Search results for: trading signals generation

Authors: Liwen Wang, Yuting Chen, Tong Wu, Shaolei Hu

Abstract:

In order to enhance the security of critical financial infrastructure, this study carries out a transformation of the architecture of a financial trading terminal to a zero trust architecture (ZTA), constructs an active defense system for cybersecurity, improves the security level of trading services in the Internet environment, enhances the ability to prevent network attacks and unknown risks, and reduces the industry and security risks brought about by cybersecurity risks. This study introduces the SDP technology of ZTA, adapts and applies it to a financial trading terminal to achieve security optimization and fine-grained business grading control. The upgraded architecture of the trading terminal moves security protection forward to the user access layer, replaces VPN to optimize remote access, and significantly improves the security protection capability of Internet transactions. The study achieves 1. deep integration with the access control architecture of the transaction system; 2. no impact on the performance of terminals and gateways, and no perception of application system upgrades; 3. customized checklist and policy configuration; 4. introduction of industry-leading security technology such as single-packet authorization (SPA) and secondary authentication. This study carries out a successful application of ZTA in the field of financial trading and provides transformation ideas for other similar systems while improving the security level of financial transaction services in the Internet environment.

Keywords: zero trust, trading terminal, architecture, network security, cybersecurity

Procedia PDF Downloads 166

Authors: Launcelot.McGrath

Abstract:

A comprehensive understanding of physiological data is a vital aid to the anaesthesiologist in monitoring and maintaining the well-being of a patient undergoing surgery. Biosignal analysis is one of the most important topics that researchers have tried to develop over the last century to understand numerous human diseases. Understanding which biological signals are most important during anaesthesia is critically important. It is important that the anaesthesiologist understand both the signals themselves and the limitations introduced by the processes of acquisition. In this article, we provide an overview of different types of biological signals as well as the mechanisms applied to acquire them.

Keywords: general biosignals, anaesthesia, biological, electroencephalogram

Procedia PDF Downloads 146

Authors: Yuanxiaoyue Yang

Abstract:

Emissions trading, or ‘cap-and-trade', has been long promoted by economists as a more cost-effective pollution control approach than traditional performance standard approaches. While there is a large body of empirical evidence for the overall effectiveness of emissions trading, relatively little attention has been paid to other unintended consequences brought by emissions trading. One important consequence is that cap-and-trade could introduce the risk of creating high-level emission concentrations in areas where emitting facilities purchase a large number of emission allowances, which may cause an unequal distribution of environmental benefits. This study will contribute to the current environmental policy literature by linking trading activity with environmental injustice concerns and empirically analyzing the causal relationship between trading activity and emissions reduction under a cap-and-trade program for the first time. To investigate the potential environmental injustice concern in cap-and-trade, this paper uses a differences-in-differences (DID) with instrumental variable method to identify the causal effect of allowance trading behaviors on emission reduction levels under the clean air interstate rule (CAIR), a cap-and-trade program targeting on the power sector in the eastern US. The major data source is the facility-year level emissions and allowance transaction data collected from US EPA air market databases. While polluting facilities from CAIR are the treatment group under our DID identification, we use non-CAIR facilities from the Acid Rain Program - another NOx control program without a trading scheme – as the control group. To isolate the causal effects of trading behaviors on emissions reduction, we also use eligibility for CAIR participation as the instrumental variable. The DID results indicate that the CAIR program was able to reduce NOx emissions from affected facilities by about 10% more than facilities who did not participate in the CAIR program. Therefore, CAIR achieves excellent overall performance in emissions reduction. The IV regression results also indicate that compared with non-CAIR facilities, purchasing emission permits still decreases a CAIR participating facility’s emissions level significantly. This result implies that even buyers under the cap-and-trade program have achieved a great amount of emissions reduction. Therefore, we conclude little evidence of environmental injustice from the CAIR program.

Keywords: air pollution, cap-and-trade, emissions trading, environmental justice

Procedia PDF Downloads 150

Authors: Tian Lan

Abstract:

Arbitrageurs participate in a variety of techniques in response to the existence of fluctuating sentiment, resulting in sparse sentiment exposures. This paper found that Commodity Trading Advisor (CTA) funds in the top decile rated by sentiment beta outperformed those in the bottom decile by 0.33% per month on a risk-adjusted basis, with the difference being larger among skilled managers. This paper also discovered that around ten percent of Commodity Trading Advisor (CTA) funds could accurately predict market sentiment, which has a positive correlation with fund sentiment beta and acts as a determinant in fund performance. Instead of betting against mispricing, this research demonstrates that a competent manager can achieve remarkable returns by forecasting and reacting to shifts in investor sentiment.

Keywords: investment sentiment, CTA fund, market timing, fund performance

Procedia PDF Downloads 84

Authors: Helee Dave

Abstract:

Globalization has helped in the growth and change of the Indian economy to a great extent. The purchasing power of Indians has increased. IT Infrastructure has considerably improved in India. There is an increase in the usage of smartphones. The smartphones facilitate all sorts of work now a day, from getting groceries to planning a tour; it is just one click away. Similar is the case with equity trading. The traders in equity market can now deal with their stocks through mobile applications eliminating the middle man. The traders do not have an option but to open a dematerialization account with the banks which are compulsory enough irrespective of their mode of transaction that is online or offline. Considering that India is a young country having more than 50% of its population below the age of 25 and 65% of its population below the age of 35; this youth is comfortable with the usage of smartphones. The banking industry is also providing a virtual platform supporting equity market industry. Yet equity trading through online applications is at an infant stage. This paper primarily attempts to understand challenges and opportunities faced by equity trading through mobile apps in India.

Keywords: BPO, business process outsourcing, de-materialization account, equity, ITES, information technology enabled services

Procedia PDF Downloads 311

Authors: Neha Asthana, Vishal Krishna Prasad

Abstract:

Reverse logistics and green supply chain form an interconnected and interwoven network of parameters that contribute to enhancement and incremental exchange in the triple bottom line in the consistently changing and fragmenting markets of the globalizing markets of today. Reverse logistics not only contributes to completing the supply chain in a comprehensive and synchronized manner but also contributes to a significant degree in optimizing green supply chains through procedures such as recycling, refurbishing etc. contributing to waste reduction. Carbon trading, owing to its limitations in the global context and being in a nascent stage seeks plethora of research to determine its full application in synergy with reverse logistics and green supply chain.

Keywords: reverse logistics, carbon trading, carbon emissions, green supply chain

Procedia PDF Downloads 415

Authors: Boulis M. Ibrahim, Iordanis A. Kalaitzoglou

Abstract:

A micro structural pricing model is proposed in which price components account for learning by incorporating changing expectations of the trading intensity and the risk level of incoming trades. An analysis of European carbon futures transactions finds expected trading intensity to increase the information component and decrease the liquidity component of price changes, but at different rates. Among the results, the expected persistence in trading intensity explains the majority of the auto correlations in the level and the conditional volatility of price changes, helps predict hourly patterns in the bid–ask spread and differentiates between the impact of buy versus sell and continuing versus reversing trades.

Keywords: CO2 emission allowances, market microstructure, duration, price discovery

Procedia PDF Downloads 407

Authors: Launcelot McGrath, Xiaoxiao Liu, Colin Flanagan

Abstract:

It is widely recognised that a comprehensive understanding of physiological data is a vital aid to the anaesthesiologist in monitoring and maintaining the well-being of a patient undergoing surgery. Bio signal analysis is one of the most important topics that researchers have tried to develop over the last century to understand numerous human diseases. There are tremendous biological signals during anaesthesia, and not all of them are important, which to choose to observe is a significant decision. It is important that the anaesthesiologist understand both the signals themselves, and the limitations introduced by the processes of acquisition. In this article, we provide an all-sided overview of different types of biological signals as well as the mechanisms applied to acquire them.

Keywords: general biosignals, anaesthesia, biological, electroencephalogram

Procedia PDF Downloads 105

Authors: Min Dai, Hong Liu, Shuaijie Qian

Abstract:

We study a portfolio selection problem of an investor who faces constraints on rebalancing frequency, which is common in pension fund investment. We formulate it as a multiple optimal stopping problem and utilize the dynamic programming principle. By numerically solving the corresponding Hamilton-Jacobi-Bellman (HJB) equation, we find a series of free boundaries characterizing optimal strategy, and the constraints significantly impact the optimal strategy. Even in the absence of transaction costs, there is a no-trading region, depending on the number of the remaining trading chances. We also find that the equivalent wealth loss caused by the constraints is large. In conclusion, our model clarifies the impact of the constraints on transaction frequency on the optimal strategy.

Keywords: portfolio selection, rebalancing frequency, optimal strategy, free boundary, optimal stopping

Procedia PDF Downloads 88

Authors: Aristeidis Samitas, Evangelos Vasileiou

Abstract:

The aim of this study is to examine the month and the trading month effect under changing financial trends. We choose the Greek stock market to implement our assumption because there are clear and long term periods of financial growth and recession. Daily financial data from Athens Exchange General Index for the period 2002-2012 are considered. The paper employs several linear and non-linear models, although the TGARCH asymmetry model best fits in this sample and for this reason we mainly present the TGARCH results. Empirical results show that changing economic and financial conditions influences the calendar effects. Especially, the trading month effect totally changes in each fortnight according to the financial trend. On the other hand, in Greece the January effect exists during the growth periods, although it does not exist when the financial trend changes. The findings are helpful to anybody who invest and deals with the Greek stock market. Moreover, they may pave the way for an alternative calendar anomalies research approach, so it may be useful to investors who take into account these anomalies when they draw their investment strategy.

Keywords: month effect, trading month effect, economic cycles, crisis

Procedia PDF Downloads 416

Authors: Nema M. Salem, Hanan A. Altukhaifi, Amal Mukhtar, Reemaz K. Hetaimish

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Recently, BCI field of research has gained a lot of interest. Apart from motor neuroprosthetics, many studies showed the possibility of controlling a virtual environment of a videogame using the acquired electroencephalogram signals (EEG) from the gamer. In addition, another study had successfully moved a farm tractor using the human’s EEG signals. This article utilizes the use of EEG signals, as a source of technology, in controlling a Parallax Boe-Bot robot. The commercial Emotive Epoc headset has been used in acquiring the EEG signals from rested subjects. Because the human's visual cortex can successfully differentiate between different colors, the red and green colors are used as visual stimuli for generating EEG signals using the Epoc. Arduino and Labview are used to translate the virtually pressed keys into instructions controlling the motion and rotation of the robot. Optimistic results have been achieved except for minor delay and accuracy in the robot’s response.

Keywords: BCI, Emotiv Epoc headset, EEG, Labview, Arduino applications, robot

Procedia PDF Downloads 522

Authors: Maciej Zaręba, Sławomir Lasota

Abstract:

Understanding the dependencies between the input signal, that controls the production system and signals, that capture its output, is of a great importance in intelligent systems. The method for identification of the relationship between signals in continuous monitoring of production systems is described in the paper. The method discovers the correlation between changes in the states derived from input signals and resulting changes in the states of output signals of the production system. The method is able to handle system inertia, which determines the time shift of the relationship between the input and output.

Keywords: manufacturing operation management, signal relationship, continuous monitoring, production systems

Procedia PDF Downloads 92

Authors: H. Namazi, H. T. N. Kuan

Abstract:

Brain activity can be measured by acquiring and analyzing EEG signals from an individual. In fact, the human brain response to external and internal stimuli is mapped in his EEG signals. During years some methods such as Fourier transform, wavelet transform, empirical mode decomposition, etc. have been used to analyze the EEG signals in order to find the effect of stimuli, especially external stimuli. But each of these methods has some weak points in analysis of EEG signals. For instance, Fourier transform and wavelet transform methods are linear signal analysis methods which are not good to be used for analysis of EEG signals as nonlinear signals. In this research we analyze the brain response to auditory stimuli by extracting information in the form of various measures from EEG signals using a software developed by our research group. The used measures are Jeffrey’s measure, Fractal dimension and Hurst exponent. The results of these analyses are useful not only for fundamental understanding of brain response to auditory stimuli but provide us with very good recommendations for clinical purposes.

Keywords: auditory stimuli, brain response, EEG signal, fractal dimension, hurst exponent, Jeffrey’s measure

Procedia PDF Downloads 534

Authors: Valentina Narvaez Gaitan, Laura Valentina Rodriguez Leguizamon, Ruben Dario Hernandez B.

Abstract:

This work describes a physiological signal emulation system that uses electromyography (EMG) signals obtained from muscle sensors in the first instance. These signals are used to extract their characteristics to model and emulate specific arm movements. The main objective of this effort is to develop a new biomedical software system capable of generating physiological signals through the use of embedded systems by establishing the characteristics of the acquired signals. The acquisition system used was Biosignals, which contains two EMG electrodes used to acquire signals from the forearm muscles placed on the extensor and flexor muscles. Processing algorithms were implemented to classify the signals generated by the arm muscles when performing specific movements such as wrist flexion extension, palmar grip, and wrist pronation-supination. Matlab software was used to condition and preprocess the signals for subsequent classification. Subsequently, the mathematical modeling of each signal is performed to be generated by the embedded system, with a validation of the accuracy of the obtained signal using the percentage of cross-correlation, obtaining a precision of 96%. The equations are then discretized to be emulated in the embedded system, obtaining a system capable of generating physiological signals according to the characteristics of medical analysis.

Keywords: classification, electromyography, embedded system, emulation, physiological signals

Procedia PDF Downloads 111

Authors: Sirapop Nuannimnoi, Hojjat Baghban, Ching-Yao Huang

Abstract:

Over the past decade, with the fast development of blockchain technology since the birth of Bitcoin, there has been a massive increase in the usage of Cryptocurrencies. Cryptocurrencies are not seen as an investment opportunity due to the market’s erratic behavior and high price volatility. With the recent success of deep reinforcement learning (DRL), portfolio management can be modeled and automated. In this paper, we propose a novel DRL-based multi-agent system to automatically make proper trading decisions on multiple cryptocurrencies and gain profits in the highly volatile cryptocurrency market. We also extend this multi-agent system with horizontal federated transfer learning for better adapting to the inclusion of new cryptocurrencies in our portfolio; therefore, we can, through the concept of diversification, maximize our profits and minimize the trading risks. Experimental results through multiple simulation scenarios reveal that this proposed algorithmic trading system can offer three promising key advantages over other systems, including maximized profits, minimized risks, and adaptability.

Keywords: cryptocurrency portfolio management, algorithmic trading, federated learning, multi-agent reinforcement learning

Procedia PDF Downloads 119

Authors: Waheed Akhtar

Abstract:

Bears in Asia facing multiple threats and challenges such as hunting, illegal trading, habitat loss, and human conflicts. According to IUCN Red List, the Asiatic black bear (Ursus thibetanus) is listed as Vulnerable since 1990, population declining by 49% during the last 30 years. The present study was conducted in Manglawar (DwaSaro Mountain) from April-August 2021, to collect all the information on Asiatic black bear observation, illegal hunting, and cub poaching. According to the response of the local community, very intensive illegal hunting and cub poaching were observed. Hunters usually installed many traps in the routes of black bears and when they move in the winter season the cubs get trapped and they collect them and kept in a specialized wooden box that is mainly helpful for further transportation. These cubs are then brought to the concerned Market where they sell them to many dealers. One of the potential observers of the illegal trading responds towards the Market price of the cubs, “The average price of the black bear cub is ranging from 45000-50000 Pakistani Rupees”. Apart from cubs' poaching, the black bear is also hunted for its skin, claws, and teeth.

Keywords: first report, illegal hunting, cub poaching, parts trading, Ursus thibetanus

Procedia PDF Downloads 63

Authors: Zahra Abdolkarimi, Naser Zourikalatehsamad,

Abstract:

Up to 40 years ago, after recognition of epilepsy, it was generally believed that these attacks occurred randomly and suddenly. However, thanks to the advance of mathematics and engineering, such attacks can be predicted within a few minutes or hours. In this way, various algorithms for long-term prediction of the time and frequency of the first attack are presented. In this paper, by considering the nonlinear nature of brain signals and dynamic recorded brain signals, ANFIS model is presented to predict the brain signals, since according to physiologic structure of the onset of attacks, more complex neural structures can better model the signal during attacks. Contribution of this work is the co-evolution algorithm for optimization of ANFIS network parameters. Our objective is to predict brain signals based on time series obtained from brain signals of the people suffering from epilepsy using ANFIS. Results reveal that compared to other methods, this method has less sensitivity to uncertainties such as presence of noise and interruption in recorded signals of the brain as well as more accuracy. Long-term prediction capacity of the model illustrates the usage of planted systems for warning medication and preventing brain signals.

Keywords: co-evolution algorithms, brain signals, time series, neural networks, ANFIS model, physiologic structure, time prediction, epilepsy suffering, illustrates model

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Authors: Dongqi Sun, Juan Tao, Yingying Wu

Abstract:

This paper reexamines the appropriateness of contrarian trades as a proxy of informed trades, using high frequency Chinese stock data. Employing this measure for 5 minute intervals, a U-shaped intraday pattern of probability of informed trades (PIN) is found for the CSI300 stocks, which is consistent with previous findings for other markets. However, while dividing the trades into different sizes, a reversed U-shaped PIN from large-sized trades, opposed to the U-shaped pattern for small- and medium-sized trades, is observed. Drawing from the mixed evidence with different trade sizes, the price impact of trades is further investigated. By examining the relationship between trade imbalances and unexpected returns, larges-sized trades are found to have significant price impact. This implies that in those intervals with large trades, it is non-contrarian trades that are more likely to be informed trades. Taking account of the price impact of large-sized trades, non-contrarian trades are used to proxy for informed trading in those intervals with large trades, and contrarian trades are still used to measure informed trading in other intervals. A stronger U-shaped PIN is demonstrated from this modification. Auto-correlation and information advantage tests for robustness also support the modified informed trading measure.

Keywords: contrarian trades, informed trading, price impact, trade imbalance

Procedia PDF Downloads 165

Authors: R. Biondi, G. Dys, G. Ferone, T. Renard, M. Zysman

Abstract:

This paper describes an automated implementable system for impulsive signals detection and recognition. The system uses a Digital Signal Processing device for the detection and identification process. Here the system analyses the signals in real time in order to produce a particular response if needed. The system analyses the signals in real time in order to produce a specific output if needed. Detection is achieved through normalizing the inputs and comparing the read signals to a dynamic threshold and thus avoiding detections linked to loud or fluctuating environing noise. Identification is done through neuronal network algorithms. As a setup our system can receive signals to “learn” certain patterns. Through “learning” the system can recognize signals faster, inducing flexibility to new patterns similar to those known. Sound is captured through a simple jack input, and could be changed for an enhanced recording surface such as a wide-area recorder. Furthermore a communication module can be added to the apparatus to send alerts to another interface if needed.

Keywords: sound detection, impulsive signal, background noise, neural network

Procedia PDF Downloads 319

Authors: Dilay Merve Temur

Abstract:

How knowledge is produced and how scientific knowledge progress are questions that science philosophers have investigated for centuries. When the scientific and technological developments reached the 20th century, Kuhn proposed a completely new view among all the approaches. In this article, firstly, Kuhn's theory is represented. Secondly, the criticisms of Kuhn's theory directed to him are examined, and Galison's proposal for the trade area term of the incommensurability thesis is shared. The interaction of Humoral Theory with nutrition has been illustrated extensively, and the transition to modern medicine has been described historically by including scientific and technological developments in the field of medicine. This paper will seek to see how the concept of nutrition is positioned as a trading zone within the medicine paradigm, which has experienced a revolution within the framework of the paradigm concept introduced by Kuhn.

Keywords: food studies, incommensurability, nutrition and dietetics, trading zone

Procedia PDF Downloads 169

Authors: Fatma Ismailia, Malek Saihi

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This research provides an explanation of exchange incentives on the Tunis stock market from a behavioural point of view. The elucidation of the anomalies of excessive volume of transactions and that of excessive volatility cannot be done without the recourse to the psychological aspects of investors. The excessive confidence has been given the predominant role for the explanation of these phenomena. Indeed, when investors store increments, they become more confident about the precision of their private information and their exchange activities then become more aggressive on the subsequent periods. These overconfident investors carry out the intensive exchanges leading to an increase of securities volatility. The objective of this research is to identify whether the trading volume and the excessive volatility of securities observed on the Tunisian stock market come from the excessive exchange of overconfident investors. We use a sample of daily observations over the period January 1999 - October 2007 and we relied on various econometric tests including the VAR model. Our results provide evidence on the importance to consider the bias of overconfidence in the analysis of Tunis stock exchange specificities. The results reveal that the excess of confidence has a major impact on the trading volume while using daily temporal intervals.

Keywords: overconfidence, trading volume, efficiency, rationality, anomalies, behavioural finance, cognitive biases

Procedia PDF Downloads 411

Authors: Fatin Fadhilah Hasib, Dewi Nuraini, Nisful Laila, Muhammad Madyan

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A big political event such as Cabinet reshuffle mostly can affect the stock price positively or negatively, depend on the perception of each investor and potential investor. This study aims to analyze the movement of the market and trading activities which respect to an event using event study method. This method is used to measure the movement of the stock exchange in which abnormal return can be obtained by investor related to the event. This study examines the differences of reaction on abnormal return and trading volume activity from the companies listed in the Jakarta Islamic Index (JII), before and after the announcement of the Cabinet Work Volume II on 27 July 2016. The study was conducted in observation of 21 days in total which consists of 10 days before the event and 10 days after the event. The method used in this study is event study with market adjusted model method that observes market reaction to the information of an announcement or publicity events. The Results from the study showed that there is no significant negative nor positive reaction at the abnormal return and abnormal trading before and after the announcement of the cabinet reshuffle. It is indicated by the results of statistical tests whose value not exceeds the level of significance. Stock exchange of the JII just reflects from the previous stock prices without reflecting the information regarding to the Cabinet reshuffle event. It can be concluded that the capital market is efficient with a weak form.

Keywords: abnormal return, abnormal trading volume activity, event study, political event

Procedia PDF Downloads 293

Authors: Ved Kulkarni, Karthik Kini

Abstract:

This experiment aims to understand how the media affects the power markets in the mainland United States and study the duration of reaction time between news updates and actual price movements. it have taken into account electric utility companies trading in the NYSE and excluded companies that are more politically involved and move with higher sensitivity to Politics. The scrapper checks for any news related to keywords, which are predefined and stored for each specific company. Based on this, the classifier will allocate the effect into five categories: positive, negative, highly optimistic, highly negative, or neutral. The effect on the respective price movement will be studied to understand the response time. Based on the response time observed, neural networks would be trained to understand and react to changing market conditions, achieving the best strategy in every market. The stock trader would be day trading in the first phase and making option strategy predictions based on the black holes model. The expected result is to create an AI-based system that adjusts trading strategies within the market response time to each price movement.

Keywords: data mining, language processing, artificial neural networks, sentiment analysis

Procedia PDF Downloads 17

Authors: H. Namazi, H. T. N. Kuan

Abstract:

Brain activity can be measured by acquiring and analyzing EEG signals from an individual. In fact, the human brain response to external and internal stimuli is mapped in his EEG signals. During years some methods such as Fourier transform, wavelet transform, empirical mode decomposition, etc. have been used to analyze the EEG signals in order to find the effect of stimuli, especially external stimuli. But each of these methods has some weak points in analysis of EEG signals. For instance, Fourier transform and wavelet transform methods are linear signal analysis methods which are not good to be used for analysis of EEG signals as nonlinear signals. In this research we analyze the brain response to visual stimuli by extracting information in the form of various measures from EEG signals using a software developed by our research group. The used measures are Jeffrey’s measure, Fractal dimension and Hurst exponent. The results of these analyses are useful not only for fundamental understanding of brain response to visual stimuli but provide us with very good recommendations for clinical purposes.

Keywords: visual stimuli, brain response, EEG signal, fractal dimension, hurst exponent, Jeffrey’s measure

Procedia PDF Downloads 561

Authors: Mai Yen Nhi Doan, Viet Le, Chamindika Weerakoon

Abstract:

Social enterprises have emerged as sustainable organisations that deliver social achievement along with long-term financial advancement. However, recorded financial barriers have urged social enterprises to divert to other financing methods due to the misaligned ideology with traditional financing capitalists, in which crowdfunding can be a promising alternative. Previous studies in crowdfunding have inadequately addressed crowdfunding for social enterprises, with conflicting results due to the unsuitable analysis of signals in isolation rather than in combinations, using the data from platforms that do not support social enterprises. Extending the signalling theory, this study suggests that crowdfunding success results from the collaboration between costly and costless signals. The proposed conceptual framework enlightens the interaction between costly signals as “organisational information”, “social entrepreneur’s credibility,” and “third-party endorsement” and costless signals as various sub-signals under the “campaign preparedness” signal to achieve crowdfunding success. Using Qualitative Comparative Analysis, this study examined 45 crowdfunding campaigns run by Australian social enterprises on StartSomeGood and Chuffed. The analysis found that different combinations of costly and costless signals can lead to crowdfunding success, allowing social enterprises to adopt suitable combinations of signals to their context. Costless signal – campaign preparedness is fundamental for success, though different costless sub-signals under campaign preparedness can interact with different costly signals for the desired outcome. Third-party endorsement signal was found to be the necessary signal for crowdfunding success for Australian social enterprises.

Keywords: crowdfunding, qualitative comparative analysis (QCA), signalling theory, social enterprises

Procedia PDF Downloads 103

Authors: Amel Oueslati, Olfa Benouda

Abstract:

New Value at Risk (VaR) estimation is proposed and investigated. The well-known two stages Garch-EVT approach uses conditional volatility to generate one step ahead forecasts of VaR. With daily data for twelve stocks that decompose the Dow Jones Industrial Average (DJIA) index, this paper incorporates the volume in the first stage volatility estimation. Afterwards, the forecasting ability of this conditional volatility concerning the VaR estimation is compared to that of a basic volatility model without considering any trading component. The results are significant and bring out the importance of the trading volume in the VaR measure.

Keywords: Garch-EVT, value at risk, volume, volatility

Procedia PDF Downloads 285

Authors: Fatin Fadhilah Hasib, Puji Sucia Sukmaningrum, Imron Mawardi, Achsania Hendratmi

Abstract:

Murabaha is the most popular contract by the Islamic banks in Indonesia, since there is opinion stating that the risk level of mudharaba and musyaraka are higher and the return is uncertain. This research aims to analyze the difference of return, risk, and variation coefficient between profit sharing-based and trading-based financing in Islamic bank. This research uses quantitative approach using Wilcoxon signed rank test with data sampled from 13 Indonesian Islamic banks, collected from their quarterly financial reports from 2011 to 2015. The result shows the significant difference in return, while risk and variation coefficient are almost same. From the analysis, it can be concluded that profit sharing-based financing is less desirable not because of its risk. Trading-based financing is more desirable than the profit sharing because of its return.

Keywords: financing, Islamic bank, return, risk

Procedia PDF Downloads 378

Authors: Sakapas Saengchai

Abstract:

This research has objective to study and analysis, expending linkage of trading border of Thai-Myanmar and the way of development trading of Thai-Myanmar border. There are advantage of competition in ASEAN Community on collection data and observation, in-depth interview, group conversation and exchange opinion of public agency, entrepreneur and people. Result of study found that main development of border trade is 1) Cross-border service should be development infrastructure of land telecommunication, sea has support economics of cross-border trade, 2) International consumption service should be expand service with Myanmar and India for linkage with entrepreneur and trading from international to Thailand, 3) Establish business for provide service has development cooperation of logistics via Andaman of Thailand, and 4) Mobility personnel, exchange personnel including labor for development potential of border trade has competition advantage.

Keywords: border trade, development, service, ASEAN

Procedia PDF Downloads 322

Authors: Bengan Simbarashe Manwere

Abstract:

The entire African continent, comprising 55 countries, holds a 2% share of the global carbon market. The World Bank attributes the continent’s insignificant share and participation in the carbon market to the limited access to electricity. Approximately 800 million people spread across 47 African countries generate as much power as Spain, with a population of 45million. Only South Africa and North Africa have carbon-reduction investment opportunities on the continent and dominate the 2% market share of the global carbon market. On the back of the 2015 Paris Agreement, South Africa signed into law the Carbon Tax Act 15 of 2019 and the Customs and Excise Amendment Act 13 of 2019 (Gazette No. 4280) on 1 June 2019. By these laws, South Africa was ushered into the league of active global carbon market players. By increasing the cost of production by the rate of R120/tCO2e, the tax intentionally compels the internalization of pollution as a cost of production and, relatedly, stimulate investment in clean technologies. The first phase covered the 1 June 2019 – 31 December 2022 period during which the tax was meant to escalate at CPI + 2% for Scope 1 emitters. However, in the second phase, which stretches from 2023 to 2030, the tax will escalate at the inflation rate only as measured by the consumer price index (CPI). The Carbon Tax Act provides for carbon allowances as mitigation strategies to limit agents’ carbon tax liability by up to 95% for fugitive and process emissions. Although the June 2019 Carbon Tax Act explicitly makes provision for a carbon trading scheme (CTS), the carbon trading regulations thereof were only finalised in December 2020. This points to a delay in the establishment of a carbon trading scheme (CTS). Relatedly, emitters in South Africa are not able to benefit from the 95% reduction in effective carbon tax rate from R120/tCO2e to R6/tCO2e as the Johannesburg Stock Exchange (JSE) has not yet finalized the establishment of the market for trading carbon credits. Whereas most carbon trading schemes have been designed and constructed from the beginning as new tailor-made systems in countries the likes of France, Australia, Romania which treat carbon as a financial product, South Africa intends, on the contrary, to leverage existing trading infrastructure of the Johannesburg Stock Exchange (JSE) and the Clearing and Settlement platforms of Strate, among others, in the interest of the Paris Agreement timelines. Therefore the carbon trading scheme will not be constructed from scratch. At the same time, carbon will be treated as a commodity in order to align with the existing institutional and infrastructural capacity. This explains why the Carbon Tax Act is silent about the involvement of the Financial Sector Conduct Authority (FSCA).For South Africa, there is need to establish they equilibrium stability of the CTS. This is important as South Africa is an innovator in carbon trading and the successful trading of carbon credits on the JSE will lead to imitation by early adopters first, followed by the middle majority thereafter.

Keywords: carbon trading scheme (CTS), Johannesburg stock exchange (JSE), carbon tax act 15 of 2019, South Africa

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Authors: Rodrigo Montufar-Chaveznava, Fernando Brambila-Paz, Ivette Caldelas

Abstract:

In this paper, we present the advances corresponding to the denoising processing of magnetotelluric signals using several filters. In particular, we use the most common spatial domain filters such as median and mean, but we are also using the Fourier and wavelet transform for frequency domain filtering. We employ three datasets obtained at the different sampling rate (128, 4096 and 8192 bps) and evaluate the mean square error, signal-to-noise relation, and peak signal-to-noise relation to compare the kernels and determine the most suitable for each case. The magnetotelluric signals correspond to earth exploration when water is searched. The object is to find a denoising strategy different to the one included in the commercial equipment that is employed in this task.

Keywords: denoising, filtering, magnetotelluric signals, wavelet transform

Procedia PDF Downloads 370