Search results for: stock market microstructure

Authors: Hotlan Siagian, Hatane Semuel, Wilma Laura Sahetapy

Abstract:

This study aims at examining the effect of market orientation on marketing performance through product adaptation strategy. The population of the research is domestic leather craft companies located in five regions, the center of the leather craft industry in Indonesia, i.e., Central Java, East Java, South Sulawesi, Bali, and West Kalimantan. The respondent consists of a manager level from each company. Data collection used a questionnaire designed with five-item Likert scale. Collected data were analyzed using structural equation modeling (SEM) technique with SmartPLS software version 3.0 to examine the hypotheses. The result of the study shows that all hypotheses are supported. Market orientation affects marketing performance. Market orientation affects product adaptation strategy. Product adaptation strategy influences the marketing performance. The research also has revealed the main finding that product adaptation strategy contributes to a mediating role in the market orientation strategy and marketing performance relationship. The leather craft companies in Indonesia, therefore, may refer to this result in improving their marketing performance.

Keywords: leather craft industry, market orientation, marketing performance, product adaptation strategy

Procedia PDF Downloads 358

Authors: Yusuf Emirov, Abdullatif Hakami, Prasanta K Biswas, Elias K Stefanakos, Sesha S Srinivasan

Abstract:

This study is aimed to develop microencapsulated thermochromic materials and the analysis of core-shell formation using high resolution electron microscopy. The candidate metal oxides (e.g., titanium oxide and silicon oxide) used for the microencapsulation of thermochromic materials are based on the microemulsion route that involves the micelle formation using different surfactants. The effectiveness of the core-shell microstructure formationrevealed the influence of surfactants and the metal oxide precursor concentrations. Additionally, a detailed thermal and color chromic behavior of these core-shell microcapsules are evaluated with the pristine thermochromic dye particles.

Keywords: core-shell thermochromic materials, core-shell microstructure formation, thermal and color chromic behavior of core-shell microcapsules, development micro-capsulated thermochromic materials

Procedia PDF Downloads 156

Authors: Siri Marthe Arbo, Afaf Saai, Sture Sørli, Mette Nedreberg

Abstract:

This work aims to establish a reliable approach for optimizing a Laser Metal Deposition (LMD) process for a critical maritime component, based on the material properties and structural performance required by the maritime industry. The component of interest is a water jet impeller, for which specific requirements for material properties are defined. The developed approach is based on the assessment of the effects of LMD process parameters on microstructure and material performance of standard AM 2205 duplex stainless steel powder. Duplex stainless steel offers attractive properties for maritime applications, combining high strength, enhanced ductility and excellent corrosion resistance due to the specific amounts of ferrite and austenite. These properties are strongly affected by the microstructural characteristics in addition to microstructural defects such as porosity and welding defects, all strongly influenced by the chosen LMD process parameters. In this study, the influence of deposition speed and heat input was evaluated. First, the influences of deposition speed and heat input on the microstructure characteristics, including ferrite/austenite fraction, amount of porosity and welding defects, were evaluated. Then, the achieved mechanical properties were evaluated by standard testing methods, measuring the hardness, tensile strength and elongation, bending force and impact energy. The measured properties were compared to the requirements of the water jet impeller. The results show that the required amounts of ferrite and austenite can be achieved directly by the LMD process without post-weld heat treatments. No intermetallic phases were observed in the material produced by the investigated process parameters. A high deposition speed was found to reduce the ductility due to the formation of welding defects. An increased heat input was associated with reduced strength due to the coarsening of the ferrite/austenite microstructure. The microstructure characterizations and measured mechanical performance demonstrate the great potential of the LMD process and generate a valuable database for the optimization of the LMD process for duplex stainless steels.

Keywords: duplex stainless steel, laser metal deposition, process optimization, microstructure, mechanical properties

Procedia PDF Downloads 216

Authors: P. Kanakasabapathy, S. Radhika

Abstract:

In the competitive electricity market environment, the profit of the pumped-storage plant in the energy market can be maximized by operating it as a generator, when market clearing price is high and as a pump, to pump water from lower reservoir to upper reservoir, when the price is low. An optimal self-scheduling plan has been developed for a pumped-storage plant, carried out on weekly basis in order to maximize the profit of the plant, keeping into account of all the major uncertainties such as the sudden ancillary service delivery request and the price forecasting errors. For a pumped storage power plant to operate in a real time market successive self-scheduling has to be done by considering the forecast of the day-ahead market and the modified reservoir storage due to the ancillary service request of the previous day. Sliding Window Technique has been used for successive self-scheduling to ensure profit for the plant.

Keywords: ancillary services, BPSO, power system economics, self-scheduling, sliding window technique

Procedia PDF Downloads 399

Authors: Marwa Sahnoun, Chokri Abdennadher

Abstract:

This article comes, very timely, to look at the effectiveness of active labor market policies (ALMP) in improving labor market outcomes. Using panel data estimates for 19 European countries during the period 2000-2012, this article showed the role of institutional factors, especially the role of employment policies implementation based on three variables: the allocation of resources for the implementation of policies, continuity and timing in the implementation of policies to capture their effectiveness on the labor market. Empirical results shows favor effect of training, employment incentives, sheltered employment and rehabilitation and direct job creation on the entire population employment growth. Results shows also that start-up incentives seems to be more effective in increasing employment than other types of policies. Importantly, two aspects are important in terms of implementation: public expenditure on program administration, e.g. (PES) watches the most favorable aspect and the continuity of policies implemented.

Keywords: active labor market policies, implementation, public expenditure on program administration, start-up incentives, training

Procedia PDF Downloads 398

Authors: H. Ahmed, A. Persson, L. Sundqvist, B. Biorkman

Abstract:

Numerous amounts of metallurgical dusts and sludge containing iron as well as some other valuable elements such as Zn, Pb and C are annually produced in the steelmaking industry. These alternative iron ore resources (fines) with unsatisfying physical and metallurgical properties are difficult to recycle. However, agglomerating these fines to be further used as a feed stock for existing iron and steel making processes is practiced successfully at several plants but for limited extent. In the present study, briquettes of integrated steelmaking industry waste materials (namely, BF-dust and sludge, BOF-dust and sludge) were used as feed stock to produce direct reduced iron (DRI). Physical and metallurgical properties of produced briquettes were investigated by means of TGA/DTA/QMS in combination with XRD. Swelling, softening and melting behavior were also studied using heating microscope.

Keywords: iron and steel wastes, recycling, self-reducing briquettes, thermogravimetry

Procedia PDF Downloads 396

Authors: Maher Agi, Hardik Soni

Abstract:

This paper presents a deterministic model for optimized control of the inventory of a perishable product subject to both physical deterioration and degradation of its freshness condition. The demand for the product depends on its current inventory level and freshness condition. Our model allows for any positive amount of end of cycle inventory. Some useful conditions that characterize the optimal solution of the model are derived and an algorithm is presented for finding the optimal values of the price, the inventory cycle, the end of cycle inventory level and the order quantity. Numerical examples are then given. Our work shows how the product freshness in conjunction with the inventory deterioration affects the inventory management decisions.

Keywords: inventory management, lot sizing, perishable products, deteriorating inventory, age-dependent demand, stock-dependent demand

Procedia PDF Downloads 232

Authors: Linda Kauškale, Ineta Geipele

Abstract:

Due to the rapidly changing external environment, portfolio management strategies became closely interconnected with real estate industry development and macroeconomic development tendencies. The aim of the research is to analyze sustainable real estate market development influencing factors, with particular focus on its economic and management aspects that influences real estate investment decisions as well. Scientific literature and article analysis, data analysis, expert evaluation, and other quantitative and qualitative research methods were used in the research. Developed real estate market sustainability model and index analysis approach can be applied by investors and real estate companies in real estate asset management and can help in risk minimization activities in international entrepreneurship. Future research directions have been identified in the research as well.

Keywords: indexes, investment decisions, real estate market, sustainability

Procedia PDF Downloads 357

Authors: Su-Ping Liu, Yue Tian, Yifan Shen

Abstract:

This study investigates the effect of corporate governance on earnings management when firms have reported a long stream of earnings increases (hereafter referred to as earnings beaters). We expect that good quality of corporate governance decreases the probability of income-increasing earnings management. We employ transparent tools to capture firms’ opportunistic management behavior, specifically, the repurchase of stock. In addition, we use corporate governance proxies to measure the degree of corporate governance, including board size, board independence, CEO duality, and the frequency of meeting. The results hold after the controlling of variables that suggested in prior literature. We expect that the simple technique, that is, firms’ degree of corporate governance, to be used as an inexpensive first step in detecting earnings management.

Keywords: corporate governance, earnings management, earnings patterns, stock repurchase

Procedia PDF Downloads 174

Authors: Gurmail Singh

Abstract:

Effective supply chain is the main priority of every organization which is the outcome of strategic corporate investments with deliberate management action. Value-driven supply chain is defined through development, procurement and by configuring the appropriate resources, metrics and processes. However, responsiveness of the supply chain can be improved by proper coordination. So the Bullwhip effect (BWE) and Net stock amplification (NSAmp) values were anticipated and used for the control of inventory in organizations by both discrete wavelet transform-Artificial neural network (DWT-ANN) and Adaptive Network-based fuzzy inference system (ANFIS). This work presents a comparative methodology of forecasting for the customers demand which is non linear in nature for a multilevel supply chain structure using hybrid techniques such as Artificial intelligence techniques including Artificial neural networks (ANN) and Adaptive Network-based fuzzy inference system (ANFIS) and Discrete wavelet theory (DWT). The productiveness of these forecasting models are shown by computing the data from real world problems for Bullwhip effect and Net stock amplification. The results showed that these parameters were comparatively less in case of discrete wavelet transform-Artificial neural network (DWT-ANN) model and using Adaptive network-based fuzzy inference system (ANFIS).

Keywords: bullwhip effect, hybrid techniques, net stock amplification, supply chain flexibility

Procedia PDF Downloads 127

Authors: Ioannis P. Panapakidis, Marios N. Moschakis

Abstract:

The Greek Energy Market is structured as a mandatory pool where the producers make their bid offers in day-ahead basis. The System Operator solves an optimization routine aiming at the minimization of the cost of produced electricity. The solution of the optimization problem leads to the calculation of the System Marginal Price (SMP). Accurate forecasts of the SMP can lead to increased profits and more efficient portfolio management from the producer`s perspective. Aim of this study is to provide a comparative analysis of various machine learning models such as artificial neural networks and neuro-fuzzy models for the prediction of the SMP of the Greek market. Machine learning algorithms are favored in predictions problems since they can capture and simulate the volatilities of complex time series.

Keywords: deregulated energy market, forecasting, machine learning, system marginal price

Procedia PDF Downloads 214

Authors: Seyedeh Afsoon Mohseni

Abstract:

The importance of the approach to the poverty definition is revealed regarding to it’s effect on the nature of planning poverty alleviation programs. This research employs the capability deprivation approach to alleviate rural poverty and seeks to develop herb’s market to alleviate capability poverty with an NGO’s intervene, Komak charity foundation. This research has employed qualitative approach; the data were collected through field observations, review of documents and interviews. Subsequently they were analyses by thematic analysis method. According to the findings, Komak charity can provide the least sustenance of the rural poor and alleviate capability poverty emergence through Herb’s market development of the village. Employing the themes, the market development is planned in two phases of empirical production and product development. Komak charity can intervene as a facilitator by providing micro credits, cooperative and supervising. Furthermore, planning on education and raising participation are prerequisites for the efficiency of the plan.

Keywords: capability poverty, Herb's market development, NGO, Komak charity foundation

Procedia PDF Downloads 438

Authors: Azad Hussain, Andrew Cobley

Abstract:

The demand for lightweight parts with high mechanical strength(s) and integrity, in sectors such as the aerospace and automotive is ever increasing, motivated by the need for weight reduction in order to increase fuel efficiency with components usually manufactured using a high grade primary metal or alloy. For components manufactured using the squeeze casting process, this alloy is usually A356 aluminium (Al), it is one of the most versatile Al alloys; and is used extensively in castings for demanding environments. The A356 castings provide good strength to weight ratio making it an attractive option for components where strength has to be maintained, with the added advantage of weight reduction. In addition, the versatility in castabilitiy, weldability and corrosion resistance are other attributes that provide for the A356 cast alloy to be used in a large array of industrial applications. Conversely, it is rare to use remelted Al in these cases, due the nature of the applications of components in demanding environments, were material properties must be defined to meet certain specifications for example a known strength or ductility. However the use of remelted Al, especially primary grade Al such as A356, would offer significant cost and energy savings for manufacturers using primary alloys, provided that remelted aluminium can offer similar benefits in terms of material microstructure and mechanical properties. This study presents the results of the material microstructure and properties of 100% primary A356 Al and 100% remelt Al cast, manufactured via the direct squeeze cast method. The microstructures of the castings made from remelted A356 Al were then compared with the microstructures of primary A356 Al. The outcome of using remelting Al on the microstructure was examined via different analytical techniques, optical microscopy of polished and etched surfaces, and scanning electron microscopy. Microstructural analysis of the 100% remelted Al when compared with primary Al show similar α-Al phase, primary Al dendrites, particles and eutectic constituents. Mechanical testing of cast samples will elucidate further information as to the suitability of utilising 100% remelt for casting.

Keywords: A356, microstructure, remelt, squeeze casting

Procedia PDF Downloads 207

Authors: Nada Souissi, Mourad Mroua

Abstract:

The main purpose of this study is to examine the interaction between financial asset volatility, economic factors and investor's behavioral indicators related to both the company's and the markets stocks for the period from January 2000 to January2020. Using multiple linear regression and Bayesian Networks modeling, results show a positive and negative relationship between investor's psychology index, economic factors and predicted stock market return. We reveal that the application of the Bayesian Discrete Network contributes to identify the different cause and effect relationships between all economic, financial variables and psychology index.

Keywords: Financial asset return predictability, Economic factors, Investor's psychology index, Bayesian approach, Probabilistic networks, Parametric learning

Procedia PDF Downloads 148

Authors: Reinhard Neck, Guido Schäfer

Abstract:

In this paper, we explore the macroeconomic effects of the European Single Market on Austria by simulating the McKibbin-Sachs Global Model. Global interdependence and the impact of long-run effects on short-run adjustments are taken into account. We study the sensitivity of the results with respect to different assumptions concerning monetary and fiscal policies for the countries and regions of the world economy. The consequences of different assumptions about budgetary policies in Austria are also investigated. The simulation results are contrasted with ex-post evaluations of the actual impact of Austria’s membership in the Single Market. As a result, it can be concluded that the Austrian participation in the European Single Market entails considerable long-run gains for the Austrian economy with nearly no adverse side-effects on any macroeconomic target variable.

Keywords: macroeconomics, European Union, simulation, sensitivity analysis

Procedia PDF Downloads 276

Authors: Mehari Kahsay, Krishna Murthy Kyathegowda, Temesgen Berhanu

Abstract:

Aluminum matrix composites have gained focus on research and industrial use, especially those not requiring extreme loading or thermal conditions, for the last few decades. Their relatively low cost, simple processing and attractive properties are the reasons for the widespread use of aluminum matrix composites in the manufacturing of automobiles, aircraft, military, and sports goods. In this article, the microstructure, mechanical, and corrosion behaviors of the aluminum metal matrix were reviewed, focusing on the stir casting fabrication process and usage of agro/industrial waste reinforcement particles. The results portrayed that mechanical properties like tensile strength, ultimate tensile strength, hardness, percentage of elongation, impact, and fracture toughness are highly dependent on the amount, kind, and size of reinforcing particles. Additionally, uniform distribution, wettability of reinforcement particles, and the porosity level of the resulting composite also affect the mechanical and corrosion behaviors of aluminum matrix composites. The two-step stir-casting process resulted in better wetting characteristics, a lower porosity level, and a uniform distribution of particles with proper handling of process parameters. On the other hand, the inconsistent and contradicting results on corrosion behavior regarding monolithic and hybrid aluminum matrix composites need further study.

Keywords: microstructure, mechanical behavior, corrosion, aluminum matrix composite

Procedia PDF Downloads 69

Authors: Michael Regev, Shai Essel, Alexander Katz-Demyanetz

Abstract:

Magnesium alloys are characterized by good physical properties: They exhibit high strength, are lightweight and have good damping absorption and good thermal and electrical conductivity. Amorphous magnesium alloys, moreover, exhibit higher strength, hardness and a large elastic domain in addition to having excellent corrosion resistance. These above-mentioned advantages make magnesium based metallic glasses attractive for industrial use. Among the various existing magnesium alloys, Mg₆₅Cu₂₅Y₁₀ alloy is known to be one of the best glass formers. In the current study, Mg₆₅Cu₂₅Y₁₀ ribbons were produced by melt spinning, their microstructure was investigated in its as-cast condition, after pressing under 0.5 GPa for 5 minutes under different temperatures - RT, 500C, 1000C, 1500C and 2000C - and after five minute exposure to the above temperatures without pressing. The microstructure was characterized by means of X-ray Diffraction (XRD), Differential Scanning Calorimetry (DSC), High Resolution Scanning Electron Microscope (HRSEM) and High Resolution Transmission Electron Microscopy (HRTEM). XRD and DSC studies showed that the as-cast material had an amorphous character and that the material crystallized during exposure to temperature with or without applying stress. HRTEM revealed that the as-cast Mg65Cu25Y10, although known to be one of the best glass formers, is nano-crystalline rather than amorphous. The current study casts light on the question what an amorphous alloy is and whether there is any clear borderline between amorphous and nano-crystalline alloys.

Keywords: metallic glass, magnesium, melt spinning, amorphous alloys

Procedia PDF Downloads 232

Authors: Murat Sarı, Emin Gundogar, Mumtaz Ipek

Abstract:

Nowadays, in a furniture sector, competition of market share (portion) and production variety and changeability enforce the firm to reengineer operations on manufacturing line to increase the productivity. In this study, spring mattress manufacturing line of the furniture manufacturing firm is analyzed analytically. It’s intended to search and find the bottlenecks of production to balance the semi-finished material flow. There are four base points required to investigate in bottleneck elimination process. These are bottlenecks of Method, Material, Machine and Man (work force) resources, respectively. Mentioned bottlenecks are investigated and varied scenarios are created for recruitment of manufacturing system. Probable near optimal alternatives are determined by system models built in Arena simulation software.

Keywords: bottleneck search, buffer stock, furniture sector, simulation

Procedia PDF Downloads 356

Authors: Zilin Zhang

Abstract:

Agent-based simulation has become a popular method of exploring the behavior of all kinds of urban systems. The city clearly is viewed as such a system. Many urban evolution processes, such as the development or the transaction of a piece of land, can be modeled with a set of rules. Such modeling approaches can be used to gain insight into urban-development and land market transactions in the real world. Our work contributes to such type of research by modeling the transactions of lands in a city and its surrounding suburbs. By replicating the demand and supply needs in the land market, we are able to demonstrate the different transaction patterns in three types of residential areas - downtown, city-suburban, and further suburban areas. In addition, we are also able to compare the vital roles of different activation conditions play in generating the various transaction patterns of the land market at the macro level. We use this simulation to loosely test our hypotheses about the nature of activation regimes by the replication of the Zi traders’ model. In the end, we hope our analytical results can be useful for city planners and policymakers to develop rational city plans and policies for shaping sustainable urban development.

Keywords: simulation, agent-based modeling, housing market, city

Procedia PDF Downloads 88

Authors: Petra Buzkova, Milos Kopa

Abstract:

Reliability of the credit default swap market had been questioned repeatedly during the EMU debt crisis. The article examines whether this development influenced sovereign EMU CDS prices in general. We regress the CDS market price on a model risk neutral CDS price obtained from an adopted reduced form valuation model in the 2009-2013 period. We look for a break point in the single-equation and multi-equation econometric models in order to show the changes in relations between CDS market and model prices. Our results differ according to the risk profile of a country. We find that in the case of riskier countries, the relationship between the market and model price changed when market participants started to question the ability of CDS contracts to protect their buyers. Specifically, it weakened after the change. In the case of less risky countries, the change happened earlier and the effect of a weakened relationship is not observed.

Keywords: chow stability test, credit default swap, debt crisis, reduced form valuation model, seemingly unrelated regression

Procedia PDF Downloads 261

Authors: Krishang Surapaneni

Abstract:

The goal of this project is to determine how to predict important aspects of options, including the ask price. We want to compare different machine learning models to learn the best model and the best hyperparameters for that model for this purpose and data set. Option pricing is a relatively new field, and it can be very complicated and intimidating, especially to inexperienced people, so we want to create a machine learning model that can predict important aspects of an option stock, which can aid in future research. We tested multiple different models and experimented with hyperparameter tuning, trying to find some of the best parameters for a machine-learning model. We tested three different models: a Random Forest Regressor, a linear regressor, and an MLP (multi-layer perceptron) regressor. The most important feature in this experiment is the ask price; this is what we were trying to predict. In the field of stock pricing prediction, there is a large potential for error, so we are unable to determine the accuracy of the models based on if they predict the pricing perfectly. Due to this factor, we determined the accuracy of the model by finding the average percentage difference between the predicted and actual values. We tested the accuracy of the machine learning models by comparing the actual results in the testing data and the predictions made by the models. The linear regression model performed worst, with an average percentage error of 17.46%. The MLP regressor had an average percentage error of 11.45%, and the random forest regressor had an average percentage error of 7.42%

Keywords: finance, linear regression model, machine learning model, neural network, stock price

Procedia PDF Downloads 74

Authors: Mohammed Ibrahim Girei

Abstract:

Adamawa state is one the major producers of both crop and animals in Nigeria. Agricultural production serves as the major means livelihood of the people in the state. However, the agricultural activities of the farmers in the state are at subsistence level. However integration of these small scale farmers in local, national and international market is paramount importance. The paper was designed to categorize farmers based on market participation among the cattle farmers in Adamawa state, Nigeria. The multistage sampling procedure was employed. To achieve this procedure, structured questionnaires were used to collect data from 400 respondents. The data were analyzed using the descriptive statistics. The result revealed that the majority of market participants were net sellers (78.51 %) (Sales greater than purchase), net buyers were (purchase greater than sales) 12.95 % and only 9% were autarkic (sales equal purchase). The study recommends that Government should provide more effective security services in cattle farming communities, which is very important as the market participants in the study area were net sellers (producers), it will help in addressing the problem of cattle rustling and promote more investment in cattle industry. There is a need to establish a standard cattle market, veterinary services and grazing reserves in the area so that to facilitate the cattle production and marketing system in the area and to meet up with the challenging of livestock development as a result of rapid human population growth in developing countries like Nigeria.

Keywords: categories, cattle, farmers, market, participation

Procedia PDF Downloads 128

Authors: Andrea Bellucci, Martina Tofi

Abstract:

The aim of paper is to analyze business models of bancassurance in Italy for life business. The life insurance business is very developed in the Italian market and banks branches have 80% of the market share. Given its maturity, the life insurance market needs to consolidate its organizational form to allow for the development of non-life business, which nowadays collects few premiums but represents a great opportunity to enlarge the market share of bancassurance using its strength in the distribution channel while the market share of independent agents is decreasing. Starting with the main business model of bancassurance for life business, this paper will analyze the performances of life companies in the Italian market by balance sheet indicators and by main discriminant variables of business models. The study will observe trends from 2013 to 2015 for the Italian market by exploiting a database managed by Associazione Nazionale delle Imprese di Assicurazione (ANIA). The applied approach is based on a bottom-up analysis starting with variables and indicators to define business models’ classification. The statistical classification algorithm proposed by Ward is employed to design business models’ profiles. Results from the analysis will be a representation of the main business models built by their profile related to indicators. In that way, an unsupervised analysis is developed that has the limit of its judgmental dimension based on research opinion, but it is possible to obtain a design of effective business models.

Keywords: bancassurance, business model, non life bancassurance, insurance business value drivers

Procedia PDF Downloads 296

Authors: Tahmina Akhter

Abstract:

In the present work, we make a study of the repercussions of the pandemic generated by Covid-19 in the real estate market, this disease has affected almost all sectors of the economy across different countries in the world, including the real estate markets. This documentary research, basically focused on the years 2021 and 2022, as we seek to focus on the strongest time of the pandemic. We carried out the study trying to take into account the repercussions throughout the world and that is why the data we analyze takes into account information from all continents as possible. Particularly in the US, Europe and China where the Covid-19 impact has been of such proportions that it has fundamentally affected the housing market for middle-class housing. In addition, a risk has been generated, the investment of this market, due to the fact that companies in the sector have generated losses in certain cases; in the Chinese case, Evergrande, one of the largest companies in the sector, fell into default.

Keywords: COVID-19, real estate market, statistics, pandemic

Procedia PDF Downloads 84

Authors: Amit Das

Abstract:

Background and significance of the study: Generally investors and market forecasters use financial statement for investigation while it awakens contribute to investing. The main vicinity of financial accounting and reporting practices recommends a few basic financial performance indicators, namely, return on capital employed, return on assets and earnings per share, which is associated considerably with share prices. It is principally true in case of Indian pharmaceutical companies also. Share investing is intriguing a financial risk in addition to investors look for those financial evaluations which have noteworthy shock on share price. A crucial intention of financial statement analysis and reporting is to offer information which is helpful predominantly to exterior clients in creating credit as well as investment choices. Sound financial performance attracts the investors automatically and it will increase the share price of the respective companies. Keeping in view of this, this research work investigates the impact of financial performance indicators on share price of pharmaceutical companies in India which is listed in the Bombay Stock Exchange. Methodology: This research work is based on secondary data collected from moneycontrol database on September 28, 2015 of top 101 pharmaceutical companies in India. Since this study selects four financial performance indicators purposively and availability in the database, that is, earnings per share, return on capital employed, return on assets and net profits as independent variables and one dependent variable, share price of 101 pharmaceutical companies. While analysing the data, correlation statistics, multiple regression technique and appropriate test of significance have been used. Major findings: Correlation statistics show that four financial performance indicators of 101 pharmaceutical companies are associated positively and negatively with its share price and it is very much significant that more than 80 companies’ financial performances are related positively. Multiple correlation test results indicate that financial performance indicators are highly related with share prices of the selected pharmaceutical companies. Furthermore, multiple regression test results illustrate that when financial performances are good, share prices have been increased steadily in the Bombay stock exchange and all results are statistically significant. It is more important to note that sensitivity indices were changed slightly through financial performance indicators of selected pharmaceutical companies in India. Concluding statements: The share prices of pharmaceutical companies depend on the sound financial performances. It is very clear that share prices are changed with the movement of two important financial performance indicators, that is, earnings per share and return on assets. Since 101 pharmaceutical companies are listed in the Bombay stock exchange and Sensex are changed with this, it is obvious that Government of India has to take important decisions regarding production and exports of pharmaceutical products so that financial performance of all the pharmaceutical companies are improved and its share price are increased positively.

Keywords: financial performance indicators, share prices, pharmaceutical companies, India

Procedia PDF Downloads 305

Authors: Nabil Elkhatri, Mohamed Louay Metougui, Ngonidzashe Chirinda

Abstract:

Mining activities have left a legacy of degraded landscapes, prompting urgent efforts for ecological restoration. Reforestation holds promise as a potent tool to rehabilitate these old mining sites, with the potential to sequester carbon and contribute to climate change mitigation. This study focuses on evaluating the carbon stock and sequestration potential of reforestation species in the context of Morocco's mining areas, employing the DeNitrification-DeComposition (DNDC) model. The research is grounded in recognizing the need to connect theoretical models with practical implementation, ensuring that reforestation efforts are informed by accurate and context-specific data. Field data collection encompasses growth patterns, biomass accumulation, and carbon sequestration rates, establishing an empirical foundation for the study's analyses. By integrating the collected data with the DNDC model, the study aims to provide a comprehensive understanding of carbon dynamics within reforested ecosystems on old mining sites. The major findings reveal varying sequestration rates among different reforestation species, indicating the potential for species-specific optimization of reforestation strategies to enhance carbon capture. This research's significance lies in its potential to contribute to sustainable land management practices and climate change mitigation strategies. By quantifying the carbon stock and sequestration potential of reforestation species, the study serves as a valuable resource for policymakers, land managers, and practitioners involved in ecological restoration and carbon management. Ultimately, the study aligns with global objectives to rejuvenate degraded landscapes while addressing pressing climate challenges.

Keywords: carbon stock, carbon sequestration, DNDC model, ecological restoration, mining sites, Morocco, reforestation, sustainable land management.

Procedia PDF Downloads 75

Authors: Zeynep Şahin, Züleyha Yılmaz, Fikret Çankaya

Abstract:

In today's business world, in which it is difficult to survive, the economic life of products, services or knowledge is considerably reduced. Competitors produce similar products or extra-featured ones instantly. In this environment, the contribution of companies to the social and economic environment is a preferred criterion by consumers alongside products or services. Therefore, consumers need to obtain more detailed information about companies. Besides, this drastic change in the market encourages companies to become sustainable. Sustainable business means the company puts consumed products back. Corporate sustainability, corresponds to sustainability at the level of the company, and gives equal importance to company growth and profitability together with environmental and social issues. The BIST Sustainability Index started to be calculated by the Istanbul Stock Exchange (BIST) in 2014 to evaluate the sustainability performance of companies in Turkey. The main objective of this study is to present the importance of sustainability reports in Turkey. To this aim, the performances of 15 companies in the BIST Sustainability Index were compared the periods before and after entering the index. On the other hand, sustainability reporting practices should be encouraged to increase studies on this issue. In this context, to remain on the agenda of the issue is a further objective of this study. To achieve these objectives, the financial data of the companies in the period before and after entering to the BIST Sustainability Index were analyzed using t-test in Statistical Package for the Social Sciences (SPSS) package. The results of the study showed that no significant difference between the performances of the companies in terms of the net profit margin, the return on assets and equity capital in these periods could be found. Therefore, it can be said that insufficient importance is given to sustainability issues in Turkey. The reasons for this situation might be considered as a lack of awareness due to the recent introduction and calculation of the index. It is expected that the awareness of firms and investors about sustainability will increase, and that they will demonstrate the necessary importance to this issue over time.

Keywords: sustainability reporting, sustainability index, firm performance, BIST sustainability index

Procedia PDF Downloads 276

Authors: Bhawat Chiamjinnawat

Abstract:

The agri-food market transformation has implied market growth for the fruit industry in Thailand. This article focuses on analysis of farmer competence and farm resources which affect market strategies used by fruit farmers in Chanthaburi province of Thailand. The survey data were collected through the use of face-to-face interviews with structured questionnaires. This study identified 14 drivers related to farmer competence and farm resources of which some had significant effect on the decision to use either high-value markets or traditional markets. The results suggest that farmers who used high-value markets were better educated and they had longer experience and larger sized business. Identifying the important factors that match with the market transformation provides policy with opportunities to support the fruit farmers to increase their market power. Policies that promote business expansion of agricultural cooperatives and knowledge sharing among farmers are recommended to reduce limitations due to limited knowledge, low experience, and small business sizes.

Keywords: farmer competence, farm resources, fruit industry, high-value markets, Thailand

Procedia PDF Downloads 163

Authors: Mohamed M. Ali, Adel Nofal, Amr Kandil, Mahmoud Agour

Abstract:

High phosphorus gray iron (HPGI) is used to connect the steel stub of an anode rod to a prebaked anode carbon block in the aluminium reduction cells. In this paper, a complete characterization for HPGI was done, includes studying the chemical composition of the HPGI collar, anodic voltage drop, collar temperature over 30 days anode life cycle, microstructure and mechanical properties. During anode life cycle, the carbon content in HPGI was lowed from 3.73 to 3.38%, and different changes in the anodic voltage drop at the stub- collar-anode connection were recorded. The collar temperature increases over the anode life cycle and reaches to 850°C in four weeks after anode changing. Significant changes in the HPGI microstructure were observed after 3 and 30 days from the anode changing. To simulate the actual operating conditions in the steel stub/collar/carbon anode connection, a bench-scale experimental set-up was designed and used for electrical resistance and resistivity respectively. The results showed the current HPGI properties needed to modify or producing new alloys with excellent electrical and mechanical properties. The steel stub and HPGI thermal expansion were measured and studied. Considerable permanent expansion was observed for the HPGI collar after the completion of the heating-cooling cycle.

Keywords: high phosphorus gray iron (HPGI), aluminium reduction cells, anodic voltage drop, microstructure, mechanical and electrical properties

Procedia PDF Downloads 454

Authors: Yağmur Can Gündoğan, Kübra Gürcan Bayrak, Ece Özerdem, Buse Katipoğlu, Erhan Ayas, Rifat Yılmaz

Abstract:

Eutectic oxide based ceramic matrix composites have a unique microstructure that does not include grain boundary in the form of a continuous network. Because of this, these materials have the properties of perfect high-temperature strength, creep strength, and high oxidation strength. Mechanical properties of them are much related to occurring solidification structures during eutectic reactions. One of the most important production methods of this kind of material is the process of vacuum arc melting. Within scope of this studying, it is aimed to investigate the production of Al₂O₃-YAG-based eutectic ceramics by Arc melting and Spark Plasma Sintering methods for use in aerospace and defense industries where high-temperature environments play an important role and to examine the effects of ZrO₂ and LiF additions on microstructure development and mechanical properties.

Keywords: alumina, composites, eutectic, YAG

Procedia PDF Downloads 116