Search results for: innovation network

Authors: John Akpesiri Olotewo

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One of the controversies in existing marketing literatures is on how to retain existing and new customers to have repurchase intention in the long-run; however, empirical answer to this question is scanty in existing studies. Thus, this study investigates the moderating effect of consumer loyalty on long-run repurchase intentions in telecommunication industry using Lagos State environs. The study adopted field survey research design using questionnaire to elicit responses from 250 respondents who were selected using random and stratified random sampling techniques from the telecommunication industry in Lagos State, Nigeria. The internal consistency of the research instrument was verified using the Cronbach’s alpha, the result of 0.89 implies the acceptability of the internal consistency of the survey instrument. The test of the research hypotheses were analyzed using Pearson Product Method of Correlation (PPMC), simple regression analysis and inferential statistics with the aid of Statistical Package for Social Science version 20.0 (SPSS). The study confirmed that customer satisfaction has a significant relationship with customer loyalty in the telecommunication industry; also Service quality has a significant relationship with customer loyalty to a brand; loyalty programs have a significant relationship with customer loyalty to a network operator in Nigeria and Customer loyalty has a significant effect on the long run repurchase intentions of the customer. The study concluded that one of the determinants of long term profitability of a business entity is the long run repurchase intentions of its customers which hinges on the level of brand loyalty of the customer. Thus, it was recommended that service providers in Nigeria should improve on factors like customer satisfaction, service quality, and loyalty programs in order to increase the loyalty of their customer to their brands thereby increasing their repurchase intentions.

Keywords: customer loyalty, long run repurchase intentions, brands, service quality and customer satisfaction

Procedia PDF Downloads 224

Authors: Jeaha Yang, Ahmed Khan, Donna L. Rodela, Mohammed A. Qaudeer

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Traditional supply chain silos still exist today due to the difficulty of establishing trust between various partners and technological barriers across industries. Companies lose opportunities and revenue and inadvertently make poor business decisions resulting in further challenges. Blockchain technology can bring a new level of transparency through sharing information with a distributed ledger in a decentralized manner that creates a basis of trust for business. Blockchain is a loosely coupled, hub-style communication network in which trading partners can work indirectly with each other for simpler integration, but they work together through the orchestration of their supply chain operations under a coherent process that is developed jointly. A Blockchain increases efficiencies, lowers costs, and improves interoperability to strengthen and automate the supply chain management process while all partners share the risk. Blockchain ledger is built to track inventory lifecycle for supply chain transparency and keeps a journal of inventory movement for real-time reconciliation. State design patterns are used to capture the life cycle (behavior) of inventory management as a state machine for a common, transparent and coherent process which creates an opportunity for trading partners to become more responsive in terms of changes or improvements in process, reconcile discrepancies, and comply with internal governance and external regulations. It enables end-to-end, inter-company visibility at the unit level for more accurate demand planning with better insight into order fulfillment and replenishment.

Keywords: supply chain management, inventory trace-ability, perpetual inventory system, inventory lifecycle, blockchain, inventory consignment, supply chain transparency, digital thread, demand planning, hyper ledger fabric

Procedia PDF Downloads 83

Authors: Abdulmalik Altuwayjiri, Milad Pirhadi, Sina Taghvaee, Constantinos Sioutas

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A significant portion of PM₂.₅ mass concentration is carbonaceous matter (CM), which majorly exists in the form of organic carbon (OC). Ambient OC originates from a multitude of sources and plays an important role in global climate effects, visibility degradation, and human health. In this study, positive matrix factorization (PMF) was utilized to identify and quantify the long-term contribution of PM₂.₅ sources to total OC mass concentration in central Los Angeles (CELA) and Riverside (i.e., receptor site), using the chemical speciation network (CSN) database between 2005 and 2015, a period during which several state and local regulations on tailpipe emissions were implemented in the area. Our PMF resolved five different factors, including tailpipe emissions, non-tailpipe emissions, biomass burning, secondary organic aerosol (SOA), and local industrial activities for both sampling sites. The contribution of vehicular exhaust emissions to the OC mass concentrations significantly decreased from 3.5 µg/m³ in 2005 to 1.5 µg/m³ in 2015 (by about 58%) at CELA, and from 3.3 µg/m³ in 2005 to 1.2 µg/m³ in 2015 (by nearly 62%) at Riverside. Additionally, SOA contribution to the total OC mass, showing higher levels at the receptor site, increased from 23% in 2005 to 33% and 29% in 2010 and 2015, respectively, in Riverside, whereas the corresponding contribution at the CELA site was 16%, 21% and 19% during the same period. The biomass burning maintained an almost constant relative contribution over the whole period. Moreover, while the adopted regulations and policies were very effective at reducing the contribution of tailpipe emissions, they have led to an overall increase in the fractional contributions of non-tailpipe emissions to total OC in CELA (about 14%, 28%, and 28% in 2005, 2010 and 2015, respectively) and Riverside (22%, 27% and 26% in 2005, 2010 and 2015), underscoring the necessity to develop equally effective mitigation policies targeting non-tailpipe PM emissions.

Keywords: PM₂.₅, organic carbon, Los Angeles megacity, PMF, source apportionment, non-tailpipe emissions

Procedia PDF Downloads 189

Authors: Alison L. Miles

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Almost all major financial institutions in the world suffered losses due to the financial crisis of 2007, but the extent varied widely. The causes of the crash of 2007 are well documented and predominately focus on the role and complexity of the financial markets. The dominant theme of the literature suggests the causes of the crash were a combination of globalization, financial sector innovation, moribund regulation and short termism. While these arguments are undoubtedly true, they do not tell the whole story. A key weakness in the current analysis is the lack of consideration of those leading the banks pre and during times of crisis. This purpose of this study is to examine the possible link between the leadership styles and characteristics of the CEO, CFO and chairman and the financial institutions that failed or needed recapitalization. As such, it contributes to the literature and debate on international financial crises and systemic risk and also to the debate on risk management and regulatory reform in the banking sector. In order to first test the proposition (p1) that there are prevalent leadership characteristics or traits in financial institutions, an initial study was conducted using a sample of the top 65 largest global banks and financial institutions according to the Banker Top 1000 banks 2014. Secondary data from publically available and official documents, annual reports, treasury and parliamentary reports together with a selection of press articles and analyst meeting transcripts was collected longitudinally from the period 1998 to 2013. A computer aided key word search was used in order to identify the leadership styles and characteristics of the chairman, CEO and CFO. The results were then compared with the leadership models to form a picture of leadership in the sector during the research period. As this resulted in separate results that needed combining, SPSS data editor was used to aggregate the results across the studies using the variables ‘leadership style’ and ‘company financial performance’ together with the size of the company. In order to test the proposition (p2) that there was a prevalent leadership style in the banks that failed and the proposition (P3) that this was different to those that did not, further quantitative analysis was carried out on the leadership styles of the chair, CEO and CFO of banks that needed recapitalization, were taken over, or required government bail-out assistance during 2007-8. These included: Lehman Bros, Merrill Lynch, Royal Bank of Scotland, HBOS, Barclays, Northern Rock, Fortis and Allied Irish. The findings show that although regulatory reform has been a key mechanism of control of behavior in the banking sector, consideration of the leadership characteristics of those running the board are a key factor. They add weight to the argument that if each crisis is met with the same pattern of popular fury with the financier, increased regulation, followed by back to business as usual, the cycle of failure will always be repeated and show that through a different lens, new paradigms can be formed and future clashes avoided.

Keywords: banking, financial crisis, leadership, risk

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Authors: D. Calogine, O. Chau, S. Dotti, O. Ramiarinjanahary, P. Rasoavonjy, F. Tovondahiniriko

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Mafate is a natural circus in the north-western part of Reunion Island, without an electrical grid and road network. A micro-grid concept is being experimented in this area, composed of a photovoltaic production combined with electrochemical batteries, in order to meet the local population for self-consumption of electricity demands. This work develops a discrete model as well as a stochastic model in order to reach an optimal equilibrium between production and consumptions for a cluster of houses. The management of the energy power leads to a large linearized programming system, where the time interval of interest is 24 hours The experimental data are solar production, storage energy, and the parameters of the different electrical devices and batteries. The unknown variables to evaluate are the consumptions of the various electrical services, the energy drawn from and stored in the batteries, and the inhabitants’ planning wishes. The objective is to fit the solar production to the electrical consumption of the inhabitants, with an optimal use of the energies in the batteries by satisfying as widely as possible the users' planning requirements. In the discrete model, the different parameters and solutions of the linear programming system are deterministic scalars. Whereas in the stochastic approach, the data parameters and the linear programming solutions become random variables, then the distributions of which could be imposed or established by estimation from samples of real observations or from samples of optimal discrete equilibrium solutions.

Keywords: photovoltaic production, power consumption, battery storage resources, random variables, stochastic modeling, estimations of probability distributions, mixed integer linear programming, smart micro-grid, self-consumption of electricity.

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Authors: Emily Rabe, Stephanie Candelaria, Rachel Malone, Olivia Lenz, Greg Newbloom

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Electrodialysis (ED) is a well-developed technology for ion removal in a variety of applications. However, many industries generate harsh wastewater streams that are incompatible with traditional ion exchange membranes. Membrion® has developed novel ceramic-based ion exchange membranes (IEMs) offering several advantages over traditional polymer membranes: high performance in low pH, chemical resistance to oxidizers, and a rigid structure that minimizes swelling. These membranes are synthesized with our patented silane-based sol-gel techniques. The pore size, shape, and network structure are engineered through a molecular self-assembly process where thermodynamic driving forces are used to direct where and how pores form. Either cationic or anionic groups can be added within the membrane nanopore structure to create cation- and anion-exchange membranes. The ceramic IEMs are produced on a roll-to-roll manufacturing line with low-temperature processing. Membrane performance testing is conducted using in-house permselectivity, area-specific resistance, and ED stack testing setups. Ceramic-based IEMs show comparable performance to traditional IEMs and offer some unique advantages. Long exposure to highly acidic solutions has a negligible impact on ED performance. Additionally, we have observed stable performance in the presence of strong oxidizing agents such as hydrogen peroxide. This stability is expected, as the ceramic backbone of these materials is already in a fully oxidized state. This data suggests ceramic membranes, made using sol-gel chemistry, could be an ideal solution for acidic and/or oxidizing wastewater streams from processes such as semiconductor manufacturing and mining.

Keywords: ion exchange, membrane, silane chemistry, nanostructure, wastewater

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Authors: Lucilla Crosta, Anthony Edwards

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Companies and the market place nowadays struggle to find employees with adequate skills in relation to anticipated growth of their businesses. At least half of workers will need to undertake some form of up-skilling process in the next five years in order to remain aligned with the requests of the market . In order to meet these challenges, there is a clear need to explore the potential uses of AI (artificial Intelligence) based tools in assessing transversal skills (critical thinking, communication and soft skills of different types in general) of workers and adult students while empowering them to develop those same skills in a reliable trustworthy way. Companies seek workers with key transversal skills that can make a difference between workers now and in the future. However, critical thinking seems to be the one of the most imprtant skill, bringing unexplored ideas and company growth in business contexts. What employers have been reporting since years now, is that this skill is lacking in the majority of workers and adult students, and this is particularly visible trough their writing. This paper investigates how critical thinking and communication skills are currently developed in Higher Education environments through use of AI tools at postgraduate levels. It analyses the use of a branch of AI namely Machine Learning and Big Data and of Neural Network Analysis. It also examines the potential effect the acquisition of these skills through AI tools and what kind of effects this has on employability This paper will draw information from researchers and studies both at national (Italy & UK) and international level in Higher Education. The issues associated with the development and use of one specific AI tool Edulai, will be examined in details. Finally comparisons will be also made between these tools and the more recent phenomenon of Chat GPT and forthcomings and drawbacks will be analysed.

Keywords: critical thinking, artificial intelligence, higher education, soft skills, chat GPT

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Authors: Marzieh Ahmadi, Ruhullah Alikhan Gorgani

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The usual methods of measuring regional inequalities can not reflect the internal changes of the country in terms of their displacement in different development groups, and the indicators of inequalities are not effective in demonstrating the dynamics of the distribution of inequality. For this purpose, this paper examines the dynamics of the urban inertial transport in the country during the period of 2006-2016 using the CIRD multidimensional index and stochastic kernel density method. it firstly selects 25 indicators in five dimensions including macroeconomic conditions, science and innovation, environmental sustainability, human capital and public facilities, and two-stage Principal Component Analysis methodology are developed to create a composite index of inequality. Then, in the second stage, using a nonparametric analytical approach to internal distribution dynamics and a stochastic kernel density method, the convergence hypothesis of the CIRD index of the Iranian provinces center is tested, and then, based on the ergodic density, long-run equilibrium is shown. Also, at this stage, for the purpose of adopting accurate regional policies, the distribution dynamics and process of convergence or divergence of the Iranian provinces for each of the five. According to the results of the first Stage, in 2006 & 2016, the highest level of development is related to Tehran and zahedan is at the lowest level of development. The results show that the central cities of the country are at the highest level of development due to the effects of Tehran's knowledge spillover and the country's lower cities are at the lowest level of development. The main reason for this may be the lack of access to markets in the border provinces. Based on the results of the second stage, which examines the dynamics of regional inequality transmission in the country during 2006-2016, the first year (2006) is not multifaceted and according to the kernel density graph, the CIRD index of about 70% of the cities. The value is between -1.1 and -0.1. The rest of the sequence on the right is distributed at a level higher than -0.1. In the kernel distribution, a convergence process is observed and the graph points to a single peak. Tends to be a small peak at about 3 but the main peak at about-0.6. According to the chart in the final year (2016), the multidimensional pattern remains and there is no mobility in the lower level groups, but at the higher level, the CIRD index accounts for about 45% of the provinces at about -0.4 Take it. That this year clearly faces the twin density pattern, which indicates that the cities tend to be closely related to each other in terms of development, so that the cities are low in terms of development. Also, according to the distribution dynamics results, the provinces of Iran follow the single-density density pattern in 2006 and the double-peak density pattern in 2016 at low and moderate inequality index levels and also in the development index. The country diverges during the years 2006 to 2016.

Keywords: Urban Disparity, CIRD Index, Convergence, Distribution Dynamics, Random Kernel Density

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Authors: Mazwane S., Makhura M. N., Ginege A.

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Digitalization in South Africa has received considerable attention from policymakers. The support for the development of the digital economy by the South African government has been demonstrated through the enactment of various national policies and strategies. This study sought to develop an index for agricultural digitalization by applying composite confirmatory analysis (CCA). Another aim was to determine the factors that affect the development of digitalization in PLAS farms. Data on the indicators of the three dimensions of digitalization were collected from 300 Proactive Land Acquisition Strategy (PLAS) farms in South Africa using semi-structured questionnaires. Confirmatory composite analysis (CCA) was employed to reduce the items into three digitalization dimensions and ultimately to a digitalization index. Standardized digitalization index scores were extracted and fitted to a linear regression model to determine the factors affecting digitalization development. The results revealed that the model shows practical validity and can be used to measure digitalization development as measures of fit (geodesic distance, standardized root mean square residual, and squared Euclidean distance) were all below their respective 95%quantiles of bootstrap discrepancies (HI95 values). Therefore, digitalization is an emergent variable that can be measured using CCA. The average level of digitalization in PLAS farms was 0.2 and varied significantly across provinces. The factors that significantly influence digitalization development in PLAS land reform farms were age, gender, farm type, network type, and cellular data type. This should enable researchers and policymakers to understand the level of digitalization and patterns of development, as well as correctly attribute digitalization development to the contributing factors.

Keywords: agriculture, digitalization, confirmatory composite model, land reform, proactive land acquisition strategy, South Africa

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Authors: Rinat Arbel-Goren, Joel Stavans

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Cell-to-cell variations in transcript or protein abundance, called noise, may give rise to phenotypic variability between isogenic cells, enhancing the probability of survival under stress conditions. These variations may be introduced by post-transcriptional regulatory processes such as non-coding, small RNAs stoichiometric degradation of target transcripts in bacteria. We study the iron homeostasis network in Escherichia coli, in which the RyhB small RNA regulates the expression of various targets as a model system. Using fluorescence reporter genes to detect protein levels and single-molecule fluorescence in situ hybridization to monitor transcripts levels in individual cells, allows us to compare noise at both transcript and protein levels. The experimental results and computer simulations show that extrinsic noise buffers through a feed-forward loop configuration the increase in variability introduced at the transcript level by iron deprivation, illuminating the important role that extrinsic noise plays during stress. Surprisingly, extrinsic noise also decouples of fluctuations of two different targets, in spite of RyhB being a common upstream factor degrading both. Thus, phenotypic variability increases under stress conditions by the decoupling of target fluctuations in the same cell rather than by increasing the noise of each. We also present preliminary results on the adaptation of cells to prolonged iron deprivation in order to shed light on the evolutionary role of post-transcriptional downregulation by small RNAs.

Keywords: cell-to-cell variability, Escherichia coli, noise, single-molecule fluorescence in situ hybridization (smFISH), transcript

Procedia PDF Downloads 150

Authors: Lanchi Xie, Zhihui Li, Zhigang Li, Guiqiang Wang, Lei Xu, Yuwen Yan

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Image-based facial features can be classified into category recognition features and individual recognition features. Current automated face recognition systems extract a specific feature vector of different dimensions from a facial image according to their pre-trained neural network. However, to improve the efficiency of parameter calculation, an algorithm generally reduces the image details by pooling. The operation will overlook the details concerned much by forensic experts. In our experiment, we adopted a variety of face recognition algorithms based on deep learning, compared a large number of naturally collected face images with the known data of the same person's frontal ID photos. Downscaling and manual handling were performed on the testing images. The results supported that the facial recognition algorithms based on deep learning detected structural and morphological information and rarely focused on specific markers such as stains and moles. Overall performance, distribution of genuine scores and impostor scores, and likelihood ratios were tested to evaluate the accuracy of biometric systems and forensic experts. Experiments showed that the biometric systems were skilled in distinguishing category features, and forensic experts were better at discovering the individual features of human faces. In the proposed approach, a fusion was performed at the score level. At the specified false accept rate, the framework achieved a lower false reject rate. This paper contributes to improving the interpretability of the objective method of facial comparison and provides a novel method for human-machine collaboration in this field.

Keywords: likelihood ratio, automated facial recognition, facial comparison, biometrics

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Authors: Svetlana Cojocaru, Mircea Petic, Inga Titchiev

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Humanity faces more and more often with different social disasters, which in turn can generate new accidents and catastrophes. To mitigate their consequences, it is important to obtain early possible signals about the events which are or can occur and to prepare the corresponding scenarios that could be applied. Our research is focused on solving two problems in this domain: identifying signals related that an accident occurred or may occur and mitigation of some consequences of disasters. To solve the first problem, methods of selecting and processing texts from global network Internet are developed. Information in Romanian is of special interest for us. In order to obtain the mentioned tools, we should follow several steps, divided into preparatory stage and processing stage. Throughout the first stage, we manually collected over 724 news articles and classified them into 10 categories of social disasters. It constitutes more than 150 thousand words. Using this information, a controlled vocabulary of more than 300 keywords was elaborated, that will help in the process of classification and identification of the texts related to the field of social disasters. To solve the second problem, the formalism of Petri net has been used. We deal with the problem of inhabitants’ evacuation in useful time. The analysis methods such as reachability or coverability tree and invariants technique to determine dynamic properties of the modeled systems will be used. To perform a case study of properties of extended evacuation system by adding time, the analysis modules of PIPE such as Generalized Stochastic Petri Nets (GSPN) Analysis, Simulation, State Space Analysis, and Invariant Analysis have been used. These modules helped us to obtain the average number of persons situated in the rooms and the other quantitative properties and characteristics related to its dynamics.

Keywords: lexicon of disasters, modelling, Petri nets, text annotation, social disasters

Procedia PDF Downloads 191

Authors: Amin Naboureh, Ainong Li, Jinhu Bian, Guangbin Lei, Hamid Ebrahimy

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Large-scale land cover mapping has become a new challenge in land change and remote sensing field because of involving a big volume of data. Moreover, selecting the right classification method, especially when there are different types of landscapes in the study area is quite difficult. This paper is an attempt to compare the performance of different machine learning (ML) algorithms for generating a land cover map of the China-Central Asia–West Asia Corridor that is considered as one of the main parts of the Belt and Road Initiative project (BRI). The cloud-based Google Earth Engine (GEE) platform was used for generating a land cover map for the study area from Landsat-8 images (2017) by applying three frequently used ML algorithms including random forest (RF), support vector machine (SVM), and artificial neural network (ANN). The selected ML algorithms (RF, SVM, and ANN) were trained and tested using reference data obtained from MODIS yearly land cover product and very high-resolution satellite images. The finding of the study illustrated that among three frequently used ML algorithms, RF with 91% overall accuracy had the best result in producing a land cover map for the China-Central Asia–West Asia Corridor whereas ANN showed the worst result with 85% overall accuracy. The great performance of the GEE in applying different ML algorithms and handling huge volume of remotely sensed data in the present study showed that it could also help the researchers to generate reliable long-term land cover change maps. The finding of this research has great importance for decision-makers and BRI’s authorities in strategic land use planning.

Keywords: land cover, google earth engine, machine learning, remote sensing

Procedia PDF Downloads 106

Authors: M. R. Ahmad, I. Musirin, M. M. Othman, N. A. Rahmat

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Plug-in Hybrid-Electric Vehicle (PHEV) has gained immense popularity in recent years. PHEV offers numerous advantages compared to the conventional internal-combustion engine (ICE) vehicle. Millions of PHEVs are estimated to be on the road in the USA by 2020. Uncoordinated PHEV charging is believed to cause severe impacts to the power grid; i.e. feeders, lines and transformers overload and voltage drop. Nevertheless, improper PHEV data model used in such studies may cause the findings of their works is in appropriated. Although smart charging is more attractive to researchers in recent years, its implementation is not yet attainable on the street due to its requirement for physical infrastructure readiness and technology advancement. As the first step, it is finest to study the impact of charging PHEV based on real vehicle travel data from National Household Travel Survey (NHTS) and at present charging rate. Due to the lack of charging station on the street at the moment, charging PHEV at home is the best option and has been considered in this work. This paper proposed a technique that comprehensively presents the impact of charging PHEV on power system networks considering huge numbers of PHEV samples with its traveling data pattern. Vehicles Charging Load Profile (VCLP) is developed and implemented in IEEE 30-bus test system that represents a portion of American Electric Power System (Midwestern US). Normalization technique is used to correspond to real time loads at all buses. Results from the study indicated that charging PHEV using opportunity charging will have significant impacts on power system networks, especially whereas bigger battery capacity (kWh) is used as well as for higher penetration level.

Keywords: plug-in hybrid electric vehicle, transportation electrification, impact of charging PHEV, electricity demand profile, load profile

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Authors: Vittorio Linfante

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Utopìa is a term that, since its first appearance in 1516, in Tommaso Moro’s work, has taken on different meanings and forms in various fields: social studies, politics, art, creativity, and design. The utopias, although of short duration and in their apparent impossibility, have been able to give a shape to the future, laying the foundations for our present and the future of the next generations. The Twentieth century was the historical period crossed by many changes, and it saw the most significant number of utopias not only social, political, and scientific but also artistic, architectural, in design, communication, and, last but not least, in fashion. Over the years, fashion has been able to interpret various utopistic impulses giving form to the most futuristic visions. From the Manifesto del Vestito by Giacomo Balla, through the functional experiments that led to the Tuta by Thayath and the Varst by Aleksandr Rodčenko and Varvara Stepanova, through the Space Age visions of Rudi Gernreich, Paco Rabanne and Pierre Cardin, and the Archizoom’s political actions and their fashion project Vestirsi è facile. Experiments that have continued to the present days through the (sometimes) excessive visions of Hussein Chalayan, Alexander McQueen, and Gareth Pugh or those that are more anchored to the market (but no fewer innovative and visionaries) by Prada, Chanel, and Raf Simmons. If, as Bauman states, it is true that we have entered in a phase of Retrotopia characterized by the inability to think about new forms of the future; it is necessary, more than ever, to redefine the role of history, of its narration and its mise en scène, within the contemporary creative process. A process that increasingly requires an in-depth knowledge of the past for the definition of a renewed discourse about design processes. A discourse in which words like archive, exhibition, curating, revival, vintage, and costume take on new meanings. The paper aims to investigate–through case studies, research, and professional projects–the renewed role of curating and preserving fashion artefacts. A renewed role that–in an era of Retrotopia–museums, exhibitions, and archives can (and must) assume, to contribute to the definition of new design paradigms, capable of overcoming the traditional categories of revival or costume in favour of a more contemporary “mash-up” approach. Mash-up in which past and present, craftsmanship and new technologies, revival and experimentation merge seamlessly. In this perspective, dresses (as well as fashion accessories) should be considered not only as finished products but as artefacts capable of talking about the past and of producing unpublished new stories at the same time. Archives, exhibitions (academic and not), and museums thus become powerful sources of inspiration for fashion: places and projects capable of generating innovation, becoming active protagonists of the contemporary fashion design processes.

Keywords: heritage, history, costume and fashion interface, performance, language, design research

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Authors: Mariya Dzhyoyeva

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In the present paper, I examine manifestations of toxic masculinity in the novels by Tomás Eloy Martínez, a post-Boom author, journalist, literary critic, and one of the representatives of the Argentine writing diaspora. I focus on the analysis of Martínez´s characters that display hypermasculine traits to define the relationship between toxic masculinity and power, including the power of authorship and violence as they are represented in his novels. The analysis reveals a complex network in which gender, power, and violence are intertwined and influence and modify each other. As the author exposes toxic masculine behaviors that generate violence, he looks to undermine them. Departing from M. Kimmel´s idea of masculinity as homophobia, I examine how Martínez “outs” his characters by incorporating into the narrative some secret, privileged sources that provide alternative accounts of their otherwise hypermasculine lives. These background stories expose their “weaknesses,” both physical and mental, and thereby feminize them in their own eyes. In a similar way, the toxic masculinity of the fictional male author that wields his power by abusing the written word as he abuses the female character in the story is exposed as a complex of insecurities accumulated by the character due to his childhood trauma. The artistic technique that Martínez uses to condemn the authoritarian male behavior is accessing his subjectivity and subverting it through a multiplicity of identities. Martínez takes over the character’s “I” and turns it into a host of pronouns with a constantly shifting point of reference that distorts not only the notions of gender but also the very notion of identity. In doing so, he takes the character´s affirmation of masculinity to the limit where the very idea of it becomes unsustainable. Viewed in the context of Martínez´s own exilic story, the condemnation of toxic masculine power turns into the condemnation of dictatorship and authoritarianism.

Keywords: gender, masculinity., toxic masculinity, authoritarian, Argentine literature, Martínez

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Authors: Phakamani Xaba, Robert Huberts, Bilainu Oboirien

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The present study was aimed at developing & comparing two neural-network-based predictive models to predict shelf-life/product age of South African margarine using free fatty acid (FFA), water droplet size (D3.3), water droplet distribution (e-sigma), moisture content, peroxide value (PV), anisidine valve (AnV) and total oxidation (totox) value as input variables to the model. Brick margarine products which had varying ages ranging from fresh i.e. week 0 to week 47 were sourced. The brick margarine products which had been stored at 10 & 25 °C and were characterized. JMP and MATLAB models to predict shelf-life/ margarine age were developed and their performances were compared. The key performance indicators to evaluate the model performances were correlation coefficient (CC), root mean square error (RMSE), and mean absolute percentage error (MAPE) relative to the actual data. The MATLAB-developed model showed a better performance in all three performance indicators. The correlation coefficient of the MATLAB model was 99.86% versus 99.74% for the JMP model, the RMSE was 0.720 compared to 1.005 and the MAPE was 7.4% compared to 8.571%. The MATLAB model was selected to be the most accurate, and then, the number of hidden neurons/ nodes was optimized to develop a single predictive model. The optimized MATLAB with 10 neurons showed a better performance compared to the models with 1 & 5 hidden neurons. The developed models can be used by margarine manufacturers, food research institutions, researchers etc, to predict shelf-life/ margarine product age, optimize addition of antioxidants, extend shelf-life of products and proactively troubleshoot for problems related to changes which have an impact on shelf-life of margarine without conducting expensive trials.

Keywords: margarine shelf-life, predictive modelling, neural networks, oil oxidation

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Authors: D. Kuvshinov, A. Siswanto, J. Lozano-Parada, W. Zimmerman

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Ozone is well known as a powerful fast reaction rate oxidant. The ozone based processes produce no by-product left as a non-reacted ozone returns back to the original oxygen molecule. Therefore an application of ozone is widely accepted as one of the main directions for a sustainable and clean technologies development. There are number of technologies require ozone to be delivered to specific points of a production network or reactors construction. Due to space constrains, high reactivity and short life time of ozone the use of ozone generators even of a bench top scale is practically limited. This requires development of mini/micro scale ozone generator which can be directly incorporated into production units. Our report presents a feasibility study of a new micro scale rector for ozone generation (MROG). Data on MROG calibration and indigo decomposition at different operation conditions are presented. At selected operation conditions with residence time of 0.25 s the process of ozone generation is not limited by reaction rate and the amount of ozone produced is a function of power applied. It was shown that the MROG is capable to produce ozone at voltage level starting from 3.5kV with ozone concentration of 5.28E-6 (mol/L) at 5kV. This is in line with data presented on numerical investigation for a MROG. It was shown that in compare to a conventional ozone generator, MROG has lower power consumption at low voltages and atmospheric pressure. The MROG construction makes it applicable for emerged and dry systems. With a robust compact design MROG can be used as incorporated unit for production lines of high complexity.

Keywords: dielectric barrier discharge (DBD), micro reactor, ozone, plasma

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Authors: Oumaima Khlifati, Khadija Baba

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Pavement distress is the main factor responsible for the deterioration of road structure durability, damage vehicles, and driver comfort. Transportation agencies spend a high proportion of their funds on pavement monitoring and maintenance. The auscultation of pavement distress was based on the manual survey, which was extremely time consuming, labor intensive, and required domain expertise. Therefore, the automatic distress detection is needed to reduce the cost of manual inspection and avoid more serious damage by implementing the appropriate remediation actions at the right time. Inspired by recent deep learning applications, this paper proposes an algorithm for automatic road distress detection and classification using on the Deep Convolutional Neural Network (DCNN). In this study, the types of pavement distress are classified as transverse or longitudinal cracking, alligator, pothole, and intact pavement. The dataset used in this work is composed of public asphalt pavement images. In order to learn the structure of the different type of distress, the DCNN models are trained and tested as a multi-label classification task. In addition, to get the highest accuracy for our model, we adjust the structural optimization hyper parameters such as the number of convolutions and max pooling, filers, size of filters, loss functions, activation functions, and optimizer and fine-tuning hyper parameters that conclude batch size and learning rate. The optimization of the model is executed by checking all feasible combinations and selecting the best performing one. The model, after being optimized, performance metrics is calculated, which describe the training and validation accuracies, precision, recall, and F1 score.

Keywords: distress pavement, hyperparameters, automatic classification, deep learning

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Authors: Munmunlisa Mohanty, K. D. Raju

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Rail industry is one of the model employers in India has separate national legislation (Railways Act 1989) to regulate its vast employment structure, functioning across the country. Indian Railway is not only the premier transport industry of the country; indeed, it is Asia’s most extensive rail network organisation and the world’s second-largest industry functioning under one management. With the growth of globalization of industrial products, the scope of anti-employment discrimination is no more confined to gender aspect only; instead, it extended to the unregularized classification of labour force applicable in the various industrial establishments in India. And the Indian Rail Industry inadvertently enhanced such discriminatory employment trends by engaging contractual labour in an unprecedented manner. The engagement of contractual labour by rail industry vanished the core “Employer-Employee” relationship between rail management and contractual labour who employed through the contractor. This employment trend reduces the cost of production and supervision, discourages the contractual labour from forming unions, and reduces its collective bargaining capacity. So, the primary intention of this paper is to highlight the increasing discriminatory employment scope for contractual labour engaged by Indian Railways. This paper critically analyses the diminishing perspective of anti-employment opportunity practiced by Indian Railways towards contractual labour and demands an urgent outlook on the probable scope of anti-employment discrimination against contractual labour engaged by Indian Railways. The researcher used doctrinal methodology where primary materials (Railways Act, Contract Labour Act and Occupational, health and Safety Code, 2020) and secondary data (CAG Report 2018, Railways Employment Regulation Rules, ILO Report etc.) are used for the paper.

Keywords: anti-employment, CAG Report, contractual labour, discrimination, Indian Railway, principal employer

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Authors: Marco Ranzato, Maguelone Vignes

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The co-design process recently run by the trans-disciplinary urban laboratory Metrolab Brussels for outlining the architecture of a future integrated health centre in Brussels (Belgium) has highlighted that a buffer place open to the local community is the appropriate cornerstone around which organizing a space where diverse professionals and patients are together. In the context of the migrants 'crisis' in Europe, the growing number of vulnerable people in Brussels and the increasing complexity of the health and welfare systems, the NGO Doctors of the World (DoW) has launched a project funded by The European Regional Development Fund, and aiming to create a new community centre combining social and health services in a poor but changing neighborhood of Brussels. Willing not to make a 'ghetto' of this new integrated service, the NGO looks at hosting different publics in order to make the poorest, marginal and most vulnerable people access to a regular kind of service. As a trans-disciplinary urban research group, Metrolab has been involved in the process of co-designing the architecture of the future centre with a set of various health professionals, social workers, and patients’ representatives. Metrolab drawn on the participants’ practice experiences and knowledge of hosting different kinds of publics and professions in a same structure in order to imagine what rooms should fit into the centre, what atmosphere they should convey, how should they be interrelated and organized, and, concurrently, how the building should fit into the urban frame of its neighborhood. The result is that, in order for an integrated health centre framed in the landscape of a disadvantaged neighborhood to function, it has to work as social community centre offering accessibility and conviviality to diverse social groups. This paper outlines the methodology that Metrolab used to design and conduct, in close collaboration with DoW, a series of 3 workshops. Through sketching and paper modeling, the methodology made participants talk about their experience by projecting them into a situation. It included a combination of individual and collective work in order to sharp participants’ eyes on architectural forms, explicit their thoughts and experience through inter-subjectivity and imagine solutions to the challenges they raised. Such a collaborative method encompasses several challenges about patients’ participation and representation, replicability of the conditions of success and the plurality of the research findings communication formats. This paper underlines how this participatory process has contributed to build knowledge on the few-documented topic of the architecture of community health centres. More importantly, the contribution builds on this participatory process to discuss the importance of adapting the architecture of the new integrated health centre to the changing population of Brussels and to the issues of its specific neighborhood.

Keywords: co-design, health, social innovation, urban lab

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Authors: Tanima Bhattacharya, Joy Sen

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To transform a space into a better livable and sustainable zone, United Nations Summit in New York 2015, has decided upon 17 sustainable development goals (SDGs) that approach directly to achieve inclusive, people-centric, sustainable developments. Though sustainability has been majorly constructed by four pillars, namely, Ecological, Economic, Social and Cultural, but it is essentially reduced to economic and ecological consideration in the context of developing countries. Therefore, in most cases planning has reduced its ambit to concentrate around the tangible infrastructure, ignoring the fundamentals of socio-cultural heritage. With the accentuating hype of infrastructural augmentation, lack of emphasis of traditional concerns like ethnicity and social connection have further diluted the situation, disintegrating cultural continuity. As cultural continuity lacks its cohesion, it’s growing absence increasingly acts as a catalyst to degrade the heritage structures, spaces around and linking these structures, and the ability of stakeholders in identifying themselves rooted in that particular space. Hence, this paper will argue that sustainability depends on the people and their interaction with their surroundings, their culture and livelihood. The interaction between people and their surroundings strengthen community building and social interaction that abides by stakeholders reverting back to their roots. To assess the socio-cultural sustainability of the city of Kolkata, two study areas are selected, namely, an old settlement from the northern part of the city of Kolkata (KMA), imbued with social connection, age-old cultural and ethnic bonding and, another cluster of new high-rises coming up in the Newtown area having portions of planned city extension on the eastern side of the city itself. Whereas, Newtown prioritizes the surging post-industrial trends of economic aspiration and ecological aspects of urban sustainability; the former settlements of northern Kolkata still continue to represent the earliest community settlement of the British-colonial-cum native era and even the pre-colonial era, permeated with socio-cultural reciprocation. Thus, to compare and assess the inlayed organizational structure of both the spaces in the two cases, selected areas have been surveyed to portray their current imageability. The argument of this paper is structured in 5parts. First, an introduction of the idea has been forwarded, Secondly, a literature review has been conducted to ground the proposed ideas, Thirdly, methodology has been discussed and appropriate case study areas have been selected, Fourthly, surveys and analyses has been forwarded and lastly, the paper has arrived at a set of conclusions by suggesting a threefold development to create happy, healthy and sustainable community.

Keywords: art innovation, current scenario assessment, heritage, imageability, socio-cultural sustainability

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Authors: Sally Abu Sabaa, Lindsey Gutt

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In an attempt to use education as a way of raising a socially responsible and engaged global citizen, the YU-Bridge program, the largest and fastest pathway program of its kind in North America, has embarked on the journey of integrating general themes from the UN’s sustainable developmental goals (SDGs) in its English for Academic Purposes (EAP) curriculum. The purpose of this initiative was to redefine the general philosophy of education in the middle of a pandemic and align with York University’s University Academic Plan that was released in summer 2020 framed around the SDGs. The YUB program attracts international students from all over the world but mainly from China, and its goal is to enable students to achieve the minimum language requirement to join their undergraduate courses at York University. However, along with measuring outcomes, objectives, and the students’ GPA, instructors and academics are always seeking innovation of the YUB curriculum to adapt to the ever growing challenges of academics in the university context, in order to focus more on subject matter that students will be exposed to in their undergraduate studies. However, with the sudden change that has happened globally with the advance of the COVID-19 pandemic, and other natural disasters like the increase in forest fires and floods, rethinking the philosophy and goal of education was a must. Accordingly, the SDGs became the solid pillars upon which we, academics and administrators of the program, could build a new curriculum and shift our perspective from simply ESL education to education with moral and ethical goals. The preliminary implementation of this initiative was supported by an institutional-wide consultation with EAP instructors who have diverse experiences, disciplines, and interests. Along with brainstorming sessions and mini-pilot projects preceding the integration of the SDGs in the YUB-EAP curriculum, those meetings led to creating a general outline of a curriculum and an assessment framework that has the SDGs at its core with the medium of ESL used for language instruction. Accordingly, a community of knowledge exchange was spontaneously created and facilitated by instructors. This has led to knowledge, resources, and teaching pedagogies being shared and examined further. In addition, experiences and reactions of students are being shared, leading to constructive discussions about opportunities and challenges with the integration of the SDGs. The discussions have branched out to discussions about cultural and political barriers along with a thirst for knowledge and engagement, which has resulted in increased engagement not only on the part of the students but the instructors as well. Later in the program, two surveys will be conducted: one for the students and one for the instructors to measure the level of engagement of each in this initiative as well as to elicit suggestions for further development. This paper will describe this fundamental step into using ESL methodology as a mode of disseminating essential ethical and socially correct knowledge for all learners in the 21st Century, the students’ reactions, and the teachers’ involvement and reflections.

Keywords: EAP, curriculum, education, global citizen

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Authors: Ibrahim Al-Suraihy, Abdellaziz Doghmane, Zahia Hadjoub

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We discuss in this work the elastic properties by using acoustic microscopes to measure Rayleigh and longitudinal wave velocities in a no radiated and radiated sodium borate glasses X2Na2O-X2B2O3 with 0 ≤ x ≤ 27 (mol %) at microscopic resolution. The acoustic material signatures were first measured, from which the characteristic surface velocities were determined.Longitudinal and shear ultrasonic velocities were measured in a different composition of sodium borate glass samples before and after irradiation with γ-rays. Results showed that the effect due to increasing sodium oxide content on the ultrasonic velocity appeared more clearly than due to γ-radiation. It was found that as Na2O composition increases, longitudinal velocities vary from 3832 to 5636 m/s in irradiated sample and it vary from 4010 to 5836 m/s in high radiated sample by 10 dose whereas shear velocities vary from 2223 to 3269 m/s in irradiated sample and it vary from 2326 m/s in low radiation to 3385 m/s in high radiated sample by 10 dose. The effect of increasing sodium oxide content on ultrasonic velocity was very clear. The increase of velocity was attributed to the gradual increase in the rigidity of glass and hence strengthening of network due to gradual change of boron atoms from the three-fold to the four-fold coordination of oxygen atoms. The ultrasonic velocities data of glass samples have been used to find the elastic modulus. It was found that ultrasonic velocity, elastic modulus and microhardness increase with increasing barium oxide content and increasing γ-radiation dose.

Keywords: mechanical properties X2Na2O-X2B2O3, acoustic signature, SAW velocities, additives, gamma-radiation dose

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Authors: Katie Kilgour, Brendan Turner, Carly Catella, Michael Daniele, Stefano Menegatti

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In vivo, the extracellular matrix (ECM) provides biochemical and mechanical properties that are instructional to resident cells to form complex tissues with characteristics to develop and support vascular networks. In vitro, the development of vascular networks can be guided by biochemical patterning of substrates via spatial distribution and display of peptides and growth factors to prompt cell adhesion, differentiation, and proliferation. We have developed a technique utilizing peptide ligands that specifically bind vascular endothelial growth factor (VEGF), erythropoietin (EPO), or angiopoietin-1 (ANG1) to spatiotemporally distribute growth factors to cells. This allows for the controlled release of each growth factor, ultimately enhancing the formation of a vascular network. Our engineered tissue constructs (ETCs) are fabricated out of gelatin methacryloyl (GelMA), which is an ideal substrate for tailored stiffness and bio-functionality, and covalently patterned with growth factor specific peptides. These peptides mimic growth factor receptors, facilitating the non-covalent binding of the growth factors to the ETC, allowing for facile uptake by the cells. We have demonstrated in the absence of cells the binding affinity of VEGF, EPO, and ANG1 to their respective peptides and the ability for each to be patterned onto a GelMA substrate. The ability to organize growth factors on an ETC provides different functionality to develop organized vascular networks. Our results demonstrated a method to incorporate biochemical cues into ETCs that enable spatial and temporal control of growth factors. Future efforts will investigate the cellular response by evaluating gene expression, quantifying angiogenic activity, and measuring the speed of growth factor consumption.

Keywords: growth factor, hydrogel, peptide, angiogenesis, vascular, patterning

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Authors: Soumya Pugal

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The traditional lake system of an ancient town is a network of water holding blue spaces, erected further than 2000 years ago by the rulers of ancient cities and maintained for centuries by the original communities. These blue spaces form a micro-watershed wherein an individual tank has its own catchment, tank bed area, and command area. These lakes are connected by a common sluice from the upstream tank, thereby feeding the downstream tank. The lakes used to be of socio-economic significance in those times, but the rapid growth of the city, as well as the change in systems of ownership of the lakes, have turned them into the backyard of urban development. Madurai is one such historic city to be facing the issues of finding a balance to the social, ecological, and profitable requirements of the people with respect to the traditional lake system. To find a solution to problems caused by the neglect of vital ecological systems of a city, the theory of transformative placemaking through water sensitive urban design has been explored. This approach re-invents the relationship between the people and the urban lakes to suit the modern aspirations while respecting the environment. The thesis aims to develop strategies to guide the development along the major urban lake of Vandiyur to equip the lake to meet the growing requirements of the megacity in terms of its recreational requirements and give a renewed connection between people and water. The intent of the design is to understand the ecological and social structures of the lake and find ways to use the lake to produce social cohesion within the community and balance the city's profitable and ecological requirements by using transformative placemaking through water sensitive urban design..

Keywords: urban lakes, urban blue spaces, placemaking, revitalisation of lakes, urban cohesion

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Authors: Maryam Pirdehghan

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During the Ba'ath Party's rule in Iraq, propaganda was utilized to justify and to promote Saddam Hussein's image in the collective memory as the greatest Arab leader. Consequently, urban walls were routinely covered with images of Saddam. Relying on these images, the regime aimed to provide a basis for evoking meanings in the public opinion, which would supposedly strengthen Saddam’s power and reconstruct facts to legitimize his political ideology. Nonetheless, Saddam was not always portrayed with common and explicit elements but in certain periods of his rule, the paintings depicted him in an unusual context, where various historical and contemporary elements were combined in a narrative background. Therefore, an understanding of the implied socio-political references of these elements is required to fully elucidate the impact of these images on forming the memory and collective unconscious of the Iraqi people. To obtain such understanding, one needs to address the following questions: a) How Saddam Hussein is portrayed in mural during his rule? b) What of elements and mythical-historical narratives are found in the paintings? c) Which Saddam's political views were subject to the collective memory through mural? Employing visual semiotics, this study reveals that during Saddam Hussein's regime, the paintings were initially simple portraits but gradually transformed into narrative images, characterized by a complex network of historical, mythical and religious elements. These elements demonstrate the transformation of a secular-nationalist politician into a Muslim ruler who tried to instill three major policies in domestic and international relations i.e. the arabization of Iraq, as well as the propagation of pan-arabism ideology (first period), the implementation of anti-Israel policy (second period) and the implementation of anti-American-British policy (last period).

Keywords: Ba'ath Party, Saddam Hussein, mural, Iraq, propaganda, collective memory

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Authors: Arkadiusz Zurek

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The potential of using drones is visible in many areas of logistics, especially in terms of their use for monitoring and control of many processes. The technologies implemented in the last decade concern new possibilities for companies that until now have not even considered them, such as warehouse inventories. Unmanned aerial vehicles are no longer seen as a revolutionary tool for Industry 4.0, but rather as tools in the daily work of factories and logistics operators. The research problem is to develop a method for measuring the weight of goods in a selected link of the clothing supply chain by drones. However, the purpose of this article is to analyze the causes of errors in traditional measurements, and then to identify adverse events related to the use of drones for the inventory of a heap of textiles intended for production purposes. On this basis, it will be possible to develop guidelines to eliminate the causes of these events in the measurement process using drones. In a real environment, work was carried out to determine the volume and weight of textiles, including, among others, weighing a textile sample to determine the average density of the assortment, establishing a local geodetic network, terrestrial laser scanning and photogrammetric raid using an unmanned aerial vehicle. As a result of the analysis of measurement data obtained in the facility, the volume and weight of the assortment and the accuracy of their determination were determined. In this article, this work presents how such heaps are currently being tested, what adverse events occur, indicate and describes the current use of photogrammetric techniques of this type of measurements so far performed by external drones for the inventory of wind farms or construction of the station and compare them with the measurement system of the aforementioned textile heap inside a large-format facility.

Keywords: drones, unmanned aerial system, UAS, indoor system, security, process automation, cost optimization, photogrammetry, risk elimination, industry 4.0

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Authors: Isaac Kayode Ogunlade

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Data acquisition (DAQ) is the process by which physical phenomena from the real world are transformed into an electrical signal(s) that are measured and converted into a digital format for processing, analysis, and storage by a computer. The DAQ is designed using PIC18F4550 microcontroller, communicating with Personal Computer (PC) through USB (Universal Serial Bus). The research deployed initial knowledge of data acquisition system and embedded system to develop a weather data acquisition device using LM35 sensor to measure weather parameters and the use of Artificial Intelligence(Artificial Neural Network - ANN)and statistical approach(Autoregressive Integrated Moving Average – ARIMA) to predict precipitation (rainfall). The device is placed by a standard device in the Department of Meteorology, Federal University of Technology, Akure (FUTA) to know the performance evaluation of the device. Both devices (standard and designed) were subjected to 180 days with the same atmospheric condition for data mining (temperature, relative humidity, and pressure). The acquired data is trained in MATLAB R2012b environment using ANN, and ARIMAto predict precipitation (rainfall). Root Mean Square Error (RMSE), Mean Absolute Error (MAE), Correction Square (R2), and Mean Percentage Error (MPE) was deplored as standardize evaluation to know the performance of the models in the prediction of precipitation. The results from the working of the developed device show that the device has an efficiency of 96% and is also compatible with Personal Computer (PC) and laptops. The simulation result for acquired data shows that ANN models precipitation (rainfall) prediction for two months (May and June 2017) revealed a disparity error of 1.59%; while ARIMA is 2.63%, respectively. The device will be useful in research, practical laboratories, and industrial environments.

Keywords: data acquisition system, design device, weather development, predict precipitation and (FUTA) standard device

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Authors: Maria Debora Braga, Luigi Riso, Maria Grazia Zoia

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Risk-based approaches to asset allocation are portfolio construction methods that do not rely on the input of expected returns for the asset classes in the investment universe and only use risk information. They include the Minimum Variance Strategy (MV strategy), the traditional (volatility-based) Risk Parity Strategy (SRP strategy), the Most Diversified Portfolio Strategy (MDP strategy) and, for many, the Equally Weighted Strategy (EW strategy). All the mentioned approaches were based on portfolio volatility as a reference risk measure but in 2023, the Kurtosis-based Risk Parity strategy (KRP strategy) and the Minimum Kurtosis strategy (MK strategy) were introduced. Understandably, they used the fourth root of the portfolio-fourth moment as a proxy for portfolio kurtosis to work with a homogeneous function of degree one. This paper contributes mainly theoretically and methodologically to the framework of risk-based asset allocation approaches with two steps forward. First, a new and more flexible objective function considering a linear combination (with positive coefficients that sum to one) of portfolio volatility and portfolio kurtosis is used to alternatively serve a risk minimization goal or a homogeneous risk distribution goal. Hence, the new basic idea consists in extending the achievement of typical risk-based approaches’ goals to a combined risk measure. To give the rationale behind operating with such a risk measure, it is worth remembering that volatility and kurtosis are expressions of uncertainty, to be read as dispersion of returns around the mean and that both preserve adherence to a symmetric framework and consideration for the entire returns distribution as well, but also that they differ from each other in that the former captures the “normal” / “ordinary” dispersion of returns, while the latter is able to catch the huge dispersion. Therefore, the combined risk metric that uses two individual metrics focused on the same phenomena but differently sensitive to its intensity allows the asset manager to express, in the context of an objective function by varying the “relevance coefficient” associated with the individual metrics, alternatively, a wide set of plausible investment goals for the portfolio construction process while serving investors differently concerned with tail risk and traditional risk. Since this is the first study that also implements risk-based approaches using a combined risk measure, it becomes of fundamental importance to investigate the portfolio effects triggered by this innovation. The paper also offers a second contribution. Until the recent advent of the MK strategy and the KRP strategy, efforts to highlight interesting properties of risk-based approaches were inevitably directed towards the traditional MV strategy and SRP strategy. Previous literature established an increasing order in terms of portfolio volatility, starting from the MV strategy, through the SRP strategy, arriving at the EQ strategy and provided the mathematical proof for the “equalization effect” concerning marginal risks when the MV strategy is considered, and concerning risk contributions when the SRP strategy is considered. Regarding the validity of similar conclusions when referring to the MK strategy and KRP strategy, the development of a theoretical demonstration is still pending. This paper fills this gap.

Keywords: risk parity, portfolio kurtosis, risk diversification, asset allocation

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