Search results for: ship finance

Authors: Kocakaya Eda, Argun Doğan

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This study analyzed the present state of information technology in the field of accounting by bibliometric analysis of scientific studies on the impact on the transformation of e-billing and tax managementin Turkey. With comparative bibliometric analysis, the innovation and positive effects of the process that changed with e-transformation in the field of accounting with e-transformation in businesses and the information technologies used in accounting and tax management were analyzed comparatively. By evaluating the data obtained as a result of these analyzes, suggestions on the use of information technologies in accounting and tax management and the positive and negative effects of e-transformation on the analyzed activities of the enterprises were emphasized. With the e-transformation, which will be realized with the most efficient use of information technologies in Turkey. The synergy and efficiency of IT technology developments in avcoounting and finance should be revealed in the light of scientific data, from the smallest business to the largest economic enterprises.

Keywords: information technologies, E-invoice, E-Tax management, E-transformation, accounting programs

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Authors: Evisa Mitrou, Nicholas Tsitsianis, Supriya Shinde

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In the age of digitisation and globalisation, businesses have shifted online and are investing in big data analytics (BDA) to respond to changing market conditions and sustain their performance. Our study shifts the focus from the adoption of BDA to the impact of BDA on financial performance. We explore the financial performance of both BDA-vendors (business-to-business) and BDA-clients (business-to-customer). We distinguish between the five BDA-technologies (big-data-as-a-service (BDaaS), descriptive, diagnostic, predictive, and prescriptive analytics) and discuss them individually. Further, we use four perspectives (internal business process, learning and growth, customer, and finance) and discuss the significance of how each of the five BDA-technologies affects the performance measures of these four perspectives. We also present the analysis of employee engagement, average turnover, average net income, and average net assets for BDA-clients and BDA-vendors. Our study also explores the effect of the COVID-19 pandemic on business continuity for both BDA-vendors and BDA-clients.

Keywords: BDA-clients, BDA-vendors, big data analytics, financial performance

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Authors: Fahad Ahmed Qureshi

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Is it essential for a Muslim businessperson and employees of Islamic financial institutions not only in Islamic Banks to perform his/her actions ethically in a universally, competing habitat? The answer is an emphatic NO! in Islam, ethics conduct all departments of life. The orders for eternal success or falah in Islam are the same for all Muslims–whether in managing their business activities or in carrying out their routine affairs. Without designating any circumstantial ambience, Allah specify people who achieve success as those who are “inviting to all that is good (Khayr), enjoining what is right (Ma'ruf) and forbidding what is wrong (Munkar).” Within a business context, however, what sole axioms of regimen should a company follow? What is a Muslim businessperson’s encumbrance to internal and external stakeholders? Although an organization’s top executives may display sterling ethical behavior, how can middle- and lower-level managers be enthusiastic to perform in a correspondingly ethical manner? What are some protocols that would clinch persistent ethical behavior in a Muslim business?

Keywords: business, ethics, finance, Islam

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Authors: Vera Jancurova

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People are, in general, exposed to behavioral biases, however, the degree and impact are affected by experience, knowledge, and other characteristics. The purpose of this article is to study two of defined behavioral biases, the overconfidence and self-attribution bias, and its impact on economic and non-economic students at different stage of the study. The research method used for the purpose of this study is a controlled field study that contains questions on perception of own confidence and self-attribution and estimation of limits to analyse actual abilities. The results of the research show that economic students seem to be more overconfident than their non–economic colleagues, which seems to be caused by the fact the questionnaire was asking for predicting economic indexes and own knowledge and abilities in financial environment. Surprisingly, the most overconfidence was detected by the students at the beginning of their study (1st-semester students). However, the estimations of real numbers do not point out, that economic students have better results by the prediction itself. The study confirmed the presence of self-attribution bias at all of the respondents.

Keywords: behavioral finance, overconfidence, self-attribution, heuristics and biases

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Authors: Marasovic Branka, Aljinovic Zdravka, Poklepovic Tea

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Numerical methods like binomial and trinomial trees and finite difference methods can be used to price a wide range of options contracts for which there are no known analytical solutions. American options are the most famous of that kind of options. Besides numerical methods, American options can be valued with the approximation formulas, like Bjerksund-Stensland formulas from 1993 and 2002. When the value of American option is approximated by Bjerksund-Stensland formulas, the computer time spent to carry out that calculation is very short. The computer time spent using numerical methods can vary from less than one second to several minutes or even hours. However to be able to conduct a comparative analysis of numerical methods and Bjerksund-Stensland formulas, we will limit computer calculation time of numerical method to less than one second. Therefore, we ask the question: Which method will be most accurate at nearly the same computer calculation time?

Keywords: Bjerksund and Stensland approximations, computational analysis, finance, options pricing, numerical methods

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Authors: Lina Sinevičienė

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Arising problems of countries’ public finances, social and demographic changes motivate scientific and policy debates on public spending size, structure and efficiency in order to meet the changing needs of society and business. The concept of sustainable development poses new challenges for scientists and policy-makers in the field of public finance. This paper focuses on the investigation of the relationship between government expenditure and country’s economic development in the context of sustainable development. Empirical analysis focuses on the data of the European Union (except Croatia and Luxemburg) countries. The study covers 2003 – 2012 years, using annual cross-sectional data. Summarizing the research results, it can be stated that governments should pay more attention to the needs that ensure sustainable development in the long-run when formulating public expenditure policy, particularly in the field of environment protection.

Keywords: economic development, economic growth, government expenditure, sustainable development

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Authors: Reihaneh Rafiemanzelt

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The need to protect our cultural heritage was stressed on revitalization of historical city centers in communities. The main goals the proses was to attract finance and activities to the historical city centers through the citizens and municipalities participation while cities expanded their boundaries toward suburban areas. Todays the main problems which facing to the most historical city centers, is loss of their centrality through effect of urbanization on any point of the cities which is the most important issue on neglect and abandonment of the historical central area by decentralizing living, commerce and public areas. This article evaluate the ways in which city center revitalization can be effect on vitality and viability of the central area in case of Naghshe Jahan square which situated at the center of Isfahan city, Iran. Constructed between 1598 and 1629, it is now an important historical site, and one of UNESCO's World Heritage Sites.

Keywords: urban development, revitalization, city centers, vitality and viability

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Authors: Sandra Rigot, Samira Demaria, Frederic Lemaire

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The starting point of this research is the contemporary capitalist paradox: there is a real scarcity of long term investment despite the boom of potential long term investors. This gap represents a major challenge: there are important needs for long term financing in developed and emerging countries in strategic sectors such as energy, transport infrastructure, information and communication networks. Moreover, the recent financial and sovereign debt crises, which have respectively reduced the ability of financial banking intermediaries and governments to provide long term financing, questions the identity of the actors able to provide long term financing, their methods of financing and the most appropriate forms of intermediation. The issue of long term financing is deemed to be very important by the EU Commission, as it issued a 2013 Green Paper (GP) on long-term financing of the EU economy. Among other topics, the paper discusses the impact of the recent regulatory reforms on long-term investment, both in terms of accounting (in particular fair value) and prudential standards for banks. For banks, prudential and accounting standards are also crucial. Fair value is indeed well adapted to the trading book in a short term view, but this method hardly suits for a medium and long term portfolio. Banks’ ability to finance the economy and long term projects depends on their ability to distribute credit and the way credit is valued (fair value or amortised cost) leads to different banking strategies. Furthermore, in the banking industry, accounting standards are directly connected to the prudential standards, as the regulatory requirements of Basel III use accounting figures with prudential filter to define the needs for capital and to compute regulatory ratios. The objective of these regulatory requirements is to prevent insolvency and financial instability. In the same time, they can represent regulatory constraints to long term investing. The balance between financial stability and the need to stimulate long term financing is a key question raised by the EU GP. Does fair value accounting contributes to short-termism in the investment behaviour? Should prudential rules be “appropriately calibrated” and “progressively implemented” not to prevent banks from providing long-term financing? These issues raised by the EU GP lead us to question to what extent the main regulatory requirements incite or constrain banks to finance long term projects. To that purpose, we study the 292 responses received by the EU Commission during the public consultation. We analyze these contributions focusing on particular questions related to fair value accounting and prudential norms. We conduct a two stage content analysis of the responses. First, we proceed to a qualitative coding to identify arguments of respondents and subsequently we run a quantitative coding in order to conduct statistical analyses. This paper provides a better understanding of the position that a large panel of European stakeholders have on these issues. Moreover, it adds to the debate on fair value accounting and its effects on prudential requirements for banks. This analysis allows us to identify some short term bias in banking regulation.

Keywords: basel 3, fair value, securitization, long term investment, banks, insurers

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Authors: Asror Nigmonov Asqar Ogli, Sitora Inoyatova Amonovna

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It has been a decade when the crowdfunding and P2P lending opportunities were created. Today, the market of these modern alternative investments is becoming increasingly complex to navigate. There are overwhelming amount of peer-to-peer lending platforms both in developed and emerging economies. This study looks into this market via the cross country empirical study. In this respect, it tests the effect of various macroeconomic factors on P2P loan lending. Based on the existing literature that largely lacks empirical investigations, it builds regression model that aims to explore the relationship between economy and P2P lending. Though the author found it extremely difficult to compare the findings with earlier studies, this paper had identified certain tendencies in the data and had certain policy implications. However, the paper could not find any significant effect of economic variables on P2P lending. The paper can be considered as a starting point in empirical investigation of P2P lending and highlights room further research based on limitations of the study.

Keywords: peer-to-peer lending, crowdfunding, marketplace lending, alternative finance, fintech

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Authors: G. Khasaev, S. Ashmarina , A. Zotova

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The priority of Russian enterprises development has been given to the optimization process of industrial enterprise activity for their sustainable development in a long-term period. The assessment of sustainable development level as one of the most efficient instruments of sustainable development management at the industrial enterprise gives a complex view of its state. In order to perform accurate analysis of the current state of the industrial enterprise, it is necessary to perform the assessment of its sustainable development and using its results to elaborate the further tactic of enterprise functioning. The assessment of sustainable development level of the enterprise may help the effective management of strategy development only if the corresponding indicators system is created. The elaboration and usage the sustainable development indicators allows the enterprise to implement analysis of its activity results and monitoring of sustainable enterprise functioning. The authors’ methods are based on general aspects of the industrial enterprise functioning such as finance, customers, inner economic process, and staff system.

Keywords: assessment methods, indicators system, industrial enterprise, sustainable development

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Authors: Mohammad Yousuf Khan, Bhavya Alankar

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Blockchain is a promising technology with its features such as immutability and decentralized database. It has applications in various fields such as pharmaceutical, finance, & the food industry. At the core of its heart lies its feature, traceability which is the most desired key in supply chains. However, supply chains have always been hit rock bottom by scandals and controversies. In this review paper, we have explored the advancement and research gaps of blockchain technology (BT) in supply chain management (SCM). We have used the Prisma framework for systematic literature review (SLR) and included a minuscule amount of grey literature to reduce publication bias. We found that supply chain traceability and transparency is the most researched objective in SCM. There was hardly any research in supply chain resilience. Further, we found that 40 % of the papers were application based. Most articles have focused on the advantages of BT, rather than analyzing it critically. This study will help identify gaps and suitable actions to be followed for an efficient implementation of BT in SCM.

Keywords: blockchain technology, supply chain management, supply chain transparency, supply chain resilience

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Authors: Dewan Ali Ahsan

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Hilsa (Tenualosa ilisha) is one of the most important anadromous fish species of the trans-boundary ecosystem of Bangladesh, India and Myanmar. Hilsa is not only an economically important species specially for Bangladesh and India, but also for the integral part of the culture of the Bangladesh and India. This flag-ship species in Bangladesh contributed alone of 10.82% of the total fish production of the country and about 75% of world’s total catch of hilsa comes from Bangladesh alone. As hilsa is an anadromous fish, it migrates from the Bay of Bengal to rivers for spawning, nursing and growing and for all of these purposes hilsa needs freshwaters. Ripe broods prefer turbid, fast flowing freshwater for spawning but young prefer clear and slow flowing freshwater. Climate change (salinity intrusion, sea level rise, temperature rise, impact of fresh water flow), unplanned developmental activities and other anthropogenic activities all together are severely damaging the hilsa stock and its habitats. So, climate change and human interferences are predicted to have a range of direct and indirect impacts on marine and freshwater hilsa fishery, with implications for fisheries-dependent economies, coastal communities and fisherfolk. The present study identified that salinity intrusion, siltation in river bed, decrease water flow from upstream, fragmentation of river in dry season, over exploitation, use of small mesh nets are the major reasons to affect the upstream migration of hilsa and its sustainable management. It has been also noticed that Bangladesh government has taken some actions for hilsa management. Government is trying to increase hilsa production not only by conserving jatka (juvenile hilsa) but also protecting the brood hilsa during the breeding seasons by imposing seasonal ban on fishing, restricted mesh size etc. Unfortunately, no such management plans are available for Indian and Myanmar territory. As hilsa is a highly migratory trans-boundary fish in the Bay of Bengal (and all of these countries share the same stock), it is essential to adopt a joint management policy (by Bangladesh-India-Myanmar) for the sustainable management for the hilsa stock.

Keywords: hilsa, climate change, south-east Asia, fishery management

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Authors: Naveed Ul Hassan, Bilal Aziz, Maryam Mushtaq, Imran Ameen Khan

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Equity risk premium (ERP) is the stock return in excess of risk free return. Even though it is an essential topic of finance but still there is no common consensus upon its forecasting. For forecasting ERP, apart from the macroeconomic variables attention is devoted to technical indicators as well. For this purpose, set of 14 technical and 14 macro-economic variables is selected and all forecasts are generated based on a standard predictive regression framework, where ERP is regressed on a constant and a lag of a macroeconomic variable or technical indicator. The comparative results showed that technical indicators provide better indications about ERP estimates as compared to macro-economic variables. The relative strength of ERP predictability is also investigated by using National Bureau of Economic Research (NBER) data of business cycle expansion and recessions and found that ERP predictability is more than twice for recessions as compared to expansions.

Keywords: equity risk premium, forecasting, macroeconomic indicators, technical indicators

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Authors: Shuqi Zhang

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Federated learning allows users to participate in collaborative model training without sending data to third-party servers, reducing the risk of user data privacy leakage, and is widely used in smart finance and smart healthcare. However, the distributed architecture design of federation learning itself and the existence of secure aggregation protocols make it inherently vulnerable to backdoor attacks. To solve this problem, the federated learning backdoor defense framework FLEX based on group aggregation, cluster analysis, and neuron pruning is proposed, and inter-compatibility with secure aggregation protocols is achieved. The good performance of FLEX is verified by building a horizontal federated learning framework on the CIFAR-10 dataset for experiments, which achieves 98% success rate of backdoor detection and reduces the success rate of backdoor tasks to 0% ~ 10%.

Keywords: federated learning, secure aggregation, backdoor attack, cluster analysis, neuron pruning

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Authors: H. Akhloufi, M. Hulscher, J. M. Prins, I. H. Van Der Sijs, D. Melles, A. Verbon

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Background: A timely switch from intravenous to oral antibiotic therapy has many advantages, such as reduced incidence of IV-line related infections, a decreased hospital length of stay and less workload for healthcare professionals with equivalent patient safety. Additionally, numerous studies have demonstrated significant decreases in costs of a timely intravenous to oral antibiotic therapy switch, while maintaining efficacy and safety. However, a considerable variation in iv to oral antibiotic switch therapy criteria has been described in literature. Here, we report the development of a set of iv to oral switch criteria that are generally applicable in all hospitals. Material/methods: A RAND-modified Delphi procedure, which was composed of 3 rounds, was used. This Delphi procedure is a widely used structured process to develop consensus using multiple rounds of questionnaires within a qualified panel of selected experts. The international expert panel was multidisciplinary and composed out of clinical microbiologists, infectious disease consultants and clinical pharmacists. This panel of 19 experts appraised 6 major intravenous to oral antibiotic switch therapy criteria and operationalized these criteria using 41 measurable conditions extracted from the literature. The procedure to select a concise set of iv to oral switch criteria included 2 questionnaire rounds and a face-to-face meeting. Results: The procedure resulted in the selection of 16 measurable conditions, which operationalize 6 major intravenous to oral antibiotic switch therapy criteria. The following 6 major switch therapy criteria were selected: (1) Vital signs should be good or improving when bad. (2) Signs and symptoms related to the infection have to be resolved or improved. (3) The gastrointestinal tract has to be intact and functioning. (4) The oral route should not be compromised. (5) Absence of contra-indicated infections. (6) An oral variant of the antibiotic with good bioavailability has to exist. Conclusions: This systematic stepwise method which combined evidence and expert opinion resulted in a feasible set of 6 major intravenous to oral antibiotic switch therapy criteria operationalized by 16 measurable conditions. This set of early antibiotic iv to oral switch criteria can be used in daily practice in all adult hospital patients. Future use in audits and as rules in computer assisted decision support systems will lead to improvement of antimicrobial steward ship programs.

Keywords: antibiotic resistance, antibiotic stewardship, intravenous to oral, switch therapy

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Authors: Salma Akter, Md. Kamal Uddin

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Ashrayan (shelter) Prakalpa – a fully subsidized ‘integrated poverty eradication program’ through the provisioning of shelter of Bangladesh Government (GoB) targeting the internally displaced and homeless. In spite of the inclusiveness (poverty alleviation, employment opportunity, Tenure ship and training) of the shelter policy, dwellers are not merely questioned by the issue of 'the quality of life' .This study demonstrates how top-down policies, ambiguous ownership status of land and dwelling environments lead to ‘everyday compromise’ by the grassroots in both subjective (satisfaction, comfort and safety) and objective (physical design elements and physical environmental elements) issues in three respective scale macro (neighborhood) meso (shelter /built environment) and micro(family). It shows that by becoming subject to Government’s resettlements policies and after becoming user of its shelter units (although locally known as ‘barracks’ rather shelter or housing), the once displaced settlers assume a curious form of spatial practice where both social and spatial often bear slippery meanings. Thus, Policy-based shelter force the dwellers frequently compromise with their provided built environments and spaces within the settlements both in overtly and covertly. Compromises are made during the production of space and forms, whereas interesting new spaces and space-making practices emerge. The settlements under study are Dakshin Chandani Mahal Ashrayan Prakalpa located at the Eastern fringe area of Khulna, Bangladesh. In terms of methodology, this research is primarily exploratory and assumes a qualitative approach. Key tools used to obtain information are policy analysis, literature review, key informant interview, focus group discussion and participant observation at the level of dwelling and settlements. Necessary drawings and photographs have been taken to promote the study objective. Findings revealed that various shortages, inadequacies and negligence of policymakers make a compromising character of displaced by the means of 'quality of life' both in objective and subjective ground. Thus the study ends up with a recommendation to the policymakers to take an initiative to ensure the quality of life of the dwellers.

Keywords: Ashrayan, compromise, displaced people, quality of life

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Authors: David C. Ni

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In the previous efforts, we constructed N-Body Systems by an extended Blaschke product (EBP), which represents a non-temporal and nonlinear extension of Lorentz transformation. In this construction, we rely only on two parameters, nonlinear degree, and relative momentum to characterize the systems. We further explored root computation via iteration with an algorithm extended from Jenkins-Traub method. The solution sets demonstrate a form of σ+ i [-t, t], where σ and t are the real numbers, and the [-t, t] shows various canonical distributions. In this paper, we correlate the convergent sets in the original domain with solution sets, which demonstrating large-deviation distributions in the codomain. We proceed to compare our approach with the formula or principles, such as Donsker-Varadhan and Wentzell-Freidlin theories. The deterministic model based on this construction allows us to explore applications in the areas of finance and statistical mechanics.

Keywords: nonlinear Lorentz transformation, Blaschke equation, iteration solutions, root computation, large deviation distribution, deterministic model

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Authors: Aaron Aboshio, Jianqiao Ye

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In this study, static and dynamic responses of a typical reinforced concrete flat slab, designed to British Standard (BS 8110, 1997) and under self and live loadings for dance halls are reported. Linear perturbation analysis using finite element method was employed for modal, impulse loading and frequency response analyses of the slab under the aforementioned loading condition. Results from the static and dynamic analyses, comprising of the slab fundamental frequencies and mode shapes, dynamic amplification factor, maximum deflection, stress distributions among other valuable outcomes are presented and discussed. These were gauged with the limiting provisions in the design code with a view to optimise the structure and ensure both adequate strength and economical section for large clear span slabs. This is necessary owing to the continued increase in cost of erecting building structures and the squeeze on public finance globally.

Keywords: economical design, finite element method, modal dynamics, reinforced concrete, slab

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Authors: Mohammad Tarek Al Muallim, Ozhan Duzenli, Ceyhun Ilguy

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Passive sonar is a method for detecting acoustic signals in the ocean. It detects the acoustic signals emanating from external sources. With passive sonar, we can determine the bearing of the target only, no information about the range of the target. Target Motion Analysis (TMA) is a process to estimate the position and speed of a target using passive sonar information. Since bearing is the only available information, the TMA technique called Bearing-only TMA. Many TMA techniques have been developed. However, until now, there is not a very effective method that could be used to always track an unknown target and extract its moving trace. In this work, a design of effective Bearing-only TMA Algorithm is done. The measured bearing angles are very noisy. Moreover, for multi-beam sonar, the measurements is quantized due to the sonar beam width. To deal with this, modified gain extended Kalman filter algorithm is used. The algorithm is fine-tuned, and many modules are added to improve the performance. A special validation gate module is used to insure stability of the algorithm. Many indicators of the performance and confidence level measurement are designed and tested. A new method to detect if the target is maneuvering is proposed. Moreover, a reactive optimal observer maneuver based on bearing measurements is proposed, which insure converging to the right solution all of the times. To test the performance of the proposed TMA algorithm a simulation is done with a MATLAB program. The simulator program tries to model a discrete scenario for an observer and a target. The simulator takes into consideration all the practical aspects of the problem such as a smooth transition in the speed, a circular turn of the ship, noisy measurements, and a quantized bearing measurement come for multi-beam sonar. The tests are done for a lot of given test scenarios. For all the tests, full tracking is achieved within 10 minutes with very little error. The range estimation error was less than 5%, speed error less than 5% and heading error less than 2 degree. For the online performance estimator, it is mostly aligned with the real performance. The range estimation confidence level gives a value equal to 90% when the range error less than 10%. The experiments show that the proposed TMA algorithm is very robust and has low estimation error. However, the converging time of the algorithm is needed to be improved.

Keywords: target motion analysis, Kalman filter, passive sonar, bearing-only tracking

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Authors: Thea Freese, Michael Gille, Andrew Hursthouse, John Struthers

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Ship operators on the North and Baltic Sea have been experiencing increased political interest in marine environmental protection and cleaner vessel operations. Stricter legislation on SO2 and NOx emissions, ballast water management and other measures of protection are currently being phased in or will come into force in the coming years. These measures benefit the health of the marine environment, while increasing company’s operational costs. In times of excess shipping capacity and linked consolidation in the industry non-compliance with environmental rules is one way companies might hope to stay competitive with both intra- and inter-modal trade. Around 5-15% of industry participants are believed to neglect laws on vessel-source pollution willingly or unwillingly. Exploratory in-depth interviews conducted with 12 experts from various stakeholder groups informed the researchers about variables influencing compliance levels, including awareness and apprehension, willingness to comply, ability to comply and effectiveness of controls. Semi-structured expert interviews were evaluated using qualitative content analysis. A model of determinants of compliance was developed and is presented here. While most vessel operators endeavour to achieve full compliance with environmental rules, a lack of availability of technical solutions, expediency of implementation and operation and economic feasibility might prove a hindrance. Ineffective control systems on the other hand foster willing non-compliance. With respect to motivations, lacking time, lacking financials and the absence of commercial advantages decrease compliance levels. These and other variables were inductively developed from qualitative data and integrated into a model on environmental compliance. The outcomes presented here form part of a wider research project on economic effects of maritime environmental legislation. Research on determinants of compliance might inform policy-makers about actual behavioural effects of shipping companies and might further the development of a comprehensive legal system for environmental protection.

Keywords: compliance, marine environmental protection, exploratory qualitative research study, clean vessel operations, North and Baltic Sea area

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Authors: Serge Provost, Yishan Zang

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Copulas are currently utilized in finance, reliability theory, machine learning, signal processing, geodesy, hydrology and biostatistics, among several other fields of scientific investigation. It follows from Sklar's theorem that the joint distribution function of a multidimensional random vector can be expressed in terms of its associated copula and marginals. Since marginal distributions can easily be determined by making use of a variety of techniques, we address the problem of securing the distribution of the copula. This will be done by using several approaches. For example, we will obtain bivariate least-squares approximations of the empirical copulas, modify the kernel density estimation technique and propose a criterion for selecting appropriate bandwidths, differentiate linearized empirical copulas, secure Bernstein polynomial approximations of suitable degrees, and apply a corollary to Sklar's result. Illustrative examples involving actual observations will be presented. The proposed methodologies will as well be applied to a sample generated from a known copula distribution in order to validate their effectiveness.

Keywords: copulas, Bernstein polynomial approximation, least-squares polynomial approximation, kernel density estimation, density approximation

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Authors: Denis Ushakov

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Fast growing international migration as a factor of labor globalization now is one of the most important trends of world economy and determinant of social-political transformations. Study of fundamental economical reasons for international migration is relevant due to their prognostic, predictable and normative potential, which can be used in conditions of global economic non-stability. This paper analyzes role of natural-resources, financial and labor factors in economic growth of the modern states; studies relationships between stimulating role of natural resources, finance and labor with levels of modern countries’ economy development. Based on achieved results, findings about fundamental reasons of international migration; transformation of labor factor’s role in providing an economical progress of the states; efficiency of positive impact of manufacturing factors (domestic and attracted from international markets) were offered.

Keywords: international migration, migrant, labor productivity, economy efficiency of migration, migration policy

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Authors: Bushra Mussawar, Saleha Younus

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Students often view their academic life demanding and stressful. However, apart from academics, stress springs from various other sources namely, finance, family, health, friends etc. The present study aims to assess the level of perceived stress in medical and fine arts students, and to determine the coping strategies used by the students to mitigate stress. The sample of the study consisted of 178 medical and fine arts students. The sample was selected through purposive sampling. Pearson correlation coefficient and T-test were used to analyze data. Results of the study revealed that there exists a positive relationship between perceived stress and coping strategies. Additionally, the two groups showed marked differences in terms of stress perception and coping styles. The level of perceived stress was found to be high in medical students nonetheless, they employed more positive coping strategies than fine arts students who scored high on negative coping strategies which are deleterious to the overall wellbeing.

Keywords: perceived stress, coping strategies, medical, fine arts students

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Authors: M. Khasro Miah, Chowdhury Hossan Golam, Muhammed Siddique Hossain

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Recently, financial institution brand image is turning out to be pretty weak due to the presence of strong local competitors and this in term is affecting their firm performance also. In this study, four major HR practices, namely employee commitment, empowerment, loyalty, and engagement are considered in order to measure its effects on the brand and financial performance of banking organization. This study finds that the banking institutions of Bangladesh are more customer oriented rather than internal employee oriented, which makes it quite obvious that the internal HR practices will have little or no effect on the banks brand performance. Employee Commitment has emerged out to be the most important predictor, followed by employee loyalty and empowerment. The employees are well-empowered, engaged, and shows loyalty towards the organization, but their activities are not well linked with the brand. Firms should concentrate to create a congenial working atmosphere and employees should feel like a part of the organization.

Keywords: HR in bank, employee commitment, empowerment, finance, employee commitment, loyalty and engagement

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Authors: Firas A. N. Al-Dalabih

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This study aims at identifying the level of disclosure of intellectual capital at the Jordanian development banks. The study sample composed of (100) individuals working at the National Bank to Finance Small Projects around the different governorates of the Hashemite Kingdom of Jordan. A questionnaire has been prepared and distributed over the study sample. (95) Questionnaires have been retrieved; valid for the statistical analysis purposes with a percentage of (95%). The study results showed that the level of disclosure of intellectual capital with all its dimensions (human capital, customer capital and structural capital) at the Jordanian development banks was of a high level. The results also showed that there is a high level of awareness performed by the Jordanian development banks’ employees in regard to the necessity and importance of the intellectual capital’s disclosure. The study was concluded with a number of recommendations among which were that the Jordanian development banks shall take notice toward increasing their workers’ awareness regarding the importance of intellectual capital’s disclosure, as well as applying this study over commercial and Islamic banks for the purposes of carrying out a comparison between them and the development banks.

Keywords: intellectual capital, Jordanian development banks, the level of disclosure

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Authors: Raymond K. Jonkers

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The present study investigated approaches and techniques to enhance strategic management governance and decision making within the framework of a performance-based balanced scorecard. The review of best practices from strategic, program, process, and systems engineering management provided for a holistic approach toward effective outcome-based capability management. One technique, based on factorial experimental design methods, was used to develop an empirical model. This model predicted the degree of capability effectiveness and is dependent on controlled system input variables and their weightings. These variables represent business performance measures, captured within a strategic balanced scorecard. The weighting of these measures enhances the ability to quantify causal relationships within balanced scorecard strategy maps. The focus in this study was on the performance of tangible assets within the scorecard rather than the traditional approach of assessing performance of intangible assets such as knowledge and technology. Tangible assets are represented in this study as physical systems, which may be thought of as being aboard a ship or within a production facility. The measures assigned to these systems include project funding for upgrades against demand, system certifications achieved against those required, preventive maintenance to corrective maintenance ratios, and material support personnel capacity against that required for supporting respective systems. The resultant scorecard is viewed as complimentary to the traditional balanced scorecard for program and performance management. The benefits from these scorecards are realized through the quantified state of operational capabilities or outcomes. These capabilities are also weighted in terms of priority for each distinct system measure and aggregated and visualized in terms of overall state of capabilities achieved. This study proposes the use of interactive controls within the scorecard as a technique to enhance development of alternative solutions in decision making. These interactive controls include those for assigning capability priorities and for adjusting system performance measures, thus providing for what-if scenarios and options in strategic decision-making. In this holistic approach to capability management, several cross functional processes were highlighted as relevant amongst the different management disciplines. In terms of assessing an organization’s ability to adopt this approach, consideration was given to the P3M3 management maturity model.

Keywords: management, systems, performance, scorecard

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Authors: Zairani Zainol, Zulkiflee Daud

Abstract:

This study employed 86 respondents representing bank officers of Bank XYX (one of the full-fledged Islamic banks in Malaysia) in the northern region of Malaysia to assess the factors that constitute talent in the Islamic financial industries. To test the discriminant factors for talent among bank officers, a factor analysis was performed. The KMO, Bartlett and MSA tests were executed as the prerequisite before performing the factor analysis. The discriminant factors for talent were extracted via eigenvalues and rotated component matrixes. The results show that five factors, namely (1) self-motivation, (2) leadership, (3) teamwork, (4) interpersonal skills, and (5) creativity/innovation constitute talent in the Islamic financial industries. It is hoped that this study could offer guidelines to education providers, specifically those that conduct the Islamic finance and banking program, as to the areas of emphasis for students before graduating. For the Islamic financial institutions, this study is also vital since they could tackle the areas that need to be improved in managing their talents.

Keywords: talent, Islamic financial industries, talent development, bank’s officers

Procedia PDF Downloads 382

Authors: Mohammad Ali Hasanzadeh, Thierry Van Elslander, Eddy Van De Voorde

Abstract:

About 90 percent of world merchandise trade by volume being carried by sea. Maritime transport remains as back bone behind the international trade and globalization meanwhile all seaborne goods need using at least two ports as origin and destination. Amid seaborne traded cargos, container traffic is a prosperous market with about 16% in terms of volume. Albeit containerized cargos are less in terms of tonnage but, containers carry the highest value cargos amongst all. That is why efficient handling of containers in ports is very important. Accidents are the foremost causes that lead to port inefficiency and a surge in total transport cost. Having different port safety management systems (PSMS) in place, statistics on port accidents show that numerous accidents occur in ports. Some of them claim peoples’ life; others damage goods, vessels, port equipment and/or the environment. Several accident investigation illustrate that the most common accidents take place throughout transport operation, it sometimes accounts for 68.6% of all events, therefore providing a safer workplace depends on reducing collision risk. In order to quantify risks at the port area different variables can be used as exposure measurement. One of the main motives for defining and using exposure in studies related to infrastructure is to account for the differences in intensity of use, so as to make comparisons meaningful. In various researches related to handling containers in ports and intermodal terminals, different risk exposures and also the likelihood of each event have been selected. Vehicle collision within the port area (10-7 per kilometer of vehicle distance travelled) and dropping containers from cranes, forklift trucks, or rail mounted gantries (1 x 10-5 per lift) are some examples. According to the objective of the current research, three categories of accidents selected for collision risk assessment; fall of container during ship to shore operation, dropping container during transfer operation and collision between vehicles and objects within terminal area. Later on various consequences, exposure and probability identified for each accident. Hence, reducing collision risks profoundly rely on picking the right risk exposures and probability of selected accidents, to prevent collision accidents in container terminals and in the framework of risk calculations, such risk exposures and probabilities can be useful in assessing the effectiveness of safety programs in ports.

Keywords: container terminal, collision, seaborne trade, risk exposure, risk probability

Procedia PDF Downloads 351

Authors: Rohit Vashistha, Amit Kumar Gupta, G. P. Ravishankar, Mahesh P. Padwale

Abstract:

Accurate thrust measurement is required for aircraft during takeoff and after ski-jump. In a developmental aircraft, takeoff from ship is extremely critical and thrust produced by the engine should be known to the pilot before takeoff so that if thrust produced is not sufficient then take-off can be aborted and accident can be avoided. After ski-jump, thrust produced by engine is required because the horizontal speed of aircraft is less than the normal takeoff speed. Engine should be able to produce enough thrust to provide nominal horizontal takeoff speed to the airframe within prescribed time limit. The contemporary low bypass gas turbine engines generally have three mounts where the two side mounts transfer the engine thrust to the airframe. The third mount only takes the weight component. It does not take any thrust component. In the present method of thrust estimation, the strain gauging of the two side mounts is carried out. The strain produced at various power settings is used to estimate the thrust produced by the engine. The quarter Wheatstone bridge is used to acquire the strain data. The engine mount assembly is subjected to Universal Test Machine for determination of equivalent elasticity of assembly. This elasticity value is used in the analytical approach for estimation of engine thrust. The estimated thrust is compared with the test bed load cell thrust data. The experimental strain data is also compared with strain data obtained from FEM analysis. Experimental setup: The strain gauge is mounted on the tapered portion of the engine mount sleeve. Two strain gauges are mounted on diametrically opposite locations. Both of the strain gauges on the sleeve were in the horizontal plane. In this way, these strain gauges were not taking any strain due to the weight of the engine (except negligible strain due to material's poison's ratio) or the hoop's stress. Only the third mount strain gauge will show strain when engine is not running i.e. strain due to weight of engine. When engine starts running, all the load will be taken by the side mounts. The strain gauge on the forward side of the sleeve was showing a compressive strain and the strain gauge on the rear side of the sleeve shows a tensile strain. Results and conclusion: the analytical calculation shows that the hoop stresses dominate the bending stress. The estimated thrust by strain gauge shows good accuracy at higher power setting as compared to lower power setting. The accuracy of estimated thrust at max power setting is 99.7% whereas at lower power setting is 78%.

Keywords: engine mounts, finite elements analysis, strain gauge, stress

Procedia PDF Downloads 458

Authors: Visvaganthie Moodley

Abstract:

Language use and aesthetic appreciation are integral to meaning-making in prose, as they are in poetry. However, in comparison to poetic analysis, a literary analysis of prose that focuses on linguistics and stylistics is somewhat scarce as it generally requires the study of lengthy texts. Nevertheless, the effect of linguistic and stylistic features in prose as conscious design by authors for creating specific effects and conveying preconceived messages is drawing increasing attention of linguists and literary experts. A close examination of language use in prose can, among a host of literary purposes, convey emotive and cognitive values and contribute to making interpretations about how fictional characters are represented to the imaginative reader. This paper provides a literary analysis of Yann Martel’s narrative of a 14-year-old Indian boy, Pi, who had survived the wreck of a Japanese cargo ship, by focusing on his 227-day journey of tribulations, along with a Bengal tiger, on a lifeboat. The study favours a pluralistic approach blending literary criticism, linguistic analysis and stylistic description. It adopts Leech and Short’s (2007) broad framework of linguistic and stylistic categories (lexical categories, grammatical categories, figures of speech etc. [sic] and context and cohesion) as well as a range of other relevant linguistic phenomena to show how the narrator, Pi, and the author influence the reader’s interpretations of Pi’s character. Such interpretations are made using the lens of Freud’s psychoanalytical theory (which focuses on the interplay of the instinctual id, the ego and the moralistic superego) and Blake’s philosophy of innocence and experience (the two contrary states of the human soul). The paper traces Pi’s transformation from animal-loving, God-fearing vegetarian to brutal animal slayer and cannibal in his journey of survival. By a close examination of the linguistic and stylistic features of the narrative, it argues that, despite evidence of butchery and cannibalism, Pi’s gruesome behaviour is motivated by extreme physiological and psychological duress and not intentional malice. Finally, the paper concludes that the voice of the narrator, Pi, and that of the author, Martel, act as powerful persuasive agents in influencing the reader to respond with a sincere flow of sympathy for Pi and judge him as having retained his innocence in his instinctual need for survival.

Keywords: foregrounding, innocence and experience, lexis, literary analysis, psychoanalytical lens, style

Procedia PDF Downloads 141