Search results for: tourism market

Authors: Marvin Eslava

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The over-arching aim of this research is to determine the potential contribution of local food resources to the tourism growth of Nueva Vizcaya. It reviews some of the underpinning concepts and to provide a set of considerations for stakeholders to maximize the opportunity of local food can offer to businesses and the wider community. The basis of the study is to develop a sustainable food tourism model for Nueva Vizcaya. For the purpose of this research, there were 60 total numbers of respondents classified as samples from a six municipality. The respondents of the study were stakeholder consisting of government official, local producers, businessman and Non-government organizations in the selected municipalities of Nueva Vizcaya. Stratified purposive sampling was the appropriate technique that was used to the local government officials and employees, NGOs including the businessmen who are associated with local food resources and local producers. The documentary study, focus group discussion and survey questionnaire was used in order to meet the objectives of the study. Kruskall Wallis test was used to test the variances the ratings of the participants. This was used in the computation of hypothesis. The study concluded that the province of Nueva Vizcaya is blessed for its rich farmlands and fertile mountain soil boasts to produce high quality agricultural products. It is a home of various different indigenous groups creating a wide range of local cuisine. The province has substantial local food development evidence by the various food tourism related resources, increase in facilities and celebrating food tourism related events. The local food resources provide extensive potential economic empowerment and help in building the identity of the province. In addition, the local food resources extensively enhance the agriculture sector and other attractions in the province. Finally, it helps to preserve the authenticity of the food culture and generated pride among all stakeholders extensively. All stakeholders have the same perception on the potential contribution of local food resources to the development of the province of Nueva Vizcaya. The public and private sectors are cognizant on their roles to support the production of local food resources in Nueva Vizcaya. Major challenges and barriers in the development of sustainable food tourism in Nueva Vizcaya include production or supply and marketing.

Keywords: local food resources, contribution, food tourism, benefits

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Authors: Taba Tath

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Arunachal Pradesh, located in the easternmost part of India, is known for its natural beauty and diverse tribal lifestyles. The state has the highest species richness and biological diversity among Northeast states in terms of flora, fauna, and tribal traditions and culture. The protection of nature and culture is a practice that is widely used by governments or nongovernmental organizations seeking to preserve the scenic beauty of landscapes and their natural resources in spaces that stand out for their natural and cultural value and have not been heavily impacted by human activity. The whole of Arunachal Pradesh comes under the purview of special permits such as the Inner Line Permit (ILP) and Protected Area Permit (PAP) for domestic and foreign travellers, respectively. Due to politically vibrant areas and naturally fragile in nature, the state needs to be protected, but at the same time, the demand for tourism activities is increasing gradually due to its unique blend of nature and socio-cultural richness. There are 13 protected areas in the state which is unexplored, and there are no tourism activities in these protected areas except for Namdapha National Park. Out of 13 protected areas, the Pakke Wildlife Sanctuary is one of the well-managed protected areas located near the Assam-Arunachal border, approximately 40km away from Tezpur town, Assam. The state has great potential for wildlife and nature-based tourism development, which can also indirectly support wildlife and nature-based livelihood options for the local inhabitants living in the peripheral of the sanctuary area due to its high richness in terms of flora and fauna. To promote the richness of the state, boost tourism, and the economic, social and environmental development of the area and local communities, a proper tourism management practice and framework are very much required. The research paper has made an attempt to study the role of stakeholders in preserving and promoting the Protected Areas for tourism development in a sustainable way. This is both a primary and secondary study conducted with field visits, interaction, questionnaire and observation with the various stakeholders and also conducted with the Government reports, magazines and other published sources available. Furthermore, this study will be relevant to all stakeholders for having knowledge and processes for promoting tourism in Protected Areas in a sustainable way. The results will provide relevant information and process for the management and promotion of the protected Areas and to strengthen the sustainable tourism activities in these areas.

Keywords: protected area, inner line permit, protected area permit, management, government, nongovernmental organization, stakeholders, sustainable, natural resources

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Authors: Trisiladi Supriyanto

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This study aims to establish a concept of rate of profit on Islamic banking that can create economic justice and stability in the Islamic Financial Market (Banking and Capital Markets). A rate of profit that creates economic justice and stability can be achieved through its role in maintaining the stability of the financial system in which there is an equitable distribution of income and wealth. To determine the role of the rate of profit as the basis of the profit sharing system implemented in the Islamic financial system, we can see the connection of rate of profit in creating financial stability, especially in the asset-liability management of financial institutions that generate a stable net margin or the rate of profit that is not affected by the ups and downs of the market risk factors, including indirect effect on interest rates. Furthermore, Islamic financial stability can be seen from the role of the rate of profit on the stability of the Islamic financial assets value that are measured from the Islamic financial asset price volatility in the Islamic Bond Market in the Capital Market.

Keywords: economic justice, equitable distribution of income, equitable distribution of wealth, rate of profit, stability in the financial system

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Authors: Hammad Riaz, Abubakr Saeed

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Environmental Management System (EMS), i.e., ISO 14001 helps to build corporate reputation, legitimacy and can also be considered as firms’ strategic response to institutional pressure to reduce the impact of business activity on natural environment. The financial outcomes of certifying with ISO 14001 are still unclear and equivocal. Drawing on institutional and market learning theories, the impact of ISO 14001 on firms’ market performance is examined for Chinese firms. By employing rigorous event study approach, this paper compared ISO 14001 certified firms with non-certified counterpart firms based on different matching criteria that include size, return on assets and industry. The results indicate that the ISO 14001 has been negatively signed by the investors both in the short and long-run. This paper suggested implications for policy makers, managers, and other nonprofit organizations.

Keywords: ISO 14001, legitimacy, institutional forces, event study approach, emerging markets

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Authors: D. Tloczynski

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The main aim of this article is to present a balance of the decade of Polish air transport market in the European Union having taking into account selected entities of the aviation market. This article analyzes the functioning of the Polish air transport market after the Polish accession to the European Union. During the study two main areas were pointed: shipping activity and activity of the airports. The most important benefits of integration and the benefits of introducing of the open sky policy were indicated. The last part of the article presents the perspectives of development of air traffic.

Keywords: air transport, airports, development air transport, European Union, Poland

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Authors: Ruth Estrada Javier - Reyes

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The study assessed the status of HTM program of selected private higher education institutions for internationalization across the eleven regions of the country. The descriptive survey method of research was used in this study. A devised survey questionnaire was utilized to gather information about the status of Philippine Higher Education Institutions’ internationalization of hospitality and tourism management education programs. The respondents were 12 administrators, 17 deans and program heads, 104 faculty members and 860 HTM students. Frequency, percentage, mean, standard deviation, t-test and F-test were used to treat the data. The results of the study are as follows: HEIs’ HTM education had complied with the policies/standards of CHED as per CMO No. 30 S. 2006. The respondents of the HTM education program were qualified for internationalization as assessed both by administrators and faculty. The private HEIs are ready to apply for international certification of their HTM education programs. The curriculum of HTM education programs in private HEIs are enriched by internationalization requirements. The administrators and faculty of HTM education programs are qualified educators but have limited participation in collaborative international research and linkages. The HEIs are qualified to apply for the internationalization of the Hospitality and Tourism Management education program in preparation to the ASEAN 2015.

Keywords: status, Hospitality and Tourism Management Program, internationalization, Private Higher Education Institutions

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Authors: Djamel Boussaa

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Cultural heritage and tourism have become during the last two decades dynamic areas of development in the world. The idea of heritage is crucial to the critical decision-making process as to how irreplaceable resources are to be utilized by people of the present or conserved for future generations in a fast changing world. In view of the importance of ‘heritage’ to the development of a tourist destination the emphasis on developing appropriate adaptive reuse strategies cannot be overemphasized. In October 1999, the 12th general assembly of the ICOMOS in Mexico stated, that in the context of sustainable development, two interrelated issues need urgent attention, cultural tourism and historic towns and cities. These two issues underscore the fact that historic resources are non-renewable, belonging to all of humanity. Without adequate adaptive reuse actions to ensure a sustainable future for these historic resources, may lead to their complete vanishing. The growth of tourism and its role in dispersing cultural heritage to everyone is developing rapidly. According to the World Tourism Organization, natural and cultural heritage resources are and will remain motivating factors for travel in the foreseeable future. According to the experts, people choose travel destinations where they can learn about traditional and distinct cultures in their historic context. The Qatar rich urban heritage is now being recognized as a valuable resource for future development. This paper discusses the role of cultural heritage and tourism in regenerating Souk Waqif, and consequently the city of Doha. Therefore, in order to use cultural heritage wisely, it will be necessary to position heritage as an essential element of sustainable development, giving particular attention to cultural heritage and tourism. The research methodology is based on an empirical survey of the situation, based on several visits, meetings and interviews with the local heritage players. The rehabilitation project initiated since 2004 will be examined and assessed. Therefore, there is potential to assess the situation and propose directions for a sustainable future to this historic landmark. Conservation for the sake of conservation appears to be an outdated concept. Many irreplaceable natural and cultural sites are being compromised because local authorities are not giving economic consideration to the value of rehabilitating such sites. The question to be raised here is 'How can cultural heritage be used wisely for tourism without compromising its social sustainability within the emerging global world?'

Keywords: cultural heritage, tourism, regeneration, economy, social sustainability

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Authors: Alexander Marx

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Measuring and mitigating market risk is essential for the stability of enterprises, especially for major banking corporations and investment bank firms. To employ these risk measurement and mitigation processes, the Value at Risk (VaR) is the most commonly used risk metric by practitioners. In the past years, we have seen significant weaknesses in the predictive performance of the VaR in times of financial market crisis. To address this issue, the purpose of this study is to investigate the value-at-risk (VaR) estimation models and their predictive performance by applying a series of backtesting methods on the stock market indices of the G7 countries (Canada, France, Germany, Italy, Japan, UK, US, Europe). The study employs parametric, non-parametric, and semi-parametric VaR estimation models and is conducted during three different periods which cover the most recent financial market crisis: the overall period (2006–2022), the global financial crisis period (2008–2009), and COVID-19 period (2020–2022). Since the regulatory authorities have introduced and mandated the Conditional Value at Risk (Expected Shortfall) as an additional regulatory risk management metric, the study will analyze and compare both risk metrics on their predictive performance.

Keywords: value at risk, financial market risk, banking, quantitative risk management

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Authors: Rute Martins, Margarida Mascarenhas, Elsa Pereira

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The importance between sport and the natural environment was researched through a systematic literature in order to analyse the available scientific articles on the association of sport -angling also the physical activity, active leisure and recreation- and environmental behaviour. The collected data were gathered within the last five years (from 2013 to April 2018) in the Scopus, Web of Science, ScienceDirect, Sage, Green Leaf Online Library, GreenFile (EBSCO) and Wiley online Library databases. The content analysis based on the qualitative methods employed in this study was made with Nvivo software. Regarding only the inclusion of scientific articles, more than half of the collected papers highlighted tourism as the main area where sports is being researched with regard to the environmental theme. Thus, it is possible to extract a perspective of the orientations of the ecological concerns in the sports tourism industry. As such, in the winter sports, the climate change is already an identified issue, wondering about the impact of the environment on the sports practice. In this context, there is a focus on the possible adaptative strategies, researching the characteristics of the sports tourist and the winter sports industry. Regarding the natural parks and protected areas (such as reefs), most of the research is on the environmental impact of the sports tourism, choosing the conservation and the protection of nature as the core topics. The research of the sports tourist profile is addressed by many articles, where the motives for practice and the environmental values are being scanned, and relations to the recreation specialization, environmental responsibility, environmental education, and place-attachment concepts are being made. Regarding the sustainable management, the sports tourism study area is approaching the research in a more holistic way; exploring the stakeholder’s interconnection, focusing on landscape planning and environmentally sustainable practices of sport tourism organizations. The natural parks, protected areas, coral reefs, and snow areas serve as the preferred case-studies for investigating the environmental impact and the ecotourism, in particular, studied through hiking and diving in the great majority. The results of the study are a valuable resource to understand the importance of the sports tourism in the environmental and sustainable action along with the need of embracing all stakeholders within the relationship between the sport and the natural environment.

Keywords: ecotourism, environmental behaviour, outdoor recreation, sport tourism

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Authors: Chaiwat Kongsom, Vitoon Panyakul

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The objective of this study was to assess the production and market of certified organic products in Thailand. A purposive sampling technique was used to identify a sample group of 154 organic entrepreneurs for the study. A survey and in-depth interview were employed for data collection. Also, secondary data from organic agriculture certification body and publications was collected. Then descriptive statistics and content analysis technique were used to describe about production and market of certified organic products in Thailand. Results showed that there were 9,218 farmers on 213,183.68 Rai (83,309.2 acre) of certified organic agriculture land (0.29% of national agriculture land). A total of 57.8% of certified organic agricultural lands were certified by the international certification body. Organic farmers produced around 71,847 tons/year and worth around THB 1,914 million (Euro 47.92 million). Excluding primary producers, 471 operators involved in the Thai organic supply chains, including processors, exporters, distributors, green shops, modern trade shops (supermarket shop), farmer’s markets and food establishments were included. Export market was the major market channel and most of organic products were exported to Europe and North America. The total Thai organic market in 2014 was estimated to be worth around THB 2,331.55 million (Euro 58.22 million), of which, 77.9% was for export and 22.06% was for the domestic market. The largest exports of certified organic products were processed foods (66.1% of total export value), followed by organic rice (30.4%). In the domestic market, modern trade was the largest sale channel, accounting for 59.48% of total domestic sales, followed by green shop (29.47%) and food establishment (5.85%). To become a center of organic farming and trading within ASEAN, the Thai organic sector needs to have more policy support in regard to agricultural chemicals, GMO, and community land title. In addition, appropriate strategies need to be developed.

Keywords: certified organic products, production, market, Thailand

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Authors: Carlo Gozzelino

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Since the early 2000s, the phenomenon of the two-sided markets has been of growing interest in academic literature as such kind of markets differs by having cross-side network effects and same-side network effects characterizing the transactions, which make the analysis different when compared to traditional seller-buyer concept. Due to such externalities, pricing strategies can be based on subsidizing the participation of one side (i.e. considered key for the platform to attract the other side) while recovering the loss on the other side. In recent years, several players of the Italian financial intermediation industry moved from an integrated landscape (i.e. selling their own products) to an open one (i.e. intermediating third party products). According to academic literature such behavior can be interpreted as a merchant move towards a platform, operating in a two-sided market environment. While several application of two-sided market framework are available in academic literature, purpose of this paper is to use a two-sided market concept to suggest a new framework applied to financial intermediation. To this extent, a model is developed to show how competitors behave when vertically integrated and how the peculiarities of a two-sided market act as an incentive to disintegrate. Additionally, we show that when all players act as a platform, the dynamics of a two-sided markets can allow at least a Nash equilibrium to exist, in which platform of different sizes enjoy positive profit. Finally, empirical evidences from Italian market are given to sustain – and to challenge – this interpretation.

Keywords: financial intermediation, network externalities, two-sided markets, vertical differentiation

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Authors: M. Azugama, P. Okoro Ugo Chigozie, A. O. Nnamocha

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Emotional Intelligence constitutes powerful psychological forces that can strongly influence performance in behaviour, interaction and relationship management. Surprisingly how emotions are interpreted and employed in marketing of hospitality experience have had limited comprehension. Marketing of hospitality experiences have important emotional dimensions which the traditional marketing techniques tend to underplay. Guest and host relationship are challenged by mutual hospitableness obligations; suggesting that the commercial practice of delivering satisfactory guest experience has much to gain from traditional understanding of hospitality. By understanding the emotion-based hospitality transaction between guests and hosts, customers’ experiences can be delivered over and against competitor pressure. In this paper, marketing strategies and tactics in hospitality and tourism are principally concerned with adjusting each of the 6P & T elements (i.e. product, place, price and promotion; and adding people, processes and Time in service contexts), to provide a competitive offer (experience) to customers.

Keywords: Emotional intelligence, hospitality and tourism, relationship management, marketing

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Authors: Isiya Shinkafi Salihu

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Open education resources (OER) are open learning materials in different formats, course content and context to support learning globally. This study investigated the level of awareness of Hospitality and Tourism OER among students in the Department of Tourism and Hotel Management in a University. Specifically, it investigated students’ awareness, use and accessibility of OER in learning. The research design method used was the quantitative approach, using an online questionnaire. The thesis research shows that respondents frequently use OER but with little knowledge of the content and context of the material. Most of the respondents’ have little knowledge about the concept even though they use it. Information and communication technologies are tools for information gathering, social networking and knowledge sharing and transfer. OER are open education materials accessible online such as curriculum, maps, course materials, and videos that users create, adapt, reuse for learning and research. Few of the respondents that used OER in learning faced some challenges such as high cost of data, poor connectivity and lack of proper guidance. The results suggest a lack of awareness of OER among students in the faculty of tourism and the need for support from the teachers in the utilization of OER. The thesis also reveals that some of the international students are accessing the internet as beginners in their studies which require guidance. The research, however, recommends that further studies should be conducted to other faculties.

Keywords: creative commons, open education resources, open licenses, information and communication technology

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Authors: Emrah Yildirim, Veli Ortacesme

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Manavgat region, located in Antalya province at South Turkey, has hosted many civilizations throughout the centuries. All of these civilizations cultivated the land in their surroundings by engaging in agriculture, livestock production and hunting. In the last 50 years, there have been dramatic changes in the region. The economy of the region switched from the agriculture to tourism. Due to the increase in the irrigable agricultural lands, several dams were built on Manavgat River. Developments in the agricultural mechanization and new product needs have changed the pattern of agriculture and regional landscape. Coastal zone of the region has transformed to tourism areas, Manavgat Town Center has grown up and the urbanization in general has increased. The population and urbanization have increased by 257 % and 276 %, respectively. The tourism and commercial areas cover 561,8 hectares today. All these developments had some negative effects on the environment. In this study, land use/land cover transformations were studied in Manavgat region by using aerial photos. The reasons and consequences of the land use transformations were discussed, and some recommendations regarding the sustainable use of this region’s landscape will be shared.

Keywords: land use, Manavgat region, south Turkey, transformation

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Authors: Daniel Mokatsanyane, Johnny Jansen Van Rensburg

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This paper is a concise introduction of the risk management on the water derivatives market. Water, a new commodity in the market, is one of the most important commodity on earth. As important to life and planet as crops, metals, and energy, none of them matters without water. This paper presents a brief overview of water as a tradable commodity via a new first of its kind futures contract on the Nasdaq Veles California Water Index (NQH2O) derivative instrument, TheGeneralised Autoregressive Conditional Heteroscedasticity (GARCH) statistical model will be the used to measure the water price volatility of the instrument and its performance since it’s been traded. describe the main products and illustrate their usage in risk management and also discuss key challenges with modeling and valuation of water as a traded commodity and finally discuss how water derivatives may be taken as an alternative asset investment class.

Keywords: water derivatives, commodity market, nasdaq veles california water Index (NQH2O, water price, risk management

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Authors: Supaporn Prajongjai, Pannarungsri Inpayoung

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This research attempts to explore the perception and satisfaction of international tourists toward Thai economy, politics and Bangkok attributes. Due to tourism industry provides a high rate of revenue for Thailand, and the outcome from this business drives every section of Thailand such as business, residents’ living level. Unfortunately, some incidents in the country, such as some turmoil, have ruined the city’s image which obviously impacts to the tourism industry, the major source of revenue. The size of this research was 400 international tourists who visit Bangkok, Thailand during the 1st – 20th March 2009 and age between 20 – 65 years. The results reveal that tourists satisfy with all of Bangkok’s attributes including general attractions, heritage attraction, maintenance factors and cultural attraction. Also, tourists’ perception toward Thai politics is significantly related to their satisfaction of Bangkok’s attributes, but their perception toward Thai economy is not significantly correlated to their satisfaction of Bangkok’s attributes.

Keywords: international tourists' perception, tourists' satisfactions, Thai economy, tourism destination

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Authors: Saad Saif

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Tourism promotion in the digital age is significantly influenced by social media, particularly in developing travel markets such as Pakistan. This study examines how travel bloggers use social media to inspire people to plan journeys and increase trust in destinations. It examines how trustworthiness works as a moderator to enhance the legitimacy of social media posts. This study aims to comprehend the dynamics of social media's influence on the travel and tourism industry. This study investigates the influence of travel bloggers' content, with a focus on tone (positive/negative) and emotional intensity (strong/weak), on prospective Pakistani travelers' travel preferences and levels of trust toward a particular location. The study used an experimental design to validate its hypotheses. The results indicate that the emotive content and tone of bloggers influence travel intentions and that destination trust mediates this relationship. It is interesting to observe that variations in the emotional intensity of positive and negative ratings are not always accompanied by changes in destination trust and travel intent. In addition, the influence of a blogger's review tone on travel intention and destination trust is moderated by the credibility of online reviews, whereas the influence of emotional intensity on these outcomes is unaffected by review credibility.

Keywords: tourism marketing, destination trust, travel intention, trustworthiness

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Authors: Zakaria S. G. Hegazy, Walid M. A. Ahmed

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This paper examines the dependence structure of Islamic stock markets on Bitcoin’s realized volatility components in bear, normal, and bull market periods. A quantile regression approach is employed, after adjusting raw returns with respect to a broad set of relevant global factors and accounting for structural breaks in the data. The results reveal that upside volatility tends to exert negative influences on Islamic developed-market returns more in bear than in bull market conditions, while downside volatility positively affects returns during bear and bull conditions. For emerging markets, we find that the upside (downside) component exerts lagged negative (positive) effects on returns in bear (all) market regimes. By and large, the dependence structures turn out to be asymmetric. Our evidence provides essential implications for investors.

Keywords: cryptocurrency markets, bitcoin, realized volatility measures, asymmetry, quantile regression

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Authors: Chih Chin Yang

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The paper proposed a new theory of intellectual capital (so called IC) and a value approach in associated with production and market. After an in-depth review and research analysis of leading firms in this field, a holistic intellectual capital model is discussed, which involves transport, delivery supporting, and interface and systems of on intellectual capital. Through a quantity study, it is found that there is a significant relationship between the product value and infrastructure in a company. The product values are transferred from intellectual capital elements which includes three elements of content and the enterprise includes three elements of infrastructure in its market and product values of enterprise.

Keywords: enterprise, product value, intellectual capital, market and product values

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Authors: Madhukar Kasarla, Sumit Fogla, Kiran Panuganti, Gaurav Jain, Abhijit Ramanujam, Astha Jain, Shashank Kraleti, Sharat Musham, Arun Chaudhury

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Patients have often chosen to travel for care — making pilgrimages to academic meccas and state-of-the-art hospitals for sophisticated surgery. This culture is still persistent in the landscape of US healthcare, with hundred thousand of visitors coming to the shores of United States to seek the high quality of medical care. One of the major challenges in this form of medical tourism has been the language barrier. Thus, an Iraqi patient, with immediate needs of communicating the healthcare needs to the treating team in the hospital, may face huge barrier in effective patient-doctor communication, delaying care and even at times reducing the quality. To circumvent these challenges, we are proposing the use of a state-of-the-art tool, Talk2All, which can translate nearly one hundred international languages (and even sign language) in real time. The tool is an easy to download app and highly user friendly. It builds on machine learning principles to decode different languages in real time. We suggest that the use of Talk2All will tremendously enhance communication in the hospital setting, effectively breaking the language barrier. We propose that vigorous incorporation of Talk2All shall overcome practical challenges in international medical and surgical tourism.

Keywords: language translation, communication, machine learning, medical tourism

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Authors: Mohit Kumar, Mayur Betharia

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Healthcare domain, with the emergence of Electronic Medical Record (EMR), collects a lot of data which have been attracting Data Mining expert’s interest. In the past, doctors have relied on their intuition while making critical clinical decisions. This paper presents the means to analyze the Medical workflows to get business insights out of huge dumped medical databases. Market Basket Analysis (MBA) which is a special data mining technique, has been widely used in marketing and e-commerce field to discover the association between products bought together by customers. It helps businesses in increasing their sales by analyzing the purchasing behavior of customers and pitching the right customer with the right product. This paper is an attempt to demonstrate Market Basket Analysis applications in healthcare. In particular, it discusses the Market Basket Analysis Algorithm ‘Apriori’ applications within healthcare in major areas such as analyzing the workflow of diagnostic procedures, Up-selling and Cross-selling of Healthcare Systems, designing healthcare systems more user-friendly. In the paper, we have demonstrated the MBA applications using Angiography Systems, but can be extrapolated to other modalities as well.

Keywords: data mining, market basket analysis, healthcare applications, knowledge discovery in healthcare databases, customer relationship management, healthcare systems

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Authors: Elbert S. Moyon, Edsel Matt O. Morales, Jaymer M. Jayoma, Kent C. Espejon, Jayson C. Dollete, Mark Phil B. Pacot

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This research paper focuses on the potential of using Web-GIS technology in prioritizing farm-to-market road projects by the Philippines’ Department of Agriculture (DA). The study aimed to explore the benefits of Web-GIS in addressing the limitations faced by the DA in terms of Farm to Market Road profiling and project prioritization, which include a lack of access to updated data, limited spatial analysis capabilities, and difficulties in sharing information between stakeholders. The research methodology involves a comprehensive literature review and a case study of a Web-GIS application developed for the DA, which was used to profile and prioritize farm-to-market road projects in the Philippines. The results showed that the Web-GIS technology provides the DA with an effective tool for analyzing and visualizing data, which can help in profiling and prioritizing road projects based on various criteria such as economic, social, and environmental impacts. The study also showed that Web-GIS technology could help in reducing the time and effort required for road project prioritization and improve communication between stakeholders.

Keywords: GIS, web application, farm-to-market road, FMR prioritization, Django, GeoServer

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Authors: Golamhassan Ghahramani Aghdam, Pedram Bavili Tabrizi

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The aim of this research is to investigate the relationship between accounting information and the value of the companies accepted in Tehran Exchange Market. The dependent variable in this research is the value of a company that is measured by price coefficients, and the independent variables are balance sheet information, profit and loss information, cash flow state information, and profit quality characteristics. The profit quality characteristic index is to be related and to be on-time. This research is an application research, and the research population includes all companies that are active in Tehran exchange market. The number of 194 companies was selected by the systematic method as the statistics sample in the period of 2018-2019. The multi-variable linear regression model was used for the hypotheses test. The results show that there is no relationship between accounting information and companies’ value (stock value) that can be due to the lack of efficiency of the investment market and the inability to use the accounting information by investment market activists.

Keywords: accounting information, company value, profit quality characteristics, price coefficient

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Authors: Zakir Hossain

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Nowadays reading e-books on laptops, smartphones, and tablets have become a new leisure activity for Vietnamese youth. Since 2011 the copyrighted e-book market began to develop in Vietnam with the participation of five local enterprises. Over the last five years, thousands of e-books were published including the first online early education book series for children from 0 to 6 years old. Research shows that 61% Vietnamese find reading e-books is comfortable, and 45% feel convenient buying books online. More than half of the Vietnamese consider reading online far better than buying printed books, and surprisingly people over age 30 desire reading online while those under 18 prefer reading printed books. Hence with a market of more than 40 million regular internet users including 22 million smartphone users, Vietnam has ample opportunities to develop the e-book market and contribute a great deal to the diversity of the local reading culture which is essential for Building a Lifelong Learning Society, a state ambition of Vietnam by 2020. However, the e-book market in Vietnam is still in its infancy and is growing far too slowly than e-book producers had expected. All five e-book enterprises are facing numerous challenges. While the big profit that e-book technology can bring has been clearly recognised in other countries, e-books in Vietnam only make up less than 1% share of the book market. The objective of the study is to identify the difficulties and barriers to the development of the e-book market in Vietnam through an extensive literature review available in English. The study revealed that illegal e-books due to copyright infringement and an inconvenient payment system to purchase e-books are the major obstacles. The great potential of e-books in Vietnam is a reality but requires government enforcement of copyright protection laws, a new area of focus for the e-book market. Furthermore, Vietnamese readers should change their habits from using free and illegal e-books to develop the e-publishing industry in Vietnam.

Keywords: copyright, e-book, e-book reading, e-publishing, Vietnam

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Authors: Abderrazek Ben Maatoug, Ibrahim Fatnassi, Wassim Ben Ayed

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In this paper we investigate the issue of market risk quantification for Middle East and North Africa (MENA) Islamic market equity. We use Value-at-Risk (VaR) as a measure of potential risk in Islamic stock market, for long and short position, based on Riskmetrics model and the conditional parametric ARCH class model volatility with normal, student and skewed student distribution. The sample consist of daily data for the 2006-2014 of 11 Islamic stock markets indices. We conduct Kupiec and Engle and Manganelli tests to evaluate the performance for each model. The main finding of our empirical results show that (i) the superior performance of VaR models based on the Student and skewed Student distribution, for the significance level of α=1% , for all Islamic stock market indices, and for both long and short trading positions (ii) Risk Metrics model, and VaR model based on conditional volatility with normal distribution provides the best accurate VaR estimations for both long and short trading positions for a significance level of α=5%.

Keywords: value-at-risk, risk management, islamic finance, GARCH models

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Authors: Beata Wentura-Dudek

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In Sweden the needs of the labor market are regularly monitored. Test results and forecasts translate directly into the education system in this country, which is largely a state system. Sweden is one of the first countries in Europe that has used active labor market policies. It is realized that there is an active unemployment which includes a wide range of activities that can be divided into three groups: Active forms of influencing the creation of new jobs, active forms that affect the labor supply and active forms for people with disabilities. Most of the funding is allocated there for subsidized employment and training. Research conducted in Sweden shows that active forms of counteracting unemployment focused on the long-term unemployed can significantly raise the level of employment in this group.

Keywords: Sweden, research conducted in Sweden, labour market, labour market policies, unemployment, active forms of influencing the creation of new jobs, active forms of counteracting unemployment, employment, subsidized employment education

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Authors: Mahmoud Hassan

Abstract:

Understanding the impact of market- and non-market-based environmental policy instruments on renewable energy consumption (REC) is crucial for the design and choice of policy packages. This study aims to empirically investigate the effect of environmental policy stringency index (EPS) and its components on REC in 27 OECD countries over the period from 1990 to 2015, and then use the results to identify what the appropriate environmental policy mix should look like. By relying on the two-step system GMM estimator, we provide evidence that increasing environmental policy stringency as a whole promotes renewable energy consumption in these 27 developed economies. Moreover, policymakers are able, through the market- and non-market-based environmental policy instruments, to increase the use of renewable energy. However, not all of these instruments are effective for achieving this goal. The results indicate that R&D subsidies and trading schemes have a positive and significant impact on REC, while taxes, feed-in tariff and emission standards have not a significant effect. Furthermore, R&D subsidies are more effective than trading schemes for stimulating the use of clean energy. These findings proved to be robust across the three alternative panel techniques used.

Keywords: environmental policy stringency, renewable energy consumption, two-step system-GMM estimation, linear dynamic panel data model

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Authors: Marc S. Paolella, Pawel Polak

Abstract:

The paper proposes a framework for large-scale portfolio optimization which accounts for all the major stylized facts of multivariate financial returns, including volatility clustering, dynamics in the dependency structure, asymmetry, heavy tails, and non-ellipticity. It introduces a so-called risk fear portfolio strategy which combines portfolio optimization with active risk monitoring. The former selects optimal portfolio weights. The latter, independently, initiates market exit in case of excessive risks. The strategy agrees with the stylized fact of stock market major sell-offs during the initial stage of market downturns. The advantages of the new framework are illustrated with an extensive empirical study. It leads to superior multivariate density and Value-at-Risk forecasting, and better portfolio performance. The proposed risk fear portfolio strategy outperforms various competing types of optimal portfolios, even in the presence of conservative transaction costs and frequent rebalancing. The risk monitoring of the optimal portfolio can serve as an early warning system against large market risks. In particular, the new strategy avoids all the losses during the 2008 financial crisis, and it profits from the subsequent market recovery.

Keywords: comfort, financial crises, portfolio optimization, risk monitoring

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Authors: Seyi Olalekan Olawuyi, Abbyssiania Mushunje

Abstract:

The potential benefits of agricultural production to improve the welfare condition of smallholder farmers in developing countries is no more a news because it has been widely documented. Yet majority of these farming households suffer from shortfall in production output to meet both the consumption needs and market demand which adversely affects output market participation and by extension welfare condition. Therefore, this study investigated the impacts of output market participation on households’ welfare of cassava-based farmers in Oyo State, Nigeria. Multistage sampling technique was used to select 324 sample size used for this study. The findings from the data obtained and analyzed through composite score and crosstab analysis revealed that there is varying degree of output market participation among the farmers which also translate to the observed welfare profile differentials in the study area. The probit model analysis with respect to the selection equation identified gender of household head, household size, access to remittance, off-farm income and ownership of farmland as significant drivers of output market participation in the study area. Furthermore, the treatment effect model of the welfare equation and propensity score matching (PSM) technique were used as robust checks; and the findings attest to the fact that, complimentarily with other significant variables highlighted in this study, output market participation indeed has a significant impact on farming households’ welfare. As policy implication inferences, the study recommends female active inclusiveness and empowerment in farming activities, birth control strategies, secondary income smoothing activities and discouragement of land fragmentation habits, to boost productivity and output market participation, which by extension can significantly improve farming households’ welfare.

Keywords: Cassava market participation, households' welfare, propensity score matching, treatment effect model

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Authors: Ly Nguyen, Vidit Munshi

Abstract:

During the Covid-19 recession, the United States government has implemented several instruments to mitigate the impacts and revitalize the economy. This paper explores the effects of the various government policy decisions on stock returns, housing prices, and investor psychology during the pandemic in the United States. A numerous previous literature studies on this subject, yet very few focus on the context similar to what we are currently experiencing. Our monthly data covering the period from January 2019 through July 2021 were collected from Datastream. Utilizing the VAR model, we document a dynamic relationship between the market and policy actions throughout the period. In particular, the movements of Unemployment, Stock returns, and Housing prices are strongly sensitive to changes in government policies. Our results also indicate that changes in production level, stock returns, and interest rates decisions influence how investors perceived future market risk and expectations. We do not find any significant nexus between monetary and fiscal policy. Our findings imply that information on government policy and stock market performance provide useful feedback to one another in order to make better decisions in the current and future pandemic. Understanding how the market responds to a shift in government practices has important implications for authorities in implementing policy to avoid assets bubbles and market overreactions. The paper also provides useful implications for investors in evaluating the effectiveness of different policies and diversifying portfolios to minimize systematic risk and maximize returns.

Keywords: Covid-19 recession, United States, government policies, investor psychology, housing prices, stock market returns

Procedia PDF Downloads 156