Search results for: Kuwait stock exchange (KSE)

Authors: Oluwaseun Adeleke, Samuel O. Ikani, Fidelis Edet, Anthony Nwala, Mopelola Raji, Simeon Christian Chukwu

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Background: The Delivering Innovations in Selfcare (DISC) project aims to increase access to self-care options for women of reproductive age, starting with self-inject subcutaneous depot medroxyprogesterone acetate (DMPA-SC) contraception services. However, the project has faced challenges in ensuring the continuous availability of the commodity in health facilities. Although most states in the country rely on the federal ministry of Health for supplies, some are gradually funding the procurement of Family Planning (FP) commodities. This attempt is, however, often accompanied by procurement delays and purchases inadequate to meet demand. This dilemma was further exacerbated by the commencement of demand generation activities by the project in supported states which geometrically increased commodity utilization rates and resulted in receding stock and occasional service disruptions. Strategies: The project deployed various strategies were implemented to ensure the continuous availability of commodities. These include facilitating inter-facility transfer, monthly tracking of commodity utilization, and alerting relevant authorities when stock levels reach a minimum. And supporting state-level procurement of DMPA-SC commodities through catalytic interventions. Results: Effective monitoring of commodity inventory at the facility level and strategic engagement with federal and state-level logistics units have proven successful in mitigating stock-out of commodities. It has helped secure up to 13,000 units of DMPA-SC commodities from federal logistics units and enabled state units to prioritize supported sites. This has ensured the continuity of DMPA-SC services and an increasing trend in the practice of self-injection. Conclusion: A functional supply chain is crucial to achieving commodity security, and without it, health programs cannot succeed. Stakeholder engagement, stock management and catalytic interventions have provided both short- and long-term measures to mitigate stock-outs and ensured a consistent supply of commodities to clients.

Keywords: family planning, contraception, DMPA-SC, self-care, self-injection, commodities, stock-out

Procedia PDF Downloads 90

Authors: Zainab Al-Wazzan, Luis Gimenez, Lewis Le Vay, Manaf Behbehani

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The hatching rhythm and larval release patterns of the rocky shore crab Leptoduis exaratus was investigated in relation to the tidal cycle, the time of the day, and lunar cycle. Ovigerous females were collected from rocky shores at six sites along the Kuwait coastline between April and July of 2014. The females were kept separated in aquaria under a natural photoperiod cycle and the pattern of larval release was monitored in relation to local tidal and dial cycles. Larval release occurred mostly during the night time, and was highly synchronized with neap tides that followed full moon; at the end of the hatching period, significant larval release occurred also during spring tides. Time series analysis showed a highly significant autocorrelation and the periodicity at a peak of 14-15 days. The cross-correlation analysis between hatching and the daily low tide level suggests that larvae are released about a day before neap tide. Hatching during neap tides occurred early in the night at times of the expected ebb tide. During spring tide period (late in the season), larval release occurred later during night at tides of the ebb tide. The results of this study indicated a strong relationship between the tidal cycle, time of the day and the hatching rhythm of L. exaratus. In addition, the results suggest that water level in the intertidal zone is also playing a very important role in determining the time of the hatching. Hatching and larval release synchronize with the preferred larval environmental conditions to prevent exposing larvae to physiological or environmental stress during their early larval stages. It is also an important factor in determining the larval dispersal.

Keywords: brachyura, hatching rhythm, larvae, Kuwait

Procedia PDF Downloads 678

Authors: Seyed Sajjad Habibi

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The aim of this study is to investigate the impact of global financial crises and corporate financial crisis on tax evasion of companies listed on the Tehran Stock Exchange. For this purpose, panel data in the periods of financial crisis period (2007 to 2012) and without a financial crisis (2004, 2005, 2006, 2013, 2014, and 2015) was analyzed using multivariate linear regression. The results indicate a significant relationship between the corporate financial crisis (bankruptcy risk) and tax evasion in the global financial crisis period. The results also showed a significant relationship between the corporate bankruptcy risk and tax evasion in the period with no global financial crisis. A significant difference was found between the bankruptcy risk and tax evasion in the period of the global financial crisis and that with no financial crisis so that tax evasion increased in the financial crisis period.

Keywords: global financial crisis, corporate financial crisis, bankruptcy risk, tax evasion risk, emerging markets

Procedia PDF Downloads 280

Authors: Andrey A. Lipovskii, Alexey V. Redkov, Vyacheslav V. Rusan, Dmitry K. Tagantsev, Valentina V. Zhurikhina

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The presented research is related to the development of recently proposed technique of the formation of composite materials, like optical glass-ceramics, with predetermined structure and properties of the crystalline component. The technique is based on the control of the size and concentration of the crystalline grains using the phenomenon of glass-ceramics decrystallization (vitrification) induced by ion-exchange. This phenomenon was discovered and explained in the beginning of the 2000s, while related theoretical description was given in 2016 only. In general, the developed theory enables one to model the process and optimize the conditions of ion-exchange processing of glass-ceramics, which provide given properties of crystalline component, in particular, profile of the average size of the crystalline grains. The optimization is possible if one knows two dimensionless parameters of the theoretical model. One of them (β) is the value which is directly related to the solubility of crystalline component of the glass-ceramics in the glass matrix, and another (γ) is equal to the ratio of characteristic times of ion-exchange diffusion and crystalline grain dissolution. The presented study is dedicated to the development of experimental technique and simulation which allow determining these parameters. It is shown that these parameters can be deduced from the data on the space distributions of diffusant concentrations and average size of crystalline grains in the glass-ceramics samples subjected to ion-exchange treatment. Measurements at least at two temperatures and two processing times at each temperature are necessary. The composite material used was a silica-based glass-ceramics with crystalline grains of Li2OSiO2. Cubical samples of the glass-ceramics (6x6x6 mm3) underwent the ion exchange process in NaNO3 salt melt at 520 oC (for 16 and 48 h), 540 oC (for 8 and 24 h), 560 oC (for 4 and 12 h), and 580 oC (for 2 and 8 h). The ion exchange processing resulted in the glass-ceramics vitrification in the subsurface layers where ion-exchange diffusion took place. Slabs about 1 mm thick were cut from the central part of the samples and their big facets were polished. These slabs were used to find profiles of diffusant concentrations and average size of the crystalline grains. The concentration profiles were determined from refractive index profiles measured with Max-Zender interferometer, and profiles of the average size of the crystalline grains were determined with micro-Raman spectroscopy. Numerical simulation were based on the developed theoretical model of the glass-ceramics decrystallization induced by ion exchange. The simulation of the processes was carried out for different values of β and γ parameters under all above-mentioned ion exchange conditions. As a result, the temperature dependences of the parameters, which provided a reliable coincidence of the simulation and experimental data, were found. This ensured the adequate modeling of the process of the glass-ceramics decrystallization in 520-580 oC temperature interval. Developed approach provides a powerful tool for fine tuning of the glass-ceramics structure, namely, concentration and average size of crystalline grains.

Keywords: diffusion, glass-ceramics, ion exchange, vitrification

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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

Procedia PDF Downloads 55

Authors: Yingjeng James Li, Chiao-Chih Hu

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Membrane electrode assemblies (MEAs) for proton exchange membrane fuel cell (PEMFC) applications were prepared by using 10 and 15 um PEMs. Except for different membrane thicknesses, these MEAs were prepared by the same conditions. They were prepared by using catalyst coated membrane (CCM) process. The catalyst employed is 40% Pt/C, and the Pt loading is 0.5mg/cm² for the sum of anode and cathode. Active area of the MEAs employed in this study is 5cm*5cm=25cm². In polarization measurements, the flow rates were always set at 1.2 stoic for anode and 3.0 stoic for cathode. The outlets were in open-end mode. The flow filed is tri-serpentine design. The cell temperatures and the humidification conditions were varied for the purpose of MEA performance observations. It was found that the performance of these two types of MEAs is about the same at fully or partially humidified operation conditions; however, 10um MEA exhibits higher current density in dry or low humidified conditions. For example, at 70C cell, 100% RH, and 0.6V condition, both MEAs have similar current density which is 1320 and 1342mA/cm² for 15um and 10um product, respectively. However, when in operation without external humidification, 10um MEA can produce 1085mA/cm²; whereas 15um MEA produces only 720mA/cm².

Keywords: fuel cell, membrane electrode assembly, PEFC, PEMFC, proton exchange membrane

Procedia PDF Downloads 241

Authors: Noor M. Abdulfattah, Ahmed M. Khalafallah, Nabil A. Kartam

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Despite the evident benefits of building information modeling (BIM) to the construction industry, it faces significant implementation challenges in the State of Kuwait. This study investigates the awareness of construction stakeholders of BIM implementation challenges, and identifies various solutions to overcome these challenges. Specifically, the main objectives of this study are to: (1) characterize the barriers that deter utilization of BIM, (2) examine the awareness of engineers, architects, and construction stakeholders of these barriers, and (3) identify practical solutions to facilitate BIM utilization. A questionnaire survey was designed to collect data on the aforementioned objectives from local companies and senior BIM experts. It was found that engineers are highly aware of BIM implementation barriers. In addition, it was concluded from the questionnaire that the biggest barrier is the lack of BIM training. Based on expert feedback, the study concluded with a number of recommendations on how to overcome the barriers of BIM utilization. This should prove useful to the construction industry stakeholders and can lead to significant changes to design and construction practices.

Keywords: building information modeling (BIM), construction, information technology, challenges

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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: Yousef S. Al-Othman

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The growth and expansion of the industrial facilities comes proportional to the market increasing demand of products and services. Furthermore, raw material producers such as oil companies usually undergo massive revamping projects to maintain a synchronized supply. These revamping projects are usually delivered through challenging construction projects held and associated with daily site risks related to the construction process. Henceforth, a case study related to these risks and corresponding on-spot corrective measurements has been made on a certain number of construction project contractors at Kuwait Oil Company (KOC) to derive the benefits and overall effectiveness of the on-spot corrective measurements during the construction phase of a project, and how would the same help in avoiding major incidents, ensuring a smooth, cost effective and on time delivery of the project. Findings of this case study shall have an added value to the overall risk management process by minimizing the daily site risks that may affect the project lead time, resulting in an undisturbed on-site construction process.

Keywords: oil and gas, risk management, construction projects, project lead time

Procedia PDF Downloads 107

Authors: Hussain M. Al-foudari, Weizhong Chen, James M. Bishop

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Correlations between oceanographic variables and monthly catch rates of total shrimp and those of each of the major species (Penaeus semisulcatus, Metapenaeus affinis and Parapenaeopsis stylifera) showed significant differences for particular conditions. Catches of P. semisulcatus were basically positively correlated with temperature, i.e., the higher the temperature, the higher the catch rate, while those of M. affinis and P. stylifera were negatively correlated with temperature, i.e., high catch rates occurred in the low temperature waters. Thus, during the months January and April, P. semisulcatus preferred waters with high temperature, usually the offshore and southern areas, while M. affinis and P. stylifera preferred waters with low temperature, usually inshore and northern areas. The relationships between the catch rate of P. semisulcatus and salinity were not so clear. Results indicated that although salinity was one of the factors affecting the distribution of P. semisulcatus, it was not the principal factor, and impacts from other variables, such as temperature, might overshadow the correlation between the catch rates of P. semisulcatus and salinity. The relationship between shrimp catch rates and dissolved oxygen (DO) also showed mixed results. The catch rates of M. affinis increased with a decrease of surface DO in November 2013, but decreased with lower bottom DO in December. These results indicated that DO might be a factor affecting distributions of the shrimp; however; the true correlation between catch rate and DO might be easily overshadowed by other environmental variables. Catch rates of P. semisulcatus did not show any relationship with depth. P. semisulcatus is a migratory species and widely distributed in Kuwait's waters.During the shrimp season from July through December, P. semisulcatus occurs in almost all areas in Kuwait's waters irrespective of water depth. The catch rates of M. affinis and P. stylifera, however, showed clear relationships with depth. Both species had significantly higher catch rates in shallower waters, indicative of their restricted distribution.

Keywords: Kuwait, Penaeus semisulcatus, Metapenaeus affinis, Parapenaeopsis stylifera, Arabian gulf

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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: 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

Procedia PDF Downloads 398

Authors: Ardita Malaj, Ahmad R. Alsaber, Bedour Alboloushi, Anwaar Alkandari

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Organizations worldwide, particularly in Kuwait, are concerned with implementing a progressive workplace culture and fostering social innovation behaviours. The main aim of this research is to examine and establish a thorough comprehension of the relationship between an inventive organizational culture, employee intrapreneurial behaviour, authentic leadership, employee job satisfaction, and employee job commitment in the manufacturing sector of Kuwait, which is a developed economy. Literature reviews analyse the core concepts and their related areas by scrutinizing their definitions, dimensions, and importance to uncover any deficiencies in existing research. The examination of relevant research uncovered major gaps in understanding. This study examines the reliability and validity of a newly developed questionnaire designed to identify the appropriate applications for a large-scale investigation. A preliminary investigation was carried out, determining a sample size of 36 respondents selected randomly from a pool of 223 samples. SPSS was utilized to calculate the percentages of the demographic characteristics for the participants, assess the credibility of the measurements, evaluate the internal consistency, validate all agreements, and determine Pearson's correlation. The study's results indicated that the majority of participants were male (66.7%), aged between 35 and 44 (38.9%), and possessed a bachelor's degree (58.3%). Approximately 94.4% of the participants were employed full-time. 72.2% of the participants are employed in the electrical, computer, and ICT sector, whilst 8.3% work in the metal industry. Out of all the departments, the human resource department had the highest level of engagement, making up 13.9% of the total. Most participants (36.1%) possessed intermediate or advanced levels of experience, whilst 21% were classified as entry-level. Furthermore, 8.3% of individuals were categorized as first-level management, 22.2% were categorized as middle management, and 16.7% were categorized as executive or senior management. Around 19.4% of the participants have over a decade of professional experience. The Pearson's correlation coefficient for all 5 components varies between 0.4009 to 0.7183. The results indicate that all elements of the questionnaire were effectively verified, with a Cronbach alpha factor predominantly exceeding 0.6, which is the criterion commonly accepted by researchers. Therefore, the work on the larger scope of testing and analysis could continue.

Keywords: pilot study, ESIB, innovative organizational culture, Kuwait, validation

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Authors: Sebastian Luber

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The study demonstrates that tail inflation risk is priced into stock returns and credit spreads. This holds true even when controlling for current and historical inflation moments. The analysis employs inflation caps and floors to obtain the distribution of future inflation under the risk-neutral measure. Credit spreads decrease as the mean and median of future inflation rise, but they respond positively to tail risks. Conversely, stocks serve as a robust hedge against future inflation. Stock returns increase with a higher mean and median of future inflation and rising inflationary tail risk, while they decrease with rising deflationary tail risk.

Keywords: asset pricing, inflation expectations, tail risk, stocks, inflation derivatives, credit

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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

Procedia PDF Downloads 458

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: Khaled Al-Mansour, Nawaf Esmael, Abdulaziz Al-Zaid, Mohammed Al Ateeqi, Ali Al-Yousfi, Sayed Al-Zalzalah

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In this project we will create the new schedule of nurse according to the preference of them. We did our project in Mubarak Al Kabeer Hospital (in Kuwait). The project aims to optimize the schedule of nurses in Mubarak Al Kabeer Hospital. The schedule of the nurses was studied and understood well to do any modification for their schedule to make the nurses feel as much comfort as they are. First constraints were found to know what things we can change and what things we can’t, the hard constraints are the hospital and ministry policies where we can’t change anything about, and the soft constraints are things that make nurses more comfortable. Data were collected and nurses were interviewed to know what is more better for them. All these constraints and date have been formulated to mathematical equations. This report will first contain an introduction to the topic which includes details of the problem definition. It will also contain information regarding the optimization of a nurse schedule and its contents and importance; furthermore, the report will contain information about the data needed to solve the problem and how it was collected. The problem requires formulation and that is also to be shown. The methodology will be explained which will state what has already been done. We used the lingo software to find the best schedule for the nurse. The schedule has been made according to what the nurses prefer, and also took consideration of the hospital policy when we make the schedule.

Keywords: nurse schedule problem, Kuwait, hospital policy, optimization of schedules

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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: 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: Manal Alkandari, Valeriy Skryabin, James Bishop

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Intertidal transects of four of Kuwait’s eight islands were sampled qualitatively and quantitative fauna. In total, 11 transects were sampled during spring tide lows (0 chart datum) as follows: Kubber, two transects; Qaurh, two transects; Umm Al-Maradem, three transects; and Failaka, four trasects. Qualitative and quantitative samples were collected at high, mid 1, mid 2, and low tides. In total, 270 invertebrate taxa and 15 vertebrate (fishes) taxa were identified. Failaka Island with 224 taxa was the most diverse. Second was Umm Al-Maradim with 84 taxa, followed by Kubbar with 47, and finally Qaruh with 38. Polychaetes were the most diverse group accounting for 31% of the taxa; decapods accounted for 17 %; gastropods,14 %; bivalves, 12 %; and amphipods 11%. Fishes and echinoderms contributed on 5 and 3.5 %, respectively. Three Families of polychaetes are reported for the first time in the Arabian Gulf: Protodrilidae, Nerillidae, and Saccocirridae. Island sediments consisted mostly of sand, but a few transects contained up to 40% gravel. Total organic carbon was less than 1% at all transects, but total petroleum hydrocarbons (TPH) ranged up to 100 ppm on Qaru. This is expected because of natural seeps in the area constantly supplying the intertidal zone with oil globules. TPH on Umm Al-Maradim was less than 10 ppm, except at high tide on one transect where concentrations reached 40 ppm. In general, TPHs were less than 10 ppm.

Keywords: intertidal, Kuwaits waters, marine, invertebrates, fish

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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: 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: 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: 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: 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: Zafer Sakka, Husain Al-Khaiat

Abstract:

Due to social and economic considerations, owners all over the world desire to keep and use existing structures, including aging ones. However, these structures, especially those that are dear, need accurate condition assessment, and proper safety evaluation. More than half of the budget spent on construction activities in developed countries is related to the repair and maintenance of these reinforced concrete (R/C) structures. Also, periodical evaluation and assessment of relatively old concrete structures are vital and imperative. If the evaluation and assessment of structural components of a particular aging R/C structure reveal that repairs are essential for these components, these repairs should not be delayed. Delaying the repairs has the potential of losing serviceability of the whole structure and/or causing total failure and collapse of the structure. In addition, if repairs are delayed, the cost of maintenance will skyrocket as well. It can also be concluded from the above that the assessment of existing needs to receive more consideration and thought from the structural engineering societies and professionals. Ten major existing structures in Kuwait city that were constructed in the 1970s were assessed for structural reliability and integrity. Numerous concrete samples were extracted from the structural systems of the investigated buildings. This paper presents the results of the compressive strength tests that were conducted on the extracted cores. The results are compared for the buildings’ columns and beams elements and compared with the design strengths. The collected data were statistically analyzed. The average compressive strengths of the concrete cores that were extracted from the ten buildings had a large variation. The lowest average compressive strength for one of the buildings was 158 kg/cm². This building was deemed unsafe and economically unfeasible to be repaired; accordingly, it was demolished. The other buildings had an average compressive strengths fall in the range 215-317 kg/cm². Poor construction practices were the main cause for the strengths. Although most of the drawings and information for these buildings were lost during the invasion of Kuwait in 1990, however, information gathered indicated that the design strengths of the beams and columns for most of these buildings were in the range of 280-400 kg/cm². Following the study, measures were taken to rehabilitate the buildings for safety. The mean compressive strength for all cores taken from beams and columns of the ten buildings was 256.7 kg/cm². The values range was 139 to 394 kg/cm². For columns, the mean was 250.4 kg/cm², and the values ranged from 137 to 394 kg/cm². However, the mean compressive strength for the beams was higher than that of columns. It was 285.9 kg/cm², and the range was 181 to 383 kg/cm². In addition to the concrete cores that were extracted from the ten buildings, the 28-day compressive strengths of more than 24,660 concrete cubes were collected from a major ready-mixed concrete supplier in Kuwait. The data represented four different grades of ready-mix concrete (250, 300, 350, and 400 kg/cm²) manufactured between the year 2003 and 2018. The average concrete compressive strength for the different concrete grades (250, 300, 350 and 400 kg/cm²) was found to be 318, 382, 453 and 504 kg/cm², respectively, and the coefficients of variations were found to be 0.138, 0.140, 0.157 and 0.131, respectively.

Keywords: concrete compressive strength, concrete structures, existing building, statistical analysis.

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Authors: H. Ahmed, A. Persson, L. Sundqvist, B. Biorkman

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Numerous amounts of metallurgical dusts and sludge containing iron as well as some other valuable elements such as Zn, Pb and C are annually produced in the steelmaking industry. These alternative iron ore resources (fines) with unsatisfying physical and metallurgical properties are difficult to recycle. However, agglomerating these fines to be further used as a feed stock for existing iron and steel making processes is practiced successfully at several plants but for limited extent. In the present study, briquettes of integrated steelmaking industry waste materials (namely, BF-dust and sludge, BOF-dust and sludge) were used as feed stock to produce direct reduced iron (DRI). Physical and metallurgical properties of produced briquettes were investigated by means of TGA/DTA/QMS in combination with XRD. Swelling, softening and melting behavior were also studied using heating microscope.

Keywords: iron and steel wastes, recycling, self-reducing briquettes, thermogravimetry

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Authors: Maher Agi, Hardik Soni

Abstract:

This paper presents a deterministic model for optimized control of the inventory of a perishable product subject to both physical deterioration and degradation of its freshness condition. The demand for the product depends on its current inventory level and freshness condition. Our model allows for any positive amount of end of cycle inventory. Some useful conditions that characterize the optimal solution of the model are derived and an algorithm is presented for finding the optimal values of the price, the inventory cycle, the end of cycle inventory level and the order quantity. Numerical examples are then given. Our work shows how the product freshness in conjunction with the inventory deterioration affects the inventory management decisions.

Keywords: inventory management, lot sizing, perishable products, deteriorating inventory, age-dependent demand, stock-dependent demand

Procedia PDF Downloads 235