumental in controlling the adverse impact of the global financial crisis on the Nigerian economy is a question, which can best be answered, in an empirical sense. Although the effect of the crisis on business growth and development in Nigeria might not be as pronounced as it was in USA, Britain, France and so on, it would be futile to be askant about its possible short and long-run influences. Hence, the need to embark on a study of this nature hoping it would give rise to meaningful schemes, plans and strategies that would eventually help the economy to tide itself over the possible difficulties that might crop up. For business organizations in Nigeria in particular, the investigation would be highly rewarding in the sense that anti-growth business and economic forces would be identified and judiciously manipulated in the best interest of the business investors, stakeholders and other players.
Statement of the general problem
The global financial crisis confronting both developed and developing economies is believed to have surfaced due largely to years of audacious and dubious investment practices, which started off in USA (Sampson, 2009). The crisis has affected the economies in the developed and developing countries. In Nigeria, fears have been gripping, as it were, all business and economic actors. After months of cautious optimism, it has become clear that the initial assumptions about the possible immunity of developing economies from the raging storm were too hasty. For the business sector in particular, it would be suicidal to assume that all would be well. In the light of the foregoing, the pertinent posers are, what have the Nigerian authorities done to mitigate the likely effects of the crisis? Are relevant strategies in place to save the business units (companies and enterprises) from this crisis? How, and what precisely are the attendant impacts on both micro and macro business endeavours? These and related intriguing posers inform the basis of this investigative study under reference.
Significance of the study
This study would be of importance to the insurance companies and other relevant agencies in knowing how the financial crises have affected them. This study will equally be important to the general public, researchers and stakeholders in knowing the impact of financial crises on insurers. This study will also be important to government so that relevant policies can be made and implemented in be proactive in dealing with future financial crises.
Objectives of the study
The following are the aims and objectives in engaging in this research
To determine the impact of the global financial crisis on selected insurers in AkwaIbom State;
To evaluate the effect of the global financial crisis on the net profit earnings of selected insurance companies in Uyo metropolis;
To find out the extent to which the global financial crisis has affected the overall efficiency of insurance companies;
To find out what role has been performed by the Government to mitigate the influence on insurance companies;
To proffer solutions to the impact of the global financial crisis on the insurance sector of Nigeria.
Scope of the study
This study is restricted to the impact of financial crises on insurers with AkwaIbom state serving as the case study.
Limitation of the study
Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).
Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.
Research Questions
What is the impact of the global financial crisis on selected insurers inAkwaIbomState?
What is the effect of the global financial crisis on the net profit earnings of selected insurance companies in Uyo metropolis;
To what extent has the global financial crisis affected the overall efficiency of insurance companies;
What role has been performed by the Government to mitigate the influence on insurance companies?
Research Hypothesis
H0: The current global financial crisis has no significant impact on the insurance sector in Nigeria.
H1: The current global financial crisis has a significant impact on insurance sector in Nigeria.
Definition of terms
Financial crises:A financial crisis is a disturbance to financial markets associated typically with falling asset prices and insolvency among debtors and intermediaries, which spreads through the financial system, disrupting the market’s capacity to allocate capital.
Insurance:An arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.
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IMPLICATIONS OF THE COST OF END OF LIFE CARE
TABLE CONTENTS
Title Page———i
Certification——–ii
Dedication———iii
Acknowledgement——-iv
Abstract ———vi
Table of Content——–vii
Chapter One
1.0 Introduction ——-1
1.1 Statement of Problem——4
1.2 Purpose of the Study——5
1.3 Significance of Study——8
1.4 Limitation——–9
1.5 Scope of Study——-11
Chapter Two
2.0 Review of Related Literature —-12
2.6 Summary of Literature Review—- 19
Chapter Three
3.0 Research Methodology and Procedure—22
3.1 Population ——–22
3.2 Sample and Sampling Technique—-22
3.3 Validation of the Instrument —-23
3.4 Reliability of the Instrument —–23
3.5 Data Analysis——-23
Chapter Four
4.0 Presentation and Discussion of Result—24
4.1 Analysis and interpretaion of Data—25
4.2 Discussion of Results——38
Chapter Five
5.0. Summary, Conclusion. 5.0. Summary, Conclusion.. 5.0. Summary, Conclusion., and Recommendation –40
5.1 Summary——–40
5.2 Conclusion——–41
5.3 Recommendation——42
References ———45
Appendix 1——–47
Appendix ———5070
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AN EVALUATION OF THE MARKETING OF PACKAGED PETROLEUM PRODUCTS IN NNPC
TABLE OF CONTENT
Title page- – – – – – – – – i
Approval page – – – – – – – -ii
Dedication – – – – – – – – -iii
Acknowledgement – – – – – – – -iv
Abstract – – – – – – – – – -v
Table of content – – – – – – – -vi
CHAPTER ONE
INTRODUCTION – – – – – – – -1
1.0 Background of the study – – – – -1
1.1 Statement of the problem – – – – -5
1.2 Purpose of the study – – – – – -6
1.3 Significance of the study – – – – -8
1.4 Research questions – – – – – -9
1.5 Scope of the study – – – – – – -10
CHAPTER TWO
LITERATURE REVIEW – – – – – – -11
CHAPTER THREE
Research methodology – – – – – – -39
Design of study – – – – – – – -40
CHAPTER FOUR
Presentation, analysis and interpretation of data – -48
CHAPTER FIVE
Summary of findings – – – – – – -60
Conclusion – – – – – – – – -61
Recommendations – – – – – – – -62
Suggestions for further research – – – – -64
References – – – – – – – – -65
Appendix I – – – – — – – – -68
Questionnaire. – – – – – – – -69
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