Search results for: traditional financial systems

Authors: Amir Shafiq, Asif Shahzad, Shabbar Mehmood, Muhammad Saeed, Hamid Mustafa

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Legislation includes the law or the statutes which is being reputable by a sovereign authority and generally can be implemented by the courts of law time to time to accomplish the objectives. Historically speaking upon the emergence of Pakistan in 1947, the intact laws of the British Raj remained effective after ablution by Islamic Ideology. Thus, there was an intention to begin the statutes book afresh for Pakistan's legal history. In consequence thereof, the process of developing detailed plans, procedures and mechanisms to ensure legislative and regulatory requirements are achieved began keeping in view the cultural values and the local customs. This article is an input to the enduring discussion about implementing rule of law in Pakistan whereas; the rule of law requires the harmony of laws which is mostly in the arrangement of codified state laws. Pakistan has legal plural civilizations where completely different and independent systems of law like the Mohammadan law, the state law and the traditional law exist. The prevailing practiced law in Pakistan is actually the traditional law though the said law is not acknowledged by the State. This caused the main problem of the rule of law in the difference between the state laws and the cultural values. These values, customs and so-called traditional laws are the main obstacle to enforce the State law in true letter and spirit which has caused dissatisfaction of the masses and distrust upon the judicial system of the country.

Keywords: consequences, implement, law, Pakistan

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Authors: T. J. Stepien, L. T. Stepien

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This abstract concerns an extremely fundamental issue. Namely, the fundamental problem of science is the issue of consistency. In this abstract, we present the theorem saying that the classical calculus of quantifiers is inconsistent in the traditional sense. At the beginning, we introduce a notation, and later we remind the definition of the consistency in the traditional sense. S1 is the set of all well-formed formulas in the calculus of quantifiers. RS1 denotes the set of all rules over the set S1. Cn(R, X) is the set of all formulas standardly provable from X by rules R, where R is a subset of RS1, and X is a subset of S1. The couple < R,X > is called a system, whenever R is a subset of RS1, and X is a subset of S1. Definition: The system < R,X > is consistent in the traditional sense if there does not exist any formula from the set S1, such that this formula and its negation are provable from X, by using rules from R. Finally, < R0+, L2 > denotes the classical calculus of quantifiers, where R0+ consists of Modus Ponens and the generalization rule. L2 is the set of all formulas valid in the classical calculus of quantifiers. The Main Result: The system < R0+, L2 > is inconsistent in the traditional sense.

Keywords: classical calculus of quantifiers, classical predicate calculus, generalization rule, consistency in the traditional sense, Modus Ponens

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Authors: Ishay Wolf

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In this study, the financial position of pension actors in the market during the pension system transition toward a more funded capitalized scheme is explored, mainly via an option benefit model. This is enabled by not considering the economy as a single earning cohort. We analytically demonstrate a socio-economic anomaly in the funded pension system, which is in favor of high earning cohorts on at the expense of low earning cohorts. This anomaly is realized by a lack of insurance and exposure to financial and systemic risks. Furthermore, the anomaly might lead to pension re-reform back to unfunded scheme, mostly due to political pressure. We find that a minimum pension guarantee is a rebalance mechanism to this anomaly, which increases the probability to of the sustainable pension scheme. Specifically, we argue that implementing the guarantee with an intra-generational, risk-sharing mechanism is the most efficient way to reduce the effect of this abnormality. Moreover, we exhibit the convergence process toward implementing minimum pension guarantee in many countries which have capitalized their pension systems during the last three decades, particularly among Latin America and CEE countries.

Keywords: benefits, pension scheme, put option, social security

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Authors: Nikolaos Konstantopoulos, Aristeidis Samitas, Vasileiou Evangelos

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The purpose of this study is to examine if the financial trends influence not only the stock markets’ returns, but also their anomalies. We choose to study the day of the week effect (DOW) for the Greek stock market during the Euro period (2002-12), because during the specific period there are not significant structural changes and there are long term financial trends. Moreover, in order to avoid possible methodological counterarguments that usually arise in the literature, we apply several linear (OLS) and nonlinear (GARCH family) models to our sample until we reach to the conclusion that the TGARCH model fits better to our sample than any other. Our results suggest that in the Greek stock market there is a long term predisposition for positive/negative returns depending on the weekday. However, the statistical significance is influenced from the financial trend. This influence may be the reason why there are conflict findings in the literature through the time. Finally, we combine the DOW’s empirical findings from 1985-2012 and we may assume that in the Greek case there is a tendency for long lived turn of the week effect.

Keywords: day of the week effect, GARCH family models, Athens stock exchange, economic growth, crisis

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Authors: Abubakar Ahmed, Zainab Mohammed, Hadiza D. Nuhu, Hamisu Ibrahim

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Introduction: The plant Tacazzea apiculata Oliv (Periplocaceae) is widely distributed in tropical West Africa. It is claimed to have multiple uses in traditional medicine among which are its use to treat hemorrhoids, inflammations and cancers. Methods: Ethno-botanical survey through interview and using show-and-tell method of data collection were conducted among Hausa and Fulani tribes of northern Nigeria with the view to document useful information on the numerous claims by the local people on the plant. Results: The results revealed that the plant T. apiculata has relative popularity among the herbalist (38.2 %), nomads (14.8 %) and fishermen (16.0%). The most important uses of the plant in traditional medicine are inflammation (Fedelity level: 25.7 %) and Haemorrhoids (Fedelity level: 17.1 %) Conclusion: These results suggest the relevance of T. apiculata in traditional medicine and as a good candidate for drug Development.

Keywords: ethno-botany, periplocaceae, Tacazzea apiculata, traditional medicine

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Authors: Ondrej Lufinka, Jan Kaderabek, Juraj Prstek, Jiri Skala, Kamil Kosturik

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This paper deals with the problem of using Autonomous Robotic Platforms (ARP) for the ADAS (Advanced Driver Assistance Systems) testing in automotive. There are different possibilities of the testing already in development, and lately, the autonomous robotic platforms are beginning to be used more and more widely. Autonomous Robotic Platform discussed in this paper explores the hardware and software design possibilities related to the field of embedded systems. The paper focuses on its chapters on the introduction of the problem in general; then, it describes the proposed prototype concept and its principles from the embedded HW and SW point of view. It talks about the key features that can be used for the innovation of these platforms (e.g., modularity, omnidirectional movement, common and non-traditional sensors used for localization, synchronization of more platforms and cars together, or safety mechanisms). In the end, the future possible development of the project is discussed as well.

Keywords: advanced driver assistance systems, ADAS, autonomous robotic platform, embedded systems, hardware, localization, modularity, multiple robots synchronization, omnidirectional movement, safety mechanisms, software

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Authors: Patricia Chinyere Oranefo

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This study examined the effect of sustainability accounting disclosure on financial performance of listed Brewery firms in Nigeria. The dearth of empirical evidence and literature on “governance disclosure” as one of the explanatory variables of sustainability accounting reporting were the major motivation for this study. The main objective was to ascertain the effect of sustainability accounting disclosure on financial performance of listed Brewery firms in Nigeria. An ex–post facto research design approach was adopted for the study. The population of this study comprises of five (5) Brewery firms quoted on the floor of the Nigeria exchange group (NSX) and the sample size of four (4) listed firms was drawn using purposive sampling method. Secondary data were carefully sourced from the financial statement/annual reports and sustainability reports from 2012 to 2021 of the Brewery firms quoted on the Nigeria exchange group (NSX). Panel regression analysis by aid of E-views 10.0 software was used to test for statistical significance of the effect of sustainability accounting disclosure on financial performance of listed Brewery firms in Nigeria. The results showed that economic sustainability disclosure indexes do not significantly affect return on asset of listed Brewery firms in Nigeria. The findings further revealed that environmental sustainability disclosure indexes do not significantly affect return on equity of listed Brewery firms in Nigeria. More so, results showed that Social Sustainability disclosure indexes significantly affect Net Profit Margin of listed Brewery firms in Nigeria. Finally, the result established also that governance sustainability disclosure indexes do not significantly affect Earnings per share of listed Brewery firms in Nigeria. Consequent upon the findings, this study recommended among others; that managers of Brewers in Nigeria should improve and sustain full disclosure practices on economic, environmental, social and governance disclosures following the guidelines of the Global Reporting Index (GRI) as they are capable of exerting significant effect on financial performance of firms in Nigeria.

Keywords: sustainability, accounting, disclosure, financial performance

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Authors: Emmanuel Bole Akinpelu

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Festival is a social event that takes place every year which showcase culture and other social activities that usually take place in an environment or town. However, Oranyan Festival is an annual event organized and celebrated in Oyo town in honor of Oranyan the great who is reputed to be the overall head of the Kings of the Yoruba. This event is attended by people from all works of life. The Oyos are used to celebrating various cultural festivals; like Ogun, Oya, Sango, Egungun, Obatala and others. However, Oranyan festival in Oyo is a recent development in honour of Oranyan. He was said to be powerful and an embodiment of a unique cultural tradition. The study examined the significance of the festival to the Oyo Yoruba group. Oyo Yoruba cultural heritage include; Ewi, Ijala, Traditional food ‘Amala and Gbegiri’, Ekun Iyawo, (Bridal Chants), Traditional Music, Traditional Dance, Traditional Game ‘Ayo Olopon’ Eke (Traditional wrestling) and others. Data for this work was gathered through archival sources as journals and relevant publications on the various Oyo Yoruba Traditional Art and Culture. The study is of the opinion that the festival has influence over the religion, Political, economic and other aspects of the modern day traditions. The study also revealed that Oranyan Festival made people to have a better understanding of their rich Cultural Heritage and promoted unity among all and sundry. It also promotes peace among the people. Conclusively, it promotes the rich Cultural Heritage of Oyo Yoruba’s both within and outside NIGERIA and the world at large.

Keywords: Yoruba Oyo, arts and culture, Oranyan, festival

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Authors: E. T. El Shenawy, O. N. A. Esmail, Adel A. Elbaset, Hesham F. A. Hamed

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Generation of the electrical energy based on photovoltaic (PV) technology has been increased over the world due to either the continuous reduction in the traditional energy sources in addition to the pollution problems related to their usage, or the clean nature and safe usage of the PV technology. Also, PV systems can generate clean electricity in the site of use without any transmission, which can be considered cost effective than other generation systems. The performance of the PV system is highly affected by the amount of solar radiation incident on it. Completely or partially shaded PV systems can affect its output. The PV system can be shaded by trees, buildings, dust, incorrect system configuration, or other obstacles. The present paper studies the effect of the partial shading on the performance of a thin film PV module under climatic conditions of Cairo, Egypt. This effect was measured and evaluated according to practical measurement of the characteristic curves such as current-voltage and power-voltage for two identical PV modules (with and without shading) placed at the same time on one mechanical structure for comparison. The measurements have been carried out for the following shading patterns; half cell (bottom, middle, and top of the PV module); complete cell; and two adjacent cells. The results showed that partially shading the PV module changes the shapes of the I-V and P-V curves and produces more than one maximum power point, that can disturb the traditional maximum power point trackers. Also, the output power from the module decreased according to the incomplete solar radiation reaching the PV module due to shadow patterns. The power loss due shading was 7%, 22%, and 41% for shading of half-cell, one cell, and two adjacent cells of the PV module, respectively.

Keywords: I-V measurements, PV module characteristics, PV module power loss, PV module shading

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Authors: Maria Krambia-Kapardis, Elisavet Charalambous

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Corruption has given rise to extensive discussion due to its notorious consequences. It undermines democracy, brings in inequalities and imbalances and weakens governance. With the recent financial turmoil pinpointing that corruption has played a vital part, lessons have to be learned and actions have to be taken. Regulation can be the means for doing so as it advances transparency and accountability, leaving no space for corruption to flourish. Much depends though on the culture of a state and how determined it is to mark the end of corruption.

Keywords: banking regulation, corruption, culture, European Union

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Authors: Nadezhda Kvatashidze

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The conceptual framework of International Financial Reporting Standards determines the basic principles of accounting. The said principles have multiple applications, with professional judgments being one of those. Recognition and assessment of the information contained in financial reporting, especially so the somewhat uncertain events and transactions and/or the ones regarding which there is no standard or interpretation are based on professional judgments. Professional judgments aim at the formulation of expert assumptions regarding the specifics of the circumstances and events to be entered into the report based on the conceptual framework terms and principles. Experts have to make a choice in favor of one of the aforesaid and simulate the situations applying multi-variant accounting estimates and judgment. In making the choice, one should consider all the factors, which may help represent the information in the best way possible. Professional judgment determines the relevance and faithful representation of the presented information, which makes it more useful for the existing and potential investors. In order to assess the prospected net cash flows, the information must be predictable and reliable. The publication contains critical analysis of the aforementioned problems. The fact that the International Financial Reporting Standards are developed continuously makes the issue all the more important and that is another point discussed in the study.

Keywords: conceptual framework, faithful representation, professional judgement, relevance

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Authors: O. Colot, M. Croquet, L. Cultrera, Y. Fandja Collince

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The objective of our research is to evaluate the impact of the allowance for corporate equity (ACE) on the financial structure of Belgian SME in order to highlight the potential existence of a fiscal leverage. To limit the biases linked to the rationing of the capital further to the financial crisis, we compare first the dynamic evolution of the financial structure of the Belgian firms over the period 2006-2015 by focusing on three sub-periods: 2006-2008, 2009-2012 and 2013-2015. We give then an international size to this comparison by including SMEs from countries adjoining Belgium (France, Germany, Netherlands and the United Kingdom) and within which there is no ACE. This comparison allows better understanding the fiscal advantage linked to the ACE of firms evolving in a relatively unstable economic environment further to the financial crisis of 2008. This research is relevant given the economic and political context in which Belgium operates and the very uncertain future of the Belgian ACE. The originality of this research is twofold: the long study period and the consideration of the effects of the financial and economic crisis on the financing structure of Belgian SMEs. The results of this research, even though they confirm the existence of a positive fiscal leverage for the tax deduction for venture capital on the financing structure of Belgian SMEs, do not allow the extent of this leverage to be clearly quantified. The comparative evolution of financing structures over the period 2006-2015 of Belgian, French, German, Dutch and English SMEs shows a strong similarity in the overall evolution of their financing.

Keywords: allowance for corporate equity, Belgium, financial structure, small and medium sized firms

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Authors: Manfred F. Maute, Olga Naumenko, Raymond T. Kong

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Using data from a nationally representative financial panel of Canadian households, this study develops a psychographic segmentation of the customers of a value-expressive credit card service and tests for effects on relational response differences. The variety of segments elicited by agglomerative and k means clustering and the familiar profiles of individual clusters suggest that the face validity of the psychographic segmentation was quite high. Segmentation had a significant effect on customer satisfaction and relationship depth. However, when socio-demographic characteristics like household size and income were accounted for in the psychographic segmentation, the effect on relational response differences was magnified threefold. Implications for the segmentation of financial services markets are considered.

Keywords: customer satisfaction, financial services, psychographics, response differences, segmentation

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Authors: Ju Shan Lin

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The challenges for traditional industries in Taiwan the past few years are the changes of overall domestic and foreign industry structure, the entrepreneurs not only need to keep on improving their profession skills but also continuously research and develop new products. It is also necessary for the all traditional industries to keep updating the business strategy, let the enterprises continue to progress, and won't be easily replaced by the other industries. The traditional industry in Taiwan attach great importance to the field of enterprises upgrading and innovation in recent years, by the enterprise innovation and transformation can enhance the overall business situation also enable them to obtain more additional profits than in the past. Except the original industry structure's need to transform and upgrade, the brand's business and marketing strategy are also essential. This study will take a certain plastic company as case analysis, for the brand promotion of traditional industries, brand values and business innovation model for further exploration. It will also be mentioned that the other traditional industries cases which were already achieved success on the enterprise's upgrading and innovation, at the same time, the difficulties which they faced with and the way they overcome will be explored as well. This study will use the case study method combined with expert interviews to discuss and analyze this certain plastic company's current business situation, the existing products and the possible trends in the future. Looking forward to providing an innovative business model that will enable this plastic company to upgrade its corporate image and the brand could transform successfully.

Keywords: brand marketing strategy, enterprise upgrade, industrial transformation, traditional industry

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Authors: Fatemeh Norouzi

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Today, financial performance has become one of the important issues in accounting and auditing that companies and their managers have paid attention to this issue and for this reason to the variables that are influential in this field. One of the things that can affect financial performance is corporate governance, which is examined in this research, although some things such as issues related to auditing can also moderate this relationship; Therefore, this research has been conducted with the aim of investigating the relationship between corporate governance and financial performance with regard to the moderating role of feedback and internal control weakness. The research is practical in terms of purpose, and in terms of method, it has been done in a post-event descriptive manner, in which the data has been analyzed using stock market data. Data collection has been done by using stock exchange data which has been extracted from the website of the Iraqi Stock Exchange, the statistical population of this research is all the companies admitted to the Iraqi Stock Exchange. . The statistical sample in this research is considered from 2014 to 2021, which includes 34 companies. Four different models have been considered for the research hypotheses, which are eight hypotheses, in this research, the analysis has been done using EXCEL and STATA15 software. In this article, collinearity test, integration test ,determination of fixed effects and correlation matrix results, have been used. The research results showed that the first four hypotheses were rejected and the second four hypotheses were confirmed.

Keywords: size of the board of directors, duality of the CEO, financial performance, internal control weakness

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Authors: Iliya Ibrahim Gimba

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Human beings or groups over the world have a traditional and cultural practices which guide and direct their ways of life. They value and promote these practices not minding the attitude of others towards them. In spite of the place of culture which is an embodiment of these practices in every human society some people still reduce the understanding of culture to idolatry and other archaic and anachronistic arts good perhaps only for the museum. Others consider culture to be just drumming and dancing. Whether a culture is “good” or “bad”, civilized or barbaric, it can be reformed for the betterment of the society. Hence, this paper focuses on reforming traditional and cultural practices in Nigeria for enhancing development in the 21st century using the Jukun people as a case study. Relevant literatures from journals, reports, published books among others will be consulted.

Keywords: Jukun, traditional and cultural practices, sustainable development, human

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Authors: Mabel Usunobun Olanipekun, Henry Ogbemudia Omoregbee

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Anomalies such as water pipeline and hydraulic or petrochemical pipeline network leakages and bursts have significant implications for economic conditions and the environment. In order to ensure pipeline systems are reliable, they must be efficiently controlled. Wireless Sensor Networks (WSNs) have become a powerful network with critical infrastructure monitoring systems for water, oil and gas pipelines. The loss of water, oil and gas is inevitable and is strongly linked to financial costs and environmental problems, and its avoidance often leads to saving of economic resources. Substantial repair costs and the loss of precious natural resources are part of the financial impact of leaking pipes. Pipeline systems experts have implemented various methodologies in recent decades to identify and locate leakages in water, oil and gas supply networks. These methodologies include, among others, the use of acoustic sensors, measurements, abrupt statistical analysis etc. The issue of leak quantification is to estimate, given some observations about that network, the size and location of one or more leaks in a water pipeline network. In detecting background leakage, however, there is a greater uncertainty in using these methodologies since their output is not so reliable. In this work, we are presenting a scalable concept and simulation where a pressure-driven model (PDM) was used to determine water pipeline leakage in a system network. These pressure data were collected with the use of acoustic sensors located at various node points after a predetermined distance apart. We were able to determine with the use of correlation difference to determine the leakage point locally introduced at a predetermined point between two consecutive nodes, causing a substantial pressure difference between in a pipeline network. After de-noising the signal from the sensors at the nodes, we successfully obtained the exact point where we introduced the local leakage using the correlation difference model we developed.

Keywords: leakage detection, acoustic signals, pipeline network, correlation, wireless sensor networks (WSNs)

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Authors: Safa Ougoujil, Sidi Mohamed Rigar

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Economics is not an exact science. It cannot be from the moment it is a social science that concerns society organization, a human science that depends on the behavior of the men and women who make a part of this society. Therefore, it cannot ignore morality, the instinctive sense of good and evil, the natural order which place us between certain values, and which religion often sheds light on. In terms of finance, the reference to ethics is becoming more popular than ever. This is naturally due to the growing financial crises. Finance is less and less ethical, but some financial practices have continued to do so. This is the case of ethical finance and Islamic finance. After attempting to define the concepts of ethical finance and Islamic finance, in a period when financial innovation seeks to encourage differentiation in order to create more profit margins, this article attempts to expose the particularities, the convergences and the potentialities of development of these two sensibilities.

Keywords: convergences, ethical finance, Islamic finance, potential development

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Authors: P. Efstathiou, E. Kouskouni, S. Papanikolaou, K. Karageorgou, Z. Manolidou, Tseroni Maria, A. Efstathiou, V. Karyoti, I. Agrafa

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Aim: Aim of this study was to evaluate the reduction on Intensive Care Unit (ICU) microbial flora after the antimicrobial copper alloy (Cu+) implementation as well as the effect on financial-epidemiological operation parameters. Methods: Medical, epidemiological and financial data in two time periods, before and after the implementation of copper (Cu 63% - Zn 37%, low lead) were recorded and analyzed in a general ICU. The evaluated parameters were: the importance of patients' admission (Acute Physiology and Chronic Health Evaluation - APACHE II and Simplified Acute Physiology Score - SAPS), microbial flora's record in the ICU before and after the implementation of Cu+ as well as the impact on epidemiological and ICU's operation financial parameters. Results: During December 2010 and March 2011 and respectively during December 2011 and March 2012 comparative results showed statistically significant reduction on the microbial flora (CFU/ml) by 95% and the use of antimicrobial medicine (per day per patient) by 30% (p = 0,014) as well as patients hospitalization time and cost. Conclusions: The innovative implementation of antimicrobial copper in ICUs contributed to their microbial flora significant reduction and antimicrobial drugs use reduction with the apparent positive effect (decrease) in both patient’s hospitalization time and cost. Under the present circumstances of economic crisis, survey results are of highest importance and value.

Keywords: antimicrobial copper, financial benefits, ICU, cost reduction

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Authors: M. T. Artese, G. Ciocca, I. Gagliardi

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Food is a social and cultural aspect of every individual. Food products, processing, and traditions have been identified as cultural objects carrying history and identity of social groups. Traditional recipes are passed down from one generation to the other, often to strengthen the link with the territory. The paper presents CookIT, a web portal developed to collect Italian traditional recipes related to regional cuisine, with the purpose to disseminate the knowledge of typical Italian recipes and the Mediterranean diet which is a significant part of Italian cuisine. The system designed is completed with multimodal means of browsing and data retrieval. Stored recipes can be retrieved integrating and combining a number of different methods and keys, while the results are displayed using classical styles, such as list and mosaic, and also using maps and graphs, with which users can play using available keys for interaction.

Keywords: collaborative portal, Italian cuisine, intangible cultural heritage, traditional recipes, searching and browsing

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Authors: Zahra Yazdani Paraii, Zohreh Yazdani Paraei

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Many urban designers and planners have been involved in the design of environmentally friendly or nature adaptable urban development models due to increase in urban populations in the recent century, limitation on natural resources, climate change, and lack of enough water and food. Ecological city is one of the latest models proposed to accomplish the latter goal. In this work, the existing establishing indicators of the ecological city are used regarding energy, water, land use and transportation issues. The model is used to compare the function of traditional settlements of Iran. The result of investigation shows that the specifications and functions of the traditional settlements of Iran fit well into the ecological city model. It is found that the inhabitants of the old cities and villages in Iran had founded ecological cities based on their knowledge of the environment and its natural opportunities and limitations.

Keywords: ecological city, traditional city, urban design, environment

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Authors: Khin Thandar Soe, Mark Stephen Pulham

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Ballistic building materials play a crucial role in ensuring the safety of the occupants within protective structures. Traditional options like Ordinary Portland Cement (OPC)-based walls, including reinforced concrete walls, precast concrete walls, masonry walls, and concrete blocks, are frequently employed for ballistic protection, but they have several drawbacks such as being thick, heavy, costly, and challenging to construct. On the other hand, glass and composite materials offer lightweight and easier construction alternatives, but they come with a high price tag. There has been no reported test data on magnesium-based ballistic wall panels or modular wall systems so far. This paper presents groundbreaking small arms test data related to the development of the world’s first magnesia cement ballistic wall panels and modular wall system. Non-hydraulic magnesia cement exhibits several superior properties, such as lighter weight, flexibility, acoustics, and fire performance, compared to the traditional Portland Cement. However, magnesia cement is hydrophilic and may degrade in prolonged contact with water. In this research, modified magnesia cement for water resistant and durability from UBIQ Technology is applied. The specimens are made of a modified magnesia cement formula and prepared in the Laboratory of UBIQ Technology Pty Ltd. The specimens vary in thickness, and the tests cover various small arms threats in compliance with standards AS/NZS2343 and UL752 and are performed up to the maximum threat level of Classification R2 (NATO) and UL-Level 8(NATO) by the Accredited Test Centre, BMT (Ballistic and Mechanical Testing, VIC, Australia). In addition, the results of the test conducted on the specimens subjected to the small 12mm diameter steel ball projectile impact generated by a gas gun are also presented and discussed in this paper. Gas gun tests were performed in UNSW@ADFA, Canberra, Australia. The tested results of the magnesia panels and wall systems are compared with one of concrete and other wall panels documented in the literature. The conclusion drawn is that magnesia panels and wall systems exhibit several advantages over traditional OPC-based wall systems, and they include being lighter, thinner, and easier to construct, all while providing equivalent protection against threats. This makes magnesia cement-based materials a compelling choice of application where efficiency and performance are critical to create a protective environment.

Keywords: ballistics, small arms, gas gun, projectile, impact, wall panels, modular, magnesia cement

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Authors: Marijana Ivanov, Roman Šubić

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The single rulebook together with the Single Supervisory Mechanism and the Single Resolution Mechanism - as two main pillars of the banking union, represent important steps towards completing the Economic and Monetary Union. It should provide a consistent application of common rules and administrative standards for supervision, recovery and resolution of banks – with the final aim that a former practice of the bail-out is replaced with the bail-in system through which bank failures will be resolved by their own funds, i.e. with minimal costs for taxpayers and real economy. It has to reduce the financial fragmentation recorded in the years of crisis as the result of divergent behaviors in risk premium, lending activities, and interest rates between the core and the periphery. In addition, it should strengthen the effectiveness of monetary transmission channels, in particular the credit channels and overflows of liquidity on the single interbank money market. However, contrary to all the positive expectations related to the future functioning of the banking union, low and unbalanced economic growth rates remain a challenge for the maintenance of financial stability in the euro area, and this problem cannot be resolved just by a single supervision. In many countries bank assets exceed their GDP by several times, and large banks are still a matter of concern because of their systemic importance for individual countries and the euro zone as a whole. The creation of the SSM and the SRM should increase transparency of the banking system in the euro area and restore confidence that have been disturbed during the depression. It would provide a new opportunity to strengthen economic and financial systems in the peripheral countries. On the other hand, there is a potential threat that future focus of the ECB, resolution mechanism and other relevant institutions will be extremely oriented to the large and significant banks (whereby one half of them operate in the core and most important euro area countries), while it is questionable to what extent the common resolution funds will be used for rescue of less important institutions.

Keywords: banking union, financial integration, single supervision mechanism (SSM)

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Authors: Ambali Alade Odebowale, Andargachew Mekonnen Berhe, Haroldo T. Hattori, Andrey E. Miroshnichenko

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Solar thermophotovoltaic systems (STPV) have emerged as a promising solution to overcome the Shockley-Queisser limit, a significant impediment in the direct conversion of solar radiation into electricity using conventional solar cells. The STPV system comprises essential components such as an optical concentrator, selective emitter, and a thermophotovoltaic (TPV) cell. The pivotal element in achieving high efficiency in an STPV system lies in the design of a spectrally selective emitter or absorber. Traditional methods for designing and optimizing selective emitters are often time-consuming and may not yield highly selective emitters, posing a challenge to the overall system performance. In recent years, the application of machine learning techniques in various scientific disciplines has demonstrated significant advantages. This paper proposes a novel nanostructure composed of four-layered materials (SiC/W/SiO2/W) to function as a selective emitter in the energy conversion process of an STPV system. Unlike conventional approaches widely adopted by researchers, this study employs a machine learning-based approach for the design and optimization of the selective emitter. Specifically, a random forest algorithm (RFA) is employed for the design of the selective emitter, while the optimization process is executed using genetic algorithms. This innovative methodology holds promise in addressing the challenges posed by traditional methods, offering a more efficient and streamlined approach to selective emitter design. The utilization of a machine learning approach brings several advantages to the design and optimization of a selective emitter within the STPV system. Machine learning algorithms, such as the random forest algorithm, have the capability to analyze complex datasets and identify intricate patterns that may not be apparent through traditional methods. This allows for a more comprehensive exploration of the design space, potentially leading to highly efficient emitter configurations. Moreover, the application of genetic algorithms in the optimization process enhances the adaptability and efficiency of the overall system. Genetic algorithms mimic the principles of natural selection, enabling the exploration of a diverse range of emitter configurations and facilitating the identification of optimal solutions. This not only accelerates the design and optimization process but also increases the likelihood of discovering configurations that exhibit superior performance compared to traditional methods. In conclusion, the integration of machine learning techniques in the design and optimization of a selective emitter for solar thermophotovoltaic systems represents a groundbreaking approach. This innovative methodology not only addresses the limitations of traditional methods but also holds the potential to significantly improve the overall performance of STPV systems, paving the way for enhanced solar energy conversion efficiency.

Keywords: emitter, genetic algorithm, radiation, random forest, thermophotovoltaic

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Authors: Miriam Sosa, Edgar Ortiz, Alejandra Cabello

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This paper examines the volatility changes and leverage effects of the MILA stock markets and their changes since the 2007 global financial crisis. This group integrates the stock markets from Chile, Colombia, Mexico and Peru. Volatility changes and leverage effects are tested with a symmetric GARCH (1,1) and asymmetric TARCH (1,1) models with a dummy variable in the variance equation. Daily closing prices of the stock indexes of Chile (IPSA), Colombia (COLCAP), Mexico (IPC) and Peru (IGBVL) are examined for the period 2003:01 to 2015:02. The evidence confirms the presence of an overall increase in asymmetric market volatility in the Peruvian share market since the 2007 crisis.

Keywords: financial crisis, Latin American Integrated Market, TARCH, GARCH

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Authors: Sidique Fofanah

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This paper explores the intersection of traditional communication theories and modern digital technologies, analyzing how established models adapt to contemporary communication platforms. It examines the evolving nature of interpersonal, group, and mass communication within digital environments, emphasizing the role of social media, AI-driven communication tools, and virtual reality in reshaping communication paradigms. The paper also discusses the implications for future research and practice in communication studies, proposing an integrated framework that accommodates both classical and emerging theories.

Keywords: communication, traditional models, emerging platforms, digital media

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Authors: Kindeye Fenta Mekonnen, Alagaw Ababu Kifle

Abstract:

The failure of international responses to armed conflict to address local preconditions for national stability has recently attracted what has been called the ‘local turn’ in peace building. This ‘local turn’ in peace building amplified a renewed interest in traditional/indigenous methods of conflict resolution, a field that has been hitherto dominated by anthropologists with their focus on the procedures and rituals of such approaches. This notwithstanding, there is still limited empirical work on the relevance of traditional methods of conflict resolution to end localized conflicts vis-à-vis hybrid and modern approaches. The few exceptions to this generally draw their conclusion from very few (almost all successful) cases that make it difficult to judge the validity and cross-case application of their results. This paper seeks to fill these gaps by undertaking a quantitative analysis of the trend and applications of different communal conflict resolution initiatives, their potential to usher in long-term peace, and the extent to which their outcomes are influenced by the intensity and scope of a conflict. The paper makes the following three tentative conclusions. First, traditional mechanisms and traditional actors still dominate the communal conflict resolution landscape, either individually or in combination with other methods. Second, traditional mechanisms of conflict resolution tend to be more successful in ending a conflict and preventing its re-occurrence compared to hybrid and modern arrangements. This notwithstanding and probably due to the scholarly call for local turn in peace building, contemporary communal conflict resolution approaches are becoming less and less reliant on traditional mechanisms alone and (therefore) less effective. Third, there is yet inconclusive evidence on whether hybridization is an asset or a liability in the resolution of communal conflicts and the extent to which this might be mediated by the intensity of a conflict.

Keywords: traditional conflict resolution, hybrid conflict resolution, communal conflict, relevance, conflict intensity

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Authors: Ejovi Eghwubare Augustine

Abstract:

This study delved into the traditional mechanisms of conflict resolution in Africa, a pathway to sustainable peace in Nigeria. It deployed the quantitative and qualitative methods of data collection and content analysis. The work adopted the Peace Process theory propounded by John Darby and Roger Macunity. It ascertained that disputes or disagreements are unarguably and necessarily an inevitable part of human existence, flowing directly from communication, interaction, and relationships which can occur at individual and national levels, even at international levels in view of the current trend of globalization. The alternative Dispute Resolution (ADR) mechanism is a basket of procedures outside the traditional process of litigation or strict determination of legal rights. It may also be elucidated as a range of procedures that serve as generally involve the intercession and assistance of a neutral and impartial third party. The traditional mechanisms of conflict resolution in Africa are alien to the Western world; this paper is of utmost importance to the Western world and also enriched their pool of literature. Nigeria is a country that is dominated by various ethnic groups anchored on diverse cultures, customs, and traditions. It is, therefore, not surprising to see conflicts arise, and despite the various attempts at resolving these conflicts through litigation, they still remained unabated. The paper investigated the lessons learned from Traditional Mechanisms of Conflict resolution; it also interrogated its impact and the way forward. In light of the lessons that were learned and the impact of the traditional mechanisms of conflict resolution, suggestions on how to attain a sustainable, peaceful society were proffered. In conclusion, the study crystallized reforms on the alternative dispute resolution introduced through the traditional mechanism, which includes, amongst others, that constitutional recognition should be given to traditional institutions of conflict resolution to enable quick dispensation of matters.

Keywords: traditional, conflict, peace, resolution

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Authors: Aida Humaira

Abstract:

Aromatic plants hold an honored place in Indonesian culture, where they are deeply intertwined with everyday customs, rituals, and ceremonies. From the fragrant herbs and spices used in cooking to the aromatic incense burned in temples and homes, aromatic plants play multifaceted roles in enhancing well-being and fostering spiritual connections. These plants are valued not only for their pleasant aromas but also for their medicinal properties and symbolic meanings. This article aims to summarize the role of aromatic plants in Indonesian traditional culture, medicine, spirituality, and how it shifted to a modern version of aromatherapy. Traditional Indonesian medicine, known as Jamu, relies heavily on aromatic plants for their therapeutic benefits. Herbalists and traditional healers use a wide array of aromatic herbs, roots, barks, and resins to treat various ailments, ranging from digestive disorders and respiratory infections to skin conditions and reproductive issues. In conclusion, aromatic plants represent a cultural treasure with multifaceted uses and significance deeply rooted in Indonesia’s tradition. From their medicinal properties to their spiritual symbolism, these plants embody the interconnection of culture, nature, and well-being. Further research and collaboration are needed to document and preserve traditional knowledge surrounding Indonesian aromatic plants and ensure their continued recognition and sustainable utilization in the face of modernization and environmental challenges.

Keywords: aromatic plants, indonesia, Jamu, traditional medicine

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Authors: H. Shokouhmand, M. Degheh, B. Sajadi, H. Sobhani

Abstract:

The induct ultraviolet germicidal irradiation (UVGI) systems are broadly used nowadays and their utilization is widened every day. Even though these systems are not applicable individually, they are very suitable supplements for the traditional filtration systems. The amount of inactivated microorganisms is dependent on the air velocity, lamp power, fluence rate distribution, and also germicidal susceptibility of microorganisms. In this paper, these factors are investigated utilizing an air-microorganism two-phase numerical model. The eulerian-lagrangian method was used to have more detailed information on the history of each particle. The UVGI system was modeled in three steps including: 1) modeling the air flow, 2) modeling the discrete phase of particles, 3) modeling the UV intensity field, and 4) modeling the particle inactivation. The results from modeling different lamp arrangements and powers showed that the system functions better at more homogeneous irradiation distribution. Since increasing the air flow rate of the device results in increasing of particle inactivation rate, the optimal air velocity shall be adjusted in accordance with the microorganism production rate, and the air quality requirement using the curves represented in this paper.

Keywords: CFD, microorganism, two-phase flow, ultraviolet germicidal irradiation

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