Search results for: central and eastern European countries

Authors: Robert Grzeszczak, Magdalena Gniadzik

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The article deals with one of the most significant issues concerning the functioning of the internal market of the European Union – the free movement of workers and free movement of persons. The purpose is to identify the political and legal effects of the “renationalisation process” on the EU and its Member States. The concept of renationalisation is expressed through Member States’ aim to verify the relationship with the EU. The tendency is more visible in the public opinion of several MS’s of the ‘EU core’ and may be confirmed by the changes applied by the regulatory body. The thesis for the article is the return of renationalisation tendencies in the area of the Single Market, which is supported by, among others, an open criticism of the foundations of EU integration or considerations on withdrawal from the EU by some MS. This analysis will focus primarily on the effects that renationalisation may have on the free movement of persons. The free movement of persons is one of the key issues for the development of the European integration. It is still subject to theoretical reflections, new doubts and practical issues. The latest developments in politics, law and jurisprudence demonstrate the need to reflect on the attempts to redefine certain principles regarding migrant EU workers and their protection against nationality-based discrimination.

Keywords: European Union, Singel Market, free movement of persons, posting of workers

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Authors: Kibrom Hadush

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Countries like Ethiopia, whose economy is mainly rain-fed dependent agriculture, are highly vulnerable to climate variability and weather extremes. Sub-seasonal (monthly) and dekadal forecasts are hence critical for crop production and water resource management. Therefore, this paper was conducted to study the predictability and variability of Kiremt rainfall over the northern half of Ethiopia on monthly and dekadal time scales in association with global Sea Surface Temperature (SST) at different lag time. Trends in rainfall have been analyzed on annual, seasonal (Kiremt), monthly, and dekadal (June–September) time scales based on rainfall records of 36 meteorological stations distributed across four homogenous zones of the northern half of Ethiopia for the period 1992–2017. The results from the progressive Mann–Kendall trend test and the Sen’s slope method shows that there is no significant trend in the annual, Kiremt, monthly and dekadal rainfall total at most of the station's studies. Moreover, the rainfall in the study area varies spatially and temporally, and the distribution of the rainfall pattern increases from the northeast rift valley to northwest highlands. Methods of analysis include graphical correlation and multiple linear regression model are employed to investigate the association between the global SSTs and Kiremt rainfall over the homogeneous rainfall zones and to predict monthly and dekadal (June-September) rainfall using SST predictors. The results of this study show that in general, SST in the equatorial Pacific Ocean is the main source of the predictive skill of the Kiremt rainfall variability over the northern half of Ethiopia. The regional SSTs in the Atlantic and the Indian Ocean as well contribute to the Kiremt rainfall variability over the study area. Moreover, the result of the correlation analysis showed that the decline of monthly and dekadal Kiremt rainfall over most of the homogeneous zones of the study area are caused by the corresponding persistent warming of the SST in the eastern and central equatorial Pacific Ocean during the period 1992 - 2017. It is also found that the monthly and dekadal Kiremt rainfall over the northern, northwestern highlands and northeastern lowlands of Ethiopia are positively correlated with the SST in the western equatorial Pacific, eastern and tropical northern the Atlantic Ocean. Furthermore, the SSTs in the western equatorial Pacific and Indian Oceans are positively correlated to the Kiremt season rainfall in the northeastern highlands. Overall, the results showed that the prediction models using combined SSTs at various ocean regions (equatorial and tropical) performed reasonably well in the prediction (With R2 ranging from 30% to 65%) of monthly and dekadal rainfall and recommends it can be used for efficient prediction of Kiremt rainfall over the study area to aid with systematic and informed decision making within the agricultural sector.

Keywords: dekadal, Kiremt rainfall, monthly, Northern Ethiopia, sea surface temperature

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Authors: Ellis Kofi Akwaa-Sekyi, Jordi Moreno Gené

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Managerial actions which negatively profile banks and impair corporate reputation are addressed through effective internal control systems. Disregard for acceptable standards and procedures for granting credit have affected bank loan portfolios and could be cited for the crises in some European countries. The study intends to determine the effectiveness of internal control systems, investigate whether perceived agency problems exist on the part of board members and to establish the relationship between internal controls and credit risk among listed banks in the European Union. Drawing theoretical support from the behavioural compliance and agency theories, about seventeen internal control variables (drawn from the revised COSO framework), bank-specific, country, stock market and macro-economic variables will be involved in the study. A purely quantitative approach will be employed to model internal control variables covering the control environment, risk management, control activities, information and communication and monitoring. Panel data from 2005-2014 on listed banks from 28 European Union countries will be used for the study. Hypotheses will be tested and the Generalized Least Squares (GLS) regression will be run to establish the relationship between dependent and independent variables. The Hausman test will be used to select whether random or fixed effect model will be used. It is expected that listed banks will have sound internal control systems but their effectiveness cannot be confirmed. A perceived agency problem on the part of the board of directors is expected to be confirmed. The study expects significant effect of internal controls on credit risk. The study will uncover another perspective of internal controls as not only an operational risk issue but credit risk too. Banks will be cautious that observing effective internal control systems is an ethical and socially responsible act since the collapse (crisis) of financial institutions as a result of excessive default is a major contagion. This study deviates from the usual primary data approach to measuring internal control variables and rather models internal control variables in a quantitative approach for the panel data. Thus a grey area in approaching the revised COSO framework for internal controls is opened for further research. Most bank failures and crises could be averted if effective internal control systems are religiously adhered to.

Keywords: agency theory, credit risk, internal controls, revised COSO framework

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Authors: Natalia Pacheco Rego

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The Liezation functor is a map from the category of Leibniz algebras to the category of Lie algebras, which assigns a Leibniz algebra to the Lie algebra given by the quotient of the Leibniz algebra by the ideal spanned by the square elements of the Leibniz algebra. This functor is left adjoint to the inclusion functor that considers a Lie algebra as a Leibniz algebra. This environment fits in the framework of central extensions and commutators in semi-abelian categories with respect to a Birkhoff subcategory, where classical or absolute notions are relative to the abelianization functor. Classical properties of Leibniz algebras (properties relative to the abelianization functor) were adapted to the relative setting (with respect to the Liezation functor); in general, absolute properties have the corresponding relative ones, but not all absolute properties immediately hold in the relative case, so new requirements are needed. Following this line of research, it was conducted an analysis of central derivations of Leibniz algebras relative to the Liezation functor, called as Lie-derivations, and a characterization of Lie-stem Leibniz algebras by their Lie-central derivations was obtained. In this paper, we present an overview of these results, and we analyze some new properties concerning Lie-central derivations and almost inner Lie-derivations. Namely, a Leibniz algebra is a vector space equipped with a bilinear bracket operation satisfying the Leibniz identity. We define the Lie-bracket by [x, y]lie = [x, y] + [y, x] , for all x, y . The Lie-center of a Leibniz algebra is the two-sided ideal of elements that annihilate all the elements in the Leibniz algebra through the Lie-bracket. A Lie-derivation is a linear map which acts as a derivative with respect to the Lie-bracket. Obviously, usual derivations are Lie-derivations, but the converse is not true in general. A Lie-derivation is called a Lie-central derivation if its image is contained in the Lie-center. A Lie-derivation is called an almost inner Lie-derivation if the image of an element x is contained in the Lie-commutator of x and the Leibniz algebra. The main results we present in this talk refer to the conditions under which Lie-central derivation and almost inner Lie-derivations coincide.

Keywords: almost inner Lie-derivation, Lie-center, Lie-central derivation, Lie-derivation

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Authors: Papathanasiou Anastasios, Liontos George, Liagkou Vasiliki, Glavas Euripides

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The purpose of this paper is to describe the growing problem of various cyber fraud schemes that exist on the internet and are currently among the most prevalent. The main focus of this paper is to provide a detailed description of the modus operandi, tools, and techniques utilized in four basic typologies of cyber frauds: Business Email Compromise (BEC) attacks, investment fraud, romance scams, and online sales fraud. The paper aims to shed light on the methods employed by cybercriminals in perpetrating these types of fraud, as well as the strategies they use to deceive and victimize individuals and businesses on the internet. Furthermore, this study outlines defense strategies intended to tackle the issue head-on, with a particular emphasis on the crucial role played by European Legislation. European legislation has proactively adapted to the evolving landscape of cyber fraud, striving to enhance cybersecurity awareness, bolster user education, and implement advanced technical controls to mitigate associated risks. The paper evaluates the advantages and innovations brought about by the European Legislation while also acknowledging potential flaws that cybercriminals might exploit. As a result, recommendations for refining the legislation are offered in this study in order to better address this pressing issue.

Keywords: business email compromise, cybercrime, European legislation, investment fraud, NIS, online sales fraud, romance scams

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Authors: Ihtasham Hamza

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In the contemporary world, where the West is afflicted by the diseases of excess nutrition, much of the rest globe suffers at the hands of hunger. A troubling constituent of hunger is micronutrient deficiency, also called hidden hunger. Major dependence on calorie-rich diets and low diet diversification are responsible for high malnutrition rates, especially in African and Asian countries. But the dilemma isn’t immune to solutions. Highlighting the substantial cause to be sole dependence on staples for food, biofortification has emerged as a novel tool to confront the widely distributed jeopardize of hidden hunger. Biofortification potentials the better nutritional approachability to commonalities overcoming various difficulties and reaching the doorstep. The crops associated with biofortification offer a rural-based involvement that, proposal, primarily reaches these more remote populations, which comprise a majority of the malnourished in many countries, and then penetrates to urban populations as assembly overages are marketed. Initial investments in agricultural research at a central location can generate high recurrent benefits at low cost as adapted biofortified cultivars become widely available in countries across time at low recurrent costs as opposed to supplementation which is comparatively expensive and requires continued financing over time, which may be imperilled by fluctuating political curiosity.

Keywords: biofortified crops, hunger, malnutrition, agricultural practices

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Authors: Hubert Feiglstorfer

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Due to its location in a transition zone from the Pannonian to the pre-Alpine region, the east of Austria shows a small-scale diversity in the regional development of certain vernacular building techniques. In this article the relationship between natural building material resources, topography and climate will be examined. Besides environmental preconditions, social and economic historical factors have developed different construction techniques within certain regions in the Weinviertel and Burgenland, the two eastern federal states of Austria. But even within these regions, varying building techniques were found, due to the locally different use of raw materials like wood, stone, clay, lime, or organic fibres. Within these small-scale regions, building traditions were adapted over the course of time due to changes in the use of the building material, for example from wood to brick or from wood to earth. The processing of the raw materials varies from region to region, for example as rammed earth, cob, log, or brick construction. Environmental preconditions cross national borders. For that reason, developments in the neighbouring countries, the Czech Republic, Slovakia, Hungary and Slovenia are included in this analysis. As an outcome of this research a map was drawn which shows the interrelation between locally available building materials, topography, climate and local building techniques? As a result of this study, which covers the last 300 years, one can see how the local population used natural resources very sensitively adapted to local environmental preconditions. In the case of clay, for example, changes of proportions of lime and particular minerals cause structural changes that differ from region to region. Based on material analyses in the field of clay mineralogy, on ethnographic research, literature and archive research, explanations for certain local structural developments will be given for the first time over the region of East Austria.

Keywords: European crafts, material culture, architectural history, earthen architecture, earth building history

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Authors: Amore Gerber, Gerrit Crafford

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This research paper explores the root causes of the shortage of professional electricians in the Eastern Cape, South Africa. The primary objectives are to identify the underlying reasons contributing to this deficit, analyze the consequences of the shortage, and propose practical solutions to address this critical issue. The research employed an interpretivist paradigm and an inductive approach. Qualitative data was gathered through semi-structured interviews with professional electricians working in the Eastern Cape. Thematic analysis was used to identify common themes and comprehensively understand the issue. The analysis revealed that the shortage of electricians can be attributed primarily to training challenges and a lack of awareness within the industry. This shortage has significant repercussions, as it has led to the proliferation of unqualified electricians, exacerbating the problem. The study identified two key solutions to address this issue: promoting education and trade programs and transforming electrical instruction and education. The research was conducted in the Eastern Cape and reflects the viewpoints of professional electricians. Results may differ in other locations or where the effects are investigated from a client’s perspective. The research uncovers the root causes of the electrician shortage and offers valuable insights for devising effective solutions to address these challenges. This paper adds a significant dimension to the current literature gap. The study's findings underscore deficiencies in awareness and training as fundamental factors driving the shortage of electricians, emphasizing the urgent need to address these issues to bridge the gap.

Keywords: electrician shortage, skill gap, training, awareness

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Authors: Pia Moschall, Kathrin Sackmann

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Considering a purchasing volume of around two trillion Euros per year, which equals about 14% of the European Union’s gross domestic product, European public authorities have significant market power. Making use of this market power by prioritizing the procurement of green products and services offers a great potential to contribute to the Green New Deal. The market demand that is created by Green Public Procurement (GPP) sets incentives for European producers to design and develop Green Products and Eco-Innovations. However, most procurement still does not consider environmental criteria. The goal of the work is to encourage the adaptation of GPP in the European Union. To this end, the drivers for the adaptation were investigated over different case studies. The paper analyzes good-practice cases from European authorities from 2010 to 2020 that were provided by the European Commission. This analysis was guided by Philipp Mayring’s method of qualitative content analysis, whereby the inductively formed categories led to the identification of nine major drivers. The most important ones are ‘use of official guidelines and standards, ‘political support and requirements as well as ‘market research and involvement.’ Further, the paper discusses mutual dependencies between several drivers and how to exploit them. A supporting infrastructure was identified as a crucial factor for the successful adaption of green public procurement. In the next step, the work aims to examine on which administrative level the single drivers can be implemented most effectively. Practical implications of this research are recommendations on how to create a supporting structure on a municipal, federal and national level, including training for the responsible staff, support tools, as well as guidelines and standards for involved stakeholders.

Keywords: content analysis, green public procurement, public authorities, sustainable procurement

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Authors: Sudha Shukla, Bablu Kumar, Gyan Prakash Gupta, U. C. Kulshrestha

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Air pollutants emitted from solid biofuels during cooking are the major contributors to poor air quality, respiratory problems, and radiative forcing, etc. in rural areas of most of developing countries. The present study reports the chemical characteristics and sources of ambient aerosols and traces gases during cooking and non-cooking hours emitted during biofuel combustion in a village in North-Central India. Fine aerosol samples along with gaseous species (Sox, NOx, and NH₃) were collected during September 2010-March 2011 at Khairatpur village (KPV) which is located in the Uttar Pradesh state in North-Central India. Results indicated that most of the major ions in aerosols and Sox, NOx, and NH₃ gases were found to be higher during cooking hours as compared to non-cooking hours suggesting that solid biofuel combustion is an important source of air pollution. Results of Principal Component Analysis (PCA) revealed that combustion of solid biofuel, vehicular emissions, and brick kilns were the major sources of fine aerosols and trace gases in the village. A health survey was conducted to find out the relation between users of biofuels and their health effects and the results revealed that most of the women in the village were suffering from diseases associated with biofuel combustion during cooking.

Keywords: ambient aerosols, biofuel combustion, cooking, health survey, rural area

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Authors: H. Ozbasaran

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IPN and IPE sections, which are commonly used European I shapes, are widely used in steel structures as cantilever beams to support overhangs. A considerable number of studies exist on calculating lateral torsional buckling load of I sections. However, most of them provide series solutions or complex closed-form equations. In this paper, a simple equation is presented to calculate lateral torsional buckling load of IPN and IPE section cantilever beams. First, differential equation of lateral torsional buckling is solved numerically for various loading cases. Then a parametric study is conducted on results to present an equation for lateral torsional buckling load of European IPN and IPE beams. Finally, results obtained by presented equation are compared to differential equation solutions and finite element model results. ABAQUS software is utilized to generate finite element models of beams. It is seen that the results obtained from presented equation coincide with differential equation solutions and ABAQUS software results. It can be suggested that presented formula can be safely used to calculate critical lateral torsional buckling load of European IPN and IPE section cantilevers.

Keywords: cantilever, IPN, IPE, lateral torsional buckling

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Authors: Balogun R. Ayodeji, Adefisan E. Adesanya, Adeyewa Z. Debo, E. C. Okogbue

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The need to investigate diurnal weather circles in West Africa is coined in the fact that complex interactions often results from diurnal weather patterns. This study investigates diurnal circles of wind, rainfall and convective properties using six (6) hour interval data from the ERA-Interim and the Tropical Rainfall Measurement Mission (TRMM). The seven distinct zones, used in this work and classified as rainforest (west-coast, dry, Nigeria-Cameroon), Savannah (Nigeria, and Central Africa and South Sudan (CASS)), Sudano-Sahel, and Sahel, were clearly indicated by the rainfall pattern in each zones. Results showed that the land‐ocean warming contrast was more strongly sensitive to seasonal cycle and has been very weak during March-May (MAM) but clearly spelt out during June-September (JJAS). Dipoles of wind convergence/divergence and wet/dry precipitation, between CASS and Nigeria Savannah zones, were identified in morning and evening hours of MAM, whereas distinct night and day anomaly, in the same location of CASS, were found to be consistent during the JJAS season. Diurnal variation of convective properties showed that stratiform precipitation, due to the extremely low occurrence of flashcount climatology, was dominant during morning hours for both MAM and JJAS than other periods of the day. On the other hand, diurnal variation of the system sizes showed that small system sizes were most dominant during the day time periods for both MAM and JJAS, whereas larger system sizes were frequent during the evening, night, and morning hours. The locations of flashcount and system sizes agreed with earlier results that morning and day-time hours were dominated by stratiform precipitation and small system sizes respectively. Most results clearly showed that the eastern locations of Sudano and Sahel were consistently dry because rainfall and precipitation features were predominantly few. System sizes greater than or equal to 800 km² were found in the western axis of the Sudano and Sahel zones, whereas the eastern axis, particularly in the Sahel zone, had minimal occurrences of small/large system sizes. From the results of locations of extreme systems, flashcount greater than 275 in one single system was never observed during the morning (6Z) diurnal, whereas, the evening (18Z) diurnal had the most frequent cases (at least 8) of flashcount exceeding 275 in one single system. Results presented had shown the importance of diurnal variation in understanding precipitation, flashcount, system sizes patterns at diurnal scales, and understanding land-ocean contrast, precipitation, and wind field anomaly at diurnal scales.

Keywords: convective properties, diurnal circle, flashcount, system sizes

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Authors: Maged El Osta, Milad Masoud

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Al Jabal Al Akhdar in the north-eastern part of Libya represents a region with promising ecological underpinning for grazing and other agricultural developments. The groundwater potential of both Upper Cretaceous and Eocene aquifers was studied based the available literature and a complete database for about 112 water wells drilled in the period 2003-2009. In this research, the hydrogeological methods will be integrated with the Geographic Information System (GIS) that played a main role in highlighting the spatial characteristics of the groundwater system. The results indicate that the depth to water for the Upper Cretaceous aquifer ranges from 150 to 458 m, and the piezometric surface decreases from over 500 m (m.s.l) in the northern parts to -20 m (m.s.l) in southeastern part. Salinity ranges between 303 and 1329 mg/l indicating that groundwater belongs to the slightly fresh water class. In the Eocene aquifer, the depth to groundwater ranges from 120 to 290.5 m and the potentiometric level decreases gradually southwards from 220 to -51 m (m.s.l) and characterized by steep slope in the southeastern part of the study area, where the aquifer characterized by relatively high productivity (specific capacity ranges between 10.08 and 332.3 m2/day). The groundwater salinity within this aquifer ranges between 198 and 2800 mg/l (fresh to brackish water class). The annual average rainfall (from 280 to 500 mm) plays a significant role in the recharge of the two aquifers. The priority of groundwater quality and potentiality increases towards the central and northern portions of the concerned area.

Keywords: Eocene and Upper Cretaceous aquifers, rainfall, potentiality, Geographic Information System (GIS)

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Authors: Maha Zouaoui Khalifa, Hakim Ben Othman, Hussaney Khaled

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Prior empirical studies have investigated the economic consequences of accounting conservatism by examining its impact on the cost of equity capital (COEC). However, findings are not conclusive. We assume that inconsistent results of such association may be attributed to the regression models used in data analysis. To address this issue, we re-examine the effect of different dimension of accounting conservatism: unconditional conservatism (U_CONS) and conditional conservatism (C_CONS) on the COEC for a sample of listed firms from Middle Eastern and North Africa (MENA) countries, applying quantile regression (QR) approach developed by Koenker and Basset (1978). While classical ordinary least square (OLS) method is widely used in empirical accounting research, however it may produce inefficient and bias estimates in the case of departures from normality or long tail error distribution. QR method is more powerful than OLS to handle this kind of problem. It allows the coefficient on the independent variables to shift across the distribution of the dependent variable whereas OLS method only estimates the conditional mean effects of a response variable. We find as predicted that U_CONS has a significant positive effect on the COEC however, C_CONS has a negative impact. Findings suggest also that the effect of the two dimensions of accounting conservatism differs considerably across COEC quantiles. Comparing results from QR method with those of OLS, this study throws more lights on the association between accounting conservatism and COEC.

Keywords: unconditional conservatism, conditional conservatism, cost of equity capital, OLS, quantile regression, emerging markets, MENA countries

Procedia PDF Downloads 330

Authors: Howard Gomwe, Eunice Seekoe, Philemon Lyoka, Chioneso Show Marange, Dennyford Mafa

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Background: This study was designed to assess PA levels and sedentary behavior among primary school learners in the Eastern Cape province of South Africa. Methods: A cross-sectional study was adopted to assess the patterns and levels of PA and sedentary behavior using the Physical Activity Questionnaire for Older Children (PAQ-C). Results: Using complete case analysis, 870 randomly selected participants (boys = 351 and girls = 519) aged 9 to 14 years were retained. The sample comprised of primary school learners, both boys and girls; aged 9-14 years old, who were randomly selected from rural, urban and peri-urban areas in the Eastern Cape Province of South Africa. Overly, the sample had a mean PAQ-C score of 2.33 ± 0.43. The mean of PA in boys was significantly higher (p = 0.003) in comparison with the girls. The 13 to 14 age group had a significantly higher PA level (p = 0.014). Learners from urban areas (n = 136; 77.3%) engaged more in sedentary behaviour as compared to those from rural areas (n = 252; 54.9%). Conclusion: The findings demonstrated low levels of PA and high engagement of sedentary behavior, which have negative implications on the health, growth and development of children. The study, therefore, recommends relevant stakeholders to implement interventions aimed to promote the increase in PA and reduction in sedentary behaviors for primary school learners in the Eastern Cape province in South Africa.

Keywords: learners, physical activity, sedentary behavior, south Africa

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Authors: Martin Gascón Hove, Ralph Vermeltfoort, Alessandro Fiorini, Erwan Dulaurent, Henning von Perbandt

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Introduction: The outbreak of the COVID-19 pandemic has completely changed the global health situation, with more than 400 million cases published and over 5 million deaths. European Air Transport Command (EATC) is integrated by seven nations, and among its capabilities is that of aeromedical evacuation (AM). Material and methods: Impact of novel coronavirus was analysed based on the number and characteristics of patients and executed missions within EATC and, particularly by Spain, during the biennium 2020-2021. Results: One thousand sixty patients were transported in 186 missions. Neither death nor disease contagion was reported during AM performances. Military cases transferred were 986, mostly routine priority (91,4%), and 74 were civilians, who were transported in 17 missions, and 81,1% of which were categorized as urgent. Niger led the list of original countries, with 191 evacuated patients. 76,1% of requests came from Italy and Germany. Airbus A310 was the most used aircraft (32,2%). Germany transported 222 patients of another nationality, while Spain executed eight missions and repatriated 68 cases, 58 of which were from Mali. Conclusions: COVID-19 has led to a surged number of evacuated patients inside EATC, which has proven to be a safe and effective means of transportation, even in critical cases. Spain has gained prominence since its annexation in 2015.

Keywords: COVID-19, SARS-CoV-2, pandemic, aviation, Spain

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Authors: Catherine Coron

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This paper first tries to scrutinize the diverse meanings and policies of inclusive education in the United Kingdom and France in the recent period thanks to a comparative analysis of the recent literature as well as the various definitions, legislation and good practices of inclusive education. The central question is to find the links between inclusion and economic wellbeing in the economic, social and cultural context of the two countries. The first part questions the economic, social and cultural meaning of the definitions thanks to a comparison between the various perspectives to envisage the notions of inclusion and wellbeing in the two countries in order to better understand the way they are interpreted according to each cultural background. The second part analyses the various policies implemented recently in order to determine the main characteristics, the differences, and the similarities, as well as the economic challenges in terms of wellbeing. The final goal of this paper is to identify the main economic, social and cultural values as regards sustainability in each country.

Keywords: education, inclusion, students with special needs, wellbeing

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Authors: Yeliz Ekinci, Raife Merve Ön

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Nowadays, technological progress is one of the most important components of economic growth and the efficiency of R&D activities is particularly essential for countries. This study is an attempt to analyze the R&D efficiencies of EU countries. The indicators related to R&D efficiencies should be determined in advance in order to use DEA. For this reason a list of input and output indicators are derived from the literature review. Considering the data availability, a final list is given for the numerical analysis for future research.

Keywords: data envelopment analysis, economic growth, EU countries, R&D efficiency

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Authors: H. C. Chinwenyi, H. D. Ibrahim, F. A. Ahmed

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In modern financial mathematics, valuing derivatives such as options is often a tedious task. This is simply because their fair and correct prices in the future are often probabilistic. This paper examines three different Stochastic Differential Equation (SDE) models in finance; the Constant Elasticity of Variance (CEV) model, the Balck-Karasinski model, and the Heston model. The various Martingales option price valuation formulas for these three models were obtained using the replicating portfolio method. Also, the numerical solution of the derived Martingales options price valuation equations for the SDEs models was carried out using the Monte Carlo method which was implemented using MATLAB. Furthermore, results from the numerical examples using published data from the Nigeria Stock Exchange (NSE), all share index data show the effect of increase in the underlying asset value (stock price) on the value of the European Put Option for these models. From the results obtained, we see that an increase in the stock price yields a decrease in the value of the European put option price. Hence, this guides the option holder in making a quality decision by not exercising his right on the option.

Keywords: equivalent martingale measure, European put option, girsanov theorem, martingales, monte carlo method, option price valuation formula

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Authors: Masoud Irannezhad, Sirpa Rasmus, Saghar Ahmadian, Deliang Chen, Bjorn Klove

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Variability and changes in thermal conditions play a crucial role in functioning of human society, particularly over cold climate regions like Finland. Accordingly, the frost-free season (FFS) parameters in terms of start (FFSS), end (FFSE) and length (FFSL) have substantial effects not only on natural environment (e.g. flora and fauna), but also on human requirements (e.g. agriculture, forestry and energy generation). Applying the 0°C threshold of minimum temperature (Tmin), the FFS was defined as the period between the last spring frost as FFSS and the first fall frost as FFSE. For this study, gridded (10 x 10 km2) daily minimum temperature datasets throughout Finland during 1961-2011 was used to investigate recent spatio-temporal variations and trends in frost-free season (FFS) parameters and their relationships with the well-known large-scale climate teleconnections (CTs). The FFS in Finland naturally increases from north (~60 days) to south (~190 days), in association with earlier FFSS (~24 April) and later FFSE (~30 October). Statistically significant (p<0.05) trends in FFSL were all positive (increasing) ranged between 0 and 13.5 (days/decade) and mainly observed in the east, upper west, centre and upper north of Finland. Such lengthening trends in FFS were attributable to both earlier FFSS and later FFSE mostly over central and upper northern Finland, while only to later FFSE in eastern and upper western parts. Variations in both FFSL and FFSS were significantly associated with the Polar (POL) pattern over northern Finland, while with the East Atlantic (EA) pattern over eastern and upper western areas. However, the POL and Scandinavia (SCA) patterns were most influential CTs for FFSE variability over northern Finland.

Keywords: climate teleconnections, Finland, frost-free season, trend analysis

Procedia PDF Downloads 175

Authors: Khalifa Maha, Ben Othman Hakim, Khaled Hussainey

Abstract:

Prior empirical studies have investigated the economic consequences of accounting conservatism by examining its impact on the cost of equity capital (COEC). However, findings are not conclusive. We assume that inconsistent results of such association may be attributed to the regression models used in data analysis. To address this issue, we re-examine the effect of different dimension of accounting conservatism: unconditional conservatism (U_CONS) and conditional conservatism (C_CONS) on the COEC for a sample of listed firms from Middle Eastern and North Africa (MENA) countries, applying quantile regression (QR) approach developed by Koenker and Basset (1978). While classical ordinary least square (OLS) method is widely used in empirical accounting research, however it may produce inefficient and bias estimates in the case of departures from normality or long tail error distribution. QR method is more powerful than OLS to handle this kind of problem. It allows the coefficient on the independent variables to shift across the distribution of the dependent variable whereas OLS method only estimates the conditional mean effects of a response variable. We find as predicted that U_CONS has a significant positive effect on the COEC however, C_CONS has a negative impact. Findings suggest also that the effect of the two dimensions of accounting conservatism differs considerably across COEC quantiles. Comparing results from QR method with those of OLS, this study throws more lights on the association between accounting conservatism and COEC.

Keywords: unconditional conservatism, conditional conservatism, cost of equity capital, OLS, quantile regression, emerging markets, MENA countries

Procedia PDF Downloads 336

Authors: Anya Glikman, Anastasia Gorodzeisky

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Since the late 1990th labor immigration and its consequences on the society have become one of the most frequently discussed and debated issues in Russia. Social scientists point that the negative attitudes towards immigrants among Russian majority population is widespread, and their level, at least, twice as high as their level in most other European countries. Moreover, recent study by Gorodzeisky, Glikman and Maskyleison (2014) demonstrates that the two sets of individual level predictors of anti-foreigner sentiment – socio-economic status and conservative views and ideologies – that have been repeatedly proved in research in Western countries are not effective in predicting of anti-foreigner sentiment in Post-Socialist Russia. Apparently, the social mechanisms underlying anti-foreigner sentiment in Western countries, which are characterized by stable regimes and relatively long immigration histories, do not play a significant role in the explanation of anti-foreigner sentiment in Post-Socialist Russia. The present study aims to examine alternative possible sources of anti-foreigner sentiment in Russia while controlling for socio-economic position of individuals and conservative views. More specifically, following the research literature on the topic worldwide, we aim to examine whether and to what extent human values (such as tradition, universalism, safety and power), ethnic residential segregation, fear of crime and exposure to mass media affect anti-foreigner sentiments in Russia. To do so, we estimate a series of multivariate regression equations using the data obtained from 2012 European Social Survey. The national representative sample consists of 2337 Russian born respondents. Descriptive results reveal that about 60% percent of Russians view the impact of immigrants on the country in negative terms. Further preliminary analysis show that anti-foreigner sentiments are associated with exposer to mass media as well as with fear of crime. Specifically, respondents who devoted more time watching news on TV channels and respondents who express higher levels of fear of crime tend to report higher levels of anti-immigrants sentiments. The findings would be discussed in light of sociological perspective and the context of Russian society.

Keywords: anti-immigrant sentiments, fear of crime, human values, mass media, Russia

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Authors: Munira Al-Azraqi

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Modern South Arabian Languages (MSAL) belong to the Semitic language family and are believed to be either a southern member of the west Semitic branch (Rubin 2010; Moscati et al 1969) or an eastern member of the south Semitic branch (Faber 1997), (Watson 2012). They are six languages which are still spoken in southern Arabia. They are used in Oman, Yemen, Saudi Arabia and in some of the Gulf states. Mehri is one of them however it has the highest number of speakers comparing to the other members of MSAL. It is used in Yemen, Oman, in parts of southern and eastern Saudi Arabia and in some of the Gulf states. The number of Mehri speakers is estimated at between 100,000 and 180,000. The problem that this language might face is that its speakers live in different places which are belonging to different countries. This might cause the language to change rapidly due to education and communication. There are some studies on Omani and Yemeni Mehri but not in Saudi Mehri. In the nineteenth century, travelers, western scholars and explorers played their parts in the discovery of these peoples and their languages. The historical turning point for the knowledge of the MSAL is 1898, when the Südarabische Expedition of the Imperial Academy of Vienna started. The three scholars, Müller, Jahn and Hein began their systematic collection of texts, which were later studied grammatically and lexically by Bittner (1908-1917), Jahn (1915), Leslau (1938) and Wagner (1953). Saudi Mehri has not been studied. This might be caused by the lack of information or the difficulty in collecting the data which this paper aims to shed light on.

Keywords: Modern South Arabian, Mehri, Saudi Arabia, endangered languages

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Authors: Chiung-Ju Huang

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This study utilizes a frequency domain approach over the period of 1996 to 2013 to examine the causal relationship between governance and economic growth in ten Asian countries, which have different levels of democracy; classified as “Free”, “Partly Free”, and “Not Free” countries. The empirical results show that there is no Granger causality running from governance to economic growth in “Not Free” countries and “Partly Free” countries with the exception of Singapore. As for “Free” countries such as South Korea and Taiwan, there is a one-way causality running from governance to economic growth. The findings of this study indicate that policy makers in South Korea, Taiwan, and Singapore could use governance index to improve their predictions of the future economic growth.

Keywords: economic growth, frequency domain, governance, granger causality

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Authors: Jamel Boukhatem, Semia Rachid, Marmar Nasr

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Considering the differences between oil- and non-oil-producing countries, this paper aims to evaluate the impact of financial development (FD) and institutional quality (IQ) on CO2 emissions in 15 MENA (Middle East and North Africa) countries over the period 1996-2018 using the Panel ARDL approach. We found evidence to support an unconditional long run effect of FD on environmental conditions (EC), with quite significant differences between the two groups of countries. While FD leads to environmental degradation (ED) in non-oil-producing countries, it helps protect the environment in oil-producing ones. Regarding the effects of IQ on EC, they are not significant in both short- and long run for non-oil-producing countries, but they are significant for oil-producing ones only in the long run. In the short run, IQ indicators haven’t significant effects on EC for the two groups of countries.

Keywords: financial development, institutional quality, environmental conditions, Panel ARDL

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Authors: Ana Campina, José Caramelo Gomes, Maria Emília Teixeira, Cristina Costa-Lobo

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In the pursuit of educational equity within Human Rights and European Fundamental Laws, the reality presents serious problems based on the psychologic, social understanding. Take into account the miscellaneous cultures in the global context and the nowadays numbers of Human mobilities, there are serious problems affecting the societies. This justifies the diagnosed need of a renew pedagogical and social education strategy to achieve the integration positive context preventing violence and discrimination, especially in Education systems. Consequently, it is important to have in mind the respect, acceptance, and integration of special needs students in all study degrees, as it is law but a complex reality. Despite the UN and International Human Rights, European Fundamental Chart, and all EU Treats, as the 28th EU State Member’s fundamental laws forecast the right of Education, the respect, the action and promotion of different cultures and the Education for ‘Difference’ integration – cultures; ideologies, Special Needs Students/Citizens – there are different and severe problems. Firstly, there are questions/contexts/problems not denounced by the lack of investments, political, social or ‘powers’ pressures, so, consequently, the authorities don’t have the action as laws demand and the transgressors haven´t any juridical or judicial punishment. Secondly, and our most important point: Governments, authorities and even victims hide these violations/violence/problems what disable the effective protection and law enforcement. Finally, the official and non-official strategies to get around the duties, break away the laws, failing the victims protection and consequently enable the problems increase dramatically. With this research, we observed that there are international Organizations/regions and States acting without respect to the Education right despite their democratic ideology and the generated external ‘image’ of law-abiding and Human Rights defenders. Nevertheless, it is urgent to develop a consistent Human Rights Education program aiming to protect, promote and implement the Right to be different and be respected by the law, the governments, institutions official and non-official, adapted to the needs in each society. The background of this research is the International and European laws, in accordance with the state’s legal systems. The approaches and the differences of the Education for Human and Fundamental Rights execution in the different EU countries, studying the pedagogy and social inclusion programs/strategies, with particular analysis of the Special Needs students. The results aim to construct a European Education profiling, with the governments and EU interventions need, as well as the panorama of the Special Needs Students effective integration achieving a renewed strategy to promote the respect of the Differences and an Inclusive School life.

Keywords: international human rights, culture, differences, European education profiling

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Authors: Udeh Anastasia Ifeoma

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The need to develop the rural areas in developing countries where there have been decades of neglect are on the increase. It is against this background that this paper examined the impact of micro finance contribution to Nigeria’s gross domestic product. Time series data for 12-years period 1999-2010 were collated from Central Bank of Nigeria published annual reports. The least squares (LS) regression was used to analyze the data. The result revealed that microfinance activities have negative and non-significant contribution to gross domestic product in Nigeria. The paper recommends that rural poverty is often a product of poor infrastructural facilities; therefore government should make a conscious effort towards industrializing the rural areas thereby motivating the micro finance institutions to locate their offices and extend credit facilities to rural areas thereby improving rural economic growth.

Keywords: microfinance, rural economic growth, Nigeria, developing countries

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Authors: Menglu Yang, Ani Beybutyan, Rocio Pina, Miguel Angel Soria

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Domestic violence against women is one of the most serious social problems in the world. Attitudes toward domestic violence against women play an important role in the perpetration of violence against women, the way that victims respond to the violence, and how the community responds to violence against women. China and Spain are countries which have been influenced by the culture which males hold power and dominance over the female for a long time. However, as more connected with other European countries, the legal enforcement related to domestic violence against women developed earlier in Spain, and consequently, social awareness of violence against women evolved differently in two countries. The present study aimed to explore and compare the attitudes toward domestic violence against women across China and Spain, and their influence factors, such as gender equality attitudes and coercive control. Totally 506 participants, 255 from China and 251 from Spain completed questionnaires, including attitudes toward domestic violence against women, definition of violence behavior, justification for violence, gender equity attitudes, and coercive control. Results demonstrated that Chinese participants were less aware of domestic violence against women issue but more agreed that such issue was a crime than Spanish participants. In addition to cultural difference, gender equality attitudes, coercive control, gender, and age also affected attitudes toward domestic violence against women. Our findings imply attitudes toward domestic violence against women differ from countries along with the difference in gender equity attitudes and coercive control; such a difference may arise from cultural, traditional belief and current justice system influence. Despite the developed justice system, male dominance culture may lead to maintain the belief that domestic violence is domestic and private issue which police and justice force may not get involved.

Keywords: cross-cultural differences, domestic violence, public attitudes, violence against women

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Authors: Diego Moya, Juan Paredes, Clay Aldas, Ramiro Tite, Prasad Kaparaju

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Globally, energy policy for geothermal development is addressed in different forms, depending on the economy, resources, country-development, environment aspects and technology access. Although some countries have established strong regulations and standards for geothermal exploration, exploitation and sustainable use at the policy level (government departments and institutions), others have discussed geothermal laws at legal levels (congress – a national legislative body of a country). Appropriate regulations are needed not only to meet local and international funding requirements but also to avoid speculation in the use of the geothermal resource. In this regards, this paper presents the results of a systematic, qualitative and critical literature review of geothermal energy policy worldwide addressing two scenarios: policy and legal levels. At first, literature is collected and classified from scientific and government sources regarding geothermal energy policy of the most advanced geothermal producing countries, including Iceland, New Zealand, Mexico, the USA, Central America, Italy, Japan, Philippines, Indonesia, Kenia, and Australia. This is followed by a systematic review of the literature aiming to know the best geothermal practices and what remains uncertain regarding geothermal policy implementation. This analysis is made considering the stages of geothermal production. Furthermore, a qualitative analysis is conducted comparing the findings across geothermal policies in the countries mentioned above. Then, a critical review aims to identify significant items in the field to be applied in countries with geothermal potential but with no or weak geothermal policies. Finally, patterns and relationships are detected, and conclusions are drawn.

Keywords: assessment, geothermal, energy policy, worldwide

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Authors: Benmessaoud Hassen

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We propose in this study to address the impact of socio-economic and environmental impact on the physical environment, especially their spatiotemporal dynamics in semi-arid and arid eastern Aurès. Including 11 municipalities, the study area spreads out over a relatively large surface area of about 60.000 ha. The hindsight is quite important and is determined by 03 days of analysis of environmental variation spread over thirty years (between 1987 and 2007). The multi-source data acquired in this context are integrated into a geographic information system (GIS).This allows, among other indices to calculate areas and classes for each thematic layer of the 4 layers previously defined by a method inspired MEDALUS (Mediterranean Desertification and Land Use).The database created is composed of four layers of information (population, livestock, farming and land use). His analysis in space and time has been supplemented by a validation of the ground truth. Once the database has corrected it used to develop the comprehensive map with the calculation of the index of socio-economic and environmental (ISCE). The map supports and the resulting information does not consist only of figures on the present situation but could be used to forecast future trends.

Keywords: impact of socio-economic and environmental, spatiotemporal dynamics, semi-arid environments, GIS, Eastern Aurès

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