Search results for: combined active and reactive market

Authors: David Abad, M. Encarnación Lucas-Pérez, Antonio Minguez-Vera, José Yagüe

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We examine explicitly the relation between the gender diversity on corporate boards and the levels of information asymmetry in the stock market. Based on prior evidence that suggests that the presence of women on director boards increases the quantity and quality of public disclosure by firms, we expect firms with higher gender diversity on their boards to show lower levels of information asymmetry in the market. Using a Spanish sample for the period 2004-2009, proxies for information asymmetry estimated from high-frequency data, and a system GMM methodology, we find that the gender diversity on boards is negative associated with the level of information asymmetry in the stock market. Our findings support legislative changes implemented to increase the presence of women on boards in several European countries by providing evidence that gender diverse boards have beneficial effects on stock markets.

Keywords: corporate board, female directors, gender diversity, information asymmetry, market microstructure

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Authors: Austin Jiang, Richard M. Salmon, Nicholas W. Morrell, Wei Li

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BMP10 is highly expressed in the developing heart and plays essential roles in cardiogenesis. BMP10 deletion in mice results in embryonic lethality due to impaired cardiac development. In adults, BMP10 expression is restricted to the right atrium, though ventricular hypertrophy is accompanied by increased BMP10 expression in a rat hypertension model. However, reports of BMP10 activity in the circulation are inconclusive. In particular it is not known whether in vivo secreted BMP10 is active or whether additional factors are required to achieve its bioactivity. It has been shown that high-affinity binding of the BMP10 prodomain to the mature ligand inhibits BMP10 signaling activity in C2C12 cells, and it was proposed that prodomain-bound BMP10 (pBMP10) complex is latent. In this study, we demonstrated that the BMP10 prodomain did not inhibit BMP10 signaling activity in multiple endothelial cells, and that recombinant human pBMP10 complex, expressed in mammalian cells and purified under native conditions, was fully active. In addition, both BMP10 in human plasma and BMP10 secreted from the mouse right atrium were fully active. Finally, we confirmed that active BMP10 secreted from mouse right atrium was in the prodomain-bound form. Our data suggest that circulating BMP10 in adults is fully active and that the reported vascular quiescence function of BMP10 in vivo is due to the direct activity of pBMP10 and does not require an additional activation step. Moreover, being an active ligand, recombinant pBMP10 may have therapeutic potential as an endothelial-selective BMP ligand, in conditions characterized by loss of BMP9/10 signaling.

Keywords: bone morphogenetic protein 10 (BMP10), endothelial cell, signal transduction, transforming growth factor beta (TGF-B)

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Authors: Nyoman Wijana, Chandra Arha

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Disclosures of Intellectual Capital (IC) is a presentation of corporate information assets that are not recorded in the financial statements. This disclosures is very helpful because it provides inform corporate assets are intangible. In the new economic era, the company's intangible assets will determine company's competitive advantage. This study aimed to examine the effect of IC disclosures on market capitalization growth. Observational studies conducted over ten years in 2002-2011. The purpose of this study was to determine the effect for last ten years. One hundred samples of the company's largest market capitalization in 2011 traced back to last ten years. Data that used, are in 2011, 2008, 2005, and 2002 Method that’s used for acquiring the data is content analysis. The analytical method used is Ordinanary Least Square (OLS) and analysis tools are e views 7 This software using Pooled Least Square estimation parameters are specifically designed for panel data. The results of testing analysis showed inconsistent expression levels affect the growth of the market capitalization in each year of observation. The results of this study are expected to motivate the public company in Indonesia to do more voluntary IC disclosures and encourage regulators to make regulations in a comprehensive manner so that all categories of the IC must be disclosed by the company.

Keywords: IC disclosures, market capitalization growth, analytical method, OLS

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Authors: Shafiullah Soomro

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Active contour is one of the image segmentation techniques and its goal is to capture required object boundaries within an image. In this paper, we propose a novel image segmentation method by using an active contour method based on anisotropic diffusion feature enhancement technique. The traditional active contour methods use only pixel information to perform segmentation, which produces inaccurate results when an image has some noise or complex background. We use Perona and Malik diffusion scheme for feature enhancement, which sharpens the object boundaries and blurs the background variations. Our main contribution is the formulation of a new SPF (signed pressure force) function, which uses global intensity information across the regions. By minimizing an energy function using partial differential framework the proposed method captures semantically meaningful boundaries instead of catching uninterested regions. Finally, we use a Gaussian kernel which eliminates the problem of reinitialization in level set function. We use several synthetic and real images from different modalities to validate the performance of the proposed method. In the experimental section, we have found the proposed method performance is better qualitatively and quantitatively and yield results with higher accuracy compared to other state-of-the-art methods.

Keywords: active contours, anisotropic diffusion, level-set, partial differential equations

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Authors: Yang Wei, Xueyan Wang, Hui Zou

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Objective: Investigation the prevalence of menopausal symptoms in patients with allergic symptoms, evaluation of the effect of sex hormones combined with anti-allergic therapy in these patients. Method: Age of 45-65 years old women with allergic symptoms at the same time in gynecological-endocrinology clinic in our hospital were selected from Feb 1 to May 31, 2010, randomly. The patients were given oral estradiol valerate plus progestin pills combined with anti-allergy treatment and then evaluated twice a week and one month later. Evaluation criterion: Menopause Rating Scale (MRS) and the degree of clinical symptoms were used to evaluate menopause and allergy separately. Results: 1) There were 195 cases of patients with menopausal symptoms at the age. Their MRS were all over 15. 2) Among them 45 patients were with allergic symptom accounted for 23% which were diagnosed by allergic department. 3) Evaluated after one week: the menopausal symptoms were improved and MRS were less than or equal to 5 in all these patients; the skin symptom of allergic symptoms vanished completely. 4) Evaluated after one month: Menopause symptoms were improved steadily; other clinical symptoms of allergy were also improved or without recurrence. Conclusion: The incidence rate of menopausal women with clinical symptoms of allergic diseases is high and it needs attention. The effect of sex hormones combined with anti-allergic therapy is obvious.

Keywords: menopausal, allergy, sex hormone, anti-allergy treatment

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Authors: Farhana Arefeen Mila, Luis Emilio Morales, Nam Hoang, Sujana Adapa, Garry Griffith

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This study investigates the existence of price transmission asymmetries and imperfections among the coastal and freshwater fish species in Bangladesh. Using a Structural Vector Autoregression (SVAR) model, we explore how price changes in one fish species impact the prices of others in the retail market. Monthly data from the Department of Agricultural Marketing (DAM) covering the period from 2012 to 2023 was analyzed. Price series were detrended using the Hodrick-Prescott filter, and unit root tests confirmed stationarity after detrending. The findings indicate that there are significant interdependencies and asymmetries in price transmission, particularly the strong influence of Hilsha on the broader fish market. Hilsha’s price shocks generate immediate responses across other species, reflecting its cultural and economic importance. Silver Pomfret demonstrates some independence but is still affected by broader market fluctuations, particularly those involving Hilsha. Meanwhile, Rohu and Catla exhibit high interdependence, where price changes in one species closely impact the other, underscoring their substitutable nature in consumer preferences. These findings emphasize the need for joint interventions and market monitoring to stabilize prices effectively. Stakeholders are encouraged to monitor Hilsha’s market, consider coordinated interventions for Rohu and Catla, and establish data-sharing partnerships to enhance market stability. Additionally, promoting consumer awareness of price trends and sustainable practices can further support market resilience and long-term sustainability in the fisheries sector.

Keywords: price transmission, cross commodity, fish, Bangladesh, CCF, SVAR, IRF

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Authors: Jamileh Vasheghani Farahani

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The main purpose of this research is to show the current active faults and active tectonic of the area by three seismic networks in Tehran region: 1-Tehran Disaster Mitigation and Management Organization (TDMMO), 2-Broadband Iranian National Seismic Network Center (BIN), 3-Iranian Seismological Center (IRSC). In this study, we analyzed microearthquakes happened in Tehran city and its surroundings using the Tehran networks from 1996 to 2015. We found some active faults and trends in the region. There is a 200-year history of historical earthquakes in Tehran. Historical and instrumental seismicity show that the east of Tehran is more active than the west. The Mosha fault in the North of Tehran is one of the active faults of the central Alborz. Moreover, other major faults in the region are Kahrizak, Eyvanakey, Parchin and North Tehran faults. An important seismicity region is an intersection of the Mosha and North Tehran fault systems (Kalan village in Lavasan). This region shows a cluster of microearthquakes. According to the historical and microseismic events analyzed in this research, there is a seismic gap in SE of Tehran. The empirical relationship is used to assess the Mmax based on the rupture length. There is a probability of occurrence of a strong motion of 7.0 to 7.5 magnitudes in the region (based on the assessed capability of the major faults such as Parchin and Eyvanekey faults and historical earthquakes).

Keywords: Iran, major faults, microseismicity, Tehran

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Authors: Zizouni Khaled, Fali Leyla, Sadek Younes, Bousserhane Ismail Khalil

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In structural vibration caused principally by an earthquake excitation, the most vibration’s attenuation system used recently is the semi active control with a Magneto Rheological Damper device. This control was a subject of many researches and works in the last years. The big challenges of searchers in this case is to propose an adequate controller with a robust algorithm of current or tension adjustment. In this present paper, a linear controller is proposed to control the MR damper using to reduce a vibrations of three story structure exposed to El Centro’s 1940 and Boumerdès 2003 earthquakes. In this example, the MR damper is installed in the first floor of the structure. The numerical simulations results of the proposed linear control with a feedback law based on clipped optimal algorithm showed the feasibility of the semi active control to protecting civil structures. The comparison of the controlled structure and uncontrolled structures responses illustrate clearly the performance and the effectiveness of the simple proposed approach.

Keywords: MR damper, seismic vibration, semi-active control

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Authors: Anna M. Pretorius

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The emerging markets category for portfolio investment was introduced in 1986 in an attempt to promote capital market development in less developed countries. Investors traditionally diversified their portfolios by investing in different developed markets. However, high growth opportunities forced investors to consider emerging markets as well. Examples include the rapid growth of the “Asian Tigers” during the 1980s, growth in Latin America during the 1990s and the increased interest in emerging markets during the global financial crisis. As such, portfolio flows to emerging markets have increased substantially. In 2002 7% of all equity allocations from advanced economies went to emerging markets; this increased to 20% in 2012. The stronger links between advanced and emerging markets led to increased synchronization of asset price movements. This increased level of stock market integration for emerging markets is confirmed by various empirical studies. Against the background of increased interest in emerging market assets and the increasing level of integration of emerging markets, this paper focuses on the determinants of stock market integration of emerging market countries. Various studies have linked the level of financial market integration with specific economic variables. These variables include: economic growth, local inflation, trade openness, local investment, budget surplus/ deficit, market capitalization, domestic bank credit, domestic institutional and legal environment and world interest rates. The aim of this study is to empirically investigate to what extent trade-related determinants have an impact on stock market integration. The panel data sample include data of 16 emerging market countries: Brazil, Chile, China, Colombia, Czech Republic, Hungary, India, Malaysia, Pakistan, Peru, Philippines, Poland, Russian Federation, South Africa, Thailand and Turkey for the period 1998-2011. The integration variable for each emerging stock market is calculated as the explanatory power of a multi-factor model. These factors are extracted from a large panel of global stock market returns. Trade related explanatory variables include: exports as percentage of GDP, imports as percentage of GDP and total trade as percentage of GDP. Other macroeconomic indicators – such as market capitalisation, the size of the budget deficit and the effectiveness of the regulation of the securities exchange – are included in the regressions as control variables. An initial analysis on a sample of developed stock markets could not identify any significant determinants of stock market integration. Thus the macroeconomic variables identified in the literature are much more significant in explaining stock market integration of emerging markets than stock market integration of developed markets. The three trade variables are all statistically significant at a 5% level. The market capitalisation variable is also significant while the regulation variable is only marginally significant. The global financial crisis has highlighted the urgency to better understand the link between the financial and real sectors of the economy. This paper comes to the important finding that, apart from the level of market capitalisation (as financial indicator), trade (representative of the real economy) is a significant determinant of stock market integration of countries not yet classified as developed economies.

Keywords: emerging markets, financial market integration, panel data, trade

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Authors: Ilhem Ouelhazi, Mouna Elakhdar, Lakdar Kairouani

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A computer simulation model for a combined ejector-vapor compression cycle that uses working fluid R134a. A refrigeration system was developed which combines a basic vapor compression refrigeration cycle with an ejector cooling cycle. A one-dimensional mathematical model was developed using the equations governing the flow and thermodynamics based on the constant area ejector flow model. The effects of the operating parameters on the cooling capacity, the performance coefficient, and the entrainment ratio are studied. The current model is based on the NIST-REFPROP database for refrigerants properties calculations. The simulated performance is compared with the available experimental data from the literature for validation.

Keywords: combined refrigeration cycle, constant area ejector, R134a, ejector-cooling cycle, performance, mathematical simulation, vapor compression cycle

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Authors: Johann Valentowitsch, Wolfgang Burr

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In organizational research, strategies of exploration and exploitation are often considered to be contradictory. Building on the tradeoff argument, many authors have assumed that a company's market performance should be positively dependent on its strategic balance between exploration and exploitation over time. In this study, we apply this reasoning to the pharmaceutical industry. Using exploratory regression analysis we show that the long-term market performance of a pharmaceutical company is linked to both its ability to carry out exploratory projects and its ability to develop exploitative competencies. In particular, our findings demonstrate that, on average, the company's annual sales performance is higher the better the strategic alignment between exploration and exploitation is balanced. The contribution of our research is twofold. On the one hand, we provide empirical evidence for the initial tradeoff hypothesis and thus support the theoretical position of those who understand exploration and exploitation as strategic substitutes. On the other hand, our findings show that a balanced relationship between exploration and exploitation is also important in research-intensive industries, which naturally tend to place more emphasis on exploration.

Keywords: exploitation, exploration, market performance, pharmaceutical industry, strategy

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Authors: Ljerka Kratofil Krehula, Vanja Gilja, Andrea Husak, Sniježana Šuka, Zlata Hrnjak-Murgić

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Zinc oxide (ZnO) can be used as photocatalysts for water purification. However, one particular interest is given on the integration of inorganic ZnO nanoclusters with conducting polymers because the resulting nanocomposites may possess unique properties and enhanced photocatalytic activity in comparison to pure ZnO, using UV and also visible light. It is needed to explore the appropriate structure of polypyrrole that can induce activation of ZnO photocatalyst since the synthesis of organic/inorganic hybrid materials can result in a synergistic and complementary feature, increasing ZnO photocatalytic efficiency. In this paper several different composites of polypyrrole/zinc oxide (ZnO) were studied. Composite samples were characterized by X-ray powder diffraction (XRD), Fourier transform infrared spectroscopy (FTIR), cyclic voltammetry (CV) and scanning electron microscopy (SEM). The photocatalytic efficiency of prepared samples was studied as a decomposition of Reactive Red 45 (RR 45) dye, which was monitored by UV-Vis spectroscopy as a change in absorbance of characteristic wavelength at 542 nm. Results show good photocatalytic efficiency of all nanocomposite samples.

Keywords: photocatalysis, polypyrrole, wastewater, zinc oxide

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Authors: Bita Mashayekhi, Seyed Meisam Tabatabaie Nasab

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Intellectual capital is one of the most valuable and important parts of the intangible assets of enterprises especially in knowledge-based enterprises. With respect to increasing gap between the market value and the book value of the companies, intellectual capital is one of the components that can be placed in this gap. This paper uses the value added efficiency of the three components, capital employed, human capital and structural capital, to measure the intellectual capital efficiency of Iranian industries groups, listed in the Tehran Stock Exchange (TSE), using a 8 years period data set from 2005 to 2012. In order to analyze the effect of intellectual capital on the market-to-book value ratio of the companies, the data set was divided into 10 industries, Banking, Pharmaceutical, Metals & Mineral Nonmetallic, Food, Computer, Building, Investments, Chemical, Cement and Automotive, and the panel data method was applied to estimating pooled OLS. The results exhibited that value added of capital employed has a positive significant relation with increasing market value in the industries, Banking, Metals & Mineral Nonmetallic, Food, Computer, Chemical and Cement, and also, showed that value added efficiency of structural capital has a positive significant relation with increasing market value in the Banking, Pharmaceutical and Computer industries groups. The results of the value added showed a negative relation with the Banking and Pharmaceutical industries groups and a positive relation with computer and Automotive industries groups. Among the studied industries, computer industry has placed the widest gap between the market value and book value in its intellectual capital.

Keywords: capital employed, human capital, intellectual capital, market-to-book value, structural capital, value added efficiency

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Authors: Günther Schuh, Christina König, Toni Drescher

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One of the key factors for the competitiveness and market success of technology-driven companies is the timely provision of information about emerging technologies, changes in existing technologies, as well as relevant related changes in the market's structures and participants. Therefore, many companies conduct technology intelligence (TI) activities to ensure an early identification of appropriate technologies and other (weak) signals. One base activity of TI is technology monitoring, which is defined as the systematic tracking of developments within a specified topic of interest as well as related trends over a long period of time. Due to the very large number of dynamically changing parameters within the technological and the market environment of a company as well as their possible interdependencies, it is necessary to focus technology monitoring on specific indicators or other criteria, which are able to point out technological developments and market changes. In addition to the execution of a literature review on existing approaches, which mainly propose patent-based indicators, it is examined in this paper whether indicator systems from other branches such as risk management or economic research could be transferred to technology monitoring in order to enable an efficient and focused technology monitoring for companies.

Keywords: technology forecasting, technology indicator, technology intelligence, technology management, technology monitoring

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Authors: Iruka C. Anugwo, Winston M. Shakantu

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The objective of this study is to uncover the basic business-forces that necessitated the survival and sustainable performance of the medium scale contractors in the South African construction market. This study is essential as it set to contribute towards long-term strategic solutions for combating the incessant failure of start-ups construction organizations within South African. The study used a qualitative research methodology; as the most appropriate approach to elicit and understand, and uncover the phenomena that are basic business-forces for the active contractors in the market. The study also adopted a phenomenological study approach; and in-depth interviews were conducted with 20 medium scale contractors in Port Elizabeth, South Africa, between months of August to October 2015. This allowed for an in-depth understanding of the critical and basic business-forces that influenced their survival and performance beyond the first five years of business operation. Findings of the study showed that for potential contractors (startups), to survival in the competitive business environment such as construction industry, they must possess the basic business-forces. These forces are educational knowledge in construction and business management related disciplines, adequate industrial experiences, competencies and capabilities to delivery excellent services and products as well as embracing the spirit of entrepreneurship. Convincingly, it can be concluded that the strategic approach to minimize the endless failure of startups construction businesses; the potential construction contractors must endeavoring to access and acquire the basic educationally knowledge, training and qualification; need to acquire industrial experiences in collaboration with required competencies, capabilities and entrepreneurship acumen. Without these basic business-forces as been discovered in this study, the majority of the contractors gaining entrance in the market will find it difficult to develop and grow a competitive and sustainable construction organization in South Africa.

Keywords: basic business-forces, medium scale contractors, South Africa, sustainable organisations

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Authors: Eduardo Rodrigues, Gisela Mendes, José M. Torres, José E. Sousa

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In the sequence of the liberalisation of the electricity sector a progressive engagement of consumers has been considered and targeted by sector regulatory policies. With the objective of promoting market competition while protecting consumers interests, by transferring some of the upstream benefits to the end users while reaching a fair distribution of system costs, different market models to value consumers’ demand flexibility at the energy community level are envisioned. Local Energy and Flexibility Markets (LEFM) involve stakeholders interested in providing or procure local flexibility for community, services and markets’ value. Under the scope of DOMINOES, a European research project supported by Horizon 2020, the local market concept developed is expected to: • Enable consumers/prosumers empowerment, by allowing them to value their demand flexibility and Distributed Energy Resources (DER); • Value local liquid flexibility to support innovative distribution grid management, e.g., local balancing and congestion management, voltage control and grid restoration; • Ease the wholesale market uptake of DER, namely small-scale flexible loads aggregation as Virtual Power Plants (VPPs), facilitating Demand Response (DR) service provision; • Optimise the management and local sharing of Renewable Energy Sources (RES) in Medium Voltage (MV) and Low Voltage (LV) grids, trough energy transactions within an energy community; • Enhance the development of energy markets through innovative business models, compatible with ongoing policy developments, that promote the easy access of retailers and other service providers to the local markets, allowing them to take advantage of communities’ flexibility to optimise their portfolio and subsequently their participation in external markets. The general concept proposed foresees a flow of market actions, technical validations, subsequent deliveries of energy and/or flexibility and balance settlements. Since the market operation should be dynamic and capable of addressing different requests, either prioritising balancing and prosumer services or system’s operation, direct procurement of flexibility within the local market must also be considered. This paper aims to highlight the research on the definition of suitable DR models to be used by the Distribution System Operator (DSO), in case of technical needs, and by the retailer, mainly for portfolio optimisation and solve unbalances. The models to be proposed and implemented within relevant smart distribution grid and microgrid validation environments, are focused on day-ahead and intraday operation scenarios, for predictive management and near-real-time control respectively under the DSO’s perspective. At local level, the DSO will be able to procure flexibility in advance to tackle different grid constrains (e.g., demand peaks, forecasted voltage and current problems and maintenance works), or during the operating day-to-day, to answer unpredictable constraints (e.g., outages, frequency deviations and voltage problems). Due to the inherent risks of their active market participation retailers may resort to DR models to manage their portfolio, by optimising their market actions and solve unbalances. The interaction among the market actors involved in the DR activation and in flexibility exchange is explained by a set of sequence diagrams for the DR modes of use from the DSO and the energy provider perspectives. • DR for DSO’s predictive management – before the operating day; • DR for DSO’s real-time control – during the operating day; • DR for retailer’s day-ahead operation; • DR for retailer’s intraday operation.

Keywords: demand response, energy communities, flexible demand, local energy and flexibility markets

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Authors: Abdulrahman Abdulrahman

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A side weir is a hydraulic structure set into the side of a channel. This structure is used for water level control in channels, to divert flow from a main channel into a side channel when the water level in the main channel exceeds a specific limit and as storm overflows from urban sewerage system. Computation of water surface over the side weirs is essential to determine the flow rate of the side weir. Analytical solutions for water surface profile along rectangular side weir are available only for the special cases of rectangular and trapezoidal channels considering constant specific energy. In this paper, a rectangular side weir located in a combined (trapezoidal with exponential) channel was considered. Expanding binominal series of integer and fraction powers and the using of reduction formula of cosine function integrals, a general analytical formula was obtained for water surface profile along a side weir in a combined (trapezoidal with exponential) channel. Since triangular, rectangular, trapezoidal and parabolic cross-sections are special cases of the combined cross section, the derived formula, is applicable to triangular, rectangular, trapezoidal cross-sections as analytical solution and semi-analytical solution to parabolic cross-section with maximum relative error smaller than 0.76%. The proposed solution should be a useful engineering tool for the evaluation and design of side weirs in open channel.

Keywords: analytical solution, combined channel, exponential channel, side weirs, trapezoidal channel, water surface profile

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Authors: Victor Romanov, Daria Efimenko

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The focus on innovation in modern economy is the main factor in surviving business in a competitive environment. The innovations are based on the search and use of knowledge in a global context. Nowadays consumers and market demand are the main innovation drivers. This leads to build a business as a system with feedback, promptly restructuring production and innovation implementation in response to market demands. In modern knowledge economy, because of speed of technical progress, the product's lifecycle became much shorter, what makes more stringent requirements for innovation implementation on the enterprises of and therefore the possibility for enterprise for receiving extra income is decreasing. This circumstance imposes additional requirements for the replacement of obsolete products and the prompt release of innovative products to the market. The development of information technologies has led to the fact that only in the conditions of partnership and knowledge sharing with partners it is possible to update products quickly for innovative products. Many companies pay attention to updating innovations through the search for new partners, but the task of finding new partners presents some difficulties. The search for a suitable one includes several stages such as: determining the moment of innovation-critical, introducing a search, identifying search criteria, justifying and deciding on the choice of a partner. No less important is the question of how to manage an innovative product in response to a changing market. The article considers the problems of information support for the search for the source of innovation and partnership to decrease the time for implementation of novelty products.

Keywords: partnership, novelty, market feedback, alliance

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Authors: Hirreche Baghdad Mohamed

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Our research is linked to cultural policies because the initiation to taste and beauty is a matter for all cultural and educational institutions. It's done by a downstream process (programs, actions, lessons, etc.) that begins at a young age in order to inscribe aesthetic values in memories, imaginations, and practices. Preparing future art lovers probably takes a lot of time. Upstream, continuity is ensured by the "cultural industries" which make cultural products available to actors in the "art market" through professional training, production, dissemination, and sales processes. It turns out that the cultural industries borrow from the "classical" industries the same processes and logic: product, production, marketing, diffusion, profit and profits, supply and demand, the market, the creation of wealth, the entrepreneurship. Today, culture has become a product almost like the others. In the cultural industries system, we protect the rights of authors (owners) and the rights of intermediaries (entrepreneurs of culture), and we provide consumers with an accessible product that meets their needs and expectations. We aim to present an inventory and to reveal, through the speeches of the actors themselves, the processes and modes of operation and deployment of the plastic arts market by showing how it is perceived, imagined, and lived in the city of 'Oran from the 2000s to the present day. However, it is possible to clarify this field of research by looking at previous periods; and even to make comparisons with other regions in Algeria in order to give meaning to practices in various contexts.

Keywords: Oran, Algeria, fine art, art market

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Authors: Shu-Hui Chuang, Shao-Chun Chiu, Shu-Hsin Chuang

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While the marketing management literature is regarding the direct benefits of market orientation (MO) on firm value, the impact of such MO-based value co-creation remains largely an unexplored area of research. Thus, the primary objective of this study is to provide some new perspectives in examining how MO can enhance value co-creation for customers and sellers. In particular, drawing from the relational view of the firm and IT literature, we propose that the chain of MO-based co-creation of value and how adopt e-marketing systems between partners can facilitate this chain. Using data on use of the e-marketing system, we empirically validate that the sellers’ integrated MO is critical in increasing the e-marketing adoption, which in turn helps to creation co-creation value for both parties.

Keywords: market orientation, value co-creation, e-marketing system, relational view of the firm

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Authors: Zexiao Zheng, Irene M. C. Lo

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Organic pollutants, ammonia, and bacteria are major contaminants in sewage, which may adversely impact ecosystems without proper treatment. Conventional wastewater treatment plants (WWTPs) are operated to remove these contaminants from sewage but suffer from high carbon emissions and are powerless to remove emerging organic pollutants (EOPs). Herein, we have developed a low operational carbon emissions multifunctional photoelectrochemical (PEC) system for saline sewage treatment to simultaneously remove organic compounds, ammonia, and bacteria, coupled with H2 evolution. A reduced BiVO4 (r-BiVO4) with improved PEC properties due to the construction of oxygen vacancies and V4+ species was developed for the multifunctional PEC system. The PEC/r-BiVO4 process could treat saline sewage to meet local WWTPs’ discharge standard in 40 minutes at 2.0 V vs. Ag/AgCl and completely degrade carbamazepine (one of the EOPs), coupled with significant evolution of H2. A remarkable reduction in operational carbon emissions was achieved by the PEC/r-BiVO4 process compared with large-scale WWTPs, attributed to the restrained direct carbon emissions from the generation of greenhouse gases. Mechanistic investigation revealed that the PEC system could activate chloride ions in sewage to generate reactive chlorine species and facilitate •OH production, promoting contaminants removal. The PEC system exhibited operational feasibility at different pH and total suspended solids concentrations and has outstanding reusability and stability, confirming its promising practical potential. The study combined the simultaneous removal of three major contaminants from saline sewage and H2 evolution in a single PEC process, demonstrating a viable approach to supplementing and extending the existing wastewater treatment technologies. The study generated profound insights into the in-situ activation of existing chloride ions in sewage for contaminants removal and offered fundamental theories for applying the PEC system in sewage remediation with low operational carbon emissions. The developed PEC system can fit well with the future needs of wastewater treatment because of the following features: (i) low operational carbon emissions, benefiting the carbon neutrality process; (ii) higher quality of the effluent due to the elimination of EOPs; (iii) chemical-free in the operation of sewage treatment; (iv) easy reuse and recycling without secondary pollution.

Keywords: contaminants removal, H2 evolution, multifunctional PEC system, operational carbon emissions, saline sewage treatment, r-BiVO4 photoanodes

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Authors: Benjamin Bobbia, Matthias Picard

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In recent years active learning methodologies based on the representativity of the data seems more promising to limit overfitting. The presented query methodology for regression using the Wasserstein distance measuring the representativity of our labelled dataset compared to the global distribution. In this work a crucial use of GroupSort Neural Networks is made therewith to draw a double advantage. The Wasserstein distance can be exactly expressed in terms of such neural networks. Moreover, one can provide explicit bounds for their size and depth together with rates of convergence. However, heterogeneity of the dataset is also considered by weighting the Wasserstein distance with the error of approximation at the previous step of active learning. Such an approach leads to a reduction of overfitting and high prediction performance after few steps of query. After having detailed the methodology and algorithm, an empirical study is presented in order to investigate the range of our hyperparameters. The performances of this method are compared, in terms of numbers of query needed, with other classical and recent query methods on several UCI datasets.

Keywords: active learning, Lipschitz regularization, neural networks, optimal transport, regression

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Authors: Konstantinos Kottikas, Vlasis Stathakopoulos, Ioannis G. Theodorakis, Efthymia Kottika

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Theorists have argued that Market Orientation is comprised of two facets, namely the Market Driven and the Market Driving components. The present theoretical paper centers on the latter, which to date has been notably under-investigated. The term Market Driving (MD) pertains to influencing the structure of the market, or the behavior of market players in a direction that enhances the competitive edge of the firm. Presently, the main objectives of the paper are the specification of key antecedents and outcomes of Market Driving behavior. Market Driving firms behave proactively, by leading their customers and changing the rules of the game rather than by responding passively to them. Leading scholars were the first to conceptually conceive the notion, followed by some qualitative studies and a limited number of quantitative publications. However, recently, academicians noted that research on the topic remains limited, expressing a strong necessity for further insights. Concerning the key antecedents, top management’s Transformational Leadership (i.e. the form of leadership which influences organizational members by aligning their values, goals and aspirations to facilitate value-consistent behaviors) is one of the key drivers of MD behavior. Moreover, scholars have linked the MD concept with Entrepreneurship. Finally, the role that Employee’s Creativity plays in the development of MD behavior has been theoretically exemplified by a stream of literature. With respect to the key outcomes, it has been demonstrated that MD Behavior positively triggers firm Performance, while theorists argue that it empowers the Competitive Advantage of the firm. Likewise, researchers explicate that MD Behavior produces Radical Innovation. In order to test the robustness of the proposed theoretical framework, a combination of qualitative and quantitative methods is proposed. In particular, the conduction of in-depth interviews with distinguished executives and academicians, accompanied with a large scale quantitative survey will be employed, in order to triangulate the empirical findings. Given that it triggers overall firm’s success, the MD concept is of high importance to managers. Managers can become aware that passively reacting to market conditions is no longer sufficient. On the contrary, behaving proactively, leading the market, and shaping its status quo are new innovative approaches that lead to a paramount competitive posture and Innovation outcomes. This study also exemplifies that managers can foster MD Behavior through Transformational Leadership, Entrepreneurship and recruitment of Creative Employees. To date, the majority of the publications on Market Orientation is unilaterally directed towards the responsive (i.e. the Market Driven) component. The present paper further builds on scholars’ exhortations, and investigates the Market Driving facet, ultimately aspiring to conceptually integrate the somehow fragmented scientific findings, in a holistic framework.

Keywords: entrepreneurial orientation, market driving behavior, market orientation

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Authors: Abdelmounaim Lahrech, Hajar Bousfiha

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This paper examines equity market integration between Morocco and France and its consequent implications on international portfolio diversification. In the absence of stock market linkages, Morocco can act as a diversification destination to European investors, allowing higher returns at a comparable level of risk in developed markets. In contrast, this attractiveness is limited if both financial markets show significant linkage. The research empirically measures financial market’s integration in by capturing the conditional correlation between the two markets using the Generalized Autoregressive Conditionally Heteroscedastic (GARCH) model. Then, the research uses the Dynamic Conditional Correlation (DCC) model of Engle (2002) to track the correlations. The research findings show that there is no important increase over the years in the correlation between the Moroccan and the French equity markets, even though France is considered Morocco’s first trading partner. Failing to prove evidence of the stock index linkage between the two countries, the volatility series of each market were assumed to change over time separately. Yet, the study reveals that despite the important historical and economic linkages between Morocco and France, there is no evidence that equity markets follow. The small correlations and their stationarity over time show that over the 10 years studied, correlations were fluctuating around a stable mean with no significant change at their level. Different explanations can be attributed to the absence of market linkage between the two equity markets.

Keywords: equity market linkage, DCC GARCH, international portfolio diversification, Morocco, France

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Authors: Ekta Pandey

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The Indian Pharmaceutical Industry is ranked third largest by volume and fourteenth by value. It thus accounts for 10% of world’s production by volume and 1.5% by value according to Department of Pharmaceuticals, Government of India. The industry has shown phenomenal growth over past few years, moving from US $ 1 billion turnover in 1990 to a turnover of around US $30 billion in 2015. The Indian pharmaceutical sector is ranked seventeenth in terms of export value of active pharmaceutical ingredients and dosage forms to more than 200 countries around the globe. It has shown tremendous changes especially after Trade Related Aspects of Intellectual Property Rights (TRIPS) agreement. Recognizing the immense potential for growth and its direct impact on Indian economy, it is important to look up the industrial policies adopted since Indian independence which turnaround the Indian pharmaceutical industry. A systematic review of changes in market structure of Indian pharmaceutical industry due to shift in policy regimes is done from 1850 to 2015 using secondary peer reviewed published research work. The aim is to understand the impact of anti-trust laws, intellectual property rights, industry competition acts and regulations are quite crucial in determining effective economic policy and have overall lasting effects on international trade and ties. The proposed paper examines the position of Indian domestic firms relative to multinational pharmaceutical firms tries to throw some light on the growth curve of Indian pharmaceutical sector.

Keywords: active pharmaceutical ingredients, competition act, pharmaceutical industry, TRIPS

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Authors: D. Shakirah Shukor, A. Aminudin, Hashim U. A., Waziralilah N. Fathiah, T. Vikneshvaran

Abstract:

The interior noise control is essential to be explored due to the interior acoustic analysis is significant in the systems such as automobiles, aircraft, air-handling system and diesel engine exhausts system. In this research, experimental work was undertaken for canceling an active noise in the rectangular enclosure. The rectangular enclosure was fabricated with multiple speakers and microphones inside the enclosure. A software program using digital signal processing is implemented to evaluate the proposed method. Experimental work was conducted to obtain the acoustic behavior and characteristics of the rectangular enclosure and noise cancellation based on active noise control in low-frequency range. Noise is generated by using multispeaker inside the enclosure and microphones are used for noise measurements. The technique for noise cancellation relies on the principle of destructive interference between two sound fields in the rectangular enclosure. One field is generated by the original or primary sound source, the other by a secondary sound source set up to interfere with, and cancel, that unwanted primary sound. At the end of this research, the result of output noise before and after cancellation are presented and discussed. On the basis of the findings presented in this research, an active noise cancellation in the rectangular enclosure is worth exploring in order to improve the noise control technologies.

Keywords: active noise control, digital signal processing, noise cancellation, rectangular enclosure

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Authors: Nurzahidah Haji Jaapar, Anis Husna Abdul Halim, Mohd Faiz Mohamed Yusof, Mohd Dani Muhamad, Sharifah Fadylawaty Syed Abdullah

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The growing size of Muslim is recognised with significant increasing of purchasing power in the market. The realm of trade and business has embedded religious values as the new market segments are emerging in offering food products to meet needs and demands of Muslim consumer. The emergence of new market in food industry, advertising is charged with all sort of negative effects includes promoting controversial unsafety and harmful products, wasteful spending and exploiting women and kids. Therefore, this research attempts to examine between previous examinations of advertising standardisation in ancient era and current practices in the market. This paper is based on content analysis of the literature. The results show that there are a bridge gap between the implementation of practices as the advent in industrial 4.0 in using digital advertising by food industry. Thus, this paper is able to recognize the differences between two era and significant in determining the best practices in advertising by following Islamic principles.

Keywords: Islamic advertising, unethical advertising, ethical advertising, Islamic principles

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Authors: Abdulrahman Abdulrahman

Abstract:

Critical depth meters, such as abroad crested weir, Venture Flume and combined control flume are standard devices for measuring flow in open channels. The discharge relation for these devices cannot be solved directly, but it needs iteration process to account for the approach velocity head. In this paper, analytical solution was developed to calculate the discharge in a combined critical depth-meter namely, a hump combined with lateral contraction in rectangular channel with subcritical approach flow including energy losses. Also analytical formulae were derived for approach velocity head coefficient for different types of critical depth meters. The solution was derived by solving a standard cubic equation considering energy loss on the base of trigonometric identity. The advantage of this technique is to avoid iteration process adopted in measuring flow by these devices. Numerical examples are chosen for demonstration of the proposed solution.

Keywords: broad crested weir, combined control meter, control structures, critical flow, discharge measurement, flow control, hydraulic engineering, hydraulic structures, open channel flow

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Authors: Kalinga Jagoda

Abstract:

With changing population demographics and consumer preferences, specialty crops present significant opportunities for Ontario agri-businesses to develop niche markets. However, the greater rewards offered by such opportunities come with comparable challenges that are driven by specific productmarket attributes, as well as supply and demand-side factors, including certain risks. Thus, initiatives to promote and support such sectors need to be informed by an understanding of the impact of these product-market and industry specific factors on supply chain development. To this end, this project proposes to map selected specialty crops supply chains, using a suite of tested methodological approaches to evaluate their market potential, considering total supply chain costs, lead times and responsiveness. The project will deliver comprehensive supply chain maps identifying the points of value addition and value capture that are of benefit to key stakeholders for the purposes of developing policy interventions, conducting market appraisals and identifying industry best practices.

Keywords: supply chain management, hazelnut industry, supply chain maps, market opportunity

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Authors: Heesu Kim

Abstract:

This paper determines the varieties of state roles played in East Asia’s telecommunication market, regarding broadband industry. Technological capacity and the relationship between state and market affect the varieties of state role. In explaining the state’s engagement in the market, technology has always been considered as a necessary and sufficient condition. However technology variable has been useful in only explaining the extent of state’s involvement. This paper contributes by bringing in the political-economic factor, which is the relationship between state and market. This factor aids in distinguishing the varieties of state role played in emerging industries. Interaction between these two variables distinguishes 4 types of state roles played in the broadband industry. These roles are distinguished and characterized by the intensity of state’s intervention and the existence of technological capacity. This paper classifies four types of state role through the case of Singapore, China, Taiwan and Korea’s broadband industrial policy.

Keywords: East Asia, entrpreneurial state, industrial policy, regulatory state, technological capacity

Procedia PDF Downloads 174