Search results for: amphawa floating market behavior of the tourists

Authors: Tamar Lazariashvili

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The paper examines the market of bioproducts in the world and in Georgia. The experience of European countries in the field of production of bioproducts is shown, the level of interest of the population in these products is presented, and the tendency of the demand for them to grow is evaluated. Objectives. The purpose of the research is to identify modern challenges and develop recommendations for development opportunities based on the analysis of the European and local market of organic products. Methodologies. General and specific methods are used in the research process: comparative analysis, induction, deduction. A desk study has been conducted. Findings. It has been revealed that the production of organic products in Georgia is significantly behind the European requirements, in the market of organic products of Georgia there is a formation of a layer of consumers who are in favor of healthy food and are ready to pay a different price. Conclusions. Based on the analysis of the bioproducts market, appropriate recommendations are proposed, namely, the introduction of innovative technologies; financial and legal support by the state; provision of consulting services on the tax system; Elimination of asymmetric information in the market and others.

Keywords: bioproducts market, European experience, production of bioproducts, layer of consumers.

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Authors: Tabassum Riaz

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This study provides a complete examination of the stock prices behavior in the Karachi stock exchange. It examines that whether Karachi stock exchange can be described as mean reversion or not. For this purpose daily, weekly and monthly index data from Karachi stock exchange ranging from period July 1, 1997 to July 2, 2011 was taken. After employing the Multiple variance ratio and unit root tests it is concluded that stock market follow mean reversion behavior and hence have reverting trend which opens the door for the active invest management. Thus technical analysis may be help to identify the potential areas for value creation.

Keywords: mean reversion, random walk, technical analysis, Karachi stock exchange

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Authors: ShiQing Gao, XingYi Zhang, YouHe Zhou

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When a floating tilted cylinder pierces a fluid interface, the fulfilment of constant-contact-angle condition along the cylinder results in shift, stretch and distortion of the contact line, thus leading to a capillary interaction. We perform an investigation of the scaling dependence of tilt angle, contact angle, and cylinder radius on the contact line profile and the corresponding capillary interaction by numerical simulation and experiment. Characterized by three characteristic parameters respectively, the dependences for each deformation mode are systematically analyzed. Both the experiment and simulation reveals an invariant structure that is independent of contact angle and radius to characterize the stretch of the contact line for every tilted case. Based on this observation, we then propose a general capillary force scaling law to incredibly grasp all the simulated results, by simply approximating the contact line profile as tilted ellipse.

Keywords: gas-liquid/liquid-fluid interface, colloidal particle, contact line shape, capillary interaction, surface evolver (SE)

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Authors: Kitda Praraththajariya

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The main purpose of this research was to study how to communicate the identity of the Mueang district, Samut Songkram province for ecotourism. The qualitative data was collected through studying related materials, exploring the area, in-depth interviews with three groups of people: three directly responsible officers who were key informants of the district, twenty foreign tourists and five Thai tourist guides. A content analysis was used to analyze the qualitative data. The two main findings of the study were as follows: 1. The identity of Amphur (District) Mueang, Samut Songkram province. This establishment was near the Mouth of Maekong River for normal people and tourists, consisting of rest accommodations. There are restaurants where food and drinks are served, rich mangrove forests, Hoy Lod (Razor Clam) and mangrove trees. Don Hoy Lod, is characterized by muddy beaches, is a coastal wetland for Ramsar Site. It is at 1099th ranging where the greatest number of Hoy Lod (Razor Clam) can be seen from March to May each year. 2. The communication of the identity of Amphur Mueang, Samut Songkram province which the researcher could find and design to present in English materials can be summed up in 4 items: 1) The history of Amphur Mueang, Samut Songkram province 2) Wat Phet Samut Worrawihan 3) The Learning source of Ecotourism: Don Hoy Lod and Mangrove forest 4) How to keep Amphur Mueang, Samut Songkram province for ecotourism.

Keywords: foreigner tourists, signified, semiotics, ecotourism

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Authors: Oloyede John Adebayo

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This paper tested a variant of the monetary model of exchange rate determination, called Frankel’s Capital Account Monetary Model (CAAM) based on Real Interest Rate Differential, on the floating exchange rate experiences of three developing countries of Africa; viz: Ghana, Nigeria and the Gambia. The study adopted the Auto regressive Instrumental Package (AIV) and Almon Polynomial Lag Procedure of regression analysis based on the assumption that the coefficients follow a third-order Polynomial with zero-end constraint. The results found some support for the CAAM hypothesis that exchange rate responds proportionately to changes in money supply, inversely to income and positively to interest rates and expected inflation differentials. On this basis, the study points the attention of monetary authorities and researchers to the relevance and usefulness of CAAM as appropriate tool and useful benchmark for analyzing the exchange rate behaviour of most developing countries.

Keywords: exchange rate, monetary model, interest differentials, capital account

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Authors: M. Khajezadeh, M. Saied Fallah Niasar, S. Ali Asli, D. Davani Davari, M. Godarzi, Y. Asgari

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This study aims to explore the joint application of both Boston and Ansoff matrices in the operational development of the product. We conduct deep analysis, by utilizing the Artificial Neural Network, to predict the position of the product in the market while the company is interested in increasing its share. The data are gathered from two industries, called hygiene and detergent. In doing so, the effort is being made by investigating the behavior of top player companies and, recommend strategic orientations. In conclusion, this combination analysis is appropriate for operational development; as well, it plays an important role in providing the position of the product in the market for both hygiene and detergent industries. More importantly, it will elaborate on the company’s strategies to increase its market share related to a combination of the Boston Consulting Group (BCG) Matrix and Ansoff Matrix.

Keywords: artificial neural network, portfolio analysis, BCG matrix, Ansoff matrix

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Authors: Tarah Bouaricha

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The impact of worst natural disasters is analysed in terms of insured losses which happened between 2010 and 2014 on S&P insurance index. Event study analysis is used to test whether natural disasters impact insurance index stock market price. There is no negative impact on insurance stock market price around the disasters event. To analyse the reaction of insurance stock market, normal returns (NR), abnormal returns (AR), cumulative abnormal returns (CAR), cumulative average abnormal returns (CAAR) and a parametric test on AR and on CAR are used.

Keywords: study event, natural disasters, insurance, reinsurance, stock market

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Authors: Lucky Farha, Martha L. Hall

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The current adaptive clothing brands are limited in numbers and specific categories. This study explores clothing challenges for children with Down syndrome and factors that influence their perception of adaptive clothing brands. Another aim of this study was to explore brands' challenges in the adaptive business and factors that influence their perceptions towards the adaptive market. In order to determine the market barriers affecting adaptive target market needs, the researcher applied Technology Acceptance Model. After interviewing and surveying parents/caregivers having children with Down syndrome and current adaptive brands, the results found education as the significant gap in the adaptive clothing market yet to be overcome. Based on the finding, several recommendations were suggested to improve the current barriers in the adaptive clothing market.

Keywords: adaptive fashion, disability, functional clothing, clothing needs assessment, down syndrome, clothing challenge

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Authors: Mats Nilsson

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The European electricity markets have been changing from a regulated market, to in some places a deregulated market, and are now experiencing a strong influence of renewable support systems. Firm’s that rely on subsidies have a different business logic than firms acting in a market context. The article proposes that an offspring to the regular business models, the business-to-citizen, should be used. The case of the European electricity market frames the concept of a business-citizen business model, and a research agenda for this concept is outlined.

Keywords: business logic, business model, subsidies, business-to-citizen

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Authors: Irfan Ullah Munir, Shen Yue, Muhammad Shahzad Ijaz, Saad Hussain, Syeda Yumna Zaidi

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Financial literacy is fundamental to every decision-making process and has received attention from researchers, regulatory bodies and policy makers in the recent past. This study is an attempt to evaluate financial literacy in an emerging economy, particularly Pakistan, and its influence on people's stock market participation. Data of this study was collected through a structured questionnaire from a sample of 300 respondents. EFA is used to check the convergent and discriminant validity. Data is analyzed using Hayes (2013) approach. A set of demographic control variables that have passed the mean difference test is used. We demonstrate that participants with financial literacy tend to invest more in the stock market. We also find that association among financial literacy and participation in stock market gets moderated by gender.

Keywords: Financial literacy, Stock market participation, Gender, PSX

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Authors: Algia Hammami, Abdelfatteh Bouri

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In this work, our objective is to study the transmission of volatility between oil and stock markets in developed (USA, Germany, Italy, France and Japan) and emerging countries (Tunisia, Thailand, Brazil, Argentina, and Jordan) for the period 1998-2015. Our methodology consists of analyzing the monthly data by the GARCH-BEKK model to capture the effect in terms of volatility in the variation of the oil price on the different stock market. The empirical results in the emerging countries indicate that the relationships are unidirectional from the stock market to the oil market. For the developed countries, we find that the transmission of volatility is unidirectional from the oil market to stock market. For the USA and Italy, we find no transmission between the two markets. The transmission is bi-directional only in Thailand. Following our estimates, we also noticed that the emerging countries influence almost the same extent as the developed countries, while at the transmission of volatility there a bid difference. The GARCH-BEKK model is more effective than the others versions to minimize the risk of an oil-stock portfolio.

Keywords: GARCH, oil prices, stock market, volatility transmission

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Authors: Vaishali P. Joshi, Pallav Joshi

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The objective of this study is to examine the differences fashion innovators and non-fashion innovators in their fashion consumption behavior in terms of their pre-purchase behavior, purchase behavior and post purchase behavior. The questionnaire was distributed to a female college student for data collection for achieving the objective of the first part of the study. Question-related to fashion innovativeness and fashion consumption behavior was asked. The sample was comprised of 81 college females ages 18 through 30 who were attending Business Management degree. A series of attitude questions was used to categorize respondents on the Innovativeness Scale. 32 respondents with a score of 21 and above were designated as Fashion innovators and the remainder (49) as Non-fashion innovators. Findings showed that there exist significant differences between innovators and non-innovators in their fashion consumption behavior. Data was analyzed through frequency distribution table. Many differences were found in the behavior of innovators and non-innovators in terms of their pre-purchase, actual purchase, and post-purchase behavior.

Keywords: fashion, innovativeness, consumption behavior, purchase

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Authors: Joao Ferreira Do Rosario, Maria De Lurdes Calisto, Ana Teresa Machado, Nuno Gustavo, Rui Gonçalves

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The tourism sector is increasingly important to the economic performance of countries and a relevant theme to academic research, increasing the importance of understanding how and why tourists evaluate tourism locations. The city of Lisbon is currently a tourist destination of excellence in the European and world-wide panorama, registering a significant growth of the economic weight of its tourist activities in the Gross Added Value of the region. Although there is research on the feedback of those who visit tourist sites and different methodologies for studying tourist sites have been applied, this research seeks to be innovative in the objective of obtaining insights on the competitiveness in terms of attractiveness of the city of Lisbon as a tourist destination, based the feedback of tourists in the Facebook pages of the most visited museums and monuments of Lisbon, an interpretation that is relevant in the development of strategies of tourist attraction. The intangible dimension of the tourism offer, due to its unique condition of simultaneous production and consumption, makes eWOM particularly relevant. The testimony of consumers is thus a decisive factor in the decision-making and buying process in tourism. Online social networks are one of the most used platforms for tourists to evaluate the attractiveness's points of a tourism destination (e.g. cultural and historical heritage), with this user-generated feedback enabling relevant information about the customer-tourists. This information is related to the tourist experience representing the true voice of the customer. Furthermore, this voice perceived by others as genuine, opposite to marketing messages, may have a powerful word-of-mouth influence on other potential tourists. The relevance of online reviews sharing, however, becomes particularly complex, considering social media users’ different profiles or the possible and different sources of information available, as well as their associated reputation associated with each source. In the light of these trends, our research focuses on the tourists’ feedback on Facebook pages of the most visited museums and monuments of Lisbon that contribute to its attractiveness as a tourism destination. Sentiment Analysis is the methodology selected for this research, using public available information in the online context, which was deemed as an appropriate non-participatory observation method. Data will be collected from two museums (Museu dos Coches and Museu de Arte Antiga) and three monuments ((Mosteiro dos Jerónimos, Torre de Belém and Panteão Nacional) Facebook pages during a period of one year. The research results will help in the evaluation of the considered places by the tourists, their contribution to the city attractiveness and present insights helpful for the management decisions regarding this museums and monuments. The results of this study will also contribute to a better knowledge of the tourism sector, namely the identification of attributes in the evaluation and choice of the city of Lisbon as a tourist destination. Further research will evaluate the Lisbon attraction points for tourists in different categories beyond museums and monuments, will also evaluate the tourist feedback from other sources like TripAdvisor and apply the same methodology in other cities and country regions.

Keywords: Lisbon tourism, opinion mining, sentiment analysis, tourism location attractiveness evaluation

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Authors: Fahad Ahmed Qureshi

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There were abundant renowned financial markets in Pre-Islamic Arabs. Most of those were patterned and settled during pre-particularized sunshine. Those markets were classified either as vernacular markets helping the neighboring clans, or habitual markets that people sojourned to from all articulations of the Arabian Peninsula, such as Okaz near Mecca. Some of those markets had leading significance due to their geographical positions, such as Prime market of Eden, because of their entanglement in international trade i.e. with the markets of Sub-Continent, Abyssinia, Persia and China. Other markets such as Market of Yamamah annex its gist from being situated on the caravan crossroads. Islamic worldview and Islamic epistemology base of Financial Market’s realistic theory, pragmatic model and operative approach is moderately constrained in terms of its growth. The existent situation only parasol the form of accommodative-modification and splendid-methodologies, which due to depleted and decorous endeavor in explaining Islamic financial market theoretically. This is the demand of time that particular studies should be conduct to magnify the devours in developing theoretical framework for Islamic Financial Market.

Keywords: Islam, financial market, history, research, product development

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Authors: Jagoda Przybysz

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The main objective of this paper is to provide a comprehensive description of the immigrants in Poland, especially situation at the labour market. The paper will provide descriptive information on the composition of immigrants in Poland, and how this has changed over time, their socio-economic characteristics, their industry allocation and their labour market outcomes. Then we will investigate various labour market performance indicators (labour force participation, employment, wages and self-employment) for immigrants of different origins based on reached statistics. Individual interviews with immigrants will indicate areas of problems of living in Poland, mostly on labour market. The article shows that immigrants from some ethnic minority groups are more active in selected sectors of labour market. The empirical basis for the work related to the situation on the labor market of foreigners who came to the Poland and live in Lodz. The studies assumed that foreigners work in Poland and operate in different ways being integrated / excluded in varying degrees. Theoretical framework for analysis are: concepts of inclusion and exclusion, the concept of a dual labour market and the concept of social anchors. Completed in the 2014-2016, a pilot study (The forms of individual interviews) with 32 foreigners arrived in the last decade to Lodz. Preliminary studies have enabled the formulation of research issues and have set the future direction of research revealing to the personal experiences of respondents, a group of factors hindering integration and exclusion areas.

Keywords: foreigners, immigrants, labour market, migration, Poland

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Authors: Seul-Ki Park, Jong-Chun Park, Gyu-Mok Jeon, Dae-Kyung Ock, Seung-Gyu Jeong

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Rogue waves cause frequent accidents of ships and offshore structures, which can result in severe damage to the structures. The Rogue waves, which are also known as big waves, freak waves, extreme waves, monster waves, focused waves, giant waves and abnormal waves, are unexpected and suddenly appearing, and can have a breaking force to destroy the structure even though modern structures are designed to tolerate a breaking wave. In the present study, a series of focused waves are numerically reproduced by concentrating nonlinear multi-directional waves into a target point using a commercial CFD software, Star-CCM+. A flow analysis for investigating the physical characteristics of the focused waves is performed using the Star-CCM+, while it has several difficulties to examine the inner properties of the waves in existing potential theory and experiments. Additionally, the 6-DOF (Degree of Freedom) motion of a floating body interacting with the focused waves are simulated, and the dynamic response of the body are discussed.

Keywords: multidirectional waves, focused waves, rogue waves, wave-structure interaction, numerical wave tank, computational fluid dynamics

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Authors: Marjan Kamyabi

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Attending tourism in the current century is one of the key factors in the success of the tourism industry and, consequently, the prosperity of the economies of the countries. In this regard, accessible tourism can play a major role in the development of tourism, taking into account the attractions, facilities and capabilities of the development of tourism in Northern Cyprus, and given that the satisfaction of tourists from the product and destination of tourism has an undeniable role in attracting tourists. The purpose of this study is to investigate the environmental barriers and accessibility of the tourism industry in Northern Cyprus. Another goal of this study is to introduce this consumer group to the tourism community. In order to achieve the objectives of this paper, a questionnaire was designed and provided to three tourism professionals to assess the reliability, and then, among the 200 people with physical and mental disabilities who travelled to Cyprus, The data analysis was used as a confirmatory factor analysis method. The environmental barrier for tourists with disabilities is classified in three sections of transport, attractions and accommodation, each section being separately identified separately. In general, observance of the principles and standards of proper fitting in the main sectors of the tourism industry of Northern Cyprus in the situation The facilities and transportation were identified as the first problem and obstacle for the development of tourism for people with physical and mental disabilities and, finally, suggestions and solutions for the development of tourism for people with physical and physical disabilities were presented.

Keywords: accessible tourism, environmental barriers, tourism, people with disability, accessibility

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Authors: F. Gökgöz, M. E. Atmaca

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Electricity has an indispensable role in human daily life, technological development and economy. It is a special product or service that should be instantaneously generated and consumed. Sources of the world are limited so that effective and efficient use of them is very important not only for human life and environment but also for technological and economic development. Competitive electricity market is one of the important way that provides suitable platform for effective and efficient use of electricity. Besides benefits, it brings along some risks that should be carefully managed by a market player like Electricity Generation Company. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Value at Risk methods for case studies. Performance of optimal electricity sale solutions are measured and the portfolio performance has been evaluated via Sharpe-Ratio, and compared with conventional approach. Biennial historical electricity price data of Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: electricity market, portfolio optimization, risk management, value at risk

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Authors: M. S. R. Waas, S. G. U. S. Chandrarathne, U. A. Kumara

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The purpose of this quantitative study is to identify the impact of the destination attributes of Negombo on the coastal tourists’ visitor experience. As an island nation, Sri Lanka is identified and well renowned for its gold sandy beaches and natural scenic beauty. Among many tourist attractions, Negombo is identified as a developed beach centric tourist destination in the country. Yet, it is identified that there are low positive reviews on the internet for Negombo compared to other beach centric tourist attractions in Sri Lanka. Therefore, this study would help the policymakers and tourism service providers to identify the impact of destination attributes on international visitor satisfaction and to understand the visitors comprehensively so as to develop Negombo as a stable tourist destination while offering a memorable and satisfying experience for its visitors. In support, a self-administered questionnaire survey study was performed with 150 respondents (international tourists) in Negombo. The questions were designed based on the selected dimensions of destination attributes such as tourism service quality, infrastructure and superstructure developments, tourist information facilities and destination aesthetics and developments. The results showed that the overall satisfaction level of the international tourists who visit Sri Lanka is significantly affected by the destination attributes of Negombo. Yet, the dimensions of destination aesthetics and developments and tourist information facilities indicated a low level of mean satisfaction, paving the critique that Negombo as a beach centric tourist attraction is not serving well with its natural beauty and its destination management. Further, it is advocated that the policymakers and tourism service providers have a significant role in leading the way to attract more potential visitors to enhance their destination satisfaction and to encourage them to revisit Sri Lanka while recommending it to others. The survey was done during the off-peak season of the industry and it is suggested that the survey would have been conducted throughout a complete year.

Keywords: destination attributes, coastal tourism, tourism development, tourist satisfaction

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Authors: Muhammad Ilham Agus Salim, Muhammad Ikbal

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The ASEAN Economic Community (AEC) was set up in 2003 with the objectives of creating a single market and production base, enhancing equitable economic development as well as facilitating the integration into the global economy. The AEC involves liberalization and facilitation of trade in goods, skilled labour, services, and investment, as well as protection and promotion of investment. The thesis outlines the AEC Blueprint actions in scope of globalization of investment and capital market. Free flows of investment and freer flows of capital market urge countries in South East Asia to coordinate and to collaborate in securing the interest of public, and this leads to the importance of financial services authorities in ASEAN to prepare the mechanism of guarding the flows of investment. There is no exception, especially for Indonesian Financial Services Authority (OJK) as one of the authorized body in capital market supervision, to enforce its authorities as supervisory body.

Keywords: AEC blueprint, OJK, capital market, integration

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Authors: Kanyapilai Kunchornsirimongkon, Kevin Wongleedee

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The objectives of this research were to study the opinion of inbound tourist concerning the importance of perceived values and their decision to revisit Thailand. An accidental sampling method was utilized to get 200 respondents. The findings revealed that the majority of the respondents were from Europe and Asia which accounted for about 82.5 percent of the total. Approximately 72 percent of the respondents chose to revisit Bangkok once and 28 percent had revisited more than one time. Male and female respondents were approximately the same proportion. In addition, the findings revealed the top three most important perceived values were time, activities, and expenses, whereas the least important perceived values were lodging, knowledge, and night entertainment. The majority of inbound tourists rated the overall perceived value at a medium level of importance since the overall mean was 4.41 which was less than 4.5.

Keywords: perceived values, tourist destination, visiting, Thailand

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Authors: Fathi Abid, Bilel Kaffel

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The olive tree, the olive harvest during winter season and the production of olive oil better known by professionals under the name of the crushing operation have interested institutional traders such as olive-oil offices and private companies such as food industry refining and extracting pomace olive oil as well as export-import public and private companies specializing in olive oil. The major problem facing producers of olive oil each winter campaign, contrary to what is expected, it is not whether the harvest will be good or not but whether the sale price will allow them to cover production costs and achieve a reasonable margin of profit or not. These questions are entirely legitimate if we judge by the importance of the issue and the heavy complexity of the uncertainty and competition made tougher by a high level of indebtedness and the experience and expertise of speculators and producers whose objectives are sometimes conflicting. The aim of this paper is to study the formation mechanism of olive oil prices in order to learn about speculators’ behavior and expectations in the market, how they contribute by their industry knowledge and their financial alliances and the size the financial challenge that may be involved for them to build private information hoses globally to take advantage. The methodology used in this paper is based on two stages, in the first stage we study econometrically the formation mechanisms of olive oil price in order to understand the market participant behavior by implementing ARMA, SARMA, GARCH and stochastic diffusion processes models, the second stage is devoted to prediction purposes, we use a combined wavelet- ANN approach. Our main findings indicate that olive oil market participants interact with each other in a way that they promote stylized facts formation. The unstable participant’s behaviors create the volatility clustering, non-linearity dependent and cyclicity phenomena. By imitating each other in some periods of the campaign, different participants contribute to the fat tails observed in the olive oil price distribution. The best prediction model for the olive oil price is based on a back propagation artificial neural network approach with input information based on wavelet decomposition and recent past history.

Keywords: olive oil price, stylized facts, ARMA model, SARMA model, GARCH model, combined wavelet-artificial neural network, continuous-time stochastic volatility mode

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Authors: Damien Kunjal, Faeezah Peerbhai

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Despite the increasing popularity of exchange-traded funds (ETFs), ETF investment choices may not always be rational. Excess trading volume, misevaluations of securities, and excess return volatility present in financial markets can be attributed to the influence of the overconfidence bias. Whilst previous research has explored the overconfidence bias in stock markets; this study focuses on trading in ETF markets. Therefore, the objective of this study is to investigate the presence of investor overconfidence in the South African ETF market. Using vector autoregressive models, the lead-lag relationship between market turnover and the market return is examined for the market of South African ETFs tracking domestic benchmarks and for the market of South African ETFs tracking international benchmarks over the period November 2000 till August 2019. Consistent with the overconfidence hypothesis, a positive relationship between current market turnover and lagged market return is found for both markets, even after controlling for market volatility and cross-sectional dispersion. This relationship holds for both market and individual ETF turnover suggesting that investors are overconfident when trading in South African ETFs tracking domestic benchmarks and South African ETFs tracking international benchmarks since trading activity depends on past market returns. Additionally, using the global recession as a structural break, this study finds that investor overconfidence is more pronounced after the global recession suggesting that investors perceive ETFs as risk-reducing assets due to their diversification benefits. Overall, the results of this study indicate that the overconfidence bias has a significant influence on ETF investment choices, therefore, suggesting that the South African ETF market is inefficient since investors’ decisions are based on their biases. As a result, the effect of investor overconfidence can account for the difference between the fair value of ETFs and its current market price. This finding has implications for policymakers whose responsibility is to promote the efficiency of the South African ETF market as well as ETF investors and traders who trade in the South African ETF market.

Keywords: exchange-traded fund, market return, market turnover, overconfidence, trading activity

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Authors: Szabó Renáta Andrea

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In 2012 Japan created a new plan in order to become a tourism nation. The number of foreign tourists rises rapidly year by year, and with the upcoming Olympics in 2020, tourism turned into a prioritized national strategy. This paper offers a new perspective of tourism research: instead of focusing on the host nation or the inbound tourists, it represents an emerging in-between group: foreign entrepreneur residents. Despite the fact that Japan continuously scores as one of the lowest in East and South Asia related to entrepreneurial activity, in recent years, the activity of foreign entrepreneur residents is on the rise. This study is focused on Kyoto - the former capital of Japan and a popular tourist destination - and applies the mixed embeddedness model, which was used to understand this new phenomena and explore this emerging mediator group between locals and foreign tourists. Immigrant entrepreneurship is often related to a disadvantageous situation, and the businesses are introduced as the sole purpose of making a profit. The study seeks to argue with this point of view and augment the standard approaches to immigrant entrepreneurship. The findings introduce the key factors of this lifestyle choice besides profit and present how entrepreneurship is becoming an escape route to avoid standard working environment while living in Japan. It also shows the gap in the visa system and raises awareness about the emerging trend.

Keywords: immigrant entrepreneurship, Japan, lifestyle entrepreneurship, mixed embeddedness model, tourism

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Authors: Edwin Njoroge Kimani, Alan M. Munyao

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Despite Kenya’s status as a regional economic powerhouse, it struggles with economic shocks that expose the consumers. This, however, seems not to affect major cooperates such as those in the telecommunication and energy sectors. Through their operations, they have not only been able to fluctuate prices at will but also they have been accused of curtailing their rivals from penetrating the market. This study, through literature review of the legal and institutional framework, reports and publications interrogates the law and uncovers the following; i) failings of the legal framework to define market dominance and abuse of such positions, ii) the participation of the state, iii) the inertia of the government to prosecute corporations that abuse their market dominance, iv) the role of the state as a market player and as a regulator through the Competition Authority of Kenya. This study concludes that the market distortion is as a result of weak legal and institutional framework as well as conflict of interest by the government. Not much has been researched in the field of competition law the greater East Africa. This research is intended to form part of the growing research in the field and inform legal reform.

Keywords: competition law, economic power, dominance, Kenya

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Authors: Sina Modares Ahmadi, Mohamad Reza Ghazavi, Mandana Sheikhzad

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Squeeze film damper systems (SFD) are often used in machines with high rotational speed to reduce non-periodic behavior by creating external damping. These types of systems are frequently used in aircraft gas turbine engines. There are some structural parameters which are of great importance in designing these kinds of systems, such as oil film thickness, C, and outer race mass, mo. Moreover, there is a crucial parameter associated with manufacturing process, under the title of waviness. Geometric imperfections are often called waviness if its wavelength is much longer than Hertzian contact width which is a considerable source of vibration in ball bearings. In this paper, a system of a flexible rotor and two ball bearings with floating ring squeeze film dampers and consideration of waviness has been modeled and solved by a numerical integration method, namely Runge-Kutta method to investigate the dynamic response of the system. The results show that by increasing the number of wave lobes, which is due to inappropriate manufacturing, non- periodic and chaotic behavior increases. This result reveals the importance of manufacturing accuracy. Moreover, as long as C< 1.5×10-4 m, by increasing the oil film thickness, unwanted vibrations and non-periodic behavior of the system have been reduced, On the other hand, when C>1.5×10-4 m, increasing the outer oil film thickness results in the increasing chaotic and non-periodic responses. This result shows that although the presence of oil film results in reduction the non-periodic and chaotic behaviors, but the oil film has an optimal thickness. In addition, with increasing mo, the disc displacement amplitude increases. This result reveals the importance of utilizing light materials in manufacturing the squeeze film dampers.

Keywords: squeeze-film damper, waviness, ball bearing, bifurcation

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Authors: F. Gökgöz, M. E. Atmaca

Abstract:

Electricity plays an indispensable role in human life and the economy. It is a unique product or service that must be balanced instantaneously, as electricity is not stored, generation and consumption should be proportional. Effective and efficient use of electricity is very important not only for society, but also for the environment. A competitive electricity market is one of the best ways to provide a suitable platform for effective and efficient use of electricity. On the other hand, it carries some risks that should be carefully managed by the market players. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Markowitz’s Mean-variance, Down-side and Semi-variance methods for a case study. Performance of optimal electricity sale solutions are measured and evaluated via Sharpe-Ratio, and the optimal portfolio solutions are improved. Two years of historical weekdays’ price data of the Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: electricity market, portfolio optimization, risk management in electricity market, sharpe ratio

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Authors: C. Asarkaya, S. Z. Siretioglu Girgin

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Turkish migrants constitute the largest group among people with migration background living in Germany. Turkish women’s labor market participation is of significant importance for their social and economic integration to the German society. This paper thus aims to investigate their labor market positions. Turkish migrant women participate less in the labor market compared to men, and are responsible for most of the housework, child care, and elderly care. This is due to their traditional roles in the family, educational level, insufficient knowledge of German language, and insufficient professional experience. We strongly recommend that wide-reaching integration policies for women are formulated, so as to encourage participation of not only migrant women but also their husbands, fathers and/or brothers, and natives.

Keywords: empowerment, Germany, labor market, migration, Turkish, women

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Authors: Jayanta Pokharel, Gokarna Aryal, Netra Kanaal, Chris Tsokos

Abstract:

Investment in stocks and shares aims to seek potential gains while weighing the risk of future needs, such as retirement, children's education etc. Analysis of the behavior of the stock market returns and making prediction is important for investors to mitigate risk on investment. Historically, the normal variance models have been used to describe the behavior of stock market returns. However, the returns of the financial assets are actually skewed with higher kurtosis, heavier tails, and a higher center than the normal distribution. The Laplace distribution and its family are natural candidates for modeling stock returns. The Variance-Gamma (VG) distribution is the most sought-after distributions for modeling asset returns and has been extensively discussed in financial literatures. In this paper, it explore the other Laplace family, such as Asymmetric Laplace, Skewed Laplace, Kumaraswamy Laplace (KS) together with Variance-Gamma to model the weekly returns of the S&P 500 Index and it's eleven business sector indices. The method of maximum likelihood is employed to estimate the parameters of the distributions and our empirical inquiry shows that the Kumaraswamy Laplace distribution performs much better for stock returns modeling among the choice of distributions used in this study and in practice, KS can be used as a strong alternative to VG distribution.

Keywords: stock returns, variance-gamma, kumaraswamy laplace, maximum likelihood

Procedia PDF Downloads 69

Authors: Peng Lu, Liu Ting

Abstract:

Because of the difficulty of financing from the external capital market, the reorganization and merger of private enterprises have formed a family group, seeking the help of the internal capital market to alleviate the capital demand. However, the inefficiency of the internal capital market can damage the effect it should have played, and even hinder the development of enterprises. This paper takes the "Tomorrow Group" as the research object to carry on the case analysis. After using the improved cash flow sensitivity coefficient to measure the efficiency of the internal capital market of Tomorrow Group, the inefficiency phenomenon is found. Then the analysis reveals that the reasons for its inefficiency include that the pyramidal equity structure is conducive to control, the separation of cash flow rights and control rights, the concentration of equity leads to poor balance, the abandonment of real industries and information asymmetry.

Keywords: tomorrow group, internal capital market, related-party transactions, Baotou tomorrow technology Co., LTD

Procedia PDF Downloads 134