Search results for: price of export products

Authors: Jie Zhang, Chaomin Zhang, Jihua Zhang, Haitong Li

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Using the theory of optimal distinctiveness, this study examines the effects of conformity and differentiation within corporate social responsibility (CSR) practices on capital market performance. Analysing data from Chinese A-share listed firms from 2007 to 2022, this paper demonstrates that when firms conform to the expected scope of CSR, such behaviour enhances investor attention and market acceptance, thereby boosting stock liquidity. Conversely, emphasising differentiation in CSR practices more effectively mitigates stock price crash risk by addressing principal–agent problems and decreasing information asymmetry. This paper also investigates how organisational and environmental factors moderate the relationship between conformity and differentiation in CSR practices and their impact on capital market performance. The results also show that the influence of conformity on stock liquidity is accentuated in smaller firms and environments with stringent legal oversight. By contrast, the benefits of differentiation in reducing stock price crash risk are amplified in firms with robust corporate governance and markets characterised by high uncertainty.

Keywords: corporate social responsibility, social responsibility practices, capital market performance, optimal distinctiveness

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Authors: Boudjenah-Haroun Saliha, Isselnane Souad, Nouani Abdelwahab, Baaissa Babelhadj, Mati Abderrahmane

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Algeria is experiencing significant development of the dairy sector, where consumption of milk and milk products increased by 2.7 million tons in 2008 to 4,400,000 tons in 2013, and cheese production has reached 1640 tons in the year 2014 with average consumption of 0.7 kg/person/year. Although rennet is still the most used coagulating enzyme in cheese, its production has been growing worldwide shortage. This shortage is primarily due to a growing increase in the production and consumption of cheese, and the inability to increase in parallel the production of rennet. This shortage has caused very large fluctuations in its price). To overcome these obstacles, much research has been undertaken to find effective and competitive substitutes used industrially. For this, the selection of a local production of rennet substitute is desirable. It would allow a permanent supply with limited dependence on imports and price fluctuations. Investigations conducted by our research team showed that extracts coagulants from the stomachs of older camels are characterized by a coagulating power than those from younger camels. The objective of this work is to study the possibility of substituting commercial rennet coagulant by gastric enzymes from adult camels for coagulation bovine milk. Excerpts from the raw camel coagulants obtained are characterized through their teneures proteins and clotting and proteolytic activities. Milk clotting conditions by the action of these extracts were optimized. Milk clotting time all treated with enzyme preparations and under different conditions was calculated. Bovine rennet has been used for comparison. The results show that crude extracts from gastric adult camel can be good substituting bovine rennet.

Keywords: Algeria, camel, cheese, coagulation, gastric extracts, milk

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Authors: Joana Carvalho, Margarida Soares, André Ribeiro, Lucas Nascimento, Nádia Valério, Zlatina Genisheva

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Following the exponential growth of human population, a remarkable increase in the amount of fish waste has been produced worldwide. The fish processing industry generates a considerable amount of by-products which represents a considerable environmental problem. Accordingly, the reuse and valorisation of these by-products is a key process for marine resource preservation. The significant volume of fish waste produced worldwide, along with its environmental impact, underscores the urgent need for the adoption of sustainable practices. The transformative potential of utilizing fish processing waste to create industrial value is gaining recognition. The substantial amounts of waste generated by the fish processing industry present both environmental challenges and economic inefficiencies. Different added-value products can be recovered by the valorisation industries, whereas fishing companies can save costs associated with the management of those wastes, with associated advantages, not only in terms of economic income but also considering the environmental impacts. Fish processing by-products have numerous applications; the target portfolio of products will be fish oil, fish protein hydrolysates, bacteriocins, pigments, vitamins, collagen, and calcium-rich powder, targeting food products, additives, supplements, and nutraceuticals. This literature review focuses on the main valorisation ways of fish wastes and different compounds with a high commercial value obtained by fish by-products and their possible applications in different fields. Highlighting its potential in sustainable resource management strategies can play and important role in reshaping the fish processing industry, driving it towards circular economy and consequently more sustainable future.

Keywords: fish process industry, fish wastes, by-products, circular economy, sustainability

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Authors: Anyapak Prapannetivuth

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The purpose of this research is to investigate the marketing mix that is perceived to be important for the small sized hotels in Pattaya. Unlike previous studies, this research provides insights through a review of the marketing activities performed by the small sized hotels. Nine owners and marketing manager of small sized hotels and resorts, all local Chonburi people, were selected for an in-depth interview. A snowball sampling process was employed. The research suggests that seven marketing mixes (e.g. Product, Price, Place, Promotion, People, Physical Evidence and Process) were commonly used by these hotels, however, three types – People, price and physical evidence were considered most important by the owners.

Keywords: marketing mix, marketing tools, small sized hotels, pattaya

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Authors: Rahmat Hajimineh, Ebrahim Rezaei Rad

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The war between Russia and Ukraine is considered a very important event in international relations, especially after the end of the Cold War, a war that has had wide dimensions since its beginning. Dimensions that, in addition to political issues, have especially affected the world economy and especially the two countries. The most important issue in the field of the economy that was affected by the war between Russia and Ukraine was the issue of energy. Russia is one of the largest producers and suppliers of natural gas for European countries, and 40% of European gas is supplied by Russia. For this reason, it is natural that European countries have problems in this regard. On the other hand, Ukraine is considered the gateway to Europe for Russia regarding the export of natural gas. The war in Ukraine has had severe effects on gas and energy in Europe. From this point of view, European countries are looking to diversify their energy path by switching to renewable energies, and they are also looking at other energy-producing countries like Qatar to meet their energy needs. In this article, we are trying to investigate the impact of the war between Russia and Ukraine on Qatar's policies in the field of fossil and renewable energy. The descriptive-analytical method and the theoretical framework of energy security have been used to review this article. Based on this, the article examines the situation of fossil and renewable energies in Qatar and, on the other hand, the effects of the war in Ukraine on both energies in Qatar. The findings of this article also indicate that Qatar has made changes in its energy policies after the war in Ukraine, which seems to be possible due to its high potential, especially in the field of renewable and fossil energy. There is an export of surplus production of this country to other countries, especially European countries.

Keywords: Ukraine War, fossil fuels, renewable energy, energy security, Qatar

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Authors: Zahra Ghasemi, Fatemeh Babaei

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Plasma-derived medicinal products are vital categories of biological therapies. These products are used to treat rare, chronic, severe, and life-threatening conditions, such as bleeding disorders (Hemophilia A and B), hemolytic disease of the fetus and newborn, severe infections, burns and liver diseases, and other diseases caused by the absence or malfunction of certain proteins. In addition, they improve the patient’s quality of life. The process of producing plasma-derived medicinal products begins with the collection of human plasma from healthy donors. This initial stage is complex and is monitored with high precision and sensitivity by global authorities to maintain the quality and safety of the final products as well as the health of the donors. The amount of manufactured plasma-derived medicinal products depends on the availability of its raw material, human plasma, so collecting enough plasma for fractionation is essential. Therefore, adopting a suitable national policy regarding plasma donation, establishing collection centers, and increasing public awareness of the importance of plasma donation will improve any country’s conditions regarding the timely and sufficient supply of these medicines. In this study, we tried to briefly examine the importance of sustainability of the plasma industry and its situation in our beloved country of Iran.

Keywords: plasma, source plasma, plasma-derived medicinal products, fractionation

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Authors: Asim Shabir, Ruqia Shaikh

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Supersized pricing is an effective strategy often used by marketers to make consumers buy more. However, such a strategy also results in more purchases and consumption, especially of hedonic food products. This study brings interesting insights about supersized pricing as it provides value-based justification to consumers; as a result, the guilt associated with the purchase and consumption of hedonic products diminishes, which mediates the impact between supersized pricing and size choice. Interestingly, there is a three-way interaction between pricing, product type, and health goal prime. Health prime diminishes the impact of supersized pricing in the case of more hedonic products (unhealthy) compared to less hedonic (perceived as healthy) products.

Keywords: supersized pricing, anticipated consumption guilt, health claim, product type

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Authors: Chang Ting, Wu Chun Kuan

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Wireless sensing technology is increasingly developed, in order to avoid caregiver neglect children in poor physiological condition, so there are more and more products into the wireless sensor-related technologies, in order to reduce the risk of infants. In view of this, the study will focus on Somatosensory detection wristbands Applied Research of Baby, and to explore through observation and literature, to find design criteria which conform baby products, as well as the advantages and disadvantages of existing products. This study will focus on 0-2 years of infant research and product design, to provide 2-3 new design concepts and products to identify weaknesses through the use of the actual product, further provide future baby wristbands design reference.

Keywords: infants, observation, design criteria, wireless sensing

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Authors: Sonali Agarwal

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The investor perception about investment avenues is affected to a great degree by the current happenings, within the country, and on the global stage. The influencing events can range from government policies, bilateral trade agreements, election agendas, to changing exchange rates, appreciation and depreciation of currency, recessions, meltdowns, bankruptcies etc. The current research attempts to discover and unravel the effect of various macroeconomic variables (crude oil price, gold price, silver price and USD exchange rate) on the Indian mutual fund industry in general and the chosen funds (Axis Gold Fund, BSL Gold Fund, Kotak Gold Fund & SBI gold fund) in particular. Cointegration tests and Vector error correction equations prove that the chosen variables have strong effect on the NAVs (net asset values) of the mutual funds. However, the greatest influence is felt from the fund’s own past and current information and it is found that when an innovation of fund’s own lagged NAVs is given, variance caused is high that changes the current NAVs markedly. The study helps to highlight the interplay of macroeconomic variables and their repercussion on mutual fund industry.

Keywords: cointegration, Granger causality, impulse response, macroeconomic variables, mutual funds, stationarity, unit root test, variance decomposition, VECM

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Authors: Periklis Brakatsoulas

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Recent empirical research shows a growing interest in investment decision-making under market anomalies that contradict the rational paradigm. Momentum is undoubtedly one of the most robust anomalies in the empirical asset pricing research and remains surprisingly lucrative ever since first documented. Although predominantly phenomena identified across equities, momentum premia are now evident across various asset classes. Yet few many attempts are made so far to provide traders a diversified portfolio of strategies across different assets and markets. Moreover, literature focuses on patterns from past returns rather than mechanisms to signal future price directions prior to momentum runs. The aim of this paper is to develop a diversified portfolio approach to price distortion signals using daily position data on stocks, credit derivatives, and bonds. An algorithm allocates assets periodically, and new investment tactics take over upon price momentum signals and across different ranking groups. We focus on momentum life cycles, trend reversals, and price acceleration signals. The main effort here concentrates on the density, time span and maturity of momentum phenomena to identify consistent patterns over time and measure the predictive power of buy-sell signals generated by these anomalies. To tackle this, we propose a two-stage modelling process. First, we generate forecasts on core macroeconomic drivers. Secondly, satellite models generate market risk forecasts using the core driver projections generated at the first stage as input. Moreover, using a combination of the ARFIMA and FIGARCH models, we examine the dependence of consecutive observations across time and portfolio assets since long memory behavior in volatilities of one market appears to trigger persistent volatility patterns across other markets. We believe that this is the first work that employs evidence of volatility transmissions among derivatives, equities, and bonds to identify momentum life cycle patterns.

Keywords: forecasting, long memory, momentum, returns

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Authors: Gideon Ndubuisi

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It is widely acknowledged that the quality of a country’s export matters more decisively than the quantity it exports. Hence, understanding the drivers of exported goods’ quality is a relevant policy question. Among other things, product quality upgrading is a considerable cost uncertainty venture that can be undertaken by an entrepreneur. Once a product is successfully upgraded, however, others can imitate the product, and hence, the returns to the pioneer entrepreneur are socialized. Along with this line, a government policy such as intellectual property rights (IPRs) protection which lessens the non-appropriability problem and incentivizes cost discovery investments becomes both a panacea in addressing the market failure and a sine qua non for an entrepreneur to engage in product quality upgrading. In addendum, product quality upgrading involves complex tasks which often require a lot of knowledge and technology sharing beyond the bounds of the firm thereby creating rooms for knowledge spillovers and imitations. Without an institution that protects upstream suppliers of knowledge and technology, technology masking occurs which bids up marginal production cost and product quality fall. Despite these clear associations between IPRs and product quality upgrading, the surging literature on the drivers of the quality of exported goods has proceeded almost in isolation of IPRs protection as a determinant. Consequently, the current study uses a difference-in-difference method to evaluate the effects of IPRs reforms on the quality of exported goods in 16 developing countries over the sample periods of 1984-2000. The study finds weak evidence that IPRs reforms increase the quality of all exported goods. When the industries are sorted into high and low-patent sensitive industries, however, we find strong indicative evidence that IPRs reform increases the quality of exported goods in high-patent sensitive sectors both in absolute terms and relative to the low-patent sensitive sectors in the post-reform period. We also obtain strong indicative evidence that it brought the quality of exported goods in the high-patent sensitive sectors closer to the quality frontier. Accounting for time-duration effects, these observed effects grow over time. The results are also largely consistent when we consider the sophistication and complexity of exported goods rather than just quality upgrades.

Keywords: exports, export quality, export sophistication, intellectual property rights

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Authors: Amel Graa, Maachou Dani El Kebir

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This paper investigates the impulse buying behavior of Algerian consumer. In that purpose, we try to better understand processes underlying impulsive buying experiences by examining the theoretical framework and using Mehrabian and Russell’s structure. A model is then proposed and tested on a sample of 1500 shoppers who were recruited among customers of food stores. This model aims to explain the role of some situational variables, personal variables, variables linked to the product characteristics and emotional states on the impulse buying behavior. Following to this empirical study, it was possible to conclude that Algerian consumer has a weak tendency toward impulse buying of food products. The results indicate that seller guidance has a significant impact on the impulse buying, whereas the price of the product was negatively related. According to the results; perception of crowding was associated with scarcity and it was positively linked with impulse buying behavior. This study can help marketers determine the in-store factors that impact purely spontaneous purchases of items that otherwise would not end up in the shopping cart. Our research findings offer important information for benchmarking managerial expectations with regard to product selection and merchandising decisions. As futures perspectives, we propose new research areas related to the impulse buying behavior such as studying different types of stores (for example supermarket), or other types of product (clothing), or studying consumption of food products in religious month of Muslims (Ramadan).

Keywords: impulse buying, situational variables, personal variables, emotional states, PAD model of Merhabian and Russell, Algerian consumer

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Authors: Maythaya Preeyanon

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Chanthaburi Province is a province with people of many nationalities, such as Thai, Chinese, Vietnamese, Chong, and Khmer, resulting in a cultural mix in the past. What is a famous cultural transmission of Chanthaburi province is Chanthaburi reed mat weaving. Due to the suitability of both the climate and topography near the edge of the location, reeds have the qualities to be used to produce mats very well. There have been improvements in the methods of planting, dyeing, and weaving into various patterns that have been passed down as folk wisdom from generation to generation. Currently, there are brands of products belonging to the new generation that add creativity and add value through storytelling. Revive the value of reed mat products to increase in value until they can be exported to sell abroad. This research has therefore been conducted in order to decipher the success in transferring the Chanthaboon reed mat culture capital which has successfully advanced to being a creative economy so that it can be applied to other types of local wisdom or other local products.

Keywords: cultural capital, creative economy, communication, local product

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Authors: Nathenal Thomas Lambamo

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Based on the fact that more than 85% of the labor force and 90% of the export earnings are taken by agriculture in Ethiopia and it can be said that it is the backbone of the overall socio-economic activities in the country. Among the cereal crops that the agriculture sector provides for the country, wheat is the third-ranking one preceding teff and maize. In the present day, wheat is in higher demand related to the expansion of industries that use them as the main ingredient for their products. The local supply of wheat for these companies covers only 35 to 40% and the rest 60 to 65% percent is imported on behalf of potential customers that exhaust the country’s foreign currency reserves. The above facts show that the need for this crop in the country is too high and in reverse, the productivity of the crop is very less because of these reasons. Wheat disease is the most devastating disease that contributes a lot to this unbalance in the demand and supply status of the crop. It reduces both the yield and quality of the crop by 27% on average and up to 37% when it is severe. This study aims to detect the most frequent and degrading wheat diseases, Septoria and Leaf rust, using the most efficiently used subset of machine learning technology, deep learning. As a state of the art, a deep learning class classification technique called Convolutional Neural Network (CNN) has been used to detect diseases and has an accuracy of 99.01% is achieved.

Keywords: septoria, leaf rust, deep learning, CNN

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Authors: Salami Ayobami Taofeek, Ajayi Adeola

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Rural tourism entrepreurship is a tourist industry which revolutionizes businesses and prompting economic development across the globe. It encompasses huge range activities, natural or man-made attractions, amenities and facilities, transportation, marketing and information systems. It is also an important export for 83% of the developing countries and the main export for one third of them. In 2000, developing countries recorded 142.6 million international arrivals an increase of 95% compared to the figures of 1990. However, only developing countries with effective natural and man-made tourism supporting and enhancing infrastructure have been able to develop their tourism sector and seize the attendance advantages. Rural areas of Nigeria possess some distinctive peculiarities which can be transformed into attractive tourist centers. In spite of all these, rural tourism areas are still faced with myriad problems which include poor finance inadequate awareness and education, lack of progress in developing the rural of progress in developing the rural tourism potentials inadequate legislation, insecurity, entrepreneurial inertness, over-dependent on oil among others. This paper focuses on the impact and challenges of rural tourism entrepreneurship as strategy for economic development in Nigeria. It reviews literature rural tourism, tourism entrepreneurship potentials and classifications of Nigerians tourism potential’s destinations. The paper concludes that Nigeria Government should encourage rural based tourism entrepreneurship development by addressing the challenges facing rural tourism entrepreneurship in the country.

Keywords: entrepreneurship, economic development, rural tourism, tourism destinations tourism potentials

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Authors: Ying-Hsiang Ho, Hsiao-Tseng Lin

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Mudan Township is a remote mountainous area in Taiwan. In recent years, due to the migration of the population, inconvenient transportation, digital divide, and low production, agricultural products marketing have become a major issue. This research aims to develop the marketing strategy suitable for the agricultural products of the rural areas. The main objective of this work is to conduct in-depth interviews with scholars and experts in the marketing field, combined with the marketing 4P combination, to analyze and summarize the possible marketing strategies for agricultural products for remote districts. The interviews consist of seven experts from industry who have practical experience in producing, marketing, and selling agricultural products and three professors that have experience in teaching marketing management. The in-depth interviews are conducted for about an hour using a pre-drafted interview outline. The results of the interviews are summarized by semantic analysis and presented in a marketing 4P combination. The results indicate that in terms of products, high-quality products with original characteristics can be added through the implementation of production history, organic certification, and cultural packaging. In the place part, we found that the use of emerging communities, the emphasis on cross-industry alliances, the improvement of information application capabilities of rural households, production and marketing group, and contractual farming system are the development priorities. In terms of promotion, it should be an emphasis on the management of internet social media and word-of-mouth marketing. Mudan Township may consider promoting agricultural products through special festivals such as farmer's market, wild ginger flower season and hot spring season. This research also proposes relevant recommendations for the government's public sector and related industry reference for the promotion of agricultural products for remote area.

Keywords: marketing strategy, remote districts, agricultural products, in-depth interviews

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Authors: К. Lisinchuk

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An effective approach to the management of international educational mobility in regional universities with the purpose of increasing tourist activity in the region is considered.

Keywords: export and import of tourist and educational services, international academic mobility, regional tourist activities

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Authors: Carol Anne Hargreaves

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A key issue in stock investment is how to select representative features for stock selection. The objective of this paper is to firstly determine whether an automated stock investment system, using machine learning techniques, may be used to identify a portfolio of growth stocks that are highly likely to provide returns better than the stock market index. The second objective is to identify the technical features that best characterize whether a stock’s price is likely to go up and to identify the most important factors and their contribution to predicting the likelihood of the stock price going up. Unsupervised machine learning techniques, such as cluster analysis, were applied to the stock data to identify a cluster of stocks that was likely to go up in price – portfolio 1. Next, the principal component analysis technique was used to select stocks that were rated high on component one and component two – portfolio 2. Thirdly, a supervised machine learning technique, the logistic regression method, was used to select stocks with a high probability of their price going up – portfolio 3. The predictive models were validated with metrics such as, sensitivity (recall), specificity and overall accuracy for all models. All accuracy measures were above 70%. All portfolios outperformed the market by more than eight times. The top three stocks were selected for each of the three stock portfolios and traded in the market for one month. After one month the return for each stock portfolio was computed and compared with the stock market index returns. The returns for all three stock portfolios was 23.87% for the principal component analysis stock portfolio, 11.65% for the logistic regression portfolio and 8.88% for the K-means cluster portfolio while the stock market performance was 0.38%. This study confirms that an automated stock investment system using machine learning techniques can identify top performing stock portfolios that outperform the stock market.

Keywords: machine learning, stock market trading, logistic regression, cluster analysis, factor analysis, decision trees, neural networks, automated stock investment system

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Authors: Abdelrazzag Elmajdoub

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The present study was designed to investigate the bio-equivalence of doxycycline in Dolistin® and Colidox® at a dose rate of 10 mg doxycycline/kg of body weight in 48 clinically normal broiler chickens. After oral administration, plasma levels of doxycycline peaked after 2 hours post-dosing without significant differences between the two products and it could be detected therapeutically and exceeded the minimum inhibitory concentration (MIC) for most micro-organisms sensitive to doxycycline for 12 hours. The disposition kinetics of doxycycline in the two products following oral administration revealed that the maximum plasma concentrations (Cmax.) were 22.65 and 21.80 µg/ml and attained at (Tmax.) 2.10 and 2.20 hours, respectively. Doxycycline in both of the products was eliminated with half- lives (t0.5α) equal to 7.70 and 6.93 hours, respectively. The mean systemic bio availabilities of doxycycline in both of the products after oral administration in chickens were 80.60 and 79.70%, respectively. It was concluded that doxycycline in the form of Dolistin® and Colidox® needs a dose equivalent to 20 mg doxycycline/kg of body weight a day is better to keep the plasma concentration higher than the MIC.

Keywords: tetracyclines, doxycycline, bioavailability, broilers, chickens

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Authors: Emed Krekshi, Walid Ben Husein

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The Bahr Essalam gas-condensate field is located off the Libyan coast and is currently being produced by Mellitah Oil and Gas (MOG). Gas and condensate are produced from the Bahr Essalam reservoir through a mixture of platform and subsea wells, with the subsea wells being gathered at the western manifolds and delivered to the Sabratha platform via a 22-inch pipeline. Gas is gathered and dehydrated on the Sabratha platform and then delivered to the Mellitah gas plant via an existing 36-inch gas export pipeline. The condensate separated on the Sabratha platform will be delivered to the Mellitah gas plant via an existing 10-inch export pipeline. The Bahr Essalam Phase II project includes 2 production wells (CC16 & CC17) at C-Central A connected to the Sabratha platform via a new 10.9 km long 10”/14” production pipeline. Production rates from CC16 and CC17 have exceeded the maximum planned rate of 40 MMSCFD per well. A hydrothermal analysis was conducted to review and Verify input data, focusing on the variation of flowing well head as a function of flowrate.as well as Review available input data against the previous design input data to determine the extent of change. The steady-state and transient simulations performed with Olga yielded coherent results and confirmed the possibility of achieving flow rates of up to 60MMSCFD per well without exceeding the design temperatures, pressures, and velocities.

Keywords: Bahr Essalam, Mellitah Oil and Gas, production flow rates, steady and transient

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Authors: Manatchanok Tantiphiphatthana, Lin Peng, Rujira Jitrwung, Kunio Yoshikawa

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Hydrothermal liquefaction (HTL) is a technique for obtaining clean biofuel from biomass in the presence of heat and pressure in an aqueous medium which leads to a decomposition of this biomass to the formation of various products. A role of operating conditions is essential for the bio-oil and other products’ yield and also quality of the products. The effects of these parameters were investigated in regards to the composition and yield of the products. Chlorellaceae microalgae were tested under different HTL conditions to clarify suitable conditions for extracting bio-oil together with value-added co-products. Firstly, different microalgae loading rates (5-30%) were tested and found that this parameter has not much significant to product yield. Therefore, 10% microalgae loading rate was selected as a proper economical solution for conditioned schedule at 250oC and 30 min-reaction time. Next, a range of temperature (210-290oC) was applied to verify the effects of each parameter by keeping the reaction time constant at 30 min. The results showed no linkage with the increase of the reaction temperature and some reactions occurred that lead to different product yields. Moreover, some nutrients found in the aqueous product are possible to be utilized for nutrient recovery.

Keywords: bio-oil, hydrothermal liquefaction, microalgae, aqueous co-product

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

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

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

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Authors: Tarah Bouaricha

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

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

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Authors: Anwar Hasan Abdullah Othman, Ahamed Kameel, Hasanuddeen Abdul Aziz

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In this study, an attempt has been made to investigate the relationship specifically the causal relation between fund unit prices of Islamic equity unit trust fund which measure by fund NAV and the selected macro-economic variables of Malaysian economy by using VECM causality test and Granger causality test. Monthly data has been used from Jan, 2006 to Dec, 2012 for all the variables. The findings of the study showed that industrial production index, political election and financial crisis are the only variables having unidirectional causal relationship with fund unit price. However, the global oil prices is having bidirectional causality with fund NAV. Thus, it is concluded that the equity unit trust fund industry in Malaysia is an inefficient market with respect to the industrial production index, global oil prices, political election and financial crisis. However, the market is approaching towards informational efficiency at least with respect to four macroeconomic variables, treasury bill rate, money supply, foreign exchange rate and corruption index.

Keywords: fund unit price, unit trust industry, Malaysia, macroeconomic variables, causality

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Authors: Li-hsing Shih, Wei-Jen Hsu

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Recently, the sale of electrical vehicles (EVs) has increased dramatically due to maturing technology development and decreasing cost. Governments of many countries have made regulations and policies in favor of EVs due to their long-term commitment to net zero carbon emissions. However, due to uncertain factors such as the future price of EVs, forecasting the future market share of EVs is a challenging subject for both the auto industry and local government. This study tries to forecast the market share of EVs using conjoint models and Monte Carlo simulation. The research is conducted in three phases. (1) A conjoint model is established to represent the customer preference structure on purchasing vehicles while five product attributes of both EV and internal combustion engine vehicles (ICEV) are selected. A questionnaire survey is conducted to collect responses from Taiwanese consumers and estimate the part-worth utility functions of all respondents. The resulting part-worth utility functions can be used to estimate the market share, assuming each respondent will purchase the product with the highest total utility. For example, attribute values of an ICEV and a competing EV are given respectively, two total utilities of the two vehicles of a respondent are calculated and then knowing his/her choice. Once the choices of all respondents are known, an estimate of market share can be obtained. (2) Among the attributes, future price is the key attribute that dominates consumers’ choice. This study adopts the assumption of a learning curve to predict the future price of EVs. Based on the learning curve method and past price data of EVs, a regression model is established and the probability distribution function of the price of EVs in 2030 is obtained. (3) Since the future price is a random variable from the results of phase 2, a Monte Carlo simulation is then conducted to simulate the choices of all respondents by using their part-worth utility functions. For instance, using one thousand generated future prices of an EV together with other forecasted attribute values of the EV and an ICEV, one thousand market shares can be obtained with a Monte Carlo simulation. The resulting probability distribution of the market share of EVs provides more information than a fixed number forecast, reflecting the uncertain nature of the future development of EVs. The research results can help the auto industry and local government make more appropriate decisions and future action plans.

Keywords: conjoint model, electrical vehicle, learning curve, Monte Carlo simulation

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Authors: Muhamad Afiq Faisal, Yahaya, Mohd Faizal, Hamzah

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Genetic modification technology allows scientists to alter the genetic information of a particular organism. The technology allows the production of genetically modified organism (GMO) that has the enhanced property compared to the unmodified organism. The application of such technology is not only in agriculture industry, it is now has been applied extensively in biopharmaceutical industry such as transgenic vaccines. In Malaysia, Biosafety Act 2007 has been enacted in which all GMO-based products must be labeled with adequate information before being marketed. This paper aims to determine the awareness level amongst Malaysian consumers on the GM products available in the market and the efficiency of information supplied in the GM product labeling. The result of the survey will serve as a guideline for Malaysia government agency bodies to provide comprehensive yet efficient information to consumers for the purpose of GM product labeling in the near future. In conclusion, the efficiency of information delivery plays a vital role in ensuring that the information is being conveyed clearly to Malaysian consumers during the selection process of GM products available in the market.

Keywords: genetic modification technology, genetically modified organisms, genetically modified organism products labeling, Biosafety Act 2007

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Authors: Michael K. Adu, Boniface K. Alese, Olumide S. Ogunnusi

Abstract:

This paper brings to fore the inherent advantages in application of mobile agents to procure software products rather than downloading software content on the Internet. It proposes a system whereby the products come on compact disk with mobile agent as deliverable. The client/user purchases a software product, but must connect to the remote server of the software developer before installation. The user provides an activation code that activates mobile agent which is part of the software product on compact disk. The validity of the activation code is checked on connection at the developer’s end to ascertain authenticity and prevent piracy. The system is implemented by downloading two different software products as compare with installing same products on compact disk with mobile agent’s application. Downloading software contents from developer’s database as in the traditional method requires a continuously open connection between the client and the developer’s end, a fixed network is not economically or technically feasible. Mobile agent after being dispatched into the network becomes independent of the creating process and can operate asynchronously and autonomously. It can reconnect later after completing its task and return for result delivery. Response Time and Network Load are very minimal with application of Mobile agent.

Keywords: software products, software developer, internet, activation code, mobile agent

Procedia PDF Downloads 311

Authors: Gabriele Iannotta

Abstract:

This paper investigates credit cycles by means of an experiment based on a Kiyotaki & Moore (1997) model with heterogeneous expectations. The aim is to examine how a credit squeeze caused by high lender-level risk perceptions affects the real prices of a collateralised asset, with a special focus on the macroeconomic implications of rising price volatility in terms of total welfare and the number of bankruptcies that occur. To do that, a learning-to-forecast experiment (LtFE) has been run where participants are asked to predict the future price of land and then rewarded based on the accuracy of their forecasts. The setting includes one lender and five borrowers in each of the twelve sessions split between six control groups (G1) and six treatment groups (G2). The only difference is that while in G1 the lender always satisfies borrowers’ loan demand (bankruptcies permitting), in G2 he/she closes the entire credit market in case three or more bankruptcies occur in the previous round. Experimental results show that negative risk-driven supply shocks amplify the volatility of collateral prices. This uncertainty worsens the agents’ ability to predict the future value of land and, as a consequence, the number of defaults increases and the total welfare deteriorates.

Keywords: Behavioural Macroeconomics, Credit Cycle, Experimental Economics, Heterogeneous Expectations, Learning-to-Forecast Experiment

Procedia PDF Downloads 125

Authors: Yan Wang, Yasushi Asami, Yukio Sadahiro

Abstract:

In urban context, urban nodes such as amenity or hazard will certainly affect house price, while classic hedonic analysis will employ distance variables measured from each urban nodes. However, effects from distances to facilities on house prices generally do not represent the true price of the property. Distance variables measured on the same surface are suffering a problem called multicollinearity, which is usually presented as magnitude variance and mean value in regression, errors caused by instability. In this paper, we provided a theoretical framework to identify and gather the data with less bias, and also provided specific sampling method on locating the sample region to avoid the spatial multicollinerity problem in three distance variable’s case.

Keywords: hedonic regression, urban node, distance variables, multicollinerity, collinearity

Procedia PDF Downloads 464

Authors: Nadjib Drouiche, Abdenour Lami, Salaheddine Aoudj, Tarik Ouslimane

Abstract:

Although solar cells manufacturing is a conservative industry, economics drivers continue to encourage innovation, feedstock savings and cost reduction. Kerf slurry waste is a complex product containing both valuable substances as well as contaminants. The valuable substances are: i) high purity silicon, ii) polyethylene glycol, and iii) silicon carbide. The contaminants mainly include metal fragments and organics. Therefore, recycling of the kerf slurry waste is an important subject not only from the treatment of waste but also from the recovery of valuable products. The present paper relates to processes for the recovery of valuable products from the kerf slurry waste in which they are contained, such products comprising nanoparticles, polyethylene glycol, high purity silicon, and silicon carbide.

Keywords: photovoltaic cell, Kerf slurry waste, recycling, silicon carbide

Procedia PDF Downloads 330