Search results for: efficient market hypothesis
8658 Overcoming the Problems Affecting Drip Irrigation System through the Design of an Efficient Filtration and Flushing System
Authors: Stephen A. Akinlabi, Esther T. Akinlabi
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The drip irrigation system is one of the important areas that affect the livelihood of farmers directly. The use of drip irrigation system has been the most efficient system compared to the other types of irrigations systems because the drip irrigation helps to save water and increase the productivity of crops. But like any other system, it can be considered inefficient when the filters and the emitters get clogged while in operation. The efficiency of the entire system is reduced when the emitters are clogged and blocked. This consequently impact and affect the farm operations which may result in scarcity of farm products and increase the demand. This design work focuses on how to overcome some of the challenges affecting drip irrigation system through the design of an efficient filtration and flushing system.Keywords: drip irrigation system, filters, soil texture, mechanical engineering design, analysis
Procedia PDF Downloads 3748657 Merchants’ Attitudes towards Tourism Development in Mahane Yehuda Market: A Case Study
Authors: Rotem Mashkov, Noam Shoval
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In an age when a tourist’s gaze is more focused on the daily lives of locals, it is evident that local food markets are being rediscovered. Traditional urban markets succeed in reinventing themselves as a space for consumption, recreation, and culture, enabling authentic experiences and interpersonal interactions with the local culture. Alongside this, the pressure of tourism development may result in commercialization and retail gentrification to the point of losing the sense of local identity. The issue of finding a balance between tourism development and the preservation of unique local features is at the heart of this study and is being tested using the case of the Mahane Yehuda market in Jerusalem. The research question—how merchants respond to tourism development in the Mahane Yehuda food market— focuses on local traders, a group of players who are usually absent from the research arenas, although they influence tourism development as well as influenced by it. Three main research methods were integrated into this study. The first two methods, a survey of articles survey and comparative mapping of the business mix, were used to characterize the changes in the Mahane Yehuda market both consciously and physically. The third research method, involving in-depth interviews with merchants, was used to examine the traders' attitudes and responses to tourism development. The findings indicate that there has been a turnaround in the market image over the past decade and a half. Additionally, there has been a significant physical change in the business mix, reflected by a decline of 15% in the number of stalls selling food products and delicacies. The data from the interviews on the traders’ attitudes towards tourism development were inconclusive; there were disagreements among the traders about the economic contribution of tourism development in relation to their dependence on the tourism industry. However, there was a consensus on the need for authentic elements in the marketplace. The findings of the study also indicate a strong link between the merchants’ response to tourism development and their stall ownership status as the merchant could exercise their position in various ways depending on the possession type.Keywords: business mix, Jerusalem, local food markets, Mahane Yehuda market, merchants’ attitude, ownership status, retail gentrification, tourism development, traditional urban markets
Procedia PDF Downloads 1278656 The Relationship between Market Orientation, Human Resource Management, Adoption of Information Communication Technology, Performance of Small and Medium Enterprises and Mediating Cash Management
Authors: Azizah Hashim, Rohana Ngah
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Transformation of Economic Development is aimed to transform Malaysia to become a high-income developed nation with a knowledge-based economy by 2020. To achieve this national agenda, the country needs to further strengthen its economic development, growth and well-being. Therefore, this study aspires to examine the relationship between market orientation, human resource management and adoption of information communication technology and SMEs performance and cash management as a mediator. This study will employ quantitative approaches. Questionnaires will be distributed to managers and owners in service sectors. The data collected will be analyzed using SPSS and Structural Equation Modelling. Resource Based Theory (RBT) adopts as an integral part of management literature that explains the performance of organizations through building resources and implement of their strategies.Keywords: small medium enterprises (SMEs), market orientation, human resource management, adoption of information communication technology
Procedia PDF Downloads 2728655 The Impact of International Financial Reporting Standards (IFRS) Adoption on Performance’s Measure: A Study of UK Companies
Authors: Javad Izadi, Sahar Majioud
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This study presents an approach of assessing the choice of performance measures of companies in the United Kingdom after the application of IFRS in 2005. The aim of this study is to investigate the effects of IFRS on the choice of performance evaluation methods for UK companies. We analyse through an econometric model the relationship of the dependent variable, the firm’s performance, which is a nominal variable with the independent ones. Independent variables are split into two main groups: the first one is the group of accounting-based measures: Earning per share, return on assets and return on equities. The second one is the group of market-based measures: market value of property plant and equipment, research and development, sales growth, market to book value, leverage, segment and size of companies. Concerning the regression used, it is a multinomial logistic regression performed on a sample of 130 UK listed companies. Our finding shows after IFRS adoption, and companies give more importance to some variables such as return on equities and sales growth to assess their performance, whereas the return on assets and market to book value ratio does not have as much importance as before IFRS in evaluating the performance of companies. Also, there are some variables that have no impact on the performance measures anymore, such as earning per share. This article finding is empirically important for business in subjects related to IFRS and companies’ performance measurement.Keywords: performance’s Measure, nominal variable, econometric model, evaluation methods
Procedia PDF Downloads 1358654 Energy Efficient Alternate Hydraulic System Called TejHydroLift
Authors: Tejinder Singh
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This paper describes a new more efficient Hydraulic System which uses lesser work to produce more output. Conventional Hydraulic System like Hydraulic Lifts and Rams use lots of water to be pumped to produce output. TejHydroLift will do the equal amount of force with lesser input of water. The paper will show that force applied can be increased manifold without requiring to move smaller force by more distance which used to be required in Conventional Hydraulic Lifts. The paper describes one of the configurations of TejHydroLift System called “Slim Antenna TejHydroLift Configuration”. The TejHydroLift uses lesser water and hence demands lesser work to be performed to move the same load.Keywords: alternate, hydraulic system, efficient, TejHydroLift
Procedia PDF Downloads 2558653 Optimal Portfolio Selection under Treynor Ratio Using Genetic Algorithms
Authors: Imad Zeyad Ramadan
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In this paper a genetic algorithm was developed to construct the optimal portfolio based on the Treynor method. The GA maximizes the Treynor ratio under budget constraint to select the best allocation of the budget for the companies in the portfolio. The results show that the GA was able to construct a conservative portfolio which includes companies from the three sectors. This indicates that the GA reduced the risk on the investor as it choose some companies with positive risks (goes with the market) and some with negative risks (goes against the market).Keywords: oOptimization, genetic algorithm, portfolio selection, Treynor method
Procedia PDF Downloads 4388652 The Characteristics of a Fair and Efficient Tax Auditing Information System as a Tool against Tax Evasion: A Theoretical Framework
Authors: Dimitris Balios, Stefanos Tantos
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Economic growth and social evolution are connected to trust relationships in a society. The quality of the accounting information, the tax information system and the tax audit mechanism evolve multiple benefits in an economy. Tax evasion, the illegal practice where people and companies do not pay taxes, is a crime because of the negative effect in economy and society. In this paper, we describe a theoretical framework on the characteristics of a fair and efficient tax auditing information system which could be a tool against tax evasion, a tool for an economy to grow, especially in countries that face fluctuations in economic activity. We conclude that a fair and efficient tax auditing information system increases the reliability of tax administration, improves taxpayers’ tax compliance and causes a developmental trajectory for the economy.Keywords: auditing information system, auditing mechanism, tax evasion, taxation
Procedia PDF Downloads 1458651 Rate of Profit as a Pricing Benchmark in Islamic Banking to Create Financial Stability
Authors: Trisiladi Supriyanto
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Although much research has been done on the pricing benchmark both in terms of fiqh or Islamic economic perspective, but no substitution for the concept of interest (rate of interest) up to now in the application of Islamic Banking because some of the jurists from the middle east even allow the use of a benchmark rate such as LIBOR (London Interbank Offered Rate) as a measure of Islamic financial asset prices, so in other words, they equate the concept of rate of interest with the concept of rate of profit, which is the core reason (raison detre) for the replacement of usury as instructed in the Quran. This study aims to find the concept of rate of profit on Islamic banking that can create economic justice and stability in Islamic Banking and Capital market. Rate of profit that creates economic justice and stability can be achieved through its role in maintaining the stability of the financial system in which there is an equitable distribution of income and wealth. To determine the role of the rate of profit as the basis of the sharing system implemented in the Islamic financial system, we can see the connection of rate of profit in creating financial stability, especially in the asset-liability management of financial institutions that generate a stable net margin or the rate of profit that is not affected by the ups and downs of the market risk factors including indirect effect on interest rates. Furthermore, Islamic financial stability can be seen from the role of the rate of profit on the stability of the Islamic financial assets that are measured from the Islamic financial asset price volatility in Islamic Bond Market in Capital Market.Keywords: Rate of profit, economic justice, stability, equitable distribution of income, equitable distribution of wealth
Procedia PDF Downloads 3988650 Language and the Politics of Feminism through the Lens of Ba’s ‘So Long a Letter’ and Alkali’s ‘The Stillborn’
Authors: Jummai Aliyu Mohammed
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The Sapir-Whorfian hypothesis postulates that the structure of a language determines the way in which species of that language view the world. It also states that the culture of a people finds reflection in their language. Consequently language becomes a vehicle of thought; a channel through which negative stereotypes of women is created and also one through which such images are dispelled. Women are generally portrayed as weaker vessels and inferior to men; a position which draws a counter reaction from women through their writings. In their writings, they attempt to reinvent womanhood and liberate the woman from the hitherto negative light they were portrayed. This position best describes the term feminism which argues that women be given equal rights in all spheres of life as men. This paper attempts to evaluate Ba’s ‘So Long a Letter’ and Alkali’s ‘The Stillborn’ with the view to identify the relationship between language and feminism. In evaluating this relationship, the paper concludes that there are several factors responsible for the variation in the speech pattern of male and female. All of these factors favour the male gender and further condemns the woman to oppression. Although the writers come from two different cultural backgrounds, the works amplify feminism and captured them as apostles of feminism.Keywords: feminism, language, politics, Sapir-Whorfian hypothesis
Procedia PDF Downloads 1678649 Audit Committee Financial Expertise and Financial Reporting Timeliness in Emerging Market: The Role of Audit Committee Chair
Authors: Saeed Rabea Baatwah, Zalailah Salleh, Norsiah Ahmad
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This study examines whether audit committee chair with financial expertise enhances the audit committee role in financial reporting quality in emerging market. We investigate this influence by employing the direct effect and moderating effect of audit committee chair with financial expertise on financial reporting timeliness. By using Omani data and the panel data method for two proxies for financial reporting timeliness, we find that audit committee chair with financial expertise enhances the timeliness of financial reporting through making the disclosure of annual reports timely. Further, we report evidence showing that both accounting and non-accounting financial expertise on the audit committee have a positive and significant influence on the timeliness of financial reporting. We also document that the association between financial expertise and the timeliness of financial reporting is more pronounced when the chair of the audit committee has financial expertise. This study is among the first to comprehensively prove that audit committee chair with financial expertise contributes to the quality of financial reporting in emerging market.Keywords: audit committee, chair with financial expertise, timeliness of financial reporting, Oman
Procedia PDF Downloads 2638648 Rental Housing May Address Affordable Housing Deficiency in India
Authors: Meha Singla, Shankhadeep Chaudhuri, Yadunandan Batchu
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Rental Housing is a more cost effective and flexible housing solution for the low income families than home-ownership. While India is undergoing a new industrial metamorphosis with multiple government initiatives that emphasise on the growth of manufacturing sector through policy frameworks and corridor development proposals, there is going to be a huge influx of low-income working population to the upcoming urban centres. As per stats, about 70 per cent of the housing demand at these centres fall into the affordable segment. And in the midst of this rapid urbanisation and huge immigration of young population, there is a lack of proper rental housing framework in the country. A large number of immigrants will be unable to support home-ownership thereby leading to proliferation of slums in urban centres. As a result, there is a dire need for immediate articulation of a comprehensive rental housing policy and affordable housing initiatives. In this paper, CommonFloor attempts to analyse successful rental housing case studies of the world followed by establishing a correlation between the gap in urban rental housing stock and the per capita income statistics to devise rental housing affordability specific to major Indian cities (Delhi, Mumbai, Bangalore, Chennai). Further, with the corroboration of market price trends, it will try to locate feasible micro-markets for immediate rental housing action. Final research findings will provide key data points thereby helping to design the approach for efficient utilisation of unsold residential inventory in the country in order to compensate the rental housing deficiency. This data set is believed to express viable model(s) of the rental housing approach for the government and private participants.Keywords: housing prices, migration of population, real estate, rental housing, rental markets, residential property market, urbanisation
Procedia PDF Downloads 2988647 Student Debt Loans and Labor Market Outcomes: A Lesson in Unintended Consequences
Authors: Sun-Ki Choi
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The U.S. student loan policy was initiated to improve the equality of educational opportunity and help low-income families to provide higher education opportunities for their children. However, with the increase in the average student loan amount, college graduates with student loans experience problems and restrictions in their early-career choices. This study examines the early career labor market choices of college graduates who obtained student loans to finance their higher education. In this study, National Survey of College Graduates (NSCG) data for 2017 and 2019 was used to estimate the effects of student loans on the employment status and current job wages of graduates with student loans. In the analysis, two groups of workers, those with student loans and those without loans, were compared. Using basic models and Mahalanobis distance matching, it was found that graduates who rely on student loans to finance their education are more likely to participate in the labor market than those who do not. Moreover, in entry-level jobs, graduates with student loans receive lower salaries than those without student loans. College graduates make job-related decisions based on their current and future wages and fringe benefits. Graduates with student loans tend to demonstrate risk-averse behaviors due to their financial restrictions. Thus, student loan debt creates inequity in the early-career labor market for college graduates. Furthermore, this study has implications for policymakers and researchers in terms of the student loan policy.Keywords: student loan, wage differential, unintended consequences, mahalanobis distance matching
Procedia PDF Downloads 1098646 An Application of Fuzzy Analytical Network Process to Select a New Production Base: An AEC Perspective
Authors: Walailak Atthirawong
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By the end of 2015, the Association of Southeast Asian Nations (ASEAN) countries proclaim to transform into the next stage of an economic era by having a single market and production base called ASEAN Economic Community (AEC). One objective of the AEC is to establish ASEAN as a single market and one production base making ASEAN highly competitive economic region and competitive with new mechanisms. As a result, it will open more opportunities to enterprises in both trade and investment, which offering a competitive market of US$ 2.6 trillion and over 622 million people. Location decision plays a key role in achieving corporate competitiveness. Hence, it may be necessary for enterprises to redesign their supply chains via enlarging a new production base which has low labor cost, high labor skill and numerous of labor available. This strategy will help companies especially for apparel industry in order to maintain a competitive position in the global market. Therefore, in this paper a generic model for location selection decision for Thai apparel industry using Fuzzy Analytical Network Process (FANP) is proposed. Myanmar, Vietnam and Cambodia are referred for alternative location decision from interviewing expert persons in this industry who have planned to enlarge their businesses in AEC countries. The contribution of this paper lies in proposing an approach model that is more practical and trustworthy to top management in making a decision on location selection.Keywords: apparel industry, ASEAN Economic Community (AEC), Fuzzy Analytical Network Process (FANP), location decision
Procedia PDF Downloads 2338645 Statistical Approach to Identify Stress and Biases Impairing Decision-Making in High-Risk Industry
Authors: Ph. Fauquet-Alekhine
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Decision-making occurs several times an hour when working in high risk industry and an erroneous choice might have undesirable outcomes for people and the environment surrounding the industrial plant. Industrial decisions are very often made in a context of acute stress. Time pressure is a crucial stressor leading decision makers sometimes to boost up the decision-making process and if it is not possible then shift to the simplest strategy. We thus found it interesting to update the characterization of the stress factors impairing decision-making at Chinon Nuclear Power Plant (France) in order to optimize decision making contexts and/or associated processes. The investigation was based on the analysis of reports addressing safety events over the last 3 years. Among 93 reports, those explicitly addressing decision-making issues were identified. Characterization of each event was undertaken in terms of three criteria: stressors, biases impairing decision making and weaknesses of the decision-making process. The statistical analysis showed that biases were distributed over 10 possibilities among which the hypothesis confirmation bias was clearly salient. No significant correlation was found between criteria. The analysis indicated that the main stressor was time pressure and highlights an unexpected form of stressor: the trust asymmetry principle of the expert. The analysis led to the conclusion that this stressor impaired decision-making from a psychological angle rather than from a physiological angle: it induces defensive bias of self-esteem, self-protection associated with a bias of confirmation. This leads to the hypothesis that this stressor can intervene in some cases without being detected, and to the hypothesis that other stressors of the same kind might occur without being detected too. Further investigations addressing these hypotheses are considered. The analysis also led to the conclusion that dealing with these issues implied i) decision-making methods being well known to the workers and automated and ii) the decision-making tools being well known and strictly applied. Training was thus adjusted.Keywords: bias, expert, high risk industry, stress.
Procedia PDF Downloads 1038644 Employment Discrimination on Civil Servant Recruitment
Authors: Li Lei, Jia Jidong
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Employment right is linked to the people’s livelihood in our society. As a most important and representative part in the labor market, the employment of public servants is always taking much attention. But the discrimination in the employment of public servants has always existed and, to become a controversy in our society. The paper try to discuss this problem from four parts as follows: First, the employment of public servants has a representative status in our labor market. The second part is about the discrimination in the employment of public servants. The third part is about the right of equality and its significance. The last part is to analysis the legal predicament about discrimination in the employment of public servants in China.Keywords: discrimination, employment of public servants, right of labor, law
Procedia PDF Downloads 3978643 Efficient Control of Brushless DC Motors with Pulse Width Modulation
Authors: S. Shahzadi, J. Rizk
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This paper describes the pulse width modulated control of a three phase, 4 polar DC brushless motor. To implement this practically the Atmel’s AVR ATmega 328 microcontroller embedded on an Arduino Eleven board is utilized. The microcontroller programming is done in an open source Arduino IDE development environment. The programming logic effectively manipulated a six MOSFET bridge which was used to energize the stator windings as per control requirements. The results obtained showed accurate, precise and efficient pulse width modulated operation. Another advantage offered by this pulse width modulated control was the efficient speed control of the motor. By varying the time intervals between successive commutations, faster energizing of the stator windings was possible thereby leading to quicker rotor alignment with these energized phases and faster revolutions.Keywords: brushless DC motors, commutation, MOSFET, PWM
Procedia PDF Downloads 5038642 Self-Efficacy and Self-Worth of Elderly in Geriatric Institutions
Authors: Melasurej C. Francisco, Sophia D. Rusit
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Old age is a record of one’s own life; this is the crucial phase for most. However, there are individuals who believe that old people retain self-efficacy and self-worth throughout their existence. Geriatric institutions focus on the health of elderly, in which they have been supported with medicines and therapies by clinician thus, indicating that these may suffice physical, emotional, and mental health of the elderly. This study focuses on (1) Describing the level or degree of self-efficacy; (2) Recognizing the extent of self-worth; (3) Determining the significant relationship between self-efficacy and self-worth. It is a mixed method design. A combination of correlational research and in-depth interview. Purposive sampling technique was used to select participants, considering that this assay focused on elderly in geriatric institutions, it follows that respondents and participants are at least sixty years of age and must be living inside the institution. 121 senior citizens took part in this study. Scores from both General Self-Efficacy Scale (GSE) and Rosenberg Self-Esteem Scale (RSES) showed varying levels of self-efficacy and self-worth. SE had μ=28.099, σ=6.6262, σ²=43.9067 while; SW had μ=14.9669, σ=5.3789, σ²28.9322 which denotes that rₒbₜ (121)=0.3164 is higher than rcᵢₜ which is 0.150. Although this exhibits the positive moderate correlation between SE and SW, the relationship between variables is weak. Likewise, the pᵥₐₗᵤₑ (pᵥₐₗᵤₑ=0.000406) is lower than the significance level alpha=0.01, thus, rejecting the null hypothesis, and accepting the alternative hypothesis.Keywords: elderly, geriatric, self-efficacy, self-worth
Procedia PDF Downloads 2958641 Role of Music in the Mainstream Educational Curriculum: A Study in the Light of Noble Laureate Rabindranath Tagore's Educational Philosophy
Authors: Tripti Watwe
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Music or art of any country is its national heritage and represents the cultural personality of that region. Noble Laureate Rabindranath Tagore through his international educational endeavour called ‘Visva-Bharati’ established this concept that music can very much be a part of the mainstream education of a country because the purpose of both music and education is to bring in transformation in an individual. An individual with musical veins is more focused and meditative towards his or her goal in life. That is why in Tagore’s Visva-Bharati, one can observe even the brightest brains from various fields of economics, science, social sciences or literature equally verbal and efficient in Rabindra songs which the poet created under his own name.Tagore established this phenomenon that music if made a part of education and life, brings in profound transformation in the character and over-all personality of a person giving better and responsible citizens to a nation. It is expected that this hypothesis that music and education can be a nectarine combination can be established and proved with the help of various recorded observations containing Tagore’s educational philosophy, his experiments in his own institution ‘Visva-Bharati’ and through recorded research materials which have been gathered during the author’s field work in Visva-Bharati.Keywords: Rabindranath Tagore, Visva-Bharati, education, music, philosophy
Procedia PDF Downloads 2898640 Analyzing the Prospects and Challenges in Implementing the Legal Framework for Competition Regulation in Nigeria
Authors: Oluchukwu P. Obioma, Amarachi R. Dike
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Competition law promotes market competition by regulating anti-competitive conduct by undertakings. There is a need for a third party to regulate the market for efficiency and supervision, since, if the market is left unchecked, it may be skewed against the consumers and the economy. Competition law is geared towards the protection of consumers from economic exploitation. It is the duty of every rational government to optimally manage its economic system by employing the best regulatory practices over the market to ensure it functions effectively and efficiently. The Nigerian government has done this by enacting the Federal Competition and Consumer Protection Act, 2018 (FCCPA). This is a comprehensive legal framework with the objective of governing competition issues in Nigeria. Prior to its enactment, the competition law regime in Nigeria was grossly inadequate despite Nigeria being the biggest economy in Africa. This latest legislation has become a bold step in the right direction. This study will use the doctrinal methodology in analyzing the FCCPA, 2018 in order to discover the extent to which the Act will guard against anti-competitive practices and promote competitive markets for the benefit of the Nigerian economy and consumers. The study finds that although the FCCPA, 2018 provides for the regulation of competition in Nigeria, there is a need to effectively tackle the challenges to the implementation of the Act and the development of anti-trust jurisprudence in Nigeria. This study concludes that incisive implementation of competition law in Nigeria will help protect consumers and create a conducive environment for economic growth, development, and protection of consumers from obnoxious competition practices.Keywords: anti-competitive practices, competition law, competition regulation, consumer protection.
Procedia PDF Downloads 1698639 Quo Vadis, European Football: An Analysis of the Impact of Over-The-Top Services in the Sports Rights Market
Authors: Farangiz Davranbekova
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Subject: The study explores the impact of Over-the-Top services in the sports rights market, focusing on football games. This impact is analysed in the big five European football markets. The research entails how the pay-TV market is combating the disruptors' entry, how the fans are adjusting to these changes and how leagues and football clubs are orienting in the transitional period of more choice. Aims and methods: The research aims to offer a general overview of the impact of OTT players in the football rights market. A theoretical framework of Jenkins’ five layers of convergence is implemented to analyse the transition the sports rights market is witnessing from various angles. The empirical analysis consists of secondary research data as and seven expert interviews from three different clusters. The findings are bound by the combination of the two methods offering general statements. Findings: The combined secondary data as well as expert interviews, conducted on five layers of convergence found: 1. Technological convergence presents that football content is accessible through various devices with innovative digital features, unlike the traditional TV set box. 2. Social convergence demonstrates that football fans multitask using various devices on social media when watching the games. These activities are complementary to traditional TV viewing. 3. Cultural convergence points that football fans have a new layer of fan engagement with leagues, clubs and other fans using social media. Additionally, production and consumption lines are blurred. 4. Economic convergence finds that content distribution is diversifying and/or eroding. Consumers now have more choices, albeit this can be harmful to them. Entry barriers are decreased, and bigger clubs feel more powerful. 5. Global convergence shows that football fans are engaging with not only local fans but with fans around the world that social media sites enable. Recommendation: A study on smaller markets such as Belgium or the Netherlands would benefit the study on the impact of OTT. Additionally, examination of other sports will shed light on this matter. Lastly, once the direct-to-consumer model is fully taken off in Europe, it will be of importance to examine the impact of such transformation in the market.Keywords: sports rights, OTT, pay TV, football
Procedia PDF Downloads 1478638 Practical Application of Business Processes Simulation
Authors: M. Gregušová, V. Schindlerová, I. Šajdlerová, P. Mohyla, J. Kedroň
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Company managers are always looking for more and more opportunities to succeed in today's fiercely competitive market. Maintain your place among the successful companies on the market today or come up with a revolutionary business idea; it is much more difficult than before. Each new or improved method, tools, or the approach that can improve the functioning of business processes or even the entire system is worth checking and verification. The use of simulation in the design of manufacturing systems and their management in practice is one of the ways without increased risk to find the optimal parameters of manufacturing processes and systems. The paper presents an example of using simulation to solve the bottleneck problem in concrete company.Keywords: practical applications, business processes, systems, simulation
Procedia PDF Downloads 6338637 The Role of Risk Attitudes and Networks on the Migration Decision: Empirical Evidence from the United States
Authors: Tamanna Rimi
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A large body of literature has discussed the determinants of migration decision. However, the potential role of individual risk attitudes on migration decision has so far been overlooked. The research on migration literature has studied how the expected income differential influences migration flows for a risk neutral individual. However, migration takes place when there is no expected income differential or even the variability of income appears as lower than in the current location. This migration puzzle motivates a recent trend in the literature that analyzes how attitudes towards risk influence the decision to migrate. However, the significance of risk attitudes on migration decision has been addressed mostly in a theoretical perspective in the mainstream migration literature. The efficient outcome of labor market and overall economy are largely influenced by migration in many countries. Therefore, attitudes towards risk as a determinant of migration should get more attention in empirical studies. To author’s best knowledge, this is the first study that has examined the relationship between relative risk aversion and migration decision in US market. This paper considers movement across United States as a means of migration. In addition, this paper also explores the network effect due to the increasing size of one’s own ethnic group to a source location on the migration decision and how attitudes towards risk vary with network effect. Two ethnic groups (i.e. Asian and Hispanic) have been considered in this regard. For the empirical estimation, this paper uses two sources of data: 1) U.S. census data for social, economic, and health research, 2010 (IPUMPS) and 2) University of Michigan Health and Retirement Study, 2010 (HRS). In order to measure relative risk aversion, this study uses the ‘Two Sample Two-Stage Instrumental Variable (TS2SIV)’ technique. This is a similar method of Angrist (1990) and Angrist and Kruegers’ (1992) ‘Two Sample Instrumental Variable (TSIV)’ technique. Using a probit model, the empirical investigation yields the following results: (i) risk attitude has a significantly large impact on migration decision where more risk averse people are less likely to migrate; (ii) the impact of risk attitude on migration varies by other demographic characteristics such as age and sex; (iii) people with higher concentration of same ethnic households living in a particular place are expected to migrate less from their current place; (iv) the risk attitudes on migration vary with network effect. The overall findings of this paper relating risk attitude, migration decision and network effect can be a significant contribution addressing the gap between migration theory and empirical study in migration literature.Keywords: migration, network effect, risk attitude, U.S. market
Procedia PDF Downloads 1608636 Twitter Ego Networks and the Capital Markets: A Social Network Analysis Perspective of Market Reactions to Earnings Announcement Events
Authors: Gregory D. Saxton
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Networks are everywhere: lunch ties among co-workers, golfing partnerships among employees, interlocking board-of-director connections, Facebook friendship ties, etc. Each network varies in terms of its structure -its size, how inter-connected network members are, and the prevalence of sub-groups and cliques. At the same time, within any given network, some network members will have a more important, more central position on account of their greater number of connections or their capacity as “bridges” connecting members of different network cliques. The logic of network structure and position is at the heart of what is known as social network analysis, and this paper applies this logic to the study of the stock market. Using an array of data analytics and machine learning tools, this study will examine 17 million Twitter messages discussing the stocks of the firms in the S&P 1,500 index in 2018. Each of these 1,500 stocks has a distinct Twitter discussion network that varies in terms of core network characteristics such as size, density, influence, norms and values, level of activity, and embedded resources. The study’s core proposition is that the ultimate effect of any market-relevant information is contingent on the characteristics of the network through which it flows. To test this proposition, this study operationalizes each of the core network characteristics and examines their influence on market reactions to 2018 quarterly earnings announcement events.Keywords: data analytics, investor-to-investor communication, social network analysis, Twitter
Procedia PDF Downloads 1118635 Analysis of Organizational Factors Effect on Performing Electronic Commerce Strategy: A Case Study of the Namakin Food Industry
Authors: Seyed Hamidreza Hejazi Dehghani, Neda Khounsari
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Quick growth of electronic commerce in developed countries means that developing nations must change in their commerce strategies fundamentally. Most organizations are aware of the impact of the Internet and e-Commerce on the future of their firm, and thus, they have to focus on organizational factors that have an effect on the deployment of an e-Commerce strategy. In this situation, it is essential to identify organizational factors such as the organizational culture, human resources, size, structure and product/service that impact an e-commerce strategy. Accordingly, this research specifies the effects of organizational factors on applying an e-commerce strategy in the Namakin food industry. The statistical population of this research is 95 managers and employees. Cochran's formula is used for determination of the sample size that is 77 of the statistical population. Also, SPSS and Smart PLS software were utilized for analyzing the collected data. The results of hypothesis testing show that organizational factors have positive and significant effects of applying an e-Commerce strategy. On the other hand, sub-hypothesizes show that effectiveness of the organizational culture and size criteria were rejected and other sub-hypothesis were accepted.Keywords: electronic commerce, organizational factors, attitude of managers, organizational readiness
Procedia PDF Downloads 2748634 Islamic Banks and the Most Important Contemporary Challenges
Authors: Mahmood Mohammed Abdulsattar Aljumaili
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Praise be to Allah and peace and blessings be upon the Messenger of Allah. Islamic banks have not only made a lot of great achievements in a short period, but they imposed themselves in the global market, not to mention the transformation of some conventional interest-based banks to Islamic banks to the large demand on them, this transformation has pushed the Dow Jones Global Foundation to develop a new economic indicator released it (the Dow Jones Islamic market) for those who wish to invest in Islamic financial institutions. The success of Islamic financial institutions today face significant and serious challenges, that embody the serious consequences created by the current events on Islamic banking industry. This modest study, deals with these serious challenges facing the Islamic banking industry, and reflected on the success recorded in the previous period. The study deals with four main topics: The emergence of Islamic banks, the goals of Islamic banks, International challenges facing Islamic banks, internal challenges facing Islamic banks, and finally it touches on, (Basel 1-2) Agreement and its implications for Islamic banks.Keywords: Islamic banks, Basel 1-2 agreement, most important contemporary challenges, islamic banking industry, Dow Jones Islamic market
Procedia PDF Downloads 4938633 Nexus between Energy, Environment and Economic Growth: Sectoral Analysis from Pakistan
Authors: Muhammad Afzal, Muhammad Sajjad
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Climate change has become a global environmental challenge and it has affected the world’s economy. Its impact is widespread across all major sectors of the economy i.e. agriculture, industry, and services sectors. This study attempts to measure the long run as well as the short-run dynamic between energy; environment and economic growth by using Autoregressive Distributed Lag (ARDL) bound testing approach at aggregate as well as sectoral level. We measured the causal relationship between electricity consumption, fuel consumption, CO₂ emission, and real Gross Domestic Product (GDP) for the period of 1980 to 2016 for Pakistan. Our co-integration results reveal that all the variables are co-integrated at aggregate as well as at sectoral level. Electricity consumption shows two-way casual relation at for industry, services and aggregate level. The inverted U-Curve hypothesis tested the relationship between greenhouse gas emissions and per capita GDP and results supported the Environment Kuznet Curve (EKC) hypothesis. This study cannot ignore the importance of energy for economic growth but prefers to focus on renewable and green energy to pave on the trajectory of development.Keywords: climate change, economic growth, energy, environment
Procedia PDF Downloads 1598632 Contagion of the Global Financial Crisis and Its Impact on Systemic Risk in the Banking System: Extreme Value Theory Analysis in Six Emerging Asia Economies
Authors: Ratna Kuswardani
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This paper aims to study the impact of recent Global Financial Crisis (GFC) on 6 selected emerging Asian economies (Indonesia, Malaysia, Thailand, Philippines, Singapore, and South Korea). We first figure out the contagion of GFC from the US and Europe to the selected emerging Asian countries by studying the tail dependence of market stock returns between those countries. We apply the concept of Extreme Value Theory (EVT) to model the dependence between multiple returns series of variables under examination. We explore the factors causing the contagion between the regions. We find dependencies between markets that are influenced by their size, especially for large markets in emerging Asian countries that tend to have a higher dependency to the market in the more advanced country such as the U.S. and some countries in Europe. The results also suggest that the dependencies between market returns and bank stock returns in the same region tend to be higher than dependencies between these returns across two different regions. We extend our analysis by studying the impact of GFC on the systemic in the banking system. We also find that larger institution has more dependencies with the market stock, suggesting that larger size bank can cause disruption in the market. Further, the higher probability of extreme loss can be seen during the crisis period, which is shown by the non-linear dependency between the pre-crisis and the post-crisis period. Finally, our analysis suggests that systemic risk appears in the domestic banking systems in emerging Asia, as shown by the extreme dependencies within banks in the system. Overall, our results provide caution to policy makers and investors alike on the possible contagion of the impact of global financial crisis across different markets.Keywords: contagion, extreme value theory, global financial crisis, systemic risk
Procedia PDF Downloads 1468631 Analyzing Impacts of Road Network on Vegetation Using Geographic Information System and Remote Sensing Techniques
Authors: Elizabeth Malebogo Mosepele
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Road transport has become increasingly common in the world; people rely on road networks for transportation purpose on a daily basis. However, environmental impact of roads on surrounding landscapes extends their potential effects even further. This study investigates the impact of road network on natural vegetation. The study will provide baseline knowledge regarding roadside vegetation and would be helpful in future for conservation of biodiversity along the road verges and improvements of road verges. The general hypothesis of this study is that the amount and condition of road side vegetation could be explained by road network conditions. Remote sensing techniques were used to analyze vegetation conditions. Landsat 8 OLI image was used to assess vegetation cover condition. NDVI image was generated and used as a base from which land cover classes were extracted, comprising four categories viz. healthy vegetation, degraded vegetation, bare surface, and water. The classification of the image was achieved using the supervised classification technique. Road networks were digitized from Google Earth. For observed data, transect based quadrats of 50*50 m were conducted next to road segments for vegetation assessment. Vegetation condition was related to road network, with the multinomial logistic regression confirming a significant relationship between vegetation condition and road network. The null hypothesis formulated was that 'there is no variation in vegetation condition as we move away from the road.' Analysis of vegetation condition revealed degraded vegetation within close proximity of a road segment and healthy vegetation as the distance increase away from the road. The Chi Squared value was compared with critical value of 3.84, at the significance level of 0.05 to determine the significance of relationship. Given that the Chi squared value was 395, 5004, the null hypothesis was therefore rejected; there is significant variation in vegetation the distance increases away from the road. The conclusion is that the road network plays an important role in the condition of vegetation.Keywords: Chi squared, geographic information system, multinomial logistic regression, remote sensing, road side vegetation
Procedia PDF Downloads 4258630 Information Processing and Visual Attention: An Eye Tracking Study on Nutrition Labels
Authors: Rosa Hendijani, Amir Ghadimi Herfeh
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Nutrition labels are diet-related health policies. They help individuals improve food-choice decisions and reduce intake of calories and unhealthy food elements, like cholesterol. However, many individuals do not pay attention to nutrition labels or fail to appropriately understand them. According to the literature, thinking and cognitive styles can have significant effects on attention to nutrition labels. According to the author's knowledge, the effect of global/local processing on attention to nutrition labels have not been previously studied. Global/local processing encourages individuals to attend to the whole/specific parts of an object and can have a significant impact on people's visual attention. In this study, this effect was examined with an experimental design using the eye-tracking technique. The research hypothesis was that individuals with local processing would pay more attention to nutrition labels, including nutrition tables and traffic lights. An experiment was designed with two conditions: global and local information processing. Forty participants were randomly assigned to either global or local conditions, and their processing style was manipulated accordingly. Results supported the hypothesis for nutrition tables but not for traffic lights.Keywords: eye-tracking, nutrition labelling, global/local information processing, individual differences
Procedia PDF Downloads 1508629 The Superior Performance of Investment Bank-Affiliated Mutual Funds
Authors: Michelo Obrey
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Traditionally, mutual funds have long been esteemed as stand-alone entities in the U.S. However, the prevalence of the fund families’ affiliation to financial conglomerates is eroding this striking feature. Mutual fund families' affiliation with financial conglomerates can potentially be an important source of superior performance or cost to the affiliated mutual fund investors. On the one hand, financial conglomerates affiliation offers the mutual funds access to abundant resources, better research quality, private material information, and business connections within the financial group. On the other hand, conflict of interest is bound to arise between the financial conglomerate relationship and fund management. Using a sample of U.S. domestic equity mutual funds from 1994 to 2017, this paper examines whether fund family affiliation to an investment bank help the affiliated mutual funds deliver superior performance through private material information advantage possessed by the investment banks or it costs affiliated mutual fund shareholders due to the conflict of interest. Robust to alternative risk adjustments and cross-section regression methodologies, this paper finds that the investment bank-affiliated mutual funds significantly outperform those of the mutual funds that are not affiliated with an investment bank. Interestingly the paper finds that the outperformance is confined to holding return, a return measure that captures the investment talent that is uninfluenced by transaction costs, fees, and other expenses. Further analysis shows that the investment bank-affiliated mutual funds specialize in hard-to-value stocks, which are not more likely to be held by unaffiliated funds. Consistent with the information advantage hypothesis, the paper finds that affiliated funds holding covered stocks outperform affiliated funds without covered stocks lending no support to the hypothesis that affiliated mutual funds attract superior stock-picking talent. Overall, the paper findings are consistent with the idea that investment banks maximize fee income by monopolistically exploiting their private information, thus strategically transferring performance to their affiliated mutual funds. This paper contributes to the extant literature on the agency problem in mutual fund families. It adds to this stream of research by showing that the agency problem is not only prevalent in fund families but also in financial organizations such as investment banks that have affiliated mutual fund families. The results show evidence of exploitation of synergies such as private material information sharing that benefit mutual fund investors due to affiliation with a financial conglomerate. However, this research has a normative dimension, allowing such incestuous behavior of insider trading and exploitation of superior information not only negatively affect the unaffiliated fund investors but also led to an unfair and unleveled playing field in the financial market.Keywords: mutual fund performance, conflicts of interest, informational advantage, investment bank
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