Search results for: solvency and financial condition repot

Authors: Ian Kingsbury

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The rapid expansion of charter schools (public schools that receive government but do not face the same regulations as traditional public schools) over the preceding two decades has raised concerns over the potential for graft and fraud. These concerns are largely justified: Incidents of financial crime and mismanagement are not unheard of, and the charter sector has become a darling of hedge fund managers. In response, several states have strengthened their charter school regulatory regimes. Imposing regulations and attempting to increase accountability seem like sensible measures, and perhaps they are necessary. However, increased regulation may come at the cost of imposing barriers to entry. Specifically, increased regulation often entails evidence for a high likelihood of fiscal solvency. That should theoretically entail access to capital in the short-term, which may systematically preclude Black or Hispanic applicants from opening charter schools. Moreover, increased regulation necessarily entails more red tape. The institutional wherewithal and the number of hours required to complete an application to open a charter school might favor those who have partnered with an education service provider, specifically a charter management organization (CMO) or education management organization (EMO). These potential barriers to entry pose a significant policy concern. Just as policymakers hope to increase the share of minority teachers and principals, they should sensibly care whether individuals who open charter schools look like the students in that school. Moreover, they might be concerned if successful applications in states with stringent regulations are overwhelmingly affiliated with education service providers. One of the original missions of charter schools was to serve as a laboratory of innovation. Approving only those applications affiliated with education service providers (and in effect establishing a parallel network of schools rather than a diverse marketplace of schools) undermines that mission. Data and methods: The analysis examines more than 2,000 charter school applications from 15 states. It compares the outcomes of applications from states with a strong regulatory environment (those with high scores) from NACSA-the National Association of Charter School Authorizers- to applications from states with a weak regulatory environment (those with a low NACSA score). If the hypothesis is correct, applicants not affiliated with an ESP are more likely to be rejected in high-regulation states compared to those affiliated with an ESP, and minority candidates not affiliated with an education service provider (ESP) are particularly likely to be rejected. Initial returns indicate that the hypothesis holds. More applications in low NASCA-scoring Arizona come from individuals not associated with an ESP, and those individuals are as likely to be accepted as those affiliated with an ESP. On the other hand, applicants in high-NACSA scoring Indiana and Ohio are more than 20 percentage points more likely to be accepted if they are affiliated with an ESP, and the effect is particularly pronounced for minority candidates. These findings should spur policymakers to consider the drawbacks of charter school accountability and consider accountability regimes that do not impose barriers to entry.

Keywords: accountability, barriers to entry, charter schools, choice

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Authors: Victoria Scarratt

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Couples involved in age-gap relationships generally evoke negative stereotypes, opinions, and social disapproval. This research seeks to examine whether financial disparities in age-discrepant relationships cause negative attitudes in study participants. It was hypothesized that an age-gap couple (29 year difference) would receive a greater degree of societal disapproval when the couple also had a large salary gap compared to a similarly aged couple (1 year difference) with a salary gap. Additionally, there would be no significant difference between age-gap couples without a salary-gap compared to a similarly aged couple without a salary gap. To test the hypothesis, participants were given one of four scenarios regarding a couple in a romantic relationship.Then they were asked to respond to nine Likert scale questions. Results indicated that participants perceived age-gap relationships with a salary disparity to be less equitable in regard to a power imbalance between the couple and the financial and general gain that one partner will receive. A significant interaction was also detected for evoking feelings of disgust in participants and how morally correct it is for the couple to continue their relationship.

Keywords: age gap relationships, love, financial disparities, societal stigmas, relationship dynamics

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Authors: Kung-Jen Tu

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Many public housing properties developed by local governments in Taiwan in the 1980s have deteriorated severely as these rental apartment buildings aged. The lack of building maintainability considerations during project design phase as well as insufficient maintenance funds have made it difficult and costly for local governments to maintain and keep public housing properties in good shape. In order to assist the local governments in achieving and delivering sustainable public housing, this paper intends to present a developed design evaluation method to be used to evaluate the presented design schemes from property management and financial feasibility perspectives during project design phase of public housing projects. The design evaluation results, i.e. the property management and financial implications of presented design schemes that could occur later during the building operation and maintenance phase, will be reported to the client (the government) and design schemes revised consequently. It is proposed that the design evaluation be performed from two main perspectives: (1) Operation and property management perspective: Three criteria such as spatial appropriateness, people and vehicle circulation and control, property management working spaces are used to evaluate the ‘operation and PM effectiveness’ of a design scheme. (2) Financial feasibility perspective: Four types of financial analyses are performed to assess the long term financial feasibility of a presented design scheme, such as operational and rental income analysis, management fund analysis, regular operational and property management service expense analysis, capital expense analysis. The ongoing Chung-Li Public Housing Project developed by the Taoyuan City Government will be used as a case to demonstrate how the presented design evaluation method is implemented. The results of property management assessment as well as the annual operational and capital expenses of a proposed design scheme are presented.

Keywords: design evaluation method, management fund, operational and capital expenses, rental apartment buildings

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Authors: Sharfi Dirar, Shihab Elhaj, Ahmed El Fatih

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Computational fluid dynamics were used to simulate and study the heated water boiler tube for both normal and rifled tube with a refinement of the mesh to check the convergence. The operation condition was taken from GARRI power station and used in a boundary condition accordingly. The result indicates the rifled tube has higher heat transfer efficiency than the normal tube.

Keywords: boiler tube, convergence check, normal tube, rifled tube

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Authors: Nonde Lushinga, Jiang Xin, Danstan Chiponde, Lawrence P. Mutale

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In this paper, falling weight deflectometer (FWD) was used to determine the bonding condition of a newly constructed semi-rigid base pavement. Using Evercal back-calculation computer programme, it was possible to quickly and accurately determine the structural condition of the pavement system of FWD test data. The bonding condition of the pavement layers was determined from calculated shear stresses and strains (relative horizontal displacements) on the interface of pavement layers from BISAR 3.0 pavement computer programmes. Thus, by using non-linear layered elastic theory, a pavement structure is analysed in the same way as other civil engineering structures. From non-destructive FWD testing, the required bonding condition of pavement layers was quantified from soundly based principles of Goodman’s constitutive models shown in equation 2, thereby producing the shear reaction modulus (Ks) which gives an indication of bonding state of pavement layers. Furthermore, a Tack coat failure Ratio (TFR) which has long being used in the USA in pavement evaluation was also used in the study in order to give validity to the study. According to research [39], the interface between two asphalt layers is determined by use of Tack Coat failure Ratio (TFR) which is the ratio of the stiffness of top layer asphalt layers over the stiffness of the second asphalt layer (E1/E2) in a slipped pavement. TFR gives an indication of the strength of the tack coat which is the main determinants of interlayer slipping. The criteria is that if the interface was in the state full bond, TFR would be greater or equals to 1 and that if the TFR was 0, meant full slip. Results of the calculations showed that TFR value was 1.81 which re-affirmed the position that the pavement under study was in the state of full bond because the value was greater than 1. It was concluded that FWD can be used to determine bonding condition of existing and newly constructed pavements.

Keywords: falling weight deflectometer (FWD), backcaluclation, semi-rigid base pavement, shear reaction modulus

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Authors: Stamataki Erofili Nellie, Benardos Andreas

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Winemaking and aging in Greece has been performed so far in special facilities, designed either as above ground or shallow underground buildings. The latter are well-known in Santorini as “canaves,” dating back to the 1700s. Canaves were mainly used for wine storage and aging, although occasionally, they included a winepress to complete there the whole wine production. On the other hand, wine caves are subterranean caves of the same use as canaves in the wine manufacturing industry, but they are excavated at a much greater depth of more than 53 meters or 175 feet. Whereas canaves or a typical wine cellar is around 10 feet deep, with is equivalent to almost 3 meters. This paper discusses the advantages and the disadvantages of creating a wine cave for the vinification of a winery in Greece and the financial investment or risk that has to be taken. The data presented and analysed are given from wineries in Greece and especially from those located in Santorini island. The estimation of the cost for the excavation of the model selected as a wine cave will be compared with the financial budget of the existing premises and facilities above ground in Greek wineries. In order to show whether it is viable for a greek winery to invest in a wine cave.

Keywords: underground space use, subterranean winery, wine cave, underground winery, greece

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Authors: Nidhal Mgadmi, Abdelhafidh Othmani

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This article examines the causal relationship between stock indices and cryptocurrencies during the current war between Russia and Ukraine. The econometric investigation runs from February 24, 2022, to April 12, 2023, focusing on seven stock market indices (S&P500, DAX, CAC40, Nikkei, TSX, MOEX, and PFTS) and seven cryptocurrencies (Bitcoin, Ethereum, Litcoin, Dash, Ripple, DigiByte and XEM). In this article, we try to understand how investors react to fluctuations in financial assets to seek safe havens in cryptocurrencies. We used dynamic causality to detect a possible causal relationship in the short term and seven models to estimate the long-term relationship between cryptocurrencies and financial assets. The causal relationship between financial market indexes and cryptocurrency coins in the short run indicates that three famous cryptocurrencies (BITCOIN, ETHEREUM, RIPPLE) and the two digital assets with minor popularity (XEM, Digibyte) are impacted by the German, Russian, and Ukrainian stock markets. In the long run, we found a positive and significate effect of the American, Canadian, French, and Ukrainian stock market indexes on Bitcoin. Thus, the stability of the traditional financial markets during the current war period can be explained on the one hand by investors’ fears of an unstable business climate, and on the other hand, by speculators’ sentiment towards new electronic products, which are perceived as hedging instruments and a safe haven in the face of the conflict between Ukraine and Russia.

Keywords: causality, stock indices, cryptocurrency, war, Russia, Ukraine

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Authors: Shailender Kumar

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Current health policy pronouncements in India advocate for insurance-based financing mechanism to achieve universal health coverage (UHC), while undermine the role of comprehensive healthcare provision system. UHC is achieved when all people receive the health services they need without suffering financial hardship. This study, using 68th & 71st NSS rounds data, examines their relative and combined strength in achieving the above objective. Health-insurance has been unsuccessful in reducing prevalence and catastrophic effects of out-of-pocket payment and even dismantle the effectiveness of traditional way of health financing system. Healthcare provision is the best way forward to enhance health and well-being of households in condition if India removes existing inadequacies and inequalities in service provision across districts/states and ensure free/low cost medicines/diagnostics to the citizens.

Keywords: health policy, demand-side financing, supply-side financing, incidence of health payment

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Authors: Reshma Parvin Nuri, Heather Michelle Aldersey, Setareh Ghahari

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Objectives: Worldwide, it is well known that taking care of children with disabilities (CWD) can have a significant impact on the entire family unit. Over the last few decades, an increased number of studies have been conducted on families of CWD in higher income countries, and much of this research has identified family needs and strategies to meet those needs. However, family needs are incredibly under-studied in developing countries. Therefore, the aims of this study were to: (a) explore the needs of families of children with cerebral palsy (CP) in Bangladesh; (b) investigate how some of the family needs have been met and (c) identify the sources of supports that might help the families to meet their needs in the future. Methods: A face to face, semi-structured in-depth interview was conducted with 20 family members (12 mothers, 4 fathers, 1 sister, 2 grandmothers, and 1 aunt) who visited the Centre for the Rehabilitation of the Paralysed (CRP), Bangladesh between June and August 2016. Constant comparison method of grounded theory approach within the broader spectrum of qualitative study was used to analyze the data. Results: Participants identified five categories of needs: (a) financial needs, (b) access to disability-related services, (c) family and community cohesion, (d) informational needs, and (e) emotional needs. Participants overwhelmingly reported that financial need is their greatest family need. Participants noted that families encountered additional financial expenses for a child with CP, beyond what they would typically pay for their other children. Participants were seeing education as their non-primary need as they had no hope that their children would be physically able to go to school. Some participants also shared their needs for social inclusion and participation and receiving emotional support. Participants further expressed needs to receive information related to the child’s health condition and availability/accessibility of governmental support programs. Besides unmet needs, participants also highlighted that some of their needs have been met through formal and informal support systems. Formal support systems were mainly institution-based and run by non-governmental organizations, whereas participants identified informal support coming from family, friends and community members. Participants overwhelmingly reported that they receive little to no support from the government. However, participants identified the government as the key stakeholder who can play vital role in meeting their unmet needs. Conclusions: In the next phase of this research, the plan is to understand how the Government of the People’s Republic of Bangladesh is working to meet the needs of families of CWD. There is also need for further study on needs of families of children with conditions other than CP and those who live in the community and do not have access to the CRP Services. There is clear need to investigate ways to enable children with CP have better access to education in Bangladesh.

Keywords: Bangladesh, children with cerebral palsy, family needs, support

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Authors: Tanusree Moitra, Garga Chatterjee, Diganta Mukherjee, Anjali Ghosh

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Stroop task is considered to be an important measure of selective attention. However, the color – word Stroop task cannot be administered to the illiterate population. Some of the participants in the present study are illiterate, therefore, object – color Stroop task was used among male juvenile delinquents of India and Bangladesh citizenship (IC & BC), housed in delinquent home in India. The purpose of the study is to test the hypothesis that over - selective attention is present among juvenile delinquents across both the countries. Eighty juvenile delinquents and matched control of 12 – 18 years (50 IC juvenile delinquents, 30 BC juvenile delinquents and 50 Indian control) were shown 24 familiar objects in both typical (e.g. a red apple) and atypical (e.g. a blue apple) color. Repeated – measure factorial ANOVA was used and it was found that all the three groups have taken longer response time in the atypical condition compared to the typical condition. However, contrary to the over - selective attention hypothesis, both groups of juvenile delinquents displayed higher Stroop interference in comparison to the matched control group. The findings of the study can be explained on the basis of anxiety score. IC and BC juvenile delinquents have high anxiety score compared to the control group which indicates that increased anxiety is correlated with the interference produced by the atypical color object stimuli when compared with the typical object stimuli. Funding acknowledgement: Authors acknowledge Department of Science and Technology, Government of India for financial support to the first author of the paper vide Reference no. SR/CSRI/PDF -01/2013 under Cognitive Science Research Initiative (CSRI) to carry out this work.

Keywords: Bangladesh, India, male juvenile delinquent, objects - color Stroop task

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Authors: Wale Agbaje

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The aim of this research study is to assess the impact of financial statement fraud on profitability of some selected Nigerian manufacturing firms covering (2002-2016). The specific objectives focused on to ascertain the effect of incorrect asset valuation on return on assets (ROA) and to ascertain the relationship between improper expense recognition and return on assets (ROA). To achieve these objectives, descriptive research design was used for the study while secondary data were collected from the financial reports of the selected firms and website of security and exchange commission. The analysis of covariance (ANCOVA) was used and STATA II econometric method was used in the analysis of the data. Altman model and operating expenses ratio was adopted in the analysis of the financial reports to create a dummy variable for the selected firms from 2002-2016 and validation of the parameters were ascertained using various statistical techniques such as t-test, co-efficient of determination (R2), F-statistics and Wald chi-square. Two hypotheses were formulated and tested using the t-statistics at 5% level of significance. The findings of the analysis revealed that there is a significant relationship between financial statement fraud and profitability in Nigerian manufacturing industry. It was revealed that incorrect assets valuation has a significant positive relationship and so also is the improper expense recognition on return on assets (ROA) which serves as a proxy for profitability. The implication of this is that distortion of asset valuation and expense recognition leads to decreasing profit in the long run in the manufacturing industry. The study therefore recommended that pragmatic policy options need to be taken in the manufacturing industry to effectively manage incorrect asset valuation and improper expense recognition in order to enhance manufacturing industry performance in the country and also stemming of financial statement fraud should be adequately inculcated into the internal control system of manufacturing firms for the effective running of the manufacturing industry in Nigeria.

Keywords: Althman's Model, improper expense recognition, incorrect asset valuation, return on assets

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Authors: Clara Theresia, Hardianto Iridiastadi

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Drowsiness is one of the main factors that contribute to the occurrence of accidents, particularly in the transportation sector. While the effects of sleep deprivation on cognitive functions have been reported, the exact relationships remain a critical issue. This study aimed at quantifying the effects of extreme sleep deprivation on vigilance, fatigue, and performance during simulated train driving. A total of 12 participants were asked to drive a train simulator continuously for 4 hours, either in a sleep deprived condition (2-hr of sleep) or normal (8-hr of sleep) condition. Dependent variables obtained during the task included Psychomotor Vigilance Task (PVT) parameters, degree of fatigue (assessed via Visual Analogue Scale/VAS) and sleepiness (reported using Karolinska Sleepiness Scale/KSS), and driving performance (the number of speed limit violations). Findings from this study demonstrated substantial decrements in vigilance in the sleep-deprived condition. This condition also resulted in 75% increase in speed violation and a two-fold increase in the degree of fatigue and sleepiness. Extreme sleep deprivation was clearly associated with substantially poorer response. The exact effects, however, were dependent upon the types of responses.

Keywords: cognitive function, psychomotor vigilance task, sleep deprivation, train simulator

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Authors: K. Chalernpon, P. Aroonjarattham, K. Aroonjarattham

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Total hip replacement had been one of the most successful operations in hip arthritis surgery. The purpose of this research had been to develop a dynamic hip contact of Thai femoral bone to analyze the stress distribution on the implant and the strain distribution on the bone model under daily activities and compared with the static load simulation. The results showed the different of maximum von Mises stress 0.14 percent under walking and 0.03 percent under climbing stair condition and the different of equivalent total strain 0.52 percent under walking and 0.05 percent under climbing stair condition. The muscular forces should be evaluated with dynamic condition to reduce the maximum von Mises stress and equivalent total strain.

Keywords: dynamic loading, static load, hip prosthesis, Thai femur, femoral bone, finite element analysis

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Authors: Zidane Abderrezzaq

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In contrast to recent successful developments in macro monetary policies, the modelling, measurement and management of systemic financial stability has remained problematical. Indeed, the focus of most effort has been on improving individual, rather than systemic, bank risk management; the Basel II objective has been to bring regulatory bank capital into line with the (sophisticated) banks’ assessment of their own economic capital. Even at the individual bank level there are concerns over appropriate diversification allowances, differing objectives of banks and regulators, the need for a buffer over regulatory minima, and the distinction between expected and unexpected losses (EL and UL). At the systemic level the quite complex and prescriptive content of Basel II raises dangers of ‘endogenous risk’ and procyclicality. Simulations suggest that this latter could be a serious problem. In an extension to the main analysis we study how liquidity effects interact with banking structure to produce a greater chance of systemic breakdown. We finally consider how the risk of contagion might depend on the degree of asymmetry (tiering) inherent in the structure of the banking system. A number of our results have important implications for public policy, which this paper also draws out.

Keywords: systemic stability, financial regulation, credit risk, systemic risk

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Authors: Novie Nuraini, Sari Hanifa, Yetty Ramli

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Chronic subdural hematoma (cSDH) is a common condition after head trauma. Although the size of the thickness of cSDH has an important role in the decision to perform surgery, but the size limit of the thickness is not absolute. In this serial case report, we evaluate three case report of cSDH that indicated to get the surgical procedure because of deficit neurologic and neuroimaging finding with subfalcine herniation more than 0.5 cm and hematoma thickness more than one cm. On the first case, the patient got evacuation hematoma procedure, but the second and third case, we did nonsurgical treatment because the patient and family refused to do the operation. We did the conservative treatment with bed rest and mannitol. Serial radiologic evaluation is done when we found worsening condition. We also reevaluated radiologic examination two weeks after the treatment. The results in this serial case report, the first and second case have a good outcome. On the third case, there was a worsening condition, which in this patient there was a comorbid with type two diabetic mellitus, pneumonie and chronic kidney disease. Some conservative treatment such as bed rest, corticosteroid, mannitol or the other hyperosmolar has a good outcome in patient without neurologic deficits, small hematoma, and or patient without comorbid disease. Evacuate hematome is the best choice in cSDH treatment with deficit neurologic finding. Afterall, there is some condition that we can not do the surgical procedure. Serial radiologic examination needed after two weeks to evaluate the treatment or if there is any worsening condition.

Keywords: chronic subdural hematoma, traumatic brain injury, surgical treatment, nonsurgical treatment, outcome

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Authors: Emon Chairote, Panatda Jannoey, Griangsak Chairote

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A strain of Monascus purpureus CMU001 was used to prepared red yeast rice from Thai glutinous rice Korkor 6 (RD 6). Adding of different amounts of histidine (156, 312, 625, and 1250 mg in 100 g of rice grains)) under aerobic and air limitation (air-lock) condition were used in solid fermentation. Determination of the yield as well as monacolin K content was done. Citrinin content was also determined in order to confirm the safety use of prepared red yeast rice. It was found that under air-lock condition with 1250 mg of histidine addition gave the highest yield of 37.40 g of dried red yeast rice prepared from 100 g of rice. Highest 5.72 mg content of monacolin K was obtained under air-lock condition with 312 mg histidine addition. In the other hand, citrinin content was found to be less than 24462 ng/g of all dried red yeast rice samples under the experimental methods used in this work.

Keywords: red yeast rice, Thai glutinous rice, monacolin K., citrinin

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Authors: H. Florianová, J. Nešleha

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Financial derivatives are considered to be risky investment instruments which could possibly bring another financial crisis. As prevention, European Union and its member states have released new legal acts adjusting this area of law in recent years. There have been several cases in history of capital markets worldwide where it was shown that legislature may affect behavior of subjects on capital markets. In our paper we analyze main events on selected European stock exchanges in order to apply them on three chosen markets - Czech capital market represented by Prague Stock Exchange, German capital market represented by Deutsche Börse and Polish capital market represented by Warsaw Stock Exchange. We follow time series of development of the sum of listed derivatives on these three stock exchanges in order to evaluate popularity of those exchanges. Afterwards we compare newly listed derivatives in relation to the speed of development of these exchanges. We also make a comparison between trends in derivatives and shares development. We explain how a legal regulation may affect situation on capital markets. If the regulation is too strict, potential investors or traders are not willing to undertake it and move to other markets. On the other hand, if the regulation is too vague, trading scandals occur and the market is not reliable from the prospect of potential investors or issuers. We see that making the regulation stricter usually discourages subjects to stay on the market immediately although making the regulation vaguer to interest more subjects is usually much slower process.

Keywords: capital markets, financial derivatives, investors' behavior, regulation

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Authors: Abhishek Ranga

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The study examined the effect of accounting choice and level of disclosure on the firm’s implied cost of equity in Indian environment. For the study accounting choice was classified as aggressive or conservative depending upon the firm’s choice of accounting methods, accounting policies and accounting estimates. Level of disclosure is the quantum of financial and non-financial information disclosed in firm’s annual report, essentially in note to accounts section, schedules forming part of financial statements and Management Discussion and Analysis report. Regression models were developed with cost of equity as a dependent variable and accounting choice, level of disclosure as an independent variable along with selected control variables. Cost of equity was measured using Edward-Bell-Ohlson (EBO) valuation model, to measure accounting choice Modified-Jones-Model (MJM) was used and level of disclosure was measured using a disclosure index essentially drawn from Botosan study. Results indicated a negative association between the implied cost of equity and conservative accounting choice and also between level of disclosure and cost of equity.

Keywords: aggressive accounting choice, conservative accounting choice, disclosure, implied cost of equity

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Authors: Bikash Ranjan Mishra, Lopamudra D. Satpathy

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In the wake of the phenomenal surge in international business in the last decades or more, both the developed and developing economies around the world are in massive competition to attract more and more FDI flows. While the developed countries have marched ahead in the race, the developing countries, especially those of Asian economies, have followed them at a rapid pace. While most of the previous studies have analysed the role of institutional quality in the promotion of FDI flows in developing countries, very few studies have taken an integrated approach of examining the comprehensive impact of institutional quality, globalization pattern and domestic financial development on FDI flows. In this context, the paper contributes to the literature in two important ways. Firstly, two composite indices of institutional quality and domestic financial development for the Asian countries are constructed in comparison to earlier studies that resort to a single variable for indicating the institutional quality and domestic financial development. Secondly, the impact of these variables on FDI flows through their interaction with geographical region is investigated. The study uses panel data covering the time period of 1996 to 2012 by selecting twenty Asian developing countries by emphasizing the quality of institutions from the geographical regions of eastern, south-eastern, southern and western Asia. Control of corruption, better rule of law, regulatory quality, effectiveness of the government, political stability and voice and accountability are used as indicators of institutional quality. Besides these, the study takes into account the domestic credits in the hands of public, private sectors and in stock markets as domestic financial indicators. First in the specification of model, a factor analysis is performed to reduce the vast determinants, which are highly correlated with each other, to a manageable size. Afterwards, a reduced version of the model is estimated with the extracted factors in the form of index as independent variables along with a set of control variables. It is found that the institutional quality index and index of globalization exert a significant effect on FDI inflows of the host countries; in contrast, the domestic financial index does not seem to play much worthy role. Finally, some robustness tests are performed to make sure that the results are not sensitive to temporal and spatial unobserved heterogeneity. On the basis of the above study, one general inference can be drawn from the policy prescription point of view that the government of these developing countries should strengthen their domestic institution, both financial and non-financial. In addition to these, welfare policies should also target for rapid globalization. If the financial and non-financial institutions of these developing countries become sound and grow more globalized in the economic, social and political domain, then they can appeal to more amounts of FDI inflows that will subsequently result in advancement of these economies.

Keywords: Asian developing economies, FDI, institutional quality, panel data

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Authors: Ameen Alshugaa, Farrukh Habib

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Shariah (the Islamic law) sanctions a plethora of profit-sharing arrangements for financial transactions. However, when it comes to the practice of Islamic banking, it is felt by the scholars and practitioners that many of these arrangements often fail to compensate different parties of a financial transaction compared to conventional banking, due to the Riba (interest / usury) element. This issue is caused by the parties inability to codify these compensations in any contract so as to avoid Riba. Here, hibah (gift) may be regarded as one of the solutions. In essence, hibah is a unilateral charity contract where a party voluntarily gives away something to another party without any counter value. This paper attempts to analyse theoretical and practical aspects of hibah from the perspective of Islamic law, enunciating its legality and detailing its allowance in Islamic banking. It also discusses several practices evaluating the role of hibah in resolving issues related to Riba. In particular, these practices demonstrate the validity of hibah as a way to distribute revenues and compensate parties in Islamic financial transactions, while achieving competitive advantage over conventional banking, and avoiding the element of Riba.

Keywords: hibah (gift), Islamic Finance, Islamic Law of Contract, profit distribution, Shariah

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Authors: Petra Dilling

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This study examines the market reaction to the publication of integrated reports for a sample of 316 global companies for the reporting year 2018. Applying event study methodology, we find significant cumulative average abnormal returns (CAARs) after the publication date. To ensure robust estimation resultsthe three-factor model, according to Fama and French, is used as well as a market-adjusted model, a CAPM and a Frama-French model taking GARCH effects into account. We find a significant positive CAAR after the publication day of the integrated report. Our results suggest that investors react to information provided in the integrated report and that they react differently to the annual financial report. Furthermore, our cross-sectional analysis confirms that companies with a significant positive cumulative average abnormal show certain characteristic. It was found that European companies have a higher likelihood to experience a stronger significant positive market reaction to their integrated report publication.

Keywords: integrated report, event methodology, cumulative abnormal return, sustainability, CAPM

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Authors: Hamad Aljassmi, Sangwon Han

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Various solutions for preventing construction defects have been suggested. However, a construction company may have difficulties adopting all these suggestions due to financial and practical constraints. Based on this recognition, this paper aims to identify the most significant defect causes and formulate their defect generation mechanism in order to help a construction company to set priorities of its defect prevention strategies. For this goal, we conducted a questionnaire survey of 106 industry professionals and identified five most significant causes including: (1) organizational culture, (2) time pressure and constraints, (3) workplace quality system, (4) financial constraints upon operational expenses and (5) inadequate employee training or learning opportunities.

Keywords: defect, quality, failure, risk

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Authors: Muhammad Naeem, Abdus Salam, Sumera Yasmin, Abir Ishtiaq

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In the present study, eighty-three wild Oreochromis aureus of different body size ranging 5.3-14.6 cm in total length were collected from the River Chenab, District Muzzafer Garh, Pakistan to investigate the parameters of length –weight, length-length relationships and condition factor in relation to size. Each fish was measured and weighed on arrival at laboratory. Log transformed regressions were used to test the allometric growth. Length-weight relationship was found highly significant (r = 0.964; P < 0.01). The values of exponent “ b” in Length–weight regression (W=aL^b), deviated from 3, showing isometric growth (b = 2.75). Results for LLRs indicated that these are highly correlated (P < 0.001). Condition factor (K) found constant with increasing body weight, however, showed negative influence with increasing total length.

Keywords: lenght-weight, Oreochromis aureus, morphometric study

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Authors: Masoud Rafiee

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Study of the effect of vermin compost on yield, and Land equivalent ration (LER) of chickpea-barley mixed cropping under normal dry land condition can be useful in order to increase qualitative and quantitative performance. In this case, two factors include fertilizer (vermicompost biological fertilizer, ammonium phosphate chemical fertilizer, vermicompost + %75 chemical fertilizer) and chickpea + barley mixed cropping (sole chickpea, %75 chickpea: %25 barley, %50 chickpea: %50 barley, %25 chickpea: %75 barley, and sole barley) in RCBD in three replications in two experiments include normal and dry land conditions were studied. Result showed that total LER base on dry matter was affected by environment and mixed cropping interaction and was more than 1 in all mixed cropping treatments. In different mixed cropping rates, wet forage yield decreased by decreasing chickpea ratio as well as increasing barley ratio. Total LER mean in base on forage dry matter in mixed-, chemical-, and vermicompost fertilizer treatments were 1.12, 1.05 and 1.10 in normal condition and 1.15, 1.08 and 1.14 in dry land condition, respectively, represented the important of biological fertilizer in mixed cropping systems.

Keywords: land equivalent ration, biological fertilizer, mixed cropping systems, water stress

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Authors: Ali Nadi, Ali Edrissi

Abstract:

Relief demand and transportation links availability is the essential information that is needed for every natural disaster operation. This information is not in hand once a disaster strikes. Relief demand and network condition has been evaluated based on prediction method in related works. Nevertheless, prediction seems to be over or under estimated due to uncertainties and may lead to a failure operation. Therefore, in this paper a stochastic programming model is proposed to evaluate real-time relief demand and network condition at the onset of a natural disaster. To address the time sensitivity of the emergency response, the proposed model uses reinforcement learning for optimization of the total relief assessment time. The proposed model is tested on a real size network problem. The simulation results indicate that the proposed model performs well in the case of collecting real-time information.

Keywords: disaster management, real-time demand, reinforcement learning, relief demand

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Authors: John Adebayo Oloyhede

Abstract:

This paper examines effect of financial liberalization on the stability of the demand for money function and its implication for exchange rate behaviour of three African countries. As the demand for money function is regarded as one of the two main building blocks of most exchange rate determination models, the other being purchasing power parity, its stability is required for the monetary models of exchange rate determination to hold. To what extent has the liberalisation policy of these countries, for instance liberalised interest rate, affected the demand for money function and what has been the consequence on the validity and relevance of floating exchange rate models? The study adopts the Autoregressive Instrumental Package (AIV) of multiple regression technique and followed the Almon Polynomial procedure with zero-end constraint. Data for the period 1986 to 2011 were drawn from three developing countries of Africa, namely: Gambia, Ghana and Nigeria, which did not only start the liberalization and floating system almost at the same period but share similar and diverse economic and financial structures. Its findings show that the demand for money was a stable function of income and interest rate at home and abroad. Other factors such as exchange rate and foreign interest rate exerted some significant effect on domestic money demand. The short-run and long-run elasticity with respect to income, interest rates, expected inflation rate and exchange rate expectation are not greater than zero. This evidence conforms to some extent to the expected behaviour of the domestic money function and underscores its ability to serve as good building block or assumption of the monetary model of exchange rate determination. This will, therefore, assist appropriate monetary authorities in the design and implementation of further financial liberalization policy packages in developing countries.

Keywords: financial liberalisation, exchange rates, demand for money, developing economies

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Authors: Sanjay Agrawal, Trapti Varshney, G. N. Tiwari

Abstract:

In this paper, thermal modeling has been developed for photovoltaic PV modules, namely; Case A: semitransparent PV module without duct, Case B: semitransparent PV module with duct, Case C: opaque PV module without duct, Case D: opaque PV module with duct for Delhi, India climatic condition. MATLAB 7.0 software has been used to solve mathematical models of the proposed system. For validation of proposed system, the experimental study has also been carried out for all above four cases, and then comparative analysis of all different type of PV module has been presented. The hybrid PVT module air collectors presented in this study are self sustaining the system and can be used for the electricity generation in remote areas where access of electricity is not economical due to high transmission and distribution losses. It has been found that overall annual thermal energy and exergy gain of semitransparent PV module is higher by 11.6% and7.32% in summer condition and 16.39% and 18% in winter condition respectively as compared to opaque PV module considering same area (0.61 m2) of PV module.

Keywords: semitransparent PV module, overall exergy, overall thermal energy, opaque

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Authors: Shaibu Ali, Sherif Heiman Shaban, Musah Ismaila, Imoro Alhassan, Yusif Ali

Abstract:

Purpose: Islamic banking and finance is one of the most rapidly growing segments of the global finance industry. Starting with the Dubai Islamic Bank in 1975, the number of Islamic financial institutions worldwide has shot up astronomically, to over three hundred, with operations in seventy-five countries and assets in excess of US$400 billion. The purpose of this study is to explore the prospects and challenges of Islamic banking introduction in a non-Islamic country like Ghana. Design/Methodology: Data for the study was collected via an expert opinion of three Islamic scholars on Islamic banking from Ghana. Findings: Findings from this study indicates some of the benefits of Islamic banking includes connecting financial markets and economic activity, promoting the principle of financial justice, greater stability, avoiding economic bubbles (and bursts) and reducing the impact of harmful products and practices. The study also identified lack of experts in various fields of Islamic banking, product innovation, moral hazard, and need for experienced staff in Islamic banking as some of the challenges to Islamic banking system’s introduction. Contribution: The study contributes to literature on Islamic banking from a non-Islamic country like Ghana.

Keywords: Islamic banking, Shari’ah, Riba, conventional banking

Procedia PDF Downloads 172

Authors: Xu Wang

Abstract:

This research builds linear regressions of U.S. macroeconomic condition and volatility measures in the investment grade and high yield Credit Default Swap index spreads using monthly data from March 2009 to July 2016, to study the relationship between different dimensions of macroeconomy and overall credit risk quality. The most significant contribution of this research is systematically examining individual and joint effects of macroeconomic condition and volatility on CDX spreads by including macroeconomic time series that captures different dimensions of the U.S. economy. The industrial production index growth, non-farm payroll growth, consumer price index growth, 3-month treasury rate and consumer sentiment are introduced to capture the condition of real economic activity, employment, inflation, monetary policy and risk aversion respectively. The conditional variance of the macroeconomic series is constructed using ARMA-GARCH model and is used to measure macroeconomic volatility. The linear regression model is conducted to capture relationships between monthly average CDX spreads and macroeconomic variables. The Newey–West estimator is used to control for autocorrelation and heteroskedasticity in error terms. Furthermore, the sensitivity factor analysis and standardized coefficients analysis are conducted to compare the sensitivity of CDX spreads to different macroeconomic variables and to compare relative effects of macroeconomic condition versus macroeconomic uncertainty respectively. This research shows that macroeconomic condition can have a negative effect on CDX spread while macroeconomic volatility has a positive effect on determining CDX spread. Macroeconomic condition and volatility variables can jointly explain more than 70% of the whole variation of the CDX spread. In addition, sensitivity factor analysis shows that the CDX spread is the most sensitive to Consumer Sentiment index. Finally, the standardized coefficients analysis shows that both macroeconomic condition and volatility variables are important in determining CDX spread but macroeconomic condition category of variables have more relative importance in determining CDX spread than macroeconomic volatility category of variables. This research shows that the CDX spread can reflect the individual and joint effects of macroeconomic condition and volatility, which suggests that individual investors or government should carefully regard CDX spread as a measure of overall credit risk because the CDX spread is influenced by macroeconomy. In addition, the significance of macroeconomic condition and volatility variables, such as Non-farm Payroll growth rate and Industrial Production Index growth volatility suggests that the government, should pay more attention to the overall credit quality in the market when macroecnomy is low or volatile.

Keywords: autoregressive moving average model, credit spread puzzle, credit default swap spread, generalized autoregressive conditional heteroskedasticity model, macroeconomic conditions, macroeconomic uncertainty

Procedia PDF Downloads 160

Authors: Sogand Barghi

Abstract:

The integration of artificial intelligence (AI) in accounting practices is reshaping the landscape of financial management. This paper explores the innovative applications of AI in the realm of accounting, emphasizing its transformative impact on efficiency, accuracy, decision-making, and financial insights. By harnessing AI's capabilities in data analysis, pattern recognition, and automation, accounting professionals can redefine their roles, elevate strategic decision-making, and unlock unparalleled value for businesses. This paper delves into AI-driven solutions such as automated data entry, fraud detection, predictive analytics, and intelligent financial reporting, highlighting their potential to revolutionize the accounting profession. Artificial intelligence has swiftly emerged as a game-changer across industries, and accounting is no exception. This paper seeks to illuminate the profound ways in which AI is reshaping accounting practices, transcending conventional boundaries, and propelling the profession toward a new era of efficiency and insight-driven decision-making. One of the most impactful applications of AI in accounting is automation. Tasks that were once labor-intensive and time-consuming, such as data entry and reconciliation, can now be streamlined through AI-driven algorithms. This not only reduces the risk of errors but also allows accountants to allocate their valuable time to more strategic and analytical tasks. AI's ability to analyze vast amounts of data in real time enables it to detect irregularities and anomalies that might go unnoticed by traditional methods. Fraud detection algorithms can continuously monitor financial transactions, flagging any suspicious patterns and thereby bolstering financial security. AI-driven predictive analytics can forecast future financial trends based on historical data and market variables. This empowers organizations to make informed decisions, optimize resource allocation, and develop proactive strategies that enhance profitability and sustainability. Traditional financial reporting often involves extensive manual effort and data manipulation. With AI, reporting becomes more intelligent and intuitive. Automated report generation not only saves time but also ensures accuracy and consistency in financial statements. While the potential benefits of AI in accounting are undeniable, there are challenges to address. Data privacy and security concerns, the need for continuous learning to keep up with evolving AI technologies, and potential biases within algorithms demand careful attention. The convergence of AI and accounting marks a pivotal juncture in the evolution of financial management. By harnessing the capabilities of AI, accounting professionals can transcend routine tasks, becoming strategic advisors and data-driven decision-makers. The applications discussed in this paper underline the transformative power of AI, setting the stage for an accounting landscape that is smarter, more efficient, and more insightful than ever before. The future of accounting is here, and it's driven by artificial intelligence.

Keywords: artificial intelligence, accounting, automation, predictive analytics, financial reporting

Procedia PDF Downloads 63