Search results for: solvency capital requirement

Authors: Burcin Basyazici

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The history of urban regeneration in Istanbul dates to the 1980s and has been generated by various reasons, from political state-based decisions to cultural migrations and/or translocations and economical private sector-based reasons. However, one of the latest regeneration areas in Fikirtepe that have been still under construction for ten years becomes dissimilar to other regeneration areas in Istanbul. The region is located very close to Kadıkoy's downtown area but was still considered a slum due to its inhabitants -who mostly belong to lower-income immigrants. The process begun in 2011 with the decision of the government, and the settlement has been emptied and demolished also by the government -together with the investors and construction companies. Although there has been much research on the process of deconstruction and the relocation of landlords, there hasn’t been any research on what happened after the regeneration. While many high-rise luxurious gated communities were constructed and inhabited in five years, many constructions have stopped due to the latest economic devastation in Turkey. Then the region stayed as an unfinished construction area with its new upper-income and upper-middle-income residents and old low-income landlords. This situation has also changed the commercial activities in Fikirtepe. While some new retail facilities have been offered for new residents, some of the oldest ones have also survived in new-Fikirtepe. This study aims to investigate the urban everyday life of Fikirtepe with relation to its retail-based regeneration with the help of the theories of Bourdieu called cultural capital and cultural omnivorousness. To achieve this aim, after presenting the historical background of urban regeneration in Istanbul, Bourdieu’s conceptualism of cultural capital, habitus, and the consumption tendencies related to those are introduced and discussed within the scope of the Fikirtepe case. To represent the retail-based regeneration in the area, the current situation of retail premises is mapped by comparing to its pre-situation before urban gentrification. To better understand the change of cultural capital and the consumption tendencies of the new residents, eighteen semi-structured in-depth interviews have been conducted with twelve inhabitants from three different luxurious gated communities and six shop owners containing the new ones after regeneration and old ones before it. The interview questions have been structured to understand the motivation of change and/or inhibition of retail premises and the consumption tendencies of the new residents. In conclusion, the study shows that even though the cultural capital has been changed in Fikirtepe, the new residents also tend to act as culturally omnivorous by referring to Bourdieu's theories on multi-cultural tendencies of the upper-class and upper-middle-class societies, that should be questioned regarding the cultural regeneration in in-town urban regeneration areas in metropoles.

Keywords: bourdieu, cultural omnivorousness, fikirtepe, urban regeneration in istanbul

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Authors: S. Sansone-Casaburi

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The pandemic that the world is going through is causing important changes in the daily life of all cities, which can translate into opportunities to rearrange pending situations. Among others: the town-city relationship and sustainability. On the one hand, the city continues to be the center of attention, and the countryside is assumed as the supplier of food. However, the temporary closure of cities highlighted the importance of the rural environment, and many people are reassessing this context as an alternative for life. Furthermore, the countryside is not simply the home and the center of activity of the people who inhabit it, but rather constitutes the active group of all citizens, both rural and urban. On the other hand, the pandemic is the opportunity to meet sustainable development goals. Sustainable development is understood as the capital to be transferred to future generations made up of three types of wealth: natural capital (environment), human capital (people, relationships, culture), and artificial or built capital, made up of buildings and infrastructure, or by cities and towns. The 'new normal' can mean going back to the countryside, but not to a merely agricultural place but to a sustainable, affordable, and healthy place, which, with the appropriate infrastructures, allows work from a distance, a new post-COVID-19 modality. The contribution of the research is towards the recovery of traditional villages from the perspective of populations that have managed to maintain their vitality with innovative solutions. It is assumed that innovation is a path for the recovery of traditional villages, so we ask: what conditions are necessary for innovation to be successful and sustainable? In the research, several variables were found, among which culture is named, so the objective of this article is to understand Uruena, a town in the province of Valladolid, which with only 182 inhabitants houses five museums and twelve bookstores that make up the first Villa del Libro in Spain. The methodology used is mixed: inductive and deductive and the results were specified in determining the formula of innovative peoples in culture: PIc = Pt + C [E (Aec) + S (pp) + A (T + s + t + enc)]. Where the innovative villages in culture PIc are the result of traditional villages Pt that from a cultural innovation C, integrates into the economic, economic and cultural activities E (Aec); in the social sphere, the public and private actors S (pp); and in the environmental (A), Territory (T), services (s), technology (t) and natural and built spaces (enc). The results of this analysis will focus on determining what makes the structure of innovative peoples sustainable and understanding what variables make up that structure to verify if they can be applied in other contexts and repower abandoned places to provide a solution for people who migrate to this context. That is, learn from what has been done to replicate it in similar cases.

Keywords: culture as innovation, depopulation, sustainability, traditional villages

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Authors: Peng Yew Wong

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House prices in the Australian capital cities were at record levels subsequent to Global Financial Crisis (GFC) 2008 and many believed that foreign investors, especially the Chinese investors, were the main reason for the Australian capital cities’ house prices escalation. This research conducted an Australian cross border semi-structured interviews in Shanghai, China to uncover historical evidence and emerging trend supporting the existence of a significant relationship between overseas investors and residential housing markets performance in Australia subsequent to the GFC 2008. Some unique investment strategies of private investors from China which emphasised on non-capitalist factors such as early education were identified, alongside with some insights on the significant China government policies that have incentivised the cross border investments from China. It is believed that this understanding will assist policy makers to effectively manage the overheated Australian residential property market without compromising the steady flow of FREI.

Keywords: Australian housing market, residential property, foreign real estate investment, education, China investor

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Authors: Vinh Duy Cao, Carlos Salas-Bringas, Anna M. Szczotok, Marianne Hiorth, Anna-Lena Kjøniksen

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The increasing cost of energy supply for the purposes of heating and cooling creates a demand for more energy efficient buildings. Improved construction techniques and enhanced material technology can greatly reduce the energy consumption needed for the buildings. Microencapsulated phase change materials (MPCM) suspensions utilized as heat transfer fluids for energy storage and heat transfer applications provide promising potential solutions. A full understanding of the flow and thermal characteristics of microcapsule suspensions is needed to optimize the design of energy storage systems, in order to reduce the capital cost, system size, and energy consumption. The MPCM suspensions exhibited pseudoplastic and thixotropic behaviour, and significantly improved the thermal performance of the suspensions. Three different models were used to characterize the thixotropic behaviour of the MPCM suspensions: the second-order structural, kinetic model was found to give a better fit to the experimental data than the Weltman and Figoni-Shoemaker models. For all samples, the initial shear stress increased, and the breakdown rate accelerated significantly with increasing concentration. The thermal performance and rheological properties, especially the selection of rheological models, will be useful for developing the applications of microcapsules as heat transfer fluids in thermal energy storage system such as calculation of an optimum MPCM concentration, pumping power requirement, and specific power consumption. The effect of temperature on the shear thinning properties of the samples suggests that some of the phase change material is located outside the capsules, and contributes to agglomeration of the samples.

Keywords: latent heat, microencapsulated phase change materials, pseudoplastic, suspension, thixotropic behaviour

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Authors: Saheed O. Akinwale, Olufemi A. Koya

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Based on the need to modify palm kernel shell (PKS) and coconut shell (CNS) for some engineering applications, the study evaluated some physical characteristics and fracture resistance, relevant in estimating energy requirements in comminution of the nutshells. The shells, obtained from local processing mills, were washed, sun-dried and sorted to remove kernels, nuts and other extraneous materials. Experiments were then conducted to determine the thickness, density, moisture content, and hardness of the shells. Fracture resistances were characterised by the average compressive load, stiffness and toughness at bio-yield point of specially prepared section of the shells, under quasi-static compression loading. The densities of the dried PKS at 7.12% and the CNS at 6.47% (wb) moisture contents were 1291.20 and 1247.40 kg/m3, respectively. The corresponding Brinnel Hardness Numbers were 58.40 ± 1.91 and 56.33 ± 4.33. Close shells thickness of both PKS and CNS exhibited identical physical properties although; CNS is relatively larger in physical dimensions than PKS. The findings further showed that both shell types exhibited higher resistance with compression along the longitudinal axes than the transverse axes. With compressions along the longitudinal axes, the fracture force were 1.41 ± 0.11 and 3.62 ± 0.09 kN; bio-stiffness; 934.70 ± 67.03 kN/m and 1980.74 ± 8.92 kN/m; and toughness, 2.17 ± 0.16 and 6.51 ± 0.15 KN mm for the PKS and CNS, respectively. With the estimated toughness of CNS higher than that of PKS, the study showed the requirement of higher comminution energy for CNS.

Keywords: bio-stiffness, coconut shell, comminution, crushing strength, energy requirement, palm kernel shell, toughness

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Authors: Sheraz Ahmad Choudhary

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Health plays a vital role in the growth. The study examined the effect of health indicator on the growth of Pakistan. ARDL model is used to check the growth rate which is affected by the health by using the time series date of Pakistan from 1990 to 2017. Health indicator, fertility rate, life expectancy, foreign direct investment, and infant mortality rate are variables Where the unit root is applied to check the stationarity of the model. consequences find a significant relationship between GDP, foreign direct investment, fertility rate, and life expectancy in the short run, whereas mortality rate effected negatively to economic growth but have significant values. In the long run, foreign direct investment (FDI) and fertility rate(FR) have significantly influenced the GDP. The results show thateconomic growth is positively stimulated by most of the health indicators. The study accomplishes that nations can achieve a high level of economic growth by increasing wellbeing human capital.

Keywords: economic growth, health expenditures, fertility rate, human capital, life expectancy, foreign direct investment, and infant mortality rate

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Authors: Rodrigo Buaiz Boabaid

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Tokenization of Blue Bonds is an emerging Green Finance tool that has the potential to scale Blue Carbon Projects to fight climate change. This innovative solution has a huge potential to democratize the green finance market and catalyze innovations in the climate change finance sector. Switzerland has emerged as a leader in the Green Finance space and is well-positioned to drive the adoption of Tokenization of Blue & Green Bonds. This unique approach has the potential to unlock new sources of capital and enable global investors to participate in the financing of sustainable blue carbon projects. By leveraging the power of blockchain technology, Tokenization of Blue Bonds can provide greater transparency, efficiency, and security in the investment process while also reducing transaction costs. Investments are in line with the highest regulations and designed according to the stringent legal framework and compliance standards set by Switzerland. The potential benefits of Tokenization of Blue Bonds are significant and could transform the way that sustainable projects are financed. By unlocking new sources of capital, this approach has the potential to accelerate the deployment of Blue Carbon projects and create new opportunities for investors to participate in the fight against climate change.

Keywords: blue bonds, blue carbon, tokenization, green finance

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Authors: Erinma Chibuzo Nwandu

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Graduates unemployment has risen astronomically in spite of the emphasis on teaching of small scale business and Entrepreneurship in schools. This study sets out to evaluate the effect of teaching small scale business and Entrepreneurship on graduates’ unemployment in Nigeria. This study adopted the survey research design. Thus the nature of data for this study is primary, sourced by the use of a questionnaire administered to a sample of two thousand and sixty-five (2065) respondents drawn from groups of graduates who are employed, unemployed and self-employed in South East Nigeria. Simple percentages, Chi-square and regression analysis were used to derive useful and meaningful information and test the hypotheses respectively. Findings from the study suggest that Nigeria graduates are ill prepared to embark on small-scale business and entrepreneurship after graduation, and that teaching of small scale business and entrepreneurship in Nigeria tertiary institutions is ineffective on graduate unemployment reduction. Findings also suggest that while a lot of graduates agreed that they have taken a class(s) on small scale or entrepreneurship, they received more theoretical teachings than practical, more so while teachings on small scale business or entrepreneurship motivated graduates to think of self-employment, most of them cannot do a good business plan and hence could not benefit from some kind of Government assisted program for small-scale business and bank loan for the sake of small scale business. Thus, so many graduates are not interested in small scale business or entrepreneurship development as a result of lack of startup capital. The study thus recommends that course content and teaching method of entrepreneurship education needs to be reviewed and re-structured to constitute more practical teachings than theoretical teachings. Also, graduates should be exposed to seminar /workshop for self-employment at least once every semester. There should be practical teaching and practice of developing a business plan that will be viable to attract government or private sponsorship as well for it to be viable to attract financing from financing institutions. Government should provide a fund such as venture capital financing arrangement to empower business startups in Nigeria by graduates’.

Keywords: entrepreneurship, small scale business, startup capital, unemployment

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Authors: Ons Triki, Fathi Abid

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Along with the increase in the use of leasing contracts in corporate finance, multiple studies aim to model the credit risk of the lease in order to cover the losses of the lessor of the asset if the lessee goes bankrupt. In the current research paper, a convertible lease contract is elaborated in a continuous time stochastic universe aiming to ensure the financial stability of the firm and quickly recover the losses of the counterparties to the lease in case of default. This work examines the term structure of the lease rates taking into account the credit default risk and the capital structure of the firm. The interaction between the lessee's capital structure and the equilibrium lease rate has been assessed by applying the competitive lease market argument developed by Grenadier (1996) and the endogenous structural default model set forward by Leland and Toft (1996). The cumulative probability of default was calculated by referring to Leland and Toft (1996) and Yildirim and Huan (2006). Additionally, the link between lessee credit risk and lease rate was addressed so as to explore the impact of convertible lease financing on the term structure of the lease rate, the optimal leverage ratio, the cumulative default probability, and the optimal firm value by applying an endogenous conversion threshold. The numerical analysis is suggestive that the duration structure of lease rates increases with the increase in the degree of the market price of risk. The maximal value of the firm decreases with the effect of the optimal leverage ratio. The results are indicative that the cumulative probability of default increases with the maturity of the lease contract if the volatility of the asset service flows is significant. Introducing the convertible lease contract will increase the optimal value of the firm as a function of asset volatility for a high initial service flow level and a conversion ratio close to 1.

Keywords: convertible lease contract, lease rate, credit-risk, capital structure, default probability

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Authors: Natia Tsiklashvili, Tamari Poladashvili

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Education is one of the fundamental factors of economic prosperity in all respects. It is impossible to talk about the sustainable economic development of the country without substantial investments in human capital and investment into higher educational institutions. Education improves the standard of living of the population and expands the opportunities to receive more benefits, which will be equally important for both the individual and the society as a whole. There are growing initiatives among educated people such as entrepreneurship, technological development, etc. At the same time, the distribution of income between population groups is improving. The given paper discusses the scientific literature in the field of sustainable development through higher educational institutions. Scholars of economic theory emphasize a few major aspects that show the role of higher education in economic growth: a) Alongside education, human capital gradually increases which leads to increased competitiveness of the labor force, not only in the national but also in the international labor market (Neoclassical growth theory), b) The high level of education can increase the efficiency of the economy, investment in human capital, innovation, and knowledge are significant contributors to economic growth. Hence, it focuses on positive externalities and spillover effects of a knowledge-based economy which leads to economic development (endogenous growth theory), c) Education can facilitate the diffusion and transfer of knowledge. Hence, it supports macroeconomic sustainability and microeconomic conditions of individuals. While discussing the economic importance of education, we consider education as the spiritual development of the human that advances general skills, acquires a profession, and improves living conditions. Scholars agree that human capital is not only money but liquid assets, stocks, and competitive knowledge. The last one is the main lever in the context of increasing human competitiveness and high productivity. To address the local issues, the present article researched ten educational institutions across Georgia, including state and private HEIs. Qualitative research was done by analyzing in-depth interweaves of representatives from each institution, and respondents were rectors/vice-rectors/heads of quality assurance service at the institute. The result shows that there is a number of challenges that institution face in order to maintain sustainable development and be the strong links to education and the labor market. Mostly it’s contacted with bureaucracy, insufficient finances they receive, and local challenges that differ across the regions.

Keywords: higher education, higher educational institutions, sustainable development, regions, Georgia

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Authors: Mary Cruz

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Founded from 1496 to 1502, Santo Domingo is the oldest European settlement in the Americas, inhabited without any discontinuity and was the first seat of Spanish power in the new world. Capital of the country since 1932.In this text, we discover Santo Domingo as an international tourist center, Urban Structure, Eco-tourism, Contamination and other issues related to tourism and development of this city. Founded from 1496 to 1502, Santo Domingo is the oldest European settlement in the Americas, inhabited without any discontinuity and was the first seat of Spanish power in the new world. Capital of the country since 1932. Encouraged by the United Nations and the World Bank, many Caribbean governments have encouraged tourism from the 1950s to boost their Third World economies. In this text, we discover Santo Domingo as an international tourist center, Urban Structure, Eco-tourism, Contamination and challenges of the first tourist destination in the Caribbean.

Keywords: eco-tourism, urban structure, contamination, development

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Authors: Mahfoud Djebbar

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Stock dilution is a financial phenomenon resulting from the issue of additional shares by a company, or when holders convert their convertibles into new shares (capital increase). This issue and/or conversion enlarge the company’s share base that will result in marginal dilution (loss) for existing shareholders, and a benefit to new ones. Dilution issues have already been addressed in mainstream finance, particularly as far as information disclosure is concerned. However, in Islamic finance, stock dilution problems have not been deeply studied and the subject has not received sufficient attention from shariah-compatible firms, investors, and scholars. In this regard, this paper emphasises the forms, the effects of capital dilution on current shareholders as well as the ways and techniques of compensating them. And since the research in this field, in its Islamic perspective, is still in its infancy, the paper tries to analyse the phenomenon theoretically in detail using numerical examples, and expose some case studies of Shariah-compliant issuers of convertible Sukuk and how they compensate their existing shareholders. Finally, this study shows that the Sukuk issuers compensate old shareholders using the right of shuf’ah as a well known and practiced pre-emptive right in Islamic transactions centuries ago, as well as the ways conventional bond issuers use.

Keywords: compensating shareholders, convertible Sukuk, Islamic financial innovation, Shuf’ah

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Authors: Iacopo Carnacina, Mohammad Keshtpoor, Richard Yablonsky

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Non-structural protection measures against flooding are becoming increasingly popular flood risk mitigation strategies. In particular, coastal flood insurance impacts not only private citizens but also insurance and reinsurance companies, who may require it to retain solvency and better understand the risks they face from a catastrophic coastal flood event. In this context, a framework is presented here to assess the risk for coastal flooding across the UK. The area has a long history of catastrophic flood events, including the Great Flood of 1953 and the 2013 Cyclone Xaver storm, both of which led to significant loss of life and property. The current framework will leverage a technology based on a hydrodynamic model (Delft3D Flexible Mesh). This flexible mesh technology, coupled with a calibration technique, allows for better utilisation of computational resources, leading to higher resolution and more detailed results. The generation of a stochastic set of extra tropical cyclone (ETC) events supports the evaluation of the financial losses for the whole area, also accounting for correlations between different locations in different scenarios. Finally, the solution shows a detailed analysis for the Thames River, leveraging the information available on flood barriers and levees. Two realistic disaster scenarios for the Greater London area are simulated: In the first scenario, the storm surge intensity is not high enough to fail London’s flood defences, but in the second scenario, London’s flood defences fail, highlighting the potential losses from a catastrophic coastal flood event.

Keywords: storm surge, stochastic model, levee failure, Thames River

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Authors: M. M. Shahidul Hassan, Omiya Hassan

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Bangladesh has set its goal to reach upper middle-income country status by 2024. To attain this status, the country must satisfy the World Bank requirement of achieving minimum Gross National Income (GNI). Number of youth job seekers in the country is increasing. University graduates are looking for decent jobs. So, the vital issue of this country is to understand how the GNI and jobs can be increased. The objective of this paper is to address these issues and find ways to create more job opportunities for youths at home and abroad which will increase the country’s GNI. The paper studies proportion of different goods Bangladesh exported, and also the percentage of employment in different sectors. The data used here for the purpose of analysis have been collected from the available literature. These data are then plotted and analyzed. Through these studies, it is concluded that growth in sectors like agricultural, ready-made garments (RMG), jute industries and fisheries are declining and the business community is not interested in setting up capital-intensive industries. Under this situation, the country needs to explore other business opportunities for a higher economic growth rate. Knowledge can substitute the physical resource. Since the country consists of the large youth population, higher education will play a key role in economic development. It now needs graduates with higher-order skills with innovative quality. Such dispositions demand changes in a university’s curriculum, teaching and assessment method which will function young generations as active learners and creators. By bringing these changes in higher education, a knowledge-based society can be created. The application of such knowledge and creativity will then become the commodity of Bangladesh which will help to reach its goal as an upper middle-income country.

Keywords: Bangladesh, economic sectors, economic growth, higher education, knowledge-based economy, massifcation of higher education, teaching and learning, universities’ role in society

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Authors: H. L. M. Fawzan

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Undoubtedly, learning English as a second language (ESL) is considered a challenging task. It is more difficult for students in far-away districts when compared with the students in the capital cities, where learning resources are easily available and where the environment is conducive to learning. Thus, this study is an analysis of the challenges faced by learners in learning English as the second language within kurunegala district in Sri Lanka. Even though various efforts have been taken by the Sri Lankan Educationalists for improving the situation of English language teaching for the past few decades, a disappointing situation still exist in the achievements of English learning among Sri Lankan students. So, it is necessary to explore real reasons behind the poor achievements of the students in the English Language. It is also an attempt to highlight what can be done to improve the situation significantly. Kurunegala is far away from the capital city of Sri Lanka and is a densely populated district. In the year 2020, state university admission was 45.87% from the Kurunegala district (Department of Examinations). The researcher strived to examine some of the likely challenges faced when teaching English in secondary schools in Kurunegala. The data was collected using a questionnaire from 35 students from schools within the Kurunegala education division. The result of the study reveals that students were highly motivated to learn English for their prospects and expectations such as local and international communication, academic advancement, and employment prospects.

Keywords: english, teaching, Kurunegala, Sri Lanka, challenges

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Authors: Tismazammi Mustafa, Jaharudin Padli

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The frequency of terrorism is increasing throughout years that is resulting in loss of life, damaging people’s property, and destructing the environment. The incident of terrorism is not stationed in one particular country but has spread and scattered in other countries hence causing an increase in the number of terrorism cases. Thus, this paper aims to investigate the factors of human development upon the terrorism in East Asia and Pacific countries. This study used a panel ARDL model, in which it enables to capture the long run and the short run relationship among the variables of interest. Logit Model for Binary data is also used, in which to representing an attributes of dependent variables. This study focuses on several human development variables namely GDP per capita, population, human capital, land area, and technologies. The empirical finding revealed that the GDP per capita, population, human capital, land area, and technologies are positively and statistically significant in influencing the terrorism. Thus, the finding in this study will present as grounds to preserve human rights and develop public awareness and will offer guidelines to policy makers, emergency managers, first responders, public health workers, physicians, and other researchers.

Keywords: terrorism, East Asia and Pacific, human development, econometric analysis

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Authors: S. K. Kakraliya, R. D. Jat, H. S. Jat, P. C. Sharma, M. L. Jat

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The traditional rice-wheat (RW) system in the IGP of South Asia is tillage, water, energy, and capital intensive. Coupled with more pumping of groundwater over the years to meet the high irrigation water requirement of the RW system has resulted in over-exploitation of groundwater. Replacement of traditional rice with less water crops such as maize under climate-smart agriculture (CSA) based management (tillage, crop establishment and residue management) practices are required to promote sustainable intensification. Furthermore, inefficient nutrient management practices are responsible for low crop yields and nutrient use efficiencies in maize-wheat (MW) system. A 7-year field experiment was conducted in farmer’s participatory strategic research mode at Taraori, Karnal, India to evaluate the effects of tillage and crop establishment (TCE) methods, residue management, mungbean integration, and nutrient management practices on crop yields, water productivity and profitability of MW system. The main plot treatments included four combinations of TCE, residue and mungbean integration [conventional tillage (CT), conventional tillage with mungbean (CT + MB), permanent bed (PB) and permanent bed with MB (PB + MB] with three nutrient management practices [farmer’s fertilizer practice (FFP), recommended dose of fertilizer (RDF) and site-specific nutrient management (SSNM)] using Nutrient Expert® as subplot treatments. System productivity, water use efficiency (WUE) and net returns under PB + MB were significantly increased by 25–30%, 28–31% and 35–40% compared to CT respectively, during seven years of experimentation. The integration of MB in MW system contributed ~25and ~ 28% increases in system productivity and net returns compared with no MB, respectively. SSNM based nutrient management increased the mean (averaged across 7 yrs) system productivity by 12- 15% compared with FFP. The study revealed that CSA based sustainable intensification (PB + MB) and SSNM approach provided opportunities for enhancing crop productivity, WUE and profitability of the MW system in India.

Keywords: Conservation Agriculture, Precision water and nutrient management, Permanent beds, Crop yields

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Authors: Tanvir Ahmed, Musfira Rahman, Rumpa Chowdhury

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We performed laboratory experiments to assess the suitability of using medical waste incineration fly ash in cement as a construction material based on the engineering properties of fly ash-cement matrix and the leaching potential of toxic heavy metals from the stabilized mix. Fly ash-cement samples were prepared with different proportions of fly ash (0%, 5%, 10%, 15% and 20% by weight) in the laboratory controlled conditions. The solidified matrix exhibited a compressive strength from 3950 to 4980 psi when fly ash is mixed in varying proportions. The 28-day compressive strength has been found to decrease with the increase in fly ash content, but it meets the minimum requirement of compressive strength for cement-mortar. Soundness test results for cement-mortar mixes having up to 15% fly ash. Final and initial setting times of cement have been found to generally increase with fly ash content. Water requirement (for normal consistency) also increased with the increase in fly ash content in cement. Based on physical properties of the cement-mortar matrix it is recommended that up to 10% (by weight) medical waste incineration fly ash can be incorporated for producing cement-mortar of optimum quality. Leaching behaviours of several targeted heavy metals (As, Cu, Ni, Cd, Pb, Hg and Zn) were analyzed using Toxicity Characteristics Leaching Procedure (TCLP) on fly ash and solidified fly ash-cement matrix. It was found that the leached concentrations of As, Cu, Cd, Pb and Zn were reduced by 80.13%, 89.47%, 33.33% and 23.9% respectively for 10% fly ash incorporated cement-mortar matrix compared to that of original fly ash. The leached concentrations of heavy metals were from the matrix were far below the EPA land disposal limits. These results suggest that the solidified fly ash incorporated cement-mortar matrix can effectively confine and immobilize the heavy metals contained in the fly ash.

Keywords: cement-mortar, fly ash, leaching, waste management

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Authors: P. P. L. Kwan, D. K. S. Chan

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Organizations are constantly changing in today’s business environment. Research findings have revealed that overcoming resistance and getting employees ready for change is a crucial driver for organizational change success. Thus, change adaptability has become a more prominent selection criterion used in many organizations. Although change readiness could be situation-specific, employees’ personality, emotion, and cognition should also be crucial factors in shaping their readiness. However, relatively little research has focused on the roles of individual characteristics in organizational changes. The present study examines the relations between individual characteristics and change readiness with the aim to validate a model, which proposes three types of individual attributes as antecedents to change readiness. The three attributes considered are trait cynicism, positive affectivity, and personal valence covering personality, emotional, and cognitive aspects respectively. The model also hypothesizes that relations between the three antecedents and change readiness will be moderated by a positive mental resource known as psychological capital (PsyCap), which consists of hope, optimism, efficacy and resilience; and a learning culture within the organization. We are currently collecting data from a targeted sample size of 300 Hong Kong employees. Specifically, participants complete a questionnaire which was designed to measure their perceived change efficacy in response to three scenarios commonly happened in the workplace (i.e., business acquisition, team restructuring, and information system change) as a measure of change readiness, as well as the aforementioned individual characteristics. Preliminary analysis provides some support to the hypotheses. That is, employees who are less cynical in personality and more positive in their cognition and affectivity particularly welcome the potential changes in their organizations. Further data collection and analyses are continuously carried out for a more definitive conclusion. Our findings will shed light on employee selection; and on how strengthening positive psychological resources and promoting the culture of learning organization among employees may enhance the chance to succeed for organizations undergoing change.

Keywords: learning organization, psychological capital, readiness for change, employee selection

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Authors: Yang Yu, Jian Wang, Jiqiang Liu, Lei Han, Xudong He, Shaohua Lv

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As the increasing network attacks become more and more complex, network situation assessment based on log analysis cannot meet the requirements to ensure network security because of the low quality of logs and alerts. This paper addresses the lack of consideration of security attributes of hosts and attacks in the network. Identity and effectiveness of Distributed Denial of Service (DDoS) are hard to be proved in risk assessment based on alerts and flow matching. This paper proposes a multi-dimension threat situation assessment method based on network security attributes. First, the paper offers an improved Common Vulnerability Scoring System (CVSS) calculation, which includes confident risk, integrity risk, availability risk and a weighted risk. Second, the paper introduces deterioration rate of properties collected by sensors in hosts and network, which aimed at assessing the time and level of DDoS attacks. Third, the paper introduces distribution of asset value in security attributes considering features of attacks and network, which aimed at assessing and show the whole situation. Experiments demonstrate that the approach reflects effectiveness and level of DDoS attacks, and the result can show the primary threat in network and security requirement of network. Through comparison and analysis, the method reflects more in security requirement and security risk situation than traditional methods based on alert and flow analyzing.

Keywords: DDoS evaluation, improved CVSS, network security attribute, threat situation assessment

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Authors: Sidra Rizwan

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The article focuses on the training needs of secondary school teachers related to the knowledge component of instructional planning and strategies as stated in the National professional standards for teachers in Pakistan. The study aimed to determine the training needs of secondary school teachers on different aspects of knowledge & understanding component of instructional planning and strategies. The target population of the study was the secondary school teachers across Pakistan. For this purpose, a sample of 400 secondary school teachers was selected through multistage sampling from all the four provinces and Federal capital area. Survey method was adopted to assess the training needs by using a self reporting tool. The tool helped to gauge the training needs through indirect inventory questions as well as a ranking list in which the respondents themselves prioritized their training areas. The results showed variation between the direct and indirect reporting of the teachers on the basis of which it was concluded that the secondary school teachers needed awareness about the knowledge component of instructional planning and strategies in order to redefine their actual training needs. The researcher further identified the training needs of secondary school teachers within each province and Islamabad capital territory; including an analysis of variations between strata. As teachers are considered agents of change, their training according to the professional standards should provide a solid base for “rethinking education”.

Keywords: training needs, secondary school teachers, instructional planning & strategies, knowledge & understanding

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Authors: Rachel Gough

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In 2014, Skellig Michael, an island off Ireland’s western seaboard and UNESCO world heritage site became a major setting in Disney’s Star Wars franchise. The subsequent influx of tourists to the site has proven to be a point of contention nationally. The increased visitor numbers have uplifted certain areas of the local economy, the mainland, but have caused irreparable damage to historic monuments and to endangered bird populations who breed on the island. Recent research carried out by a state body suggests far-reaching and longterm negative impacts on the island’s culture and environment, should the association with the Star Wars franchise persist. In spite of this, the film has been widely endorsed by the Irish government as providing a vital economic boost to historically marginalised rural areas through film tourism. This paper argues quite plainly that what is taking place on Skellig is neocolonialism. Skellig Michael’s unique resources, its aesthetic qualities, its ecosystem, and its cultural currency have been sold by the state to a multinational corporation, who profit from their use. Meanwhile, locals are left to do their best to turn a market trend into sustainable business at the expense of culture ecology and community. This paper intends to be the first dedicated study into the psychogeographic and cultural impact of Skellig Michael’s deterioration as a result of film tourism. It will discuss the projected impact of this incident on Irish culture more broadly and finally will attempt to lay out a roadmap for more collaborative filmmaking and touristic approach, which allows local cultures and ecosystem’s to thrive without drastically inhibiting cultural production. This paper will ultimately find that the consequences of this representation call for a requirement to read tourism as a split concept — namely into what we might loosely call “eco-tourism” and more capital-based “profit-bottom-line tourism.”

Keywords: ecology, film tourism, neocolonialism, sustainability

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Authors: Agata Chudzicka-Czupała, Nadiya Hapon, Liudmyla Karamushka, Marta żywiołek-Szeja

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Objectives: The study is about the determinants of coping with stress connected with volunteer activity for Russo-Ukrainian war 2022 refugees. We examined the mental health reactions, chosen psychological traits, and motivational functions of volunteers working in Poland and Ukraine in relation to their coping with stress styles. The study was financed with funds from the Foundation for Polish Science in the framework of the FOR UKRAINE Programme. Material and Method: The study was conducted in 2022. The study was a quantitative, questionnaire-based survey. Data was collected through an online survey. The volunteers were asked to assess their propensity to use different styles of coping with stress connected with their activity for Russo-Ukrainian war refugees using The Brief Coping Orientation to Problems Experienced Inventory (Brief-COPE) questionnaire. Depression, anxiety, and stress were measured using the Depression, Anxiety, and Stress (DASS)-21 item scale. Chosen psychological traits, psychological capital and hardiness, were assessed by The Psychological Capital Questionnaire and The Norwegian Revised Scale of Hardiness (DRS-15R). Then The Volunteer Function Inventory (VFI) was used. The significance of differences between the variable means of the samples was tested by the Student's t-test. We used multivariate linear regression to identify factors associated with coping with stress styles separately for each national sample. Results: The sample consisted of 720 volunteers helping war refugees (in Poland, 435 people, and 285 in Ukraine). The results of the regression analysis indicate variables that are significant predictors of the propensity to use particular styles of coping with stress (problem-focused style, emotion-focused style and avoidant coping). These include levels of depression and stress, individual psychological characteristics and motivational functions, different for Polish and Ukrainians. Ukrainian volunteers are significantly more likely to use all three coping with stress styles than Polish ones. The results also prove significant differences in the severity of anxiety, stress and depression, the selected psychological traits and motivational functions studied, which led volunteers to participate in activities for war refugees. Conclusions: The results show that depression and stress severity, as well as psychological capital and hardiness, and motivational factors are connected with coping with stress behavior. The results indicate the need for increased attention to the well-being of volunteers acting under stressful conditions. They also prove the necessity of guiding the selection of people for specific types of volu

Keywords: anxiety, coping with stress styles, depression, hardiness, mental health, motivational functions, psychological capital, resilience, stress, war, volunteer, civil society

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Authors: Rodrigo Buaiz Boabaid

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Tokenization of Blue Bonds is an emerging Green Finance tool that has the potential to scale Blue Carbon Projects to fight climate change. This innovative solution has a huge potential to democratize the green finance market and catalyze innovations in the climate change finance sector. Switzerland has emerged as a leader in the Green Finance space and is well-positioned to drive the adoption of Tokenization of Blue & Green Bonds. This unique approach has the potential to unlock new sources of capital and enable global investors to participate in the financing of sustainable blue carbon projects. By leveraging the power of blockchain technology, Tokenization of Blue Bonds can provide greater transparency, efficiency, and security in the investment process, while also reducing transaction costs. Investments are in line with the highest regulations and designed according to the stringent legal framework and compliance standards set by Switzerland. The potential benefits of Tokenization of Blue Bonds are significant and could transform the way that sustainable projects are financed. By unlocking new sources of capital, this approach has the potential to accelerate the deployment of Blue Carbon projects and create new opportunities for investors to participate in the fight against climate change.

Keywords: blue carbon, blue bonds, green finance, Tokenization, blockchain solutions

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Authors: Subodh Kumar, Amit Varde

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Typical on-premises high-performance computing (HPC) environments consist of a fixed number and a fixed set of computing hardware. During the design of the HPC environment, the hardware components, including but not limited to CPU, Memory, GPU, and networking, are carefully chosen from select vendors for optimal performance. High capital cost for building the environment is a prime factor influencing the design environment. A class of software called “Job Schedulers” are critical to maximizing these resources and running multiple workloads to extract the maximum value for the high capital cost. In principle, schedulers work by preventing workloads and users from monopolizing the finite hardware resources by queuing jobs in a workload. A cloud-based HPC environment does not have the limitations of fixed (type of and quantity of) hardware resources. In theory, users and workloads could spin up any number and type of hardware resource. This paper discusses the limitations of using traditional scheduling algorithms for cloud-based HPC workloads. It proposes a new set of features, called “HPC optimizers,” for maximizing the benefits of the elasticity and scalability of the cloud with the goal of cost-performance optimization of the workload.

Keywords: high performance computing, HPC, cloud computing, optimization, schedulers

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Authors: Harvard Najoan, Sarwono Sutikno, Yusep Rosmansyah

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Most enterprises are now using information technology services as their assets to support business objectives. These kinds of services are provided by the internal service provider (inside the enterprise) or external service provider (outside enterprise). To deliver quality information technology services, the service provider (which from now on will be called ‘organization’) either internal or external, must have a standard for service management system. At present, the standard that is recognized as best practice for service management system for the organization is international standard ISO/IEC 20000:2011. The most important part of this international standard is the first part or ISO/IEC 20000-1:2011-Service Management System Requirement, because it contains 22 for organization processes as a requirement to be implemented in an organizational environment in order to build, manage and deliver quality service to the customer. Assessing organization management processes is the first step to implementing ISO/IEC 20000:2011 into the organization management processes. This assessment needs Process Assessment Model (PAM) as an assessment instrument. PAM comprises two parts: Process Reference Model (PRM) and Measurement Framework (MF). PRM is built by transforming the 22 process of ISO/IEC 20000-1:2011 and MF is based on ISO/IEC 33020. This assessment instrument was designed to assess the capability of service management process in Divisi Teknologi dan Sistem Informasi (Information Systems and Technology Division) as an internal organization of PT Pos Indonesia. The result of this assessment model can be proposed to improve the capability of service management system.

Keywords: ISO/IEC 20000-1:2011, ISO/IEC 33020:2015, process assessment, process capability, service management system

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Authors: Kung-Jen Tu

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Many public housing properties developed by local governments in Taiwan in the 1980s have deteriorated severely as these rental apartment buildings aged. The lack of building maintainability considerations during project design phase as well as insufficient maintenance funds have made it difficult and costly for local governments to maintain and keep public housing properties in good shape. In order to assist the local governments in achieving and delivering sustainable public housing, this paper intends to present a developed design evaluation method to be used to evaluate the presented design schemes from property management and financial feasibility perspectives during project design phase of public housing projects. The design evaluation results, i.e. the property management and financial implications of presented design schemes that could occur later during the building operation and maintenance phase, will be reported to the client (the government) and design schemes revised consequently. It is proposed that the design evaluation be performed from two main perspectives: (1) Operation and property management perspective: Three criteria such as spatial appropriateness, people and vehicle circulation and control, property management working spaces are used to evaluate the ‘operation and PM effectiveness’ of a design scheme. (2) Financial feasibility perspective: Four types of financial analyses are performed to assess the long term financial feasibility of a presented design scheme, such as operational and rental income analysis, management fund analysis, regular operational and property management service expense analysis, capital expense analysis. The ongoing Chung-Li Public Housing Project developed by the Taoyuan City Government will be used as a case to demonstrate how the presented design evaluation method is implemented. The results of property management assessment as well as the annual operational and capital expenses of a proposed design scheme are presented.

Keywords: design evaluation method, management fund, operational and capital expenses, rental apartment buildings

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Authors: Vladimir Korovkin, Albert Park, Evgeny Kaganer

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The paper studies the second-level digital divide (the one defined by the way how digital technology is used in everyday life) between regions of the Russian Federation. The paper offers a systemic review of literature on the measurement of the digital divide; based upon this it suggests a composite Digital Life Index, that captures the complex multi-dimensional character of the phenomenon. The model of the index studies separately the digital supply and demand across seven independent dimensions providing for 14 subindices. The Index is based on Internet-borne data, a distinction from traditional research approaches that rely on official statistics or surveys. Regression analysis is used to determine the relative importance of factors like income, human capital, and policy in determining the digital divide. The result of the analysis suggests that the digital divide is driven more by the differences in demand (defined by consumer competencies) than in supply; the role of income is insignificant, and the quality of human capital is the key determinant of the divide. The paper advances the existing methodological literature on the issue and can also inform practical decision-making regarding the strategies of national and regional digital development.

Keywords: digital transformation, second-level digital divide, composite index, digital policy, regional development, Russia

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Authors: Ilhan Keskin, Hasan Bulent Kantarci

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In this study, one of the tools of Islamic financing known as “Sukuk” a non-interest bearing investment which has started to be implemented in Turkey and the world as a whole is discussed. In order to increase the vitality and efficiency of the economy, by taking lessons from the recent economic crisis new developments in the banking and investment sector are being expanded. The purpose of all investors is to obtain more revenue through the use of capital. The inability of traditional investment tools to meet the expectations of investors and the interest based financial system where one investor benefits at the expense of another there has been the need for a different, reliable and non-interest bearing financial market that is consistent with the Islamic rule. As a result an alternative and more reliable interest free financing tool “Sukuk” rental certificates covering people who are sensitive to Islamic rules, appeal to all segments, hidden remaining capital that contributes to the economy, reduce disparities in income distribution, common risk sharing system of profit and loss sharing has emerged. Today, for the structural countries by examining the state of the world market economy the applicability, enactment and future issues associated with this attractive kind of Islamic finance namely the “Sukuk” market has been explained.

Keywords: Islamic finance, islamic markets, non-interest bearing, rental certificates

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Authors: Cristian Păuna

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In the first decades of the 21st century, in the electronic trading environment, algorithmic capital investments became the primary tool to make a profit by speculations in financial markets. A significant number of traders, private or institutional investors are participating in the capital markets every day using automated algorithms. The autonomous trading software is today a considerable part in the business intelligence system of any modern financial activity. The trading decisions and orders are made automatically by computers using different mathematical models. This paper will present one of these models called Price Prediction Line. A mathematical algorithm will be revealed to build a reliable trend line, which is the base for limit conditions and automated investment signals, the core for a computerized investment system. The paper will guide how to apply these tools to generate entry and exit investment signals, limit conditions to build a mathematical filter for the investment opportunities, and the methodology to integrate all of these in automated investment software. The paper will also present trading results obtained for the leading German financial market index with the presented methods to analyze and to compare different automated investment algorithms. It was found that a specific mathematical algorithm can be optimized and integrated into an automated trading system with good and sustained results for the leading German Market. Investment results will be compared in order to qualify the presented model. In conclusion, a 1:6.12 risk was obtained to reward ratio applying the trigonometric method to the DAX Deutscher Aktienindex on 24 months investment. These results are superior to those obtained with other similar models as this paper reveal. The general idea sustained by this paper is that the Price Prediction Line model presented is a reliable capital investment methodology that can be successfully applied to build an automated investment system with excellent results.

Keywords: algorithmic trading, automated trading systems, high-frequency trading, DAX Deutscher Aktienindex

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