Search results for: equity returns

Authors: Olga Orynycz, Andrzej Wasiak

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Mathematical model describing energetic efficiency (defined as a ratio of energy obtained in the form of biofuel to the sum of energy inputs necessary to facilitate production) of agricultural subsystem as a function of technological parameters was developed. Production technology is characterized by parameters of machinery, topological characteristics of the plantation as well as transportation routes inside and outside of plantation. The relationship between the energetic efficiency of agricultural and industrial subsystems is also derived. Due to the assumed large area of the individual field, the operations last for several days increasing inter-fields routes because of several returns. The total distance driven outside of the fields is, however, small as compared to the distance driven inside of the fields. This results in small energy consumption during inter-fields transport that, however, causes a substantial decrease of the energetic effectiveness of the whole system.

Keywords: biofuel, energetic efficiency, EROEI, mathematical modelling, production system

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Authors: Jayesh M. Patel, Bharat P. Modi

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The availability of on mobile devices that can invoke the demonstrated that the total data demand from users is far higher than previously articulated by measurements based solely on a cellular-centric view of smart-phone usage. The ratio of Wi-Fi to cellular traffic varies significantly between countries, This paper is shown the compression between the cellular data usage and Wi-Fi data usage by the user. This strategy helps operators to understand the growing importance and application of yield management strategies designed to squeeze maximum returns from their investments into the networks and devices that enable the mobile data ecosystem. The transition from unlimited data plans towards tiered pricing and, in the future, towards more value-centric pricing offers significant revenue upside potential for mobile operators, but, without a complete insight into all aspects of smartphone customer behavior, operators will unlikely be able to capture the maximum return from this billion-dollar market opportunity.

Keywords: cellular, Wi-Fi, mobile, smart phone

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Authors: Chih-Hsiang Chang, Chia-Ching Tsai

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The aim of this study is to examine the stock price effect of the enterprises being classified as socially responsible. We explore the stock price response to the announcement that an enterprise is selected for the Taiwan Corporate Sustainability Awards. Empirical results indicate that the announcements of the Taiwan Corporate Sustainability Awards provide useful informational content to stock market. We find the evidence of insignificantly positive short-term and significantly positive long-term price reaction to the enterprises being classified as socially responsible. This study concludes that investors in the Taiwan stock market tend to view an enterprise being selected for the Taiwan Corporate Sustainability Awards as one with superior quality and long-term price potential.

Keywords: corporate social responsibility, stock price effect, Taiwan stock market, investments

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Authors: Yih-Wenn Laih

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In recent times, the dependence and co-movement among international financial markets have become stronger than in the past, as evidenced by commentaries in the news media and the financial sections of newspapers. Studying the co-movement between returns in financial markets is an important issue for portfolio management and risk management. The realization of co-movement helps investors to identify the opportunities for international portfolio management in terms of asset allocation and pricing. Since the election of the new Prime Minister, Shinzo Abe, in November 2012, the yen has weakened against the US dollar from the 80 to the 120 level. The policies, known as “Abenomics,” are to encourage private investment through a more aggressive mix of monetary and fiscal policy. Given the close economic relations and competitions among Asia markets, it is interesting to discover the co-movement relations, affected by the depreciation of yen, between stock market of Japan and 5 major Asia stock markets, including China, Hong Kong, Korea, Singapore, and Taiwan. Specifically, we devote ourselves to measure the co-movement of stock markets between Japan and each one of the 5 Asia stock markets in terms of rank correlation coefficients. To compute the coefficients, return series of each stock market is first fitted by a skewed-t GARCH (generalized autoregressive conditional heteroscedasticity) model. Secondly, to measure the dependence structure between matched stock markets, we employ the symmetrized Joe-Clayton (SJC) copula to calculate the probability density function of paired skewed-t distributions. The joint probability density function is then utilized as the scoring scheme to optimize the sequence alignment by dynamic programming method. Finally, we compute the rank correlation coefficients (Kendall's  and Spearman's ) between matched stock markets based on their aligned sequences. We collect empirical data of 6 stock indexes from Taiwan Economic Journal. The data is sampled at a daily frequency covering the period from January 1, 2013 to July 31, 2015. The empirical distributions of returns indicate fatter tails than the normal distribution. Therefore, the skewed-t distribution and SJC copula are appropriate for characterizing the data. According to the computed Kendall’s τ, Korea has the strongest co-movement relation with Japan, followed by Taiwan, China, and Singapore; the weakest is Hong Kong. On the other hand, the Spearman’s ρ reveals that the strength of co-movement between markets with Japan in decreasing order are Korea, China, Taiwan, Singapore, and Hong Kong. We explore the effects of “Abenomics” on Asia stock markets by measuring the co-movement relation between Japan and five major Asia stock markets in terms of rank correlation coefficients. The matched markets are aligned by a hybrid method consisting of GARCH, copula and sequence alignment. Empirical experiments indicate that Korea has the strongest co-movement relation with Japan. The strength of China and Taiwan are better than Singapore. The Hong Kong market has the weakest co-movement relation with Japan.

Keywords: co-movement, depreciation of Yen, rank correlation, stock market

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Authors: Giriraj Achari, Malay Bhattacharyya

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In this paper, the effectiveness of Copula Markov Switching Multifractal (MSM) models at forecasting Value-at-Risk of a two-stock portfolio is studied. The innovations are allowed to be drawn from distributions that can capture skewness and leptokurtosis, which are well documented empirical characteristics observed in financial returns. The candidate distributions considered for this purpose are Johnson-SU, Pearson Type-IV and α-Stable distributions. The two univariate marginal distributions are combined using the Student-t copula. The estimation of all parameters is performed by Maximum Likelihood Estimation. Finally, the models are compared in terms of accurate Value-at-Risk (VaR) forecasts using tests of unconditional coverage and independence. It is found that Copula-MSM-models with leptokurtic innovation distributions perform slightly better than Copula-MSM model with Normal innovations. Copula-MSM models, in general, produce better VaR forecasts as compared to traditional methods like Historical Simulation method, Variance-Covariance approach and Copula-Generalized Autoregressive Conditional Heteroscedasticity (Copula-GARCH) models.

Keywords: Copula, Markov Switching, multifractal, value-at-risk

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Authors: Jam Harley

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The COVID-19 epidemic accelerated the speed of change in the workplace. Overnight, several individuals shifted from co-location in an office to hybrid or remote work. The pandemic also expedited and intensified the need to address persistent leadership and management concerns, including digital transformation, remote management, leading through fast change, anxiety, and uncertainty. Nonetheless, many leaders have failed to address the problems left behind by the epidemic. In a fundamental work devoted to comprehending what constitutes a human need, Maslow reiterates similar descriptors in his explanation of belongingness as the human need to be accepted, acknowledged, respected, and appreciated by a community of other individuals. This study aims to investigate the lived experiences of dispersed hybrid team members in order to find leadership best practices that improve team performance and retention through an increased individual’s sense of belonging.

Keywords: organizational change, belonging, diversity, equity

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Authors: Iacopo Odoardi, Emanuele Felice, Dario D'Ingiullo

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We investigate the role of human capital in the Chinese inland-coastal inequality and how the consequences of the 2007-2008 crisis may induce China to refocus its development path on human capital. We compare panel data analyses for two periods for the richer/coastal and the relatively poor/inland provinces. Considering the rapid evolution of the Chinese economy and the changes forced by the international crisis, we wonder if these events can lead to rethinking local development paths, fostering greater attention on the diffusion of higher education. We expect that the consequences on human capital may, in turn, have consequences on the inland/coastal dualism. The focus on human capital is due to the fact that the growing differences between inland and coastal areas can be explained by the different local endowments. In this respect, human capital may play a major role and should be thoroughly investigated. To assess the extent to which human capital has an effect on economic growth, we consider a fixed-effects model where differences among the provinces are considered parametric shifts in the regression equation. Data refer to the 31 Chinese provinces for the periods 1998-2008 and 2009-2017. Our dependent variable is the annual variation of the provincial gross domestic product (GDP) at the prices of the previous year. Among our regressors, we include two proxies of advanced human capital and other known factors affecting economic development. We are aware of the problem of conceptual endogeneity of variables related to human capital with respect to GDP; we adopt an instrumental variable approach (two-stage least squares) to avoid inconsistent estimates. Our results suggest that the economic strengths that influenced the Chinese take-off and the dualism are confirmed in the first period. These results gain relevance in comparison with the second period. An evolution in local economic endowments is taking place: first, although human capital can have a positive effect on all provinces after the crisis, not all types of advanced education have a direct economic effect; second, the development path of the inland area is changing, with an evolution towards more productive sectors which can favor higher returns to human capital. New strengths (e.g., advanced education, transport infrastructures) could be useful to foster development paths of inland-coastal desirable convergence, especially by favoring the poorer provinces. Our findings suggest that in all provinces, human capital can be useful to promote convergence in growth paths, even if investments in tertiary education seem to have a negative role, most likely due to the inability to exploit the skills of highly educated workers. Furthermore, we observe important changes in the economic characteristics of the less developed internal provinces. These findings suggest an evolution towards more productive economic sectors, a greater ability to exploit both investments in fixed capital and the available infrastructures. All these aspects, if connected with the improvement in the returns to human capital (at least at the secondary level), lead us to assume a better reaction (i.e., resilience) of the less developed provinces to the crisis effects.

Keywords: human capital, inland-coastal inequality, Great Recession, China

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Authors: Ahmed BenSaïda

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This paper investigates the association between financial technology (FinTech) growth and bank performance in the Gulf Cooperation Council (GCC) region. Application is conducted on a panel dataset containing the annual observations of banks covering the period from 2012 to 2021. FinTech growth is set as an explanatory variable on three proxies of bank performance. These proxies are the return on assets (ROA), return on equity (ROE), and net interest margin (NIM). Moreover, several control variables are added to the model, including bank-specific and macroeconomic variables. The results are significant as all the proxies of the bank performance are negatively affected by the growth of FinTech startups. Consequently, banks are urged to proactively invest in FinTech startups and engage in partnerships to avoid the risk of disruption.

Keywords: financial technology, bank performance, GCC countries, panel regression

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Authors: David Wuepper, Marc Patry

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UNESCO’s World Heritage program requests the inscribed locations to promote the World Heritage brand by clearly presenting information about it on-site. Based on feedback from over 319,000 visitors at 791 locations, we create an index that shows how much the World Heritage sites actually brand themselves as such. We find great heterogeneity throughout the list and explain this econometrically mostly with the economic benefit for the sites but also with cultural brand preferences, which are highest in Asia, followed by Europe and North America. We also find a positive relationship between World Heritage branding and conservation status and a U-shaped relationship between visitor numbers and WH branding. Based on our findings, we recommend to make clear World Heritage branding mandatory for all sites.

Keywords: UNESCO World Heritage, collective brand, cultural tourism, heritage conservation, brand equity, spatial econometrics

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Authors: Gladie Lui

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The global credit crisis of 2008 aroused renewed interest in the effectiveness of corporate governance mechanisms to safeguard investor interests. In this paper, we measure the effect of the crisis from 2008 to 2009 on the stock performance of 976 Hong Kong-listed companies and examine its link to corporate governance mechanisms. It is evident that the crisis and the economic downturn affected different industries. Empirical results show that firms with an independent board and a high concentration of ownership and management ownership had lower abnormal stock returns, but a lower price volatility during the global financial crisis. These results highlight that no single corporate governance mechanism is fit for all types of financial crises and time frames. To strengthen investors’ confidence in the ability of companies to deal with such swift financial catastrophes, companies should enhance the dynamism and responsiveness of their governance mechanisms in times of turbulence.

Keywords: board of directors, capital market, corporate governance, financial crisis

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Authors: Martin Bugeja, Helen Spiropolos

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Using a sample of U.S. firms during the period 1993-2015, this study examines whether mergers and acquisitions (M&A) impact the compensation of the Chief Financial Officer (CFO) in the bidding and integration phases of M&As. The study finds that after controlling for CEO power, CFOs’ total compensation is higher during M&A years and is driven by higher equity incentives. These results are robust to controlling for self-selection. Furthermore, CFOs receive a greater bonus during the year of acquisition and the year prior. The study also investigates if CFO compensation during M&A years is driven by M&A characteristics and finds that deal size and diversification are positively related to total compensation while completion time is negatively related. The results are robust to a number of sensitivity tests and additional analyses.

Keywords: chief financial officer, compensation, mergers, acquisitions

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Authors: Dany Ng Cheong Vee, Preethee Nunkoo Gonpot, Noor Sookia

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In this paper, we consider the application of Extreme Value Theory as a risk measurement tool. The Value at Risk, for a set of indices, from six Stock Exchanges of Frontier markets is calculated using the Peaks over Threshold method and the performance of the model index-wise is evaluated using coverage tests and loss functions. Our results show that 'fat-tailedness' alone of the data is not enough to justify the use of EVT as a VaR approach. The structure of the returns dynamics is also a determining factor. This approach works fine in markets which have had extremes occurring in the past thus making the model capable of coping with extremes coming up (Colombo, Tunisia and Zagreb Stock Exchanges). On the other hand, we find that indices with lower past than present volatility fail to adequately deal with future extremes (Mauritius and Kazakhstan). We also conclude that using EVT alone produces quite static VaR figures not reflecting the actual dynamics of the data.

Keywords: extreme value theory, financial crisis 2008, value at risk, frontier markets

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Authors: Temitope Faloye

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The absence of equity and transparency in Nigeria's economic system has resulted in unemployment. Women’s unemployment rate remains higher because women's range of jobs is often narrower due to discriminatory attitudes of employers and gender segregation in the labor market. Gender inequality is one of the strong factors of unemployment, especially in developing countries like Nigeria, where the female gender is marginalized in the labor force market. However, gender equality in terms of labor market access and employment condition has not yet been attained. Feminist theory is considered as an appropriate theory for this study. The study will use a mixed-method design, collecting qualitative and quantitative data to provide answers to the research questions. Therefore, the research study aims to investigate the present situation of gender inequality in the Nigerian labor market.

Keywords: unemployment, gender inequality, gender equality, labor market, female graduate

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Authors: Polamorn Tamprateep, Warapong Thakanun

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This researchs' objectives are: 1. To study the customer demographics that affects the purchasing behavior; 2. To study the marketing mix that affects the purchasing behavior; 3. To study the relationship between purchasing behavior and customers’ perception of Brand Equity. Population of this research is Starbucks Coffee (Thailand) customers in Bangkok. The tool used in this study was questionnaire created from concepts, theories and related researches. The study showed that, of 400 respondents, overall opinion received high score (xˉ= 3.77). When each item is considered, it was found that ‘Staff are knowledgeable in providing service.’, ‘ Staff are friendly.’, ‘Staff possess good communication skill with customers.’, ‘Staff know all types of coffee well.’, and ‘Staff are enthusiastic in giving service.’, all these items received high score with a mean of 3.92, 3.87, 3.77, 3.71 and 3.63, respectively.

Keywords: mix attitude of the product, consumer, buying behavior, Starbucks

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Authors: Deniz Peksen

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This thesis aims to predict trend movement of closing price of stock and to maximize portfolio by utilizing the predictions. In this context, the study aims to define a stock portfolio strategy from models created by using Logistic Regression, Gradient Boosting and Random Forest. Recently, predicting the trend of stock price has gained a significance role in making buy and sell decisions and generating returns with investment strategies formed by machine learning basis decisions. There are plenty of studies in the literature on the prediction of stock prices in capital markets using machine learning methods but most of them focus on closing prices instead of the direction of price trend. Our study differs from literature in terms of target definition. Ours is a classification problem which is focusing on the market trend in next 20 trading days. To predict trend direction, fourteen years of data were used for training. Following three years were used for validation. Finally, last three years were used for testing. Training data are between 2002-06-18 and 2016-12-30 Validation data are between 2017-01-02 and 2019-12-31 Testing data are between 2020-01-02 and 2022-03-17 We determine Hold Stock Portfolio, Best Stock Portfolio and USD-TRY Exchange rate as benchmarks which we should outperform. We compared our machine learning basis portfolio return on test data with return of Hold Stock Portfolio, Best Stock Portfolio and USD-TRY Exchange rate. We assessed our model performance with the help of roc-auc score and lift charts. We use logistic regression, Gradient Boosting and Random Forest with grid search approach to fine-tune hyper-parameters. As a result of the empirical study, the existence of uptrend and downtrend of five stocks could not be predicted by the models. When we use these predictions to define buy and sell decisions in order to generate model-based-portfolio, model-based-portfolio fails in test dataset. It was found that Model-based buy and sell decisions generated a stock portfolio strategy whose returns can not outperform non-model portfolio strategies on test dataset. We found that any effort for predicting the trend which is formulated on stock price is a challenge. We found same results as Random Walk Theory claims which says that stock price or price changes are unpredictable. Our model iterations failed on test dataset. Although, we built up several good models on validation dataset, we failed on test dataset. We implemented Random Forest, Gradient Boosting and Logistic Regression. We discovered that complex models did not provide advantage or additional performance while comparing them with Logistic Regression. More complexity did not lead us to reach better performance. Using a complex model is not an answer to figure out the stock-related prediction problem. Our approach was to predict the trend instead of the price. This approach converted our problem into classification. However, this label approach does not lead us to solve the stock prediction problem and deny or refute the accuracy of the Random Walk Theory for the stock price.

Keywords: stock prediction, portfolio optimization, data science, machine learning

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Authors: Natnicha Hasoontree

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The purpose of this paper was to study the relationship between brand value and perceived brand quality of television viewers in Bangkok towards the television business in Thailand. The population included television viewers in Bangkok, Thailand. A probability sampling technique was performed to get a sample group that included 500 respondents. Taro Yamane technique was utilized to get a proper sample size. A five Likert scale questionnaire was designed specifically to investigate brand value and perceived brand quality from the perspectives of television viewers in Bangkok. The findings implied that consumers in Bangkok attached a high importance towards the brand equity of television companies that comprised brand ability, brand reputation, brand credibility, and business ethics. Perceived brand quality received high rank in all aspects.

Keywords: brand value, perceived brand quality, television business, television viewers

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Authors: Bacha Zakaria

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This study aimed to investigate the reality of humane treatment and work environment problems for nurses in public hospitals and their repercussions on the patients arriving there. In this curve, our field study was based on a sample of nurses in Algiers hospitals estimated at 100 nurses. The questionnaire prepared by the two researchers was applied face to face with the nurses, and after obtaining and analyzing the data, we concluded the most important results: The presence of many problems in the work environment, such as work pressures, lack of appreciation, verbal and physical violence, risk of infection, poor salary and incentives, working during fatigue, administrative problems etc. And accordingly, The embodiment of humane dealing with patients requires providing a humane work environment for nurses and dealing with them humanely so that they embody positive behaviors while dealing with patients.

Keywords: nursing, future, family-focused care, health equity

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Authors: Md Abu Saieed

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Crafting and implementing public policy is one of the indispensable works in any form of state and government. But the policy objectives, methods of formulation and tools of implementation might be different based on the ideological nature, historical legacy, structure and capacity of administration and management and other push and factors. Public policy in Islamic economic system needs to be based on the key guidelines of divine scriptures along with other sources of sharia’h. As a representative of Allah (SWT), the governor and other apparatus of the state will formulate and implement public policies which will enable to establish a true welfare state based on justice, equity and equality. The whole life of Prophet Muhammad (pbuh) and his policy in operating state of affairs in Madina is the practical guidelines for the policy actors and professionals in Islamic system of economics. Moreover, policy makers need to be more meticulous in formulating Islamic public policy which meets the needs and demands of contemporary worlds as well.

Keywords: formulation, Islam, public policy, policy factors, Sharia’h

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Authors: Onyia Comfort Ngozi, Iketaku Ifeoma Roseline

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Inspite of the laudable goals and objectives in education, Nigerian women, still face a lot of challenges that hinder the personal and national development. There are unbalances between males and females at all levels of the science education sector in Nigeria. Educate a woman, and you educate a nation, and if you educate a man, you educate an individual. It is on this note that the paper focuses on bridging the gender gap as it concerns science education in Nigeria. Suggestions were made as measures of bridging the gender gap in Nigerian education sector. The researchers concluded that achieving gender equality will promote greater equality in employment, help postpone early marriages, reduce infant mortality rates and improve health and education for a future generation. Thus, the paper recommended that government should involve women in policy making to take care of any gender issue and bias that may be included either consciously or not, during formulation stage.

Keywords: education, gender, science education, women, equality

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Authors: Ummu Salma Al Azizah, Herri Mulyono, Anisa Mauliata Suryana

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The significance of corporate governance regarding to the agency problem have been transparent. This study examine the impact of corporate governance on the performance of Islamic banking in Indonesia. By using fixed effect model and added some control variable, the current study try to explore the correlation between the theoretical framework on corporate governance, such as agency theory and risk management theory. The bank performance (Return on Asset and Return on Equity) which are operational performance and financial performance. And Corporate governance based on Board size, CEO duality, Audit committee and Shariah supervisory board. The limitation of this study only focus on the Islamic banks performance from year 2015 to 2020. The study fill the gap in the literature by addressing the issue of corporate governance on Islamic banks performance in Indonesia.

Keywords: corporate governance, financial performance, islamic banks, listed companies, Indonesia

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Authors: Abdullah Mohamed, Raipat Vaidehi

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With increasing immigration to urban areas, every city is experiencing shortage of housing. Vertical habitats are the only solution to this problem, it is hence important to make sure that these habitats are environmentally, socially and economically sustainable. A lot of work on vertical habitats has already been carried out in terms of environmental and economic sustainability, hence this research aims to study the aspects of social sustainability of the vertical habitats. It being the least studied topic, opens many reals of novelty and uniqueness. In this Research, user perception survey and various mapping methods have been used to study the social sustainability of the existing vertical habitats in the selected cities. The various aspects that can be used to define social sustainability of any place include; safety, equity, accessibility, legibility, imagibility, readability, memorability and ease of movement. This research would help to evolve new strategies in form of design and/or guidelines to make the existing vertical habitats socially sustainable.

Keywords: user lifestyle, user perception, social sustainability, vertical habitats

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Authors: K. Y. Shih, H. M. Lin, S. Y. Lee, T. L. Hong

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Recently a number of food safety scandals have been on the news. In view of the fact that in Taiwan the majority of undergraduate college students reside in the dorms and dine out, the problem of restaurant sanitation is of utmost importance in their lives. The purpose of this study is to analyze students' dining habit and their perception of food safety. Four universities in the city of Tainan were randomly selected, and from each selected university a class was then chosen to receive 50 questionnaires. The total of 200 questionnaires yielded 144 usable returns. Students were asked to respond to questions, and each question was graded on a scale from 1 to 5 according to the importance. There were 32 questions ranging over various aspects: cleanliness of surroundings, washroom, food sanitation, serving temperature, kitchen sanitation, and service personnel cleanliness. It is found that the food sanitation received the highest score, while the service personnel ranked the lowest. An incidental finding is that the students tend to dine out in groups and as such their choice of restaurants are mostly dictated by consensus.

Keywords: food safety, restaurant, risk perception, sanitation

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Authors: Ola Hosny

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This paper illustrates promoters’ role in any development project and factors affecting their performance. The paper starts by giving an overview of the Egyptian context and the born of non-formal education. This is then followed by answers to the following questions; who are promoters, why build promoters’ skills, do promoters suffer from any forms of social injustice, what is meant by leadership’s skills, why build promoters’ leadership skills in specific, and finally what is the desired final destination. Given the fact that promoters are the actual implementers on ground of any project, this paper pinpoints the extent to which promoters' capacities should be developed to institutionalize projects' values into the community, transfer knowledge, and be able to act as pillars of change to sustain the maximum achievements from any intervention, illustrating the role of education for sustainable development. The paper wraps-up by a conclusion that reflects the main findings.

Keywords: social justice, women's empowerment, gender equity, young rural women, promoters

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Authors: Meltem Gurunlu

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One of the central problems in corporate finance is the allocation of funds. This usually takes two forms: allocation of funds across firms in an economy or allocation of funds across projects or business units within a firm. The first one is typically related to the external markets (the bond market, the stock market, banks and finance companies) whereas the second form of the capital allocation is related to the internal capital markets in which corporate headquarters allocate capital to their business units. (within-group transfers, within-group credit markets, and within-group equity market). The main aim of this study is to investigate the nature of capital allocation dynamics by comparing the relevant studies carried out on external and internal capital markets with paying special significance to the business groups.

Keywords: internal capital markets, external capital markets, capital structure, capital allocation, business groups, corporate finance

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Authors: Marcos Fabris

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The flaccidity of the contemporary art production, its banality and incapacity of raising social and political relevant issues, and its ubiquitous connection to an ever prospering art market have become a trite, prosaic mantra, a thought-terminating cliché repeated by many, at least in the academic circles, who constantly lament the absence of pressing issues, artistically articulated from a Marxist perspective. This ‘resignation’ or crystalized insistence to consider Contemporary Art as a monolithic block – insufficiently critical – seems to be part of a pattern in Art History, not excluding its leftist wings: the idea that Modernism was, too, a homogeneous movement, one that despite its attempts to establish meaningful connections between art and society are now part of a museological past. This post-mortem attributed to a ‘flat’ modernism disregards it’s highly contradictory character and diverging tendencies, in permanent conflict between themselves and part of a larger movement that questioned Capitalism – as a system. The aim of this presentation is to shed light on some of the most radical modern tendencies, how they articulated ways to figure the uneven and combined development, and how this ‘Alternative Modernism’ may inform, inspire, and make us advance critically in our struggles against the returns of Capitalism.

Keywords: art criticism, art history, contemporary art, modernism

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Authors: Josip Arneric, Blanka Skrabic Peric

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Forecasting of volatility, i.e. returns fluctuations, has been a topic of interest to portfolio managers, option traders and market makers in order to get higher profits or less risky positions. Based on the fact that volatility is time varying in high frequency data and that periods of high volatility tend to cluster, the most common used models are GARCH type models. As standard GARCH models show high volatility persistence, i.e. integrated behaviour of the conditional variance, it is difficult the predict volatility using standard GARCH models. Due to practical limitations of these models different approaches have been proposed in the literature, based on Markov switching models. In such situations models in which the parameters are allowed to change over time are more appropriate because they allow some part of the model to depend on the state of the economy. The empirical analysis demonstrates that Markov switching GARCH model resolves the problem of excessive persistence and outperforms uni-regime GARCH models in forecasting volatility for selected emerging markets.

Keywords: emerging markets, Markov switching, GARCH model, transition probabilities

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Authors: Seyed Reza Mirdehghan, Mohammad Reza Haeri Yazdi

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In this paper, the stability and the performance of a two-degree-of-freedom robot under an interaction with a unknown environment has been investigated. The time when the robot returns to its initial position after an interaction and the primary resistance of the robot against the impact must be reduced. Thus, the applied torque on the motor will be reduced. The impedance control is an appropriate method for robot control in these conditions. The stability of the robot at interaction moment was transformed to be a robust stability problem. The dynamic of the unknown environment was modeled as a weight function and the stability of the robot under an interaction with the environment has been investigated using the robust control concept. To improve the performance of the system, a force controller has been designed which the normalized impedance after interaction has been reduced. The resistance of the robot has been considered as a normalized cost function and its value was 0.593. The results has showed reduction of resistance of the robot against impact and the reduction of convergence time by lower than one second.

Keywords: impedance control, control system, robots, interaction

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Authors: Sayed Kifayat Shah, Tang Zhongjun, Arfa Tanveer

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This study explores the significant heatwave effect on stock return and volatility. Using an ARCH/GARCH approach, it examines the relationship between the heatwave of Karachi, Islamabad, and Lahore on the KSE-100 index. It also explores the impact of heatwave on returns of the pharmaceutical and electronics industries. The empirical results confirm that that stock return is positively related to the heat waves of Karachi, negatively related to that of Islamabad, and is not affected by the heatwave of Lahore. Similarly, pharmaceutical and electronics indices are also positively related to heatwaves. These differences in results can be ascribed to the change in the behavior of the residents of that city. The outcomes are useful for understanding an investor's behavior reacting to weather and fluxes in stock price related to heatwave severity levels. The results can support investors in fixing biases in behavior.

Keywords: ARCH/GARCH model, heat wave, KSE-100 index, stock market return

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Authors: Ghada Chater, Mounir Dhouib

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Zawiyas are mausoleums where saints called 'waly' are buried and where ritual practices of Sufi Islamic movement take place. These funerary monuments have constituted since the medieval period a fundamental component of rural and urban Islamic landscape, especially that of Tunisia.The hypothesis is that these monuments reflect in their architecture the Sufi underlying thought. The paper’s target is to verify the validity of this hypothesis and possibly show the incarnation mode of Islamic Sufi paradigm in the zawiya’s architecture. This study considers the main Zawiya of one of the most important religious brotherhoods in Tunisia, which is Kadiria. A morphological analysis has been conducted and crossed later to a spiritual hermeneutic test. The result of this confrontation was significant: the paradigmatic element of the zawiya, materialized by the esoteric / exoteric dome 'kubba', returns in its geometry and structure to one of the Sufism key concepts: the unity of the creative spirit in the diversity and plurality of evanescent bodies. Thus, the creative act finds its reflection not only in the spirit of the perfect human microcosm (the waly microcosm), but also within the building dedicated to him.

Keywords: architecture, Islam, Sufism, waly, zawiya

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Authors: T. Ganesan, M. S. Aris, I. Elamvazuthi, Momen Kamal Tageldeen

Abstract:

Terms set in power purchase agreements (PPA) challenge power utility companies in balancing between the returns (from maximizing power production) and securing long term supply contracts at capped production. The production limitation set in the PPA has driven efforts to maximize profits through efficient and economic power production. In this paper, a combined industrial-scale gas turbine (GT) - absorption chiller (AC) system is considered to cool the GT air intake for reducing the plant’s heat rate (HR). This GT-AC system is optimized while considering power output limitations imposed by the PPA. In addition, the proposed formulation accounts for uncertainties in the ambient temperature using Type-2 fuzzy programming. Using the enhanced chaotic differential evolution (CEDE), the Pareto frontier was constructed and the optimization results are analyzed in detail.

Keywords: absorption chillers (AC), turbine inlet air cooling (TIC), power purchase agreement (PPA), multiobjective optimization, type-2 fuzzy programming, chaotic differential evolution (CDDE)

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