Search results for: emerging markets

Authors: Francesco Berald, Yunhui Zhao

Abstract:

The COVID-19 pandemic further extended the multi-year housing boom in advanced economies and emerging markets alike against massive monetary easing during the pandemic. In this paper, we analyze the pricing-out phenomenon in the U.S. residential housing market due to higher house prices associated with monetary easing. We first set up a stylized general equilibrium model and show that although monetary easing decreases the mortgage payment burden, it would raise house prices and lower housing affordability for first-time homebuyers (through the initial housing wealth channel and the liquidity constraint channel that increases repeat buyers’ housing demand), and increase housing wealth inequality between first-time and repeat homebuyers. We then use the U.S. household-level data to quantify the effect of the house price change on housing affordability relative to that of the interest rate change. We find evidence of the pricing-out effect for all homebuyers; moreover, we find that the pricing-out effect is stronger for first-time homebuyers than for repeat homebuyers. The paper highlights the importance of accounting for general equilibrium effects and distributional implications of monetary policy while assessing housing affordability. It also calls for complementing monetary easing with well-targeted policy measures that can boost housing affordability, particularly for first-time and lower-income households. Such measures are also needed during aggressive monetary tightening, given that the fall in house prices may be insufficient or too slow to fully offset the immediate adverse impact of higher rates on housing affordability.

Keywords: pricing-out, U.S. housing market, housing affordability, distributional effects, monetary policy

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Authors: Jonathan Iworiso

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Forecasting the equity premium out-of-sample is a major concern to researchers in finance and emerging markets. The quest for a superior model that can forecast the equity premium with significant economic gains has resulted in several controversies on the choice of variables and suitable techniques among scholars. This research focuses mainly on the application of Regression Training (RT) techniques to forecast monthly equity premium out-of-sample recursively with an expanding window method. A broad category of sophisticated regression models involving model complexity was employed. The RT models include Ridge, Forward-Backward (FOBA) Ridge, Least Absolute Shrinkage and Selection Operator (LASSO), Relaxed LASSO, Elastic Net, and Least Angle Regression were trained and used to forecast the equity premium out-of-sample. In this study, the empirical investigation of the RT models demonstrates significant evidence of equity premium predictability both statistically and economically relative to the benchmark historical average, delivering significant utility gains. They seek to provide meaningful economic information on mean-variance portfolio investment for investors who are timing the market to earn future gains at minimal risk. Thus, the forecasting models appeared to guarantee an investor in a market setting who optimally reallocates a monthly portfolio between equities and risk-free treasury bills using equity premium forecasts at minimal risk.

Keywords: regression training, out-of-sample forecasts, expanding window, statistical predictability, economic significance, utility gains

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Authors: Salma Ahmed, Anil Kumar

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This paper develops and estimates a model for understanding the drivers and barriers for Omni-Channel retail. This study serves as one of the first attempt to empirically test the effect of various factors on Omni-channel retail. Omni-channel is relative new and evolving, we hypothesize three drivers: (1) Innovative sales and marketing opportunities, (2) channel migration, (3) Cross channel synergies; and three barriers: (1) Integrated sales and marketing operations, (2) Visibility and synchronization (3) Integration and Technology challenges. The findings from the study strongly support that Omni-channel effects exist between cross channel synergy and channel migration. However, it partially supports innovative sales and marketing operations. We also found the variables which we identified as barriers to Omni-channel retail have a strong impact on Omni-channel retail.

Keywords: retailing, multichannel, Omni-channel, emerging market

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Authors: Jerome Joshi

Abstract:

The paper presents the modelling of financial markets using the Stochastic Pi Calculus model. The Stochastic Pi Calculus model is mainly used for biological applications; however, the feature of this model promotes its use in financial markets, more prominently in high frequency trading. The trading system can be broadly classified into exchange, market makers or intermediary traders and fundamental traders. The exchange is where the action of the trade is executed, and the two types of traders act as market participants in the exchange. High frequency trading, with its complex networks and numerous market participants (intermediary and fundamental traders) poses a difficulty while modelling. It involves the participants to seek the advantage of complex trading algorithms and high execution speeds to carry out large volumes of trades. To earn profits from each trade, the trader must be at the top of the order book quite frequently by executing or processing multiple trades simultaneously. This would require highly automated systems as well as the right sentiment to outperform other traders. However, always being at the top of the book is also not best for the trader, since it was the reason for the outbreak of the ‘Hot – Potato Effect,’ which in turn demands for a better and more efficient model. The characteristics of the model should be such that it should be flexible and have diverse applications. Therefore, a model which has its application in a similar field characterized by such difficulty should be chosen. It should also be flexible in its simulation so that it can be further extended and adapted for future research as well as be equipped with certain tools so that it can be perfectly used in the field of finance. In this case, the Stochastic Pi Calculus model seems to be an ideal fit for financial applications, owing to its expertise in the field of biology. It is an extension of the original Pi Calculus model and acts as a solution and an alternative to the previously flawed algorithm, provided the application of this model is further extended. This model would focus on solving the problem which led to the ‘Flash Crash’ which is the ‘Hot –Potato Effect.’ The model consists of small sub-systems, which can be integrated to form a large system. It is designed in way such that the behavior of ‘noise traders’ is considered as a random process or noise in the system. While modelling, to get a better understanding of the problem, a broader picture is taken into consideration with the trader, the system, and the market participants. The paper goes on to explain trading in exchanges, types of traders, high frequency trading, ‘Flash Crash,’ ‘Hot-Potato Effect,’ evaluation of orders and time delay in further detail. For the future, there is a need to focus on the calibration of the module so that they would interact perfectly with other modules. This model, with its application extended, would provide a basis for researchers for further research in the field of finance and computing.

Keywords: concurrent computing, high frequency trading, financial markets, stochastic pi calculus

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Authors: Maha Zouaoui Khalifa, Hakim Ben Othman, Hussaney Khaled

Abstract:

Prior empirical studies have investigated the economic consequences of accounting conservatism by examining its impact on the cost of equity capital (COEC). However, findings are not conclusive. We assume that inconsistent results of such association may be attributed to the regression models used in data analysis. To address this issue, we re-examine the effect of different dimension of accounting conservatism: unconditional conservatism (U_CONS) and conditional conservatism (C_CONS) on the COEC for a sample of listed firms from Middle Eastern and North Africa (MENA) countries, applying quantile regression (QR) approach developed by Koenker and Basset (1978). While classical ordinary least square (OLS) method is widely used in empirical accounting research, however it may produce inefficient and bias estimates in the case of departures from normality or long tail error distribution. QR method is more powerful than OLS to handle this kind of problem. It allows the coefficient on the independent variables to shift across the distribution of the dependent variable whereas OLS method only estimates the conditional mean effects of a response variable. We find as predicted that U_CONS has a significant positive effect on the COEC however, C_CONS has a negative impact. Findings suggest also that the effect of the two dimensions of accounting conservatism differs considerably across COEC quantiles. Comparing results from QR method with those of OLS, this study throws more lights on the association between accounting conservatism and COEC.

Keywords: unconditional conservatism, conditional conservatism, cost of equity capital, OLS, quantile regression, emerging markets, MENA countries

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Authors: Taimoor Hussain Alvi, Syed Toqueer Akhter

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The focus of this research is to identify Pak-India bilateral trade spillover effects upon Pakistan’s Growth rate. Cross-country spillover growth Effects have been linked with openness and access to markets. In this research, we intend to see the short run and long run effects of Pak-India Bilateral Trade Openness upon economic growth in Pakistan. Trade Openness has been measured as the sum of bilateral exports and imports between the two countries. Increased emphasis on the condition and environment of financial markets is laid in light of globalization and trade liberalization. This research paper makes use of the Univariate Autoregressive Distributed Lagged Model to analyze the effects of bilateral trade variables upon the growth pattern of Pakistan in the short run and long run. Key findings of the study empirically support the notion that increased bilateral trade will be beneficial for Pakistan in the short run because of cost advantage and knowledge spillover in terms of increased technical and managerial ability from multinational firms. However, contrary to extensive literature, increased bilateral trade measures will affect Pakistan’s growth rate negatively in the long run because of the industrial size differential and increased integration of Indian economy with the world.

Keywords: bilateral trade openness, spillover, comparative advantage, univariate

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Authors: Gabriela R. Silveira, Claudia S. Rocha, Lais S. Vitti, Jeane L. Borges, Helen B. Durgante

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Emerging adulthood occurs after adolescence in a period that maybe be marked by experimentation, identity reconfigurations, labor life demands, and insertion in the work environment, which tends to generate stress and emotional instability. Health promotion programs for the development of strengths and virtues, based on Positive Psychology, for emerging adults are sparse in Brazil. The aim of this study was to evaluate the preliminary effects of an online multi-component Positive Psychology program for the health promotion of emerging adults based on Cognitive Behavioural Therapy and Positive Psychology. The program included six online (synchronous) weekly group sessions of approximately two hours each and homework (asynchronous) activities. The themes worked were Values and self-care/Prudence, Optimism, Empathy, Gratitude, Forgiveness, and Meaning of life and work. This study presents data from a longitudinal, pre-experimental design with pre (T1) and post-test (T2) evaluation in the intervention group. 47 individuals aged between 19-30 years old participated, mean age of 24.53 years (SD=3.13), 37 females (78.7%). 42 (89.4%) self-defined as heterosexual, four (8.5%) as homosexual, and one (2.5%) as bisexual. 33 (70.2%) had incomplete higher education, four (8.5%) completed higher education, and seven (14.9%) had a graduate level of education. 27 participants worked (57.4%), out of which 25 were health workers (53.2%). 14 (29.8%) were caregivers, 27 (57.4%) had a spiritual belief, 36 (76.6%) had access to leisure, and 38 (80.9%) had perceived social support. The instruments used were a sociodemographic questionnaire, the 10-item Perceived Stress Scale, and the 12-item General Health Questionnaire. The program was advertised on social networks and interested participants filled out the Consent Form and the evaluation protocol at T1 and T2 via Google Docs form. The main research was approved (CEP n.1,899,368; 4,143,219; CAAE: 61997516.5.0000.5334) and complied with sanitary and Ethics criteria in research with human beings. Wilcoxon statistics revealed significant improvements in indicators of perceived stress between T1 (X=22.21, SD=6.79) and T2 (X=15.10, SD=5.82); (Z=-4.353; p=0.001) as well as depression and anxiety symptoms (T1:X=26.72, SD=8.84; T2: X=19.23, SD=4.68); (Z=-3.945, p=0.001) of the emerging adults after their participation in the programme. The programme has an innovative character not only for presenting an online Positive Psychology approach but also for being based on an intervention developed, evaluated, and manualized in Brazil. By focusing on emerging adults, this study contributes to advancing research on a relatively new field in developmental studies. As a limitation, this is a pre-experimental and pilot study, requiring an increase in sample size for greater statistical robustness, also qualitative data analysis is crucial for methodological complementarity. The importance of investing efforts to accompany this age group and provide advances in longitudinal research in the area of health promotion and disease prevention is highlighted.

Keywords: emerging adults, disease prevention, health promotion, online program

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Authors: Khalifa Maha, Ben Othman Hakim, Khaled Hussainey

Abstract:

Prior empirical studies have investigated the economic consequences of accounting conservatism by examining its impact on the cost of equity capital (COEC). However, findings are not conclusive. We assume that inconsistent results of such association may be attributed to the regression models used in data analysis. To address this issue, we re-examine the effect of different dimension of accounting conservatism: unconditional conservatism (U_CONS) and conditional conservatism (C_CONS) on the COEC for a sample of listed firms from Middle Eastern and North Africa (MENA) countries, applying quantile regression (QR) approach developed by Koenker and Basset (1978). While classical ordinary least square (OLS) method is widely used in empirical accounting research, however it may produce inefficient and bias estimates in the case of departures from normality or long tail error distribution. QR method is more powerful than OLS to handle this kind of problem. It allows the coefficient on the independent variables to shift across the distribution of the dependent variable whereas OLS method only estimates the conditional mean effects of a response variable. We find as predicted that U_CONS has a significant positive effect on the COEC however, C_CONS has a negative impact. Findings suggest also that the effect of the two dimensions of accounting conservatism differs considerably across COEC quantiles. Comparing results from QR method with those of OLS, this study throws more lights on the association between accounting conservatism and COEC.

Keywords: unconditional conservatism, conditional conservatism, cost of equity capital, OLS, quantile regression, emerging markets, MENA countries

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Authors: Aura Alejandra Burbano Patino, Mariela Agotegaray, Veronica Lassalle, Fernanda Horst

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Water pollution is of worldwide concern due to its importance as an essential resource for life. Industrial and urbanistic growth are anthropogenic activities that have caused an increase of undesirable compounds in water. In the last decade, emerging pollutants have become of great interest since, at very low concentrations (µg/L and ng/L), they exhibit a hazardous effect on wildlife, aquatic ecosystems, and human organisms. One group of emerging pollutants that are a matter of study are pharmaceuticals. Their high consumption rate and their inappropriate disposal have led to their detection in wastewater treatment plant influent, effluent, surface water, and drinking water. In consequence, numerous technologies have been developed to efficiently treat these pollutants. Adsorption appears like an easy and cost-effective technology. One of the most used adsorbents of emerging pollutants removal is carbon-based materials such as hydrochars. This study aims to use a magnetic hydrochar nanocomposite to be employed as an adsorbent for diclofenac removal. Kinetics models and the adsorption efficiency in real water samples were analyzed. For this purpose, a magnetic hydrochar nanocomposite was synthesized through the hydrothermal carbonization (HTC) technique hybridized to co-precipitation to add the magnetic component into the hydrochar, based on iron oxide nanoparticles. The hydrochar was obtained from sunflower husk residue as the precursor. TEM, TGA, FTIR, Zeta potential as a function of pH, DLS, BET technique, and elemental analysis were employed to characterize the material in terms of composition and chemical structure. Adsorption kinetics were carried out in distilled water and real water at room temperature, pH of 5.5 for distilled water and natural pH for real water samples, 1:1 adsorbent: adsorbate dosage ratio, contact times from 10-120 minutes, and 50% dosage concentration of DCF. Results have demonstrated that magnetic hydrochar presents superparamagnetic properties with a saturation magnetization value of 55.28 emu/g. Besides, it is mesoporous with a surface area of 55.52 m²/g. It is composed of magnetite nanoparticles incorporated into the hydrochar matrix, as can be proven by TEM micrographs, FTIR spectra, and zeta potential. On the other hand, kinetic studies were carried out using DCF models, finding percent removal efficiencies up to 85.34% after 80 minutes of contact time. In addition, after 120 minutes of contact time, desorption of emerging pollutants from active sites took place, which indicated that the material got saturated after that t time. In real water samples, percent removal efficiencies decrease up to 57.39%, ascribable to a possible mechanism of competitive adsorption of organic or inorganic compounds, ions for active sites of the magnetic hydrochar. The main suggested adsorption mechanism between the magnetic hydrochar and diclofenac include hydrophobic and electrostatic interactions as well as hydrogen bonds. It can be concluded that the magnetic hydrochar nanocomposite could be valorized into a by-product which appears as an efficient adsorbent for DCF removal as a model emerging pollutant. These results are being complemented by modifying experimental variables such as pollutant’s initial concentration, adsorbent: adsorbate dosage ratio, and temperature. Currently, adsorption assays of other emerging pollutants are being been carried out.

Keywords: environmental remediation, emerging pollutants, hydrochar, magnetite nanoparticles

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Authors: Erindi Allaj

Abstract:

This paper studies arbitrage pricing theory in financial markets with transaction costs. We extend the existing theory to include the more realistic possibility that the price at which the investors trade is dependent on the traded volume. The investors in the market always buy at the ask and sell at the bid price. Transaction costs are composed of two terms, one is able to capture the implicit transaction costs and the other the price impact. Moreover, a new definition of a self-financing portfolio is obtained. The self-financing condition suggests that continuous trading is possible, but is restricted to predictable trading strategies which have left and right limit and finite quadratic variation. That is, predictable trading strategies of infinite variation and of finite quadratic variation are allowed in our setting. Within this framework, the existence of an equivalent probability measure is equivalent to the absence of arbitrage opportunities, so that the first fundamental theorem of asset pricing (FFTAP) holds. It is also proved that, when this probability measure is unique, any contingent claim in the market is hedgeable in an L2-sense. The price of any contingent claim is equal to the risk-neutral price. To better understand how to apply the theory proposed we provide an example with linear transaction costs.

Keywords: arbitrage pricing theory,
transaction costs, fundamental theorems of arbitrage, financial markets

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Authors: Chuang Bing-Kai, Shih Hsiang-Ju

Abstract:

Previous studies showed that emergent adults used dating applications the most since it would satisfy their needs for intimacy. It's also found that those emergent adults were mostly non-heterosexual. What’s more, in this digital era, more and more bisexuals and homosexuals choose to establish connections with others through Internet to seek a sense of belonging. However, studies rarely focused on gay men in their emergent adulthood to explore their experiences of dating applications. The purpose of this study was to explore the experience of gay men using dating applications in their emerging adulthood and to understand their self-presentations and the process of it among different relationships while interacting with others upon using dating applications. The semi-structured interview was conducted with those gay men who aged from 18 to 29, felt attracted to people with same gender physically and mentally, considered themselves homosexual from their subjective understanding and had been using dating applications for more than half a year. Research invitations were distributed with the assistance of social media platforms and LGBTQ+ friends in the community. This study adopted a qualitative research approach and applied hermeneutic phenomenology as the method to analyze the transcripts transcribed from the recorded audio, and to explore their using experiences and self-presentations while interacting with others while using dating apps. It’s expected to find out that there are four stages in the self-presentation process including establishing personal identity, self-exploration and experimentation, exploring shared interest and values, developing and maintaining connections. Plus, gay men’s motives to use dating apps play an important role in this process and thus influence how they position the apps in their life. Through this study, professional workers can better understand gay men’s considerations and strategies in their self-presentation process as well as the impact of using motives.

Keywords: dating applications, emerging adulthood, gay men, hermeneutic phenomenology

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Authors: Pascal Alberti, Mustapha Mouloua

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In today’s global market economy, various companies are often confronted with the dynamic and complex nature of current competitive markets. The dynamics of these markets are becoming more and more fluid, often requiring companies to provide competitive, definite advantages, and technological responses within increasingly shorte time frames. To meet these demands, companies must rely on the cognitive abilities of actors of creativity to provide tangible answers to the current contextual problems. Thus, it is important to provide a variety of instruments and design tools to support this particular stage of innovation, and to meet their demand expectations. For a number of years now, we have been extensively conducting experiments on the use of mind maps in the context of innovative projects with collaborative research teams from various nationalities. Our research findings reported a significant difference between a “Word” Mind Map and “Photographic” Mind Map, a correlation between the different uses of iconic tools and certain types of innovation, and a relationship between the different cognitive logics. In this paper, we will present our new results related to the effect of symmetrical presentation of a Photographic Mind Map" on the production of design solutions. Finally, we will conclude by highlighting the importance of our experimental method, and discussing both the theoretical and practical implications of our research.

Keywords: creativity, innovation, management, mind mapping, design product

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Authors: Elaine Wong Yee-Sing, Liaw Wee Tong

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Rapid transformations in demographic and socioeconomic shifts are leading to a growing global demand for health and beauty products and services that demands holistic concepts of well-being. In addition, technological breakthroughs such as internet of things make it convenient and offer innovative solutions for well-being and engage consumers to track their own health conditions and fitness goals. This 'new health economy' encompasses three key concepts: well-being, well-conditioned and well-shaped; which are shaped by wellness segments and goals that influence purchasing decisions of consumers. The research protocol aims to examine the feasibility, challenges, and capabilities in provision for each customer with an ecosystem, or platform, that organizes data and insights to create an individual health and fitness, nutrition, and beauty profile. Convenience sampling of 100 consumers residing in private housing within five major districts in Singapore will be selected to participate in the study. Statistical Package for Social Science 25 will be used to conduct descriptive statistics for quantitative data while qualitative data results using focus interviews, will be translated and transcribed to identify improvements in provision of these services. Rising income in emerging global markets is fuelling the demand for these general wellbeing products and services. Combined with technological advances, it is imperative to understand how these highly personalized services with integrated technology can be designed better to support consumer preferences; provide greater flexibility and high-quality service, and generate better health awareness among consumers.

Keywords: beauty, consumers, health, technology, wellness

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Authors: Cesar Leines

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The social effects of the pandemic are significant and diverse, most of those effects have widened the gap of economic inequality. Without a doubt, each country faces difficulties associated with the strengths and weaknesses of its own institutions that can address these causes and consequences. Around the world, pricing practices that have no connection to production costs have been used extensively in numerous markets beyond those relating to the supply of essential goods and services, and although it is not unlawful to adjust pricing considering the increased demand of certain products, shortages and disruption of supply chains, illegitimate pricing practices may arise and these tend to transfer wealth from consumers to producers that affect the purchasing power of the former, making people worse off. High prices with no objective justification indicate a poor state of the competitive process in any market and the impact of those underlying competition issues leading to inefficiency is increased when national competition agencies are weak and ineffective in enforcing competition in law and policy. It has been observed that in those countries where competition authorities are perceived as weak or ineffective, price increases of a wide range of products and services were more significant during the pandemic than those price increases observed in countries where the perception of the effectiveness of the competition agency is high. When a perception is created of a highly effective competition authority, one which enforces competition law and its non-enforcement activities result in the fulfillment of its substantive functions of protecting competition as the means to create efficient markets, the price rise observed in markets under its jurisdiction is low. A case study focused on the effectiveness of the national competition agency in Mexico (COFECE) points to institutional weakness as one of the causes leading to excessive pricing. There are many factors that contribute to its low effectiveness and which, in turn, have led to a very significant price hike, potentiated by the pandemic. This paper contributes to the discussion of these factors and proposes different steps that overall help COFECE or any other competition agency to increase the perception of effectiveness for the benefit of the consumers.

Keywords: agency effectiveness, competition, institutional weakness, price gouging

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Authors: Wei Jin

Abstract:

Efficient and selective metal recovery from emerging solid waste, such as spent lithium batteries, electronic waste and SCR catalysts, is of great importance from both environmental and resource considerations. In order to overcome the bottlenecks of long flow-sheet and severe secondary pollution in conventional processes, the rational design of 2-electron oxygen reduction reaction (ORR) and capacitive deionization (CDI) nanomaterials were developed for the precise electrochemical metal recovery. It has been demonstrated that the modified carbon nanomaterials can be employed as 2e ORR to produce H2O2 in aqueous solution, in which the metal can be leached out from the solid waste as ions. Moreover, the multi-component metallic solution can be electrochemically extracted with good efficiency and selectivity with the nanoporous aerogel. Each system presents stable performance for long-term operation and can be used in industrial solid waste treatment. This study provides a materials-oriented, cleaner metal recovery approach for strategic metal resources sustainability.

Keywords: electrochemistry, metal recovery, waste steams, nanomaterials

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Authors: Abdul Rahim Al Umairi, Mohamed Gamal El-Din

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The removal of the selected contaminants of emerging concerns (CECs) presented under related environmental conditions by Peracetic Acid (PAA) and PAA-UV photolysis processes was examined in this study. A mixture of (CECs) (pesticides and pharmaceutical compounds) was prepared inclean water and treated with different doses of PAA (3.2, 6.4, and 9.6 mg/L) under different pH values (5.2, 7.2, and 9.2). The results revealed that the reactivity of the selected CECs with PAA was classified into three groups: Group 1 poorly reactive (removal <25%), Group2 moderately reactive (removal 25% to 50%), and Group 3 highly reactive (> 50%). Group1 includes atrazine (ATZ) and fluconazole (FCL), Group2 includes carbamazepine (CBZ), sulfamethoxazole (SMX), trimethoprim (TMP), mecoprop (MCPP), diazinon (DZN) and Group 3 includes perfluorooctanoic acid (PFOA) and clindamycin (CLN). The pH was found to affect the CECs' degradation differently, for Group 1 and Group 3, better removal was achieved in the acidand alkaline medium. In contrast, for Group 2 pH effects were not well pronounced. PAA-UV photolysis processes were explored to degrade the recalcitrant indicators compounds: ATZ (Group1) and SMX(Group2). PAA-UV process showed no improvement in the removal of ATZ. In contrast, PAA-UV removed SMX drastically with a pseudo decay rate constant of 0.014 cm2/mJ compared to 0.002 cm2/mJ by UV alone. The contribution of hydroxyl radical to the degradation process using the PAA-UV process was found to be negligible. This study illustratedPAA's capability on the degradation of the CECs presented in relative environmental conditions and unveiled the potential of using PAA-UV processes as advanced oxidation processes.

Keywords: advanced oxidation process, contaminants of emerging concerns, peracetic acid, hydroxyl radical

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Authors: Yu-Wei Chu, Marie Aja-Herrera, Denis Antoine, Mengjie Di

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The purpose of this paper is to explore the innovative perspective of the local traditional culture of garments from different continents. The relationship between the local culture, the indigenous traditional technique of textile manufacture, and modern womenswear will be investigated. This will include exploring and discussing traditional techniques to create textiles reflecting different cultures and relevant handicrafts, including the history of these different peoples and regions. However, along with the improvement of technology, the diversity of culture is usually unified into a single aesthetic element, which makes fashion lack traditional cultural layers. Local cultural awareness has been gradually emerging in womenswear in recent years with the strong sweep of globalization. The possible loss of traditional art and crafts became an awareness for different cultures, who realized the necessity to protect and preserve their individual uniqueness. Modern womenswear is one of the largest markets in the fashion and apparel marketplace. Therefore, the commonalities of traditional textiles and garments for modern womenswear will be researched. Localized traditional fabrics have some elements, such as weaving techniques and other related crafts, in common with more modern manufacturing methods. In addition, the common point of traditional clothing is the use of draping, construction, and fabric manipulation. This paper aims to explore these factors, as discussed above, and also apply, in an innovative and creative manner, some of these traditional arts and crafts to modern womenswear. The combination of textile manipulation and different construction techniques can support the development of innovative womenswear to include a diversity of aesthetics. The main contribution of the paper is to find out the solution to bring local culture into the formal womenswear market with modern aesthetics to realize the ideal of traditional culture reconstruction.

Keywords: traditional culture, modern womenswear, diversity, aesthetics

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Authors: Ralph Nyadu-Addo, Francis Matambalya, Utz Dornberger

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The global music industry is a multi-billion dollar sector. The potential of Africa’s music industry is widely recognised in the socio-economic development milieu. It has impacted positively on several sectors including most especially the tourism, media and information, communication technology (ICT) among others. It is becoming increasingly clear that even in Africa (as demonstrated in Nigeria) that in addition to its intrinsic value, the sector has significant economic returns. UNCTAD observed, the creative industries offer some of the best prospects for high growth in least developed countries. The statistics from Africa may be far lower than similar sectors in developed countries but it goes to give further credence to several UNCTAD publications which say the creative industry is under researched and its potential under-estimated but holds the key to its rapid development The emerging creative economy (music in particular) has become a leading component of economic growth, employment, trade, innovation, and social cohesion in many countries. In line with these developments, the Ghana government recognizes the potential that the Creative Industries have to shape and reinforce Ghana’s economic growth. Creative sectors, particularly music, tend to rely less on sophisticated infrastructure or capital-intensive investment. Potential is particularly abundant in Africa, where musical creativity is rich, diverse, well-loved, and constantly evolving while drawing on strong traditions. The development of a popular music industry thus represents low-hanging fruit for most African economies says the World Bank. As we shift towards economic diversification using the creative industry, value is increasingly created at the intersection of arts, business and technology. Cultural and creative entrepreneurs are leading this trend. It is one of the areas where value is captured within the country as emerging trends have shown in Nigeria and Ghana among others. Yet, evidence shows that the potential of the cultural and creative sectors remains largely untapped. Furthermore, its socio-economic impact remains under-researched in many developing countries and its dynamics unknown. Despite its huge influence on music repertoire across the globe, most countries in Africa have not historically been significant markets for the international music industry. Today, that is beginning to change. Generally, reliable and adequate literature about music in the sub-region is difficult to obtain. The growing interests in academia and business cycles about a reliable data on the growing music industry in developing countries have called for an urgent need to undertake this research. Research questions: i. Who are the major stakeholders in the music value chain in Ghana? ii. How much of value is captured domestically iii. What is the economic impact of the Ghanaian music industry iv. How has the advent of ICT (internet) impacted on the music landscape? Research sources will be mainly through interviews of major stakeholders, baseline study of the industry by KPMG and content analysis of related newspapers and magazines.

Keywords: economic impact, information communications technology (ICT), music-industry, value chain

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Authors: S. Karmokar

Abstract:

Over the last 20 years, there has been increasing interest in the topic of entrepreneurship education as it is seen in many countries as a way of enhancing the enterprise culture and promote capability building among community. There is also rapid growth of emerging technologies across the globe and forced entrepreneurs to searching for a new model of economic growth. There are two movements that are dominating and creating waves, Technology Entrepreneurship and Social Entrepreneurship. An increasing number of entrepreneurs are awakening to the possibility of combining the scalable tools and methodology of Technology Entrepreneurship with the value system of Social Entrepreneurship–‘Transformational Entrepreneurship’. To do this transitional educational institute’s need to figure out how to unite the scalable tools of Technology Entrepreneurship with the moral ethos of Social Entrepreneurship. The traditional entrepreneurship education model is wedded to top-down instructive approaches, that is widely used in management education have led to passive educational model. Despite the effort, disruptive’ pedagogies are rare in higher education; they remain underused and often marginalized. High impact and transformational entrepreneurship education and training require universities to adopt new practices and revise current, traditional ways of working. This is a conceptual research paper exploring the potential and growth of transformational entrepreneurship, investigating links between social entrepreneurship. Based on empirical studies and theoretical approaches, this paper outlines some educational approach for both academics and educational institutes to deliver emerging transformational entrepreneurship in tertiary education. The paper presents recommendations for tertiary educators to inform the designing of teaching practices, revise current delivery methods and encourage students to fulfill their potential as entrepreneurs.

Keywords: educational pedagogies, emerging technologies, social entrepreneurship, transformational entrepreneurship

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Authors: Babak Mohajeri

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In recent years, the conventional business model of ownership has been changed towards accessibility in a variety of markets. Two trends can be observed in the evolution of this rental-like business model. Firstly, the technological development that enables the emergence of new business models. These new business models increasingly become agile and flexible. For example Spotify, an online music stream company provides consumers access to over millions of music tracks, conveniently through the smartphone, tablet or computer. Similarly, Car2Go, the car sharing company accesses its members with flexible and nearby sharing cars. The second trend is the increasing communication and connections via social networks. This trend enables a shift to peer-to-peer accessibility based business models. Conventionally, companies provide access for their customers to own companies products or services. In peer-to-peer model, nonetheless, companies facilitate access and connection across their customers to use other customers owned property or skills, competencies or services .The is so-called the sharing economy business model. The aim of this study is to investigate into a new and emerging type of the sharing economy model in which role of customers and service providers may dramatically change. This new model is called Collaborative Service Networks. We propose a mechanism for Collaborative Service Networks business model. Uber and Airbnb, two successful growing companies, have been selected for our case studies and their business models are analyzed. Finally, we study the emergence of the collaborative service networks in the manufacturing domain. Our finding results to a new manufacturing paradigm called social manufacturing.

Keywords: sharing economy, collaborative service networks, social manufacturing, manufacturing development

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Authors: Cinthia C. Costa, Heloisa L. Burnquist, Joaquim J. M. Guilhoto

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This study identified the impact of special agricultural safeguards (SSG) for the global market of meat and for the Brazilian economy. The tariff lines subject to SSG were selected and the period of analysis was 1995 (when the rules about the SSGs were established) to 2015 (more recent period for which there are notifications). The value of additional tariff was calculated for each of the most important tariff lines. The import volume and the price elasticities for imports were used to estimate the impacts of each additional tariff estimated on imports. Finally, the effect of Brazilian exports of meat without SSG taxes was calculated as well as its impact in the country’s economy by using an input-output matrix. The most important markets that applied SSGs were the U.S. for beef and European Union for poultry. However, the additional tariffs could be estimated in only two of the sixteen years that the U.S. applied SSGs on beef imports, suggesting that its use has been enforced when the average annual price has been higher than the trigger price level. The results indicated that the value of the bovine and poultry meat that could not be exported by Brazil due to SSGs to both markets (EU and the U.S.) was equivalent to BRL 804 million. The impact of this loss in trade was about: BRL 3.7 billion of the economy’s production value (at 2015 prices) and almost BRL 2 billion of the Brazilian Gross Domestic Product (GDP).

Keywords: beef, poultry meat, SSG tariff, input-output matrix, Brazil

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Authors: S. Delpeux-Ouldriane, M. Gineys, S. Masson, N. Cohaut, L. Reinert, L. Duclaux, F. Béguin

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Nowadays, a wide variety of organic contaminants are present at trace concentrations in wastewater effluents. In order to face these pollution problems, the implementation of the REACH European regulation has defined lists of targeted pollutants to be eliminated selectively in water. It therefore implies the development of innovative and more efficient remediation techniques. In this sense, adsorption processes can be successfully used to achieve the removal of organic compounds in waste water treatment processes, especially at low pollutant concentration. Especially, activated carbons possessing a highly developed porosity demonstrate high adsorption capacities. More specifically, carbon cloths show high adsorption rates, an easily handling, a good mechanical integrity and regeneration potentialities. When loaded with pollutants, these materials can be indeed regenerated using an electrochemical polarization.

Keywords: nanoporous carbons, activated carbon cloths, adsorption, micropollutants, emerging contaminants, regeneration, electrochemistry

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Authors: Natinee Thanajaro

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In the past few decades, international research on the country of origin of products has garnered significant interest, particularly in investigating the effects of consumers’ evaluation and perception. As globalization and market competition rise, international firms are seeking ways to control their labour costs and minimise taxes. Many products are outsourced and manufactured in countries with cheap labour. Consequently, the proliferation of ‘bi-national’ products has increased, raising important questions related to consumers’ perception. Moreover, the rapid growth in emerging markets, especially in Asia, has made these countries attractive options for international brands. Therefore, studying the country of origin allows firms and researchers to understand how customers perceive such information regarding the country of manufacture and the country of the brand. This study aims to investigate the influence of the country of manufacture (COM) and country of brand (COB) on Thai consumers’ perception of the brand. In addition, it embraces a different perspective on brand experience as a moderating factor. A sample of 403 Thai respondents was collected through face-to-face survey questionnaires in central Bangkok. This research employs an experiment using a factorial design to test the hypotheses. SPSS statistics software was adopted to analyse and validate the reliability of the testing of the constructs and model hypotheses. The results of this research show that the respondents positively respond to the COB more than the COM, and brand experience plays a moderating role in this research. This research provides a significant contribution to the existing literature and managerial practicality by using multi-dimensional information on the country and analyses the relationships between these dimensions.

Keywords: brand experience, country of brand, country of manufacture, purchase intention

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Authors: Kunal Mankodi, Sudhir Pandey

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This study aims to assess the factors that play a role in setting up and running a social enterprise driven towards sustainability at the intersection of energy, environment, and poverty alleviation. According to the theory of sustainability-oriented innovation (SOI), conventional organisations adapt their processes to focus on sustainability-oriented innovations. On the other hand, social enterprises that are purpose-driven are also influenced by the context of innovation, which need due attention. This paper presents an account of innovation at Oorja - an Indian social enterprise operating with a farming-as-a-service business model. It aims to illustrate the contexts in which the innovative solutions were developed to work at an intersection between agriculture and clean energy, thereby allowing small farmers access to efficient solutions in the agriculture cycle. Primary data was collected through in-depth interviews, and secondary data was collected from company sources. The study finds that in the case of a social enterprise, the definition of innovation assumes a wider scope by going beyond the introduction of a new product/service. The context of innovation for social enterprise is affected by organisational factors such as organisation’s philosophical mindset, behaviour towards innovation, organisation’s capabilities, regulatory environment, and customer receptiveness. Additionally, the study also finds that the context of innovation for a social enterprise is affected by its organizational structure. A majority of these organizational factors are, in turn, affected by individual (Founder’s) factors such as the founder’s formative years, education, direct exposure to relevant issues, complementary skills of co-founders, and a common calling.

Keywords: context of innovation, social enterprise, sustainability oriented innovations, emerging markets, agriculture

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Authors: Massimiliano Frezza, Sergio Bianchi, Augusto Pianese

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The relation between stock price volatility and trading volume represents a controversial issue which has received a remarkable attention over the past decades. In fact, an extensive literature shows a positive relation between price volatility and trading volume in the financial markets, but the causal relationship which originates such association is an open question, from both a theoretical and empirical point of view. In this regard, various models, which can be considered as complementary rather than competitive, have been introduced to explain this relationship. They include the long debated Mixture of Distributions Hypothesis (MDH); the Sequential Arrival of Information Hypothesis (SAIH); the Dispersion of Beliefs Hypothesis (DBH); the Noise Trader Hypothesis (NTH). In this work, we analyze whether stock market efficiency can explain the diversity of results achieved during the years. For this purpose, we propose an alternative measure of market efficiency, based on the pointwise regularity of a stochastic process, which is the Hurst–H¨older dynamic exponent. In particular, we model the stock market by means of the multifractional Brownian motion (mBm) that displays the property of a time-changing regularity. Mostly, such models have in common the fact that they locally behave as a fractional Brownian motion, in the sense that their local regularity at time t0 (measured by the local Hurst–H¨older exponent in a neighborhood of t0 equals the exponent of a fractional Brownian motion of parameter H(t0)). Assuming that the stock price follows an mBm, we introduce and theoretically justify the Hurst–H¨older dynamical exponent as a measure of market efficiency. This allows to measure, at any time t, markets’ departures from the martingale property, i.e. from efficiency as stated by the Efficient Market Hypothesis. This approach is applied to financial markets; using data for the SP500 index from 1978 to 2017, on the one hand we find that when efficiency is not accounted for, a positive contemporaneous relationship emerges and is stable over time. Conversely, it disappears as soon as efficiency is taken into account. In particular, this association is more pronounced during time frames of high volatility and tends to disappear when market becomes fully efficient.

Keywords: volume–volatility relationship, efficient market hypothesis, martingale model, Hurst–Hölder exponent

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Authors: Amita Jain, Shantanu Prakash, Suruchi Shukla

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Introduction: Acute encephalitis syndrome (AES) is a complex multi etiology syndrome posing a great public health problem in the northern part of India. Japanese encephalitis (JE) virus is an established etiology of AES in this region. Recently, Scrub typhus (ST) is being recognized as an emerging aetiology of AES in JE endemic belt. This study was conducted to establish the direct evidence of Central nervous system invasion by Orientia tsutsugamushi leading to AES. Methodology: A total of 849 cases with clinical diagnosis of AES were enrolled from six districts (Deoria and its adjoining area) of the traditional north Indian Japanese encephalitis (JE) belt. Serum and Cerebrospinal fluid samples were collected and tested for major agent causing acute encephalitis. AES cases either positive for anti-ST IgM antibodies or negative for all tested etiologies were investigated for ST-DNA by real-time PCR. Results: Of these 505 cases, 250 patients were laboratory confirmed for O. tsutsugamushi infection either by anti-ST IgM antibodies positivity (n=206) on serum sample or by ST-DNA detection by real-time PCR assay on CSF sample (n=2) or by both (n=42).Total 29 isolate could be sequenced for 56KDa gene. Conclusion: All the strains were found to cluster with Gilliam strains. The majority of the isolates showed a 97–99% sequence similarity with Thailand and Cambodian strains. Gilliam strain of O.tsusugamushi is an emerging as one of the major aetiologies leading to AES in northern part of India.

Keywords: acute encephalitis syndrome, O. tsutsugamushi, Gilliam strain, North India, cerebrospinal fluid

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Authors: Allah Bakhsh Javid, Ali Mashayekh-Salehi, Fatemeh Davardoost

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This study presents the preparation, characterization and catalytic activity of a novel natural mineral-based catalyst for destructive adsorption of tetracycline (TTC) as water emerging compounds. Degradation potential of raw and calcined magnetite catalyst was evaluated at different experiments situations such as pH, catalyst dose, reaction time and pollutant concentration. Calcined magnetite attained greater catalytic potential than the raw ore in the degradation of tetracycline, around 69% versus 3% at reaction time of 30 min and TTC aqueous solution of 50 mg/L, respectively. Complete removal of TTC could be obtained using 2 g/L calcined nanoparticles at reaction time of 60 min. The removal of TTC increased with the increase in solution temperature. Accordingly, considering its abundance in nature together with its very high catalytic potential, calcined pyrite is a promising and reliable catalytic material for destructive decomposition for catalytic decomposition and mineralization of such pharmaceutical compounds as TTC in water and wastewater.

Keywords: catalytic degradation, tetracycline, pyrite, emerging pollutants

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Authors: Raphael Odoh, Obida J. Oko, Mary S. Dauda

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The determination of Cd, Cr, Cu, Fe,Mn, Ni, Pb and Zn contents in edible oils (palm oil, ground-nut oil and soybean oil) bought from various markets of Benue and Taraba state were carried out with flame atomic absorption spectrophotometric technique. The method 3031 developed acid digestion of oils for metal analysis by atomic absorption or ICP spectrometry was used in the preparation of the edible oil samples for the determination of total metal content in this study. The overall results (µg/g) in palm oil sample ranged from 0.028-0.076, 0.035-0.092, 1.011-1.955, 2.101-4.892, 0.666-0.922, 0.054-0.095, 0.031-0.068 and 1.987-2.971 for Cd, Cr, Cu, Fe, Mn, Ni, Pb and Zn respectively, while in ground-nut oil the overall results ranged from 0.011-0.042, 0.011-0.052, 0.133-0.788, 1.789-2.511, 0.078-0.765, 0.045-0.092, 0.011-0.028 and 1.098-1.997 for Cd, Cr, Cu, Fe, Mn, Ni, Pb and Zn respectively. Of the heavy metals considered Cd and Ni showed the highest contamination in the soybean oil sample. The overall results in soybean oil samples ranged from 0.011-0.015, 0.017-0.032, 0.453-0.987, 1.789-2.511, 0.089-0.321, 0.011-0.016, 0.012-0.065 and 1.011-1.997 for Cd, Cr, Cu, Fe, Mn, Ni, Pb and Zn respectively. The concentration of Pb was the highest. The degree of contamination by each metal was estimated by the transfer factor. The transfer factors obtained for Cd, Cr, Cu, Fe, Mn, Ni, Pb and Zn in edible oils (palm oil, ground-nut oil and soybean oil) were 10.800, 16.500, 16.000, 18.813, 15.115, 14.230, 23.000 and 9.418 for Cd, Cr, Cu, Fe, Mn, Ni, Pb and Zn in palm oil, and 7.000, 12.500, 8.880, 11.333, 7.708, 10.833, 15.00 and 6.608 for Cd, Cr, Cu, Fe, Mn, Ni, Pb and Zn in ground-nut oil while for soybean oil the transfer factors were 13.000, 11.000, 7.642, 11.578, 4.486, 13.00, 12.333 and 4.412 for Cd, Cr, Cu, Fe, Mn, Ni, Pb and Zn respectively. The inter-element correlation was found among metals in edible oil samples using Pearson’s correlation co-efficient. There were positive and negative correlations among the metals determined. All Metals determined showed degree of contamination but concentrations lower than the USP specification.

Keywords: Benue State, contamination, edible oils, heavy metals, markets, Taraba State

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Authors: Mohammadreza Bakhtiari, Mehrdad Maghsoudi, Hamidreza Bakhtiari

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The widespread adoption of laptops has become essential to modern lifestyles, supporting work, education, and entertainment. Social media platforms have emerged as key spaces where users share real-time feedback on laptop performance, providing a valuable source of data for understanding consumer preferences. This study leverages aspect-based sentiment analysis (ABSA) on 1.5 million tweets to examine how users from developed and developing countries perceive and prioritize 16 key laptop features. The analysis reveals that consumers in developing countries express higher satisfaction overall, emphasizing affordability, durability, and reliability. Conversely, users in developed countries demonstrate more critical attitudes, especially toward performance-related aspects such as cooling systems, battery life, and chargers. The study employs a mixed-methods approach, combining ABSA using the PyABSA framework with expert insights gathered through a Delphi panel of ten industry professionals. Data preprocessing included cleaning, filtering, and aspect extraction from tweets. Universal issues such as battery efficiency and fan performance were identified, reflecting shared challenges across markets. However, priorities diverge between regions, while users in developed countries demand high-performance models with advanced features, those in developing countries seek products that offer strong value for money and long-term durability. The findings suggest that laptop manufacturers should adopt a market-specific strategy by developing differentiated product lines. For developed markets, the focus should be on cutting-edge technologies, enhanced cooling solutions, and comprehensive warranty services. In developing markets, emphasis should be placed on affordability, versatile port options, and robust designs. Additionally, the study highlights the importance of universal charging solutions and continuous sentiment monitoring to adapt to evolving consumer needs. This research offers practical insights for manufacturers seeking to optimize product development and marketing strategies for global markets, ensuring enhanced user satisfaction and long-term competitiveness. Future studies could explore multi-source data integration and conduct longitudinal analyses to capture changing trends over time.

Keywords: consumer behavior, durability, laptop industry, sentiment analysis, social media analytics

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Authors: Pavak Vyas, Hiral Vyas

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Spin-offs commonly known as demergers in India, represents dismantling of conglomerates which is a common phenomenon in financial markets across the world. Demergers are carried out with different motives. A demerger generally refers to a corporate restructuring where, a large company divests its stake in in its subsidiary and distributes the shares of the subsidiary - demerged entity to the existing shareholders without any consideration. Demergers in Indian companies are over a decade old phenomena, with many companies opting for the same. This study examines the demerger regulations in Indian capital markets and the announcement period price reaction of demergers during year 2010-2015. We study total 97 demerger announcements by companies listed in India and try to establish that demergers results into abnormal returns for the shareholders of the parent company. Using event study methodology we have analyzed the security price performance of the announcement day effect 10 days prior to announcement to 10 days post demerger announcement. We find significant out-performance of the security over the benchmark index post demerger announcements. The cumulative average abnormal returns range from 3.71% on the day of announcement of a private demerger to 2.08% following 10 days surrounding the announcement, and cumulative average abnormal returns range from 5.67% on the day of announcement of a public demerger to 4.15% following10 days surrounding the announcement.

Keywords: demergers, event study, spin offs, stock returns

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