Search results for: house price

Authors: Matteo Bonaventura, Giancarlo Giudici

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This paper analyses the valuation process of companies listed on the Italian Exchange in the period 2000-2009 at their Initial Public Offering (IPO). One the most common valuation techniques declared in the IPO prospectus to determine the offer price is the Discounted Cash Flow (DCF) method. We develop a ‘reverse engineering’ model to discover the short term profitability implied in the offer prices. We show that there is a significant optimistic bias in the estimation of future profitability compared to ex-post actual realization and the mean forecast error is substantially large. Yet we show that such error characterizes also the estimations carried out by analysts evaluating non-IPO companies. The forecast error is larger the faster has been the recent growth of the company, the higher is the leverage of the IPO firm, the more companies issued equity on the market. IPO companies generally exhibit better operating performance before the listing, with respect to comparable listed companies, while after the flotation they do not perform significantly different in term of return on invested capital. Pre-IPO book building activity plays a significant role in partially reducing the forecast error and revising expectations, while the market price of the first day of trading does not contain information for further reducing forecast errors.

Keywords: initial public offerings, DCF, book building, post-IPO profitability drop

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Authors: Akulov M. A., Orlova O. R., Zaharov V. O., Tomskij A. A.

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Introduction: One of the common postoperative complications of posterior cranial fossa (PCF) and cerebello-pontine angle tumor treatment is a facial nerve palsy, which leads to multiple and resistant to treatment impairments of mimic muscles structure and functions. After 4-6 months after facial nerve palsy with insufficient therapeutic intervention patients develop a postparalythic syndrome, which includes such symptoms as mimic muscle insufficiency, mimic muscle contractures, synkinesis and spontaneous muscular twitching. A novel method of treatment is the use of a recent local neuromuscular blocking agent– botulinum toxin A (BTA). Experience of BTA treatment enables an assumption that it can be successfully used in late facial nerve palsy complications to significantly increase quality of life of patients. Study aim. To evaluate the efficacy of botulinum toxin A (BTA) (Xeomin) treatment in patients with late facial nerve palsy complications. Patients and Methods: 31 patients aged 27-59 years 6 months after facial nerve palsy development were evaluated. All patients received conventional treatment, including massage, movement therapy etc. Facial nerve palsy developed after acoustic nerve tumor resection in 23 (74,2%) patients, petroclival meningioma resection – in 8 (25,8%) patients. The first group included 17 (54,8%) patients, receiving BT-therapy; the second group – 14 (45,2%) patients continuing conventional treatment. BT-injections were performed in synkinesis or contracture points 1-2 U on injured site and 2-4 U on healthy side (for symmetry). Facial nerve function was evaluated on 2 and 4 months of therapy according to House-Brackman scale. Pain syndrome alleviation was assessed on VAS. Results: At baseline all patients in the first and second groups demonstrated аpostparalytic syndrome. We observed a significant improvement in patients receiving BTA after only one month of treatment. Mean VAS score at baseline was 80,4±18,7 and 77,9±18,2 in the first and second group, respectively. In the first group after one month of treatment we observed a significant decrease of pain syndrome – mean VAS score was 44,7±10,2 (р<0,01), whereas in the second group VAS score was as high as 61,8±9,4 points (p>0,05). By the 3d month of treatment pain syndrome intensity continued to decrease in both groups, but, the first group demonstrated significantly better results; mean score was 8,2±3,1 and 31,8±4,6 in the first and second group, respectively (р<0,01). Total House-Brackman score at baseline was 3,67±0,16 in the first group and 3,74±0,19 in the second group. Treatment resulted in a significant symptom improvement in the first group, with no improvement in the second group. After 4 months of treatment House-Brockman score in the first group was 3,1-fold lower, than in the second group (р<0,05). Conclusion: Botulinum toxin injections decrease postparalytic syndrome symptoms in patients with facial nerve palsy.

Keywords: botulinum toxin, facial nerve palsy, postparalytic syndrome, synkinesis

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Authors: Catherine Heyjung Sonu

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This paper examines the effect of accounting quality on the process in which stock price is determined by focusing on contribution-in-kind valuations using Korean setting. In Korea, a number of chaebol firms have transformed into holding company system starting in 2003. With an attempt to gain as much voting right, management sold shares of subsidiaries to purchase shares of the holding company. In so doing, management of these firms received share issues for the contribution in kind that has been made to obtain additional shares of the holding company. The price of these share issues against contribution in kind is allowed to be discounted up to 30%. Using this interesting setting in Korea, this paper examines whether accounting quality affects the extent of the discount applied to the share issues. If the accounting quality of the firm for which the management is receiving share issues is poor, the extent of discount is likely to be high. The extent of discount is likely lower for firms with superior accounting quality. Using 24 cases, we find that, on average, the extent of discount is larger for share issues in which the accounting quality, proxied by the absolute value of discretionary accruals, is poor. This paper provides insight by examining the effect of accounting quality on the stock market. It sheds light on the intersection between finance and accounting research and should be of interest to researchers and practitioners.

Keywords: Accounting quality, Contribution-in-kind, discount, holding company

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Authors: Clarinda V. Nhangumbe, Ercília Sousa

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Weather Derivatives are financial instruments used to cover non-catastrophic weather events and can be expressed in the form of standard or plain vanilla products, structured or exotics products. The underlying asset, in this case, is the weather index, such as temperature, rainfall, humidity, wind, and snowfall. The complexity of the Weather Derivatives structure shows the weakness of the Black Scholes framework. Therefore, under the risk-neutral probability measure, the option price of a weather contract can be given as a unique solution of a two-dimensional partial differential equation (parabolic in one direction and hyperbolic in other directions), with an initial condition and subjected to adequate boundary conditions. To calculate the price of the option, one can use numerical methods such as the Monte Carlo simulations and implicit finite difference schemes conjugated with Semi-Lagrangian methods. This paper is proposed two explicit methods, namely, first-order upwind in the hyperbolic direction combined with Lax-Wendroff in the parabolic direction and first-order upwind in the hyperbolic direction combined with second-order upwind in the parabolic direction. One of the advantages of these methods is the fact that they take into consideration the boundary conditions obtained from the financial interpretation and deal efficiently with the different choices of the convection coefficients.

Keywords: incomplete markets, numerical methods, partial differential equations, stochastic process, weather derivatives

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Authors: Savita Tangwongkit, Chittur S Srinivasan, Philip J. Jones

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Thailand has become the world’s fourth largest sugarcane producer and second largest sugar exporter. While there have been a number of drivers of this growth, the primary driver has been wide-ranging government support measures. Recently, the Thai government has emphasized the need for policy reform as part of a broader industry restructuring to bring the sector up-to-date with the current and future developments in the international sugar market. Because of the sectors historical dependence on government support, any such reform is likely to have a very significant impact on the fortunes of Thai cane farmers. This study explores the impact of three policy scenarios, representing a spectrum of policy approaches, on Thai cane producers. These reform scenarios were designed in consultation with policy makers and academics working in the cane sector. Scenario 1 captures the current ‘government proposal’ for policy reform. This scenario removes certain domestic production subsidies but seeks to maintain as much support as is permissible under current WTO rules. The second scenario, ‘protectionism’, maintains the current internal market producer supports, but otherwise complies with international (WTO) commitments. Third, the ‘libertarian scenario’ removes all production support and market interventions, trade and domestic consumption distortions. Most important driver of producer behaviour in all of the scenarios is the producer price of cane. Cane price is obviously highest under the protectionism scenario, followed by government proposal and libertarian scenarios, respectively. Likely producer responses to these three policy scenarios was determined by means of a large-scale survey of cane farmers. The sample was stratified by size group and quotas filled by size group and region. One scenario was presented to each of three sub-samples, consisting of approx.150 farmers. Total sample size was 462 farms. Data was collected by face-to-face interview between June and August 2019. There was a marked difference in farmer response to the three scenarios. Farmers in the ‘Protectionism’ scenario, which maintains the highest cane price and those who farm larger cane areas are more likely to continue cane farming. The libertarian scenario is likely to result in the greatest losses in terms of cane production volume broadly double that of the ‘protectionism’ scenario, primarily due to farmers quitting cane production altogether. Over half of loss cane production volume comes from medium-size farm, i.e. the largest and smallest producers are the most resilient. This result is likely due to the fact that the medium size group are large enough to require hired labour but lack the economies of scale of the largest farms. Over all size groups the farms most heavily specialized in cane production, i.e. those devoting 26-50% of arable land to cane, are also the most vulnerable, with 70% of all farmers quitting cane production coming from this group. This investigation suggests that cane price is the most significant determinant of farmer behaviour. Also, that where scenarios drive significantly lower cane price, policy makers should target support towards mid-sized producers, with policies that encourage efficiency gains and diversification into alternative agricultural crops.

Keywords: farmer intentions, farm survey, policy reform, Thai cane production

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Authors: Abudjana Babiker

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The middle of twenty century witnessed an explosion in public housing. After the great depression, some of the capitalists and communist countries have launched policies and programs to produce public housing in the urban areas. Concurrently, modernity was the leading architecture style at the time excessively supported the production, and principally was the instrument for the success of the public housing program due to the modernism manifesto for manufactured architecture as an international style that serves the society and parallelly connect it to the other design industries which allowed for the production of the architecture elements. After the second world war, public housing flourished, especially in communist’s countries. The idea of public housing was conceived as living spaces at the time, while the Workplaces performed as the place for production and labor. Michel Foucault - At the end of the twenty century- the introduction of biopolitics has had highlighted the alteration in the production and labor inter-function. The house does not precisely perform as the sanctuary, from the production, for the family, it opens the house to be -part of the city as- a space for production, not only to produce objects but to reproduce the family as a total part of the production mechanism in the city. While the public housing kept altering from one country to another after the failure of the modernist’s public housing in the late 1970s, the society continued changing parallelly with the socio-economic condition in each political-economical system, and the public housing thus followed. The family structure in the major cities has been dramatically changing, single parenting and the long working hours, for instance, have been escalating the loneliness in the major cities such as London, Berlin, and Tokyo and the public housing for the families is no longer suits the single lifestyle for the individuals. This Paper investigates the performance of both the single/individual lifestyle and the family/society structure in Tokyo and Berlin in a relation to the utilization of public housing under economical policies and the socio-political environment that produced the individuals and the collective. The study is carried through the study of the undercurrent individual/society and case studies to examine the performance of the utilization of the housing. The major finding is that the individual/collective are revolving around the city; the city identified and acts as a system that magnetized and blurred the line between production and reproduction lifestyle. The mass public housing for families is shifting to be a combination between neo-liberalism and socialism housing.

Keywords: loneliness, production reproduction, work live, publichousing

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Authors: Dhruba Khatri

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Despite the short history of community based forest management, the community forestry program of Nepal has produced substantial positive effects to organize the local people at a local level institution called Community Forest User Group and manage the local forest resources in the line of poverty reduction since its inception in 1970s. Moreover, each CFUG has collected a community fund from the sale of forest products and non-forestry sources as well and the fund has played a vital role to improve the livelihood of user households living in and around the forests. The specific study sites were selected based on the criteria of i) community forests having dominancy of Sal forests, and ii) forests having 3-5 years experience of community forest management. The price rates of forest products fixed by the CFUGs and the distribution records were collected from the respective community forests. Nonetheless, the relation between pricing strategy and community fund collection revealed that the small change in price of forest products could greatly affect in community fund collection and carry out of forest management, community development, and income generation activities in the line of poverty reduction at local level.

Keywords: benefit sharing, community forest, equitable, Nepal

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Authors: Promila Dahiya, Kiran Singh

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Indian agriculture has come a long way from being an era of frequent droughts and vulnerability to food shortages to becoming a significant exporter of agricultural commodities. Polyhouses are essentially microcosms aimed at providing physical environment suitable for the survival and growth of plants with high degree of temperature, humidity and carbon dioxide. The present study was conducted in 21 districts of Haryana State to review Polyhouse farming is an alternative farming in Haryana State to fulfil the needs of population byminimum use of land, water and energy. The information regarding number, area and type of polyhouses and subsidy provided by Govt. of India and Haryana on polyhouse farming was collected from respective district horticulture offices of Haryana State. Four different types of polyhouses were studied during work viz., Hitechnology polyhouse (Hi-tech), Anti-Insect Net Shade House (AINSH), Naturally Ventilated Polyhouse (NVPH) and Walk-In-Tunnel (WIT).In study it was found that in walk-in-tunnel (WIT) and natural ventilated polyhouses (NVPH) the temperature was 69.54% and 52.29% higher and the humidity was 96.37% and 85.19 % higher in comparison to open farming in the months of January and May. No significant different was found in temperature, humidity, dust, solar radiation and CO2 level between open and anti insect net shade house (AINH). In Hi-tech polyhouse, the environment was totally controlled by computer and was not found to much strenuous. Health status of workers was checked by doctor, and it was found that in polyhouse farming workers were more prone to problems of allergy and asthma.

Keywords: polyhouse, unfavorable climate, walk-in-tunnel, psychological aspect

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Authors: Lars Rödel, Jonas Krebs, Gregor Müller

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The growing price pressure due to the increasing number of global suppliers, the growing individualization of products and ever-shorter delivery times are upcoming challenges in the industry. In this context, Mass Personalization stands for the individualized production of customer products in batch size 1 at the price of standardized products. The possibilities of digitalization and automation of technical order processing open up the opportunity for companies to significantly reduce their cost of complexity and lead times and thus enhance their competitiveness. Many companies already use a range of CAx tools and configuration solutions today. Often, the expert knowledge of employees is hidden in "knowledge silos" and is rarely networked across processes. DesignChain describes the automated digital process from the recording of individual customer requirements, through design and technical preparation, to production. Configurators offer the possibility of mapping variant-rich products within the Design Chain. This transformation of customer requirements into product features makes it possible to generate even complex CAD models, such as those for large-scale plants, on a rule-based basis. With the aid of an automated CAx chain, production-relevant documents are thus transferred digitally to production. This process, which can be fully automated, allows variants to always be generated on the basis of current version statuses.

Keywords: automation, design, CAD, CAx

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Authors: Ammal M. Metwally, Walaa A. Basha, Ghada A. Abdel-Latif, Amira S. El Rifay

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Introduction: Improving breastfeeding practices does not always link to interventions relying on improving nutrition awareness and education alone but needs cultural and behavioral insights. Aim: Our study provided educational intervention through the use of the social marketing (SM) approach, which was respectable to societal norms allowing more conscious choices by mothers to achieve the maximum potential of physical growth of their infants. This study evaluated the effectiveness of the used approach for improving breastfeeding practices and the physical growth of infants aged up to 2 years. Methodology: A quasi-experimental intervention design with a posttest-only control design was done over three years duration to motivate mothers’ voluntary behavioral change toward breastfeeding promotion using SM principles: product, price, place, and promotion. The interventions targeted 464 pregnant women in their last trimester, mothers of children up to 2 years, and 1454 women in their childbearing period. Results: Most mothers showed increased awareness about the benefits of breastfeeding and became interested in breastfeeding their children outside the house using the breastfeeding cover (Gawn). Breastfeeding initiation, exclusive breastfeeding under six months, frequency of breastfeeding per day, and percentage of children who continued breastfeeding till two years were significantly increased (from 30%, 23 %, 56%, and 32% to 62 %, 47.3 %, 69 %, and 43.5 %). With the attention of the nutritional educational sessions three or more times, the majority of indicators had the most significant improvement. The females who recorded underweight results over males during the first two years of life significantly improved after the intervention (from 53.8 % to 15.4%, respectively). At the same time, females that were found to be obese before the intervention (7.7 %) became no longer obese. Conclusions: Nutritional interventions that are based on the use SM approach showed improvement for the majority of the key performance indicators. Although they doubled their value before the intervention, the majority were still modest (below 50 %). With sustained use of the SM approach, infants will achieve their maximum potential for physical growth by providing economically disadvantaged mothers with breastfeeding support.

Keywords: social marketing approach, early breastfeeding initiation, exclusive breastfeeding, responsiveness to cues of hunger and satiety, physical growth of infants

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Authors: Roengchai Tansuchat, Wassanai Wattanutchariya, Aree Wiboonpongse

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Parboiled rice is one of the most important food grains and classified in cereal and cereal product. In 2015, parboiled rice was traded more than 14.34 % of total rice trade. The major parboiled rice export countries are Thailand and India, while many countries in Africa and the Middle East such as Nigeria, South Africa, United Arab Emirates, and Saudi Arabia, are parboiled rice import countries. In the global rice market, parboiled rice pricing differs from white rice pricing because parboiled rice is semi-processing product, (soaking, steaming and drying) which affects to their color and texture. Therefore, parboiled rice export pricing does not depend only on the trade volume, length of grain, and percentage of broken rice or purity but also depend on their rice seed attributes such as color, whiteness, consistency of color and whiteness, and their texture. In addition, the parboiled rice price may depend on the country of origin, and other attributes, such as certification mark, label, packaging, and sales locations. The objectives of this paper are to study the attributes of parboiled rice sold in different countries and to evaluate the relationship between parboiled rice price in different countries and their attributes by using hedonic pricing model. These results are useful for product development, and marketing strategies development. The 141 samples of parboiled rice were collected from 5 major parboiled rice consumption countries, namely Nigeria, South Africa, Saudi Arabia, United Arab Emirates and Spain. The physicochemical properties and optical properties, namely size and shape of seed, colour (L*, a*, and b*), parboiled rice texture (hardness, adhesiveness, cohesiveness, springiness, gumminess, and chewiness), nutrition (moisture, protein, carbohydrate, fat, and ash), amylose, package, country of origin, label are considered as explanatory variables. The results from parboiled rice analysis revealed that most of samples are classified as long grain and slender. The highest average whiteness value is the parboiled rice sold in South Africa. The amylose value analysis shows that most of parboiled rice is non-glutinous rice, classified in intermediate amylose content range, and the maximum value was found in United Arab Emirates. The hedonic pricing model showed that size and shape are the key factors to determine parboiled rice price statistically significant. In parts of colour, brightness value (L*) and red-green value (a*) are statistically significant, but the yellow-blue value (b*) is insignificant. In addition, the texture attributes that significantly affect to the parboiled rice price are hardness, adhesiveness, cohesiveness, and gumminess. The findings could help both parboiled rice miller, exporter and retailers formulate better production and marketing strategies by focusing on these attributes.

Keywords: hedonic pricing model, optical properties, parboiled rice, physicochemical properties

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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: Ana Paula S. A. Correa, Allan K. R. Galardo, Luana A. Lima, Talita F. Sobral, Josiane N. Muller, Jessica F. S. Barroso, Nercy V. R. Furtado, Ednaldo C. Rêgo., Jose B. P. Lima

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Malaria is a public health problem in the Brazilian Legal Amazon. Among the integrated approaches for anopheline control, the Indoor Residual Spraying (IRS) remains one of the main tools in the basic strategy applied in the Amazonian States, where the National Malaria Control Program currently uses one of the insecticides from the pyrethroid class, the Etofenprox WP. Understanding the residual efficacy of insecticides on different surfaces is essential to determine the spray cycles, in order to maintain a rational use and to avoid product waste. The aim of this study was to evaluate the residual efficacy of Etofenprox - VECTRON ® 20 WP on surfaces of Unplastered Cement (UC) and Unpainted Wood (UW) on panels, in field, and in semi-field evaluation of Brazil’s Amapa State. The evaluation criteria used was the cone bioassay test, following the World Health Organization (WHO) recommended method, using plastic cones and female mosquitos of Anopheles sp. The tests were carried out in laboratory panels, semi-field evaluation in a “test house” built in the Macapa municipality, and in the field in 20 houses, being ten houses per surface type (UC and UW), in an endemic malaria area in Mazagão’s municipality. The residual efficacy was measured from March to September 2017, starting one day after the spraying, repeated monthly for a period of six months. The UW surface presented higher residual efficacy than the UC. In fact, the UW presented a residual efficacy of the insecticide throughout the period of this study with a mortality rate above 80% in the panels (= 95%), in the "test house" (= 86%) and in field houses ( = 87%). On the UC surface it was observed a mortality decreased in all the tests performed, with a mortality rate of 45, 47 and 29% on panels, semi-field and in field, respectively; however, the residual efficacy ≥ 80% only occurred in the first evaluation after the 24-hour spraying bioassay in the "test house". Thus, only the UW surface meets the specifications of the World Health Organization Pesticide Evaluation Scheme (WHOPES) regarding the duration of effective action (three to six months). To sum up, the insecticide residual efficacy presented variability on the different surfaces where it was sprayed. Although the IRS with Etofenprox WP was efficient on UW surfaces, and it can be used in spraying cycles at 4-month intervals, it is important to consider the diversity of houses in the Brazilian Legal Amazon, in order to implement alternatives for vector control, including the evaluation of new products or different formulations types for insecticides.

Keywords: Anopheles, vector control, insecticide, bioassay

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Authors: S. Ziaran, M. Musil, M. Cekan, O. Chlebo

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The paper analyzes the response of buildings and industrially structures on seismic waves (low frequency mechanical vibration) generated by blasting operations. The principles of seismic analysis can be applied for different kinds of excitation such as: earthquakes, wind, explosions, random excitation from local transportation, periodic excitation from large rotating and/or machines with reciprocating motion, metal forming processes such as forging, shearing and stamping, chemical reactions, construction and earth moving work, and other strong deterministic and random energy sources caused by human activities. The article deals with the response of seismic, low frequency, mechanical vibrations generated by nearby blasting operations on a residential home. The goal was to determine the fundamental natural frequencies of the measured structure; therefore it is important to determine the resonant frequencies to design a suitable modal damping. The article also analyzes the package of seismic waves generated by blasting (Primary waves – P-waves and Secondary waves S-waves) and investigated the transfer regions. For the detection of seismic waves resulting from an explosion, the Fast Fourier Transform (FFT) and modal analysis, in the frequency domain, is used and the signal was acquired and analyzed also in the time domain. In the conclusions the measured results of seismic waves caused by blasting in a nearby quarry and its effect on a nearby structure (house) is analyzed. The response on the house, including the fundamental natural frequency and possible fatigue damage is also assessed.

Keywords: building structure, seismic waves, spectral analysis, structural response

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Authors: Harry Aginta

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Using Phillips curve framework, this paper seeks for new empirical evidence on the relationship between inflation and output in a major emerging economy. By exploiting sub-national data, the contribution of this paper is threefold. First, it resolves the issue of using on-target national inflation rates that potentially causes weakening inflation-output nexus. This is very relevant for Indonesia as its central bank has been adopting inflation targeting framework based on national consumer price index (CPI) inflation. Second, the study tests the relevance of mining sector in output gap estimation. The test for mining sector is important to control for the effects of mining regulation and nominal effects of coal prices on real economic activities. Third, the paper applies panel econometric method by incorporating regional variation that help to improve model estimation. The results from this paper confirm the strong presence of Phillips curve in Indonesia. Positive output gap that reflects excess demand condition gives rise to the inflation rates. In addition, the elasticity of output gap is higher if the mining sector is excluded from output gap estimation. In addition to inflation adaptation, the dynamics of exchange rate and international commodity price are also found to affect inflation significantly. The results are robust to the alternative measurement of output gap

Keywords: Phillips curve, inflation, Indonesia, panel data

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Authors: Narges Ebadi, Davod Ahmadi, Hiliary Monteith, Hugo Melgar-Quinonez

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Migration cannot necessarily relieve pressure on water resources in origin communities, and male out-migration can increase the water management burden of women. However, inflows of financial remittances seem to offer possibilities of investing in improving drinking-water access. Therefore, remittances may be an important pathway for migrants to support water security. This paper explores the association between water access and the receipt of remittances in households in sub-Saharan Africa. Data from round 6 of the 'Afrobarometer' surveys in 2016 were used (n= 49,137). Descriptive, bivariate and multivariate statistical analyses were carried out in this study. Regardless of country, findings from descriptive analyses showed that approximately 80% of the respondents never received remittance, and 52% had enough clean water. Only one-fifth of the respondents had piped water supply inside the house (19.9%), and approximately 25% had access to a toilet inside the house. Bivariate analyses revealed that even though receiving remittances was significantly associated with water supply, the strength of association was very weak. However, other factors such as the area of residence (rural vs. urban), cash income frequencies, electricity access, and asset ownership were strongly associated with water access. Results from unadjusted multinomial logistic regression revealed that the probability of having no access to piped water increased among remittance recipients who received financial support at least once a month (OR=1.324) (p < 0.001). In contrast, those not receiving remittances were more likely to regularly have a water access concern (OR=1.294) (p < 0.001), and not have access to a latrine (OR=1.665) (p < 0.001). In conclusion, receiving remittances is significantly related to water access as the strength of odds ratios for socio-demographic factors was stronger.

Keywords: remittances, water access, SSA, migration

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Authors: Abdallah Abu Madi, Dongmei Cao, Alexeis Garcia-Perez, Qile He

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The failure of Enterprise Resource Planning (ERP) implementation in higher education institutions (HEIs) worldwide is much higher in comparison to other sectors, such as banking or manufacturing, to our knowledge limited research has been conducted on this issue. To date, prior literature has identified some key success factors (KSFs) mostly either in the domain of information and system (IS) or in the industrial context. However, evidence of ERP implementation in the higher education sector has had little attention in the extant literature. Hence, this paper identifies and categories KSFs of ERP implementation in HEIs. Semi-structured face-to-face interviews were conducted with technicians and managers from three Jordanian HEIs. From these case studies, three new sector- and context-specific KSFs were identified and categorized according to two dimensions: organizational and technical. The first new KSF is the selection of the ERP system, which is an influential factor in the organizational dimension. Results show that an ERP solution that is suitable to one context may be disastrous in another. The second new KSF, which falls under the technical dimension, is the relationship between vendors and HEIs. This must be fair and impartial to enable successful decision-making and thus the achievement of pre-defined goals. Also within the technical dimension is the third factor: in-house maintenance. Once an appropriate system is selected and a strong relationship is established, the ERP system requires continuous maintenance for effective operation. HEIs should ensure that qualified IT support is in place and in-house to avoid excessive running expenses.

Keywords: Enterprise Resource Planning (ERP)implementation, key success factors, higher education institutions, Jordanian higher education

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Authors: Saeidreza Radpour, Md. Ahiduzzaman, Amit Kumar

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Alberta’s mining sector consumed 871.3 PJ in 2012, which is 67.1% of the energy consumed in the industry sector and about 40% of all the energy consumed in the province of Alberta. Natural gas, petroleum products, and electricity supplied 55.9%, 20.8%, and 7.7%, respectively, of the total energy use in this sector. Oil sands mining and upgrading to crude oil make up most of the mining energy sector activities in Alberta. Crude oil is produced from the oil sands either by in situ methods or by the mining and extraction of bitumen from oil sands ore. In this research, the factors affecting oil sands production have been assessed and a framework has been developed for market penetration of new efficient technologies in this sector. Oil sands production amount is a complex function of many different factors, broadly categorized into technical, economic, political, and global clusters. The results of developed and implemented statistical analysis in this research show that the importance of key factors affecting on oil sands production in Alberta is ranked as: Global energy consumption (94% consistency), Global crude oil price (86% consistency), and Crude oil export (80% consistency). A framework for modeling oil sands energy technologies’ market penetration (OSETMP) has been developed to cover related technical, economic and environmental factors in this sector. It has been assumed that the impact of political and social constraints is reflected in the model by changes of global oil price or crude oil price in Canada. The market share of novel in situ mining technologies with low energy and water use are assessed and calculated in the market penetration framework include: 1) Partial upgrading, 2) Liquid addition to steam to enhance recovery (LASER), 3) Solvent-assisted process (SAP), also called solvent-cyclic steam-assisted gravity drainage (SC-SAGD), 4) Cyclic solvent, 5) Heated solvent, 6) Wedge well, 7) Enhanced modified steam and Gas push (emsagp), 8) Electro-thermal dynamic stripping process (ET-DSP), 9) Harris electro-magnetic heating applications (EMHA), 10) Paraffin froth separation. The results of the study will show the penetration profile of these technologies over a long term planning horizon.

Keywords: appliances efficiency improvement, diffusion models, market penetration, residential sector

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Authors: Helena Susana Afonso Alves, Natália Maria Rafael Canadas, Ana Maria Rodrigues

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We examined the impact of governance rules on information asymmetry, using the turnover ratio and the bid-ask spread as proxies for the information asymmetry. We used a SEM model and analyzed the indirect relations through the voluntary disclosure of information and the organizational performance. We built a voluntary disclosure index based on the information firms provided in their annual reports and divided the governance characteristics in two constructs: directors’ and supervisors’ structures and ownership structure. We concluded that the ownership structure exerts a direct influence on share price and share liquidity, Otherwise, the directors’ and supervisors’ structures exert an indirect influence, through the organizational performance and the voluntary disclosure of information. The results also show that for firms with high levels of disclosure the bid-ask spread is lower. However, in firms with a high ownership concentration investors tend to increase the bid-ask spreads and trade less, which, in this case, reduces the liquidity of the stock. The failure to find the relationship between voluntary disclosure of information and the turnover ratio shows us that the liquidity of shares is more related to the greater or lesser concentration of shareholders, with the performance of their companies than with the access to information. Moreover, it is clear that the role that information disclosure plays is mainly at the level of price formation.

Keywords: corporate governance, information asymmetry, voluntary disclosure, structural equation modelling, SEM

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Authors: Pavak Vyas, Hiral Vyas

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Spin-offs commonly known as demergers in India, represents dismantling of conglomerates which is a common phenomenon in financial markets across the world. Demergers are carried out with different motives. A demerger generally refers to a corporate restructuring where, a large company divests its stake in in its subsidiary and distributes the shares of the subsidiary - demerged entity to the existing shareholders without any consideration. Demergers in Indian companies are over a decade old phenomena, with many companies opting for the same. This study examines the demerger regulations in Indian capital markets and the announcement period price reaction of demergers during year 2010-2015. We study total 97 demerger announcements by companies listed in India and try to establish that demergers results into abnormal returns for the shareholders of the parent company. Using event study methodology we have analyzed the security price performance of the announcement day effect 10 days prior to announcement to 10 days post demerger announcement. We find significant out-performance of the security over the benchmark index post demerger announcements. The cumulative average abnormal returns range from 3.71% on the day of announcement of a private demerger to 2.08% following 10 days surrounding the announcement, and cumulative average abnormal returns range from 5.67% on the day of announcement of a public demerger to 4.15% following10 days surrounding the announcement.

Keywords: demergers, event study, spin offs, stock returns

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Authors: Yulia A. Kononova, Znang X. Ning

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Nowadays, architectural development is getting faster and faster. Nevertheless, modern architecture often does not meet all the points, which could help our planet to get better. As we know, people are spending an enormous amount of energy every day of their lives. Because of the uncontrolled energy usage, people have to increase energy production. As energy production process demands a lot of fuel sources, it courses a lot of problems such as climate changes, environment pollution, animals’ distinction, and lack of energy sources also. Nevertheless, nowadays humanity has all the opportunities to change this situation. Architecture is one of the most popular fields where it is possible to apply new methods of saving energy or even creating it. Nowadays we have kinds of buildings, which can meet new willing. One of them is energy effective buildings, which can save or even produce energy, combining several energy-saving principles. The main aim of this research is to provide information that helps to apply energy-saving methods while designing an environment-friendly building. The research methodology requires gathering relevant information from literature, building guidelines documents and previous research works in order to analyze it and sum up into a material that can be applied to energy-efficient building design. To mark results it should be noted that the usage of all the energy-saving methods applied to a design project of building results in ultra-low energy buildings that require little energy for space heating or cooling. As a conclusion it can be stated that developing methods of passive house design can decrease the need of energy production, which is an important issue that has to be solved in order to save planet sources and decrease environment pollution.

Keywords: accumulation, energy-efficient building, storage, superinsulation, passive house

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Authors: Mohammad Mirwais Arghandiwal, Fujita Motohiro, Wisinee Wisetjindawat

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Since 2001, the new government of Afghanistan addressed the improvement of transportation in rural areas as one of the key issues for the country development. This paper thus, aims to show the impotency of transportation in the rural area of Kabul province. A field survey in Kabul Province capital of Afghanistan has been conducted during March, 2015, and 201 questionnaires were collected from four districts named Shakar Dara, Paghman, Char Asyab, and Khak Jabar to investigate the impacts of road transportation on the people’s daily life. The districts had their road projects constructed during the last 3-5 years. The interviewees are chosen randomly from a different category of districts residences. As transportation is one of the most important factors for the development of the communities, during the survey it was very easily to observe a positive effect on the life of people. The improvement on the accessibility has had a positive impact on the land and land price. In this paper, a model is created to show the relationship between different factors and the land price improvement. In the end, a recommendation is presented on the establishment of the community council for a better use and maintenance of road projects. We emphasize on a public and private partnership at a community level in the districts during the construction period too. In addition, the communities should be encouraged on their positive role in the improvement of transportation through their participation and collaboration with the local government.

Keywords: accessibility, Afghanistan, poverty, rural area, transportation development

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Authors: Lalita Panchal, Zulfiya Sheikh

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Fluoride is essential for teeth and bones development not only for human beings but also for animals. But excess intake of fluoride causes harmful effects on health. Fluorosis is a worldwide health hazard and India is also one of the endemic countries. Udaipur district of Rajasthan is also prone to fluorosis and superphosphate industries are aggravating fluoride toxicity in this area. Grazing fields for animals in the close vicinity of the industries, fodder and water are fluoride contaminated. Fluoride toxicity in the form of dental fluorosis was observed in domestic animals, inhabiting industrial area near Udaipur, where superphosphate fertilizer plants are functioning and releasing fluoride and fumes and effluents into the surroundings. These fumes and gases directly affect the vegetation of grazing field, thus allowing entry of fluoride into the food chain. A survey was conducted in this area to assess the severity of fluorosis, in 2015-16. It was a house to house survey and animal owners were asked for their fodder and water supply. Anterior teeth of the animal were observed. Domestic animals exhibited mild to severe signs of dental fluorosis. Teeth showed deep brown staining, patches, lines and abrasions. Even immature animals were affected badly. Most of the domestic animals were affected, but goats of this area showed chronic symptoms of fluorosis. Due to abrasion of teeth and paining teeth their chewing or grazing capacity and appetite reduced. Eventually, it reduced the life span of animals and increased the mortality rate.

Keywords: domestic animals, fluoride toxicity, industrial fluorosis, superphosphate fertilizers

Procedia PDF Downloads 295

Authors: Omar Bouhassoun, Cristian Garrido, César Hueso

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The radiation shielding design is an optimization problem with multiple -constrained- objective functions (radiation dose, weight, price, etc.) that depend on several parameters (material, thickness, position, etc.). The classical approach for shielding design consists of a brute force trial-and-error process subject to previous designer experience. Therefore, the result is an empirical solution but not optimal, which can degrade the overall performance of the shielding. In order to automate the shielding design procedure, the IDOM Shielding Optimization Tool (ISOT) has been developed. This software combines optimization algorithms with the capabilities to read/write input files, run calculations, as well as parse output files for different radiation transport codes. In the first stage, the software was established to adjust the input files for two well-known Monte Carlo codes (MCNP and Serpent) and optimize the result (weight, volume, price, dose rate) using multi-objective genetic algorithms. Nevertheless, its modular implementation easily allows the inclusion of more radiation transport codes and optimization algorithms. The work related to the development of ISOT and its verification on a simple 3D multi-layer shielding problem using both MCNP and Serpent will be presented. ISOT looks very promising for achieving an optimal solution to complex shielding problems.

Keywords: optimization, shielding, nuclear, genetic algorithm

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Authors: Youssef El Makhrout, Aude Pommeret, Tunç Durmaz

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This paper analyses the consequences of a heat pump on the optimal behavior of a prosumer. A theoretical microeconomic model is developed for household heating and electricity consumption to analyze the profitability of installing a solar PV system with a heat pump, battery storage, and grid use. The aim is to present the optimal scenario of investment in renewable energy equipment to cover domestic and heating needs. Simulation data of a French house of 170m² in Chambery are used in this paper. The house is divided into 5 zones with 3 heated zones of 89.4 m² occupied by two people. The analysis is based on hourly data for one year, from 00:00 01/01/2021 to 23:00 31/12/2021. Results indicate that without taking the cost of materials and no financial aid, the most profitable scenario for a household is when he owns solar panels, a heat pump, and battery storage. However, with the costs and financial aid of the French government for energy renovation, the net economic surplus change and the profitability during 20 years are important when the household decides to add a heat pump to existing solar panels. In this scenario, the household can realize 35.84% as a surplus change improvement, but this cannot cover all installation costs. The household can get benefits and cover all installation costs after exploiting financial support in the case of adopting a heat pump. The investment in a battery is still not profitable because of its high cost and the lack of financial aid. Some public policy recommendations are proposed, especially for solar panels and battery storage.

Keywords: household’s heating, prosumer, electricity consumption, renewable energy, welfare gain, comfort, solar PV, heat pumps, storage

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Authors: Juan Sebastián Rivera Soriano, Rosa Urbano Gutiérrez

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The Shodan House and the Sarabhai House (Ahmedabad, India, 1954 and 1955, respectively) are considered some of the most important works of Le Corbusier produced in the last stage of his career. There are some academic publications that study the compositional and formal aspects of their architectural design, but there is no in-depth investigation into how the climatic conditions of this region were a determining factor in the design decisions implemented in these projects. This paper argues that Le Corbusier developed a specific architectural design strategy for these buildings based on scientific research on climate in the Indian context. This new language was informed by a pioneering study and interpretation of climatic data as a design methodology that would even involve the development of new design tools. This study investigated whether their use of climatic data meets values and levels of accuracy obtained with contemporary instruments and tools, such as Energy Plus weather data files and Climate Consultant. It also intended to find out if Le Corbusier's office’s intentions and decisions were indeed appropriate and efficient for those climate conditions by assessing these projects using BIM models and energy performance simulations from Design Builder. Accurate models were built using original historical data through archival research. The outcome is to provide a new understanding of the environment of these houses through the combination of modern building science and architectural history. The results confirm that in these houses, it was achieved a model of low energy consumption. This paper contributes new evidence not only on exemplary modern architecture concerned with environmental performance but also on how it developed progressive thinking in this direction.

Keywords: bioclimatic architecture, Le Corbusier, Shodan, Sarabhai Houses

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Authors: Vish Putcha, Chandrasekhar Putcha, Siva Hari

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In the current digital era of free trading and pandemic-driven remote work culture, markets worldwide gained momentum for retail investors to trade from anywhere easily. The number of retail traders rose to 24% of the market from 15% at the pre-pandemic level. Most of them are young retail traders with high-risk tolerance compared to the previous generation of retail traders. This trend boosted the growth of subscription-based market predictors and market data vendors. Young traders are betting on these predictors, assuming one of them is correct. However, 90% of retail traders are on the losing end. This paper presents multiple indicators and attempts to derive behavioral patterns from the underlying stocks. The two major indicators that traders and investors follow are technical and fundamental. The famous investor, Warren Buffett, adheres to the “Value Investing” method that is based on a stock’s fundamental Analysis. In this paper, we present multiple indicators from various methods to understand the behavior patterns of stocks. For this research, we picked five stocks with a market capitalization of more than $200M, listed on the exchange for more than 20 years, and from different industry sectors. To study the behavioral pattern over time for these five stocks, a total of 8 indicators are chosen from fundamental, technical, and financial indicators, such as Price to Earning (P/E), Price to Book Value (P/B), Debt to Equity (D/E), Beta, Volatility, Relative Strength Index (RSI), Moving Averages and Dividend yields, followed by detailed mathematical Analysis. This is an interdisciplinary paper between various disciplines of Engineering, Accounting, and Finance. The research takes a new approach to identify clear indicators affecting stocks. Statistical Analysis of the data will be performed in terms of the probabilistic distribution, then follow and then determine the probability of the stock price going over a specific target value. The Chi-square test will be used to determine the validity of the assumed distribution. Preliminary results indicate that this approach is working well. When the complete results are presented in the final paper, they will be beneficial to the community.

Keywords: stock pattern, stock market analysis, stock predictions, trading, investing, fundamental analysis, technical analysis, quantitative trading, financial analysis, behavioral analysis

Procedia PDF Downloads 85

Authors: Revoti Prasad Bora, Nikita Katyal

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Promotion is a key element in the retail business. Thus, analysis of promotions to quantify their effectiveness in terms of Revenue and/or Margin is an essential activity in the retail industry. However, measuring the sales/revenue uplift is based on estimations, as the actual sales/revenue without the promotion is not present. Further, the presence of Halo and Cannibalization in a multiple parallel promotions’ scenario complicates the problem. Calculating Baseline by considering inter-brand/competitor items or using Halo and Cannibalization's impact on Revenue calculations by considering Baseline as an interpretation of items’ unit sales in neighboring nonpromotional weeks individually may not capture the overall Revenue uplift in the case of multiple parallel promotions. Hence, this paper proposes a Machine Learning based method for calculating the Revenue uplift by considering the Halo and Cannibalization impact on the Baseline and the Revenue. In the first section of the proposed methodology, Baseline of an item is calculated by incorporating the impact of the promotions on its related items. In the later section, the Revenue of an item is calculated by considering both Halo and Cannibalization impacts. Hence, this methodology enables correct calculation of the overall Revenue uplift due a given promotion.

Keywords: Halo, Cannibalization, promotion, Baseline, temporary price reduction, retail, elasticity, cross price elasticity, machine learning, random forest, linear regression

Procedia PDF Downloads 178

Authors: Andi Fallahi, Bona Ryan Situmeang

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The Construction Industry is notoriously risky. Much of the preparatory paperwork that precedes construction project can be viewed as the formulation of risk allocation between the owner and the Contractor. The Owner is taking the risk that his project will not get built on the schedule that it will not get built for what he has budgeted and that it will not be of the quality he expected. The Contractor Face a multitude of risk. One of them is an unforeseen condition at the construction site. The Owner usually has the upper hand here if the unforeseen condition occurred. Site data contained in Ground Investigation report is often of significant contractual importance in disputes related to the unforeseen ground condition. A ground investigation can never fully disclose all the details of the underground condition (Risk of an unknown ground condition can never be 100% eliminated). Adipala Coal Fired Steam Power Plant (CSFPP) 1 x 660 project is one of the large CSFPP project in Indonesia based on Engineering, Procurement, and Construction (EPC) Contract. Unforeseen Ground Condition it’s responsible by the Contractor has stipulated in the clausal of Contract. In the implementation, there’s indicated unforeseen ground condition at Circulating Water Pump House (CWPH) area which caused the Contractor should be changed the Method of Work that give big impact against Time of Completion and Cost Project. This paper tries to analyze the best way for allocating the risk between The Owner and The Contractor. All parties that allocating of sharing risk fairly can ultimately save time and money for all parties, and get the job done on schedule for the least overall cost.

Keywords: unforeseen ground condition, coal fired steam power plant, circulating water pump house, Indonesia

Procedia PDF Downloads 328

Authors: F. Z. Benabid, F. Zouai, A. Douibi, D. Benachour

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These Fluorinated polymers and polyacrylics have known a wide use in the field of historical monuments. PVDF provides a great easiness to processing, a good UV resistance and good chemical inertia. Although the quality of physical characteristics of the PMMA and its low price with a respect to PVDF, its deterioration against UV radiations limits its use as protector agent for the stones. On the other hand, PVDF/PMMA blend is a compromise of a great development in the field of architectural restoration, since it is the best method in term of quality and price to make new polymeric materials having enhanced properties. Films of different compositions based on the two polymers within an adequate solvent (DMF) were obtained to perform an exposition to artificial ageing and to the salted fog, a spectroscopic analysis (FTIR and UV) and optical analysis (refractive index). Based on its great interest in the field of building, a variety of standard tests has been elaborated for the first time at the central laboratory of ENAP (Souk-Ahras) in order to evaluate our blend performance. The obtained results have allowed observing the behavior of the different compositions of the blend under various tests. The addition of PVDF to PMMA enhances the properties of this last to know the exhibition to the natural and artificial ageing and to the saline fog. On the other hand, PMMA enhances the optical properties of the blend. Finally, 70/30 composition of the blend is in concordance with results of previous works and it is the adequate proportion for an eventual application.

Keywords: blend, PVDF, PMMA, preservation, historic monuments

Procedia PDF Downloads 309