Search results for: foreigner investors

Authors: Cheng-yu Hsieh, Bo Zhang, Ahmed Hambaba

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Stock market prediction has long been an area of interest for both expert analysts and investors, driven by its complexity and the noisy, volatile conditions it operates under. This research examines the efficacy of combining the Patch Time Series Transformer (PatchTST) with wavelet transforms, specifically focusing on Haar and Daubechies wavelets, in forecasting the adjusted closing price of the S&P 500 index for the following day. By comparing the performance of the augmented PatchTST models with traditional predictive models such as Recurrent Neural Networks (RNNs), Convolutional Neural Networks (CNNs), Long Short-Term Memory (LSTM) networks, and Transformers, this study highlights significant enhancements in prediction accuracy. The integration of the Daubechies wavelet with PatchTST notably excels, surpassing other configurations and conventional models in terms of Mean Absolute Error (MAE) and Mean Squared Error (MSE). The success of the PatchTST model paired with Daubechies wavelet is attributed to its superior capability in extracting detailed signal information and eliminating irrelevant noise, thus proving to be an effective approach for financial time series forecasting.

Keywords: deep learning, financial forecasting, stock market prediction, patch time series transformer, wavelet transform

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Authors: Sawan Kumar Jangid

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The paper attempts to study various facets of urbanization and regional planning in the framework of the present conditions and future needs. Urbanization is a dynamic system in which development and changes are prominent features; which implies population growth and changes in the primary, secondary and tertiary sector in the economy. Urban population is increasing day by day due to a natural increase in population and migration from rural areas, and the impact is bound to have in urban areas in terms of infrastructure, environment, water supply and other vital resources. For the organized way of planning and monitoring the implementation of Physical urban and regional plans high-resolution satellite imagery is the potential solution. Now the Remote Sensing data is widely used in urban as well as regional planning, infrastructure planning mainly telecommunication and transport network planning, highway development, accessibility to market area development in terms of catchment and population built-up area density. With Remote Sensing it is possible to identify urban growth, which falls outside the formal planning control. Remote Sensing and GIS technique combined together facilitate the planners, in making a decision, for general public and investors to have relevant data for their use in minimum time. This paper sketches out the Urbanization modal for the future development of Urban and Regional Planning. The paper suggests, a dynamic approach towards regional development strategy.

Keywords: development, dynamic, migration, resolution

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Authors: Mohsin Sadaqat, Hilal Anwar Butt

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Following the stock selection guidelines provided by the Sharia Board (SB), we segregate the firms listed at Pakistan Stock Exchange (PSX) into Sharia Compliant (SC) and Non-Sharia Compliant (NSC) stocks. Subsequently, we form portfolios within each group based on market capitalization and volatility. The purpose is to analyze and compare the performance of these two groups as the SC stocks have lesser diversification opportunities due to SB restrictions. Using data ranging from January 2004 until June 2016, our results indicate that in most of the cases the risk-adjusted returns (alphas) for the returns differential between SC and NCS firms are positive. In addition, the SC firms in comparison to their counterparts in PSX provides excess returns that are hedged against the market, size, and value-based systematic risks factors. Overall, these results reconcile with one prevailing notion that the SC stocks that have lower financial leverage and higher investment in real assets are lesser exposed to market-based risks. Further, the SC firms that are more capitalized and less volatile, perform better than lower capitalized and higher volatile SC and NSC firms. To sum up our results, we do not find any substantial evidence for opportunity loss due to limited diversification opportunities in case of SC firms. To optimally utilize scarce resources, investors should consider SC firms as a candidate in portfolio construction.

Keywords: diversification, performance, sharia compliant stocks, risk adjusted returns

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Authors: Ching-Feng Chen

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The floating photovoltaic (FPV) system highlights economic benefits and energy performance to carbon dioxide (CO₂) discharges. Due to land resource scarcity and many negligent water territories, such as reservoirs, dams, and lakes in Japan and Taiwan, both countries are actively developing FPV and responding to the pricing of the emissions trading systems (ETS). This paper performs a case study through a synthesis approach to compare the economic indicators between the FPVs of Taiwan’s Agongdian Reservoir and Japan’s Yamakura Dam. The research results show that the metrics of the system capacity, installation costs, bank interest rates, and ETS and Electricity Bills affect FPV operating gains. In the post-Feed-In-Tariff (FIT) phase, investing in FPV in Japan is more profitable than in Taiwan. The former’s positive net present value (NPV), eminent internal rate of return (IRR) (11.6%), and benefit-cost ratio (BCR) above 1 (2.0) at the discount rate of 10% indicate that investing the FPV in Japan is more favorable than in Taiwan. In addition, the breakeven point is modest (about 61.3%.). The presented methodology in the study helps investors evaluate schemes’ pros and cons and determine whether a decision is beneficial while funding PV or FPV projects.

Keywords: carbon border adjustment mechanism, floating photovoltaic, emissions trading systems, net present value, internal rate of return, benefit-cost ratio

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Authors: Abootaleb Shirvani, Svetlozar Rachev

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ESG stands for Environmental, Social, and Governance and is a non-financial factor that investors use to specify material risks and growth opportunities in their analysis process. ESG ratings provide a quantitative measure of socially responsible investment, and it is essential to incorporate ESG ratings when modeling the dynamics of asset returns. In this article, we propose a triple subordinated Lévy process for incorporating numeric ESG ratings into dynamic asset pricing theory to model the time series properties of the stock returns. The motivation for introducing three layers of subordinator is twofold. The first two layers of subordinator capture the skew and fat-tailed properties of the stock return distribution that cannot be explained well by the existing Lévy subordinated model. The third layer of the subordinator introduces ESG valuation and incorporates numeric ESG ratings into dynamic asset pricing theory and option pricing. We employ the triple subordinator Lévy model for developing the ESG-valued stock return model, derive the implied ESG score surfaces for Microsoft, Apple, and Amazon stock returns, and compare the shape of the ESG implied surface scores for these stocks.

Keywords: ESG scores, dynamic asset pricing theory, multiple subordinated modeling, Lévy processes, option pricing

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Authors: Norbert Csizmadia

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The paper is based on a thorough investigation regarding the recent global, social and geographical processes. The ‘Geofusion’ book series by the author guides the readers with the help of newly illustrated “associative” geographic maps of the global world in the 21st century through the quest for the winning nations, communities, leaders and powers of this age. Hence, the above mentioned represent the research objectives, the preliminary findings of which are presented in this paper. The most significant recognition is that scientists who are recognized as explorers, geostrategists of this century, in this case, are expected to present guidelines for our new world full of global social and economic challenges. To do so, new maps are needed which do not miss the wisdom and tools of the old but complement them with the new structure of knowledge. Using the lately discovered geographic and economic interrelations, the study behind this presentation tries to give a prognosis of the global processes. The methodology applied contains the survey and analysis of many recent publications worldwide regarding geostrategic, cultural, geographical, social, and economic surveys structured into global networks. In conclusion, the author presents the result of the study, which is a collage of the global map of the 21st century as mentioned above, and it can be considered as a potential contribution to the recent scientific literature on the topic. In summary, this paper displays the results of several-year-long research giving the audience an image of how economic navigation tools can help investors, politicians and travelers to get along in the changing new world.

Keywords: geography, economic geography, geo-fusion, geostrategy

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Authors: Raihan Zahirah Mauludy Ridwan, Frisca Devi Choirina

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Indonesia with its former presidents has enhanced the bilateral cooperation also multilateral cooperation in terms of economy but the result was not significant towards eradicating poverty, unemployment, income inequality, and economic growth. To eradicate these problems, President Joko Widodo through his several points of Nawacita wants to boost Indonesia’s economic relationship and cooperation which manifested in “Economic Diplomacy” as one of Indonesia’s foreign policy priority and he pitches it in international forums. The economic diplomacy does not only attracts prospective countries but also attracts the foreign businessman and investors. The economic diplomacy includes four sectors which are vital for economic growth, one of them is investment. This paper would like to answer how economic diplomacy can have significant impact towards social welfare, equity and economic growth especially in Indonesia. The purpose of this paper is to explore the role of economic diplomacy and its impact toward Indonesia’s welfare, equity, and economic growth. This paper uses the theory of economic diplomacy to link the current international political economic sphere and the impact of economic diplomacy for Indonesia through case study method. The paper affirms that economic diplomacy in investment sector does have significant impact, especially in the development of infrastructures, foreign direct investment in several sectors, and food security.

Keywords: economic diplomacy, economic growth, equity, Indonesia, Joko Widodo, social welfare

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Authors: Helena Susana Afonso Alves, Natália Maria Rafael Canadas, Ana Maria Rodrigues

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We examined the impact of governance rules on information asymmetry, using the turnover ratio and the bid-ask spread as proxies for the information asymmetry. We used a SEM model and analyzed the indirect relations through the voluntary disclosure of information and the organizational performance. We built a voluntary disclosure index based on the information firms provided in their annual reports and divided the governance characteristics in two constructs: directors’ and supervisors’ structures and ownership structure. We concluded that the ownership structure exerts a direct influence on share price and share liquidity, Otherwise, the directors’ and supervisors’ structures exert an indirect influence, through the organizational performance and the voluntary disclosure of information. The results also show that for firms with high levels of disclosure the bid-ask spread is lower. However, in firms with a high ownership concentration investors tend to increase the bid-ask spreads and trade less, which, in this case, reduces the liquidity of the stock. The failure to find the relationship between voluntary disclosure of information and the turnover ratio shows us that the liquidity of shares is more related to the greater or lesser concentration of shareholders, with the performance of their companies than with the access to information. Moreover, it is clear that the role that information disclosure plays is mainly at the level of price formation.

Keywords: corporate governance, information asymmetry, voluntary disclosure, structural equation modelling, SEM

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Authors: Khawla Hlel

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Purpose: This study aims to examine whether critical audit matters (CAM) affect financial information quality. We also investigate the moderating role of the audit committee on the association between CAM and financial information quality. Design/Methodology/Approach: The analysis is based on GLS and GMM regressions explaining the absolute value of discretionary accruals by using 52 Tunisian listed firms on the Tunisia Stock Exchange (TSE) for the period 2017-2020. Findings: We find evidence that managers react to the CAM by increasing the quality of financial disclosures. This study provides insights into how a change in the auditor’s report model might impact the quality of financial information. It suggests that external auditors and audit committees serve as a beneficial mechanism for enhancing financial information quality by reducing information asymmetry. In addition, our results indicate that CAM is an efficient monitoring mechanism that increases financial reporting quality and supervises managers. Originality: This study is important for potential investors who should assess CAM when evaluating firms. Furthermore, the authors expect the findings to be interesting to firms, as this study highlights the effectiveness of the auditor in reducing managerial opportunistic behavior and improving information quality. The results could encourage audit regulators to ameliorate the standards, as this research reinforces the role of the auditor in increasing the quality of financial disclosure by offering the required information for shareholders.

Keywords: critical audit matters, audit committee, information quality, Tunisian firms

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Authors: Graziela D. de Azevedo, Livia M. Pagotto, Mario P. Monzoni, Neto

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This article aims to discuss partnerships between public administration and private social investment aimed at territorial development. There has been some approximation in Brazil from private social investors with initiatives aiming at territorial development policies in highly vulnerable territories or in places where the business sector operates. This represents this paper’s major justification: on the advance of academic debate about how businesses, institutes, and foundations have been working alongside local governments, taking the territory as the reference for joint action. The research was based on the literature on governance and territorial development and adopted a mixed iterative approach (inductive and deductive) through an interpretative lens so as to develop an analysis structure that complements and expands knowledge about the contribution of public policies and private social investments for territorial development in Brazil. The analysis of 15 cases based on three distinct blocks (territorial development plans, articulation for education, and thematic approaches) has made it possible to identify common elements regarding the motivations of partnerships, the specific needs of the actors involved, and the priority drivers for stimulating development. Findings include discussion on the leading role of territories in their development paths, on the institutionalization and strengthening of capacities, and on long-term perspectives in development strategies.

Keywords: private social investment, public administration, territorial governance, territorial development

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Authors: Godwin Chigozie Okpara

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This paper using standard GARCH, EGARCH, and TARCH models on day of the week return series (of 246 days) from the Nigerian Stock market estimated the model variants’ VaR. An asymmetric return distribution and fat-tail phenomenon in financial time series were considered by estimating the models with normal, student t and generalized error distributions. The analysis based on Akaike Information Criterion suggests that the EGARCH model with student t innovation distribution can furnish more accurate estimate of VaR. In the light of this, we apply the likelihood ratio tests of proportional failure rates to VaR derived from EGARCH model in order to determine the short and long positions VaR performances. The result shows that as alpha ranges from 0.05 to 0.005 for short positions, the failure rate significantly exceeds the prescribed quintiles while it however shows no significant difference between the failure rate and the prescribed quantiles for long positions. This suggests that investors and portfolio managers in the Nigeria stock market have long trading position or can buy assets with concern on when the asset prices will fall. Precisely, the VaR estimates for the long position range from -4.7% for 95 percent confidence level to -10.3% for 99.5 percent confidence level.

Keywords: downside risk, value-at-risk, failure rate, kupiec LR tests, GARCH models

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Authors: Satinder Bhatia

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Limited Liability Partnerships (LLPs) was a concept introduced in India in 2009. Ever since then, there has been a fierce growth in the number of organizations registered as LLPs outpacing the number of registrations as private companies. Among other benefits extended to LLPs, the audit being mandated only for LLPs having a turnover of at least Rs 40 lakhs or capital contribution of Rs 25 lakhs, has been a major attraction. This has resulted in only about 10 per cent of LLPs coming under mandatory audit. Even for such companies, the accounting standards to be followed in the preparation of financial statements have not been specified. The Revised Indian Accounting Standards (Revised IndAS) which are aligned with IFRS to a great extent, may apply to LLPs only under limited conditions. Thus, the veracity of even the audited financial statements of LLPs can be questioned. If in future, these LLPs would like to list on a stock exchange to raise capital, there can be serious hurdles if investors do not find the financial statements to be reliable and consistent. LLPs are generally governed by country-specific rules in the area of accounts and audit. Thus, such rules vary across UK, EU and the USA. Some countries have adopted the IFRS for SMEs and since LLPs can be referred to as SMEs; they would come under the ambit of these IFRS provisions. Besides, as the scope of audit widens to cover qualitative information in addition to quantitative data, audit of LLPs has now acquired a new meaning and a new urgency as demands for at least limited purpose audits are arising from different stakeholders including lenders, suppliers, customers and joint venture partners.

Keywords: audit disclosures, audit quality, guidance for SMEs, non-audit services

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Authors: Ossai Paulinus Edwin

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Cash Management is a broad area having to do with the collection, concentration, and disbursement of cash including measuring the level of liquidity and managing the cash balance and short-Term Investments. Cash Management involves the efficient collection and disbursement of cash and cash equivalents. It also includes management of marketable securities because, in modern Terminology, money comprises marketable securities and actual cash in hand or in a bank. This cash management is concerned with management of cash inflow and cash outflow of a business especially as it concerns a developing nation like Nigeria. The paper throws light on the impact of cashless policy in Nigeria as it was introduced by the Central Bank of Nigeria (CBN) in December 2011 and was kick-started in Lagos in January 2012. Survey research was adopted with the questionnaires as data collection instrument. Responses show that cashless policy if adopted generally shall increase employment opportunities, reduce cash related robbery thereby reducing risk of carrying cash; it shall also reduce cash related corruption and attract more foreign investors to the country. It is expected that the introduction of cashless policy in Nigeria is a step in the right direction as it shall bring about modernization of Nigeria payment system, reduction in the cost of banking services, reduction in high security and safety risk and also curb banking related corruptions.

Keywords: cashless economy, cash management, cashless policy, e-banking, Nigeria

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Authors: Jitendra Aswani

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In the first section of this study, impact of Global Financial Crisis (GFC) on the synchronization of fourteen Asian Stock Markets (ASM’s) of countries like Hong Kong, India, Thailand, Singapore, Taiwan, Pakistan, Bangladesh, South Korea, Malaysia, Indonesia, Japan, China, Philippines and Sri Lanka, has been analysed using the network science and its metrics like degree of node, clustering coefficient and network density. Then in the second section of this study by introducing the US stock market in existing network and developing a Minimum Spanning Tree (MST) spread of crisis from the US stock market to Asian Stock Markets (ASM) has been explained. Data used for this study is adjusted the closing price of these indices from 6th January, 2000 to 15th September, 2013 which further divided into three sub-periods: Pre, during and post-crisis. Using network analysis, it is found that Asian stock markets become more interdependent during the crisis than pre and post crisis, and also Hong Kong, India, South Korea and Japan are systemic important stock markets in the Asian region. Therefore, failure or shock to any of these systemic important stock markets can cause contagion to another stock market of this region. This study is useful for global investors’ in portfolio management especially during the crisis period and also for policy makers in formulating the financial regulation norms by knowing the connections between the stock markets and how the system of these stock markets changes in crisis period and after that.

Keywords: global financial crisis, Asian stock markets, network science, Kruskal algorithm

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Authors: Bhaskar Chakravorti, Christopher Tunnard, Ravi Shankar Chaturvedi

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This report introduces the Digital Evolution Index (DEI) as a way to gauge the transformation of economies in the advanced and developing world from traditional brick-and-mortar to digitally enabled. The DEI measures the digital trajectories of 50 countries to provide actionable, data-informed insights for businesses, investors and policymakers. Created by The Fletcher School, in collaboration with MasterCard Worldwide and DataCash, the DEI analyzes the key underlying drivers and barriers that govern a country’s evolution into a digital economy: Demand, Supply, Institutional Environment and Innovation. A longitudinal analysis of these four drivers during the years 2008 to 2013 reveals both the current state of a country’s digital economy, as well as changes over time. Combining these two measures allows us to assign each country to one of four Trajectory Zones: • Stand Out countries have shown high levels of digital development in the past and continue to remain on an upward trajectory. • Stall Out countries have achieved a high level of evolution in the past but are losing momentum and risk falling behind. • Break Out countries have the potential to develop strong digital economies. Though their overall score is still low, they are moving upward and are poised to become Stand Out countries in the future. • Watch Out countries face significant opportunities and challenges, with low scores on both current level and upward motion of their DEI. Some may be able to overcome limitations with clever innovations and stopgap measures, while others seem to be stuck.

Keywords: e-commerce, digital evolution, digital commerce ecosystems, e-consumer

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Authors: Naeem Hassan

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The study intended to investigate the impact of the e banking system on the performance efficiency of the commercial banks in KP, Pakistan. In addition to this main purpose, the study also aimed at analyzing the impact of e banking on the service quality as well as satisfaction of the customers using e banking system. More over, the focus was also given to highlight the risks involved in the e banking system. The researcher has adopted the quantitative methodology in the study. in order to reach concrete finding, the researcher has analyzed the secondary data taken from the annual reports of selected banks and State bank of Pakistan as well as the primary data collected through the self-administrated questionnaire from the participants selected for the current study. The study highlighted that there is a significant impact of e banking on the financial efficiency on the commercial banks in KP, Pakistan. Additionally, the results of the study also show that the online banking is having significant effects on the customer satisfaction. The researcher recommends on the bases of findings that commercial banks should continue to adopt new technologies which will improve their margins and hence their net profit after tax in order to attract more investors. Additionally, commercial bank needs to minimize the time and risk in e-banking to attract more customers which will improve their net profit. Furthermore, the study findings also recommend the banking policy makers should also review policies related to promotion of innovation adoption and transfer of technology. Commercial banking system should encourage adoption of innovations that will improve profit of the banking industry.

Keywords: E-banking, performance efficiency, commercial banks, effect

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Authors: Ossai Paulinus Edwin

Abstract:

Cash Management is a broad area having to do with the collection, concentration and disbursement of cash including measuring the level of liquidity and managing the cash balance and Short-Term Investments. Cash Management involves the efficient collection and disbursement of cash and cash equivalents. It also includes management of marketable securities because, in modern Terminology, money comprises marketable securities and actual cash in hand or in a bank. This cash management is concerned with management of cash inflow and cash outflow of a business especially as it concerns a developing nation like Nigeria. The paper throws light on the impact of cashless policy in Nigeria as it was introduced by the Central Bank of Nigeria (CBN) in December 2011 and was kick started in Lagos in January 2012. Survey research was adopted with the questionnaires as data collection instrument. Responses show that cashless policy if adopted generally shall increase employment opportunities, reduce cash related robbery thereby reducing risk of carrying cash; it shall also reduce cash related corruption and attract more foreign investors to the country. It is expected that the introduction of cashless policy in Nigeria is a step in the right direction as it shall bring about modernization of Nigeria payment system, reduction in the cost of banking services, reduction in high security and safety risk and also curb banking related corruptions.

Keywords: cashless economy, cash management, cashless policy, e-banking, Nigeria

Procedia PDF Downloads 387

Authors: Rivindu Nethmin Bandara Menik Hitihamy Mudiyanselage, Matthias Hank Haeusler, Ben Doherty

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Investors and clients in the Architectural, Engineering and Construction industry find it difficult to understand complex datasets and reports with little to no graphic representation. The stakeholders examined in this paper include designers, design clients and end-users. Communicating embodied carbon information graphically and concisely can aid with decision support early in a building's life cycle. It is essential to create a common visualisation approach as the level of knowledge about embodied carbon varies between stakeholders. The tool, designed in conjunction with Bates Smart, condenses Tally Life Cycle Assessment data to a carbon hot-spotting visualisation, highlighting the sections with the highest amounts of embodied carbon. This allows stakeholders at every stage of a given project to have a better understanding of the carbon implications with minimal effort. It further allows stakeholders to differentiate building elements by their carbon values, which enables the evaluation of the cost-effectiveness of the selected materials at an early stage. To examine and build a decision-support tool, an action-design research methodology of cycles of iterations was used along with precedents of embodied carbon visualising tools. Accordingly, the importance of visualisation and Building Information Modelling are also explored to understand the best format for relaying these results.

Keywords: embodied carbon, visualisation, summarisation, data filtering, early-stage decision-making, materiality

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Authors: Amir Reza Talaghat

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Since 2015, a new approach and policy regarding energy resources protection and using renewable energies has been started in Iran which was developing new projects. Investigating about the feasibility study of these new projects helped to figure out five steps to prepare an executive feasibility study of the concerned projects, which are proper site selections, authorizations, design and simulation, economic study and programming, respectively. The results were interesting and essential for decision makers and investors to start implementing of these projects in reliable condition. The research is obtained through collection and study of the project's documents as well as recalculation to review conformity of the results with GIS data and the technical information of the bidders. In this paper, it is attempted to describe the result of the performed research by describing the five steps as an executive methodology, for preparing a feasible study of installing a 10 MW – solar farm project. The corresponding results of the research also help decision makers to start similar projects is explained in this paper as follows: selecting the best location for the concerned PV plant, reliable and safe conditions for investment and the required authorizations to start implementing the solar farm project in the concerned region, selecting suitable component to achieve the best possible performance for the plant, economic profit of the investment, proper programming to implement the project on time.

Keywords: solar farm, solar energy, execution of PV power plant PV power plant

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Authors: T. H. Huang, C. L. Fern, Y. K. Tseng

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The design and reliability of solar photovoltaic modules are crucial to the development of solar energy, and efforts are still being made to extend the life of photovoltaic modules to improve their efficiency because natural aging is time-consuming and does not provide manufacturers and investors with timely information, accelerated aging is currently the best way to estimate the life of photovoltaic modules. Bifacial solar cells not only absorb light from the front side but also absorb light reflected from the ground on the back side, surpassing the performance of single-sided solar cells. Due to the asymmetry of the two sides of the light, in addition to the difference in photovoltaic conversion efficiency, there will also be differences in heat distribution, which will affect the electrical properties and material structure of the bifacial solar cell itself. In this study, there are two types of experimental samples: packaged and unpackaged and then irradiated with UVC light sources and halogen lamps for accelerated aging, as well as a control group without aging. After two weeks of accelerated aging, the bifacial solar cells were visual observation, and infrared thermal images were taken; then, the samples were subjected to IV measurement, and samples were taken for SEM, Raman, and XRD analyses in order to identify the defects that lead to failure and chemical changes, as well as to analyze the reasons for the degradation of their characteristics. From the results of the analysis, it is found that aging will cause carbonization of the polymer material on the surface of bifacial solar cells, and the crystal structure will be affected.

Keywords: bifacial solar cell, accelerated aging, temperature, characterization, electrical measurement

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Authors: Nicolas D. Norboge

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Purchasers of municipal bonds in primary and secondary markets are increasingly expecting issuers to disclose environmental, social, and governance factors (ESG) inissuance and continuing disclosure documents. U.S. tolling authorities are slowly catching up with other transportation sectors, such as public transit, in integrating ESG factors into their bond disclosure documents. A systematic mixed-methods evaluation of publicly available bond disclosure documents from 2010-2022 suggest that only a small number of U.S. tolling authorities disclosedall ESG factors; however, the pace has accelerated significantly from 2020-2022. Because many tolling authorities have a direct financial stake in the growth of passenger vehicle miles traveled on their toll facilities, and in turn the burning of more climate-warming fossil fuels, one crucial questionthat remains is how bond purchasers will view increasedESG transparency. Recent moves by large institutional investors, credit rating agencies, and regulators suggestan expectation of ESG disclosure is a trend likely to endure. This researchsuggests tolling authorities will need to proactively consider these emerging trends and carefully adapt their disclosure practiceswhere possible. Building on these findings, this research also provides a basic sketch framework for how issuers can responsibly position themselves within the changing global municipal debt marketplace.

Keywords: debt policy, ESG, municipal bonds, public-private partnerships, public tolling authorities, transportation finance, and policy

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Authors: Ahmed Khalil

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Increased energy demands around the world have led to the raise in power production which has resulted with more greenhouse gas emissions through fossil sources. These fossil sources and emissions cause deterioration in echo-system. Therefore, renewable energy sources come to the scene as echo-friendly and clean energy sourcing, whereas the electrical devices and energy needs decrease in the timeline. Each of these renewable energy sources contribute to the reduction of greenhouse gases and mitigate environmental deterioration. However, there are also some general and source-specific challenges, which influence the choice of the investors. The most prominent general challenge that effects end-users’ comfort and reliability is usually determined as the intermittence which derives from the diversions of source conditions, due to nature dynamics and uncontrolled periodic changes. Research and development professionals strive to mitigate intermittence challenge through material improvement for each renewable source whereas hybrid source mix stand as a solution. This solution prevails well, when single renewable technologies are upgraded further. On the other hand, integration of energy efficient devices and systems, raise the affirmative effect of such solution in means of less energy requirement in sustainability composition or scenario. This paper provides a glimpse on the advantages of composing renewable source mix versus single usage, with contribution of sampled e-efficient systems and devices. Accordingly it demonstrates the extended benefits, through planning and predictive estimation stages of Ahmadi Town Projects in Kuwait.

Keywords: e-efficient systems, hybrid source, intermittence challenge, renewable energy

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Authors: Paul Buchana, Patrick E. Mc Sharry

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In 2017 there will be about 38 wind farms in the North Sea belonging to 5 different countries. The North Sea is ideal for offshore wind power generation and is thus attractive to offshore wind energy developers and investors. With concerns about the potential for offshore wind turbines to sustain substantial damage as a result of extreme weather conditions, particularly windstorms, this poses a unique challenge to insurers and reinsurers as to adequately quantify the risk and offer appropriate insurance cover for these assets. The need to manage this risk also concerns regulators, who provide the oversight needed to ensure that if a windstorm or a series of storms occur in this area over a one-year time frame, the insurers of these assets in the EU remain solvent even after meeting consequent damage costs. In this paper, using available European windstorm data for the past 33 years and actual wind farm locations together with information pertaining to each of the wind farms (number of turbines, total capacity and financial value), we present a Monte Carlo simulation approach to assess the number of turbines that would be buckled in each of the wind farms using maximum wind speeds reaching each of them. These wind speeds are drawn from historical windstorm data. From the number of turbines buckled, associated financial loss and output capacity can be deduced. The results presented in this paper are targeted towards offshore wind energy developers, insurance and reinsurance companies and regulators.

Keywords: catastrophe modeling, North Sea wind farms, offshore wind power, risk analysis

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Authors: David Calderon Villegas, Thomas Kaltizky

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Run-of-river (RoR) hydropower projects represent a viable, clean, and cost-effective alternative to dam-based plants and provide decentralized power production. However, RoR schemes cost-effectiveness depends on the proper selection of site and design flow, which is a challenging task because it requires multivariate analysis. In this respect, this study presents the development of an investment decision support tool for assessing the optimal size of an RoR scheme considering the technical, environmental, and cost constraints. The net present value (NPV) from a project perspective is used as an objective function for supporting the investment decision. The tool has been tested by applying it to an actual RoR project recently proposed in Colombia. The obtained results show that the optimum point in financial terms does not match the flow that maximizes energy generation from exploiting the river's available flow. For the case study, the flow that maximizes energy corresponds to a value of 5.1 m3/s. In comparison, an amount of 2.1 m3/s maximizes the investors NPV. Finally, a sensitivity analysis is performed to determine the NPV as a function of the debt rate changes and the electricity prices and the CapEx. Even for the worst-case scenario, the optimal size represents a positive business case with an NPV of 2.2 USD million and an IRR 1.5 times higher than the discount rate.

Keywords: small hydropower, renewable energy, RoR schemes, optimal sizing, objective function

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Authors: Elizabeth Snyman-Van Deventer

Abstract:

Numerous corporate scandals, which included investment scams, corporate malfeasance, unethical conduct and conflicts of interest, contributed to the collapse of WorldCom, Global Crossing, Xerox, Tyco, Enron, Sprint, AbbVie and Imclone and led to alarmed investors abandoning public securities markets and the tumbling of U.S stock markets. These companies suffered significant financial losses due to substantial and fraudulent misstatements and other illegal, corrupt or unethical practices. Executives were convicted of fraud and sentenced to prison. The corporate financial scandals, governance failures, and the ensuing public outcries led to mandatory legislation, e.g. the Sarbanes-Oxley Act in the USA. In European corporate scandals such as Parmalat, Royal Dutch Ahold, Vivendi, Adecco and Elan, the boards missed financial misrepresentations. In South Africa, Steinhoff is the most well-known example of corporate collapse, but now we can also add Tongaat Hulett. It seems as if fraud and corruption may be the major sources of these corporate collapses. In most instances, there is either the active involvement of the directors and managers in these fraudulent or corrupt practices, or there is a negligent or even intentional failure to act by directors to prevent these activities. However, besides directors and managers, auditors and lawyers failed in most of these companies to fulfil their professional duties. In most of these major collapses, the ethics of especially auditors and directors could be questioned. This paper will first provide a brief overview of corporate collapses. Secondly, the reasons for these collapses, with a focus on unethical conduct, will be discussed.

Keywords: professional duties, corporate collapses, ethical conduct, legal ethics, directors, auditors

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Authors: Nadezhda Kvatashidze

Abstract:

The International Accounting Standards Board updated the conceptual framework for financial reporting. The main reason behind it is to resolve the tasks of the accounting, which are caused by the market development and business-transactions of a new economic content. Also, the investors call for higher transparency of information and responsibility for the results in order to make a more accurate risk assessment and forecast. All these make it necessary to further develop the conceptual framework for financial reporting so that the users get useful information. The market development and certain shortcomings of the conceptual framework revealed in practice require its reconsideration and finding new solutions. Some issues and concepts, such as disclosure and supply of information, its qualitative characteristics, assessment, and measurement uncertainty had to be supplemented and perfected. The criteria of recognition of certain elements (assets and liabilities) of reporting had to be updated, too and all this is set out in the updated edition of the conceptual framework for financial reporting, a comprehensive collection of concepts underlying preparation of the financial statement. The main objective of conceptual framework revision is to improve financial reporting and development of clear concepts package. This will support International Accounting Standards Board (IASB) to set common “Approach & Reflection” for similar transactions on the basis of mutually accepted concepts. As a result, companies will be able to develop coherent accounting policies for those transactions or events that are occurred from particular deals to which no standard is used or when standard allows choice of accounting policy.

Keywords: conceptual framework, measurement basis, measurement uncertainty, neutrality, prudence, stewardship

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Authors: Maulana Ayoub Ali

Abstract:

“Both Socialist as well as the capitalist in the economic systems have proven their failure to ensure economic justice that serves to benefit all in the society, both the rich and the poor. In particular, capitalism is currently causing a terrifying scenario by making the rich richer and the poor poorer” . In this paper, the author looks at the level of exploitation which is taking place to small and middle entrepreneurs (SME’s), government and private employees as well as large investors in East African countries who depends on interest-based loans which undermines their lives every day due to heavy monthly returns. Numbers of families have been evicted from their family premises and SME’s properties have been attached in the courts due to failure to return their loans timely. In fact, there are a lot of issues which have taken place on the ground which badly affected number of families socially and most importantly economically due to engagement in interest-based loans offered by commercial banks in East Africa. This paper looks on the alternative ways of eliminating interest-based loans to better lives of devastated Africans who are almost “dying” of heavy debts generated through higher interest loans. Reaching to that particular root the author has visited various literatures in a bid to deeply investigate and find out the best alternative mode of enabling African SME’s, businessmen and employees to benefit from the interest-free loans. The question is whether interest-free loans can be a long term solution towards poverty alleviation in East Africa generally and Tanzania in particular.

Keywords: interest-free loans, SME’s, financial institutions, poverty, east Africa

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Authors: Rene Kasper, Hyago Ribeiro, Marcelo Curth

Abstract:

Electronic sports, or just e-sports, boast an exponential growth in the interest of the public and large investors. The e-sports teams are equal to classic sports teams, like football, since in their structure they have, besides the athletes, administrators, coaches and even doctors. The concept of team games arises with a very strong social interaction, as it is perceived that users interact with real peers rather than competing with intelligent software. In this sense, electronic games are established as a sociocultural phenomenon and as multidimensional media. Thus, the research aims to identify the profile of users and the importance of brands in the Brazilian electronic sports scene, as well as the relationship of consumers (called fans) with the products and services that occupy the media spaces of the transmissions of sports championships. The research used descriptive quantitative methodology, applied in different e-sports communities, with 160 respondents. The data collection instrument was a survey containing seven questions, which addressed the profile of the participants and their perception on the proposed theme in research. Regarding the profile, the age ranged from 17 to 31 years, of which 93.3% were male and 6.7% female. It was found that 93.3% of the participants had contact with the Brazilian electronic sports scene for at least 2 years, of which 26.7% played between 6 and 12 hours a week and 46.7% played more than 12 hours a week. In addition, it was noticed that income was not a deciding factor to enjoy electronic sports games, because the percentage distribution of participants ranged from 1 to 3 minimum wages (33.3%) and greater than 6 salaries (46.7 %). Regarding the brands, 85.6% emphasized that brands should support the scenario through sponsorship and publicity and 28.6% are attracted to consume brands that advertise in e-sports championships.

Keywords: brands, consumer behavior, e-sports, virtual games

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Authors: Abdullah Alotaiq, David Wallom, Malcolm McCulloch

Abstract:

This study presents an archetype-based approach to designing effective strategies for low-carbon transitions in the power sector. To achieve global energy transition goals, a renewable energy transition is critical, and understanding diverse energy landscapes across different countries is essential to design effective renewable energy policies and strategies. Using a clustering approach, this study identifies 12 energy archetypes based on the electricity mix, socio-economic indicators, and renewable energy contribution potential of 187 UN countries. Each archetype is characterized by distinct challenges and opportunities, ranging from high dependence on fossil fuels to low electricity access, low economic growth, and insufficient contribution potential of renewables. Archetype A, for instance, consists of countries with low electricity access, high poverty rates, and limited power infrastructure, while Archetype J comprises developed countries with high electricity demand and installed renewables. The study findings have significant implications for renewable energy policymaking and investment decisions, with policymakers and investors able to use the archetype approach to identify suitable renewable energy policies and measures and assess renewable energy potential and risks. Overall, the archetype approach provides a comprehensive framework for understanding diverse energy landscapes and accelerating decarbonisation of the power sector.

Keywords: fossil fuels, power plants, energy transition, renewable energy, archetypes

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Authors: Keroles Akram Saed Ghatas

Abstract:

The political violence that characterized 1992 continued into 1993, creating a major security crisis for President Hosni Mubarak's government as the death toll and human rights abuses soared. Increasingly sensitive to criticism of 's human rights activities, the government established human rights departments in key ministries, beginning with the Foreign Office in February. Similar offices have been set up in the Justice and Agriculture Ministries, and plans to set up an office in the Home Office have been announced. It turned out that the main task of the law unit was to overturn the conclusions of international human rights organizations.President Mubarak was elected in a national referendum on October 4 for a third six-year term after being appointed on July 21 by the People's Assembly, an elected parliament overwhelmingly dominated by the in-power National Democratic Party will Mr. Mubarak ran unhindered. The Interior Ministry announced that nearly 16 million people cast their votes (84% of eligible voters), of which 96.28%. voted for presidential re-election.In 1993, armed Islamic extremists escalated their attacks on Christian citizens, government officials, police officers and senior security officials, resulting in casualties among the intended victims and bystanders. Sporadic attacks on buses, boats and tourist attractions also occurred throughout the year. From March 1992 to October 28, 1993, a total of 222 people lost their lives in the riots: 36 Coptic Christians and 38 other citizens; If one is a foreigner; sixty-six members of the Security Forces; and seventy-six known or suspected activists who were killed while resisting arrest. The latter was killed in airstrikes and firefights with security forces and at the site of planned attacks. On March 9-10, a series of airstrikes in Cairo, Giza, Qalyubiya province north of the capital and Aswan killed fifteen suspected militants and five members of the security forces.One of the airstrikes in Giza, part of Greater Cairo, killed the wife and son of Khalifa Mahmoud Ramadan, a suspected militant who was himself killed. The government agency Middle East News Agency reported on March 10 that the raids were part of a "broad confrontational plan aimed at ofterrorist elements"The state of emergency declared in October 1981 after the assassination of President Anwar el-Sadat was still in force in Egypt. The law, previously in effect continuously from June 1967 to May 1980, continued to grant the executive branch unique legal powers that effectively overrode the human rights guarantees of the Egyptian constitution. These provisions included wide discretionary powers in arresting and detaining individuals, as well as the ability to try civilians in military courts. The Cairo-based Independent Organization for Human Rights said so in a document sent to the United Nations in July 1993The human rights committee said the continued imposition of the state of emergency had resulted in "another constitution for the country" and "led to widespread misconduct by the security apparatus".

Keywords: constitution, human rights, legal power, president, anwar, el-sadat, assassination, state of emergency, middle east, news, agency, confrontational, arresting, fugitive, leaders, terrorist, elements, armed islamic extremists.

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