Board composition, ownership structure and dividend policies in an emerging market: further evidence from CASE 50

Purpose – The purpose of this study is to examine dividend policies in an emerging capital market, in a country undergoing a transitional period. Design/methodology/approach – Using pooled cross-sectional observations from the top 50 listed Egyptian firms between 2003 and 2005, this study examines the effect of board of directors’ composition and ownership structure on dividend policies in Egypt. Findings – It is found that there is a significant positive association between institutional ownership and firm performance, and both dividend decision and payout ratio. The results confirm that firms with a higher return on equity and a higher institutional ownership distribute higher levels of dividend. No significant association was found between board composition and dividend decisions or ratios. Originality/value – This study provides additional evidence of the applicability of the signalling model in the emerging market of Egypt. It was found that despite the high institutional ownership and the closely held nature of the firms, which imply lower agency costs, the payment of higher dividend was considered necessary to attract capital during this transitional period.

The role of social agents in the translation into English of the novels of Naguib Mahfouz

This research investigates the field of translation in an Egyptain context around the work of the Egyptian writer and Nobel Laureate Naguib Mahfouz by adopting Pierre Bourdieu’s sociological framework. Bourdieu’s framework is used to examine the relationship between the field of cultural production and its social agents. The thesis includes investigation in two areas: first, the role of social agents in structuring and restructuring the field of translation, taking Mahfouz’s works as a case study; their role in the production and reception of translations and their practices in the field; and second, the way the field, with its political and socio-cultural factors, has influenced translators’ behaviour and structured their practices. In this research, it is argued that there are important social agents who have contributed significantly to the structure of the field and its boundaries. These are key social agents in the field namely; the main English language publisher in Egypt, the American University in Cairo Press (AUCP); the translators: Denys Johnson-Davies, Roger Allen and Trevor Le Gassick; and the author, Naguib Mahfouz. Their roles and contributions are examined and discussed through the lens of Bourdieu’s sociology. Particular focus is given to the author Mahfouz and his award of the Nobel Prize, and how this award has influenced the field of cultural production and its social agents. Also, it is argued that socio-cultural factors in the field, in the period between 1960s and 2000s, affected the translators’ practices in terms of modes of production of Mahfouz’s works. To investigate the influence of these factors on translators’ practices in the field, empirical examination is conducted, at the textual level, on a corpus of six translated novels written by the same author, Mahfouz. It is shown that the translators have an increased tendency, over time, towards applying a foreignising approach in their translations of culture-specific items. The translators’ behaviour, which is a result of their habitus, is correlated to political and socio-cultural factors in the field of translation. That is, based on interviews conducted with the translators, it has been found that there are particular factors influenced their translational habitus and, thus, their practices during the production process of the translations.

Linked knowledge sources for topic classification of microposts:a semantic graph-based approach

Short text messages a.k.a Microposts (e.g. Tweets) have proven to be an effective channel for revealing information about trends and events, ranging from those related to Disaster (e.g. hurricane Sandy) to those related to Violence (e.g. Egyptian revolution). Being informed about such events as they occur could be extremely important to authorities and emergency professionals by allowing such parties to immediately respond. In this work we study the problem of topic classification (TC) of Microposts, which aims to automatically classify short messages based on the subject(s) discussed in them. The accurate TC of Microposts however is a challenging task since the limited number of tokens in a post often implies a lack of sufficient contextual information. In order to provide contextual information to Microposts, we present and evaluate several graph structures surrounding concepts present in linked knowledge sources (KSs). Traditional TC techniques enrich the content of Microposts with features extracted only from the Microposts content. In contrast our approach relies on the generation of different weighted semantic meta-graphs extracted from linked KSs. We introduce a new semantic graph, called category meta-graph. This novel meta-graph provides a more fine grained categorisation of concepts providing a set of novel semantic features. Our findings show that such category meta-graph features effectively improve the performance of a topic classifier of Microposts. Furthermore our goal is also to understand which semantic feature contributes to the performance of a topic classifier. For this reason we propose an approach for automatic estimation of accuracy loss of a topic classifier on new, unseen Microposts. We introduce and evaluate novel topic similarity measures, which capture the similarity between the KS documents and Microposts at a conceptual level, considering the enriched representation of these documents. Extensive evaluation in the context of Emergency Response (ER) and Violence Detection (VD) revealed that our approach outperforms previous approaches using single KS without linked data and Twitter data only up to 31.4% in terms of F1 measure. Our main findings indicate that the new category graph contains useful information for TC and achieves comparable results to previously used semantic graphs. Furthermore our results also indicate that the accuracy of a topic classifier can be accurately predicted using the enhanced text representation, outperforming previous approaches considering content-based similarity measures. © 2014 Elsevier B.V. All rights reserved.

How to Elaborate a Demonstrator in Inspiring Science Education Platform

Report published in the Proceedings of the National Conference on "Education and Research in the Information Society", Plovdiv, May, 2016

A mérsékelt iszlamista mozgalmak szerepe az "arab tavaszt" követő politikai átmenetben (The Role of Moderate Islamist Movements in the Political Transition Following the Arab Spring)

Up to January 2011 authoritarian political regimes in the Middle East had widely been considered stable due to the armed forces, the underdeveloped political institutions, the economic embeddedness of the regimes, the neo-patrimonial structure of the Arab societies and, eventually the characteristics of Islam. Middle Eastern political systems are often considered to belong to a special sub-group of non-democratic regimes called “liberalized autocracies”. The 2011 events show that there is a new, as yet non-defined political structure emerging. Although there are different interpretations of the developments, there is a consensus on the determinant role of the Islamist organizations in the development of the new political structure. The results of the Egyptian and Tunisian parliamentary elections show that the secular political parties could not attract the public, while in Tunisia the long forbidden Hizb an-Nahda could form a government. In Egypt Hizb al-Hurriya established by the Muslim Brotherhood in 2011 won almost half of the parliamentary mandates, and to a great surprise, the Salafi Hizb an-Nour also received 24.3% of the votes. On the basis of the above developments the thesis of the Islamist re-organization of the Middle East, i.e. of a new wave of Islamism was elaborated, according to which the main political winners of the revolts in the Arab countries are the Islamist organizations, which could step in and fill in the political vacuum. While some speak of an Islamist autumn or Islamist winter as the result of the Arab Spring, others prefer the term Islamic revolutions.

“I had a different way of governing”: The evangelical presidential style of Jimmy Carter and his mission for Middle East peace

President Jimmy Carter once said, "I had a different way of governing." In attempting to explain what he meant by this, Carter has been variously described as a political amateur, a trustee, a non-political politician, an "active-positive" president, and a forerunner of the 1990s' New Democrats. It is argued here, however, that mere secular descriptions and categories such as these do not adequately capture the essence of Carter's brand of politics and his understanding of the presidency. Rejecting Richard Neustadt's prescriptions for effective presidential leadership, Carter thought political bargaining and compromise were "dirty" and "sinful." He deemed the ways of Washington as "evil," and considered many, if not most, career politicians immoral. While he fully supported the institutional separation of church and state, politics for Carter was about "doing right," telling the truth, and making the United States and the world "a better demonstration of what Christ is." Like two earlier Democrats, William Jennings Bryan and Woodrow Wilson, Carter understood politics as an alternative form of Christian ministry and service. In this regard, Carter was a presidential exception. Carter's evangelical faith gave his politics meaning, skill, vision, and a framework for communication. Using Fred Greenstein's categories of presidential leadership, Carter's faith provided him with "emotional intelligence", too. However, Carter's evangelical style provoked many of his contemporaries, including many of his fellow Democrats. To his critics at home and abroad, Carter was often accused of being arrogant, stubborn, naive, and ultimately a political failure. But as evinced by his indispensable role in negotiating peace between Israel and Egypt, his leadership style also provided him some remarkable achievements. The research here is based on a thorough examination of President Carter's many writings, his public papers, interviews, and opinion pieces. Written accounts from former Carter administration officials and from Israeli and Egyptian participants at Camp David are also used. This project is largely descriptive, qualitative in approach, but quantitative data are used when appropriate and as supplements.

Calcium carbonate global LGM Burial rate data

Global databases of calcium carbonate concentrations and mass accumulation rates in Holocene and last glacial maximum sediments were used to estimate the deep-sea sedimentary calcium carbonate burial rate during these two time intervals. Sparse calcite mass accumulation rate data were extrapolated across regions of varying calcium carbonate concentration using a gridded map of calcium carbonate concentrations and the assumption that accumulation of noncarbonate material is uncorrelated with calcite concentration within some geographical region. Mean noncarbonate accumulation rates were estimated within each of nine regions, determined by the distribution and nature of the accumulation rate data. For core-top sediments the regions of reasonable data coverage encompass 67% of the high-calcite (>75%) sediments globally, and within these regions we estimate an accumulation rate of 55.9 ± 3.6 x 10**11 mol/yr. The same regions cover 48% of glacial high-CaCO3 sediments (the smaller fraction is due to a shift of calcite deposition to the poorly sampled South Pacific) and total 44.1 ± 6.0 x 10**11 mol/yr. Projecting both estimates to 100 % coverage yields accumulation estimates of 8.3 x 10**12 mol/yr today and 9.2 x 10**12 mol/yr during glacial time. This is little better than a guess given the incomplete data coverage, but it suggests that glacial deep sea calcite burial rate was probably not considerably faster than today in spite of a presumed decrease in shallow water burial during glacial time.

Compilation of planktonic foraminiferal census counts from the Southern Hemisphere Oceans

We present an improved database of planktonic foraminiferal census counts from the Southern Hemisphere Oceans (SHO) from 15°S to 64°S. The SHO database combines 3 existing databases. Using this SHO database, we investigated dissolution biases that might affect faunal census counts. We suggest a depth/[DCO3]2- threshold of ~3800 m/[DCO3]2- = ~-10 to -5 µmol/kg for the Pacific and Indian Oceans, and ~4000 m/[DCO3]2- = ~0 to 10 µmol/kg for the Atlantic Ocean, under which core-top assemblages can be affected by dissolution and are less reliable for paleo-sea surface temperature (SST) reconstructions. We removed all core-tops beyond these thresholds from the SHO database. This database has 598 core-tops and is able to reconstruct past SST variations from 2° to 25.5°C, with a root mean square error of 1.00°C, for annual temperatures. To inspect dissolution affects SST reconstruction quality, we tested the data base with two "leave-one-out" tests, with and without the deep core-tops. We used this database to reconstruct Summer SST (SSST) over the last 20 ka, using the Modern Analog Technique method, on the Southeast Pacific core MD07-3100. This was compared to the SSST reconstructed using the 3 databases used to compile the SHO database. Thus showing that the reconstruction using the SHO database is more reliable, as its dissimilarity values are the lowest. The most important aspect here is the importance of a bias-free, geographic-rich, database. We leave this dataset open-ended to future additions; the new core-tops must be carefully selected, with their chronological frameworks, and evidence of dissolution assessed.

Composition of sediments from the Arabian Sea

Thirty seven deep-sea sediment cores from the Arabian Sea were studied geochemically (49 major and trace elements) for four time slices during the Holocene and the last glacial, and in one high sedimentation rate core (century scale resolution) to detect tracers of past variations in the intensity of the atmospheric monsoon circulation and its hydrographic expression in the ocean surface. This geochemical multi-tracer approach, coupled with additional information on the grain size composition of the clastic fraction, the bulk carbonate and biogenic opal contents makes it possible to characterize the sedimentological regime in detail. Sediments characterized by a specific elemental composition (enrichment) originated from the following sources: river suspensions from the Tapti and Narbada, draining the Indian Deccan traps (Ti, Sr); Indus sediments and dust from Rajasthan and Pakistan (Rb, Cs); dust from Iran and the Persian Gulf (Al, Cr); dust from central Arabia (Mg); dust from East Africa and the Red Sea (Zr/Hf, Ti/Al). Corg, Cd, Zn, Ba, Pb, U, and the HREE are associated with the intensity of upwelling in the western Arabian Sea, but only those patterns that are consistently reproduced by all of these elements can be directly linked with the intensity of the southwest monsoon. Relying on information from a single element can be misleading, as each element is affected by various other processes than upwelling intensity and nutrient content of surface water alone. The application of the geochemical multi-tracer approach indicates that the intensity of the southwest monsoon was low during the LGM, declined to a minimum from 15,000-13,000 14C year BP, intensified slightly at the end of this interval, was almost stable during the Bölling, Alleröd and the Younger Dryas, but then intensified in two abrupt successions at the end of the Younger Dryas (9900 14C year BP) and especially in a second event during the early Holocene (8800 14C year BP). Dust discharge by northwesterly winds from Arabia exhibited a similar evolution, but followed an opposite course: high during the LGM with two primary sources-the central Arabian desert and the dry Persian Gulf region. Dust discharge from both regions reached a pronounced maximum at 15,000-13,000 14C year. At the end of this interval, however, the dust plumes from the Persian Gulf area ceased dramatically, whereas dust discharge from central Arabia decreased only slightly. Dust discharge from East Africa and the Red Sea increased synchronously with the two major events of southwest monsoon intensification as recorded in the nutrient content of surface waters. In addition to the tracers of past dust flux and surface water nutrient content, the geochemical multi-tracer approach provides information on the history of deep sea ventilation (Mo, S), which was much lower during the last glacial maximum than during the Holocene. The multi-tracer approach-i.e. a few sedimentological parameters plus a set of geochemical tracers widely available from various multi-element analysis techniques-is a highly applicable technique for studying the complex sedimentation patterns of an ocean basin, and, specifically in the case of the Arabian Sea, can even reveal the seasonal structure of climate change.

Geochemical composition of nodules and crusts from the Indian Ocean recovered from R/V Marion Dufresne expeditions from 1977 until 1981

Following the launch of the "Marion Dufresne 1", first supply ship of the Terres Australes and Antarctiques Françaises and part time oceanographic vessel in the Indian Ocean, a new marine geology program was developped at the Laboratoire de Géologie, MNHN. The first oceanographic cruise of the "Marion Dufresne 1" started in 1973 in the Southwestern Indian Ocean (OSIRIS I cruise). Forty piston-cores recovered nearly 200 m of sediments consisting in the first of the 450 cores of the Indian Ocean collection now deposited at the Museum. L. Leclaire being Director from 1980 to 1991, a multidisciplinary team (including sedimentologists and micropaleontologists) was involved in many oceanographic cruises in the Indian Ocean. Marine sedimentology was developped during annual cruises programs in collaboration with geophysicists, geochemists, and biologists. In 1995, the "Marion Dufresne 2" replaced the initial "Marion Dufresne 1".

Foraminiferal faunal estimates of paleotemperature: Circumventing the no-analog problem yields cool ice age tropics

The sensitivity of the tropics to climate change, particularly the amplitude of glacial-to-interglacial changes in sea surface temperature (SST), is one of the great controversies in paleoclimatology. Here we reassess faunal estimates of ice age SSTs, focusing on the problem of no-analog planktonic foraminiferal assemblages in the equatorial oceans that confounds both classical transfer function and modern analog methods. A new calibration strategy developed here, which uses past variability of species to define robust faunal assemblages, solves the no-analog problem and reveals ice age cooling of 5° to 6°C in the equatorial current systems of the Atlantic and eastern Pacific Oceans. Classical transfer functions underestimated temperature changes in some areas of the tropical oceans because core-top assemblages misrepresented the ice age faunal assemblages. Our finding is consistent with some geochemical estimates and model predictions of greater ice age cooling in the tropics than was inferred by Climate: Long-Range Investigation, Mapping, and Prediction (CLIMAP) [1981] and thus may help to resolve a long-standing controversy. Our new foraminiferal transfer function suggests that such cooling was limited to the equatorial current systems, however, and supports CLIMAP's inference of stability of the subtropical gyre centers.