Evaluation of the pollution load discharged at an upstream industry--Egypt--and methods for its reduction

Oil exploration in Egypt is a major contributor to the national Gross Domestic Product (GDP). With 50-65% of the oil resources located in the Gulf of Suez (GoS) region, the impact of such activity upon the region's water environment and its quality cannot be overlooked because of the volume of effluent generated. The objective of this study (September 2000-September 2001) was to assess the impact of a 650,000 barrels/day (bl/d) (100,000 m3/d) effluent arising from a major oil exploration site located south of GoS upon the local water environment. Another objective was to identify the pollutant contents amenable for reduction relative to the new Egyptian regulations. This was achieved by the characterization of the main contributing streams and the identification of the final effluent parameter constraints relative to the type of injection waters used. Subsequent investigations for the reduction of these contents were conducted on site and the results obtained are reviewed herewith.     

Do size and unobservable company factors explain stock price reversals?

We use daily price data from the Egyptian stock market and a Loser portfolio of 20 IPOs from the late 1990s that experienced dramatic 1-day price falls in the period 2004 to 2007 to estimate a 2-way fixed effects model of CARs. Observable covariates are company size and turnover growth and unobservables company and period fixed effects. Our results provide evidence of significant price reversal over the first 40 post-event days. Firm size is negatively correlated with post-event CARs, consistently with the argument that small firms have a stronger tendency to price-reverse due to greater informational opacity. But permanent, unobservable company-specific factors, account for a much larger percentage of post-event variation in stock prices and indicate an underlying heterogeneity in investor responses to initial price falls not uncovered before in the literature. Strong negative company effects following a price fall are found to presage reinforcing ‘long term’ price falls and strong positive company effects to presage countervailing ‘long term’ price reversals. At the extremes these company effects are sufficiently large to suggest that a trading strategy based on them would be profitable.     

Price limit bands,asymmetric volatility and stock market anomalies: Evidence from emerging markets

I investigate the effects of imposing different bands of price limits on stock returns and volatility in the Egyptian (EGX), Thai (SET) and Korean (KRX) stock exchanges. In addition, the paper examines whether the switch from narrow price limits (NPL) to wider price limits (WPL) structurally alters volatility and the day of the week anomaly. Using the extended EGARCH and PARCH asymmetric volatility models, I found that the switch from NPL to WPL structurally altered both asymmetric volatility and the day of the week anomaly in the EGX, SET and KRX. I argue that the price discovery mechanism is disrupted due to the switch as closing prices do not fully reflect all information arrived in the market when prices hit the limits and that is reflected on volatility and market efficiency.     

The ‘Earth summit’ and environmental economics: The case of the missing link

While environmentalists insist that economic planning by government should pay much greater attention to the environment, they have tended to ignore environmental economics. This lapse is all the more serious because the conventional economic remedy for environmental degradation is the ‘market solution’. This article reviews the orthodox microeconomic analysis of environmental problems, assesses the shortcomings of the market solution and, in the light of this, outlines the alternative strategy for sustainable development. Some concluding comments are offered on the chances of success in implementing sustainable development in South Africa.     

Towards a sustainable energy strategy for South Africa: Landfill gas as a renewable energy option

Insufficient attention has been paid to the energy problems faced by oil‐importing developing countries (OIDCs). For these countries, the solution lies not so much in following the energy development paths of their more developed neighbours, but rather in seeking to make more efficient use of non‐conventional energy sources. This article explores one such non‐conventional energy option ‐ landfill gas ‐for South Africa, where the energy problem is complicated by a heavy reliance on coal‐fired electricity, which is unsustainable and unfriendly to the environment and yet remains the focal point of the government's energy strategy as expressed in the Reconstruction and Development Programme.     

The Impact of the Dual Board Structure and Board Diversity: Evidence from Chinese Initial Public Offerings (IPOs)

Chinese listed companies have a two-tier (dual) governance structure that comprises a supervisory board/committee (SB) and the board of directors (BoD). However, as there is no hierarchical relationship between them, the two boards are independent. This is different from the governance mechanism in Continental Europe in which the SB appoints the directors of the management board; in this sense, the Chinese two-tier governance structure is unique. We investigate the impact of governance characteristics and ownership structure on gender diversity of both the BoD and the SB for a sample of 892 Chinese Initial Public Offerings floated in both the Shanghai and Shenzhen Stock Exchanges. We find that the average proportion of female directors and female SB members on the BoD and the SB are 10 and 22 %, respectively. Using both static and dynamic panel data methods, we find that there is no significant impact of board structure on gender diversity in China. However, we find a positive and significant relationship between SB size and gender diversity. We also find that the higher the state ownership, the lower the female representation on both boards. Finally, our findings show that there is a bi-directional relationship between financial performance and the proportion of female directors sitting on the BoD.     

The relationship between accounting students’ personality,professional skepticism and anticipatory socialization

Professional skepticism is an essential component of every successful audit. Research in psychology identified the trait professional skepticism as an enduring personality construct. The current study examines the relationship between the Big Five personality characteristics and accounting students’ trait professional skepticism and their level of anticipatory socialization. Using a sample of 293 accounting students close to graduation, results indicate a positive relationship between Big Five personality characteristics and the trait professional skepticism, and between personality and anticipatory socialization. There is also a positive relationship between professional skepticism and anticipatory socialization. These results are useful to accounting educators who attempt to socialize accounting students into the profession.     

GENETIC PROGRAMMING TO PREDICT SKI-JUMP BUCKET SPILLWAY SCOUR

Researchers in the past had noticed that application of Artificial Neural Networks （ANN） in place of conventional statistics on the basis of data mining techniques predicts more accurate results in hydraulic predictions. Mostly these works pertained to applications of ANN. Recently, another tool of soft computing, namely, Genetic Programming （GP） has caught the attention of researchers in civil engineering computing. This article examines the usefulness of the GP based approach to predict the relative scour depth downstream of a common type of ski-jump bucket spillway. Actual field measurements were used to develop the GP model. The GP based estimations were found to be equally and more accurate than the ANN based ones, especially, when the underlying cause-effect relationship became more uncertain to model.     

The distribution of ncome in the UK and OECD countries in the twentieth century

Distributional changes are an important part of the economichistory of the OECD countries over the twentieth century. Inthe UK, income inequality in the 1970s was substantially lowerthan 40 years earlier, and is now much higher than in 1979.The pattern of change in the USA has similarities to that inthe UK, but other countries have exhibited significant differences.In order to explain diversity of experience over time, and differencesin income inequality across countries today, we need to recognizethat the distribution of income is subject to a variety of forces,affecting earnings, wealth, and income. These forces includethe policy choices made by governments affecting market incomesand fiscal redistribution. What we need to explain is why insome periods a number of these forces combine to produce episodesof rising, or falling, inequality. Any single theory, such asthat based on a global shift of demand away from unskilled workers,cannot provide a fully adequate explanation.     

The accounting profession in Egypt: Its origin and development

The purpose of this paper is to present a historical review of the evolution of accounting and the accounting profession in Egypt. Such a review aims at providing the perspectives necessary to understand and evaluate the contemporary scene. The origin of accounting practices in Egypt can be traced to ancient Egyptian civilization, and the temples exhibit paintings of early accounting records and activities. Modern accounting practices can be dated from November 1883, when Egypt adopted the Commerce ACT. In the ensuing 125 years (1883–2008), Egyptian accounting practice can be divided into three stages: record keeping (1883–1939); financial reporting under changing economic regimes (1939–1975); and the move to adopt international accounting standards in an attempt to liberalize and integrate the Egyptian economy into the global economy (1975–). Each one of these stages reflects the impact of the socioeconomic conditions prevailing at the time. The evolution of accounting in Egypt demonstrates its ability to adapt in response to changing conditions. While there are several lessons to be drawn, and their relevance is noted, it is especially important for the accounting profession to anticipate changes in order to be responsive, in a timely manner, to the changing needs of the society.