Search results for: Egyptian stock exchange

Authors: Mariam Waheed Mekheimar

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Nascent research is conducted to the advancement of discourse analysis to include different modes as images, sound, and text. The focus of this study will be to elucidate how images are embedded with texts in an audio-visual medium as cinema to send political messages; it also seeks to broaden our understanding of politics beyond a relatively narrow conceptualization of the 'political' through studying non-traditional discourses as the cinematic discourse. The aim herein is to develop a systematic approach to film analysis to capture political meanings in films. The method adopted in this research is Multimodal Discourse Analysis (MDA) focusing on embedding visuals with texts. As today's era is the era of images and that necessitates analyzing images. Drawing on the writings of O'Halloran, Kress and Van Leuween, John Bateman and Janina Wildfeuer, different modalities will be studied to understand how those modes interact in the cinematic discourse. 'People at the top movie' is selected as an example to unravel the political meanings throughout film tackling the cinematic representation of the notion of social justice.

Keywords: Egyptian cinema, multimodal discourse analysis, people at the top, social justice

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Authors: S. N. Ekbote, G. K. Padam, Manju Arora

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Electron spin resonance (ESR) spectroscopic investigations of (Bi, Pb)₂Sr₂Ca₂Cu₃O₁₀₋ₓ (Bi-2223) bulk samples were carried out in both the normal and superconducting states. A broad asymmetric resonance signal with side signals is obtained in the normal state, and all of them disappear in the superconducting state. The temperature and angular orientation effects on these signals suggest that the broad asymmetric signal arises from electron spin resonance of conduction electrons (CESR) and the side signals from exchange interactions as Platzman-Wolff type spin waves. The disappearance of CESR and spin waves in a superconducting state demonstrates the role of exchange interactions in Cooper pair formation.

Keywords: Bi-2223 superconductor, CESR, ESR, exchange interactions, spin waves

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Authors: Marwa Zein

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The long-term of the contract is one of the major features that distinguish international trade and investment contracts from other internal contracts. This is due to the nature of the contract and the huge works required to be performed from one hand or the desire of the parties to achieve stability in their transactions. However, long-term contracts might expose them to certain events and circumstances that impact the capability of the parties to execute their obligations pursuant to these contracts. During the year 2016, the Egyptian government has taken series of economic decisions which greatly impacted the economic and investment environment. Consequently, many contracts have encountered many problems in their execution due to such changes that greatly influence the performance of their obligation, a matter that necessitated the renegotiation of the conditions of these contracts on the basis of the unpredicted changes that could be listed under the Force Majeure Clause. The principle of fair and equitable treatment in investment placed on an obligation on the Egyptian government to consider the renegotiation of contract clauses based on the new conditions. This paper will discuss the idea of renegotiating international trade and investment contracts in Egypt with reference to the changes the economic environment has witnessed lately.

Keywords: change of circumstances, international contracts, investment contracts, renegotiation

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Authors: Cheng-yu Hsieh, Bo Zhang, Ahmed Hambaba

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Stock market prediction has long been an area of interest for both expert analysts and investors, driven by its complexity and the noisy, volatile conditions it operates under. This research examines the efficacy of combining the Patch Time Series Transformer (PatchTST) with wavelet transforms, specifically focusing on Haar and Daubechies wavelets, in forecasting the adjusted closing price of the S&P 500 index for the following day. By comparing the performance of the augmented PatchTST models with traditional predictive models such as Recurrent Neural Networks (RNNs), Convolutional Neural Networks (CNNs), Long Short-Term Memory (LSTM) networks, and Transformers, this study highlights significant enhancements in prediction accuracy. The integration of the Daubechies wavelet with PatchTST notably excels, surpassing other configurations and conventional models in terms of Mean Absolute Error (MAE) and Mean Squared Error (MSE). The success of the PatchTST model paired with Daubechies wavelet is attributed to its superior capability in extracting detailed signal information and eliminating irrelevant noise, thus proving to be an effective approach for financial time series forecasting.

Keywords: deep learning, financial forecasting, stock market prediction, patch time series transformer, wavelet transform

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Authors: Reem Alkadeem

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This study aims at evaluating the overall satisfaction of faculty members and relating it to organizational and personal aspects in Egyptian public and private universities. These aspects are identified through an extensive study of all factors that might affect job satisfaction. The most influencing parameters selected are academics’ demographics, human resource management, organizational profile, workload, teamwork skills, recognition, autonomy, teaching activity, research activity, and motivation. A questionnaire of 94 questions was used to assess job satisfaction and the previously mentioned parameters. It was distributed among seven hundred members of different universities in Egypt. Two hundred and twenty-seven faculty members responded. This sample was gathered from twelve universities and The Supreme Council of Universities. The ANOVA showed a significant relationship (p < 0.05) between eight of the selected parameters and job satisfaction. These parameters are age, rank, human resource management, profile of organizational characteristics, workload, recognition, teaching activity, and motivation.

Keywords: job satisfaction, higher education, organizational profile, Egyptian universities

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Authors: Patrick Velte

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Sustainability reporting has become a central element of modern corporate governance practice. This paper is the first to recognize supervisory board independence, sustainable expertise and gender diversity in two European two tier countries and their impact on sustainability reporting quality. For a sample of 188 German and Austrian companies which are listed at the Prime Standard of the Frankfurt and Vienna Stock Exchange for the business years 2012-2013, descriptive findings show that CSR reporting quality is still low in both countries. Furthermore, multiple regressions state that independent and female members in the supervisory board do have a positive impact on CSR reporting quality in Germany and Austria. However, the existence of sustainable experts in the supervisory board both in Germany and Austria shows a positive but insignificant impact. Our findings suggest that the current European corporate governance regulations can be a useful instrument to increase the quality of modern CSR reporting for the stakeholders.

Keywords: sustainability reporting, corporate governance, gender diversity, board independence

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Authors: Michael Salib, Samer Ezeldin, Ahmed Waly

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There are numerous challenges and problems facing the construction industry in several countries in the Middle East, as a result of numerous economic and political effects. As an example in Egypt, several construction companies have shut down and left the market since 2016. The closure of these companies occurred, as they did not respond with the suitable techniques and strategies that will enable them to survive during this economic turmoil period. A research is conducted in order to identify adequate strategies to be implemented by the Egyptian contractors that could allow them survive and keep competing during such economic hardship period. Two different techniques were used in order to identify these startegies. First, a deep research were conducted on the companies located in countries that suffered similar economic harship to identify the strategies they used in order to survive. Second, interviews were conducted with experts in the construction field in order to list the effective strategies they used that allowed them to survive. Moreover, at the end of each interview, the experts were asked to rate the applicability of the previously identified strategies used in the foreign countries, then the efficiency of each strategy if used in Egypt. A framework model is developed in order to assist the construction companies in choosing the suitable techniques to their company size, through identifying the top ranked strategies and techniques that should be adopted by the company based on the parameters given to the model. In order to verify this framework, the financial statements of two leading companies in the Egyptian construction market were studied. The first Contractor has applied nearly all the top ranked strategies identified in this paper, while the other contractor has applied only few of the identified top ranked strategies. Finally, another expert interviews were conducted in order to validate the framework. These experts were asked to test the model and rate through a questionnaire its applicability and effectiveness.

Keywords: construction management, economic hardship, recession, survive

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Authors: Christian Bucio Pacheco, Miriam Magnolia Sosa Castro, María Alejandra Cabello Rosales

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This paper aims to analyze the contagion effect among the stock markets of the BRIC+M block (Brazil, Russia, India, China plus Mexico). The contagion effect is proved through increasing on dependence parameters during crisis periods. The dependence parameters are estimated through copula approach in a period of time from July 1997 to December 2015. During this period there are instability and calm episodes, allowing to analyze changes in the relations of dependence. Empirical results show strong evidence of time-varying dependence among the BRIC+M markets and an increasing dependence relation during global financial crisis period.

Keywords: BRIC+M Block, Contagion effect, Copula, dependence

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Authors: Ahmed Abdrabou, Medhat Abdalla

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The studied stele dates back to Third Intermediate Period (1075-664) B.C in an ancient Egypt. It is made of wood and covered with painted gesso layers. This study aims to use a combination of multi spectral imaging {visible, infrared (IR), Visible-induced infrared luminescence (VIL), Visible-induced ultraviolet luminescence (UVL) and ultraviolet reflected (UVR)}, along with portable x-ray fluorescence in order to map and identify the pigments as well as to provide a deeper understanding of the painting techniques. Moreover; the authors were significantly interested in the identification of wood species. Multispectral imaging acquired in 3 spectral bands, ultraviolet (360-400 nm), visible (400-780 nm) and infrared (780-1100 nm) using (UV Ultraviolet-induced luminescence (UVL), UV Reflected (UVR), Visible (VIS), Visible-induced infrared luminescence (VIL) and Infrared photography. False color images are made by digitally editing the VIS with IR or UV images using Adobe Photoshop. Optical Microscopy (OM), potable X-ray fluorescence spectroscopy (p-XRF) and Fourier Transform Infrared Spectroscopy (FTIR) were used in this study. Mapping and imaging techniques provided useful information about the spatial distribution of pigments, in particular visible-induced luminescence (VIL) which allowed the spatial distribution of Egyptian blue pigment to be mapped and every region containing Egyptian blue, even down to single crystals in some instances, is clearly visible as a bright white area; however complete characterization of the pigments requires the use of p. XRF spectroscopy. Based on the elemental analysis found by P.XRF, we conclude that the artists used mixtures of the basic mineral pigments to achieve a wider palette of hues. Identification of wood species Microscopic identification indicated that the wood used was Sycamore Fig (Ficus sycomorus L.) which is recorded as being native to Egypt and was used to make wooden artifacts since at least the Fifth Dynasty.

Keywords: polychrome wooden stele, multispectral imaging, IR luminescence, Wood identification, Sycamore Fig, p-XRF

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Authors: M. Abd elfattah, M. Ossman, Nahla A. Taha

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The present work explored the use of Egyptian rice straw, an agricultural waste that leads to global warming problem through brown cloud, as a potential feedstock for the preparation of activated carbon by physical and chemical activation. The results of this study showed that it is feasible to prepare activated carbons with relatively high surface areas and pore volumes from the Egyptian rice straw by direct chemical and physical activation. The produced activated carbon from the two methods (AC1 and AC2) could be used as potential adsorbent for the removal of Fe(III) from aqueous solution contains heavy metals and polluted water. The adsorption of Fe(III) was depended on the pH of the solution. The optimal Fe(III) removal efficiency occurs at pH 5. Based on the results, the optimum contact time is 60 minutes and adsorbent dosage is 3 g/L. The adsorption breakthrough curves obtained at different bed depths indicated increase of breakthrough time with increase in bed depths. A rise in inlet Fe(III) concentration reduces the throughput volume before the packed bed gets saturated. AC1 showed higher affinity for Fe(III) as compared to Raw rice husk.

Keywords: rice straw, activated carbon, Fe(III), fixed bed column, pyrolysis

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Authors: Petar Dobrev

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There is no agreed-upon definition of firm quality. While profitability and stock performance often qualify as popular proxies of quality, in this project, we aim to identify quality without relying on a firm’s financial statements or stock returns as selection criteria. Instead, we use firm-level data on management practices across small to medium-sized U.S. manufacturing firms from the World Management Survey (WMS) to measure firm quality. Each firm in the WMS dataset is assigned a mean management score from 0 to 5, with higher scores identifying better-managed firms. This management score serves as our proxy for firm quality and is the sole criteria we use to separate firms into portfolios comprised of high-quality and low-quality firms. We define high-quality (low-quality) firms as those firms with a management score of one standard deviation above (below) the mean. To study whether this proxy for firm quality can identify better-performing firms, we link this data to Compustat and The Center for Research in Security Prices (CRSP) to obtain firm-level data on financial performance and monthly stock returns, respectively. We find that from 1999 to 2019 (our sample data period), firms in the high-quality portfolio are consistently more profitable — higher operating profitability and return on equity compared to low-quality firms. In addition, high-quality firms also exhibit a lower risk of bankruptcy — a higher Altman Z-score. Next, we test whether the stocks of the firms in the high-quality portfolio earn superior risk-adjusted excess returns. We regress the monthly excess returns on each portfolio on the Fama-French 3-factor, 4-factor, and 5-factor models, the betting-against-beta factor, and the quality-minus-junk factor. We find no statistically significant differences in excess returns between both portfolios, suggesting that stocks of high-quality (well managed) firms do not earn superior risk-adjusted returns compared to low-quality (poorly managed) firms. In short, our proxy for firm quality, the WMS management score, can identify firms with superior financial performance (higher profitability and reduced risk of bankruptcy). However, our management proxy cannot identify stocks that earn superior risk-adjusted returns, suggesting no statistically significant relationship between managerial quality and stock performance.

Keywords: excess stock returns, management, profitability, quality

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Authors: Vithaya Intaraphimol

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This research investigates the effect of financial accounting information and non-financial accounting reports on corporate credibility via strength of board of directors and market environment volatility as moderating effect. Data in this research is collected by questionnaire form non-financial companies listed on the Stock Exchange of Thailand. Multiple regression statistic technique is chosen for analyzing the data. The empirical results find that firms with greater financial accounting information reports and non-financial accounting information reports will gain greater corporate credibility. Therefore, the corporate reporting has the value for the firms. Moreover, the strength of board of directors will positively moderate the financial and non-financial accounting information reports and corporate credibility relationship. Whereas, market environment volatility will negatively moderate the financial and nonfinancial accounting information reports and corporate credibility relationship.

Keywords: corporate credibility, financial and non-financial reports, firms performance, economics

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Authors: Reskino Resky

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This research purposes to create a model to detecting financial statement fraud. This research examines the variable of fraud triangle and auditor industry specialization with financial statement fraud. This research used sample of company which is listed in Indonesian Stock Exchange that have sanctions and cases by Financial Services Authority in 2011-2013. The number of company that were became in this research were 30 fraud company and 30 non-fraud company. The method of determining the sample is by using purposive sampling method with judgement sampling, while the data processing methods used by researcher are mann-whitney u and discriminants analysis. This research have two from five variable that can be process with discriminant analysis. The result shows the financial targets can be detect financial statement fraud, while financial stability can’t be detect financial statement fraud.

Keywords: fraud triangle analysis, financial targets, financial stability, auditor industry specialization, financial statement fraud

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Authors: Taha Bensiradj, Samira Moussaoui

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Hybrid Sensors and Vehicular Networks (HSVN), represent a hybrid network, which uses several generations of Ad-Hoc networks. It is used especially in Intelligent Transport Systems (ITS). The HSVN allows making collaboration between the Wireless Sensors Network (WSN) deployed on the border of the road and the Vehicular Network (VANET). This collaboration is defined by messages exchanged between the two networks for the purpose to inform the drivers about the state of the road, provide road safety information and more information about traffic on the road. Moreover, this collaboration created by HSVN, also allows the use of a network and the advantage of improving another network. For example, the dissemination of information between the sensors quickly decreases its energy, and therefore, we can use vehicles that do not have energy constraint to disseminate the information between sensors. On the other hand, to solve the disconnection problem in VANET, the sensors can be used as gateways that allow sending the messages received by one vehicle to another. However, because of the short communication range of the sensor and its low capacity of storage and processing of data, it is difficult to ensure the exchange of road messages between it and the vehicle, which can be moving at high speed at the time of exchange. This represents the time where the vehicle is in communication range with the sensor. This work is the proposition of a communication protocol between the sensors and the vehicle used in HSVN. The latter has as the purpose to ensure the exchange of road messages in the available time of exchange.

Keywords: HSVN, ITS, VANET, WSN

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Authors: Mariam Khaled, Noha Farag, Ghada Mohamed Abdel Salam, Khaled Abu-Aisha, Mohamed El-Azizi

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Gastric and colorectal cancers are among the most frequent causes of cancer-associated mortalities in Africa. They have been considered as a global public health concern, as nearly one million new cases are reported per year. IL-1β is a pro-inflammatory cytokine-produced by activated macrophages and monocytes- and a member of the IL-1 family. The inactive IL-1β precursor is cleaved and activated by caspase-1 enzyme, which itself is activated by the assembly of intracellular structures defined as NLRP3 (Nod Like receptor P3) inflammasomes. Activated IL-1β stimulates the Interleukin-1 receptor type-1 (IL-1R1), which is responsible for the initiation of a signal transduction pathway leading to cell proliferation. It has been proven that the IL-1β gene is a highly polymorphic gene in which single nucleotide polymorphisms (SNPs) may affect its expression. It has been previously reported that SNPs including base transitions between C and T at positions, -511 (C-T; dbSNP: rs16944) and -31 (C-T; dbSNP: rs1143627), from the transcriptional start site, contribute to the pathogenesis of gastric and colorectal cancers by affecting IL-1β levels. Altered production of IL-1β due to such polymorphisms is suspected to stimulate an amplified inflammatory response and promote Epithelial Mesenchymal Transition leading to malignancy. Allele frequency distribution of the IL-1β-31 and -511 SNPs, in different populations, and their correlation to the incidence of gastric and colorectal cancers, has been intriguing to researchers worldwide. The current study aims to investigate allele distributions of the IL-1β SNPs among gastric and colorectal cancers Egyptian patients. In order to achieve to that, 89 Biopsy and surgical specimens from the antrum and corpus mucosa of chronic gastritis subjects and gastric and colorectal carcinoma patients was collected for DNA extraction followed by restriction fragment length polymorphism polymerase chain reaction (RFLP-PCR). The amplified PCR products of IL-1β-31C > T and IL-1β-511T > C were digested by incubation with the restriction endonuclease enzymes ALu1 and Ava1. Statistical analysis was carried out to determine the allele frequency distribution in the three studied groups. Also, the effect of the IL-1β -31 and -511 SNPs on nuclear factor binding was analyzed using Fluorescence Electrophoretic Mobility Shift Assay (EMSA), preceded by nuclear factor extraction from gastric and colorectal tissue samples and LPS stimulated monocytes. The results of this study showed that a significantly higher percentage of Egyptian gastric cancer patients have a homozygous CC genotype at the IL-1β-31 position and a heterozygous TC genotype at the IL-1β-511 position. Moreover, a significantly higher percentage of the colorectal cancer patients have a homozygous CC genotype at the IL-1β-31 and -511 positions as compared to the control group. In addition, the EMSA results showed that IL-1β-31C/T and IL-1β-511T/C SNPs do not affect nuclear factor binding. Results of this study suggest that the IL-1β-31 C/T and IL-1β-511 T/C may be correlated to the incidence of gastric cancer in Egyptian patients; however, similar findings couldn’t be proven in the colorectal cancer patients group for the IL-1β-511 T/C SNP. This is the first study to investigate IL-1β -31 and -511 SNPs in the Egyptian population.

Keywords: colorectal cancer, Egyptian patients, gastric cancer, interleukin-1β, single nucleotide polymorphisms

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Authors: N. P. G. N. Chandrasekara, R. M. Pashley

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Ion exchange (IEX) resins are commonly available as cationic or anionic resins but not as polyampholytic resins. This is probably because sequential acid and base washing cannot produce complete regeneration of polyampholytic resins with chemically attached anionic and cationic groups in close proximity. The ‘Sirotherm’ process, developed by the Commonwealth Scientific and Industrial Research Organization (CSIRO) in Melbourne, Australia was originally based on the use of a physical mixture of weakly basic (WB) and weakly acidic (WA) ion-exchange resin beads. These resins were regenerated thermally and they were capable of removing salts from an aqueous solution at higher temperatures compared to the salt sorbed at ambient temperatures with a significant reduction of the sorption capacity with increasing temperature. A new process for the efficient regeneration of mixed bead resins using ammonium bicarbonate with heat was studied recently and this chemical/thermal regeneration technique has the capability for completely regenerating polyampholytic resins. Even so, the low IEX capacities of polyampholytic resins restrict their commercial applications. Recently, we have established another novel process for increasing the IEX capacity of a typical polyampholytic resin. In this paper we will discuss the chemical/thermal regeneration of a polyampholytic (WA/WB) resin and a novel process for enhancing its ion exchange capacity, by increasing its internal pore area. We also show how effective this method is for completely recycled regeneration, with the potential of substantially reducing chemical waste.

Keywords: capacity, ion exchange, polyampholytic resin, regeneration

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Authors: Raif Parlakkaya, Umran Kahraman, Huseyin Cetin

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Internet financial reporting and corporate governance issues are in the focus of academic and professional studies due to their attributed importance by stakeholders of corporations. Major aim of this study is to reveal the relationship between internet financial reporting which is held as dependent variable and some indicators of corporate governance such as the ratio of managerial ownership, blockholder ownership, number of independent members in the board of directors, frequency of meetings by audit committee and education level of audit committee members which are held as independent variables. Main purpose is to reveal the effect of corporate governance on the voluntary efforts of Internet Financial reporting. The scope of the research is limited to the Turkish Corporations listed in Borsa Istanbul (Istanbul Stock Exchange) and findings which are generated by means of SPSS software are revealed in results section and interpreted in conclusions.

Keywords: audit committee, corporate governance, internet financial reporting, managerial ownership

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Authors: Mohamed Mousa

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Sacristies in the supply of freshwater, strict regulations on discharging wastewater and the support to encourage sustainable development by water minimization techniques leads to raise the interest of water reusing, regeneration, and recycling. Water is considered a vital element in chemical industries. In this study, an optimization model will be developed to determine the optimal design of refinery’s water network system via source interceptor sink that involves several network alternatives, then a Mixed-Integer Non-Linear programming (MINLP) was used to obtain the optimal network superstructure based on flowrates, the concentration of contaminants, etc. The main objective of the model is to reduce the fixed cost of piping installation interconnections, reducing the operating cots of all streams within the refiner’s water network, and minimize the concentration of pollutants to comply with the environmental regulations. A real case study for one of the Egyptian refineries was studied by GAMS / BARON global optimization platform, and the water network had been retrofitted and optimized, leading to saving around 195 m³/ hr. of freshwater with a total reduction reaches to 26 %.

Keywords: freshwater minimization, modelling, GAMS, BARON, water network design, wastewater reudction

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Authors: C. F. Popoola, P. Osho, S. B. Babarinde

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This study examined economic indicators as correlates of inward FDI. An exploratory research design was used to obtained annual published data on inflation rate, market size, exchange rate, political instability, human development, and infrastructure from Central Bank of Nigeria, National Bureau of Statistics, Nigerian Capital Market, Nigeria Institute of Social and Economic Research, and UNCTAD. Data generated were analyzed using Pearson correlation, analysis of variance and regression. The findings of the study revealed that market size (r = 0.852, p < 0.001), infrastructure (r = 0.264, p < 0.001), human development (r = 0.154, p < 0.01) and exchange rate ( r= 0.178, p < 0.05) correlate positively with inward FDI, while inflation rate (r = -0.88, p < 0.001), and political instability (r= -0.102, p < 0.05) correlate negatively with inward FDI. Findings also revealed that the economic indicators significantly predicted inward FDI (R2 = 0.913; F(1,19) = 29.40; p < 0.05) for Nigeria. It was concluded that exchange rate, market size, human development, and infrastructure positively related to inward FDI while the high level of inflation and political instability negatively related to inward FDI. Therefore, it was suggested that policy makers and government agencies should readdress steps and design policies that would encourage more FDI into the country.

Keywords: exchange rate, foreign direct investment, human development, inflation rate, infrastructure, market size, political instability

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Authors: Omar Juhmani

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This paper examines the relation between internal corporate governance and the level of corporate compliance with mandatory IFRS disclosure requirements. The internal corporate governance is measured by board and audit committee characteristics. Using data from Bahrain Stock Exchange, the results show that board independence is positively and significantly associated with level of compliance with IFRS disclosure requirements. This suggests that internal corporate governance mechanisms are effective in the financial reporting practices by increasing the level of compliance with IFRS disclosures. Also, the results of the regression analyses indicate that two of the control variables; company size and audit firm size are significantly positively associated with the level of corporate compliance with mandatory IFRS disclosure requirements in Bahrain.

Keywords: Bahrain, board and audit committee characteristics, compliance, disclosure, IFRS

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Authors: Carole A. El Raheb, Hassan K. Abdel-Salam, Ingi Elcherif

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An architect carrying the design process alone is the main reason for the deterioration of the quality of the architectural product as the complexity of the projects makes it a multi-disciplinary work; then, the Integrative Design Process (IDP) must be applied in the architectural firm especially from the early design phases to improve the product’s quality and to eliminate the ignorance of the principles of design causing the occurrence of low-grade buildings. The research explores the Integrative Design (ID) principles that fit in the architectural practice. Constraints facing this application are presented with strategies and solutions to overcome them. A survey questionnaire was conducted to collect data from a number of recognized Egyptian Architecture, Engineering and Construction (AEC) firms that explores their opinions on using the IDP. This survey emphasizes the importance of the IDP in firms and presents the reasons preventing the firms from applying the IDP. The aim here is to investigate the potentials of integrating this approach into architectural firms emphasizing the importance of this application which ensures the realization of the project’s goal and eliminates the reduction in the project’s quality.

Keywords: application, architectural firms, integrative design principles, integrative design process, the project quality

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Authors: Nevine Henry Wasef

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The research discusses how Egyptian citizens perceive the performance of public sector officials, particularly the ethical values manifested in their behavior. It aims at answering the question of how Egyptian citizens’ perception of public officials affects citizens' trust in the government at large and the process of public service delivery specifically. The hypothesis is that public opinion about civil servants’ ethical values would be proportional to citizens’ trust in the government, which means that the more citizens regard administrators with high ethical standards, the higher trust in the government they would have and vice versa. The research would focus on the independent variable of trust in the government and the dependent variable of public perception of administrators’ ethical performance. The data would be collected through surveys designed to measure the public evaluation of public officials they are interacting with and the quality of services delivered to them. The study concludes that implementing ethical values in public administration has a crucial role in improving citizens’ trust in the government based on various case studies of governments that successfully adopted ethical training programs for their civil servants.

Keywords: trust, distrust, ethics, performance, integrity, values, public service

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Authors: Gordana Kordić, Petra Palić

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The European countries that during the past two decades based their exchange rate regimes on currency board arrangement (CBA) are usually analysed from the perspective of corner solution choice’s stabilisation effects. There is an open discussion on the positive and negative background of a strict exchange rate regime choice, although it should be seen as part of the transition process towards the monetary union membership. The focus of the paper is on the Baltic countries that after two decades of a rigid exchange rate arrangement and strongly influenced by global crisis are finishing their path towards the euro zone. Besides the stabilising capacity, the CBA is highly vulnerable regime, with limited developing potential. The rigidity of the exchange rate (and monetary) system, despite the ensured credibility, do not leave enough (or any) space for the adjustment and/or active crisis management. Still, the Baltics are in a process of recovery, with fiscal consolidation measures combined with (painful and politically unpopular) measures of internal devaluation. Today, two of them (Estonia and Latvia) are members of euro zone, fulfilling their ultimate transition targets, but de facto exchanging one fixed regime with another. The paper analyses the challenges for the CBA in unstable environment since the fixed regimes rely on imported stability and are sensitive to external shocks. With limited monetary instruments, these countries were oriented to the fiscal policies and used a combination of internal devaluation and tax policy measures. Despite their rather quick recovery, our second goal is to analyse the long term influence that the measures had on the national economy.

Keywords: currency board arrangement, internal devaluation, exchange rate regime, great recession

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Authors: Sélima Baccar, Ephraim Clark

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This paper can be considered as a new perspective to analyse credit spreads. A comprehensive empirical analysis of conditional variance of credit spreads indices is performed using various GARCH models. Based on a comparison between traditional and asymmetric GARCH models with alternative functional forms of the conditional density, we intend to identify what macroeconomic and financial factors have driven daily changes in the US Dollar credit spreads in the period from January 2011 through January 2013. The results provide a strong interdependence between credit spreads and the explanatory factors related to the conditions of interest rates, the state of the stock market, the bond market liquidity and the exchange risk. The empirical findings support the use of asymmetric GARCH models. The AGARCH and GJR models outperform the traditional GARCH in credit spreads modelling. We show, also, that the leptokurtic Student-t assumption is better than the Gaussian distribution and improves the quality of the estimates, whatever the rating or maturity.

Keywords: corporate bonds, default risk, credit spreads, asymmetric garch models, student-t distribution

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Authors: Godwin Chigozie Okpara

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This paper using standard GARCH, EGARCH, and TARCH models on day of the week return series (of 246 days) from the Nigerian Stock market estimated the model variants’ VaR. An asymmetric return distribution and fat-tail phenomenon in financial time series were considered by estimating the models with normal, student t and generalized error distributions. The analysis based on Akaike Information Criterion suggests that the EGARCH model with student t innovation distribution can furnish more accurate estimate of VaR. In the light of this, we apply the likelihood ratio tests of proportional failure rates to VaR derived from EGARCH model in order to determine the short and long positions VaR performances. The result shows that as alpha ranges from 0.05 to 0.005 for short positions, the failure rate significantly exceeds the prescribed quintiles while it however shows no significant difference between the failure rate and the prescribed quantiles for long positions. This suggests that investors and portfolio managers in the Nigeria stock market have long trading position or can buy assets with concern on when the asset prices will fall. Precisely, the VaR estimates for the long position range from -4.7% for 95 percent confidence level to -10.3% for 99.5 percent confidence level.

Keywords: downside risk, value-at-risk, failure rate, kupiec LR tests, GARCH models

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Authors: Hung Nguyen, Norma Harrison

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This paper examines the role supply chain dependence as contingency factors which affect the effectiveness of different critical factors (in terms trust, information exchange and shared culture) in delivering supply chain satisfaction and financial performance. Using the data of 468 manufacturing firms in the Global Manufacturing Research Group, this study shows that supply chain dependence strengthens the positive relationship between shared culture & vision and supply chain satisfaction while dampens the relationship between trust and satisfaction. The study also demonstrates the direct positive effect of satisfaction on financial performance. Supply chain managers were advised to emphasize on the alignments of common understanding, codes, languages, common shared vision and similar cultures.

Keywords: information exchange, shared culture, satisfaction, supply chain dependence

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Authors: Zelal Polat, Şebnem Harsa, Semra Ülkü

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Lactic acid exists in nature optically in two forms, L(+), D(-)-lactic acid, and has been used in food, leather, textile, pharmaceutical and cosmetic industries. Moreover, L(+)-lactic acid constitutes the raw material for the production of poly-L-lactic acid which is used in biomedical applications. Microbially produced lactic acid was aimed to be recovered from the fermentation media efficiently and economically. Among the various downstream operations, ion exchange chromatography is highly selective and yields a low cost product recovery within a short period of time. In this project, Lactobacillus casei NRRL B-441 was used for the production of L(+)-lactic acid from whey by fermentation at pH 5.5 and 37°C that took 12 hours. The product concentration was 50 g/l with 100% L(+)-lactic acid content. Next, the suitable resin was selected due to its high sorption capacity with rapid equilibrium behavior. Dowex marathon WBA, weakly basic anion exchanger in OH form reached the equilibrium in 15 minutes. The batch adsorption experiments were done approximately at pH 7.0 and 30°C and sampling was continued for 20 hours. Furthermore, the effect of temperature and pH was investigated and their influence was found to be unimportant. All the adsorption/desorption experiments were applied to both model lactic acid and biomass free fermentation broth. The ion exchange equilibria of lactic acid and L(+)-lactic acid in fermentation broth on Dowex marathon WBA was explained by Langmuir isotherm. The maximum exchange capacity (qm) for model lactic acid was 0.25 g La/g wet resin and for fermentation broth 0.04 g La/g wet resin. The equilibrium loading and exchange efficiency of L(+)-lactic acid in fermentation broth were reduced as a result of competition by other ionic species. The competing ions inhibit the binding of L(+)-lactic acid to the free sites of ion exchanger. Moreover, column operations were applied to recover adsorbed lactic acid from the ion exchanger. 2.0 M HCl was the suitable eluting agent to recover the bound L(+)-lactic acid with a flowrate of 1 ml/min at ambient temperature. About 95% of bound L(+)-lactic acid was recovered from Dowex marathon WBA. The equilibrium was reached within 15 minutes. The aim of this project was to investigate the purification of L(+)-lactic acid with ion exchange method from fermentation broth. The additional goals were to investigate the end product purity, to obtain new data on the adsorption/desorption behaviours of lactic acid and applicability of the system in industrial usage.

Keywords: fermentation, ion exchange, lactic acid, purification, whey

Procedia PDF Downloads 496

Authors: Tina Vuko, Marija Maretić, Marko Čular

Abstract:

The aim of this study is to analyze the role and effectiveness of internal mechanism (audit committee) of corporate governance on credit institutions performance in Croatia. Based on research objective, sample of 78 credit institutions listed on Zagreb Stock Exchange, from 2007 to 2012, has been collected and efficiency index of audit committee (EIAC) has been created. Based on the sample and created EIAC, conclusions are as follows: audit committees of credit institutions have medium efficiency, based on EIAC measurement; there is a significant difference in audit committee effectiveness, in observed period; there is no positive relationship between audit committee effectiveness and credit institution performance; there is a significant difference between level of audit committee effectiveness and audit firm type. Future research should contain increased number of elements in EIAC creation and increased sample, for all obligators who need to establish audit committee.

Keywords: corporate governance, audit committee, financial institutions, efficiency index of audit committee

Procedia PDF Downloads 303

Authors: Thomas S. Abia II

Abstract:

Intel Chandler Site has internally developed its first-of-kind (FOK) facility-scale wastewater treatment system to achieve multi-metal ion exchange. The process was carried out using a serial process train of carbon filtration, pH / ORP adjustment, and cationic exchange purification to treat dilute metal wastewater (DMW) discharged from a substrate packaging factory. Spanning a trial period of 10 months, a total of 3,271 samples were collected and statistically analyzed (average baseline + standard deviation) to evaluate the performance of a 95-gpm, multi-reactor continuous copper ion exchange treatment system that was consequently retrofitted for manganese ion exchange to meet environmental regulations. The system is also equipped with an inline acid and hot caustic regeneration system to rejuvenate exhausted IX resins and occasionally remove surface crud. Data generated from lab-scale studies was transferred to system operating modifications following multiple trial-and-error experiments. Despite the DMW treatment system failing to meet internal performance specifications for manganese output, it was observed to remove the cation notwithstanding the prevalence of copper in the waste stream. Accordingly, the average manganese output declined from 6.5 + 5.6 mg¹L⁻¹ at pre-pilot to 1.1 + 1.2 mg¹L⁻¹ post-pilot (83% baseline reduction). This milestone was achieved regardless of the average influent manganese to DMW increasing from 1.0 + 13.7 mg¹L⁻¹ at pre-pilot to 2.1 + 0.2 mg¹L⁻¹ post-pilot (110% baseline uptick). Likewise, the pre-trial and post-trial average influent copper values to DMW were 22.4 + 10.2 mg¹L⁻¹ and 32.1 + 39.1 mg¹L⁻¹, respectively (43% baseline increase). As a result, the pre-trial and post-trial average copper output values were 0.1 + 0.5 mg¹L⁻¹ and 0.4 + 1.2 mg¹L⁻¹, respectively (300% baseline uptick). Conclusively, the operating pH range upstream of treatment (between 3.5 and 5) was shown to be the largest single point of influence for optimizing manganese uptake during multi-metal ion exchange. However, the high variability of the influent copper-to-manganese ratio was observed to adversely impact the system functionality. The journal herein intends to discuss the operating parameters such as pH and oxidation-reduction potential (ORP) that were shown to influence the functional versatility of the ion exchange system significantly. The literature also proposes to discuss limitations of the treatment system such as influent copper-to-manganese ratio variations, operational configuration, waste by-product management, and system recovery requirements to provide a balanced assessment of the multi-metal ion exchange process. The take-away from this literature is intended to analyze the overall feasibility of ion exchange for metals manufacturing facilities that lack the capability to expand hardware due to real estate restrictions, aggressive schedules, or budgetary constraints.

Keywords: copper, industrial wastewater treatment, multi-metal ion exchange, manganese

Procedia PDF Downloads 131

Authors: Murat Erkoc, Kadir Ertogral

Abstract:

Maintenance, repair and overhauling (MRO) of high cost equipment used in many industries such as transportation, military and construction are typically subject to regulations set by local governments or international agencies. Aircrafts are prime examples for this kind of equipment. Such equipment must be overhauled at certain intervals for continuing permission of use. As such, the overhaul must be completed by strict deadlines, which often times cannot be exceeded. Due to the fact that the overhaul is typically a long process, MRO companies carry so called rotable inventory for exchange of expensive modules in the overhaul process of the equipment so that the equipment continue its services with minimal interruption. The extracted module is overhauled and returned back to the inventory for future exchange, hence the name rotable inventory. However, since the rotable inventory and overhaul capacity are limited, it may be necessary to carry out some of the exchanges earlier than their deadlines in order to produce a feasible overhaul schedule. An early exchange results with a decrease in the equipment’s cycle time in between overhauls and as such, is not desired by the equipment operators. This study introduces an integer programming model for the optimal overhaul and exchange scheduling. We assume that there is certain number of rotables at hand at the beginning of the planning horizon for a single type module and there are multiple demands with known deadlines for the exchange of the modules. We consider an MRO system with identical parallel processing lines. The model minimizes total earliness by generating optimal overhaul start times for rotables on parallel processing lines and exchange timetables for orders. We develop a fast exact solution algorithm for the model. The algorithm employs full-delay scheduling approach with backward allocation and can easily be used for overhaul scheduling problems in various MRO settings with modular rotable items. The proposed procedure is demonstrated by a case study from the aerospace industry.

Keywords: rotable inventory, full-delay scheduling, maintenance, overhaul, total earliness

Procedia PDF Downloads 535