The main objective of this study was to establish the effect of financial deepening on the performance of the Youth Enterprise Development Fund (YEDF). The performance of the YEDF was measured by the growth rate of the loans advanced while the financial deepening indicators included the reduction of transactions costs, the ratio of loans to GDP and the ratio of loans to deposits. The study adopted a descriptive survey design and relied on secondary data collected from the financial statements, news bulletins and websites of Central Bank of Kenya (CBK) and YEDF. The collected data was cleaned and coded before being analyzed by use of the Statistical Package for Social Sciences (SPSS). The data analysis techniques included descriptive statistics like the mean, minimum, maximum and standard deviation. In addition, inferential statistics like correlation analysis and regression analysis were also used to establish relationships between the dependent and independent variables. The findings were presented in tables, line graphs and bar graphs. Major research findings indicated that the growth rate of the loans advanced by YEDF was on a steady increase in the period between 2008 – 2012. In addition, the findings indicated that the financial deepening indicators affected the growth rate of loans advanced by YEDF to an extent of 78.02%. The three factors (reduced transaction costs, ratio of loans to GDP and ratio of loans to deposits) also had a positive correlation with the growth rate of loans at YEDF. However, only the ratio of loans to deposits had a significant correlation at a level of significance of 0.01. The main conclusion was that the growth rate of loans advanced by financial intermediaries was highly determined by the financial deepening variables like reduced transaction costs, high ratio of loans to GDP and high ratio of loans to deposits. The researcher recommends improvement of the allocation policies to guard against bad debts and waste of funds. There is also need to come up with a policy to ensure that the loans advanced are equitably distributed across the country to ensure that the advantages of economic and financial development are reaped by a wider population. The researcher suggests that a similar study be carried out to come up with a model to guide the establishment of the appropriate lending rate that can ensure that the YEDF loan portfolio keeps growing and that the lending rate is responsive to the market forces of supply and demand while still recognizing the social nature of the fund.

The role of finance and accounting professionals is changing rapidly. Finance professionals are taking on greater management and consulting responsibilities as well as advising senior management on financial matters and taking a more active role in analyzing corporate operations. The purpose of the study was to investigate the factors influencing the changing role of finance professionals in the quoted firms in Kenya. The study used descriptive survey design. The population of this study was comprised of all the 60 firms quoted in the NSE. Due to the nature of the population- small and variable, no sampling was done and hence this was a census study. The sample under study was therefore all the 60 firms quoted in the NSE. The study collected primary data through the use of a researcher assisted questionnaire. Administration of the questionnaires was done by the researcher. The collected fully filled questionnaires were first edited then coded to facilitate statistical analysis. The data was analyzed through descriptive and inferential analysis through the help of Statistical Package for Social Science (SPSS) and the findings were then be presented in form of frequency distribution tables, bar charts and pie charts. A regression analysis was conducted to test and establish the form of relationship between variables. The study found out that the need to satisfy greater demand for public accountability and transparency, the pressure from stakeholders and need to manage shareholders relations influenced finance professionals roles. Increased regulations, technical specialized skills, changing information technology and competitive business environment had also influenced the changing roles. The study concludes that stakeholders' scrutiny, technical skills, strategic role, increasing regulation and the competitive business environment influence the changing roles of finance professionals in companies listed in the NSE. There has been greater demand from the public on accountability and transparency and reporting requirements that have created pressure on the finance professionals in a bid to meet the stakeholders’ demands as well as increasing the companies’ returns. The study recommends that the change in the role of the finance professionals should be supported by a change in required competences; Accounting and finance bodies also need to make changes on the finance courses. curriculum so as to ensure that the skills acquired meets the market demand.

This project designs and formulates prices and the inherent factors used in contingent securities. Participating contingent contracts are most popular in most financial jurisdictions. They present many different covenants and depend on sector regulations. This work tries to design the new participatory contract although structurally unchanged from the traditional contracts, the stochastic nature of the interest rates are taken into consideration in the design of this new contract this research envisages. After an in-depth analysis of the factors stochastic or otherwise but with a guaranteed rate matching the rate of interest in Kenyan government bonds, we prove that this new type of contract can be valued in closed form when interest rates are stochastic and the company can default. The stochastic interest rate model used here borrows heavily from Schwartz and Gibson’s work (1989) as it is used to capture the empirical properties of the financial time series. Most of these applications are made on the assumptions that the conditional distribution of interest rates given that the log distribution of volatilities is normal. This research project aims to analyze the other side of the standard Black- Scholes and GARCH- Models and re evaluate the parameters as used in BSM Model using Stochastic Volatility models (SV) and applying the estimated rate of the interest in a two factor stochastic model to price a contingent security. The traditional BSM pricing assumption of interest rate is looked upon as continuous time processes and the re evaluation is done using the continuous time model of SV. These models are derived and applied on the two factor security pricing formulae. The standard SV Model is examined and applied in statistical sense- linear model. The revised stochastic interest rate model is then applied to the pricing of contingent claims using the Nairobi stock exchange prices as the underlying security. Emphasis is laid on the estimation of the parameter interest rates that is looked upon as a stochastic random variable depending on time and other factors the motivation thus is the inherent failures of the traditional option pricing Models as BSM Model. This is due to the realization that most of parameters used in the standard BlackScholes and assumed constant and are in real sense are time dependent variables and should be looked upon as such given the complex business environment that requires effective pricing that reflect this modern challenges and factors. The study therefore aims to go beyond the norm by doing in depth analysis into the Black-Scholes pricing formulae and the time proven time series model- GARCH Model and concentrating on the synergy between the two and proposing a more robust model for security pricing

While recognizing the need for emergency powers, the study acknowledges the tension that exists between emergency powers on the one hand and the principles of democracy and human rights on the other and examines whether it is possible to constitutionally provide for and control the exercise of emergency powers without constraining the government’s ability to adequately respond to unforeseen threats, while avoiding doing permanent damage to the norms and values underpinning constitutional government. The study examines the arguments presented by those who hold the view that emergency powers cannot be regulated by law and those who maintain that emergency powers can and should be integrated into the state’s legal order. The study argues that the exercise of emergency powers can be regulated by law and suggests that it would be prudent to have detailed legal provisions providing for emergencies so that the extent and limits of the state’s emergency powers may be known in advance to prevent any abuse of emergency powers for political or any other ulterior purposes. The study argues that the theory of written constitutionalism is incompatible with emergency exceptions. It argues that the application of the Doctrine of Civil Necessity in Kenya would violate not only the principle of the supremacy of the Constitution but also the principle of legality which requires that state authority be exercised pursuant to the Constitution and laws enacted in conformity therewith.It expresses the view that no legal justification exists for the application of the Doctrine of Civil Necessity as the law cannot possibly support actions which are contrary to it. The study concludes with the finding that Constitutionalism is possible in times of emergency where the Constitutional Framework preserves the balance of powers between the various arms of Government even during the pendency of a state of emergency. It proposes legal reforms to decentralize the power to declare a state of emergency, clearly define the kind of situations that justify the invocation of emergency powers, provide for differentiated emergency powers and strengthen Parliament’s capacity to monitor the exercise of the executive’s emergency powers.

Conflict is a common occurrence among the communities residing in Marsabit county. These frequent conflicts have resulted in mistrust, suspicion and outright animosity between the local communities in the area. This study sought to establish the role of mass media in promoting community cohesion in the area in specific analyzing ways in which the media in de-escalation of conflicts, factors that hindered effective media coverage of the area, investigation of the role of media in escalation of the local conflicts and also exploration of the ways in which media contributed to conflict resolutions. The study established the critical role the media played in deescalation of conflicts in the area as majority of respondents agreed that the media indeed deescalated conflicts while the least number of those polled tended to strongly disagree with the sentiment. Whereas the majority of the respondents cited accurate and objective reporting as the main way through which the media de-escalated conflicts, a significant number identified exposing the root cause of the problem as another way by which the media de-escalated conflicts. Also sensitive reportage as well as avoiding the identity of actors were cited as other possible ways by which the media could de-escalates conflicts. A majority of 71.4% of the respondents felt that the media were not giving adequate coverage of issues in the county. This reinforced the commonly held perception by the locals against the media. On the specific factors that might have hindered media coverage in the area, majority of the participants identified distance from the media organization as their main problem while others cited illiteracy among the local population, and the policy of the individual media houses. Further, 3.2% of the participants identified socio-cultural factors, while the remaining 10% cited more than any two of the factors identified above. On the role of media in escalation of local conflicts, 56% of the respondents were in agreement and identified the possible means as irrational and sensational reporting (54), insensitive reporting (52), identifying actors at (38) and glorifying violence(33), while 12 respondents cited all of them. On the role of media in conflict resolutions, an overwhelming majority that is 98.9% were in agreement, while 1.1% seemed to disagree. Similarly, on media and county cohesion 181 of those polled were in agreement with 7 disagreeing, while 2 appearing not to know. Therefore, from this study one can deduce that the media played vital role in promotion of a cohesive and peaceful community in Marsabit county.

There is growing evidence that climate change will have severe consequences on the lives and livelihoods of millions of people around the world. And these impacts are arriving faster than many climate scientists predicted. As science has revealed the speed and scope of climate change, the world has begun to realize that it holds potentially serious implications for international security. Some analysts have labeled it the ‘mother of all security problems’. A 2007 report by UNEP warned of “a succession of new wars across Africa” unless more is done to contain the danger of climate change. Yet the world’s efforts to date fall short. Through the primary forum for negotiating global efforts to address climate change, the UNFCCC, countries are delivering modest progress at a pace that many commentators consider too slow. The need for solutions that can catalyze efforts to address climate change is combined today with a need to answer the question of which avenues offer the greatest promise of moving countries forward. Regional institutions such as the IGAD have acquired a substantive role in peace and security affairs in various parts of the world and have already attained a level of effectiveness in this area. The study seeks to investigate whether emphasis on regional organizations can give rise to better cooperation among countries within the current and future governance for climate change to address the climate change-security nexus. It will assess the relationship between climate change and security in the IGAD region and identity the challenges and capacity of the IGAD in managing the adverse effects of climate change to ensure they do not become security threats.

Diabetes is a problem in Kenya and many herbal preparations are being used to treat it. This study aimed at documenting the plants that are used for the treatment of diabetes mellitus in Machakos County in Kenya, the three most commonly used plants were subjected to phytochemical screening and efficacy evaluation as well as effects on biochemical parameters, liver and kidney histology. The ethnobotanical information was collected through questionnaires, focus group discussions, collection and identification of the plant specimens. Phytochemical screening was done using standard techniques. The most commonly employed species Zanthoxylum chalybeum, Ficus sycomorus and Ximenia americana were selected for phytochemical analysis and efficacy and safety evaluation. Antidiabetic efficacy was determined using a rat model of diabetes mellitus. The efficacy study used 75 adult male Wistar rats. Aqueous stem bark extracts of the three plants were administered to diabetic rats after induction of diabetes via single streptozotocin injection (45mg/kg bwt intraperitoneally). Development of hyperglycemia was assessed by measuring blood glucose three days post induction and comparing these with normal controls. The efficacy of the plant extracts was also compared against Glibenclamide, a conventional diabetes drug. A total of nineteen plant species distributed across 13 families were identified as being used to manage diabetes mellitus. The secondary metabolites in Zanthoxylum chalybeum, Ficus sycomorus and Ximenia americana were flavonoids, terpenoids, tannins and glycosides. Zanthoxylum chalybeum also contained alkaloids and saponins. All three plants investigated exhibited significant antidiabetic activity compared to the untreated diabetic controls (P<0.05). Diabetic rats exhibited elevated fasting blood glucose levels, decreased body weight, and increased water and food intake. Zanthoxylum chalybeum stem bark extract decreased fasting blood glucose in diabetic rats at three dose levels (10mg, 100mg and 1000mg). There was no significant difference between the extract fed diabetic rats and the normal controls (P<0.05). Ficus sycomorus stem bark extract significantly reduced glucose levels in diabetic rats (P<0.05) at doses of 100mg and 10mg/kg bwt compared to untreated diabetic rats. Ximenia americana stem bark extract at the three dose levels employed, reduced blood glucose to levels that were not statistically significant (P<0.05) compared to the Glibenclamide group. Additionally at 100mg and 10mg/kg bwt, blood glucose levels were significantly reduced compared to the untreated diabetic group. These observations suggest that the aqueous stem bark extracts of Z. chalybeum, F. sycomorus and X. americana possess significant antihyperglycemic activity. The phytochemical composition of the plants may account for the antidiabetic activity observed, as well as the differences in efficacy between the plants. There was no difference in the biochemical parameters in the experimental groups thus the plants can be deemed safe at the dosages used. This study thus validates the traditional use of the three plants for the management of diabetes mellitus in the study area. The study recommends further studies to determine the most efficacious doses of the plant extracts. A study of the remaining sixteen plants should also be carried out to determine their efficacy in the management of diabetes.

Corporate Social Responsibility is a commitment that is taken up by organizations globally to contribute to the development of the economy of any country. This is done to improve the well-being of the communities around us. This study sought to find out the management perception of Corporate Social Responsibility at Kenya Power and Lighting Company. This was a descriptive study that was conducted by the use of questionnaires. Data were collected with the help of a structured questionnaire. The study targeted 53 managers from West Kenya sub-region. A response rate of 92% was achieved. The data was analyzed by the help of descriptive statistics. The study found out that the most managers had a positive perception of the various statements on Corporate Social Responsibility. The findings of the study show that philanthropic giving increases the competitive advantage of Kenya Power and that engaging in Corporate Social Responsibility by the company enhances the company’s image. The findings also show that the environmental interventions by the company be enhanced and continued as it contributed to conservation of the environment and that participation of the company in disaster situations in the country should continue. The study also showed that participation in Corporate Social Responsibility also encourages good citizenship. From the findings of the study across the various perspectives of Corporate Social Responsibility, most managers to a large extent have a positive perception towards Corporate Social Responsibility statements provided in the questionnaire, with the highest perception index of 0.88 attained. Other dimensions of Corporate Social Responsibilty could be studied in public corporations. The study concludes that the perception by the managers at the company is largely positive and that it will be in the long run self-interest of the company to actively continue engaging in Corporate Social Responsibility initiatives to support the community. From the study, the Key recommendations are that Kenya Power maintains Corporate Social Responsibility activities as a way of achieving long term results, business sustainability and continuity and enhancing its reputation and image. The study suggests further research to be carried out on other aspects of Corporate Social Responsibility in other parastatals and adoption of higher levels of statistical methods.

Land disputes, in most areas in Kenya is considerable because of population growth and the land policies of the colonial government that introduced the individualization of land that was previously communally owned. As individualization of land continues, so does the rise in land related disputes. In many third world countries, especially in Africa, these land conflicts are resolved through formal, informal and alternative justice institutions. Formal institutions are those that are established by legislation while informal institutions are those local institutions that are recognized by the local communities but are not supported by legislation. Alternative justice systems means alternative from the judicial court system. Alternative Dispute Resolution Mechanism (ADRM) combines both formal and informal system of dispute resolution. The main objective of the study is to examine the role and efficacy of the Land Adjudication Committee as an Alternative Dispute Resolution Mechanism. The study is based on a case study of Narok County. A combination of qualitative and quantitative methods including interviews, house hold surveys and secondary data were used to collect and analyze data on the nature of land disputes and how these disputes are resolved. For the purpose of this study the conflict transformation model of Kumar Rupensinghe (1994) and the Alternative Dispute Resolution (ADR) Framework by Ramirez (2002) was employed. The most prominent element in this study is that the Land Adjudication Committee as an alternative dispute resolution system has been effective in handling land disputes in Narok County. The study concludes by recommending that the Land Adjudication Committee should be empowered so that they will have the capacity to adapt to the needs and preferences of the modern society and thus administer justice efficiently. It also suggests the enhancement of the LAC as an ADRM, by bestowing it with the power of execution being an organ hearing land disputes at first instance rather than splitting this power to other organs. It also recommended that sensitization and training of the local Land Committee should be conducted on the significance of the alternative dispute resolution systems in addressing land disputes in Narok County.

The focus of this research is the role of land as a factor in conflict in Taita Taveta since independence. The research begins with an examination and analysis of the people of Taita Taveta, their relationship with their neighbours the Akamba and Maasai, as well as their relationship with the sisal estates, Tsavo National Park and mining companies in different historical times. This provides a background to the understanding of the conflict and the role of land in it. The study was carried out among the Wadawida who live around Dawida area which comprises of the massif Taita Hills and Watuweta who live around Taveta area located near the Kenya Tanzania border of the Taita Taveta. The study examined the conflicts from 1963 to 2010. It is argued that land was a major factor in conflict in Taita Taveta. However, the problem is that, studies carried out on the area did not draw attention to the symbolical identity of land to the Wadawida and Watuweta, and how it influenced their social political behaviour; neither did they reveal the historical linkages between land, symbolical identity, subsequent reallocation and the prevalence of land conflict in Taita Taveta. In order to understand the conflict, the study was guided by three objectives; to determine the nature and types of land conflict in the area, to examine the causes of such conflicts and to evaluate the impact of the conflicts. The weapons that were used were mainly traditional weapons which included ndana na mawanu ga wusungu.' These weapons were easily available and used by both men and women of all ages since pre-colonial era. As the conflict intensified, the colonial government disarmed the people of Taita Taveta. However, the post - colonial governments were faced by various challenges. The new discoveries of various precious stones in Taita Taveta in the 20th century attracted local and international companies. Meanwhile, politicians from the area are exploiting the issue of land conflict to whip up nationalist sentiment while threatening to secede from the rest of Kenya. It, therefore, became hard for the government security personnel to rid the region of the modern and more deadly weapon, such as guns and pistols. The study further argues that the conflict impacted on the people of Taita Taveta and their neighbours in the entire region in both negative and positive ways. For example, the conflict inflicted suffering on a large section of the population, who lost their family members and livelihood. It disrupted school learning, displaced people and destroyed property. However, there were gains associated with the conflict, ranging from accumulation of stolen gemstones to benefits gained by those who took part in trading in arms.