Search results for: hazelnut market

Authors: Miang Hong Ngerng, Noor Diyana Jasme, May Jin Theong

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Volatile market environment is inevitable. Fund managers are struggling to choose the right strategy to survive and overcome uncertainties and adverse market movement. Therefore, finding certainty in the mist of uncertainty future is one of the key performance objectives for fund managers. Current available theoretical results are not practical due to strong reliance on the investment assumption made. This paper is to identify the component that can be forecasted in Ex-ante setting which is the realistic situation facing a fund manager in the actual execution of asset allocation in portfolio management. Partial lease square method was used to generate an index with 10 years accounting data from 191 companies listed in KLSE. The result shows that the index reflects the inner nature of the business and up to 30% of the stock return can be explained by the index.

Keywords: active portfolio management, asset allocation ex-ante investment, asset class, partial lease square

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Authors: Feyi Olorunshola

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Over the last few years, the senior travel market has been noted for its potential in the wider tourism industry. The tourism sector includes the hotel and hospitality, travel, transportation, and several other subdivisions to make it economically viable. In particular, the hotel attracts a substantial part of the expenditure in tourism activities as when people plan to travel, suitable accommodation for relaxation, dining, entertainment and so on is paramount to their decision-making. The global retail value of the hotel as of 2018 was significant for tourism. But, despite indications of the hotel to the tourism industry at large, very few empirical studies are available to establish how this sector can leverage on the senior demographic to achieve competitive advantage. Predominantly, studies on the mature market have focused on destination tourism, with a limited investigation on the hotel which makes a significant contribution to tourism. Also, several scholarly studies have demonstrated the importance of the senior travel market to the hotel, yet there is very little empirical research in the field which has explored the driving factors that will become the accepted new normal for this niche segment post-pandemic. Giving that the hotel already operates in a highly saturated business environment, and on top of this pre-existing challenge, the ongoing global health outbreak has further put the sector in a vulnerable position. Therefore, the hotel especially the full-service luxury category must evolve rapidly for it to survive in the current business environment. The hotel can no longer rely on corporate travelers to generate higher revenue since the unprecedented wake of the pandemic in 2020 many organizations have invented a different approach of conducting their businesses online, therefore, the hotel needs to anticipate a significant drop in business travellers. However, the rooms and the rest of the facilities must be occupied to keep their business operating. The way forward for the hotel lies in the leisure sector, but the question now is to focus on the potential demographics of travelers, in this case, the seniors who have been repeatedly recognized as the lucrative market because of increase discretionary income, availability of time and the global population trends. To achieve the study objectives, a mixed-method approach will be utilized drawing on both qualitative (netnography) and quantitative (survey) methods, cognitive and decision-making theories (means-end chain) and competitive theories to identify the salient drivers explaining senior hotel choice and its influence on their decision-making. The target population are repeated seniors’ age 65 years and over who are UK resident, and from the top tourist market to the UK (USA, Germany, and France). Structural equation modelling will be employed to analyze the datasets. The theoretical implication is the development of new concepts using a robust research design, and as well as advancing existing framework to hotel study. Practically, it will provide the hotel management with the latest information to design a competitive marketing strategy and activities to target the mature market post-pandemic and over a long period.

Keywords: competitive advantage, covid-19, full-service hotel, five-star, luxury hotels

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Authors: Ngoc Dao

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State Paid Leave Programs (PFL) complement the Federal Family and Medical Leave Act (FMLA) by offering workers time off to take care of their newborns or sick family members with supplemental income, and further job protection. Up to date, four states (California, New Jersey, Rhode Island, and New York) implemented paid leave policies. This study adds further understanding of how state PFL policies help working families with elder parents improve their work balance by examining the paid leave policies on labor outcomes. Early findings suggest State Paid Leave Policies reduced the likelihood to exit the labor market by 1.6 percentage points, with larger effects among paid leave policies with job protection feature. In addition, the results imply job protection in paid leave policies matters in helping employed caregivers attach to the labor market.

Keywords: family paid leave, working caregivers, employment, social welfare

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Authors: Rute Abreu, Fátima David, Liliane Cristina Segura

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The Deposit Guarantee Fund (DGF) and its communication with the Society, in general, and with the deposit client of Financial Institutions, in particular, is discussed through the challenges of the accounting and financial report. The Bank of Portugal promotes the Portuguese Deposit Guarantee Fund (PDGF) as a financial institution that enhanced the market confidence and stability on the deposit-insurance system. Due to the nature of their functions, it must be subject to regulation and supervision that provides a first line of defense against adversely affect confidence on the Portuguese financial market. First, this research provides evidence of the effectiveness of the protection mechanisms on the deposit insurance system, which provides high and equal protection to all stakeholders. Second, it emphasizes the need of requirements of rigorous accounting process and effective financial report to reduce the moral hazard implications. Third, this research focuses on the need of total disclosure of the financial information which gives higher transparency and protection to deposit client of financial institutions.

Keywords: deposit guarantee fund, Portugal, accounting, financial report

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Authors: Asyraf Abdul Halim, Mohd Edil Abd Sukor, Obiyathulla Ismath Bacha

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This paper attempts to investigate the capital structure behavior of Shariah compliant firms of various levels as well those firms who are consistently Shariah non-compliant in Malaysia. The paper utilizes a unique dataset of firms of the heterogeneous level of Shariah-compliancy status over a 20 year period from the year 1997 to 2016. The paper focuses on the effects of dynamic forces behind capital structure variation such as the optimal capital structure behavior based on the trade-off, pecking order, market timing and firmly fixed effect models of capital structure. This study documents significant evidence in support of the trade-off theory with a high speed of adjustment (SOA) as well as for the time-invariant firm fixed effects across all Shariah compliance group.

Keywords: capital structure, market timing, trade-off theory, equity risk premium, Shariah-compliant firms

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Authors: Changju Lee, Seungmo Ku, Sondo Kim, Woojin Chang

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How to detecting financial bubble? Addressing this simple question has been the focus of a vast amount of empirical research spanning almost half a century. However, financial bubble is hard to observe and varying over the time; there needs to be more research on this area. In this paper, we used abnormal difference between common stocks price and those preferred stocks price to explain financial bubble. First, we proposed the ‘W-index’ which indicates spread between common stocks and those preferred stocks in stock market. Second, to prove that this ‘W-index’ is valid for measuring financial bubble, we showed that there is an inverse relationship between this ‘W-index’ and S&P500 rate of return. Specifically, our hypothesis is that when ‘W-index’ is comparably higher than other periods, financial bubbles are added up in stock market and vice versa; according to our hypothesis, if investors made long term investments when ‘W-index’ is high, they would have negative rate of return; however, if investors made long term investments when ‘W-index’ is low, they would have positive rate of return. By comparing correlation values and adjusted R-squared values of between W-index and S&P500 return, VIX index and S&P500 return, and TED index and S&P500 return, we showed only W-index has significant relationship between S&P500 rate of return. In addition, we figured out how long investors should hold their investment position regard the effect of financial bubble. Using this W-index, investors could measure financial bubble in the market and invest with low risk.

Keywords: financial bubble detection, future return, forecasting, pairs trading, preferred stocks

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Authors: Narong Anurak

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This study aimed to find out the hair-care purchasing behavior at hypermarkets and to investigate two factors, package design and advertising channels, that influenced hair-care purchasing behavior. The subjects of the study consisted of 100 housewives aged between 20-60 who usually shopped at Big C Tiwanon. They were selected by accidental sampling, and were asked to complete a questionnaire. The main findings of the survey were that the majority of respondents regarding their brand selection of hair-care products, they gave priority to the product quality followed by a reasonable price, and fragrance, respectively. Besides, more than half of the respondents had brand loyalty while the rest were attracted by an attractive package design and advertising promotion campaigns. The respondents who were attracted by the package design said that the information on the labels influenced their purchasing decision the most, and television was a medium that best reached them as well.

Keywords: advertising channels, consumer purchasing decisions, hair-care market, package design

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Authors: Ellen Kirkpatrick

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Deforestation, toxification, and loss of environmental habitats, accompanied by expanding production and urbanization, are visibly altering planetary life. This is bringing humans and non-human nature into closer contact, resulting in the emergence of infectious diseases such as the Covid-19 virus which, while zoonotic in origin, spread through market relations and networks of local and global production. However, while the pandemic sharply illuminated the role of labour within social transformations, the question remains about the role of labour in transforming ecological relations. Drawing on a historical materialist approach, this paper explores the emergence and transmission of the COVID-19 virus through the Marxist conceptualization of metabolic rift. This allows for a perspective of human and non-human nature, which is in constant motion and dialectical. This negotiates distinctions and binaries between them as humans and non-human nature are taken to mutually constrain, enable and constitute one another. This is particularly significant when considering the ongoing transformations of a climate-changing world and the corresponding effects on social life. To do this, this paper empirically focuses on the Huanan Seafood Wholesale Market in Wuhan, China, where the COVID-19 virus was first detected. It examines how the virus jumped from non-human animals to humans through concrete production operations locally before traveling globally through networks of abstract market relations based on the logic of circulation, trade and exchange. As a mediating relation between human and non-human nature, labour is an analytical tool that can create a dialogue between the concrete and the abstract, as well as the local and global.

Keywords: Marxism, social reproduction, metabolic rift, labour

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Authors: Raj Kumari Bahl, Sotirios Sabanis

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In this paper, we are concerned with the valuation of the first Catastrophic Mortality Bond that was launched in the market namely the Swiss Re Mortality Bond 2003. This bond encapsulates the behavior of a well-defined mortality index to generate payoffs for the bondholders. Pricing this bond is a challenging task. We adapt the payoff of the terminal principal of the bond in terms of the payoff of an Asian put option and present an approach to derive model-independent bounds exploiting comonotonic theory. We invoke Jensen’s inequality for the computation of lower bounds and employ Lagrange optimization technique to achieve the upper bound. The success of these bounds is based on the availability of compatible European mortality options in the market. We carry out Monte Carlo simulations to estimate the bond price and illustrate the strength of these bounds across a variety of models. The fact that our bounds are model-independent is a crucial breakthrough in the pricing of catastrophic mortality bonds.

Keywords: mortality bond, Swiss Re Bond, mortality index, comonotonicity

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Authors: Asror Nigmonov Asqar Ogli, Sitora Inoyatova Amonovna

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It has been a decade when the crowdfunding and P2P lending opportunities were created. Today, the market of these modern alternative investments is becoming increasingly complex to navigate. There are overwhelming amount of peer-to-peer lending platforms both in developed and emerging economies. This study looks into this market via the cross country empirical study. In this respect, it tests the effect of various macroeconomic factors on P2P loan lending. Based on the existing literature that largely lacks empirical investigations, it builds regression model that aims to explore the relationship between economy and P2P lending. Though the author found it extremely difficult to compare the findings with earlier studies, this paper had identified certain tendencies in the data and had certain policy implications. However, the paper could not find any significant effect of economic variables on P2P lending. The paper can be considered as a starting point in empirical investigation of P2P lending and highlights room further research based on limitations of the study.

Keywords: peer-to-peer lending, crowdfunding, marketplace lending, alternative finance, fintech

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Authors: Maléne Maria Magdalena Campbell, Jeremiah Mholo

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Low-income households earning less than 3,500 ZAR (about 175 GBP) per month can apply to the South African government, through the National Housing Subsidy, for fully subsidised houses. An objective of this subsidy is to enable low-income households’ participation in the formal housing market; however, the beneficiaries received houses without title deeds. As such, if the beneficiaries did not have a secured tenure at the time of their death then surviving family may face possible eviction. Therefore, an aim of this research was to determine how these beneficiaries interpret tenure security. The research focused on government subsidised housing in the Dithlake settlement of a rural hamlet named Koffiefontein, in the Letsemeng Local Municipality of South Africa. Quantitative data on the beneficiaries were collected from the local municipality, while qualitative data were collected from a sample of 45 beneficiaries.

Keywords: low-income families, subsidised housing, titling, housing market

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Authors: Abdul Amir Hazbavi

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In recent years, there have been increasing requests in the field of translation studies to develop software facilitating the analysis of corpora. One of the specialized tools in that regard are Terminology Management Tools. Briefly explaining, Terminology Management Tools are applications developed to help create and store terminological data in the form which allows for a controlled use of the data. While it has a long history and an established ground in translation market in most parts of the globe, the Iranian translators and translation market still seem to be unaware or unfamiliar with Terminology Management Tools. In order to provide a preview on the perception and adoption of Terminology Management Tools by the Iranian translators, the present survey was carried out among 224 last-year undergraduate Iranian students of English translation at 10 different universities across the country. The study revealed a very low level of adoption and a very high level of willingness to get familiar with and learn about Terminology Management Tools by the Iranian translators.

Keywords: translation, translation technology, terminology management tools, terminology management survey

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Authors: Akshata Patel, Reenu Singh

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This paper focuses on current and upcoming fashion trends and global impact on the fashion industry due to the COVID-19 pandemic. The pandemic has had a major impact on the fashion industry worldwide. At the same time, the fashion market also faces challenges in consumer demand. As the supply chain and distribution channels are interconnected, this outbreak has a global impact due to travel restrictions and raw materials shortages. Given that this particular period represents an unprecedented market situation with almost no prior research on how the industry will recover from such a crisis and mold back to its original form, this research aims to propose new possibilities by evaluating the framework of specific segments. Based on the analysis and extensive literature review, the study develops a conceptual model that will illustrate the various connections among the different segments of the fashion industry. The findings provide actionable considerations for fashion industry pupils when implementing appropriate strategies to prevent unfavourable outcomes during times of crisis, such as the COVID-19 outbreak.

Keywords: COVID-19, fashion industry, global impact, new possibilities, pandemic

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Authors: Ketevan Goletiani

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MMultimodal transport is Europe-Asia’s rational decision of the XXI century. Success prerequisite of this form of cargo carriage is not technologic decision, but the comprehensive attitude towards it. Integration of the transport industry must refer to both technical and organizational-economic fields. Support of the multimodal’s must be the priority of the transport policy in different organizations of Europe and Asia. The method of approach to the transport as a unified system has been changed to a certain extent in the market conditions. Nowadays the competition between the different kinds of transport is not to be considered as a competition of one kind of transport towards another one, but is to be considered as a stimulator of the transport development. Basically, transport logistic, as the recent methodology and organization of the rationally flow of cargos at the specialized logistic centres during their procession provides effective rise of such flow of cargos, decreases non-operating expenses and gives the opportunity to the transport companies to come along with the time, to meet market clients’ requirements. It is apparent that the advanced transport-forwarding and logistic firms are being analized.

Keywords: transport systems, multimodal transport, competition, transport logistics

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Authors: Layal Mansour

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The aim of this paper is to identify whether oil price volatility or geopolitical risks can predict future financial stress periods or economic recessions in Kuwait. We construct the first Financial Stress Index for Kuwait (FSIK) that includes informative vulnerable indicators of the main financial sectors: the banking sector, the equities market, and the foreign exchange market. The study covers the period from 2000 to 2020, so it includes the two recent most devastating world economic crises with oil price fluctuation: the Covid-19 pandemic crisis and Ukraine-Russia War. All data are taken by the central bank of Kuwait, the World Bank, IMF, DataStream, and from Federal Reserve System St Louis. The variables are computed as the percentage growth rate, then standardized and aggregated into one index using the variance equal weights method, the most frequently used in the literature. The graphical FSIK analysis provides detailed information (by dates) to policymakers on how internal financial stability depends on internal policy and events such as government elections or resignation. It also shows how monetary authorities or internal policymakers’ decisions to relieve personal loans or increase/decrease the public budget trigger internal financial instability. The empirical analysis under vector autoregression (VAR) models shows the dynamic causal relationship between the oil price fluctuation and the Kuwaiti economy, which relies heavily on the oil price. Similarly, using vector autoregression (VAR) models to assess the impact of the global geopolitical risks on Kuwaiti financial stability, results reveal whether Kuwait is confronted with or sheltered from geopolitical risks. The Financial Stress Index serves as a guide for macroprudential regulators in order to understand the weakness of the overall Kuwaiti financial market and economy regardless of the Kuwaiti dinar strength and exchange rate stability. It helps policymakers predict future stress periods and, thus, address alternative cushions to confront future possible financial threats.

Keywords: Kuwait, financial stress index, causality test, VAR, oil price, geopolitical risks

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Authors: Jose Gonzalez, Fai Cheng, Ivy Fan

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Shipping has a mature and ever expanding worldwide market. The future of the marine industry itself is not only irrevocably linked with the global economic, social, and political landscape; it is also subject to the technological developments in different fields. Some of them may have never been linked to the marine industry before. Companies in the marine sector are getting more dependent on technologies to achieve competitive advantage in an increasing open market. Technologies can be fused across different business functions and geopolitical influences. A successful marine business should be prepared to embrace such potential changes that lie ahead. The present paper intends to articulate long-term marine technology strategies from an industrial perspective. Methodology and current development are introduced. The paper will also provide insight into future technological trends demand for major commercial ship types. It may also assist different stakeholders in tailoring their long-term strategies to achieve a Sea Change and to uncap opportunity.

Keywords: commercial sector, marine, trends, technology

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Authors: Min Gao

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In the past year, the advent of large language models (LLMs) has brought about a revolution in the language service industry, making it possible to efficiently produce more satisfactory and higher-quality translations. This is groundbreaking news for commercial companies involved in language services since much of a translator's work can now be completed by machines. However, it may be bad news for universities that provide translation training programs. They need to confront the challenges posed by AI in education by reconsidering issues such as the reform of traditional teaching methods, the translation ethics of students, and the new demands of the job market for their graduates. This article is an exploratory study of these issues based on the author's experiences in translation teaching. The research combines methods in the form of questionnaires and interviews. The findings include: (1) students may lose their motivation to learn in the AI era, but this can be compensated for by encouragement from the lecturer; (2) Translation ethics are not a serious problem in schools, considering the strict policies and regulations in place; (3) The role of translators has evolved in the new era, necessitating a reform of the traditional teaching methods.

Keywords: job market of translation, large language model, translation ethics, translation training

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Authors: Shreemoyee Sarkar, Vikhyat Chadha

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In this paper, the local fractal properties and chaotic properties of financial time series are investigated by calculating two exponents, the Local Hurst Exponent: LHE and Lyapunov Exponent in a moving time window of a financial series.y. For the purpose of this paper, the Dow Jones Industrial Average (DIJA) and S&P 500, two of the major indices of United States have been considered. The behaviour of the above-mentioned exponents prior to some major crashes (1998 and 2008 crashes in S&P 500 and 2002 and 2008 crashes in DIJA) is discussed. Also, the optimal length of the window for obtaining the best possible results is decided. Based on the outcomes of the above, an attempt is made to predict the crashes and accuracy of such an algorithm is decided.

Keywords: local hurst exponent, lyapunov exponent, market crash prediction, time series chaos, time series local fractal properties

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Authors: Shen Xiaoyun

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The AI-generated works must intersect with the right holder’s work, thus having a certain impact on the rights and interests of the right holder’s work. The law needs to explore and improve the regulation of the fair use of AI creations and build a compensation system to adapt to the development of the times. The development of AI technology has brought about problems such as the unclear relationship between fair use and infringement of copyright, the unclear general terms and conditions of application, and the incomplete criteria for judging at different stages. Through different theoretical methods, the legitimacy of the rational use of the system can be demonstrated. The compensation standard for fair use of copyright in AI creation can refer to the market pricing of the right holder's work, and the compensation can construct a formula for the amount of damages for AI copyright infringement, and construct the compensation standard based on the main factors affecting the market value of the work, so as to provide a reference for the construction of a compensation system for fair use of works generated by AI.

Keywords: artificial intelligence, creative acts, fair use of copyright, copyright compensation system

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Authors: Tania Ali Soomro

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In 1839, the British, after the annexation of the port city of Karachi, established a new urban centre consisting of various quarters and introduced new settlements there. These quarters were out of the boundaries of fortified native old area and now contain much of the oldest parts of the city and signify the colonial history of Karachi, in particular the Saddar Bazaar and the neighboring areas of Kharadar and Mithadar. These quarters bestow a mix of functional typology built in a hybrid form of construction - an adaptation of the western architectural attributes to regional requirements and characteristics. This approach is referred to as the Anglo Vernacular, Colonial or the Domestic Gothic architectural form. This research paper investigates the historical and architectural value of one such property: the Empress Market designed by then Municipal Architect, Ar. James Strachan in 1889 as a commemorative monument for the jubilee of Her Majesty the Queen Victoria; Empress of British India, at that time. This paper presents information on the present conservation status of the market building and highlights its role as a catalyst to the community interconnection. This building has survived to present day and functioned well, despite undergoing numerous transformations. A detailed analysis of the bio-degradation (Natural-Chemical dissolution of material) and the bio-deterioration (Manmade-Negative state change of the material) of the building, based on the examination of the prevailing causes of these bio-alterations is carried out, and is presented in form of a damage atlas containing both the categories of bio-alteration/ changes occurred to the building over the time. The research methodology followed in this paper starts with the available archival analysis, physical observation, photographic documentation, the statistics review and the interviews with the direct and indirect stakeholders. The results and findings of this research portray that these bio-alterations and changes are the essential part of the life cycle of Empress Market building which illustrate the historic development of the premise and therefore ought to be given due importance (depending upon their condition) while developing the conservation plan for the building.

Keywords: British colonial architecture, bio-alteration, bio-degradation, bio-deterioration, domestic gothic architectural form

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Authors: Chih-Hsiang Chang, Pei-Shan Kao

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This paper discusses the reaction of investors in the Taiwan stock market to the most probable unknown earnings-related information and the most probable known earnings-related information. As compared with the previous literature regarding the effect of an official announcement of earnings forecast revision, this paper further analyzes investors’ cognitive bias toward the unknown and known earnings-related information, and the role of media during the investors' reactions to the foresaid information shocks. The empirical results show that both the unknown and known earnings-related information provides useful information content for a stock market. In addition, cognitive bias and disposition effect are the behavioral pitfalls that commonly occur in the process of the investors' reactions to the earnings-related information. Finally, media coverage has a remarkable influence upon the investors' trading decisions.

Keywords: cognitive bias, role of media, disposition effect, earnings-related information, behavioral pitfall

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Authors: Renuka Mahadevan, Sharon Chang

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This exploratory study is based on potential cruisers’ monetary valuation of cruise attributes. Using choice experiment, monetary trade-offs between four different cruise attributes are examined with Australians as a case study. We found 50% of the sample valued variety of onboard cruise activities the least while 30% were willing to pay A$87 for cruise-organised activities per day, and the remaining 20% regarded an ocean view to be most valuable at A$125. Latent class modelling was then applied and results revealed that potential cruisers’ valuation of the attributes can be used to segment the market into adventurers, budget conscious and comfort lovers. Evidence showed that socio demographics are not as insightful as lifestyle preferences in developing cruise packages and pricing that would appeal to potential cruisers. Marketing also needs to counter the mindset of potential cruisers’ belief that cruises are often costly and that cruising can be done later in life.

Keywords: latent class modelling, choice experiment, potential cruisers, market segmentation, willingness to pay

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Authors: Joaquim Rubens Fontes-Filho, Felipe Buchbinder, Marcelo Desterro

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The study aims to identify the effects of an economic recession on the compensation of executives of listed companies. Market-based and labor environment explanations have received particular attention, both to explain the reasons for a growth in this compensation and to indicate that they may increase agency problems rather than mitigate them. In this sense, labor forces, especially related to the market for executives, contribute to defining the terms of compensation packages and represent a significant external control mechanism to moderate agency problems, but may be of little effect if the executives are entrenched and concentrate enough power to have a say in his/her compensation. Based on a five-year data panel related to executive compensation in 250 listed companies in Brazil, we examine whether the economic recession in the last two years produced any impact in this compensation, controlling for the sector and level of governance of the company.

Keywords: agency problems, executive compensation, control mechanisms, corporate governance

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Authors: Merhawit Fisseha Gebremariam, Yohannes Yebabe Tesfay

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This study focuses on the formulation of a sustainable, effective, and efficient supply chain strategy framework that will enable Ethiopian privatized firms. The study examined the role of privatization in productive sourcing, production, and delivery to Ethiopian firm’s performances. To analyze our hypothesis, the authors applied the concepts of Key Performance Indicator (KPI), strategic outsourcing, purchasing portfolio analysis, and Porter's marketing analysis. The authors selected ten privatized companies and compared their financial, market expansion, and sustainability performances. The Chi-Square Test showed that at the 5% level of significance, privatization and outsourcing activities can assist the business performances of Ethiopian firms in terms of product promotion and new market expansion. At the 5% level of significance, the independent t-test result showed that firms that were privatized by Ethiopian investors showed stronger financial performance than those that were privatized by foreign investors. Furthermore, it is better if Ethiopian firms apply both cost leadership and differentiated strategy to enhance thriving in their business area. Ethiopian firms need to implement the supply chain operations reference (SCOR) model for an exclusive framework that supports communication links the supply chain partners, and enhances productivity. The government of Ethiopia should be aware that the privatization of firms by Ethiopian investors will strengthen the economy. Otherwise, the privatization process will be risky for the country, and therefore, the government of Ethiopia should stop doing those activities.

Keywords: correlation analysis, market strategies, KPIs, privatization, risk and Ethiopia

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Authors: Wassamon Kun-Amornpong

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When a financial crisis occurs, there will be a law and regulatory reform in order to manage the turmoil and prevent a future crisis. One of the most important regulatory efforts to help cope with systemic risk and a financial crisis is the third version of the Basel Accord. Basel III has introduced some measures and tools (e.g., systemic risk buffer, countercyclical buffer, capital conservation buffer and liquidity risk) in order to mitigate systemic risk. Nevertheless, the effectiveness of these measures in Basel III in adequately addressing the problem of contagious runs that can quickly spread throughout the financial system is questionable. This paper seeks to contribute to the knowledge regarding the role of the Basel Accords in mitigating systemic risk. The research question is to what extent the Basel Accords can help control systemic risk in the financial markets? The paper tackles this question by analysing the concept of systemic risk. It will then examine the weaknesses of the Basel Accords before and after the Global financial crisis in 2008. Finally, it will suggest some possible solutions in order to improve the Basel Accord. The rationale of the study is the fact that academic works on systemic risk and financial crises are largely studied from economic or financial perspective. There is comparatively little research from the legal and regulatory perspective. The finding of the paper is that there are some problems in all of the three pillars of the Basel Accords. With regards to Pillar I, the risk model is excessively complex while the benefits of its complexity are doubtful. Concerning Pillar II, the effectiveness of the risk-based supervision in preventing systemic risk still depends largely upon its design and implementation. Factors such as organizational culture of the regulator and the political context within which the risk-based supervision operates might be a barrier against the success of Pillar II. Meanwhile, Pillar III could not provide adequate market discipline as market participants do not always act in a rational way. In addition, the too-big-to-fail perception reduced the incentives of the market participants to monitor risks. There has been some development in resolution measure (e.g. TLAC and MREL) which might potentially help strengthen the incentive of the market participants to monitor risks. However, those measures have some weaknesses. The paper argues that if the weaknesses in the three pillars are resolved, it can be expected that the Basel Accord could contribute to the mitigation of systemic risk in a more significant way in the future.

Keywords: Basel accords, financial regulation, risk-based supervision, systemic risk

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Authors: Ivana Loncarevic, Biljana Pajin, Ivana Vasiljevic, Milana Lazovic, Danica Mrkajic, Aleksandar Fises, Strahinja Kovacevic

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Biscuits belong to a group of flour-confectionery products that are considerably consumed worldwide. The basic raw material for their production is wheat flour or integral flour as a nutritionally highly valuable component. However, this raw material is also a potential source of contamination since it may contain the residues of biochemical compounds originating from plant and soil protection agents. Therefore, it is necessary to examine the health safety of both raw materials and final products. The aim of this research was to examine the content of undesirable residues of pesticides (mostly organochlorine pesticides, organophosphorus pesticides, carbamate pesticides, triazine pesticides, and pyrethroid pesticides) in 30 different biscuit samples of domestic origin present on the Vojvodina market using Gas Chromatograph Thermo ISQ/Trace 1300. The results showed that all tested samples had the limit of detection of pesticide content below 0.01 mg/kg, indicating that this type of confectionary products is not contaminated with pesticides.

Keywords: biscuits, pesticides, contamination, quality

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Authors: Benbya Hind, Belbaly Nassim

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Markets and communities are often cast as alternative forms of knowledge sharing, but an open question is how and why people dynamically transition between them. To study these transitions, we design a technology that allows geographically distributed participants to either buy knowledge (using virtual points) or request it for free. We use a data-driven, inductive approach, studying 550 members in over 5000 interactions, during nine months. Because the technology offered participants choices between market or community forms, we can document both individual and collective transitions that emerge as people cycle between these forms. Our inductive analysis revealed that uncertainties endemic to knowledge sharing were the impetus for these transitions. Communities evoke uncertainties about knowledge sharing’s costs and benefits, which markets resolve by quantifying explicit prices. However, if people manipulate markets, they create uncertainties about the validity of those prices, allowing communities to reemerge to establish certainty via identity-based validation.

Keywords: knowledge sharing, communities, information technology design, transitions, markets

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Authors: Obokhai Kess Asikhia

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This work explores design concept generation by understanding user needs through observation and interview. The aim is to examine several principles and guidelines in obtaining evidence from observing how users interact with the targeted product and interviewing them to acquire deep insights of their needs. With the help of Quality Function Deployment (QFD), the identified needs of the users while interacting with the product were ranked using the normalised weighting approach. Furthermore, a low fidelity prototype of the alarm clock is developed with a view of addressing the identified needs of the users. Finally, the low fidelity prototype design was evaluated with two design prototypes already existing in the market through a study involving 30 participants. Preliminary results reveal higher performance ratings by the majority of the participants of the new prototype compared to the other existing alarm clocks in the market used in the study.

Keywords: design concept, low fidelity prototype, normalised weighting approach, quality function deployment, user needs

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Authors: Vishal Jaunky, Jonas Grafström

Abstract:

The development of the European Union’s (EU) single economic market and rapid technological change has resulted in major structural changes in EU’s member states economies. The general liberalization process that the countries has undergone together has convinced the governments of the member states of need to upgrade their economic and training systems in order to be able to face the economic globalization. Several signs of economic convergence have been found but less is known about the knowledge production. This paper addresses the convergence pattern of technological innovation in 13 European Union (EU) states over the time period 1990-2011 by means of parametric and non-parametric techniques. Parametric approaches revolve around the neoclassical convergence theories. This paper reveals divergence of both the β and σ types. Further, we found evidence of stochastic divergence and non-parametric convergence approach such as distribution dynamics shows a tendency towards divergence. This result is supported with the occurrence of γ-divergence. The policies of the EU to reduce technological gap among its member states seem to be missing its target, something that can have negative long run consequences for the market.

Keywords: convergence, patents, panel data, European union

Procedia PDF Downloads 287

Authors: Min Chen, Rubi Gupta

Abstract:

Understanding and predicting stock market movements is a challenging problem. It is believed stock markets are partially driven by public sentiments, which leads to numerous research efforts to predict stock market trend using public sentiments expressed on social media such as Twitter but with limited success. Recently a microblogging website StockTwits is becoming increasingly popular for users to share their discussions and sentiments about stocks and financial market. In this project, we analyze the text content of StockTwits tweets and extract financial sentiment using text featurization and machine learning algorithms. StockTwits tweets are first pre-processed using techniques including stopword removal, special character removal, and case normalization to remove noise. Features are extracted from these preprocessed tweets through text featurization process using bags of words, N-gram models, TF-IDF (term frequency-inverse document frequency), and latent semantic analysis. Machine learning models are then trained to classify the tweets' sentiment as positive (bullish) or negative (bearish). The correlation between the aggregated daily sentiment and daily stock price movement is then investigated using Pearson’s correlation coefficient. Finally, the sentiment information is applied together with time series stock data to predict stock price movement. The experiments on five companies (Apple, Amazon, General Electric, Microsoft, and Target) in a duration of nine months demonstrate the effectiveness of our study in improving the prediction accuracy.

Keywords: machine learning, sentiment analysis, stock price prediction, tweet processing

Procedia PDF Downloads 156