Search results for: price to earnings ratio

Authors: Mia Françoise

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This report aims to develop a strategy for assisting short-term investors to benefit from the current economic climate in South Africa by utilizing technical analysis techniques and predictive analytics. As part of this research, value investing and technical analysis principles will be combined to maximize returns for South African investors while optimizing volatility. As an emerging market, South Africa offers many opportunities for high growth in sectors where other developed countries cannot grow at the same rate. Investing in South African companies with significant growth potential can be extremely rewarding. Although the risk involved is more significant in countries with less developed markets and infrastructure, there is more room for growth in these countries. According to recent research, the offshore market is expected to outperform the local market over the long term; however, short-term investments in the local market will likely be more profitable, as the Johannesburg Stock Exchange is predicted to outperform the S&P500 over the short term. The instabilities in the economy contribute to increased market volatility, which can benefit investors if appropriately utilized. Price prediction and portfolio optimization comprise the two primary components of this methodology. As part of this process, statistics and other predictive modeling techniques will be used to predict the future performance of stocks listed on the Johannesburg Stock Exchange. Following predictive data analysis, Modern Portfolio Theory, based on Markowitz's Mean-Variance Theorem, will be applied to optimize the allocation of assets within an investment portfolio. By combining different assets within an investment portfolio, this optimization method produces a portfolio with an optimal ratio of expected risk to expected return. This methodology aims to provide a short-term investment with a stock portfolio that offers the best risk-to-return profile for stocks listed on the JSE by combining price prediction and portfolio optimization.

Keywords: financial stocks, optimized asset allocation, prediction modelling, South Africa

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Authors: Amin Eslami, Jafar Bolouri Bazaz

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Under active stress conditions, a rigid cantilever retaining wall tends to rotate about a pivot point located within the embedded depth of the wall. For purely granular and cohesive soils, a methodology was previously reported called minimization of moment ratio to determine the location of the pivot point of rotation. The usage of this new methodology is to estimate the rotational stability safety factor. Moreover, the degree of improvement required in a backfill to get a desired safety factor can be estimated by the concept of the shear strength demand. In this article, the accuracy of this method for another type of cantilever walls called Contiguous Bored Pile (CBP) retaining wall is evaluated by using physical modeling technique. Based on observations, the results of moment ratio minimization method are in good agreement with the results of the carried out physical modeling.

Keywords: cantilever retaining wall, physical modeling, minimization of moment ratio method, pivot point

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Authors: Azad A. Mohammed, Dunyazad K. Assi, Alan S. Abdulrahman

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Current ACI 318 Code provides two limits for minimum steel ratio for concrete beams. When concrete compressive strength be larger than 31 MPa the limit of √(fc')/4fy usually governs. In this paper shortcomings related to using this limit was fairly discussed and showed that the limit is based on 90% safety factor and was derived based on modulus of rupture equation suitable for concretes of compressive strength lower than 31 MPa. Accordingly, the limit is nor suitable and critical for concretes of higher compressive strength. An alternative equation was proposed for minimum steel ratio of rectangular beams and was found that the proposed limit is accurate for beams of wide range of concrete compressive strength. Shortcomings of the current ACI 318 Code equation and accuracy of the proposed equation were supported by test data obtained from testing six reinforced concrete beams.

Keywords: concrete beam, compressive strength, minimum steel ratio, modulus of rupture

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Authors: Algia Hammami, Abdelfatteh Bouri

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In this work, our objective is to study the transmission of volatility between oil and stock markets in developed (USA, Germany, Italy, France and Japan) and emerging countries (Tunisia, Thailand, Brazil, Argentina, and Jordan) for the period 1998-2015. Our methodology consists of analyzing the monthly data by the GARCH-BEKK model to capture the effect in terms of volatility in the variation of the oil price on the different stock market. The empirical results in the emerging countries indicate that the relationships are unidirectional from the stock market to the oil market. For the developed countries, we find that the transmission of volatility is unidirectional from the oil market to stock market. For the USA and Italy, we find no transmission between the two markets. The transmission is bi-directional only in Thailand. Following our estimates, we also noticed that the emerging countries influence almost the same extent as the developed countries, while at the transmission of volatility there a bid difference. The GARCH-BEKK model is more effective than the others versions to minimize the risk of an oil-stock portfolio.

Keywords: GARCH, oil prices, stock market, volatility transmission

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Authors: Haidy S. Ghali, Engy Serag, A. Samer Ezeldin

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Copper is an essential raw material used in the construction industry. During the year 2021 and the first half of 2022, the global market suffered from a significant fluctuation in copper raw material prices due to the aftermath of both the COVID-19 pandemic and the Russia-Ukraine war, which exposed its consumers to an unexpected financial risk. Thereto, this paper aims to develop two ANN-LSTM price prediction models, using Python, that can forecast the average monthly copper prices traded in the London Metal Exchange; the first model is a multivariate model that forecasts the copper price of the next 1-month and the second is a univariate model that predicts the copper prices of the upcoming three months. Historical data of average monthly London Metal Exchange copper prices are collected from January 2009 till July 2022, and potential external factors are identified and employed in the multivariate model. These factors lie under three main categories: energy prices and economic indicators of the three major exporting countries of copper, depending on the data availability. Before developing the LSTM models, the collected external parameters are analyzed with respect to the copper prices using correlation and multicollinearity tests in R software; then, the parameters are further screened to select the parameters that influence the copper prices. Then, the two LSTM models are developed, and the dataset is divided into training, validation, and testing sets. The results show that the performance of the 3-Month prediction model is better than the 1-Month prediction model, but still, both models can act as predicting tools for diverse economic situations.

Keywords: copper prices, prediction model, neural network, time series forecasting

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Authors: Golamhassan Ghahramani Aghdam, Pedram Bavili Tabrizi

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The aim of this research is to investigate the relationship between accounting information and the value of the companies accepted in Tehran Exchange Market. The dependent variable in this research is the value of a company that is measured by price coefficients, and the independent variables are balance sheet information, profit and loss information, cash flow state information, and profit quality characteristics. The profit quality characteristic index is to be related and to be on-time. This research is an application research, and the research population includes all companies that are active in Tehran exchange market. The number of 194 companies was selected by the systematic method as the statistics sample in the period of 2018-2019. The multi-variable linear regression model was used for the hypotheses test. The results show that there is no relationship between accounting information and companies’ value (stock value) that can be due to the lack of efficiency of the investment market and the inability to use the accounting information by investment market activists.

Keywords: accounting information, company value, profit quality characteristics, price coefficient

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Authors: Baoubadi Atozou, Koffi Akakpo

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Since the decade 2000, the use of foodstuffs such as corn, wheat, and soybeans in biofuel production has been growing sharply in the United States, Canada, and Europe. Thus, prices for these agricultural products are rising in the world market. These cereals are the most important source of calorific energy for West African Economic and Monetary Union (WAEMU) countries members’ population. These countries are highly dependent on imports of most of these products. Thereby, rising prices can have an important impact on import levels and consequently on food security in these countries. This study aims to analyze the interrelationship between the prices of these commodities and their volatilities, and their effects on imports of these agricultural products by each WAEMU ’country member. The Autoregressive Distributed Lag (ARDL) model, the GARCH Multivariate model, and the Granger Causality Test are used in this investigation. The results show that import levels are highly and significantly sensitive to price changes as well as their volatility. In the short term as well as in the long term, there is a significant relationship between the prices of these products. There is a positive relationship in general between price volatility. And these volatilities have negative effects on the level of imports. The market characteristics affect food security in these countries, especially access to food for vulnerable and low-income populations. The policies makers must adopt viable strategies to increase agricultural production and limit their dependence on imports.

Keywords: price volatility, import of agricultural products, food safety, WAEMU

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Authors: Mohamad H. Atyeh, Ahmad Khaldi

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The main objective of this research is to measure the relationship between the Kuwait stock Exchange (KSE) index and its two marketing sectors after the new market classification. The findings of this research are important for Public economic policy makers as they need to know if the new system (new classification) is efficient and to what level, to monitor the markets and intervene with appropriate measures. The data used are the daily index of the whole Kuwaiti market and the daily closing price, number of deals and volume of shares traded of two marketing sectors (consumer goods and consumer services) for the period from the 13th of May 2012 till the 12th of December 2016. The results indicate a positive direct impact of the closing price, volume and deals indexes of the consumer goods and the consumer services companies on the overall KSE index, volume and deals of the Kuwaiti stock market (KSE).

Keywords: correlation, market capitalization, Kuwait Stock Exchange (KSE), marketing sectors, stock performance

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Authors: Y. Bhatt, N. Ghosh, N. Tiwari

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Acreage response function are modeled taking account of expected harvest prices, weather related variables and other non-price variables allowing for partial adjustment possibility. At the outset, based on the literature on price expectation formation, we explored suitable formulations for estimating the farmer’s expected prices. Assuming that farmers form expectations rationally, the prices of food and biofuel crops are modeled using time-series methods for possible ARCH/GARCH effects to account for volatility. The prices projected on the basis of the models are then inserted to proxy for the expected prices in the acreage response functions. Food crop acreages in different growing states are found sensitive to their prices relative to those of one or more of the biofuel crops considered. The required percentage improvement in food crop yields is worked to offset the acreage loss.

Keywords: acreage response function, biofuel, food security, sustainable development

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Authors: Taisier A. Zoubi, Feras Salama, Mahmud Hossain, Yass A. Alkafaji

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The purpose of this study is to examine the equity pricing of other comprehensive income when earnings are disaggregated into several components. Our findings indicate that other comprehensive income can better explain variation in stock returns when net income is reported in a disaggregated form. Additionally, we found that disaggregating both net income and other comprehensive income can explain more of the variation in the stock returns than the two summary components of comprehensive income. Our results survive a series of robustness checks.

Keywords: market valuation, other comprehensive income, value-relevance, incremental information content

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Authors: Gyati Shilakari Asthana, Abhay Asthana, Dharm Veer Kohli, Suresh Prasad Vyas

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Purpose: The therapeutic potential of oligonucleotide (ODN) is primarily dependent upon its safe and efficient delivery to specific cells overcoming degradation and maximizing cellular uptake in vivo. The present study is focused to design low molecular weight chitosan nanoconstructs to meet the requirements of safe and effectual delivery of ODNs. LMW-chitosan is a biodegradable, water soluble, biocompatible polymer and is useful as a non-viral vector for gene delivery due to its better stability in water. Methods: LMW chitosan ODN nanoparticles (CHODN NPs) were formulated by self-assembled method using various N/P ratios (moles ratio of amine groups of CH to phosphate moieties of ODNs; 0.5:1, 1:1, 3:1, 5:1, and 7:1) of CH to ODN. The developed CHODN NPs were evaluated with respect to gel retardation assay, particle size, zeta potential and cytotoxicity and transfection efficiency. Results: Complete complexation of CH/ODN was achieved at the charge ratio of 0.5:1 or above and CHODN NPs displayed resistance against DNase I. On increasing the N/P ratio of CH/ODN, the particle size of the NPs decreased whereas zeta potential (ZV) value increased. No significant toxicity was observed at all CH concentrations. The transfection efficiency was increased on increasing N/P ratio from 1:1 to 3:1, whereas it was decreased with further increment in N/P ratio upto 7:1. Maximum transfection of CHODN NPs with both the cell lines (Raw 267.4 cells and Hela cells) was achieved at N/P ratio of 3:1. The results suggest that transfection efficiency of CHODN NPs is dependent on N/P ratio. Conclusion: Thus the present study states that LMW chitosan nanoparticulate carriers would be acceptable choice to improve transfection efficiency in vitro as well as in vivo delivery of oligonucleotide.

Keywords: LMW-chitosan, chitosan nanoparticles, biocompatibility, cytotoxicity study, transfection efficiency, oligonucleotide

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Authors: Jovana Petrović, Ivana Lončarević, Vesna Tumbas Šaponjac, Biljana Pajin, Danica Zarić

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Pomace, a by-product from fruit processing industry is the potential source of valuable bioactive. Cookies are popular, ready to eat and low price foods; therefore, enrichment of these products is of great importance. In this work, bioactive compounds extracted from cherry pomace, encapsulated in soy and whey proteins, have been incorporated in cookies, replacing 10 (SP10 and WP10) and 15% of wheat flour (SP15 and WP15). Cookie geometry (diameter (D), thickness (T) and spread ratio (D/T)), cookie weight, cookie hardness and cookie surface colour were measured. Sensory characteristics are also examined. The results show that encapsulated cherry pomace bioactives have positively influenced the cookie mass. Diameter, redness (a* value) and cookie hardness increased. Sensory evaluation of cookies, revealed that up to 15% substitution of wheat flour with WP encapsulate produced acceptable cookies similar to the control (100% wheat flour) cookies.

Keywords: cherry pomace, polyphenols, microencapsulation, cookies, physical characteristics

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Authors: Zo Hasina Rabemananjara

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The North-East of Madagascar is the pillar of Madagascar's foreign trade, providing 41% and 80% of world exports of cloves and vanilla, respectively, in 2016. For Madagascar, the north-eastern escarpment is home to the last massifs of humid forest in large scale of the island, surrounded by a small scale agricultural mosaic. In the sites where this study is taking place, located in the peripheral zones of protected areas, the production of rent aims to supply international markets. In fact, importers of the cash crops produced in these areas are located mainly in India, Singapore, France, Germany and the United States. Recently, the price of these products has increased significantly, especially from the year 2015. For vanilla, the price has skyrocketed, from an approximate price of 73 USD per kilo in 2015 to more than 250 USD per kilo in 2016. The value of clove exports increased sharply by 49.4% in 2017, largely to Singapore and India due to the sharp increase in exported volume (+47, 6%) in 2017. If the relationship between the rise in prices of rented products and the change in physical environments is known, the evolution of the behavior of land users linked to this aspect was not yet addressed by research. In fact, the consequence of this price increase in the organization of the use of space at the local level still raises questions. Hence, the research question is: to what extent does this improvement in the price of imported products affect user behavior linked to the local organization of access to the factor of soil production? To fully appreciate this change in behavior, surveys of 144 land user households were carried out, and group interviews were also carried out. The results of this research showed that the rise in the prices of annuity products from the year 2015 caused significant changes in the behavior of land users in the study sites. Young people, who have not been attracted to farming for a long time, have started to show interest in it since the period of rising vanilla and clove prices. They have set up their own fields of vanilla and clove cultivation. This revival of interest conferred an important value on the land and caused conflicts especially between family members because the acquisition of the cultivated land was done by inheritance or donation. This change in user behavior has also affected the farmers' life strategy since the latter have decided to abandon rain-fed rice farming, which has long been considered a guaranteed subsistence activity for cash crops. This research will contribute to nourishing scientific reflection on the management of land use and also to support political decision-makers in decision-making on spatial planning.

Keywords: behavior of land users, North-eastern Madagascar, price of export products, spatial planning

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Authors: Zahid Ahmad, Samia Yousaf

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The main purpose of this study is to evaluate and assess the financial position, operating performance, and recent outlook of the companies. This study investigates the impact of capital structure, dividend policy and sustainability on the value of firms of textile spinning sector of Pakistan which is listed on Pakistan stock exchange. The panel data technique has been applied to this group of textile sector which is textile spinning. This study covers the last ten years of time period. All the data related to the variables have been collected from the annual reports and financial statements of the textile sector firms. There are differently related determinants to measure the capital structure which are fixed assets turnover ratio, debt ratio, equity ratio, debt to equity ratio, assets tangibility, and shareholder’s equity. Dividend policy is being measured by two determinants which are earning per share (EPS) and dividend payout ratio. Sustainability is being measured by three suitable factors which are sales growth, gross profit margin ratio and firm size. These are three independent variables and their determinants of this study. Value of firm is measured through the return on asset (ROA). Capital structure is at the top of the list among all the three variables. According to the results of this research work, somewhere all the three variables generates positive and significant effect on the firm’s performance and its growth.

Keywords: capital structure, dividend policy, panel data, sustainability

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Authors: Ferruh Taspinar, Gulce K. Seyyar, Gamze Kurt, Eda O. Okur, Emrah Afsar, Ismail Saracoglu, Betul Taspinar

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Overweight and obesity has been associated with postural balance. The aim of this study was to investigate the relationship between body composition and balance. One hundred and thirty two young adults (58 male, 74 female) were included in the study. Mean age of participants were found as 21.21±1.51 years. Body composition (body mass index, total body fat ratio, total body muscle ratio) and balance (right anterior, right postero-medial, right postero-lateral, left anterior, left postero-medial, left postero-lateral) were evaluated by Tanita BC-418 and Y balance test, respectively. Pearson correlation analysis was used to evaluate the correlation between the parameters. Significance level in statistical analysis was accepted as 0.05. According to results, no correlation was found between body mass index and balance parameters. There was negative correlation between total body fat ratio and balance parameters (r=0.419-0.509, p˂0.05). On the other hand, positive correlation was found between total body muscle ratio and balance parameters (r=0.390-0.494, p˂0.05). This study demonstrated that body fat and muscle ratio affects the balance. Body composition should be considered in rehabilitation programs including postural balance training.

Keywords: balance, body composition, body mass, young adults

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Authors: Y. Galerkin, E. Popova, K. Soldatova

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There is an evident trend to elevate pressure ratio of a single stage of a turbo compressors - axial compressors in particular. Whilst there was an opinion recently that a pressure ratio 1,9 was a reasonable limit, later appeared information on successful modeling tested of stages with pressure ratio up to 2,8. The Authors recon that lack of information on high pressure stages makes actual a study of rational choice of design parameters before high supersonic flow problems solving. The computer program of an engineering type was developed. Below is presented a sample of its application to study possible parameters of the impeller of the stage with pressure ratio π*=3,0. Influence of two main design parameters on expected efficiency, periphery blade speed and flow structure is demonstrated. The results had lead to choose a variant for further analysis and improvement by CFD methods.

Keywords: supersonic stage, impeller, efficiency, flow rate coefficient, work coefficient, loss coefficient, oblique shock, direct shock

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Authors: Hector Carcel Luis Alberiko Gil-Alana

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This paper examines the time series behavior of three variables (GDP, Price level of Consumption and Population) in the eight countries that belong to the West African Economic and Monetary Union (WAEMU), which are Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. The reason for carrying out this study lies in the considerable heterogeneity that can be perceived in the data from these countries. We conduct a long memory and fractional integration modeling framework and we also identify potential breaks in the data. The aim of the study is to perceive up to which degree the eight West African countries that belong to the same monetary union follow the same economic patterns of stability. Testing for mean reversion, we only found strong evidence of it in the case of Senegal for the Price level of Consumption, and in the cases of Benin, Burkina Faso and Senegal for GDP.

Keywords: West Africa, Monetary Union, fractional integration, economic patterns

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Authors: Mingming Leng

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Wal-Mart has allocated considerable human resources for its quality assurance program, in which the largest retailer serves its supply chains as a quality gatekeeper. Asda Stores Ltd., the second largest supermarket chain in Britain, is now investing £27m in significantly increasing the frequency of quality control checks in its supply chains and thus enhancing quality across its fresh food business. Moreover, Tesco, the largest British supermarket chain, already constructed a quality assessment center to carry out its gatekeeping responsibility. Motivated by the above practices, we consider a supply chain in which a retailer plays the gatekeeping role in quality assurance by identifying defects among a manufacturer's products prior to selling them to consumers. The impact of a retailer's gatekeeping activity on pricing and quality assurance in a supply chain has not been investigated in the operations management area. We draw a number of managerial insights that are expected to help practitioners judiciously consider the quality gatekeeping effort at the retail level. As in practice, when the retailer identifies a defective product, she immediately returns it to the manufacturer, who then replaces the defect with a good quality product and pays a penalty to the retailer. If the retailer does not recognize a defect but sells it to a consumer, then the consumer will identify the defect and return it to the retailer, who then passes the returned 'unidentified' defect to the manufacturer. The manufacturer also incurs a penalty cost. Accordingly, we analyze a two-stage pricing and quality decision problem, in which the manufacturer and the retailer bargain over the manufacturer's average defective rate and wholesale price at the first stage, and the retailer decides on her optimal retail price and gatekeeping intensity at the second stage. We also compare the results when the retailer performs quality gatekeeping with those when the retailer does not. Our supply chain analysis exposes some important managerial insights. For example, the retailer's quality gatekeeping can effectively reduce the channel-wide defective rate, if her penalty charge for each identified de-fect is larger than or equal to the market penalty for each unidentified defect. When the retailer imple-ments quality gatekeeping, the change in the negotiated wholesale price only depends on the manufac-turer's 'individual' benefit, and the change in the retailer's optimal retail price is only related to the channel-wide benefit. The retailer is willing to take on the quality gatekeeping responsibility, when the impact of quality relative to retail price on demand is high and/or the retailer has a strong bargaining power. We conclude that the retailer's quality gatekeeping can help reduce the defective rate for consumers, which becomes more significant when the retailer's bargaining position in her supply chain is stronger. Retailers with stronger bargaining powers can benefit more from their quality gatekeeping in supply chains.

Keywords: bargaining, game theory, pricing, quality, supply chain

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Authors: Eric Wilson Santos Cabral, Marta Monteiro Da Costa Cruz, Rodrigo Pirola Pestana, Vivian Andréa Parreira

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In the transportation sector in Brazil, there is a great challenge that is the maintenance of profit in the face of the great variation in the price of diesel. This directly affects the variable cost of transport companies. Within the railways, part of the great challenges is to overcome the annual budget, cargo and ore transported, thus reducing costs compared to previous years, becoming more efficient each year. Within this scenario, the railway companies are looking for effective measures, aiming at reducing the ratio of liter of diesel consumed by KTKB (Kilometer Gross Ton multiplied by thousand). This ratio represents the indicator of energy efficiency of some railroads in Brazil and in other countries. In this study, we sought to analyze the behavior of the energy efficiency indicator on two parts: The first, with the application of technologies used in locomotives, such as the start-stop system of the diesel engine and the system of tracking and monitoring of fuel. The second, evaluation of the behavior of the variation of the type of cargo transported (loading mix). The study focused on locomotive technology will be carried out using statistical analysis, behavioral evaluation in different operating conditions, such as maneuvers for trains, service trains and freight trains. The analysis will also cover the evaluation of the loading mix made using statistical analysis of the existing railroad database, comparing the energy efficiency per loading mine and type of product. With the completion of this study, the railway undertakings should be able to better target decision-making in order to achieve substantial reductions in transport costs.

Keywords: railway transport, energy efficiency, railway technology, fuel consumption

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Authors: M. Kakavand, S. A. Naeini

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Dynamic properties of soil in small strains, especially for geotechnical engineers, are important for describing the behavior of soil and estimation of the earth structure deformations and structures, especially significant structures. This paper presents the effect of density on the shear modulus and damping ratio of saturated clean sand at various isotropic confining pressures. For this purpose, the specimens were compared with two different relative densities, loose Dr = 30% and dense Dr = 70%. Dynamic parameters were attained from a series of consolidated undrained fixed – free type torsional resonant column tests in small strain. Sand No. 161 is selected for this paper. The experiments show that by increasing sand density and confining pressure, the shear modulus increases and the damping ratio decreases.

Keywords: dynamic properties, shear modulus, damping ratio, clean sand, density, confining pressure, resonant column/torsional simple shear, TSS

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Authors: Ahmed S. Abdulrasool

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Recently sand wall started to gain more attention as the sand is easy to compact by using vibroflotation technique. An advantage of sand wall is the availability of different additives that can be mixed with sand to increase the stiffness of the sand wall and hence to increase its performance. In this paper, the bearing capacity of circular foundation surrounded by sand wall stabilized with lime is evaluated through laboratory testing. The studied parameters include different sand-lime walls depth (H/D) ratio (wall depth to foundation diameter) ranged between (0.0-3.0). Effect of lime percentages on the bearing capacity of skirted foundation models is investigated too. From the results, significant change is occurred in the behavior of shallow foundations due to confinement of the soil. It has been found that (H/D) ratio of 2 gives substantial improvement in bearing capacity, and beyond (H/D) ratio of 2, there is no significant improvement in bearing capacity. The results show that the optimum lime content is 11%, and the maximum increase in bearing capacity reaches approximately 52% at (H/D) ratio of 2.

Keywords: bearing capacity, circular foundation, clay soil, lime-sand wall

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Authors: Fatihin Khoirul, Muhammad Muqorrobin Ist

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Bojonegoro Regency is one of the districts that use the concept Agropolitan as the Territorial Development Policy. Three sub-district designated as Area Development District of Agropolitan are Kapas, Dander, and Kalitidu or commonly called KADEKA. Current policy has been shown results, but there was an inequality of results in some areas. One of them occurred in the Ngringinrejo village with the main commodities is Starfruit and Wedi village with the main commodities is Salak fruit. Therefore, a comparative study is used to search for causal factors of inequality result of the policy by using the 5 aspects compared, namely: (1) Management Development Agropolitan; (2) Physical Condition agropolitan Region; (3) Implementing Agency at the Village Level; (4) Village Government Support; and (5) Community support. Based on the discussion of qualitative analysis, it was found that five aspects have their respective roles in creating inequality of outcomes that occur in both villages. But beyond that, there are conditions where the two villages experienced the same condition that is when the initial implementation of the policy. The condition is referred to as 'the phenomenon of price trap.' The condition is caused by lower commodity prices, causing the village government's commitment in implementing policies too low, followed by public awareness in support of the policy is also low, so care for commodities is also low, and the quality is too low lead and eventually back causing low price. However, the difference is that the village Ngringinrejo able to get out of this condition with 'the new culture of administration' at the end of 2013. While the conditions in the village of Wedi compounded by not respected request assistance by the irrigation district.

Keywords: comparative policy analysis, qualitative comparative, inequallity, price trap, new culture of administration

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Authors: Abdulrahman Abdulrahman

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The specific energy equation has many applications in practical channels, such as exponential channels. In this paper, the governing equation of alternate depth ratio for exponential channels, in general, was investigated towards obtaining analytical solution for the alternate depth ratio in three exponential channel shapes, viz., rectangular, triangular, and parabolic channels. The alternate depth ratio for rectangular channels is quadratic; hence it is very simple to solve. While for parabolic and triangular channels, the alternate depth ratio is cubic and quartic equations, respectively, analytical solution for these equations may be achieved easily for a given Froud number. Different examples are solved to prove the efficiency of the proposed solution. Such analytical solution can be easily used in natural rivers and most of practical channels.

Keywords: alternate depth, analytical solution, specific energy, parabolic channel, rectangular channel, triangular channel, open channel flow

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Authors: Trina Isabel D. Santiago, Juan Raphael M. Perez, Maria Angelica O. Soriano, Teresita B. Suing, Jumee F. Tayaban

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To achieve universal healthcare for everyone, the World Health Organization has emphasized the importance of National Medicines Policies for increased accessibility and utilization of high-quality and affordable medications. In the Philippines, significant challenges have been identified surrounding the sustainability of essential medicines, resulting in limited access such as high cost and dominance and market dominance and monopoly of multinational companies (MNCs) in the Philippine pharmaceutical industry. These identified challenges have been addressed by several initiatives, such as the Philippine National Drug Policy and Generics Act of 1988 (Republic Act 6675), to attempt to reduce drug prices. Despite these efforts, the concerns with drug accessibility and affordability continue to persist; hence, Republic Act 9502 was enacted. This paper attempts to review RA 9502 in the pursuit of making medicines more affordable for Filipinos, analyze and critique the problems and challenges associated with the law, and provide recommendations to address identified problems and challenges. A literature search and review, as well as an analysis of the law, has been done to evaluate the policy. RA 9502 recognizes the importance of market competition in drug price reduction and quality medicine accessibility. Contentious issues prior to enactment of the law include 1) parallel importation, pointing out that the drug price will depend on the global market price, 2) contrasting approaches in the drafting of the law as the House version focused on medicine price control while the Senate version prioritized market competition, and 3) MNCs opposing the amendments with concerns on discrimination, constitutional violations, and noncompliance with international treaty obligations. There are also criticisms and challenges with the implementation of the law in terms of content or modeling, interpretation and implementation, and other external factors or hindrances. The law has been criticized for its narrow scope as it only covers specific essential medicines with no cooperation with the national health insurance program. Moreover, the law has sections taking advantage of the TRIPS flexibilities, which disallow smaller countries to reap the benefits of flexibilities. The sanctions and penalties have an insignificant role in implementation as they only ask for a small portion of the income of MNCs. Proposed recommendations for policy improvement include aligning existing legislation through strengthened price regulation and expanded law coverage, strengthening penalties to promote law adherence, and promoting research and development to encourage and support local initiatives. Through these comprehensive recommendations, the issues surrounding the policy can be addressed, and the goal of enhancing the affordability and accessibility of medicines in the country can be achieved.

Keywords: drug accessibility, drug affordability, price regulation, Republic Act 9502

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Authors: I. Sani, A. Abdulhamid, F. Bello, Isah M. Fakai

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This research has focused on the application of green fluorescent protein (GFP) as a new technique for direct monitoring of fermentation processes involving cultured bacteria. To use GFP as a sensor for pH and oxygen, percentage ratio of red fluorescence to green (% R/G) was evaluated. Assessing the magnitude of the % R/G ratio in relation to low or high pH and oxygen concentration, the bacterial strains were cultivated under aerobic and anaerobic conditions. SCC1 strains of E. coli were grown in a 5 L laboratory fermenter, and during the fermentation, the pH and temperature were controlled at 7.0 and 370C respectively. Dissolved oxygen tension (DOT) was controlled between 15-100% by changing the agitation speed between 20-500 rpm respectively. Effect of reducing the DOT level from 100% to 15% was observed after 4.5 h fermentation. There was a growth arrest as indicated by the decrease in the OD650 at this time (4.5-5 h). The relative fluorescence (green) intensity was decreased from about 460 to 420 RFU. However, %R/G ratio was significantly increased from about 0.1% to about 0.25% when the DOT level was decreased to 15%. But when the DOT was changed to 100%, a little increase in the RF and decrease in the %R/G ratio were observed. Therefore, GFP can effectively detect and indicate any change in pH and oxygen level during fermentation processes.

Keywords: Escherichia coli SCC1, fermentation process, green fluorescent protein, red fluorescence

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Authors: Marcos Centurion-Vicencio

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This study discusses the idea of ‘dominance’ in economic policy and its practical influence over monetary decisions. The discretionary use of repurchase agreements in Brazil over the period 2006-2016 and its effects on the overall price level are the specific issues we will be focusing on. The set of in-depth interviews carried out with public servants at the Brazilian central bank and national treasury, alongside data collected from the National Institution of Statistics (IBGE), suggest that monetary and fiscal dominance do not differ in nature once the assumption of depoliticized central bankers is relaxed. In both regimes, the pursuit of private gains via public institutions affects price stability. While short-sighted politicians in the latter are at the origin of poor monetary decisions, the action of short-sighted financial interest groups is likely to generate a similar outcome in the former. This study then contributes to rethinking monetary policy theory as well as the nature of public borrowing.

Keywords: fiscal and monetary interactions, interest groups, monetary capture, public borrowing

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Authors: Natalia M. Acevedo, Luis M. Jimenez, Erick Lambis

Abstract:

Imperfections in the capital market are used to argue the relevance of the corporate risk management function. With corporate hedge, the value of the company is increased by reducing the volatility of the expected cash flow and making it possible to face a lower bankruptcy costs and financial difficulties, without sacrificing tax advantages for debt financing. With the propose to avoid exchange rate troubles over cash flows of Colombian exporting firms, this dissertation uses financial options, over exchange rate between Peso and Dollar, for realizing a financial hedge. In this study, a strategy of hedge is designed for an exporting company in Colombia with the objective of preventing fluctuations because, if the exchange rate down, the number of Colombian pesos that obtains the company by exports, is less than agreed. The exchange rate of Colombia is measured by the TRM (Representative Market Rate), representing the number of Colombian pesos for an American dollar. First, the TMR is modelled through the Geometric Brownian Motion, with this, the project price is simulated using Montecarlo simulations and finding the mean of TRM for three, six and twelve months. For financial hedging, currency options were used. The 6-month projection was covered with financial options on European-type currency with a strike price of $ 2,780.47 for each month; this value corresponds to the last value of the historical TRM. In the compensation of the options in each month, the price paid for the premium, calculated with the Black-Scholes method for currency options, was considered. Finally, with the modeling of prices and the Monte Carlo simulation, the effect of the exchange hedging with options on the exporting company was determined, this by means of the unit price estimate to which the dollars in the scenario without coverage were changed and scenario with coverage. After using the scenarios: is determinate that the TRM will have a bull trend and the exporting firm will be affected positively because they will get more pesos for each dollar. The results show that the financial options manage to reduce the exchange risk. The expected value with coverage is approximate to the expected value without coverage, but the 5% percentile with coverage is greater than without coverage. The foregoing indicates that in the worst scenarios the exporting companies will obtain better prices for the sale of the currencies if they cover.

Keywords: currency hedging, futures, geometric Brownian motion, options

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Authors: Narges Nejati

Abstract:

Nowadays as science hasten toward technology, only quantity of construction noticed and there is a little attention toward quality of construction and there is no usage for element which was prevalent in traditional architecture. This is the cause of this issue that nowadays we see building that most of them just keep you from heat and cold of outside environment and there is no trace of any culture of their country or nation in it. And although we know that man is a creature that adores beauty by his nature, but this spiritual need of him is ignored. And designers by taking an enormous price instead of planning (spiritual designing) to release peace, they attend to planning which make a human soul bothered and ill. The present research is trying to illustrate price of concepts and principles of water usage as one of the elements of nature and also shows the water application in some of the Iranian constructions and the results show the motif of using water in constructions and also some benefits of using it in constructions. And also this matter can causes a reconnection between nature and constructing of a beautiful environment which is consonant and proportional with man’ physical, spiritual and cultural needs. And causes peace and comfort of men. A construction which man feels a friendly atmosphere in them which he has a sense of belonging to them not a construction which arouses feeling of weariness and fatigue.

Keywords: water usage, belonging, sustainable architecture, urban design

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Authors: Nguyen Thi Huong Nhai

Abstract:

This paper examines how different motivations to engage in organic farming may impact the farmers’ subjective well-being using a survey database from the French Agence Bio. Three measures representing the subjective well-being of farmers brought by their involvement in organic farming are used in this study: feelings of pride, satisfaction, and feeling of happiness. We focus on the effects of two different types of motivations: intrinsic motivations, such as preservation of human health and public health, concern about the environment, and autonomy in farming decisions; extrinsic motivations, such as fair price, income, and demand incentives. Results show that not all intrinsic motivations can increase farmers’s well-being. The intrinsic motivation relating to environment concern and aspiration seems to have the highest positive impact on the three proxies of SWB in our study. It is interesting to find out that the two extrinsic motivations (profitable price, satisfying the incentive of consumer and cooperative) are proven to have a negative influence. Some comparisons, explanations, and practical implications are also indicated in this research.

Keywords: intrinsic otivation, extrinsic motivation, subjective wellbeing, organic farmers

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Authors: Kai-Wei Ji, Dung-Ying Lin

Abstract:

This study investigates the impact of transportation on housing prices in regions surrounding Taiwan's science parks. As these parks evolve into crucial economic and population growth centers, they attract an increasing number of residents and workers, significantly influencing local housing markets. This demographic shift raises important questions about the role of transportation in shaping real estate values. Our research examines four major science parks in Taiwan, providing a comparative analysis of how transportation conditions and population dynamics interact to affect housing price premiums. We employ an origin-destination (OD) matrix derived from pervasive traffic data to model travel patterns and their effects on real estate values. The methodology utilizes a bi-level framework: a genetic algorithm optimizes OD demand estimation at the upper level, while a user equilibrium (UE) model simulates traffic flow at the lower level. This approach enables a nuanced exploration of how population growth impacts transportation conditions and housing price premiums. By analyzing the interplay between travel costs based on OD demand estimation and housing prices, we offer valuable insights for urban planners and policymakers. These findings are crucial for informed decision-making in rapidly developing areas, where understanding the relationship between mobility and real estate values is essential for sustainable urban development.

Keywords: demand estimation, genetic algorithm, housing price, transportation

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