Search results for: investment casting pattern

Authors: Assem I. El-Ansary

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This paper illustrates the event-oriented Behavioral Pattern Analysis (BPA) modeling approach in developing an Multi-Agent Railway Control System (MARCS). The Event defined in BPA is a real-life conceptual entity that is unrelated to any implementation. The major contributions of this research are the Behavioral Pattern Analysis (BPA) modeling methodology, and the development of an interactive software tool (DECISION), which is based on a combination of the Analytic Hierarchy Process (AHP) and the ELECTRE Multi-Criteria Decision Making (MCDM) methods.

Keywords: analysis, multi-agent, railway control, modeling methodology, software modeling, event-oriented, behavioral pattern, use cases

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Authors: Peng Yew Wong

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House prices in the Australian capital cities were at record levels subsequent to Global Financial Crisis (GFC) 2008 and many believed that foreign investors, especially the Chinese investors, were the main reason for the Australian capital cities’ house prices escalation. This research conducted an Australian cross border semi-structured interviews in Shanghai, China to uncover historical evidence and emerging trend supporting the existence of a significant relationship between overseas investors and residential housing markets performance in Australia subsequent to the GFC 2008. Some unique investment strategies of private investors from China which emphasised on non-capitalist factors such as early education were identified, alongside with some insights on the significant China government policies that have incentivised the cross border investments from China. It is believed that this understanding will assist policy makers to effectively manage the overheated Australian residential property market without compromising the steady flow of FREI.

Keywords: Australian housing market, residential property, foreign real estate investment, education, China investor

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Authors: Yingxu Wang

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The base 6 structure and properties of mirror primes are discovered in this work towards the proof of Goldbach Conjecture. This paper reveals a fundamental pattern on pairs of mirror primes adjacent to any even number nₑ > 2 with symmetrical distances on both sides determined by a methodology of Mirror Prime Decomposition (MPD). MPD leads to a formal proof of the Goldbach conjecture, which states that the conjecture holds because any pivot even number, nₑ > 2, is a sum of at least an adjacent pair of primes divided by 2. This work has not only revealed the analytic pattern of base 6 primes but also proven the infinitive validation of the Goldbach conjecture.

Keywords: number theory, primes, mirror primes, double recursive patterns, Goldbach conjecture, formal proof, mirror-prime decomposition, applications

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Authors: Nagat M. Saeed, Mabruka S. Elashheb, Fatma M. Ben Rabaha, Aisha M Edrah

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The aim of the study was to determine the type and pattern of antibiotic susceptibility of the pathogenic microorganisms causing chronic suppurative otitis media (CSOM), which could lead to better therapeutic decisions and consequently avoidance of appearance of resistance to specific antibiotics. Most frequently isolated agents were Pseudomonas aeruginosa 28.5%; followed by Staphylococcus aureus 18.2%; proteus mirabilis 13.9%; Providencia stuartti 6.7%; Bacteroides melaninogenicus, Aspergillus sp., candida sp., 4.2% each; and other microorganisms were represented in 3-0.2%. Drug sensitivities pattern of Pseudomonas aeruginosa showed that ciprofloxacin was active against the majority of isolates (93.9%) followed by ceftazidime 86.2%, amikacin 76.2% and gentamicin 40.8%. However, Staphylococcus aureus isolates were resistant to penicillin 72.7%, erythromycin 28.6%, cephalothin 18.2%, cloxacillin 8.3% and ciprofloxacin was active against 96.2% of isolates. The resistance pattern of proteus mirabilis was 55.6% to ampicillin, 47.1% to carbencillin, 29.4% to cephalothin, 14.3% to gentamicin and 4.8% to amikacin while 100% were sensitive to ciprofloxacin. We conclude that ciprofloxacin is the best drug of choice in the treatment of CSOM caused by the common microorganisms.

Keywords: otitis media, chronic suppurative otitis media (CSOM), microorganisms, drug sensitivity

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Authors: Mas Pertiwi I. G. AG Istri, Sri Kristinayanti Wayan, Oka Aryawan I. Gede Made

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Ability of government to meet the needs of infrastructure investment constrained by the size of the budget commitments for other sectors. Another barrier is the complexity of the process of land acquisition. Public Private Partnership can help bridge the investment gap by including the amount of funding from the private sector, shifted the responsibility of financing, construction of the asset, and the operation and post-project design and care to them. In principle, a construction project implementation always requires the investor as a party to provide resources in the form of funding which it must be contained in a successor agreement in the form of a contract. In general, construction contracts consist of contracts which passed in Indonesia and contract International. One source of funding used in the implementation of construction projects comes from funding that comes from the collaboration between the government and the private sector, for example with the system: BLT (Build Lease Transfer), BOT (Build Operate Transfer), BTO (Build Transfer Operate) and BOO (Build Operate Own). And form of payment under a construction contract can be distinguished several ways: monthly payment, payments based on progress and payment after completed projects (Turn Key). One of the tools used to analyze the feasibility of the investment is to use financial models. The financial model describes the relationship between different variables and assumptions used. From a financial model will be known how the cash flow structure of the project, which includes revenues, expenses, liabilities to creditors and the payment of taxes to the government. Net cash flow generated from the project will be used as a basis for analyzing the feasibility of investment source of project financing Public Private Partnership could come from equity or debt. The proportion of funding according to its source is a comparison of a number of investment funds originating from each source of financing for a total investment cost during the construction period by selected the contract system and several alternative financing percentage ratio determined according to sources will generate cash flow structure that is different. Of the various possibilities for the structure of the cash flow generated will be analyzed by software is to test T Paired to compared the contract system used by various alternatives comparison of financing to determine the effect of the contract system and the comparison of such financing for the feasibility of investment toll road construction project for the economic life of 20 (twenty) years. In this use case studies of toll road contruction project Bali Mandara. And in this analysis only covered two systems contracts, namely Build Operate Transfer and Turn Key. Based on the results obtained by analysis of the variable investment feasibility of the NPV, BCR and IRR between the contract system Build Operate Transfer and contract system Turn Key on the interest rate of 9%, 12% and 15%.

Keywords: contract system, financing, internal rate of return, net present value

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Authors: Yuan Yang, Mickey Lam

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Oral dissolvable films have been considered as a unique alternative approach to conventional oral dosage forms. The films could be administrated via the gastrointestinal tract as conventional dosages or through sublingual/buccal mucosa membranes, which could enhance drug bioavailability by avoiding the first-pass effect and improving permeability due to high blood flow and lymphatic circulation. This work has described a state-of-art technic using nano-emulsion/nano-suspension as a precursor for the film to enhance the bioavailability of BCS class II drugs. The drug molecules are consequentially processed through the emulsification, gelation, and film-casting processes. The gelation process is critical to stabilizing the nano-emulsion for the film-casting as well as controlling the drug release process. Furthermore, the size of the nanoparticle on the film has a strong correlation with the size of the micelles in the precursor and the condition of the gelation process. It has been discovered that nanoparticle from 200 nm to 300 nm has shown the highest permeability for sublingual administration. In one example shown in work, the bioavailability of a low solubilize drug has been increased from 10% to 24% via sublingual administration of the film. The increasing of the bioavailability was thought to be associated with the enhancement of the diffusion process of the drug in the saliva layer above the mucosa membrane and the fact that the presents of the emulsifier help lose the rigid junction of the mucosa cells.

Keywords: oral dissolvable film, nano-suspension, nano-emulsion, bioavailability

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Authors: Saheed Olakunle Sanusi, Israel Ajibade Adedeji

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The study analysed the effect of microfinance on the profit level of small and medium scale enterprises in Lagos. The data for the study were obtained by simple random sampling, and total of one hundred and fifty (150) small and medium scale enterprises (SMEs) were sampled for the study. Seventy-five (75) each are microfinance users and non-users. Data were analysed using descriptive statistics, logit model, t-test and ordinary least square (OLS) regression. The mean profit of the enterprises using microfinance is ₦16.8m, while for the non-users of microfinance is ₦5.9m. The mean profit of microfinance users is statistically different from the non-users. The result of the logit model specified for the determinant of access to microfinance showed that three of specified variables- educational status of the enterprise head, credit utilisation and volume of business investment are significant at P < 0.01. Enterprises with many years of experience, highly educated enterprise heads and high volume of business investment have more potential access to microfinance. The OLS regression model indicated that three parameters namely number of school years, the volume of business investment and (dummy) participation in microfinance were found to be significant at P < 0.05. These variables are therefore significant determinants of impacts of microfinance on profit level in the study area. The study, therefore, concludes and recommends that to improve the status of small and medium scale enterprises for an increase in profit, the full benefit of access to microfinance can be enhanced through investment in social infrastructure and human capital development. Also, concerted efforts should be made to encouraged non-users of microfinance among SMEs to use it in order to boost their profit.

Keywords: credit utilisation, logit model, microfinance, small and medium enterprises

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Authors: Ng Liang Shen, Hau Yuan Wen

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Arrhythmia analysis of ECG signal plays a major role in diagnosing most of the cardiac diseases. Therefore, a single arrhythmia detection of an electrocardiographic (ECG) record can determine multiple pattern of various algorithms and match accordingly each ECG beats based on Machine Learning supervised learning. These researchers used different features and classification methods to classify different arrhythmia types. A major problem in these studies is the fact that the symptoms of the disease do not show all the time in the ECG record. Hence, a successful diagnosis might require the manual investigation of several hours of ECG records. The point of this paper presents investigations cardiovascular ailment in Electrocardiogram (ECG) Signals for Cardiac Arrhythmia utilizing examination of ECG irregular wave frames via heart beat as correspond arrhythmia which with Machine Learning Pattern Recognition.

Keywords: electrocardiogram, ECG, classification, machine learning, pattern recognition, detection, QRS

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Authors: Sarkar Humayun Kabir

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This paper aims to investigate whether ethical investment instruments could contribute to stability in financial markets. In order to address the main issue, the study investigates the stability of return in seven conventional and Islamic equity markets of Asia, Europe and North America and in five major commodity markets starting from 1996 to June 2012. In addition, the study examines the unconditional correlation between returns of the assets under review to investigate portfolio diversification benefits of investors. Applying relevant methods, the study finds that investors may enjoy sustainable returns from their portfolios by investing in ethical financial instruments such as Islamic equities. In addition, it should be noted that most of the commodities, gold in particular, are either low or negatively correlated with equity returns. These results suggest that investors would be better off by investing in portfolios combining Islamic equities and commodities in general. The sustainable returns of ethical investments has important implications for the investors and markets since these investments can provide stable returns while the investors can avoid production of goods and services which believes to be harmful for human and the society as a whole.

Keywords: financial sustainability, ethical investment instruments, islamic equity, dynamic conditional correlation, conditional volatility

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Authors: Faizah Almalki, Simeon Gill, Steve G. Hayes, Lisa Taylor

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A core element of cultural identity is the traditional costumes that provide insight into the heritage that has been acquired over time. This heritage is apparent in the use of colour, the styles and the functions of the clothing and it also reflects the skills of those who created the items and the time taken to produce them. Modern flat pattern drafting methods for making garment patterns are simple in comparison to the relatively laborious traditional approaches that would require personal interaction with the wearer throughout the production process. The current study reflects on the main elements of the pattern cutting system and how this has evolved in Saudi Arabia to affect the design of the Sawan garment. Analysis of the traditional methods for constructing Sawan garments was undertaken through observation of the practice and the garments and consulting documented guidance. This provided a foundation through which to explore how modern technology can be applied to improve the process. In this research, modern methods are proposed for producing traditional Saudi garments more efficiently while retaining elements of the conventional style and design. The current study has documented the vital aspects of Sawan garment style. The result showed that the method had been used to take the body measurements and pattern making was elementary and offered simple geometric shape and the Sawan garment is composed of four pieces. Consequently, this research allows for classical pattern shapes to be embedded in garments now worn in Saudi Arabia and for the continuation of cultural heritage.

Keywords: traditional Sawan garment technique, modern pattern cutting technique, the shape of the garment and software, Lectra Modaris

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Authors: Siti Noor Baiti Binti Mustafa

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Energy management studies regarding energy efficiency investments in Malaysia has yet to address the lack of empirical research that examines pro- sustainability behavior of managers in the industrial sector and how it influences energy efficiency investment decision-making. This study adopts the Theory of Planned Behavior (TPB) to examine the relationship between personal attitude, subjective norms, and perceived behavioral control (PBC), the intention of energy efficiency investments, and how perceptions of Non-Energy Benefits (NEB) influence these intentions among managers in the industrial sector in Malaysia. Managers from various sub-sectors in the industrial sector were selected from a sample of companies that are participants of the Government-led program named the Energy Audit Conditional Grant (EACG) that aimed to promote energy efficiency. Data collection was conducted through an online semi-structured, open-ended questionnaire and then later interviewed. The results of this explorative sequential qualitative study showed that perceived behavioral control was a significant predictor of energy efficiency investment intentions as compared to factors such as attitude and subjective norms. The level of awareness and perceptions towards NEB further played a significant factor in influencing energy efficiency investment decision-making as well. Various measures and policy recommendations are provided together with insights on factors that influence decision-makers intention to invest in energy efficiency, whilst new knowledge on NEB perceptions will be useful to enhance the attractiveness of energy-efficient investments.

Keywords: energy efficiency investments, non-energy benefits, theory of planned behavior, personal attitude, subjective norms, perceived behavioral control, Malaysia industrial sector

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Authors: Stephan Printz, Kristina Lahl, René Vossen, Sabina Jeschke

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Strategic investment decisions are characterized by high innovation potential and long-term effects on the competitiveness of enterprises. Due to the uncertainty and risks involved in this complex decision making process, the need arises for well-structured support activities. A method that considers cost and the long-term added value is the cost-benefit effectiveness estimation. One of those methods is the “profitability estimation focused on benefits – PEFB”-method developed at the Institute of Management Cybernetics at RWTH Aachen University. The method copes with the challenges associated with strategic investment decisions by integrating long-term non-monetary aspects whilst also mapping the chronological sequence of an investment within the organization’s target system. Thus, this method is characterized as a holistic approach for the evaluation of costs and benefits of an investment. This participation-oriented method was applied to business environments in many workshops. The results of the workshops are a library of more than 96 cost aspects, as well as 122 benefit aspects. These aspects are preprocessed and comparatively analyzed with regards to their alignment to a series of risk levels. For the first time, an accumulation and a distribution of cost and benefit aspects regarding their impact and probability of occurrence are given. The results give evidence that the PEFB-method combines precise measures of financial accounting with the incorporation of benefits. Finally, the results constitute the basics for using information technology and data science for decision support when applying within the PEFB-method.

Keywords: cost-benefit analysis, multi-criteria decision, profitability estimation focused on benefits, risk and uncertainty analysis

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Authors: Rizka Aisha Rahmi Hariadi, Chao Ou-Yang, Han-Cheng Wang, Rajesri Govindaraju

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As the increasing of medical check-up popularity, there are a huge number of medical check-up data stored in database and have not been useful. These data actually can be very useful for future strategic planning if we mine it correctly. In other side, a lot of patients come with unpredictable coming and also limited available facilities make medical check-up service offered by hospital not maximal. To solve that problem, this study used those medical check-up data to predict patient re-coming. Sequential pattern mining (SPM) and association rules method were chosen because these methods are suitable for predicting patient re-coming using sequential data. First, based on patient personal information the data was grouped into … groups then discriminant analysis was done to check significant of the grouping. Second, for each group some frequent patterns were generated using SPM method. Third, based on frequent patterns of each group, pairs of variable can be extracted using association rules to get general pattern of re-coming patient. Last, discussion and conclusion was done to give some implications of the results.

Keywords: patient re-coming, medical check-up, health examination, data mining, sequential pattern mining, association rules, discriminant analysis

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Authors: Assem El-Ansary

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This paper illustrates the event-oriented Behavioral Pattern Analysis (BPA) modeling approach in developing an Multi-Agent TeleRobotic Security Control System (MTSCS). The event defined in BPA is a real-life conceptual entity that is unrelated to any implementation. The major contributions of this research are the Behavioral Pattern Analysis (BPA) modeling methodology, and the development of an interactive software tool (DECISION), which is based on a combination of the Analytic Hierarchy Process (AHP) and the ELECTRE Multi-Criteria Decision Making (MCDM) methods.

Keywords: analysis, multi-agent, TeleRobotics control, security, modeling methodology, software modeling, event-oriented, behavioral pattern, use cases

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Authors: Chaiwat Wuthinitikornkit

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Foreign Direct Investment (FDI) inevitably affects the landscape of the political economy of the host country. It is, therefore, significant to review and uncover how and in what way(s) FDI shapes the preferences of the interest groups within the host country, as such preferences may, in turn, influence the policies of the host country. By conducting a review of relevant literature, this paper attempts to outline the key forces behind such preferences and identify potential gaps for future studies. This paper argues that while existing theories have specified endowment and political and institutional factors as key explanations behind the preferences of domestic interest groups, other qualitative attributes of the foreign investors' side, such as their nationalities, have yet to be adequately investigated empirically and may potentially also possess explanatory power. This is particularly important in the current global economic landscape, where key global investors hail from origins from both developed and developing countries with diverse political systems and business practices. This paper aims to provide the groundwork for future studies on these potential gaps, which may provide not only contributions to the academic sphere but also practical insight into policymaking and business communities.

Keywords: foreign direct investment, interest groups, international political economy, political economy

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Authors: Gulnara Galeeva, Yulia Kasperskaya

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The study deals with the relevant problem related to the formation of the efficient investment portfolio of an enterprise. The structure of the investment portfolio is connected to the degree of influence of intangible assets on the enterprise’s income. This determines the importance of research on the content of intangible assets. However, intangible assets studies do not take into consideration how the enterprise state can affect the content and the importance of intangible assets for the enterprise`s income. This affects accurateness of the calculations. In order to study this problem, the research was divided into several stages. In the first stage, intangible assets were classified based on their synergies as the underlying intangibles and the additional intangibles. In the second stage, this classification was applied. It showed that the lifecycle model and the theory of abrupt development of the enterprise, that are taken into account while designing investment projects, constitute limit cases of a more general theory of bifurcations. The research identified that the qualitative content of intangible assets significant depends on how close the enterprise is to being in crisis. In the third stage, the author developed and applied the Wide Pairwise Comparison Matrix method. This allowed to establish that using the ratio of the standard deviation to the mean value of the elements of the vector of priority of intangible assets makes it possible to estimate the probability of a full-blown crisis of the enterprise. The author has identified a criterion, which allows making fundamental decisions on investment feasibility. The study also developed an additional rapid method of assessing the enterprise overall status based on using the questionnaire survey with its Director. The questionnaire consists only of two questions. The research specifically focused on the fundamental role of stochastic resonance in the emergence of bifurcation (crisis) in the economic development of the enterprise. The synergetic approach made it possible to describe the mechanism of the crisis start in details and also to identify a range of universal ways of overcoming the crisis. It was outlined that the structure of intangible assets transforms into a more organized state with the strengthened synchronization of all processes as a result of the impact of the sporadic (white) noise. Obtained results offer managers and business owners a simple and an affordable method of investment portfolio optimization, which takes into account how close the enterprise is to a state of a full-blown crisis.

Keywords: analytic hierarchy process, bifurcation, investment portfolio, intangible assets, wide matrix

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Authors: Xuguang Leng

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The crater pattern on the Moon indicates the Moon was captured by Earth in the more recent years, disproves the theory that the Moon was born as a satellite to the Earth. The Moon was tidal locked since it became the satellite of the Earth. Moon’s near side is shielded by Earth from asteroid/comet collisions, with the center of the near side most protected. Yet the crater pattern on the Moon is fairly random, with no distinguishable empty spot/strip, no distinguishable difference near side vs. far side. Were the Moon born as Earth’s satellite, there would be a clear crater free spot, or strip should the tial lock shifts over time, on the near side; and far more craters on the far side. The nonexistence of even a vague crater free spot on the near side of the Moon indicates the capture was a more recent event. Given Earth’s much larger mass and sphere size over the Moon, Earth should have collided with asteroids and comets in much higher frequency, resulting in significant mass gain over the lifespan. Earth’s larger mass and magnetic field are better at retaining water and gas from solar wind’s stripping effect, thus accelerating the mass gain. A dwarf planet Moon can be pulled closer and closer to the Earth over time as Earth’s gravity grows stronger, eventually being captured as a satellite. Given enough time, it is possible Earth’s mass would be large enough to cause the Moon to collide with Earth.

Keywords: moon, origin, crater, pattern

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Authors: George Ogono Muok, N. Obange, S. A. Odhiambo

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Empirical literature on the determinants of foreign direct investments (FDI) flows is extensive but controversial over some determinants of FDI in-flows in developing countries. The objective of this study therefore was to investigate the overall determinants of FDI inflows in Kenya. Dynamic macroeconomic theory and correlational study design provided theoretical framework for specification of a time series model. The study used data observed from 1970 to 2015 in World Development Indicators (WDI) data bank. The results show that annual growth rate of GDP, inflation rates and external debt as a proportion of GDP are significant determinants of FDI inflows in Kenya and are therefore important macroeconomic parameters for policy formulation for promotion of FDI inflows in Kenya.

Keywords: determinants of foreign, direct, investment inflows in, Kenya, Africa

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Authors: Bi-Huei Tsai

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This work explores the inter-region investment behaviors of integrated circuit (IC) design industry from Taiwan to China using the amount of foreign direct investment (FDI). According to the mutual dependence among different IC design industrial locations, Lotka-Volterra model is utilized to explore the FDI interactions between South and East China. Effects of inter-regional collaborations on FDI flows into China are considered. Evolutions of FDIs into South China for IC design industry significantly inspire the subsequent FDIs into East China, while FDIs into East China for Taiwan’s IC design industry significantly hinder the subsequent FDIs into South China. The supply chain along IC industry includes IC design, manufacturing, packing and testing enterprises. I C manufacturing, packaging and testing industries depend on IC design industry to gain advanced business benefits. The FDI amount from Taiwan’s IC design industry into East China is the greatest among the four regions: North, East, Mid-West and South China. The FDI amount from Taiwan’s IC design industry into South China is the second largest. If IC design houses buy more equipment and bring more capitals in South China, those in East China will have pressure to undertake more FDIs into East China to maintain the leading position advantages of the supply chain in East China. On the other hand, as the FDIs in East China rise, the FDIs in South China will successively decline since capitals have concentrated in East China. Prediction of Lotka-Volterra model in FDI trends is accurate because the industrial interactions between the two regions are included. Finally, this work confirms that the FDI flows cannot reach a stable equilibrium point, so the FDI inflows into East and South China will expand in the future.

Keywords: Lotka-Volterra model, foreign direct investment, competitive, Equilibrium analysis

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Authors: Ammar Neshati, Elham Hamidi Shishavan

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Statement of Problem: The increase in the use of metal-ceramic restorations and a high prevalence of porcelain chipping entails introducing an alloy which is more compatible with porcelain and which causes a stronger bond between the two. This study is to compare shear bond strength of three base-metal alloys and one noble alloy with the common VMK Master Porcelain. Materials and Method: Three different groups of base-metal alloys (Ni-cr-T3, Super Cast, Verabond) and one group of noble alloy (x-33) were selected. The number of alloys in each group was 15. All the groups went through the casting process and change from wax pattern into metal disks. Then, VMK Master Porcelain was fired on each group. All the specimens were put in the UTM and a shear force was loaded until a fracture occurred. The fracture force was then recorded by the machine. The data was subjected to SPSS Version 16 and One-Way ANOVA was run to compare shear strength between the groups. Furthermore, the groups were compared two by two through running Tukey test. Results: The findings of this study revealed that shear bond strength of Ni-Cr-T3 alloy was higher than the three other alloys (94 Mpa or 330 N). Super Cast alloy had the second greatest shear bond strength (80. 87 Mpa or 283.87 N). Both Verabond (69.66 Mpa or 245 N) and x-33 alloys (66.53 Mpa or 234 N) took the third place. Conclusion: Ni-Cr-T3 with VMK Master Porcelain has the greatest shear bond strength. Therefore, the use of this low-cost alloy is recommended in metal-ceramic restorations.

Keywords: shear bond, base-metal alloy, noble alloy, porcelain

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Authors: Mohammad Azam

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This work is an endeavor to empirically investigate the Gross Domestic Product-Growth as mediating variable between various factors and portfolio returns using a broad sample of 522 financial and non-financial firms enlisted on Pakistan Stock Exchange between January-1993 and June-2022. The study employs the Structural Equation modeling and Ordinary Least Square regression to determine the findings before and during the Covid-19 epidemiological situation, which has not received due attention by researchers. The analysis reveals that market and investment factors are redundant, whereas size and value show significant results, whereas Gross Domestic Product-Growth performs significant mediating impact for the whole time frame. Using before Covid-19 period, the results reveal that market, value, and investment are redundant, but size, profitability, and Gross Domestic Product-Growth are significant. During the Covid-19, the statistics indicate that market and investment are redundant, though size and Gross Domestic Product-Growth are highly significant, but value and profitability are moderately significant. The Ordinary Least Square regression shows that market and investment are statistically insignificant, whereas size is highly significant but value and profitability are marginally significant. Using the Gross Domestic Product-Growth augmented model, a slight growth in R-square is observed. The size, value and profitability factors are recommended to the investors for Pakistan Stock Exchange. Conclusively, in the Pakistani market, the Gross Domestic Product-Growth indicates a feeble moderating effect between risk-premia and portfolio returns.

Keywords: asset pricing puzzle, mediating role of GDP-growth, structural equation modeling, COVID-19 pandemic, Pakistan stock exchange

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Authors: Inese Tenberga

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Undoubtedly, the focus of the present capitalist system of finance has shifted from the concept of productivity of money to the ‘cult of money’, which is characterized by such notions as speculative activity, squander, self-profit, vested interest, etc. The author is certain that a civilized society cannot follow this economic path any longer and therefore suggests that one solution would be to integrate the Islamic financial model in the banking sector of the EU to overcome its economic vulnerability and structurally transform its economies or build resilience against shocks and crisis. The researcher analyses the Islamic financial model, which is providing the basis for the concept of non-productivity of money, and proposes to consider it as a new paradigm of economic thinking. The author argues that it seeks to establish a broad-based economic well-being with an optimum rate of economic growth, socio-economic justice, equitable distribution of income and wealth. Furthermore, the author analyses and proposes to use the experience of member states of the Islamic Development Bank for the formation of a new EU interest free banking. It is offered to create within the EU banking system a credit sector and investment sector respectively. As a part of the latter, it is recommended to separate investment banks specializing in speculative investments and non­speculative investment banks. Meanwhile, understanding of the idea of Islamic banking exclusively from the perspective of the manner of yielding profit that differs from credit banking, without considering the legal, social, ethical guidelines of Islam impedes to value objectively the advantages of this type of financial activities at the non-Islamic jurisdictions. However, the author comes to the conclusion the imperative of justice and virtue, which is inherent to all of us, exists regardless of religion. The author concludes that the global community should adopt the experience of the Muslim countries and focus on the Islamic banking model.

Keywords: credit sector, EU banking system, investment sector, Islamic banking

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Authors: Ilhan Keskin, Hasan Bulent Kantarci

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In this study, one of the tools of Islamic financing known as “Sukuk” a non-interest bearing investment which has started to be implemented in Turkey and the world as a whole is discussed. In order to increase the vitality and efficiency of the economy, by taking lessons from the recent economic crisis new developments in the banking and investment sector are being expanded. The purpose of all investors is to obtain more revenue through the use of capital. The inability of traditional investment tools to meet the expectations of investors and the interest based financial system where one investor benefits at the expense of another there has been the need for a different, reliable and non-interest bearing financial market that is consistent with the Islamic rule. As a result an alternative and more reliable interest free financing tool “Sukuk” rental certificates covering people who are sensitive to Islamic rules, appeal to all segments, hidden remaining capital that contributes to the economy, reduce disparities in income distribution, common risk sharing system of profit and loss sharing has emerged. Today, for the structural countries by examining the state of the world market economy the applicability, enactment and future issues associated with this attractive kind of Islamic finance namely the “Sukuk” market has been explained.

Keywords: Islamic finance, islamic markets, non-interest bearing, rental certificates

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Authors: Fatemeh Fahimifar, Rouhollah Nazari, Seyed Mohammad Reza Hosseini

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Achieving an adaptable rate of economic growth has always been at the forefront of Iran development programs. In order to increase welfare level of the people in the society, all economic and social indices should be improved which is possible just in case of country's economic development and growth. While developing countries has realized the gap between developed countries and developing countries in today's world, a massive movement has been emerged in less developed countries to eliminate this economic gap. Hence this study investigates the effect of financial development, foreign direct investment and intellectual property on Iran's economic growth and taking into account other variables on economic growth such as impact of the share of foreign direct investment on GDP, government consumptive expenditure share of GDP has been paid. Period used in this study is related to the years 1974 to 2009. Also, in this research we have used Generalized Method of Moments (GMM) to examine relationship between variables. The results of this study indicate a meaningful and negative impact of financial development, the share of government consumptive expenditure to GDP and similarly, the initial GDP on economic growth. Also, the degree of economy openness, foreign direct investment and intellectual property has a meaningful positive impact on economic growth.

Keywords: financial development, FDI, intellectual property, economic growth, Iran

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Authors: Ezeoke Callistus Obiora, Ezeoke Nneka Angela

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The study investigated the effect of deficit financing on macroeconomic variables in Nigeria. The specific objectives included to find out the relationship between deficit financing and GDP, interest rate, inflation rate, money supply, exchange rate and private investment respectively on a time series covering a period of 44 years (1970 – 2013). The Ordinary Least Square multiple regression produced statistics for the coefficient of determination (R2), F-test, t-test used for the interpretation of the study. The findings revealed that Deficit financing has significant positive effect on GDP and exchange rate. Again, deficit financing has a positive and insignificant relationship inflation, money supply and investment. Only interest rate recorded negative yet insignificant relationship with deficit financing. The implications of the findings are that deficit financing can be a veritable tool for boosting economic development in Nigeria, but the influential positively rising exchange rate implies that deficit financing devalues the Naira exchange rate to other currencies indicating that deficit financing can affect Nigerians competitive advantage at the world market. Thus, the study concludes that deficit financing has not encouraged economic growth in Nigeria.

Keywords: deficit financing, money supply, exchange rate, inflation, GDP, investment, Nigeria

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Authors: Jonathan E. Oghenekohwo

Abstract:

The return to scale constitutes a significant investment index in the determination of the quantum of resources that is deployed in investment decision on worker’s continuing professional development. Such investment decision is always predicted on the expected outcomes to the individual, institution and the society in context. Several investments in the development of human capacity on the job have been made, but the return to the scale of such seems not to have been correlated positively with the quantum of resources invested in terms of productivity and performance among workers in many universities. This paper thus found out that, despite the commitment and policy instrument to avail workers the right of continuing professional development, the multiplier effects are not evident in diligence, commitment, honesty, dedication, productivity and improved performance on the job among most administrative staff in Nigerian Universities This author, therefore concludes that, given the policy on the right of workers to get trained on-the job, the outcomes of such training must reflect on the overall performance indices, otherwise, institutions should carry out a forensic analysis of the types of continuing professional development programmes that workers participate in, whether or not, they are consistent with the vision and mission of the institutions in terms of economies of scale of workers professional development to the individual, institution and the nation in context.

Keywords: continuing, professional development, economies of scale, worker’s education, administrative staff

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Authors: Oluwagbenga B. Fatile, Felix U. Idu, Olajide T. Sanya

Abstract:

This paper reports the viability of developing Zn-27Al alloy matrix hybrid composites reinforced with alumina, graphite and fly ash (a solid waste byproduct of coal in thermal power plants). This research work was aimed at developing low cost-high performance Zn-27Al matrix composite with low density. Alumina particulates (Al2O3), graphite added with 0, 2, 3, 4, and 5 wt% fly ash were utilized to prepare 10wt% reinforcing phase with Zn-27Al alloy as matrix using two-step stir casting method. Density measurement estimated percentage porosity, tensile testing, micro hardness measurement, and optical microscopy were used to assess the performance of the composites produced. The results show that the hardness, ultimate tensile strength, and percent elongation of the hybrid composites decrease with increase in fly ash content. The maximum decrease in hardness and ultimate tensile strength of 13.72% and 15.25% respectively were observed for composite grade containing 5wt% fly ash. The percentage elongation of composite sample without fly ash is 8.9% which is comparable with that of the sample containing 2wt% fly ash with percentage elongation of 8.8%. The fracture toughness of the fly ash containing composites was, however, superior to those of composites without fly ash with 5wt% fly ash containing composite exhibiting the highest fracture toughness. The results show that fly ash can be utilized as complementary reinforcement in ZA-27 alloy matrix composite to reduce cost.

Keywords: fly ash, hybrid composite, mechanical behaviour, stir-cast

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Authors: Pooja Ahuja, Tejal Bhutani, M. S. Dahiya

Abstract:

Cheiloscopy, the study of lip prints, is a tool in forensic investigation technique that deals with identification of individuals based on lips patterns. The objective of this study is to determine predominant lip print pattern found among the Gujarati population, to evaluate whether any sex difference exists and to study the permanence of the pattern over six months duration. The study comprised of 100 healthy individuals (50 males and 50 females), in the age group of 18 to 25 years of Gujarati population of the Gandhinagar region of the Gujarat state, India. By using Suzuki and Tsuchihashi classification, Lip prints were then divided into four quadrants and also classified on the basis of peripheral shape of the lips. Materials used to record the lip prints were dark brown colored lipstick, cellophane tape, and white bond paper. Lipstick was applied uniformly, and lip prints were taken on the glued portion of cellophane tape and then stuck on to a white bond paper. These lip prints were analyzed with magnifying lens and virtually with stereo microscope. On the analysis of the subject population, results showed Branched pattern Type II (29.57 percentage) to be most predominant in the Gujarati population. Branched pattern Type II (35.60 percentage) and long vertical Type I (28.28 percentage) were most prevalent in males and females respectively and large full lips were most predominantly present in both the sexes. The study concludes that lip prints in any form can be an effective tool for identification of an individual in a closed or open group forms.

Keywords: cheiloscopy, lip pattern, predomianant, Gujarati population

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Authors: Moyosooore A. Babalola, Ayodeji S. Ogunleye

Abstract:

The main focus of the study was to determine the profitability of investment in the Oil Palm value chain of Osun State, Nigeria in 2015. The specific objectives were to describe the socio-economic characteristics of Oil Palm investors (producers, processors and marketers), to determine the profitability of the investment to investors in the Oil Palm value chain, and to determine the factors affecting the profitability of the investment of the oil palm investors in Osun state. A sample of 100 respondents was selected in this cross-sectional survey. Multiple stage sampling procedure was used for data collection of producers and processors while purposive sampling was used for marketers. Data collected was analyzed using the following analytical tools: descriptive statistics, budgetary analysis and regression analysis. The results of the gross margin showed that the producers and processors were more profitable than the marketers in the oil palm value chain with their benefit-cost ratios as 1.93, 1.82 and 1.11 respectively. The multiple regression analysis showed that education and years of experience were significant among marketers and producers while age and years of experience had significant influence on the gross margin of processors. Based on these findings, improvement on the level of education of oil palm investors is recommended in order to address the relatively low access to post-primary education among the oil palm investors in Osun State. In addition to this, it is important that training be made available to oil palm investors. This will improve the quality of their years of experience, ensuring that it has a positive influence on their gross margin. Low access to credit among processors and producer could be corrected by making extension services available to them. Marketers would also greatly benefit from subsidized prices on oil palm products to increase their gross margin, as the huge percentage of their total cost comes from acquiring palm oil.

Keywords: oil palm, profitability analysis, regression analysis, value chain

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Authors: Piriya Pholphirul, Pungpond Rukumnuaykit

Abstract:

Contrary to studies of other migrant-receiving countries, most of which are developed countries, this paper examines impacts of immigrant workers on innovative capacities in Thailand, which is not only a representative of a receiving country that is a developing country but also a country where the majority of its immigrant workers are unskilled. Analysis of firm-level survey data in Thailand finds that employing unskilled and cheap labor from neighboring countries, namely, Myanmar, the Lao PDR, and Cambodia, is like adopting a kind of “labor-saving technology” which actually impedes firms’ R&D investment. Contrary to developed countries in which immigrants are found to boost innovation and promote sustainable growth, in Thailand, even though employing unskilled immigrant workers helps firms maintain their cost competitiveness in the short run, its negative impacts on R&D investment tend to hamper improvements in productivity and thus diminish global competitiveness in the long run. Employing skilled or educated migrants, on the other hand, complements technological progress and encourages firms to innovate more quickly. In addition, the paper finds that providing government incentives and promoting access to financing have become effective tools in facilitating Thai firms’ investment in innovation.

Keywords: immigration, innovation, developing country, Thailand

Procedia PDF Downloads 392