Search results for: panel analysis regression

Authors: Qasem Qananwah, Ahmad Dagamseh, Hiam AlQuran, Khalid Shaker Ibrahim

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Blood pressure helps the physicians greatly to have a deep insight into the cardiovascular system. The determination of individual blood pressure is a standard clinical procedure considered for cardiovascular system problems. The conventional techniques to measure blood pressure (e.g. cuff method) allows a limited number of readings for a certain period (e.g. every 5-10 minutes). Additionally, these systems cause turbulence to blood flow; impeding continuous blood pressure monitoring, especially in emergency cases or critically ill persons. In this paper, the most important statistical features in the photoplethysmogram (PPG) signals were extracted to estimate the blood pressure noninvasively. PPG signals from more than 40 subjects were measured and analyzed and 12 features were extracted. The features were fed to principal component analysis (PCA) to find the most important independent features that have the highest correlation with blood pressure. The results show that the stiffness index means and standard deviation for the beat-to-beat heart rate were the most important features. A model representing both features for Systolic Blood Pressure (SBP) and Diastolic Blood Pressure (DBP) was obtained using a statistical regression technique. Surface fitting is used to best fit the series of data and the results show that the error value in estimating the SBP is 4.95% and in estimating the DBP is 3.99%.

Keywords: blood pressure, noninvasive optical system, principal component analysis, PCA, continuous monitoring

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Authors: M. Alpaslan Koroglu

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Fibre reinforced polymer (FRP) bridge decks have become an innovative alternative, and they have offered many advantages, and this has been increasing attention for applications in not only reinforcement of existing bridges decks but also construction of new bridges decks. The advantages of these FRP decks are; lightweight, high-strength FRP materials, corrosion resistance. However, this high strength deck is not ductile. In this study, the behaviour of hybrid FRP-steel decks are investigated. All FRP decks was analysed with the commercial package ABAQUS. In the FE model, the webs and flanges were discretised by 4 nodes shell elements. A full composite action between the steel and the FRP composite was assumed in the FE analysis because the bond-slip behaviour was unknown at that time. The performance of the proposed hybrid FRP deck panel with steel plates was evaluated by means of FE analysis.

Keywords: FRP, deck, bridge, finite element

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Authors: Hamed Rashid Sarand, Kemal Selçuk Öğüt

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Speed is one of the fundamental variables of road traffic flow that stands as an important evaluation criterion for traffic analyses in several aspects. In particular, varieties of speed variable, such as average speed, free flow speed, optimum speed (capacity speed), acceleration/deceleration speed and so on, have been explicitly considered in the analysis of not only road safety but also road capacity. In the purpose of realizing 'road speed – maximum speed difference across lanes' and 'road flow rate – maximum speed difference across lanes' relations on freeway traffic, this study presents a case study conducted on a basic freeway segment of O-2 in Istanbul. The traffic data employed in this study have been obtained from 5 remote traffic microwave sensors operated by Istanbul Metropolitan Municipality. The study stretch is located between two successive freeway interchanges: Ümraniye and Kavacık. Daily traffic data of 4 years (2011-2014) summer months, July and August are used. The speed data are analyzed into two main flow areas such as uncongested and congested flows. In this study, the regression analyses were carried out in order to examine the relationship between maximum speed difference across lanes and road speed. These investigations were implemented at uncongested and congested flows, separately. Moreover, the relationship between maximum speed difference across lanes and road flow rate were evaluated by applying regression analyses for both uncongested and congested flows separately. It is concluded that there is the moderate relationship between maximum speed difference across lanes and road speed in 50% cases. Additionally, it is indicated that there is the moderate relationship between maximum speed difference across lanes and road flow rate in 30% cases. The maximum speed difference across lanes decreases as the road flow rate increases.

Keywords: maximum speed difference, regression analysis, remote traffic microwave sensor, speed differentiation, traffic flow

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Authors: Zunaidah Ab Hasan, Azhana Othman, Abd Halim Mohd Noor, Nor Shahrina Mohd Rafien

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Zakat is a portion of wealth contributed from financially able Muslims to be distributed to predetermine recipients; main among them are the poor and the needy. Distribution of the zakat fund is given with the objective to lift the recipients from poverty. Due to the multidimensional and multifaceted nature of poverty, it is imperative that the causes of poverty are properly identified for assistance given by zakat authorities reached the intended target. Despite, various studies undertaken to identify the poor correctly, there are reports of the poor not receiving the adequate assistance required from zakat. Thus, this study examines the determinants of poverty among applicants for zakat assistance distributed by the State Islamic Religious Council in Malacca (SIRCM). Malacca is a state in Malaysia. The respondents were based on the list of names of new zakat applicants for the month of April and May 2014 provided by SIRCM. A binary logistic regression was estimated based on this data with either zakat applications is rejected or accepted as the dependent variable and set of demographic variables and health as the explanatory variables. Overall, the logistic model successfully predicted factors of acceptance of zakat applications. Three independent variables namely gender, age; size of households and health significantly explain the likelihood of a successful zakat application. Among others, the finding suggests the importance of focusing on providing education opportunity in helping the poor.

Keywords: logistic regression, zakat distribution, status of zakat applications, poverty, education

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Authors: Sachin Jain, Daniel Perez-Astudillo, Dunia A. Bachour, Antonio P. Sanfilippo

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The future of solar energy in Qatar is evolving steadily. Hence, high-quality spatial solar radiation data is of the uttermost requirement for any planning and commissioning of solar technology. Generally, two types of solar radiation data are available: satellite data and ground observations. Satellite solar radiation data is developed by the physical and statistical model. Ground data is collected by solar radiation measurement stations. The ground data is of high quality. However, they are limited to distributed point locations with the high cost of installation and maintenance for the ground stations. On the other hand, satellite solar radiation data is continuous and available throughout geographical locations, but they are relatively less accurate than ground data. To utilize the advantage of both data, a product has been developed here which provides spatial continuity and higher accuracy than any of the data alone. The popular satellite databases: National Solar radiation Data Base, NSRDB (PSM V3 model, spatial resolution: 4 km) is chosen here for merging with ground-measured solar radiation measurement in Qatar. The spatial distribution of ground solar radiation measurement stations is comprehensive in Qatar, with a network of 13 ground stations. The monthly average of the daily total Global Horizontal Irradiation (GHI) component from ground and satellite data is used for error analysis. The normalized root means square error (NRMSE) values of 3.31%, 6.53%, and 6.63% for October, November, and December 2019 were observed respectively when comparing in-situ and NSRDB data. The method is based on the Empirical Bayesian Kriging Regression Prediction model available in ArcGIS, ESRI. The workflow of the algorithm is based on the combination of regression and kriging methods. A regression model (OLS, ordinary least square) is fitted between the ground and NSBRD data points. A semi-variogram is fitted into the experimental semi-variogram obtained from the residuals. The kriging residuals obtained after fitting the semi-variogram model were added to NSRBD data predicted values obtained from the regression model to obtain the final predicted values. The NRMSE values obtained after merging are respectively 1.84%, 1.28%, and 1.81% for October, November, and December 2019. One more explanatory variable, that is the ground elevation, has been incorporated in the regression and kriging methods to reduce the error and to provide higher spatial resolution (30 m). The final GHI maps have been created after merging, and NRMSE values of 1.24%, 1.28%, and 1.28% have been observed for October, November, and December 2019, respectively. The proposed merging method has proven as a highly accurate method. An additional method is also proposed here to generate calibrated maps by using regression and kriging model and further to use the calibrated model to generate solar radiation maps from the explanatory variable only when not enough historical ground data is available for long-term analysis. The NRMSE values obtained after the comparison of the calibrated maps with ground data are 5.60% and 5.31% for November and December 2019 month respectively.

Keywords: global horizontal irradiation, GIS, empirical bayesian kriging regression prediction, NSRDB

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Authors: Wenting Zhang, Shishi Liu, Peihong Fu

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As an indicator of air quality and directly related to concentration of ground PM2.5, the spatial-temporal variation and impact factor analysis of Aerosol Optical Depth (AOD) have been a hot spot in air pollution. This paper concerns the non-stationarity and the autocorrelation (with Moran’s I index of 0.75) of the AOD in Wuhan agglomeration (WHA), in central China, uses the geographically weighted regression (GRW) to identify the spatial relationship of AOD and its impact factors. The 3 km AOD product of Moderate Resolution Imaging Spectrometer (MODIS) is used in this study. Beyond the economic-social factor, land use density factors, vegetable cover, and elevation, the landscape metric is also considered as one factor. The results suggest that the GWR model is capable of dealing with spatial varying relationship, with R square, corrected Akaike Information Criterion (AICc) and standard residual better than that of ordinary least square (OLS) model. The results of GWR suggest that the urban developing, forest, landscape metric, and elevation are the major driving factors of AOD. Generally, the higher AOD trends to located in the place with higher urban developing, less forest, and flat area.

Keywords: aerosol optical depth, geographically weighted regression, land use change, Wuhan agglomeration

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Authors: Jonathan Iworiso

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Forecasting the equity premium out-of-sample is a major concern to researchers in finance and emerging markets. The quest for a superior model that can forecast the equity premium with significant economic gains has resulted in several controversies on the choice of variables and suitable techniques among scholars. This research focuses mainly on the application of Regression Training (RT) techniques to forecast monthly equity premium out-of-sample recursively with an expanding window method. A broad category of sophisticated regression models involving model complexity was employed. The RT models include Ridge, Forward-Backward (FOBA) Ridge, Least Absolute Shrinkage and Selection Operator (LASSO), Relaxed LASSO, Elastic Net, and Least Angle Regression were trained and used to forecast the equity premium out-of-sample. In this study, the empirical investigation of the RT models demonstrates significant evidence of equity premium predictability both statistically and economically relative to the benchmark historical average, delivering significant utility gains. They seek to provide meaningful economic information on mean-variance portfolio investment for investors who are timing the market to earn future gains at minimal risk. Thus, the forecasting models appeared to guarantee an investor in a market setting who optimally reallocates a monthly portfolio between equities and risk-free treasury bills using equity premium forecasts at minimal risk.

Keywords: regression training, out-of-sample forecasts, expanding window, statistical predictability, economic significance, utility gains

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Authors: Aemro Tazeze Terefe, Mengistu K. Aredo, Abule M. Workagegnehu, Wondimagegn M. Tesfaye

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Climate-induced shocks have been shown to reduce agricultural production and cause fluctuation in output in developing countries. When livelihoods depend on rain-fed agriculture, climate-induced shocks translate into consumption shocks. Despite the substantial improvements in household consumption, climate-induced shocks, and other factors adversely affect consumption dynamics at the household level in Ethiopia. Therefore, household consumption dynamics in the context of climate-induced shocks help to guide resilience capacity and establish appropriate interventions and programs. The research employed three-round panel data based on the Ethiopian Socioeconomic Survey with spatial rainfall data to define unique measures of rainfall variability. The linear dynamic panel model results show that the lagged value of consumption, market shocks, and rainfall variability positively affected consumption dynamics. In contrast, production shocks, temperature, and amount of rainfall had a negative relationship. Coping strategies mitigate adverse climate-induced shocks on consumption aftershocks that smooth consumption over time. Support to increase the resilience capacity of households can involve efforts to make existing livelihoods and forms of production or reductions in the vulnerability of households. Therefore, government interventions are mandatory for asset accumulation agendas that support household coping strategies and respond to shocks. In addition, the dynamic linkage between consumption and significant socioeconomic and institutional factors should be taken into account to minimize the effect of climate-induced shocks on consumption dynamics.

Keywords: climate shock, Ethiopia, fixed-effect model, food security

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Authors: Bhaveek Maini, Sanjay Dhanka, Surita Maini

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Electroencephalography (EEG) is used to classify several epileptic seizures worldwide. It is a very crucial task for the neurologist to identify the epileptic seizure with manual EEG analysis, as it takes lots of effort and time. Human error is always at high risk in EEG, as acquiring signals needs manual intervention. Disease diagnosis using machine learning (ML) has continuously been explored since its inception. Moreover, where a large number of datasets have to be analyzed, ML is acting as a boon for doctors. In this research paper, authors proposed two different ML models, i.e., logistic regression (LR) and Naïve Bayes (NB), to predict epileptic seizures based on general parameters. These two techniques are applied to the epileptic seizures recognition dataset, available on the UCI ML repository. The algorithms are implemented on an 80:20 train test ratio (80% for training and 20% for testing), and the performance of the model was validated by 10-fold cross-validation. The proposed study has claimed accuracy of 81.87% and 95.49% for LR and NB, respectively.

Keywords: epileptic seizure recognition, logistic regression, Naïve Bayes, machine learning

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Authors: Joel S. Akintayo, Ramat T. Salman

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The stakeholders’ pressure on corporate managers to maintain firm’s profitability has created economic incentives for management to engage in earnings management practices. Therefore, this study examines the effects of audit quality and corporate governance on earnings management of quoted deposit money banks (DMBs) in Nigeria. This study specifically investigates the influence of audit tenure, audit fee, board independence, and board size on earnings management of DMBs. Explanatory research design was employed in carrying out the study while secondary data were sourced from the annual reports and accounts of all the 15 quoted DMBs in Nigerian Stock Exchange as at December 31, 2015 for a period of 10 years covering from 2006 to 2015. The data obtained for the study were analyzed using panel regression analysis approach. The findings reveal that board independence has a negative significant effect on earnings management at a 5% level of significance (p=0.002), while audit fee has a positive significant effect on earnings management at a 5% level of significance (p=0.013) and audit tenure has a negative significant effect on earnings management of DMBs at a 5% level of significance (p=0.003). Surprisingly, board size was statistically not significant at a 5% level of significance (p=0.086). The study concludes that high audit quality and sound corporate governance could improve the earnings quality of DMBs. Hence, the study recommends that the authorities saddled with the responsibility of banking supervision in Nigeria such the Securities and Exchange Commission (SEC) and CBN to advise the National Assembly in Nigeria to pass into law the three years professional requirement for audit tenure.

Keywords: audit quality, audit tenure, audit fee, board independence, corporate governance, earnings management

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Authors: A. Ishag Mohamed, A. A. Rabah

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The objective of this research is to develop a generalized correlation for the prediction of thermal conductivity of n-Alkanes and Alkenes. There is a minority of research and lack of correlation for thermal conductivity of liquids in the open literature. The available experimental data are collected covering the groups of n-Alkanes and Alkenes.The data were assumed to correlate to temperature using Filippov correlation. Nonparametric regression of Grace Algorithm was used to develop the generalized correlation model. A spread sheet program based on Microsoft Excel was used to plot and calculate the value of the coefficients. The results obtained were compared with the data that found in Perry's Chemical Engineering Hand Book. The experimental data correlated to the temperature ranged "between" 273.15 to 673.15 K, with R2 = 0.99.The developed correlation reproduced experimental data that which were not included in regression with absolute average percent deviation (AAPD) of less than 7 %. Thus the spread sheet was quite accurate which produces reliable data.

Keywords: N-Alkanes, N-Alkenes, nonparametric, regression

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Authors: Chul Park, Youngseok Kim, Sangsik Choi

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This study developed an electric jig for underwater structure inspection in order to solve the problem of the application of side scan sonar to underwater inspection, and analyzed correlations of empirical data in order to enhance sonar data resolution. For the application of tow-typed sonar to underwater structure inspection, an electric jig was developed. In fact, it was difficult to inspect a cross-section at the time of inspection with tow-typed equipment. With the development of the electric jig for underwater structure inspection, it was possible to shorten an inspection time over 20%, compared to conventional tow-typed side scan sonar, and to inspect a proper cross-section through accurate angle control. The indoor test conducted to enhance sonar data resolution proved that a water depth, the distance from an underwater structure, and a filming angle influenced a resolution and data quality. Based on the data accumulated through field experience, multiple regression analysis was conducted on correlations between three variables. As a result, the relational equation of sonar operation according to a water depth was drawn.

Keywords: underwater structure, SONAR, safety inspection, resolution

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Authors: Gustavo Funes, Eduardo Peters, Jose Delpiano

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It is widely known that photovoltaic technology has been massively distributed over the last decade despite its low-efficiency ratio. Dust deposition reduces this efficiency even more, lowering the energy production and module lifespan. In this work, we developed an artificial vision algorithm based on CIELAB color space to identify dust over panels in an autonomous way. We performed several experiments photographing three different types of panels, 30W, 340W and 410W. Those panels were soiled artificially with uniform and non-uniform distributed dust. The algorithm proposed uses statistical tools to provide a simulation with a 100% soiled panel and then performs a comparison to get the percentage of dirt in the experimental data set. The simulation uses a seed that is obtained by taking a dust sample from the maximum amount of dust from the dataset. The final result is the dirt percentage and the possible distribution of dust over the panel. Dust deposition is a key factor for plant owners to determine cleaning cycles or identify nonuniform depositions that could lead to module failure and hot spots.

Keywords: dust detection, photovoltaic, artificial vision, soiling

Procedia PDF Downloads 36

Authors: Nur Azreena Idris, Soh Kheang Loh, Harrison Lau Lik Nang, Yuen May Choo, Eminour Muzalina Mustafa, Vijaysri Vello, Cheng Yau Tan, Siew Moi Phang

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It is estimated that about 0.65-0.67 m3 of palm oil mill effluent (POME) is generated when one tonne of fresh fruit bunches is processed. Owning to the high content of nutrients in POME, it has high potential as a medium for microalgae growth. This study attempted determining the growth rate, biomass productivity and biochemical composition of microalgae (Chlorella sp.) grown in different POME concentrations i.e. 6.25%, 12.5%, 25% and 50% at outdoor conditions using a 200-mL capacity high rate algae pond (HRAP) and 2 closed photobioreactors (PBRs) i.e. annular and flat panel. The strain, Chlorella sp. grown on 12.5% of POME in flat panel PBR exhibited the highest specific growth rate of 0.32/day and biomass productivity (27.1 mg/L/day) followed by those in HRAP and annular PBR. It further showed that a good growth of Chlorella sp. in 12.5% of POME could sufficiently reduce the nutrients of POME such as phosphate (PO4), nitrate (NO3), nitrite (NO2) and chemical oxygen demand (COD). The extracted algal oil from POME culture showed that the saturated fatty acids decreased while polyunsaturated fatty acids increased compared to those cultured in standard culture medium (Bold’s Basal medium). The biochemical compositions of the algae grown in flat panel PBR were the highest with lipid, protein and carbohydrate productivity of 17.91 mg/L/day, 34.65 mg/L/day and 21.44 mg/L/day, respectively. The microalgae cultivation in diluted POME had not only shown potential as biodiesel feedstock based on the fatty acids profile but also the ability to reduce pollutants e.g. PO4, NO3, NO2 and COD in biological wastewater treatment.

Keywords: wastewater treatment, photobioreactors, biomass productivity, specific growth rate

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Authors: Ben Kwame Agyei-Mensah

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This study investigated the influence of firm-specific characteristics which include proportion of Non-Executive Directors, ownership concentration, firm size, profitability, debt equity ratio, liquidity and leverage on the extent and quality of financial ratios disclosed by firms listed on the Ghana Stock Exchange. The research was conducted through detailed analysis of the 2012 financial statements of the listed firms. Descriptive analysis was performed to provide the background statistics of the variables examined. This was followed by regression analysis which forms the main data analysis. The results of the extent of financial ratio disclosure level, mean of 62.78%, indicate that most of the firms listed on the Ghana Stock Exchange did not overwhelmingly disclose such ratios in their annual reports. The results of the low quality of financial ratio disclosure mean of 6.64% indicate that the disclosures failed woefully to meet the International Accounting Standards Board's qualitative characteristics of relevance, reliability, comparability and understandability. The results of the multiple regression analysis show that leverage (gearing ratio) and return on investment (dividend per share) are associated on a statistically significant level as far as the extent of financial ratio disclosure is concerned. Board ownership concentration and proportion of (independent) non-executive directors, on the other hand were found to be statistically associated with the quality of financial ratio disclosed. There is a significant negative relationship between ownership concentration and the quality of financial ratio disclosure. This means that under a higher level of ownership concentration less quality financial ratios are disclosed. The findings also show that there is a significant positive relationship between board composition (proportion of non-executive directors) and the quality of financial ratio disclosure.

Keywords: voluntary disclosure, firm-specific characteristics, financial reporting, financial ratio disclosure, Ghana stock exchange

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Authors: Zane Brough, Claudio Paoloni

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Modern low earth orbit (LEO) satellites that require multi-mission flexibility are highly likely to be repositioned between different operational orbits. While executing this process the satellite may experience high levels of vibration and environmental hazards, exposing the deployed solar panel to dangerous stress levels, fatigue and space debris, hence it is desirable to retract the solar array before satellite repositioning to avoid damage or failure. Furthermore, to accommodate for today's technological world, the power demand of a modern LEO satellite is rapidly increasing, which consequently provides pressure upon the design of the satellites solar array system to conform to the strict volume and mass limitations. A novel concept of deployable/retractable hybrid solar array system, aimed to provide a greater power to volume ratio while dramatically reducing the disadvantages of system mass and cost is proposed. Taking advantage of the new lightweight technology in solar panels, a mechanical system composed of both rigid and flexible solar panels arranged within a petal formation is proposed to yield a stowed to deployment area ratio up to at least 1:7, which improves the power density dramatically. The system consists of five subsystems, the outer ones based on a novel eight-petal configuration that provides a large surface and supports the flexible solar panels. A single cable and spool based hinge mechanism were designed to synchronously deploy/retract the panels in a safe, simple and efficient manner while the mass compared to the previous systems is considerably reduced. The relevant challenge to assure a smooth movement is resolved by a proper minimization of the gearing system and the use of a micro-controller system. A prototype was designed by 3D simulators and successfully constructed and tested. Further design works are in progress to implement an epicyclical gear hinge mechanism, which will further reduce the volume, mass and complexity of the system significantly. The proposed system due to an effective and reliable mechanism provides a large active surface, whilst being very compact. It could be extremely advantageous for use as ground portable solar panel system.

Keywords: mechatronic engineering, satellite, solar panel, deployable/retractable mechanism

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Authors: Lajmi Azhaar, Yab Mdallelah

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This study examines the Tunisian market in which recent events, notably financial scandals, provide an appropriate framework for studying the impact of corporate governance on the audit report lag. Moreover, very little research has been done to examine this relationship in this context. The objective of this work is, therefore, to understand the factors influencing audit report lag, drawing primarily on agency theory (Jensen and Meckling, 1976), which shows that the characteristics of the board of directors have an impact on the report lag (independence, diligence, and size). In addition, the characteristics of the committee also have an impact on the audit report lag (size, independence, diligence, and expertise). Therefore, our research provides empirical evidence on the impact of governance mechanisms attributes on audit report lag. Using a sample of forty-seven (47) Tunisian companies listed on the Tunis Stock Exchange (BVMT) during the period from 2014 to 2019, and basing on the GMM method of the dynamic panel, multivariate analysis shows that most corporate governance attributes have a significant effect on audit report lag. Specifically, the audit committee diligence and the audit committee expertise have a significant and positive effect on audit report lag. But the diligence of the board has a significant and negative effect on audit report lag. However, this study finds no evidence that the audit committee independence, the size, independence, and diligence of the director’s board are associated with the audit report lag. In addition, the results of this study also show that there is a significant effect of some control variables. Finally, we are contributing to this study by using the GMM method of the dynamic panel. We are also using an emerging context that is very poorly developed and exploited by previous studies.

Keywords: governance mechanisms, audit committee, board of directors, audit report lag

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Authors: M. V. Shivaani, P. K. Jain, Surendra S. Yadav

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Public Sector Undertakings (PSUs), being government-owned organizations have commitments for the economic and social wellbeing of the society; this commitment needs to be reflected in their risk-taking, decision-making and governance structures. Therefore, the primary objective of the study is to suggest measures that may lead to improvement in performance of PSUs. To achieve this objective two normative frameworks (one relating to risk levels and other relating to governance structure) are being put forth. The risk index is based on nine risks, such as, solvency risk, liquidity risk, accounting risk, etc. and each of the risks have been scored on a scale of 1 to 5. The governance index is based on eleven variables, such as, board independence, diversity, risk management committee, etc. Each of them are scored on a scale of 1 to five. The sample consists of 39 PSUs that featured in Nifty 500 index and, the study covers a 10 year period from April 1, 2005 to March, 31, 2015. Return on assets (ROA) and return on equity (ROE) have been used as proxies of firm performance. The control variables used in the model include, age of firm, growth rate of firm and size of firm. A dummy variable has also been used to factor in the effects of recession. Given the panel nature of data and possibility of endogeneity, dynamic panel data- generalized method of moments (Diff-GMM) regression has been used. It is worth noting that the corporate governance index is positively related to both ROA and ROE, indicating that with the improvement in governance structure, PSUs tend to perform better. Considering the components of CGI, it may be suggested that (i). PSUs ensure adequate representation of women on Board, (ii). appoint a Chief Risk Officer, and (iii). constitute a risk management committee. The results also indicate that there is a negative association between risk index and returns. These results not only validate the framework used to develop the risk index but also provide a yardstick to PSUs benchmark their risk-taking if they want to maximize their ROA and ROE. While constructing the CGI, certain non-compliances were observed, even in terms of mandatory requirements, such as, proportion of independent directors. Such infringements call for stringent penal provisions and better monitoring of PSUs. Further, if the Securities and Exchange Board of India (SEBI) and Ministry of Corporate Affairs (MCA) bring about such reforms in the PSUs and make mandatory the adherence to the normative frameworks put forth in the study, PSUs may have more effective and efficient decision-making, lower risks and hassle free management; all these ultimately leading to better ROA and ROE.

Keywords: PSU, risk governance, diff-GMM, firm performance, the risk index

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Authors: Lin-Han Chiang Hsieh, Hsiao-Yi Lin

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This study aims to determine the impact of the disclosure of flood potential map on housing prices. The disclosure is supposed to mitigate the market failure by reducing information asymmetry. On the other hand, opponents argue that the official disclosure of simulated results will only create unnecessary disturbances on the housing market. This study identifies the impact of the disclosure of the flood potential map by comparing the hedonic price of flood potential before and after the disclosure. The flood potential map used in this study is published by Taipei municipal government in 2015, which is a result of a comprehensive simulation based on geographical, hydrological, and meteorological factors. The residential property sales data of 2013 to 2016 is used in this study, which is collected from the actual sales price registration system by the Department of Land Administration (DLA). The result shows that the impact of flood potential on residential real estate market is statistically significant both before and after the disclosure. But the trend is clearer after the disclosure, suggesting that the disclosure does have an impact on the market. Also, the result shows that the impact of flood potential differs by the severity and frequency of precipitation. The negative impact for a relatively mild, high frequency flood potential is stronger than that for a heavy, low possibility flood potential. The result indicates that home buyers are of more concern to the frequency, than the intensity of flood. Another contribution of this study is in the methodological perspective. The classic hedonic price analysis with OLS regression suffers from two spatial problems: the endogeneity problem caused by omitted spatial-related variables, and the heterogeneity concern to the presumption that regression coefficients are spatially constant. These two problems are seldom considered in a single model. This study tries to deal with the endogeneity and heterogeneity problem together by combining the spatial fixed-effect model and geographically weighted regression (GWR). A series of literature indicates that the hedonic price of certain environmental assets varies spatially by applying GWR. Since the endogeneity problem is usually not considered in typical GWR models, it is arguable that the omitted spatial-related variables might bias the result of GWR models. By combing the spatial fixed-effect model and GWR, this study concludes that the effect of flood potential map is highly sensitive by location, even after controlling for the spatial autocorrelation at the same time. The main policy application of this result is that it is improper to determine the potential benefit of flood prevention policy by simply multiplying the hedonic price of flood risk by the number of houses. The effect of flood prevention might vary dramatically by location.

Keywords: flood potential, hedonic price analysis, endogeneity, heterogeneity, geographically-weighted regression

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Authors: Selvamuthukumaran Thirunavukkarasu, Arivudainambi Sundararajan

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The plant active molecules with their known mode of action are important leads to the development of newer insecticides. Lactone glycoside was identified earlier as the active principle in Cleistanthus collinus (Roxb.) Benth. (Fam: Euphorbiaceae). It possessed feeding deterrent, insecticidal and insect growth regulatory actions at varying concentrations. Deducing its mode of action opens a possibility of its further development. A no-choice leaf disc bioassay was carried out with lactone glycoside at different doses for different instars and Deterrence Indices were worked out. Using regression analysis concentrations imparting 10, 30 and 50 per cent deterrence (DI10, DI30 & DI50) were worked out. At these doses, effect on nutritional indices like Relative Consumption and Growth Rates (RCR & RGR), Efficiencies of Conversion of Ingested and Digested food (ECI & ECD) and Approximate Digestibility (AD) were worked out. The Relative Consumption and Growth Rate of control and lactone glycoside larva were compared by regression analysis. Regression analysis of deterrence indices revealed that the concentrations needed for imparting 50 per cent deterrence was 60.66, 68.47 and 71.10 ppm for third, fourth and fifth instars respectively. Relative consumption rate (RCR) and relative growth rate (RGR) were reduced. This confirmed the antifeedant action of the fraction. Approximate digestibility (AD) was found greater in treatments indicating reduced faeces because of poor digestibility and retention of food in the gut. Efficiency of conversion of both ingested and digested (ECI and ECD) food was also found to be greatly reduced. This indicated presence of toxic action. This was proved by comparing growth efficiencies of control and lactone glycoside treated larvae. Lactone glycoside was found to possess both feeding deterrent and toxic modes of action. Studies on molecular targets based on this preliminary site of action lead to new insecticide development.

Keywords: Spodoptera litura Fabricius, Cleistanthus collinus (Roxb.) Benth, feeding deterrence, mode of action

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Authors: Darren Zou

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Forecasting the stock market is a very challenging task. Various economic indicators such as GDP, exchange rates, interest rates, and unemployment have a substantial impact on the stock market. Time series models are the traditional methods used to predict stock market changes. In this paper, a machine learning method, Bayesian Additive Regression Tree (BART) is used in predicting stock market indexes based on multiple economic indicators. BART can be used to model heterogeneous treatment effects, and thereby works well when models are misspecified. It also has the capability to handle non-linear main effects and multi-way interactions without much input from financial analysts. In this research, BART is proposed to provide a reliable prediction on day-to-day stock market activities. By comparing the analysis results from BART and with time series method, BART can perform well and has better prediction capability than the traditional methods.

Keywords: BART, Bayesian, predict, stock

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Authors: Habshah Midi, Mohammed A. Mohammed, Sohel Rana

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Multicollinearity occurs when two or more independent variables in a multiple linear regression model are highly correlated. The ridge regression is the commonly used method to rectify this problem. However, the ridge regression cannot handle the problem of multicollinearity which is caused by high leverage collinearity enhancing observation (HLCEO). Since high leverage points (HLPs) are responsible for inducing multicollinearity, the effect of HLPs needs to be reduced by using Generalized M estimator. The existing GM6 estimator is based on the Minimum Volume Ellipsoid (MVE) which tends to swamp some low leverage points. Hence an improvised GM (MGM) estimator is presented to improve the precision of the GM6 estimator. Numerical example and simulation study are presented to show how HLPs can cause multicollinearity. The numerical results show that our MGM estimator is the most efficient method compared to some existing methods.

Keywords: identification, high leverage points, multicollinearity, GM-estimator, DRGP, DFFITS

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Authors: Seung-Ho Choi, Jae Yuel Oh, Chi Sung Lim, Ho Seong Jung, Kang Su Kim

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In recent years, various strengthening methods for buildings have been developed, but most of them require quite a long construction period during which the building users need to be patient on uncomfortable working environments including various lousy noises or even evacuation of the buildings. In this study, externally anchored precast wall-panel method (EPCW) for strengthening non-seismic reinforced concrete (RC) structures has been proposed, which is occupant-friendly technique because the strengthening walls are manufactured at factory and can be tightened to the members very quickly at the site. In order to investigate the structural performance of the specimens strengthened by the EPCW method, a total of four specimens were fabricated, and tested under axial and reversed cyclic lateral loads. The test results showed that the lateral resistances of the specimens strengthened by the EPCW method were greatly enhanced in both positive and negative directions, compared to the RC specimen having non-seismic details.

Keywords: precast wall, seismic strengthening, reinforced concrete, externally-anchored

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Authors: Mahvish Anwaar

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Research Question: In this paper, we explore the causal relationship between banking competition, banking stability, and economic growth. Research Findings: The unbalanced panel data starting from 2000 to 2018 is collected to analyze the causality among banking competition, banking stability, and economic growth. The main focus of the study is to check the direction of causality among selected variables. The results of the study support the demand following, supply leading, feedback, and neutrality hypothesis conditional to different measures of banking competition, banking stability, and economic growth. Theoretical Implication: Jayakumar, Pradhan, Dash, Maradana, and Gaurav (2018) proposed a theoretical model of the causal relationship between banking competition, banking stability, and economic growth by using different indicators. So, we empirically test the proposed indicators in our study. This study makes a contribution to the literature by showing the defined relationship between developing and developed countries. Policy Implications: The study covers various policy implications regarding investors to analyze how to properly manage their finances, and government agencies will take help from the present study to find the best and most suitable policies by examining how the economy can grow concerning its finances.

Keywords: competition, stability, economic growth, vector auto-regression, granger causality

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Authors: Aqeel Zeid, Hasna Anees, Mohamed Adheeb, Mohamed Rifan, Kalpani Manathunga

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To achieve constructive alignment in a higher education program, a clear set of learning outcomes must be defined. Traditional learning outcome definition techniques such as Bloom’s taxonomy are not written to be utilized by the student. This might be disadvantageous for students in student-centric learning settings where the students are expected to formulate their own learning strategies. To solve the problem, we propose the learning outcome relation and aggregation (LORA) model. To achieve alignment, we developed learning outcome, assessment, and resource authoring tools which help teachers to tag learning outcomes during creation. A pilot study was conducted with an expert panel consisting of experienced professionals in the education domain to evaluate whether the LORA model and tools present an improvement over the traditional methods. The panel unanimously agreed that the model and tools are beneficial and effective. Moreover, it helped them model learning outcomes in a more student centric and descriptive way.

Keywords: learning design, constructive alignment, Bloom’s taxonomy, learning outcome modelling

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Authors: Wei Yang, Xiaohui Cui, Weiping Zhu, Liqun Liu

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The rapid development of the Confucius Institute is attracting more and more attention from mainstream media around the world. Mainstream media plays a large role in public information dissemination and public opinion. This study presents efforts to analyze the correlation and functional relationship between domestic and foreign mainstream media by analyzing the amount of reports on the Confucius Institute. Three kinds of correlation calculation methods, the Pearson correlation coefficient (PCC), the Spearman correlation coefficient (SCC), and the Kendall rank correlation coefficient (KCC), were applied to analyze the correlations among mainstream media from three regions: mainland of China; Hong Kong and Macao (the two special administration regions of China denoted as SARs); and overseas countries excluding China, such as the United States, England, and Canada. Further, the paper measures the functional relationships among the regions using a regression model. The experimental analyses found high correlations among mainstream media from the different regions. Additionally, we found that there is a linear relationship between the mainstream media of overseas countries and those of the SARs by analyzing the amount of reports on the Confucius Institute based on a data set obtained by crawling the websites of 106 mainstream media during the years 2004 to 2014.

Keywords: mainstream media, Confucius institute, correlation analysis, regression model

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Authors: Daniela Evtimovska, Ivana Srbinovska, Padraig O’Rourke

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Kostal Macedonia has the challenge to mill a rigid-flex printed circuit board (PCB). The PCB elaborated in this paper is made of FR4 material covered with polyimide through the whole surface on the one side, including the tabs where PCBs need to be separated. After milling only 1.44 meters, the updraft routing tool isn’t effective and causes polyimide debris on all PCB cuts if it continues to mill with the same tool. Updraft routing tool is used for all another product in Kostal Macedonia, and it is changing after milling 60 meters. Changing the tool adds 80 seconds to the cycle time. One solution is using a laser-cut machine. Buying a laser-cut machine for cutting only one product doesn’t make financial sense. The focus is given to find an internal solution among the options under review to solve the issue with polyimide debris. In the paper, the design of the rigid-flex panel is described deeply. It is evaluated downdraft routing tool as a possible solution which could be used for the flex rigid panel as a specific product. It is done a comparison between updraft and down draft routing tools from a technical and financial aspect of view, taking into consideration the customer requirements for the rigid-flex PCB. The results show that using the downdraft routing tool is the best solution in this case. This tool is more expensive for 0.62 euros per piece than updraft. The downdraft routing tool needs to be changed after milling 43.44 meters in comparison with the updraft tool, which needs to be changed after milling only 1.44 meters. It is done analysis which actions should be taken in order further improvements and the possibility of maximum serving of downdraft routing tool.

Keywords: Kostal Macedonia, rigid flex PCB, polyimide, debris, milling process, up/down draft routing tool

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Authors: Mukund Ramchandra Mogarekar, Pankaj Kumar, Shraddha Vilas More

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Background: Myocardial infarction (MI) is defined as myocardial cell death due to prolonged ischemia as a consequence of atherosclerosis. TC, low-density lipoprotein cholesterol (LDL-C), very low-density lipoprotein cholesterol (VLDL-C), Apo B, and lipoprotein(a) was found as atherogenic factors while high-density lipoprotein cholesterol (HDL-C) was anti-atherogenic. Methods and Results: The study group consists of 40, MI subjects and 40 healthy individuals in control group. PON 1 Arylesterase activity (ARE) was measured by using phenylacetate. Phenotyping was done by double substrate method, serum AOPP by using chloramine T and Apo B by Turbidimetric immunoassay. PON 1 ARE activities were significantly lower (p< 0.05) and AOPPs & Apo B were higher in MI subjects (p> 0.05). Trimodal distribution of QQ, QR, and RR phenotypes of study population showed no significant difference among cases and controls (p> 0.05). Univariate binary logistic regression analysis showed independent association of TC, HDL, LDL, AOPP, Apo B, and PON 1 ARE activity with MI and multiple forward binary logistic regression showed PON 1 ARE activity and serum Apo B as an independent predictor of MI. Conclusions: Decrease in PON 1 ARE activity in MI subjects than in controls suggests increased oxidative stress in MI which is reflected by significantly increased AOPP and Apo B. PON1 polymorphism of QQ, QR and RR showed no significant difference in protection against MI. Univariate and multiple binary logistic regression showed PON1 ARE activity and serum Apo B as an independent predictor of MI.

Keywords: advanced oxidation protein product, apolipoprotein B, PON 1 arylesterase activity, myocardial infarction

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Authors: Ellis Kofi Akwaa-Sekyi, Jordi Moreno Gené

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Managerial actions which negatively profile banks and impair corporate reputation are addressed through effective internal control systems. Disregard for acceptable standards and procedures for granting credit have affected bank loan portfolios and could be cited for the crises in some European countries. The study intends to determine the effectiveness of internal control systems, investigate whether perceived agency problems exist on the part of board members and to establish the relationship between internal controls and credit risk among listed banks in the European Union. Drawing theoretical support from the behavioural compliance and agency theories, about seventeen internal control variables (drawn from the revised COSO framework), bank-specific, country, stock market and macro-economic variables will be involved in the study. A purely quantitative approach will be employed to model internal control variables covering the control environment, risk management, control activities, information and communication and monitoring. Panel data from 2005-2014 on listed banks from 28 European Union countries will be used for the study. Hypotheses will be tested and the Generalized Least Squares (GLS) regression will be run to establish the relationship between dependent and independent variables. The Hausman test will be used to select whether random or fixed effect model will be used. It is expected that listed banks will have sound internal control systems but their effectiveness cannot be confirmed. A perceived agency problem on the part of the board of directors is expected to be confirmed. The study expects significant effect of internal controls on credit risk. The study will uncover another perspective of internal controls as not only an operational risk issue but credit risk too. Banks will be cautious that observing effective internal control systems is an ethical and socially responsible act since the collapse (crisis) of financial institutions as a result of excessive default is a major contagion. This study deviates from the usual primary data approach to measuring internal control variables and rather models internal control variables in a quantitative approach for the panel data. Thus a grey area in approaching the revised COSO framework for internal controls is opened for further research. Most bank failures and crises could be averted if effective internal control systems are religiously adhered to.

Keywords: agency theory, credit risk, internal controls, revised COSO framework

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Authors: Ida Bagus Mandhara Brasika, I Dewa Gde Sathya Deva

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Wolbachia is recently developed as the natural enemy of Dengue virus (DENV). It inhibits the replication of DENV in Aedes aegypti. Both DENV and its vector, Aedes aegypty, are sensitive to climate factor especially temperature. The changing of climate has a direct impact on temperature which means changing the vector transmission. Temperature has been known to effect Wolbachia density as it has an ideal temperature to grow. Some scenarios, which are known as Representative Concentration Pathways (RCPs), have been developed by Intergovernmental Panel on Climate Change (IPCC) to predict the future climate based on greenhouse gases concentration. These scenarios are applied to mitigate the future change of Aedes aegypti migration and how Wolbachia could control the virus. The prediction will determine the schemes to release Wolbachia-injected Aedes aegypti to reduce DENV transmission.

Keywords: Aedes aegypti, climate change, dengue virus, Intergovernmental Panel on Climate Change, representative concentration pathways, Wolbachia

Procedia PDF Downloads 288