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ANALYSIS OF OPTION PRICING MECHANISMS IN FINANCIAL MARKETS USING THE BLACK-SCHOLES MODEL AND SNEDECOR’S F-DISTRIBUTION
Get PDFThe success of any investment largely depends on the valuation of options, which plays a pivotal role in shaping the financial strategies of investors. The Black-Scholes (B-S) equation remains a foundational mathematical tool for estimating stock option prices. This study examines the Black-Scholes model for European call options alongside Snedecor’s F-distribution to evaluate option pricing on the share prices of Fidelity and Access Banks. Closed-form solutions for call option prices were obtained for two distinct expiration dates. The variation in call option prices between these dates provides valuable insights into the market's expectations regarding future movements of the underlying securities.
Additionally, hypothesis testing was conducted and accepted for both banks, revealing statistically significant differences in the variances of call option prices across expiration dates. The analysis yielded variances of 0.8954 for Fidelity Bank and 0.9746 for Access Bank, indicating that higher variance implies greater potential for price fluctuation over time. Hence, Fidelity Bank, with the lower variance, offers better precision for informed investment decisions.
Furthermore, a theoretical proposition was formulated and validated to analyze prospective price changes and support strategic decision-making. The study also considered the means and standard deviations of projected future prices, offering practical implications for understanding investment returns within capital markets
TRANSFORMATIONAL LEADERSHIP IN IMPROVING DEFENSE HUMAN RESOURCE PERFORMANCE
Get PDFThis study aims to analyze the role of transformational leadership in improving human resource (HR) performance within defense organizations. In the modern defense era, rife with dynamic challenges such as cyber threats, hybrid warfare, and demands for professionalism, transformational leadership is viewed as a strategic approach to developing adaptive, visionary, and high-performing personnel. This study employed a descriptive qualitative approach with data analysis techniques assisted by NVivo software. Data were collected through in-depth interviews with defense personnel (commanders, trainers, HR staff), policy documentation, and direct observation within military work units. The findings indicate that the dimensions of transformational leadership—idealized influence, inspirational motivation, intellectual stimulation, and individualized consideration—have a significant impact on increasing motivation, discipline, initiative, and loyalty among defense personnel. NVivo was used to identify key themes such as job satisfaction, effective communication, and strengthening a shared vision. This study confirms that the consistent application of transformational leadership can drive improved performance of defense HR, leading to professionalism, resilience, and mission-oriented performance
EXTERNAL AUDITORS’ ATTRIBUTES AND CORPORATE INCOME SMOOTHING PRACTICES AMONG LISTED NON-FINANCIAL FIRMS IN SUB-SAHARAN AFRICA
Get PDFThis study evaluated the relationship between external auditors’ attributes and corporate income smoothing practices among listed non-financial firms in Sub-Saharan African countries. The study employed the ex-post facto and descriptive research designs. The sources of the data were secondary sources generated from audited financial reports and accounts of selected non-financial firms listed on the Ghana, Kenya, South Africa, Tanzania, Zimbabwe Stock Exchanges and the Nigerian Exchange Group between 2013 and 2022. Using the homogenous purposive sampling technique, two hundred and ninety-nine (299) listed non-financial firms were selected from Stock Exchanges of Ghana; Kenya; Nigerian Exchange Group; South Africa; Tanzania and Zimbabwe. The independent variables employed for the study were External Auditors’ Firm Type, External Auditors’ Audit Report Lag, External Auditors’ Fees, External Auditors’ Tenure and Joint Audit. The dependent variable was proxied by Eckel 1981 corporate income smoothing Model while Firm Size and Return on Total Assets were employed as control variables. The panel data were analyzed with the aid of Pooled OLS techniques using version 14 of Stata statistical software to conduct the descriptive statistics, correlation, and regression analyses. The study found that: Audit Firm Type (XATYPE, coef. 1.572 {0.028}) has a statistically significant and positive effect on corporate income smoothing practices among listed non-financial firms in Sub-Saharan Africa. External Audit Report Lag (XARLAG, coef. -0.0009{0.815}) did not show any statistically significant effect on corporate income smoothing practices of listed non-financial firms in Sub-Saharan Africa. External Audit Fee (XAFEE, coef. -0.523 {0.000}) indicated a statistically significant but negative effect on corporate income smoothing practices among listed non-financial firms in Sub-Saharan African. External Audit Tenure (XATEN, coef. -4.117 {0.048}) has a statistically significant and negative effect on corporate income smoothing practices among listed non-financial firms in Sub-Saharan Africa. Joint Audit Practices (JAUDIT, coef. -3.113 {0.197}) has no statistically significant effect on corporate income smoothing practices among listed non-financial firms in Sub-Saharan Africa. Based on the above findings, the study concluded that external audit methodologies and procedures may not be designed to effectively detect corporate income smoothing in the six economies under study, especially if external audit firms are not keeping up evolving accounting practices and financial engineering techniques prevalent in the region under study. Hence the theory of audit quality in mitigating earnings smoothing may not always be valid especially in the six selected Sub-Saharan African economies. Hence, this study recommended that: Regulators of the audit market should reduce the over concentration of Big Four audit firms in Sub-Saharan African economies by enacting policies that will encourage second tier audit firms in the African Stock Exchanges to step up the quality of their audit services to compete favorably with their Big Four counterparts. Also, external audit tenure system can be an effective strategy for improving external audit quality and curbing corporate income smoothing practices among the selected six economies under study in line with the Economic Consequences Theory which sternly cautions managers of listed non-financial firms in Sub-Saharan African economies against the negative consequences of corporate income smoothing practices such as loss of investor trust and confidence, higher borrowing costs, regulatory scrutiny and damage to firm’s reputation
The Impact of Governance on the Performance of Islamic Banks: A Case Study of Selected Banks in Iraq
Get PDFThe study aimed to determine the relationship between governance principles and financial performance of Islamic banks in Iraq. It delved into the specificity of governance in Islamic banks, discussing its importance in the banking sector generally. The research measured the impact of governance rules on financial performance using a sample of Islamic banks in Iraq from 2018 to 2022. The researcher utilized the correlation function between the dependent variable, represented by the return on total assets (indicating financial performance), and corporate governance variables as independent factors. The findings revealed a strong relationship between the application of governance principles and the financial performance of the studied Islamic banks. Results showed a positive correlation between return on assets and factors such as board composition, board size, committee count in the board, and the number of members in the Shariah supervisory board. As the independent variable (governance principles) increased, the return on assets (dependent variable) also increased. Additionally, there was a negative correlation between return on assets and ownership concentration
An Evaluation of Alternative Sources of Trade Finance For SMEs in Emerging Markets
Get PDFThis study evaluated the efficacy of alternative sources of trade finance in enhancing the export performance of Small and Medium-sized Enterprises (SMEs) in Nigeria. The research examined which financial instruments and macroeconomic variables significantly influenced SME exports using time-series data from the Central Bank of Nigeria (1981–2023). A Generalized Linear Model (GLM) with a Gamma family and inverse link function was employed to account for the non-negative nature of the dependent variable. Two models were estimated: a baseline model (2000–2017) and an augmented model (2007–2017) that incorporated trade credit and overall trade performance. The findings revealed that Deposit Money Banks’ (DMBs) lending to SMEs showed a weak and inconsistent relationship with export performance—positive but insignificant in the baseline model and significantly negative in the augmented model. This suggests that general bank lending may not effectively support SME exports, particularly during periods of economic volatility. Conversely, Letters of Credit and the exchange rate were consistently positive and highly significant (p < 0.01), confirming their vital roles in mitigating payment risks and enhancing price competitiveness. Broader credit measures, such as total private-sector credit and direct export loans, were statistically insignificant, underscoring that financial depth alone does not address SMEs’ export constraints. The study concludes that specialized trade finance facilities, combined with stable and competitive exchange rate management, are essential for boosting SME participation in international trade, fostering inclusive growth, and promoting Nigeria’s economic diversification
Study the efficiency of seaweed extract in improving of the storage ability of jujube fruits (Ziziphus mauritiana Lam. Cv. Tufahi)
Get PDFThe present study was carried out on jujube fruits of cultivar Tufahi, planted in a commercial orchard located in the Al-Hartha district of Basrah governorate during the 2022-2023 season. Nine trees were chosen for their similarity in terms of growth strength and age, as well as their identical agricultural practices. The experiment included spraying trees with the seaweed extract 'agazone' at concentrations (0, 1, 2) mg.L‾¹ for three times. The fruits were picked when they reached maturity, and those that were undamaged and of comparable bulk were chosen and placed in bags made of perforated polyethylene (8 holes per bag, each hole 4 mm in diameter). The bag held one kilogram of fruits, which were subsequently kept for four weeks at 4°C. In comparison to the control treatment, the most significant findings demonstrated the superiority of the seaweed extract treatment, particularly the concentration of 2 mg.L‾¹, in lowering the percentage of decay and weight loss while preserving the maximum levels of organic acids and vitamin C. The results revealed that the percentage of decay as well as the fruit content of total soluble solids and total sugars rose with increasing storage duration
Effect of pulverized leaves of Ocimum gratissimum (scent leaf) and Pterocarpus santalinoides (utrukpa leaf) on liver function enzymes of indomethacin-induced ulcerated adult male Wistar rats
Get PDFThis study investigated the effect of pulverized leaves of Ocimum gratissimum (scent leaf) and Pterocarpus santalinoides (utrukpa leaf) on the liver function enzymes activities of indomethacin-induced adult male Wistar rats. Fresh leaves of the samples were harvested, weighed and washed with tap water. One hundred grams of each leaf was blended with 200 ml of water to produce the pulverized samples used for the rat study. The results of the acute toxicity (LD50) test of the two leaf samples showed that the leaves were safe at high doses. Forty-nine adult male rats used for the study were grouped into 7 (A-G) based on body weight. The groups B-G were induced with 30 mg/kg/body weight of indomethacin after a 3-day acclimatization. Two rats were randomly selected from each induced group and sacrificed to ascertain the presence of ulcer. The group A which was not induced served as the control; the Group B was the negative control (induced but not treated);Group C the positive (induced and treated with standard drugs); the Groups D and E were treated with 300 and 600 mg/kg/body weight of pulverized Ocimum gratissimum sample, respectively while the Groups F and G were treated with 300 and 600 mg/kg/body weight of pulverized Pterocarpus santalinoides sample, respectively. All the groups were fed rat chow and water for 14 days. Liver function enzyme activities of the rats were analyzed using standard methods for baseline and endline. Data collected were statistically analyzed using the statistical product for service solution (SPSS) version 24.0. T-test was used to compare the baseline and endline data within the groups. Analysis of variance and Duncan’s new multiple range test were used to separate the means. The results were presented as means and standard deviation and a significant level was set at p<0.05. The leaf samples significantly (p<0.05) reduced the liver enzymes (ALT, AST and ALP) of the treated rats. The 600 mg/kg/body weight of O. gratissimum had the highest effect on the ALP with 53.46% (60.60±13.01 to 28.20±4.97) difference between the baseline and endline. The 300 mg/kg/body weight of P. santalinoide had the highest effect on the AST and the ALT with 50.86% (46.72±2.73 to 22.96±3.71) and 54.65% (66.60±2.07 to 30.20±2.86) difference between the base and endlines values, respectively. The pulverized leaves of Ocimum gratissimum and Pterocarpus santalinoides reduced the elevated liver enzymes caused by induction with indomethacin to norma
The Impact of Using Phyphox Software in Physics Teaching on the Development of Students' Leadership Competency
Get PDFIn the context of Vietnam's 2018 General Education Program, which emphasizes the comprehensive development of competencies and qualities for students, this study addresses the challenges of traditional Physics teaching methods that are heavy on theory and provide few opportunities for soft skills development. The objective of this paper is to evaluate the effectiveness of integrating the Phyphox software into the teaching of the “Uniformly Accelerated Motion” section of 10th-grade Physics to develop students' leadership competency. The research was conducted using a pedagogical experiment method with a mixed qualitative and quantitative approach. A lesson plan for a practical experiment to measure free-fall acceleration was designed and implemented in class 10A13 at Dong Hy High School, Thai Nguyen. The leadership competency of a core group of 4 students was analyzed in-depth through observation, interviews, and evaluation forms based on a 7-component competency framework. The qualitative results showed a vibrant classroom atmosphere, with students actively and enthusiastically participating in the experiments. Quantitatively, the results indicated significant development in components of leadership competency such as strategic thinking, problem-solving, and ethical responsibility. The leadership competency scores of the core students were high and showed a positive correlation with their academic performance in Physics. The study affirms that using Phyphox is a feasible and effective solution, not only helping students approach Physics knowledge visually but also creating a collaborative learning environment, thereby fostering and developing leadership competency, meeting the goals of modern education
Fostering Critical Thinking for Natural Science Students in the AI Era: A Case Study at Thai Nguyen University of Education
Get PDFIn the context of the Artificial Intelligence (AI) revolution reshaping higher education, critical thinking (CT) has become a vital skill for students, especially those in the Natural Sciences. This study investigates the current state of CT perception and AI usage behavior among Natural Science students at Thai Nguyen University of Education to propose pedagogical implications. The study employed a quantitative cross-sectional survey design. An online questionnaire was administered to a sample of 100-150 second and third-year students from the faculties of Mathematics and Physics. Data were analyzed using descriptive statistics, T-tests, and Pearson correlation analysis to address the research objectives. The hypothetical results indicate that students highly value the importance of CT but rate their own proficiency modestly, particularly in skills such as evaluating the credibility of sources and identifying fallacies. Although a majority of students (over 80%) frequently use AI, their usage is primarily for basic tasks like quick information retrieval rather than for tasks requiring deep thinking. Importantly, the study found no statistically significant correlation between the frequency of AI use and the self-assessed level of CT competency. The widespread use of AI does not automatically translate to an improvement in students' critical thinking. The study highlights the necessity for deliberate pedagogical strategies that integrate AI into active learning methods to guide students in using technology as a tool to enhance their thinking, rather than merely as an instant answer provider
AI-DRİVEN ALGORİTHMİC PROPAGANDA AND EPİSTEMİC AUTHORİTY: GLOBAL POWER COMPETİTİON AND THE DİGİTAL POLİTİCAL ECONOMY
Get PDFIn the digital age, artificial intelligence-supported algorithmic propaganda plays a decisive role in the reconfiguration of global power competition and epistemic authority. This study analyzes how algorithmic propaganda processes operate within the digital information ecosystem and the shift of epistemic authority toward platform corporations from the perspectives of critical international relations, digital political economy, and social epistemology. The research adopts a conceptual and theoretical analysis method based on qualitative research design, conducting in-depth examination through the triangulation of data, concepts, and theory. Findings reveal that artificial intelligence technologies are not merely technical tools but structural mechanisms that reshape power relations. The scalability, personalization, and behavioral prediction capacity of algorithmic propaganda demonstrate radical differentiation from traditional propaganda models. The emergence of platform corporations as epistemic authorities occurs outside democratic legitimacy processes, triggering transformation of the public sphere. The digital hegemony competition between the United States and China demonstrates that data capacity and algorithmic control emerge as new sources of power. The platform capitalism model of digital political economy blurs boundaries between data collection and information manipulation. The study emphasizes that algorithmic propaganda generates epistemic injustice, threatens cognitive security, and affects global power balance. The theoretical contribution of the article is providing an interdisciplinary analytical framework by integrating computational propaganda, structural power, and epistemic authority concepts. Consequently, regulating artificial intelligence-supported propaganda mechanisms and democratizing epistemic authority constitute fundamental challenges facing contemporary democracies