Search results for: global market

Authors: Adedeji Tejumola Olugboja

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Night markets are physical locations in residential neighbourhoods where market parties interact. It is a kind of market where marketing activities commence by 6pm until after midnight. The problem of the study is to assess marketing activities in the night markets. Specific objectives for this study include determining volume of business activities, numbers of market parties etc in the selected night markets. The purposive sampling technique is adopted for this study and the four night markets in the area of study are selected as sample: Aggregate of 173 retailers and an average of 2583 consumers daily operate in these night markets. The use of tables, simple percentage and descriptive statistics were employed for data analysis and presentation. Findings revealed volume of marketing activities, sales per night, profit per night and savings per day in each of these night markets. Government should erect street lights and repair damaged ones in these night markets to make night markets more lucrative.

Keywords: marketing activities, night markets, Nigerian economy

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Authors: Alban Igwe, Ijeoma Kalu, Alloy Ezirim

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Food insecurity is a global problem, and the search for food security has assumed a central stage in the global development agenda as the United Nations currently placed zero hunger as a goal number in its sustainable development goals. Nigeria currently ranks 107th out of 113 countries in the global food security index (GFSI), a metric that defines a country's ability to furnish its citizens with food and nutrients for healthy living. Paradoxically, Nigeria is a global leader in food production, ranking 1st in yam (over 70% of global output), beans (over 41% of global output), cassava (20% of global output) and shea nuts, where it commands 53% of global output. Furthermore, it ranks 2nd in millet, sweet potatoes, and cashew nuts. It is Africa's largest producer of rice. So, it is apparent that Nigeria's food insecurity woes must relate to a factor other than food production. We investigated the nexus between food security and downstream supply chain losses in the yam industry with secondary data from the Food and Agricultural Organization (FAOSTAT) and the National Bureau of Statics for the decade 2012-2021. In analyzing the data, multiple regression techniques were used, and findings reveal that downstream losses have a strong positive correlation with food security (r = .763*) and a 58.3% variation in food security is explainable by post-downstream supply chain food losses. The study discovered that yam supply chain losses within the period under review averaged 50.6%, suggestive of the fact that downstream supply chain losses are the drainpipe and the major source of food insecurity in Nigeria. Therefore, the study concluded that there is a significant relationship between downstream supply chain losses and food insecurity and recommended the establishment of food supply chain structures and policies to enhance food security in Nigeria.

Keywords: food security, downstream supply chain losses, yam, nigeria, supply chain

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Authors: Amir M. Shikhli, Refaat H. Abdel-Razek, Salaheddine Bendak

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Innovation is considered to be one of the key factors that influence long-term success of any company. The problem of many organizations in developing countries is trying to implement innovation without a strong basis within the organizational culture to support it. The objective of this study is to assess the effects of organizational culture on innovation in one of the biggest information technology organizations in UAE, Injazat Data System. First, an Organizational Culture Assessment Instrument (OCAI) was used as a survey and Competing Value Framework as a model to analyze the existing culture within the organization and determine its characteristics. Following that, a modified version of the Community Innovation Survey (CIS) was used to determine innovation types introduced by the organization. Then multiple linear regression analysis was used to find out the effects of existing organizational culture on innovation. Results show that existing organizational culture is composed of a combination of Hierarchy (29.4%), Clan (25.8%), Market (24.9%) and Adhocracy (19.9%). Results of the second survey show that the organization focuses on organizational innovation (26.8%) followed by market and product innovations (25.6%) and finally process innovation (22.0%). Regression analysis results reveal that for each innovation type there is a recommended combination of the four culture types. For product innovation, the combination is 47.4% Clan, 17.9% Adhocracy, 1.0% Market and 33.3% Hierarchy; for process innovation it is 19.7% Clan, 45.2% Adhocracy, 32.0% Market and 3.1% Hierarchy; for organizational innovation the combination is 5.4% Clan, 32.7% Adhocracy, 6.0% Market and 55.9% Hierarchy; and for market innovation it is 25.5% Clan, 42.6% Adhocracy, 32.6% Market and 8.4% Hierarchy. Based on these recommended combinations, this study suggests two ways to enhance the innovation culture in the organization. First, if the management decides on the innovation type to be enhanced, a comparison between the existing culture and the recommended combination of selected innovation types will lead to difference in percentages of each culture type. Then further analysis should show how to modify the existing culture to match the recommended combination. Second, if the innovation type is not selected, but the management wants to enhance innovation culture in the organization, the difference in percentages of each culture type will lead to finding out the recommended combination of culture types that gives the narrowest gap between existing culture and recommended combination.

Keywords: developing countries, organizational culture, innovation types, product innovation, process innovation, organizational innovation, marketing innovation

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Authors: Mohammed Alghamdi, Ghanem Al-Ghamdi

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The Governorate of Al-Baha is known for a history of farming that focused on plant products such as Date Palm, olives, figs, pomegranate and cereals as well as raising cattle, sheep, goats and to some extent camels for many decades. However, farmers have been facing with very significant natural and artificial challenges lately. The goal of this study was to determine the most significant challenges facing farmers in the Governorate of Al-Baha. Sixty farms were surveyed during the year of 2013. Farm survey focused on the farm management, farm financial status and governmental support. Our results showed that most farms were dedicated to farming with limited number of farms used parts of its premises for recreation. About 90% of farms were engaged in exclusively farming business. The financial status was good in most of the farms (80%), stable in 16% and hardly standing in less than 5%. Nearly 60% of the farms marketed 1-3 products and 23% marketed up to 6 products, 14% of the farms marketed up to 9 products and 4% marketed more than 9 products. Less than 14% had a chance to market their products over seven times per year while about 11% market their products and 32% of farms market 3-4 per year and 43% of farms market 1-2 per year. Our data showed that most farmers are in good financial status producing healthy food.

Keywords: farming system, Al-Baha, healthy food, Saudi Arabia

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Authors: Bartholomew Badar

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An NFT is a digital certificate with rights to own an asset, including various valuable digital goods such as art pieces, music items, collectibles, etc. The market for NFTs started developing in 2017 and has lately seen increased growth as crypto-currencies and the blockchain market continue to gain popularity. This study aims to understand potential uses for NFTs concerning the music industry and record labels. Independent artists struggle to distribute and sell their music without the help of a record label. The NFT marketplace could be a great tool to eliminate this problem. The research objective is to identify possibilities for independent artists to own their music rights and share value with an audience. We see a trend of new-school music artists trying to enter the music NFT market by creating visualizers, beats, cover art, etc. To analyze various existing music NFT assets and determine whether or not independent artists could monetize their music without a record label is the main focus of this scholarly paper.

Keywords: blockchain, crypto-currency, music, artist, NFT

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Authors: Mihai Gheorghe

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Freelancing in IT has seen an increased popularity during the last years mainly because of the fast Internet adoption in the countries with emerging economies, correlated with the continuous seek for reduced development costs as well with the rise of online platforms which address planning, coordination, and various development tasks. This paper conducts an overview of the most relevant Freelance Marketplaces available and studies the market structure, distribution of the workforce and trends in IT freelancing.

Keywords: freelancing in IT, freelance marketplaces, freelance market structure, globalization, online staffing, trends in freelancing

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Authors: Tamara Slišković, Tomislav Sekur

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This manuscript examines factors that affect demand and supply of the housing market in Croatia. The period from the beginning of this century, until 2008, was characterized by a strong expansion of construction, housing and real estate market in general. Demand for residential units was expanding, and this was supported by favorable lending conditions of banks. Indicators on the supply side, such as the number of newly built houses and the construction volume index were also increasing. Rapid growth of demand, along with the somewhat slower supply growth, led to the situation in which new apartments were sold before the completion of residential buildings. This resulted in a rise of housing price which was indication of a clear link between the housing prices with the supply and demand in the housing market. However, after 2008 general economic conditions in Croatia worsened and demand for housing has fallen dramatically, while supply descended at much slower pace. Given that there is a gap between supply and demand, it can be concluded that the housing market in Croatia is in imbalance. Such trend is accompanied by a relatively small decrease in housing price. The final result of such movements is the large number of unsold housing units at relatively high price levels. For this reason, it can be argued that housing prices are sticky and that, consequently, the price level in the aftermath of a crisis does not correspond to the discrepancy between supply and demand on the Croatian housing market. The degree of rigidity of the housing price can be determined by inclusion of the housing price as the explanatory variable in the housing demand function. Other independent variables are demographic variable (e.g. the number of households), the interest rate on housing loans, households' disposable income and rent. The equilibrium price is reached when the demand for housing equals its supply, and the speed of adjustment of actual prices to equilibrium prices reveals the extent to which the prices are rigid. The latter requires inclusion of the housing prices with time lag as an independent variable in estimating demand function. We also observe the supply side of the housing market, in order to explain to what extent housing prices explain the movement of new construction activity, and other variables that describe the supply. In this context, we test whether new construction on the Croatian market is dependent on current prices or prices with a time lag. Number of dwellings is used to approximate new construction (flow variable), while the housing prices (current or lagged), quantity of dwellings in the previous period (stock variable) and a series of costs related to new construction are independent variables. We conclude that the key reason for the imbalance in the Croatian housing market should be sought in the relative relationship of price elasticities of supply and demand.

Keywords: Croatian housing market, economic crisis, housing prices, supply imbalance, demand imbalance

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Authors: Massimiliano Frezza, Sergio Bianchi, Augusto Pianese

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The relation between stock price volatility and trading volume represents a controversial issue which has received a remarkable attention over the past decades. In fact, an extensive literature shows a positive relation between price volatility and trading volume in the financial markets, but the causal relationship which originates such association is an open question, from both a theoretical and empirical point of view. In this regard, various models, which can be considered as complementary rather than competitive, have been introduced to explain this relationship. They include the long debated Mixture of Distributions Hypothesis (MDH); the Sequential Arrival of Information Hypothesis (SAIH); the Dispersion of Beliefs Hypothesis (DBH); the Noise Trader Hypothesis (NTH). In this work, we analyze whether stock market efficiency can explain the diversity of results achieved during the years. For this purpose, we propose an alternative measure of market efficiency, based on the pointwise regularity of a stochastic process, which is the Hurst–H¨older dynamic exponent. In particular, we model the stock market by means of the multifractional Brownian motion (mBm) that displays the property of a time-changing regularity. Mostly, such models have in common the fact that they locally behave as a fractional Brownian motion, in the sense that their local regularity at time t0 (measured by the local Hurst–H¨older exponent in a neighborhood of t0 equals the exponent of a fractional Brownian motion of parameter H(t0)). Assuming that the stock price follows an mBm, we introduce and theoretically justify the Hurst–H¨older dynamical exponent as a measure of market efficiency. This allows to measure, at any time t, markets’ departures from the martingale property, i.e. from efficiency as stated by the Efficient Market Hypothesis. This approach is applied to financial markets; using data for the SP500 index from 1978 to 2017, on the one hand we find that when efficiency is not accounted for, a positive contemporaneous relationship emerges and is stable over time. Conversely, it disappears as soon as efficiency is taken into account. In particular, this association is more pronounced during time frames of high volatility and tends to disappear when market becomes fully efficient.

Keywords: volume–volatility relationship, efficient market hypothesis, martingale model, Hurst–Hölder exponent

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Authors: Luis N. Pereira, Marco P. Carrasco

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Dynamic pricing is a revenue management strategy in which hotel suppliers define, over time, flexible and different prices for their services for different potential customers, considering the profile of e-consumers and the demand and market supply. This means that the fundamentals of dynamic pricing are based on economic theory (price elasticity of demand) and market segmentation. This study aims to define a dynamic pricing strategy and a contextualized offer to the e-consumers profile in order to improve the number of reservations of an online distribution channel. Segmentation methods (hierarchical and non-hierarchical) were used to identify and validate an optimal number of market segments. A profile of the market segments was studied, considering the characteristics of the e-consumers and the probability of reservation a room. In addition, the price elasticity of demand was estimated for each segment using econometric models. Finally, predictive models were used to define rules for classifying new e-consumers into pre-defined segments. The empirical study illustrates how it is possible to improve the intelligence of an online distribution channel system through an optimal dynamic pricing strategy and a contextualized offer to the profile of each new e-consumer. A database of 11 million e-consumers of an online distribution channel was used in this study. The results suggest that an appropriate policy of market segmentation in using of online reservation systems is benefit for the service suppliers because it brings high probability of reservation and generates more profit than fixed pricing.

Keywords: dynamic pricing, e-consumers segmentation, online reservation systems, predictive analytics

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Authors: Norbert Csizmadia

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The paper is based on a thorough investigation regarding the recent global, social and geographical processes. The ‘Geofusion’ book series by the author guides the readers with the help of newly illustrated “associative” geographic maps of the global world in the 21st century through the quest for the winning nations, communities, leaders and powers of this age. Hence, the above mentioned represent the research objectives, the preliminary findings of which are presented in this paper. The most significant recognition is that scientists who are recognized as explorers, geostrategists of this century, in this case, are expected to present guidelines for our new world full of global social and economic challenges. To do so, new maps are needed which do not miss the wisdom and tools of the old but complement them with the new structure of knowledge. Using the lately discovered geographic and economic interrelations, the study behind this presentation tries to give a prognosis of the global processes. The methodology applied contains the survey and analysis of many recent publications worldwide regarding geostrategic, cultural, geographical, social, and economic surveys structured into global networks. In conclusion, the author presents the result of the study, which is a collage of the global map of the 21st century as mentioned above, and it can be considered as a potential contribution to the recent scientific literature on the topic. In summary, this paper displays the results of several-year-long research giving the audience an image of how economic navigation tools can help investors, politicians and travelers to get along in the changing new world.

Keywords: geography, economic geography, geo-fusion, geostrategy

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Authors: Raja Kannusamy

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The research focuses on the applicable technologies in the automobile industry and their effects on the productivity and annual revenue of the industry. A study has been conducted on 6 major automobile manufacturing industries represented in this research as M1, M2, M3, M4, M5 and M6. The results indicate that M1, which is a pioneer in technological applications, remains the market leader, followed by M5 & M2 taking the second and third positions, respectively. M3, M6 and M4 are the followers and are placed next in positions. It has also been observed that M1 and M2 have entered into an agreement to share the basic structural technologies and they maintain long-term and trusted relationships with their suppliers through the Keiretsu system. With technological giants such as Apple, Microsoft, Uber and Google entering the automobile industry in recent years, an upward trend is expected in the futuristic market with self-driving cars to dominate the automobile sector. To keep up with the market trend, it is essential for automobile manufacturers to understand the importance of developing technological capabilities and skills to be competitive in the marketplace.

Keywords: automobile manufacturing industries, competitiveness, performance improvement, technological applications

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Authors: Tambe Daniel Atem

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Background: Clinical Research is an organized research on human beings intended to provide adequate information on the drug use as a therapeutic agent on its safety and efficacy. The significance of the study is to educate the global health and life science graduates in Clinical Research in depth to perform better as it involves testing drugs on human beings. Objectives: to provide an overall understanding of the scientific approach to the evaluation of new and existing medical interventions and to apply ethical and regulatory principles appropriate to any individual research. Methodology: It is based on – Primary data analysis and Secondary data analysis. Primary data analysis: means the collection of data from journals, the internet, and other online sources. Secondary data analysis: a survey was conducted with a questionnaire to interview the Clinical Research Professionals to understand the need of training to perform clinical trials globally. The questionnaire consisted details of the professionals working with the expertise. It also included the areas of clinical research which needed intense training before entering into hardcore clinical research domain. Results: The Clinical Trials market worldwide worth over USD 26 billion and the industry has employed an estimated 2,10,000 people in the US and over 70,000 in the U.K, and they form one-third of the total research and development staff. There are more than 2,50,000 vacant positions globally with salary variations in the regions for a Clinical Research Coordinator. R&D cost on new drug development is estimated at US$ 70-85 billion. The cost of doing clinical trials for a new drug is US$ 200-250 million. Due to an increase trained Clinical Research Professionals India has emerged as a global hub for clinical research. The Global Clinical Trial outsourcing opportunity in India in the pharmaceutical industry increased to more than $2 billion in 2014 due to increased outsourcing from U.S and Europe to India. Conclusion: Assessment of training need is recommended for newer Clinical Research Professionals and trial sites, especially prior the conduct of larger confirmatory clinical trials.

Keywords: clinical research, clinical trials, clinical research professionals

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Authors: Aisha Iddrsiu

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Public Relations (PR) has rapidly evolved around the world, just as companies have expanded to reach other parts of the world. With most multinational corporations conducting businesses in more than one country, only a few of these Multinational Corporations (MNC’s) are actual public relations firms, many have public relations departments or divisions that conduct public relations practices internationally. Hence international public relations is seen as a fast-growing specialty in the field of Public Relations. Multinational companies have devised strategies to effectively communicate and execute their roles within and between foreign publics and other cultures in which they operate through various means including the internet which is among the major inventions that have enabled corporations to establish their presents while targeting anonymous and diverse publics from varied cultures. International public relations practitioners rely on strategies coupled with internet use to communicate among and with foreign publics. Corporate websites and various social media handles have served as an important channel for public relations activities targeting both internal and international publics. In an incessant expansion of corporations and interactions with the publics from different cultures, it has become eminent to understand the public relation strategies used by MNCs in their international communication. This study therefore seeks to establish the international public relation strategies or models employed by Multinational Corporations specifically Arcelik Global in the management of its subsidiaries and communicating with international public. This study analyses both Arçelik global’s (one of the largest multinational companies in Turkey) website and social media accounts to understand the management strategy used with it subsidiary as well as strategies used to communicate with its global and local publics. Other underlying objective of this study are, 1. To examine the dominant international public relations models used by Multinational Corporations (Arcelik global). 2. To understand how Multinational Corporations manage (Arcelik global) its subsidiaries. 3. To understand how Multinational Corporations (Arcelik global) communicate with international or global publics. Research Questions 1. The main global PR strategies employed by multinational corporations (Arcelik global) 2. How subsidiaries of multinational corporations like Arcelik Global are managed. 3. How multinational corporations, like Arcelik worldwide, interact with international publics.

Keywords: multinational corporation, ethnocentric model, polycentric model, international public relations

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Authors: Meltem Gurunlu

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One of the central problems in corporate finance is the allocation of funds. This usually takes two forms: allocation of funds across firms in an economy or allocation of funds across projects or business units within a firm. The first one is typically related to the external markets (the bond market, the stock market, banks and finance companies) whereas the second form of the capital allocation is related to the internal capital markets in which corporate headquarters allocate capital to their business units. (within-group transfers, within-group credit markets, and within-group equity market). The main aim of this study is to investigate the nature of capital allocation dynamics by comparing the relevant studies carried out on external and internal capital markets with paying special significance to the business groups.

Keywords: internal capital markets, external capital markets, capital structure, capital allocation, business groups, corporate finance

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Authors: Piotr Prewysz-Kwinto

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The market of financial instruments with high risk is developing very dynamically in recent years and attracts more and more interest of investors. It consists essentially of two groups of instruments, i.e. derivatives and exchange traded product (ETP), and each year new types are introduced and offered to investors. The aim of this paper is to present the principles concerning financial instruments with high investment risk available on the Warsaw Stock Exchange (WSE), because they have quite complex constructions, and to evaluate the development of this market. In order to achieve this aim, statistical data from 2014-2016 was analyzed. The results confirm that the financial instruments with high investment risk available on the WSE constitute a diversified and the most numerous group of financial instruments and attract the most interest of investors. Responsible investing requires, however, a good knowledge of how they work and how they can generate profit to not expose oneself to unexpected losses.

Keywords: derivatives, exchange traded products (ETP), financial instruments, financial market, risk, stock exchange

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Authors: Giorgi Sulashvili, Vladimer Kekenadze, Olga Khutsishvili, Bela Khotenashvili, Tsiuri Phkhakadze, Besarion Tsikhelashvili

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The article dealt with the South Caucasus is a complex economic policy, which consists of strands: The process of deepening economic integration in the South Caucasus region; deepening economic integration with the EU in the framework of "Neighbourhood policy with Europe" and in line with the Maastricht criteria; the development of bilateral trade and economic relations with many countries of the world community; the development of sufficient conditions for the integration of the South Caucasus region in the world to enter the market. According to the author, to determine the place of Georgia in the regional policy of the South Caucasus, it is necessary to consider two views about Georgia: The first is the view of Georgia, as a part of global economic and political processes and the second look at Georgia, as a country located in the geo-economic and geopolitical space of the South Caucasus. Such approaches reveal the place of Georgia in two dimensions; in the global and regional economies. In the countries of South Caucasus, the tourism has been developing fast and has a great social and economic importance. Tourism influences deeply on the social and economic growth of the regions of the country. Tourism development formulates thousand new jobs, fixes the positions of small and middle businesses, ensures the development of the education and culture of the population. In the countries of South Caucasus, the Tourist Industry can be specified as the intersectoral complex, which consists of travel transport and it’s technical service network, tourist enterprises which are specialized in various types, wide network services. Tourists have a chance to enjoy all of these services. At the transitional stage of shifting to the market economy, tourism is among the priorities in the development of the national economy of our country. It is true that the Georgian tourism faces a range of problems at present, but its recognition and the necessity for its development may be considered as a fact. Besides, we would underline that the revitalization of the Georgian tourism is not only the question of time. This area can bring a lot of benefits as to private firms, as to specific countries. It also has many negative effects were conducted fundamental research and studies to consider both, positive and negative impacts of tourism. In the future such decisions will be taken that will bring, the maximum benefit at minimum cost, in order for tourism to take its place in Georgia it is necessary to understand the role of the tourism sector in the economic structure.

Keywords: transitional stage, national economy, Georgian tourism, positive and negative impacts

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Authors: Matthew Scott Lau

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This study addresses the research question: How effective has the Community Health Assist Scheme (CHAS) been in reducing market failure in Singapore’s healthcare sector? The CHAS policy, introduced in 2012 in Singapore, aims to improve accessibility and affordability of healthcare by offering subsidies to low and middle-income groups and elderly individuals for general practice consultations and healthcare. The investigation was undertaken by acquiring and analysing primary and secondary research data from 3 main sources, including handwritten survey responses of 334 individuals who were valid CHAS subsidy recipients (CHAS cardholders) from 5 different locations in Singapore, interview responses from two established general practitioner doctors with working knowledge of the scheme, and information from literature available online. Survey responses were analysed to determine how CHAS has affected the affordability and consumption of healthcare, and other benefits or drawbacks for CHAS users. The interview responses were used to explain the benefits of healthcare consumption and provide different perspectives on the impacts of CHAS on the various parties involved. Online sources provided useful information on changes in healthcare consumerism and Singapore’s government policies. The study revealed that CHAS has been largely effective in reducing market failure as the subsidies granted to consumers have improved the consumption of healthcare. This has allowed for the external benefits of healthcare consumption to be realized, thus reducing market failure. However, the study also revealed that CHAS cannot be fully effective in reducing market failure as the scope of CHAS prevents healthcare consumption from fully reaching the socially optimal level. Hence, the study concluded that CHAS has been effective to a large extent in reducing market failure in Singapore’s healthcare sector, albeit with some benefits to third parties yet to be realised. There are certain elements of the investigation, which may limit the validity of the conclusion, such as the means used to determine the socially optimal level of healthcare consumption, and the survey sample size.

Keywords: healthcare consumption, health economics, market failure, subsidies

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Authors: Masahiro Ohmura, Koh Kakusho, Takeshi Okadome

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This paper presents a regression model with autocorrelated errors in which the inputs are social moods obtained by analyzing the adjectives in Twitter posts using a document topic model. The regression model predicts Dow Jones Industrial Average (DJIA) more precisely than autoregressive moving-average models.

Keywords: stock market prediction, social moods, regression model, DJIA

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Authors: S. Henine, A. Youkana

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This work is devoted to study the global existence and asymptotic behavior of solutions for Gierer-Meinhardt systems arising in biological phenomena. We prove that the solutions are global and uniformly bounded by a positive constant independent of the time. Our technique is based on Lyapunov functional argument. Under suitable conditions, we established a result on the asymptotic behavior of solutions. These results are valid for any positive continuous initial data, and improve some recently results established.

Keywords: asymptotic behavior, Gierer-Meinhardt systems, global existence, Lyapunov functional

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Authors: Hossein Pourbashash

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Recent experimental studies have shown that HIV can be transmitted directly from cell to cell when structures called virological synapses form during interactions between T cells. In this article, we describe a new within-host model of HIV infection that incorporates two mechanisms: infection by free virions and the direct cell-to-cell transmission. We conduct the local and global stability analysis of the model. We show that if the basic reproduction number R0 1, the virus is cleared and the disease dies out; if R0 > 1, the virus persists in the host. We also prove that the unique positive equilibrium attracts all positive solutions under additional assumptions on the parameters.

Keywords: HIV virus model, cell-to-cell transmission, global stability, Lyapunov function, second compound matrices

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Authors: Halim Djerroud, Arab Ali Cherif

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We assume that conscious functions are implemented automatically. In other words that consciousness as well as the non-consciousness aspect of human thought, planning, and perception, are produced by biologically adaptive algorithms. We propose that the mechanisms of consciousness can be produced using similar adaptive algorithms to those executed by the mechanism. In this paper, we propose a computational model of consciousness, the ”Global Abstraction Workspace” which is an internal environmental modelling perceived as a multi-agent system. This system is able to evolve and generate new data and processes as well as actions in the environment.

Keywords: artificial consciousness, cognitive architecture, global abstraction workspace, multi-agent system

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Authors: Monday Dickson

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Shortly before the end of the second world war, allied leaders and other western powers designed an economic regime that would foster, among other things, global economic reconstruction, prosperity and overall development of countries of the world. They founded both the World Bank and the International Monetary Fund (IMF), with a general consensus that while the latter should specialize in monitoring global and national economies and acting as a lender of last resort, the former should focus on fighting poverty and promoting development. In setting the rules for world trade, the General Agreement on Trade and Tariffs (GATT) evolved into the World Trade Organisation (WTO). This paper, therefore, examines the impact of the activities of these institutions on the transformation and development aspirations of countries of the Third World. The study adopts the descriptive and analytical methods of investigation and derived relevant secondary data from books, journal articles, encyclopedia as well as reports from countries of the Third World. Findings show that rather than fostering poverty reduction and overall development as envisaged, the activities of global economy system leads to the “development of underdevelopment” of the Third World Countries. The strategic options that are available to countries of the Third World derived from the ability of the national governments to develop programmes of systematic exploration and exploitation of vital indices of relations with strategic countries to advance their development agenda.

Keywords: development, global economic system, prosperity, third world

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Authors: D. Tappi

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In the past decades, the idea of innovation moved from being considered the result of development to being seen as its means. Innovation and its diffusion are indeed keys to the development and economic catch-up of a country. However, the process of diffusing existing innovation in low income countries has demonstrated dependent on inadequate infrastructures and institutions. The paper examines the role of disruptive innovation in bridging the technology gap between high- and low-income countries, overcoming the lack in infrastructures and institutions. In particular, the focus of this paper goes to the role of disruptive innovation in people transportation in Nigeria. Uber, Taxify, and Smartcab are covering a small and interesting market that was underserved, between the high-end private driver markets, the personal car owners and the low-priced traditional cab and the Keke (tricycle). Indeed the small Nigerian middle class and international community have found in the sharing people transportation market a safe, reasonably priced means of transportation in Nigerian big cities. This study uses mainly qualitative data collection methods in the form of semi-structured interviews with major players and users and quantitative data analysis in the form of a survey among users in order to assess the role of these new transportation modes in shaping the market and even creating a new niche. This paper shows how the new sharing economy in people transportation is creating new solutions to old problems as well as creating new challenges for both the existing market players and institutions. By doing so, the paper shows how disruptive innovations applied to low income countries, not only can overcome the lacking infrastructure problem but could also help bridge the technology gap between those and high income countries. This contribution proves that it is indeed exactly because the market presents these obstacles that disruptive innovations can succeed in countries such as Nigeria.

Keywords: development, disruptive innovation, sharing economy, technology gap

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Authors: Nasser Alsadoun

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Today's companies in Saudi Arabian capital market must comply with strict criteria and adhere to rigid corporate governance rules and continuous disclosure requirements. Unlike other regulators in the region, decision makers of the Capital Market Authority (hereafter CMA) of Saudi Arabia believes that the announcements of economic sanctions and penalties for non-compliance firms will foster more effective regulatory compliance and hence improve the quality of financial reporting. An implied argument put forward by the opponents, however, states that such penalties are unnecessary and stated to be onerous for non-compliance firms. Over that last years, the CMA has publicly announced several economic fines levied on some listed companies for their failing to comply with corporate governance and continuous disclosure regulation clauses, with the amount of fine levied ranges between 50,000 SR to 100,000 SR for each failing. Economic theory suggests that rational investors make decisions based on a cost-benefit principal. The regulatory intervention made by CMA on the announcement of economic sanctions has been costly to the society (economy) hoping that it improves the transparency of financial statements. It is argued, therefore, that threat of regulators and economic sanctions will provide incentives for firms’ managers to report more relevant and reliable accounting information, and the benefit of such announcements is likely to be reflected in the context of the quality of the financial reports. Yet, the economic consequences of the revealed fines announcement for non-compliance firms in Saudi Arabian market have not been examined. Thus, this study attempts to empirically examine whether market participants are pricing the supposed benefits of rigid governance and disclosure rules in the Saudi market. The study employs an event study methodology to assess the impact of CMA economic sanctions announcements on the market price of non-compliance firms. The study also estimates and examines bid–ask spread behavior of violated firms around the CMA announcements. The findings indicate that the CMA fines announcements for failing to comply with governance and disclosure rules do not appear to play any significant role in securities pricing. In addition, tests of bid-ask behavior does not indicate any significant increases in information asymmetry surrounding these announcements. While the CMA has developed many goals to increase the awareness of listed companies with the best governance and disclosure practices, it seems they have to develop more goals to improve market efficiency and increase investors and public awareness.

Keywords: governance and disclosure violations, financial reporting quality, regulatory intervention, market efficiency

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Authors: Maharani Yulisti, Amin Mugera, James Fogarty

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Food safety standards have received significant attention in the fisheries global market due to health issues, free trade agreements, and increasing aquaculture production. Vertical coordination throughout the supply chain of fish producing and exporting countries is needed to meet food safety demands imposed by importing countries. However, the complexities of the supply chain governance structures and difficulties in standard implementation can generate safety uncertainty and high transaction costs. Using a Transaction Cost Economics framework, this paper examines the alignment between food safety standards and the governance structures in the shrimp supply chain in Indonesia. We find the supply chain is organized closer to the hierarchy-like governance structure where private standard (organic standard) are implemented and more towards a market-like governance structure where public standard (IndoGAP certification) are more prevalent. To verify the statements, two cases are examined from Sidoarjo district as a centre of shrimp production in Indonesia. The results show that public baseline FSS (Food Safety Standards) need additional mechanism to achieve a coordinated chain-wide response because uncertainty, asset specificity, and performance measurement problems are high in this chain. Organic standard as private chain-wide FSS is more efficient because it has been achieved by hierarchical-like type of governance structure.

Keywords: governance structure, shrimp value chain, food safety standards, transaction costs economics

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Authors: Rosa Hendijani, Amir Ghadimi Herfeh

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Nutrition labels are diet-related health policies. They help individuals improve food-choice decisions and reduce intake of calories and unhealthy food elements, like cholesterol. However, many individuals do not pay attention to nutrition labels or fail to appropriately understand them. According to the literature, thinking and cognitive styles can have significant effects on attention to nutrition labels. According to the author's knowledge, the effect of global/local processing on attention to nutrition labels have not been previously studied. Global/local processing encourages individuals to attend to the whole/specific parts of an object and can have a significant impact on people's visual attention. In this study, this effect was examined with an experimental design using the eye-tracking technique. The research hypothesis was that individuals with local processing would pay more attention to nutrition labels, including nutrition tables and traffic lights. An experiment was designed with two conditions: global and local information processing. Forty participants were randomly assigned to either global or local conditions, and their processing style was manipulated accordingly. Results supported the hypothesis for nutrition tables but not for traffic lights.

Keywords: eye-tracking, nutrition labelling, global/local information processing, individual differences

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Authors: Bilge Afşar, Zeynep Karaçor, Burcu Guvenek

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The aim of this study is to examine and analyze the effect of macroeconomic policies on foreign trade. In the study, the effect of the macroeconomic policies applied in Turkey after 2001 on foreign trade was scrutinized carrying out a survey study in the sample of the province Konya. In the survey study, the survey was administered to a total of 209 exporter firms, which are the members of Konya Chamber of Commerce. While 51 of the firms, to which the survey was administered, exported below $ 100,000, 158 of them are the firms exporting above $ 100,000. Survey was realized in the way of face to face interview with the firms in the rate of 79%. 47% of the institutions forming the mass were reached. In forming survey questionnaire, in general, 5-point Likert scale was used. In order to assess the study results, SPSS 15 package program was utilized. In the survey, foreign trade activities of the firms in Konya were analyzed; and the problems they face, while performing foreign trade, and those needing to be carried out for increasing foreign trade volume of Konya were revealed by determining how and at what degree they were affected from the macroeconomic policies applied. Thus, foreign trade structure and state of the province Konya were attempted to be analyzed. In the survey study, it emerges that although the problems Konya faces in foreign trade overlap with the problems across Turkey, the province Konya seems to be affected relatively less from the last crisis with its equity capital in either trade or other areas. Until the year 2008, while Konya is in a position of the province continuously increasing its export, also with the effect of global crisis, in 2009, a fall was seen in the amount of export. The results emerging in the survey study also confirm this case. In parallel with demand inadequacy and recession all over the world, firms experience trouble. However, again according to our survey result, foreign market weight of firms shifted from EU countries to Russia, East Bloc, and Middle East countries. This prevented Konya from negative affecting from EU crisis at maximum level. That is, Russian and Middle East market express significance for Konya. That market is diversified, and being relatively rid of dependence to EU is extremely important in terms of Konya export.

Keywords: economy, foreign trade, economic crise, macro economic politicies

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Authors: Saint C. Nguedjip

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This paper is an analytical review a set of 20 literatures as required by the assignment prompt. The review centers on global peace and security. What role do international organizations play in global peace and security? The review centers around three main points. First, I examine global peace and security impacts on global governance. Secondly, it highlights the role traditional international community and security organizations such as the United Nations (UN), the North Atlantic Treaty Organization (NATO), and others play in providing the globe with peace and collective security. Third, it suggests a way forward as those institutions seek betterment and improvement. The review begins by defining some concepts and addressing the ambivalent meaning of peace and war. Scholars and researchers have conducted extensive research on the importance of international organizations. Yet, there is still a lot to consider if betterment and improvement are on the agenda. The review will shed light on the failures and challenges that these organizations. Those challenges are continuously undermining peacebuilding and peacekeeping actions of a great number among those institutions created with an ultimate mission of keeping the world order organized and coordinated for peace and security regardless of differences, cultures, and backgrounds. Women face violence on a daily basis, while racism and discrimination cause klm; ]]];inflammations worldwide. The chaotic situation in Ukraine is a wake-up call on scholarship and practitioners alike to come up with suggestions as well as recommendations that help mitigate insecurity while promoting peace and security, not only for Ukrainians but also for all countries facing wars and others issues. This paper will point the audience toward the right direction.

Keywords: security, peace, global governance, global peace and security, peacekeeping, international organizations, human rights, multilateralism, and unilateralism, gender, women

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Authors: Z. Giagkazoglou, D. Loukovitis, C. Gubili, A. Imsiridou

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Along with the increase in human population, demand for seafood has increased. Despite the strict labeling regulations that exist for most marketed species in the European Union, seafood substitution remains a persistent global issue. Food fraud occurs when food products are traded in a false or misleading way. Mislabeling occurs when one species is substituted and traded under the name of another, and it can be intentional or unintentional. Crustaceans are one of the most regularly consumed seafood in Greece. Shrimps, prawns, lobsters, crayfish, and crabs are considered a delicacy and can be encountered in a variety of market presentations (fresh, frozen, pre-cooked, peeled, etc.). With most of the external traits removed, products as such are susceptible to species substitution. DNA barcoding has proven to be the most accurate method for the detection of fraudulent seafood products. To our best knowledge, the DNA barcoding methodology is used for the first time in Greece, in order to investigate the labeling practices for crustacean products available in the market. A total of 100 tissue samples were collected from various retailers and markets across four Greek cities. In an effort to cover the highest range of products possible, different market presentations were targeted (fresh, frozen and cooked). Genomic DNA was extracted using the DNeasy Blood & Tissue Kit, according to the manufacturer's instructions. The mitochondrial gene selected as the target region of the analysis was the cytochrome c oxidase subunit I (COI). PCR products were purified and sequenced using an ABI 3500 Genetic Analyzer. Sequences were manually checked and edited using BioEdit software and compared against the ones available in GenBank and BOLD databases. Statistical analyses were conducted in R and PAST software. For most samples, COI amplification was successful, and species-level identification was possible. The preliminary results estimate moderate mislabeling rates (25%) in the identified samples. Mislabeling was most commonly detected in fresh products, with 50% of the samples in this category labeled incorrectly. Overall, the mislabeling rates detected by our study probably relate to some degree of unintentional misidentification, and lack of knowledge surrounding the legal designations by both retailers and consumers. For some species of crustaceans (i.e. Squila mantis) the mislabeling appears to be also affected by the local labeling practices. Across Greece, S. mantis is sold in the market under two common names, but only one is recognized by the country's legislation, and therefore any mislabeling is probably not profit-motivated. However, the substitution of the speckled shrimp (Metapenaus monoceros) for the distinct, giant river prawn (Macrobranchium rosenbergii), is a clear example of deliberate fraudulent substitution, aiming for profit. To our best knowledge, no scientific study investigating substitution and mislabeling rates in crustaceans has been conducted in Greece. For a better understanding of Greece's seafood market, similar DNA barcoding studies in other regions with increased touristic importance (e.g., the Greek islands) should be conducted. Regardless, the expansion of the list of species-specific designations for crustaceans in the country is advised.

Keywords: COI gene, food fraud, labelling control, molecular identification

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Authors: Hannes Koester

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Driven by difficult market conditions and increasing regulations, many banks are making the strategic decision to restructure their portfolio by divesting several business segments. Using a unique dataset of 727 portfolio restructuring announcements by 161 international listed banks over the period 1999 to 2015, we investigate the impact of restructuring measurements on the stock performance as well as on the banks’ profitability and risk. Employing the event study methodology, we detect positive stock market reactions on the announcement of restructuring measurements. These positive stock market reactions indicate that shareholders reward banks’ specialization activities. However, the results of the system GMM regressions show a negative relation between restructuring measurements and banks’ return on assets and a positive relation towards the individual and systemic risk of banks. These empirical results indicate that there is no guarantee that portfolio restructurings will result in a more profitable and less risky institution.

Keywords: bank performance, bank risk, divestiture, restructuring, systemic risk

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