Search results for: stock indices

Authors: Racha El Kadiri, Mohamed Sultan, Henrique Momm, Zachary Blair, Rachel Schultz, Tamer Al-Bayoumi

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The Mediterranean Basin is a very diverse region of nationalities and climate zones, with a strong dependence on agricultural activities. Predicting long term (with a lead of 1 to 12 months) rainfall, and future droughts could contribute in a sustainable management of water resources and economical activities. In this study, an integrated approach was adopted to construct predictive tools with lead times of 0 to 12 months to forecast rainfall amounts over nine subzones of the Mediterranean Basin region. The following steps were conducted: (1) acquire, assess and intercorrelate temporal remote sensing-based rainfall products (e.g. The CPC Merged Analysis of Precipitation [CMAP]) throughout the investigation period (1979 to 2016), (2) acquire and assess monthly values for all of the climatic indices influencing the regional and global climatic patterns (e.g., Northern Atlantic Oscillation [NOI], Southern Oscillation Index [SOI], and Tropical North Atlantic Index [TNA]); (3) delineate homogenous climatic regions and select nine pilot study zones, (4) apply data mining methods (e.g. neural networks, principal component analyses) to extract relationships between the observed rainfall and the controlling factors (i.e. climatic indices with multiple lead-time periods) and (5) use the constructed predictive tools to forecast monthly rainfall and dry and wet periods. Preliminary results indicate that rainfall and dry/wet periods were successfully predicted with lead zones of 0 to 12 months using the adopted methodology, and that the approach is more accurately applicable in the southern Mediterranean region.

Keywords: rainfall, neural networks, climatic indices, Mediterranean

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Authors: Shanti Swaroop Gupta, Bibekananda Mohapatra, S. K. Chaturvedi, Anand Bohra

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For sustainable development in India, there is an urgent need to follow the principles of industrial symbiosis in the industrial processes, under which the scraps, wastes, or by‐products of one industry can become the raw materials for another. This will not only help in reducing the dependence on natural resources but also help in gaining economic advantage to the industry. Gypsum is one such area in India, where the linear economy model of by-product gypsum utilization has resulted in unutilized legacy phosphogypsum stock of 64.65 million tonnes (mt) at phosphoric acid plants in 2020-21. In the future, this unutilized gypsum stock will increase further due to the expected generation of Flue Gas Desulphurization (FGD) gypsum in huge quantities from thermal power plants. Therefore, it is essential to transit from the linear to circular economy in Gypsum in India, which will result in huge environmental as well as ecological benefits. Gypsum is required in many sectors like Construction (Cement industry, gypsum boards, glass fiber reinforced gypsum panels, gypsum plaster, fly ash lime bricks, floor screeds, road construction), agriculture, in the manufacture of Plaster of Paris, pottery, ceramic industry, water treatment processes, manufacture of ammonium sulphate, paints, textiles, etc. The challenges faced in areas of quality, policy, logistics, lack of infrastructure, promotion, etc., for complete utilization of by-product gypsum have been discussed. The untapped potential of by-product gypsum utilization in various sectors like the use of gypsum in agriculture for sodic soil reclamation, utilization of legacy stock in cement industry on mission mode, improvement in quality of by-product gypsum by standardization and usage in building materials industry has been identified. Based on the measures required to tackle the various challenges and utilization of the untapped potential of gypsum, a comprehensive action plan for the transition from linear to the circular economy in gypsum in India has been formulated. The strategies and policy measures required to implement the action plan to achieve a circular economy in Gypsum have been recommended for various government departments. It is estimated that the focused implementation of the proposed action plan would result in a significant decrease in unutilized gypsum legacy stock in the next five years and it would cease to exist by 2027-28 if the proposed action plan is effectively implemented.

Keywords: circular economy, FGD gypsum, India, phosphogypsum

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Authors: Prateep Wajeetongratana

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This study investigates the management accountant’s roles that link with the creation of corporate shared value to enable more effective decision-making and improve the information needs of stakeholders. Mixed method is employed to collect using triangulation for credibility. A quantitative approach is employed to conduct a survey of 200 Thai companies providing annual reports in the Stock Exchange of Thailand. The results of the study reveal that environmental and social data incorporated in a corporate social responsibility (CSR) disclosure are based on the indicators of the Global Reporting Initiatives (GRI) at a statistically significant level of 0.01. Environmental and social indicators in CSR are associated with environmental and social data disclosed in the annual report to support stakeholders’ and the public’s interests that are addressed and show that a significant relationship between environmental and social in CSR disclosures and the information in annual reports is statistically significant at the 0.01 level.

Keywords: corporate social responsibility, creating shared value, management accountant’s roles, stock exchange of Thailand

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Authors: Sultan Haji Shube

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Woodland ecosystems of semiarid rift valley of Ethiopia play a significant role in climate change mitigation by sequestering and storing more carbon. This study was conducted in Gidabo river sub-basins southeastern rift-valley escarpment of Ethiopian. It aims to estimate biomass and carbon stocks of woodlands and its implications for climate change mitigation. A total of 44 sampling plots (900m²each) were systematically laid in the woodland for vegetation and environmental data collection. A composite soil sample was taken from five locations main plot. Both disturbed and undisturbed soil samples were taken at two depths using soil auger and core-ring sampler, respectively. Allometric equation was used to estimate aboveground biomass while root-to-shoot ratio method and Walkley-Black method were used for belowground biomass and SOC, respectively. Result revealed that the totals of the study site was 17.05t/ha, of which 14.21t/ha was belonging for AGB and 2.84t/ha was for BGB. Moreover, 2224.7t/ha total carbon stocks was accumulated with an equivalent carbon dioxide of 8164.65t/ha. This study also revealed that more carbon was accumulated in the soil than the biomass. Both aboveground and belowground carbon stocks were decreased with increase in altitude while SOC stocks were increased. The AGC and BGC stocks were higher in the lower slope classes. SOC stocks were higher in the higher slope classes than in the lower slopes. Higher carbon stock was obtained from woody plants that had a DBH measure of >16cm and situated at plots facing northwest. Overall, study results will add up information about carbon stock potential of the woodland that will serve as a base line scenario for further research, policy makers and land managers.

Keywords: allometric equation, climate change mitigation, soil organic carbon, woodland

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Authors: Abdollah Javanmard, Fariborz Shekari

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Barley (Hordeum vulgare L.), vetch (Vicia villosa), and grass pea (Lathyrus sativus L.) monocultures as well as mixtures of barley with each of the above legumes, in three seeding ratios (i.e., barley: legume 75:25, 50:50 and 25:75 based on seed numbers) were used to investigate forage yield and competition indices. The results showed that intercropping reduced the dry matter yield of the three component plants, compared with their respective monocrops. The greatest value of total dry matter yield was obtained from barley25-grasspea75 (5.44 t ha-1) mixture, followed by grass pea sole crop (4.99 t ha-1). The total AYL values were positive and greater than 0 in all mixtures, indicating an advantage from intercropping over sole crops. Intercropped barley had a higher relative crowding coefficient (K=1.64) than intercropped legumes (K=1.20), indicating that barley was more competitive than legumes in mixtures. Furthermore, grass pea was more competitive than vetch in mixtures with barley. The highest LER, SPI and MAI were obtained when barley was mixed at a rate of 25% with 75% seed rate of grass pea. It is concluded that intercropping of barley with grass pea has a good potential to improve the performance of forage with high land-use efficiency.

Keywords: forage, grass pea, intercropping, LER, monetary advantage

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Authors: Ben Kwame Agyei-Mensah

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This study investigated the influence of firm-specific characteristics which include proportion of Non-Executive Directors, ownership concentration, firm size, profitability, debt equity ratio, liquidity and leverage on the extent and quality of financial ratios disclosed by firms listed on the Ghana Stock Exchange. The research was conducted through detailed analysis of the 2012 financial statements of the listed firms. Descriptive analysis was performed to provide the background statistics of the variables examined. This was followed by regression analysis which forms the main data analysis. The results of the extent of financial ratio disclosure level, mean of 62.78%, indicate that most of the firms listed on the Ghana Stock Exchange did not overwhelmingly disclose such ratios in their annual reports. The results of the low quality of financial ratio disclosure mean of 6.64% indicate that the disclosures failed woefully to meet the International Accounting Standards Board's qualitative characteristics of relevance, reliability, comparability and understandability. The results of the multiple regression analysis show that leverage (gearing ratio) and return on investment (dividend per share) are associated on a statistically significant level as far as the extent of financial ratio disclosure is concerned. Board ownership concentration and proportion of (independent) non-executive directors, on the other hand were found to be statistically associated with the quality of financial ratio disclosed. There is a significant negative relationship between ownership concentration and the quality of financial ratio disclosure. This means that under a higher level of ownership concentration less quality financial ratios are disclosed. The findings also show that there is a significant positive relationship between board composition (proportion of non-executive directors) and the quality of financial ratio disclosure.

Keywords: voluntary disclosure, firm-specific characteristics, financial reporting, financial ratio disclosure, Ghana stock exchange

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Authors: Peter Oyelere, Fernando Zanella

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Corporate governance is one of the most discussed and researched issues in recent times in countries around the world, with different countries developing and adopting different governance structures, models and mechanisms. While the Codes of corporate governance have been weaved into the regulatory fabrics of most countries, it is equally critically important that their mechanisms, procedures and practices be transparent, and be transparently communicated to all stakeholders. The Internet can be a very useful and cost-effective tool for the timely and voluntary communication of corporate governance matters to stakeholders. The current paper details the results of an investigation on the extent of which companies listed in the UAE are using the Internet for communicating corporate governance issues, matters and procedures. We surveyed the websites of companies listed on the two UAE Stock Exchanges – the Abu Dhabi Stock Exchange (ADX) and the Dubai Financial Market (DFM) – to find out their level and nature of usage of the Internet for corporate governance disclosures. Regulatory and policy implications of the results of our investigation, as well as other areas for further studies, are also presented in the paper.

Keywords: corporate governance, internet financial reporting, regulation, transparency, United Arab Emirates

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Authors: Abdulkarim Yusuf

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Motivation: The Nigerian economy has seen significant macroeconomic instability, fuelled mostly by an overreliance on fluctuating oil revenues. The rising disparity between tax receipts and government spending in Nigeria necessitates government borrowing to fund the anticipated pace of economic growth. Rising public debt and fiscal sustainability are limiting the government's ability to invest in key infrastructure that promotes private investment and growth in Nigeria. Objective: This paper fills an empirical research vacuum by examining the impact of public debt on fiscal sustainability in Nigeria, given the significance of fiscal stability in decreasing poverty and the constraints that an unsustainable debt burden imposes on it. Data and method: Annual time series data covering the period 1980 to 2022 exposed to conventional and structural breaks stationarity tests and the Autoregressive Distributed Lag estimation approach were adopted for this study. Results: The results reveal that domestic debt stock, debt service payment, foreign reserve stock, exchange rate, and private investment all had a major adverse effect on fiscal stability in the long and short run, corroborating the debt overhang and crowding-out hypothesis. External debt stock, prime lending rate, and degree of trade openness, which boosted fiscal stability in the long run, had a major detrimental effect on fiscal stability in the short run, whereas foreign direct investment inflows had an important beneficial impact on fiscal stability in both the long and short run. Implications: The results indicate that fiscal measures that inspire domestic resource mobilization, sustainable debt management techniques, and dependence on external debt to boost deficit financing will improve fiscal stability and drive growth.

Keywords: ARDL co-integration, debt overhang, debt servicing, fiscal stability, public debt

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Authors: Prince Vivek, Vijay Kumar Bharti, Deepak Kumar, Rohit Kumar, Kapil Nehra, Dhananjay Singh, Om Prakash Chaurasia, Bhuvnesh Kumar

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High altitude native people still rely heavily on animal transport for logistic support at eastern and northern Himalayas regions. The prevalent mountainous terrains and rugged region are not suitable for the motorized vehicle to use in logistic transport. Therefore, people required high endurance pack animals for load carrying and riding. So far to the best of our knowledge, no studies have been taken to evaluate the effect of loads on the physiology of ponies in high altitude region. So, in this view, we evaluated variation in physiological, hematological, biochemical, and cytokines indices of Zanskar ponies during load carrying at high altitude. Total twelve (12) of Zanskar ponies, mare, age 4-6 years selected for this study, Feed was offered at 2% of body weight, and water ad libitum. Ponies were divided into three groups; group-A (without load), group-B (60 kg), and group-C (80 kg) of backpack loads. The track was very narrow and slippery with gravel, uneven with a rocky surface and has a steep gradient of 4 km uphill at altitude 3291 to 3500m. When we evaluate these parameters, it is understood that the heart rate, pulse rate, and respiration rate was significantly increased in 80 kg group among the three groups. The hematology parameters viz. hemoglobin significantly increased in 80 kg group on 1st day after load carrying among the three groups which was followed by control and 60 kg whereas, PCV, lymphocytes, monocytes percentage significantly increased however, ESR and eosinophil % significantly decreased in 80 kg group after load carrying on 7th day after load carrying among the three groups which were followed by control and 60 kg group. In biochemical parameters viz. LA, LDH, TP, hexokinase (HK), cortisol (CORT), T3, GPx, FRAP and IL-6 significantly increased in 80 kg group on the 7th day after load carrying among the three groups which were followed by control and 60 kg group. The ALT, ALB, GLB, UR, and UA significantly increased in 80 kg group on the 7th day before and after load carrying among the three groups which were followed by control and 60 kg group. The CRT, AST, and CK-MB were significantly increased in 80 kg group on the 1st and 7th day after load carrying among the three groups which were followed by control and 60 kg group. It has been concluded that, heart rate, respiration rate, hematological indices like PCV, lymphocytes, monocytes, Hb and ESR, biochemical indices like lactic acid, LDH, TP, HK, CORT, T3, ALT, AST and CRT, ALB, GLB, UR, UA, GPx, FRAP and IL-6 are important biomarkers to assess effect of load on animal physiology and endurance. Further, this result has revealed the strong correlation of change in biomarkers level with performance in ponies during load carry. Hence, these parameters might be used for the performance of endurance of Zanskar ponies in the high mountain region.

Keywords: biochemical, endurance, high altitude, load, ponies

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Authors: Mohamad Ali Yazdani Sadati, Mir Hamed Sayed Hassani, Mahmoud Shakorian, Rezvanollah Kazemi, Bahareh Younes Haghighi

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The efficiency of two rearing environments in culture and effect on growth performance of beluga (Huso huso) were investigated. In accordance two group of three years Huso huso ((Average weight of 9.93±0.305 and 10±0.5Kg) density (0.5 and 25 kg/m2)) with 3 replicate were stocked in two culture environment and reared with formulated diet including protein 43% and energy 22 MJ/ kg for 12 month from 2014.6.19 to 2015.9.10 A.D. In the end of rearing period, indices of Final weight, final biomass, daily growth and body percent weight fish reared in cement tank (20.1±0.6, 2016.66±5.77,0.112±0.00239 and 102.35±1.1kg) were significantly higher than fish reared in pond (17.4±0.4, 1746.66±7.2, 0.082±0.118 and 74.15±4.71 kg), respectively P < 0.05). Food efficiency ratio between two group was not significantly different (P > 0.05). The result of this study indicated that except of primary cost of building concrete tank, Huso huso prebroodstocking in cement tank is better than pond for result of increasing growth rate in culture rearing and more effective management.

Keywords: cement tank, earthen pond, Huso huso, prebroodstocking

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Authors: Ratna Kuswardani

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This paper aims to study the impact of recent Global Financial Crisis (GFC) on 6 selected emerging Asian economies (Indonesia, Malaysia, Thailand, Philippines, Singapore, and South Korea). We first figure out the contagion of GFC from the US and Europe to the selected emerging Asian countries by studying the tail dependence of market stock returns between those countries. We apply the concept of Extreme Value Theory (EVT) to model the dependence between multiple returns series of variables under examination. We explore the factors causing the contagion between the regions. We find dependencies between markets that are influenced by their size, especially for large markets in emerging Asian countries that tend to have a higher dependency to the market in the more advanced country such as the U.S. and some countries in Europe. The results also suggest that the dependencies between market returns and bank stock returns in the same region tend to be higher than dependencies between these returns across two different regions. We extend our analysis by studying the impact of GFC on the systemic in the banking system. We also find that larger institution has more dependencies with the market stock, suggesting that larger size bank can cause disruption in the market. Further, the higher probability of extreme loss can be seen during the crisis period, which is shown by the non-linear dependency between the pre-crisis and the post-crisis period. Finally, our analysis suggests that systemic risk appears in the domestic banking systems in emerging Asia, as shown by the extreme dependencies within banks in the system. Overall, our results provide caution to policy makers and investors alike on the possible contagion of the impact of global financial crisis across different markets.

Keywords: contagion, extreme value theory, global financial crisis, systemic risk

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Authors: Lourenco Camnahas, Eileen Willis, Greg Fisher, Jessie Gunson, Pascale Dettwiller, Charlene Thornton

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Stock-out of pharmaceuticals is a common issue at all level of health services in Timor-Leste, a small post-conflict country. This lead to the research questions: what are the current methods used to quantify pharmaceutical supplies; what factors contribute to the on-going pharmaceutical stock-out? The study examined factors that influence the pharmaceutical supply chain system. Methodology: Privett and Goncalvez dependency model has been adopted for the design of the qualitative interviews. The model examines pharmaceutical supply chain management at three management levels: management of individual pharmaceutical items, health facilities, and health systems. The interviews were conducted in order to collect information on inventory management, logistics management information system (LMIS) and the provision of pharmaceuticals. Andersen' behavioural model for healthcare utilization also informed the interview schedule, specifically factors linked to environment (healthcare system and external environment) and the population (enabling factors). Forty health professionals (bureaucrats, clinicians) and six senior officers from a United Nations Agency, a global multilateral agency and a local non-governmental organization were interviewed on their perceptions of factors (healthcare system/supply chain and wider environment) impacting on stock out. Additionally, policy documents for the entire healthcare system, along with population data were collected. Findings: An analysis using Pozzebon’s critical interpretation identified a range of difficulties within the system from poor coordination to failure to adhere to policy guidelines along with major difficulties with inventory management, quantification, forecasting, and budgetary constraints. Weak logistics management information system, lack of capacity in inventory management, monitoring and supervision are additional organizational factors that also contributed to the issue. There were various methods of quantification of pharmaceuticals applied in the government sector, and non-governmental organizations. Lack of reliable data is one of the major problems in the pharmaceutical provision. Global Fund has the best quantification methods fed by consumption data and malaria cases. There are other issues that worsen stock-out: political intervention, work ethic and basic infrastructure such as unreliable internet connectivity. Major issues impacting on pharmaceutical quantification have been identified. However, current data collection identified limitations within the Andersen model; specifically, a failure to take account of predictors in the healthcare system and the environment (culture/politics/social. The next step is to (a) compare models used by three non-governmental agencies with the government model; (b) to run the Andersen explanatory model for pharmaceutical expenditure for 2 to 5 drug items used by these three development partners in order to see how it correlates with the present model in terms of quantification and forecasting the needs; (c) to repeat objectives (a) and (b) using the government model; (d) to draw a conclusion about the strength.

Keywords: inventory management, pharmaceutical forecasting and quantification, pharmaceutical stock-out, pharmaceutical supply chain management

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Authors: Ashneel Ajay Singh, Naoki Suzuki, Kazumi Sakuramoto, Swastika Roshni, Paras Nath, Alok Kalla

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Albacore tuna (Thunnus alalunga) is one of the commercially important species of tuna in the North Pacific region. Despite the long history of albacore fisheries in the Pacific, its ecological characteristics are not sufficiently understood. The effects of changing climate on numerous commercially and ecologically important fish species including albacore tuna have been documented over the past decades. The objective of this study was to explore and elucidate the relationship of environmental variables with the stock parameters of albacore tuna. The relationship of the North Pacific albacore tuna recruitment (R), spawning stock biomass (SSB) and recruits per spawning biomass (RPS) from 1970 to 2012 with the environmental factors of sea surface temperature (SST), Pacific decadal oscillation (PDO), El Niño southern oscillation (ENSO) and Pacific warm pool index (PWI) was construed. SST and PDO were used as independent variables with SSB to construct stock reproduction models for R and RPS as they showed most significant relationship with the dependent variables. ENSO and PWI were excluded due to collinearity effects with SST and PDO. Model selections were based on R2 values, Akaike Information Criterion (AIC) and significant parameter estimates at p<0.05. Models with single independent variables of SST, PDO, ENSO and PWI were also constructed to illuminate their individual effect on albacore R and RPS. From the results it can be said that SST and PDO resulted in the most significant models for reproducing North Pacific albacore tuna R and RPS time series. SST has the highest impact on albacore R and RPS when comparing models with single environmental variables. It is important for fishery managers and decision makers to incorporate the findings into their albacore tuna management plans for the North Pacific Oceanic region.

Keywords: Albacore tuna, El Niño southern oscillation, Pacific decadal oscillation, sea surface temperature

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Authors: Jonathan J. Burson

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With the rise of virtually costless, mobile-based trading platforms, stock market trading activity has increased significantly over the past decade, particularly for the millennial generation. This increased stock market attention, combined with the recent market turmoil due to the economic upset caused by COVID-19, make the topics of market-timing and forecasting particularly relevant. While the overall stock market saw an unprecedented, historically-long bull market from March 2009 to February 2020, the end of that bull market reignited a search by investors for a way to reduce risk and increase return. Similar searches for outperformance occurred in the early, and late 2000’s as the Dotcom bubble burst and the Great Recession led to years of negative returns for mean-variance, index investors. Extensive research has been conducted on fundamental analysis, technical analysis, macroeconomic indicators, microeconomic indicators, and other techniques—all using different methodologies and investment periods—in pursuit of higher returns with lower risk. The enormous variety of timeframes, data, and methodologies used by the diverse forecasting methods makes it difficult to compare the outcome of each method directly to other methods. This paper establishes a process to evaluate the market-timing methods in an apples-to-apples manner based on simplicity, performance, and feasibility. Preliminary findings show that certain technical analysis models provide a higher return with lower risk when compared to the buy-and-hold method and to other market-timing strategies. Furthermore, technical analysis models tend to be easier for individual investors both in terms of acquiring the data and in analyzing it, making technical analysis-based market-timing methods the preferred choice for retail investors.

Keywords: buy-and-hold, forecast, market-timing, probit, technical analysis

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Authors: Apedzan Emmanuel Kighir

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This research investigates dividends smoothing among non-financial companies trading on the Nigerian Stock Exchange in an era of unclaimed dividends from 2004 to 2013. There has been a raging controversy among Regulatory Authorities, Company Executives, Registrars of Companies, Shareholders and the general public regarding the increasing incidence of unclaimed dividends in Nigeria. The objective of this study is to find out if corporate earnings management through dividends smoothing is implicated in unclaimed dividends among Nigerian non-financial firms. The research used panel data and employed Generalized Method of Moment as method of analysis. The research finds evidence of dividends-smoothing in this era of unclaimed dividends in Nigeria. The research concludes that dividends-smoothing is a trigger and red flag for unclaimed dividends, an output of earnings management. If earnings management and hence unclaimed dividends in Nigeria is allowed to continue, it will lead to great consequences to the investors and corporate policy of government. It is believed that the research will assist investors and government in making informed decisions regarding dividends policy in Nigeria.

Keywords: dividends smoothing, non financial companies, Nigerian stock exchange, unclaimed dividends, corporate earnings management

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Authors: Pavel Bulai, Taras Pitlik, Tatsiana Kulahava, Timofei Lipski

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The method of Electrocardiography (ECG) interpretation for post-exercise recovery tracking was developed. Metabolic indices (aerobic and anaerobic) were designed using ECG-derived features. This study reports the associations between aerobic and anaerobic indices and classical parameters of the person’s physiological state, including blood biochemistry, glycogen concentration and VO2max changes. During the study 9 participants, healthy, physically active medium trained men and women, which trained 2-4 times per week for at least 9 weeks, fulfilled (i) ECG monitoring using Apple Watch Series 4 (AWS4); (ii) blood biochemical analysis; (iii) maximal oxygen consumption (VO2max) test, (iv) bioimpedance analysis (BIA). ECG signals from a single-lead wrist-wearable device were processed with detection of QRS-complex. Aerobic index (AI) was derived as the normalized slope of QR segment. Anaerobic index (ANI) was derived as the normalized slope of SJ segment. Biochemical parameters, glycogen content and VO2max were evaluated eight times within 3-60 hours after training. ECGs were recorded 5 times per day, plus before and after training, cycloergometry and BIA. The negative correlation between AI and blood markers of the muscles functional status including creatine phosphokinase (r=-0.238, p < 0.008), aspartate aminotransferase (r=-0.249, p < 0.004) and uric acid (r = -0.293, p<0.004) were observed. ANI was also correlated with creatine phosphokinase (r= -0.265, p < 0.003), aspartate aminotransferase (r = -0.292, p < 0.001), lactate dehydrogenase (LDH) (r = -0.190, p < 0.050). So, when the level of muscular enzymes increases during post-exercise fatigue, AI and ANI decrease. During recovery, the level of metabolites is restored, and metabolic indices rising is registered. It can be concluded that AI and ANI adequately reflect the physiology of the muscles during recovery. One of the markers of an athlete’s physiological state is the ratio between testosterone and cortisol (TCR). TCR provides a relative indication of anabolic-catabolic balance and is considered to be more sensitive to training stress than measuring testosterone and cortisol separately. AI shows a strong negative correlation with TCR (r=-0.437, p < 0.001) and correctly represents post-exercise physiology. In order to reveal the relation between the ECG-derived metabolic indices and the state of the cardiorespiratory system, direct measurements of VO2max were carried out at various time points after training sessions. The negative correlation between AI and VO2max (r = -0.342, p < 0.001) was obtained. These data testifying VO2max rising during fatigue are controversial. However, some studies have revealed increased stroke volume after training, that agrees with findings. It is important to note that post-exercise increase in VO2max does not mean an athlete’s readiness for the next training session, because the recovery of the cardiovascular system occurs over a substantially longer period. Negative correlations registered for ANI with glycogen (r = -0.303, p < 0.001), albumin (r = -0.205, p < 0.021) and creatinine (r = -0.268, p < 0.002) reflect the dehydration status of participants after training. Correlations between designed metabolic indices and physiological parameters revealed in this study can be considered as the sufficient evidence to use these indices for assessing the state of person’s aerobic and anaerobic metabolic systems after training during fatigue, recovery and supercompensation.

Keywords: aerobic index, anaerobic index, electrocardiography, supercompensation

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Authors: András Horkai, Attila Talamon, Viktória Sugár

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There is an urgent need nowadays to reduce energy demand and the current level of greenhouse gas emission and use renewable energy sources increase in energy efficiency. On the other hand, the European Union (EU) countries are largely dependent on energy imports and are vulnerable to disruption in energy supply, which may, in turn, threaten the functioning of their current economic structure. Residential buildings represent a significant part of the energy consumption of the building stock. Only a small part of the building stock is exchanged every year, thus it is essential to increase the energy efficiency of the existing buildings. Present paper focuses on the buildings built with industrialized technology only, and their opportunities in the boundaries of nearly zero-energy regulation. Current paper shows the emergence of panel construction method, and past and present of the ‘panel’ problem in Hungary with a short outlook to Europe. The study shows as well as the possibilities for meeting the nearly zero and cost optimized requirements for residential buildings by analyzing the renovation scenarios of an existing residential typology.

Keywords: Budapest, energy consumption, industrialized technology, nearly zero-energy buildings

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Authors: Thitima Chaiyakul

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The number of previous literature regarding to the effect of asset growth and equity returns is small. Furthermore, those literature are mainly focus in the developed markets. According to my knowledge, there is no published paper examining the effect of asset growth and equity returns in the Stock Exchange of Thailand in different industry groups. The main objective in this research is the testing the effect of asset growth to equity returns in different industry groups. This study employs the data of the listed companies in the Stock Exchange of Thailand during January 1996 and December 2014. The data of financial industry are exclude from this study due to the different meaning of accounting terms. The results show the supported evidence that the asset growth positively affects the equity returns at a statistically significance level of at least 5% in Agro& Food Industry, Industrials, and Services Industry Groups. These results are inconsistent with the previous research testing in developed markets. Nevertheless, the statistically significances of the effect of asset growth to equity returns appear in some cases. In summary, the asset growth is a non-systematic risk and it is a mispricing factor.

Keywords: asset growth, asset pricing, equity returns, Thailand

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Authors: Abdeghani Qadem

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Climate change is now an undeniable reality with increasing impacts on water systems worldwide, especially leading to severe drought episodes. The Southern Mediterranean region is particularly affected by this drought, which can have devastating consequences on water resources. Morocco, due to its geographical location in North Africa and the Southern Mediterranean, is especially vulnerable to these effects of climate change, particularly drought. In this context, this article focuses on the study of climate variability and drought characteristics in the Saiss Plateau region and its adjacent areas with the Middle Atlas, using specific statistical indices. The study begins by analyzing the annual precipitation variation, with a particular emphasis on data homogenization and gap filling using a regional vector. Then, the analysis delves into drought episodes in the region, using the Standardized Precipitation Index (SPI) over a 12-month period. The central objective is to accurately assess significant drought changes between 1980 and 2015, based on data collected from nine meteorological stations located in the study area.

Keywords: climate variability, regional vector, drought, standardized precipitation index, Saiss Plateau, middle atlas

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Authors: Khaled Barkaoui

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Research on second-language (L2) learning tends to focus on comparing students with different levels of proficiency at one point in time. However, to understand L2 development, we need more longitudinal research. In this study, we adopt a longitudinal approach to examine changes in three indicators of L2 ability, complexity, accuracy, and fluency (CAF), as reflected in the writing of L2 learners when writing on different tasks before and after a period L2 instruction. Each of 85 Chinese learners of English at three levels of English language proficiency responded to two writing tasks (independent and integrated) before and after nine months of English-language study in China. Each essay (N= 276) was analyzed in terms of numerous CAF indices using both computer coding and human rating: number of words written, number of errors per 100 words, ratings of error severity, global syntactic complexity (MLS), complexity by coordination (T/S), complexity by subordination (C/T), clausal complexity (MLC), phrasal complexity (NP density), syntactic variety, lexical density, lexical variation, lexical sophistication, and lexical bundles. Results were then compared statistically across tasks, L2 proficiency levels, and time. Overall, task type had significant effects on fluency and some syntactic complexity indices (complexity by coordination, structural variety, clausal complexity, phrase complexity) and lexical density, sophistication, and bundles, but not accuracy. L2 proficiency had significant effects on fluency, accuracy, and lexical variation, but not syntactic complexity. Finally, fluency, frequency of errors, but not accuracy ratings, syntactic complexity indices (clausal complexity, global complexity, complexity by subordination, phrase complexity, structural variety) and lexical complexity (lexical density, variation, and sophistication) exhibited significant changes after instruction, particularly for the independent task. We discuss the findings and their implications for assessment, instruction, and research on CAF in the context of L2 writing.

Keywords: second language writing, Fluency, accuracy, complexity, longitudinal

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Authors: Mustafa M. Donma, Orkide Donma

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Anthropometric measurements are essential for obesity studies. Waist circumference (WC) is the most frequently used measure, and along with hip circumference (HC), it is used in most equations derived for the evaluation of obese individuals. Morbid obesity is the most severe clinical form of obesity, and such individuals may also exhibit some clinical findings leading to metabolic syndrome (MetS). Then, it becomes a requirement to discriminate morbid obese children with (MOMetS+) and without (MOMetS-) MetS. Almost all obesity indices can differentiate obese (OB) children from children with normal body mass index (N-BMI). However, not all of them are capable of making this distinction. A recently introduced anthropometric obesity index, waist circumference + hip circumference/2 ((WC+HC)/2), was confirmed to differ OB children from those with N-BMI, however it has not been tested whether it will find clinical usage for the differential diagnosis of MOMetS+ and MOMetS-. This study was designed to find out the availability of (WC+HC)/2 for the purpose and to compare the possible preponderance of it over some other anthropometric or fat-based obesity indices. Forty-five MOMetS+ and forty-five MOMetS- children were included in the study. Participants have submitted informed consent forms. The study protocol was approved by the Non-interventional Ethics Committee of Tekirdag Namik Kemal University. Anthropometric measurements were performed. Body mass index (BMI), waist-to-hip circumference (W/H), (WC+HC)/2, trunk-to-leg fat ratio (TLFR), trunk-to-appendicular fat ratio (TAFR), trunk fat+leg fat/2 ((trunk+leg fat)/2), diagnostic obesity notation model assessment index-2 (D2I) and fat mass index (FMI) were calculated for both groups. Study data was analyzed statistically, and 0.05 for p value was accepted as the statistical significance degree. Statistically higher BMI, WC, (WC+HC)/2, (trunk+leg fat)/2 values were found in MOMetS+ children than MOMetS- children. No statistically significant difference was detected for W/H, TLFR, TAFR, D2I, and FMI between two groups. The lack of difference between the groups in terms of FMI and D2I pointed out the fact that the recently developed fat-based index; (trunk+leg fat)/2 gives much more valuable information during the evaluation of MOMetS+ and MOMetS- children. Upon evaluation of the correlations, (WC+HC)/2 was strongly correlated with D2I and FMI in both MOMetS+ and MOMetS- groups. Neither D2I nor FMI was correlated with W/H. Strong correlations were calculated between (WC+HC)/2 and (trunk+leg fat)/2 in both MOMetS- (r=0.961; p<0.001) and MOMetS+ (r=0.936; p<0.001) groups. Partial correlations between (WC+HC)/2 and (trunk+leg fat)/2 after controlling the effect of basal metabolic rate were r=0.726; p<0.001 in MOMetS- group and r=0.932; p<0.001 in MOMetS+ group. The correlation in the latter group was higher than the first group. In conclusion, recently developed anthropometric obesity index (WC+HC)/2 and fat-based obesity index (trunk+leg fat)/2 were of preponderance over the previously introduced classical obesity indices such as W/H, D2I and FMI during the differential diagnosis of MOMetS+ and MOMetS- children.

Keywords: children, hip circumference, metabolic syndrome, morbid obesity, waist circumference

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Authors: Bazilah Ismail, Muhammad Mat Naain, Ibrahim Alhamrouni, Lilik Jamilatul Awalin, Fadi Albatsh, Mohd Fairuz Abdul Hamid

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Rapid depletion and prices of the conventional energy sources have stimulated the development of the renewable energy source (RES). Due to the unpredicted and intermittent nature of RES, the hybrid renewable energy system (HRES) is the best solution to complement the nature of the respective sources, and the combination of the wind and solar energy is rapidly gaining popularity. The significant challenges on the operation and planning of the grid system with a high HRES penetration has become an important subject since the location of HRES plant give impact towards the existing system. This paper aims to propose the location of the grid connected Wind-PV hybrid plant (WPHP) based on load flow and voltage stability indices study. Several case studies are carried out using IEEE 14 bus system, and the system is modeled and tested in DigSILENT PowerFactory.

Keywords: hybrid renewable energy system, wind farm, photovoltaic system, voltage stability and load flow

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Authors: Onur Arugaslan, Ajay Samant, Devrim Yaman

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Financial advisors and investors seek new assets which could potentially increase portfolio returns and decrease portfolio risk. Cryptocurrencies represent a relatively new asset class which could serve in both these roles. There has been very little research done in the area of the risk/return tradeoff in a portfolio consisting of fixed income assets, stocks, and cryptocurrency. The objective of this study is a rigorous examination of this issue. The data used in the study are the monthly returns on 4-week US Treasury Bills, S&P Investment Grade Corporate Bond Index, Bitcoin and the S&P 500 Stock Index. The methodology used in the study is the application Modern Portfolio Theory to evaluate the risk-adjusted returns of portfolios with varying combinations of these assets, using Sharpe, Treynor and Jensen Indexes, as well as the Sortino and Modigliani measures. The results of the study would include the ranking of various investment portfolios based on their risk/return characteristics. The conclusions of the study would include objective empirical inference for investors who are interested in including cryptocurrency in their asset portfolios but are unsure of the risk/return implications.

Keywords: financial economics, portfolio diversification, fixed income securities, cryptocurrency, stock indexes

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Authors: Yan Wang, Wei Wu

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In recent years, with the gradual change of Chinese urban development mode from 'incremental development' to 'stock-based renewal', the urban design method of ‘grand scene’ in the past could only cope with the planning and construction of incremental spaces such as new towns and new districts, while the problems involved in the renewal of the stock lands such as historic blocks of ancient cities are more complex. 'Simplified' large-scale demolition and construction may lead to the damage of the ancient city's texture and the overall cultural atmosphere; thus it is necessary to re-explore the urban design path of historical blocks in the conservation context of the ancient city. Through the study of the cultural context of the ancient city of Suzhou in China and the interpretation of its current characteristics, this paper explores the methods and paths for the renewal of historical and cultural blocks in the ancient city. It takes No. 12 and No. 13 historical blocks in the ancient city of Suzhou as examples, coordinating the spatial layout and the landscape and shaping the regional characteristics to improve the quality of the ancient city's life. This paper analyses the idea of conservation and regeneration from the aspects of culture, life, business form, and transport. Guided by the planning concept of ‘block repair and cultural infiltration’, it puts forward the urban design path of ‘conservation priority, activation and utilization, organic renewal and strengthening guidance’, with a view to continuing the cultural context and stimulating the vitality of ancient city, so as to realize the integration of history, modernity, space and culture. As a rare research on urban design in the scope of Suzhou ancient city, the paper expects to explore the concepts and methods of urban design for the historic blocks on the basis of the conservation of the history, space, and culture and provides a reference for other similar types of urban construction.

Keywords: historical block, Suzhou ancient city, stock-based renewal, urban design

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Authors: Azzam Alosaimi

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Different countries attempt to reduce energy demands and Greenhouse Gas (GHG) emissions to mitigate global warming potential. They set different building codes to regulate excessive building’s energy losses. Energy losses occur due to pressure difference between the indoor and outdoor environments, and thus, heat transfers from one region to another. One major sources of energy loss is known as building airtightness. Building airtightness is the fundamental feature of the building envelope that directly impacts infiltration. Most of international building codes require minimum performance for new construction to ensure acceptable airtightness. The execution of airtightness required standards has become more challenging in recent years due to a lack of expertise and equipment, making it costly and time-consuming. Hence, researchers have developed predictive models to predict buildings infiltration rates to meet building codes and to reduce energy and cost. This research applies a theoretical modeling approach using Matlab software to predict mean infiltration rate distributions and total heat loss of Saudi Arabia’s housing stock.

Keywords: infiltration rate, energy demands, heating loss, cooling loss, carbon emissions

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Authors: Riccardo Patriarca, Giulio Di Gravio, Francesco Costantino, Massimo Tronci

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An accurate inventory management policy acquires a crucial role in the several high-availability sectors. In these sectors, due to the high-cost of spares and backorders, an (S-1, S) replenishment policy is necessary for high-availability items. The policy enables the shipment of a substitute efficient item anytime the inventory size decreases by one. This policy can be modelled following the Multi-Echelon Technique for Recoverable Item Control (METRIC). The METRIC is a system-based technique that allows defining the optimum stock level in a multi-echelon network, adopting measures in line with the decision-maker’s perspective. The METRIC defines an availability-cost function with inventory costs and required service levels, using as inputs data about the demand trend, the supplying and maintenance characteristics of the network and the budget/availability constraints. The traditional METRIC relies on the hypothesis that a Poisson distribution well represents the demand distribution in case of items with a low failure rate. However, in this research, we will explore the effects of using a Poisson distribution to model the demand of low failure rate items characterized by an irregular demand trend. This characteristic of a demand is not included in the traditional METRIC formulation leading to the need of revising its traditional formulation. Using the CV (Coefficient of Variation) and ADI (Average inter-Demand Interval) classification, we will define the inherent flaws of Poisson-based METRIC for irregular demand items, defining an innovative ad hoc distribution which can better fit the irregular demands. This distribution will allow defining proper stock levels to reduce stocking and backorder costs due to the high irregularities in the demand trend. A case study in the aviation domain will clarify the benefits of this innovative METRIC approach.

Keywords: METRIC, inventory management, irregular demand, spare parts

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Authors: Syed Jamil H. Kazmi, Faiza Sarwar

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The Indus delta of Sindh Province forms the largest creeks zone of Pakistan. The Sindh coast starts from the mouth of Hab River and terminates at Sir Creek area. In this paper, we have considered the major creeks from the site of Bin Qasim Port in Karachi to Jetty of Keti Bunder in Thatta District. A general decline in the mangrove forest has been observed that within a span of last 25 years. The unprecedented human interventions damage the creeks habitat badly which includes haphazard urban development, industrial and sewage disposal, illegal cutting of mangroves forest, reduced and inconsistent fresh water flow mainly from Jhang and Indus rivers. These activities not only harm the creeks habitat but affected the fish stock substantially. Fishing is the main livelihood of coastal people but with the above-mentioned threats, it is also under enormous pressure by fish catches resulted in unchecked overutilization of the fish resources. This pressure is almost unbearable when it joins with deleterious fishing methods, uncontrolled fleet size, increase trash and by-catch of juvenile and illegal mesh size. Along with these anthropogenic interventions study area is under the red zone of tropical cyclones and active seismicity causing floods, sea intrusion, damage mangroves forests and devastation of fish stock. In order to sustain the natural resources of the Indus Creeks, this study was initiated with the support of FAO, WWF and NIO, the main purpose was to develop a Geo-Spatial dataset for fish stock assessment. The study has been spread over a year (2013-14) on monthly basis which mainly includes detailed fish stock survey, water analysis and few other environmental analyses. Environmental analysis also includes the habitat classification of study area which has done through remote sensing techniques for 22 years’ time series (1992-2014). Furthermore, out of 252 species collected, fifteen species from estuarine and marine groups were short-listed to measure the weight, health and growth of fish species at each creek under GIS data through SPSS system. Furthermore, habitat suitability analysis has been conducted by assessing the surface topographic and aspect derivation through different GIS techniques. The output variables then overlaid in GIS system to measure the creeks productivity. Which provided the results in terms of subsequent classes: extremely productive, highly productive, productive, moderately productive and less productive. This study has revealed the Geospatial tools utilization along with the evaluation of the fisheries resources and creeks habitat risk zone mapping. It has also been identified that the geo-spatial technologies are highly beneficial to identify the areas of high environmental risk in Sindh Creeks. This has been clearly discovered from this study that creeks with high rugosity are more productive than the creeks with low levels of rugosity. The study area has the immense potential to boost the economy of Pakistan in terms of fish export, if geo-spatial techniques are implemented instead of conventional techniques.

Keywords: fish stock, geo-spatial, productivity analysis, risk

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Authors: Mohammad Hadi Khorashadi Zadeh, Amin Karkon, Hamid Golnari

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This study aimed to investigate the impact of information technology on the quality of accounting information was made in 2014. A survey of 425 executives of listed companies in Tehran Stock Exchange, using the Cochran formula simple random sampling method, 84 managers of these companies as the sample size was considered. Methods of data collection based on questionnaire information technology some of the questions of the impact of information technology was standardized questionnaires and the questions were designed according to existing components. After the distribution and collection of questionnaires, data analysis and hypothesis testing using structural equation modeling Smart PLS2 and software measurement model and the structure was conducted in two parts. In the first part of the questionnaire technical characteristics including reliability, validity, convergent and divergent validity for PLS has been checked and in the second part, application no significant coefficients were used to examine the research hypotheses. The results showed that IT and its dimensions (timeliness, relevance, accuracy, adequacy, and the actual transfer rate) affect the quality of accounting information of listed companies in Tehran Stock Exchange influence.

Keywords: information technology, information quality, accounting, transfer speed

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Authors: Anderson Ngowa Chembe, John Olukuru

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Greenhouse emissions by human activities are known to irreversibly increase global temperatures through the greenhouse effect. This study seeks to propose a mortality model with sensitivity to heat-change effects as one of the underlying parameters in the model. As such, the study sought to establish the relationship between greenhouse emissions and mortality indices in five OECD countries (USA, UK, Japan, Canada & Germany). Upon the establishment of the relationship using correlation analysis, an additional parameter that accounts for the sensitivity of heat-changes to mortality rates was incorporated in the Lee-Carter model. Based on the proposed model, new parameter estimates were calculated using iterative algorithms for optimization. Finally, the goodness of fit for the original Lee-Carter model and the proposed model were compared using deviance comparison. The proposed model provides a better fit to mortality rates especially in USA, UK and Germany where the mortality indices have a strong positive correlation with the level of greenhouse emissions. The results of this study are of particular importance to actuaries, demographers and climate-risk experts who seek to use better mortality-modeling techniques in the wake of heat effects caused by increased greenhouse emissions.

Keywords: climate risk, greenhouse emissions, Lee-Carter model, OECD

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Authors: Mustafa Metin Donma

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Metabolic syndrome (MetS) is characterized by a series of biochemical, physiological and anthropometric indicators and is a life-threatening health problem due to its close association with chronic diseases such as diabetes mellitus, hypertension, cancer and cardiovascular diseases. The syndrome deserves great interest both in adults and children. Central obesity is the indispensable component of MetS. Particularly, children, who are morbidly obese have a great tendency to develop the disease, because they are under the threat in their future lives. Preventive measures at this stage should be considered. For this, investigators seek for an informative scale or an index for the purpose. So far, several, but not many suggestions come into the stage. However, the diagnostic decision is not so easy and may not be complete particularly in the pediatric population. The aim of the study was to develop a MetS index capable of predicting MetS, while children are at the morbid obesity stage. This study was performed on morbid obese (MO) children, which were divided into two groups. Morbid obese children, who do not possess MetS criteria comprised the first group (n=44). The second group was composed of children (n=42) with MetS diagnosis. Parents were informed about the signed consent forms, which are required for the participation of their children in the study. The approval of the study protocol was taken from the institutional ethics committee of Tekirdag Namik Kemal University. Helsinki Declaration was accepted prior to and during the study. Anthropometric measurements including weight, height, waist circumference (WC), hip C, head C, neck C, biochemical tests including fasting blood glucose (FBG), insulin (INS), triglycerides (TRG), high density lipoprotein cholesterol (HDL-C) and blood pressure measurements (systolic (SBP) and diastolic (DBP)) were performed. Body fat percentage (BFP) values were determined by TANITA’s Bioelectrical Impedance Analysis technology. Body mass index and MetS indices were calculated. The equations for MetS index (MetSI) and advanced Donma MetS index (ADMI) were [(INS/FBG)/(HDL-C/TRG)]*100 and MetSI*[(SBP+DBP/Height)], respectively. Descriptive statistics including median values, compare means tests, correlation-regression analysis were performed within the scope of data evaluation using the statistical package program, SPSS. Statistically significant mean differences were determined by a p value smaller than 0.05. Median values for MetSI and ADMI in MO (MetS-) and MO (MetS+) groups were calculated as (25.9 and 36.5) and (74.0 and 106.1), respectively. Corresponding mean±SD values for BFPs were 35.9±7.1 and 38.2±7.7 in groups. Correlation analysis of these two indices with corresponding general BFP values exhibited significant association with ADMI, close to significance with MetSI in MO group. Any significant correlation was found with neither of the indices in MetS group. In conclusion, important associations observed with MetS indices in MO group were quite meaningful. The presence of these associations in MO group was important for showing the tendency towards the development of MetS in MO (MetS-) participants. The other index, ADMI, was more helpful for predictive purpose.

Keywords: body fat percentage, child, index, metabolic syndrome, obesity

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