Search results for: market research

Authors: Iori Hamada

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Australia's skilled migrant selection system is constantly changing its target skills and criteria according to the labour market demands. The government's intention to employ this highly selective market-driven selection system is to better target the skills needed in the economy, enable skilled migrants to be employed in industries that have the highest need, and consequently boost the economy and population. However, migration scholars have called this intention into question, arguing that the system is not making the best use of skilled migrants. This paper investigates the impact of recent reforms in Australian skilled migration system on skilled migrants' employment and related life conditions. Drawing on semi-structured qualitative interviews with Japanese skilled migrants in Australia, it argues that Australia’s skilled migrant selection system guarantees neither skilled migrants' employment nor successful transfer of their skills to the labour market. The findings show that Japanese skilled migrants are often unemployed or under-employed, although they intend to achieve upward occupational mobility. The interview data also reveal that male unemployment or under-employment status prompts some Japanese men to leave Australia and find a job that better matches their skills and qualifications in a new destination. Further, it finds that Japanese male skilled migrants who experience downward occupational mobility tend to continue to take a primary breadwinner role, which affects the distribution of paid and unpaid work within their families. There is a growing body of research investigating skilled migrants’ downward career mobility. However, little has been written on skilled Japanese migrants. Further, the work-family intersection is a 'hot public policy topic' in Australia and elsewhere. Yet, the existing studies focus almost exclusively on non-migrant families. This calls attention to the urgency of assessing the work-family lives of skilled migrants. This study fills these gaps, presenting additional insight into Japanese skilled migrants’ work and family in and beyond Australia.

Keywords: Australia, employment, family, Japanese skilled migrants

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Authors: Luke Miller

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This paper develops an options pricing methodology to value strategic pricing strategies in the services sector. More specifically, this study provides a unifying taxonomy of current service sector pricing practices, frames these pricing decisions as strategic real options, demonstrates accepted option valuation techniques to assess service sector pricing decisions, and suggests future research areas where pricing decisions and real options overlap. Enhancing revenue in the service sector requires proactive decision making in a world of uncertainty. In an effort to strategically price service products, revenue enhancement necessitates a careful study of the service costs, customer base, competition, legalities, and shared economies with the market. Pricing decisions involve the quality of inputs, manpower, and best practices to maintain superior service. These decisions further hinge on identifying relevant pricing strategies and understanding how these strategies impact a firm’s value. A relatively new area of research applies option pricing theory to investments in real assets and is commonly known as real options. The real options approach is based on the premise that many corporate decisions to invest or divest in assets are simply an option wherein the firm has the right to make an investment without any obligation to act. The decision maker, therefore, has more flexibility and the value of this operating flexibility should be taken into consideration. The real options framework has already been applied to numerous areas including manufacturing, inventory, natural resources, research and development, strategic decisions, technology, and stock valuation. Additionally, numerous surveys have identified a growing need for the real options decision framework within all areas of corporate decision-making. Despite the wide applicability of real options, no study has been carried out linking service sector pricing decisions and real options. This is surprising given the service sector comprises 80% of the US employment and Gross Domestic Product (GDP). Identifying real options as a practical tool to value different service sector pricing strategies is believed to have a significant impact on firm decisions. This paper identifies and discusses four distinct pricing strategies available to the service sector from an options’ perspective: (1) Cost-based profit margin, (2) Increased customer base, (3) Platform pricing, and (4) Buffet pricing. Within each strategy lie several pricing tactics available to the service firm. These tactics can be viewed as options the decision maker has to best manage a strategic position in the market. To demonstrate the effectiveness of including flexibility in the pricing decision, a series of pricing strategies were developed and valued using a real options binomial lattice structure. The options pricing approach discussed in this study allows service firms to directly incorporate market-driven perspectives into the decision process and thus synchronizing service operations with organizational economic goals.

Keywords: option pricing theory, real options, service sector, valuation

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Authors: Lukas Reznak, Maria Reznakova

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Recession of an economy has a profound negative effect on all involved stakeholders. It follows that timely prediction of recessions has been of utmost interest both in the theoretical research and in practical macroeconomic modelling. Current mainstream of recession prediction is based on standard OLS models of continuous GDP using macroeconomic data. This approach is not suitable for two reasons: the standard continuous models are proving to be obsolete and the macroeconomic data are unreliable, often revised many years retroactively. The aim of the paper is to explore a different branch of recession forecasting research theory and verify the findings on real data of the Czech Republic and Germany. In the paper, the authors present a family of discrete choice probit models with parameters estimated by the method of maximum likelihood. In the basic form, the probits model a univariate series of recessions and expansions in the economic cycle for a given country. The majority of the paper deals with more complex model structures, namely dynamic and bivariate extensions. The dynamic structure models the autoregressive nature of recessions, taking into consideration previous economic activity to predict the development in subsequent periods. Bivariate extensions utilize information from a foreign economy by incorporating correlation of error terms and thus modelling the dependencies of the two countries. Bivariate models predict a bivariate time series of economic states in both economies and thus enhance the predictive performance. A vital enabler of timely and successful recession forecasting are reliable and readily available data. Leading indicators, namely the yield curve and the stock market indices, represent an ideal data base, as the pieces of information is available in advance and do not undergo any retroactive revisions. As importantly, the combination of yield curve and stock market indices reflect a range of macroeconomic and financial market investors’ trends which influence the economic cycle. These theoretical approaches are applied on real data of Czech Republic and Germany. Two models for each country were identified – each for in-sample and out-of-sample predictive purposes. All four followed a bivariate structure, while three contained a dynamic component.

Keywords: bivariate probit, leading indicators, recession forecasting, Czech Republic, Germany

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Authors: Michal Pachocki

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This study investigates the effects of mobility in the context of a different environment and work culture through analysing the learners perception of their international work experience. Since this kind of professional training abroad is becoming more popular in Europe, mainly due to the EU funding opportunities, it is of paramount importance to assess its long-term impact on educational and career paths of former students. Moreover, the tracer study aimed at defining what professional, social and intercultural competencies were gained or developed by the interns and to which extent those competences proved to be useful meeting the labor market requirements. Being a populous EU member state which actively modernizes its vocational education system (also with European funds), Poland can serve as an illustrative case study to investigate the above described research problems. However, the examined processes are most certainly universal, wherever mobility is included in the learning process. The target group of this research was the former mobility participants and the study was conducted using quantitative and qualitative methods, such as the online survey with over 2 600 questionnaires completed by the former mobility participants; -individual in-depth interviews (IDIs) with 20 Polish graduates already present in the labour market; - 5 focus group interviews (FGIs) with 60 current students of the Polish vocational schools, who have recently returned from the training abroad. As the adopted methodology included a data triangulation, the collected findings have also been supplemented with data obtained by the desk research (mainly contextual information and statistical summary of mobility implementation). The results of this research – to be presented in full scope within the conference presentation – include the participants’ perception of their work mobility. The vast majority of graduates agrees that such an experience has had a significant impact on their professional careers and claims that they would recommend training abroad to persons who are about to enter the labor market. Moreover, in their view, such form of practical training going beyond formal education provided them with an opportunity to try their hand in the world of work. This allowed them – as they accounted for them – to get acquainted with a work system and context different from the ones experienced in Poland. Although the work mobility becomes an important element of the learning process in the growing number of Polish schools, this study reveals that many sending institutions suffer from a lack of the coherent strategy for planning domestic and foreign training programmes. Nevertheless, the significant number of graduates claims that such a synergy improves the quality of provided training. Despite that, the research proved that the transnational mobilities exert an impact on their future careers and personal development. However, such impact is, in their opinion, dependant on other factors, such as length of the training period, the nature and extent of work, recruitment criteria and the quality of organizational arrangement and mentoring provided to learners. This may indicate the salience of the sending and receiving institutions organizational capacity to deal with mobility.

Keywords: learning mobility, transnational training, vocational education and training graduates, tracer study

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Authors: Tomasz L. Nawrocki, Danuta Szwajca

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The growing importance of reputation in building enterprise value and achieving long-term competitive advantage creates the need for its measurement and evaluation for the management purposes (effective reputation and its risk management). The paper presents practical application of self-developed corporate reputation assessment model from the viewpoint of stock market investors. The model has a pioneer character and example analysis performed for selected industry is a form of specific test for this tool. In the proposed solution, three aspects - informational, financial and development, as well as social ones - were considered. It was also assumed that the individual sub-criteria will be based on public sources of information, and as the calculation apparatus, capable of obtaining synthetic final assessment, fuzzy logic will be used. The main reason for developing this model was to fulfill the gap in the scope of synthetic measure of corporate reputation that would provide higher degree of objectivity by relying on "hard" (not from surveys) and publicly available data. It should be also noted that results obtained on the basis of proposed corporate reputation assessment method give possibilities of various internal as well as inter-branch comparisons and analysis of corporate reputation impact.

Keywords: corporate reputation, fuzzy logic, fuzzy model, stock market investors

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Authors: Sy, Melecio Jr

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The decision to adopt vertical integration (VI) is firm-specific, but there is a common practice among businesses in an industry to maximize the massive potential benefits of VI. This study aims to determine VI adoption in the restaurant industry in Davao City. Using a two-step sampling process, the study used a validated survey questionnaire among 264 restaurant owners and managers randomly selected and geographically classified. It is a quantitative study where the data were subjected to a structural equation model (SEM). The results revealed that VI is present but limited to procurement, production, restaurant services, and online marketing. Raw materials were outsourced while delivery to customers through third-party delivery services. VI slowly increased over ten years except for online marketing, which has grown significantly in a few years. The endogenous and exogenous variables were correlated and established the linear regression model. The SEM's best fit model revealed that strategic motives (SMOT) and market factors (MFAC) influenced VI adoption while MFAC is the best predictor. Favorable market factors may lead restaurants to adopt VI. It is, thus, recommended for restaurants to institutionalize strategic management, quantify the impact of double marginalization in future studies as a reason for VI and conduct this study during the new normal to see the influence of business efficiencies and firm economies on VI adoption.

Keywords: business efficiencies, business management, davao city, firm economies, market factors, philippines, strategic motives, structural equation model, supply chain, vertical integration adoption

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Authors: Iruka C. Anugwo, Winston M. Shakantu

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The objective of this study is to uncover the basic business-forces that necessitated the survival and sustainable performance of the medium scale contractors in the South African construction market. This study is essential as it set to contribute towards long-term strategic solutions for combating the incessant failure of start-ups construction organizations within South African. The study used a qualitative research methodology; as the most appropriate approach to elicit and understand, and uncover the phenomena that are basic business-forces for the active contractors in the market. The study also adopted a phenomenological study approach; and in-depth interviews were conducted with 20 medium scale contractors in Port Elizabeth, South Africa, between months of August to October 2015. This allowed for an in-depth understanding of the critical and basic business-forces that influenced their survival and performance beyond the first five years of business operation. Findings of the study showed that for potential contractors (startups), to survival in the competitive business environment such as construction industry, they must possess the basic business-forces. These forces are educational knowledge in construction and business management related disciplines, adequate industrial experiences, competencies and capabilities to delivery excellent services and products as well as embracing the spirit of entrepreneurship. Convincingly, it can be concluded that the strategic approach to minimize the endless failure of startups construction businesses; the potential construction contractors must endeavoring to access and acquire the basic educationally knowledge, training and qualification; need to acquire industrial experiences in collaboration with required competencies, capabilities and entrepreneurship acumen. Without these basic business-forces as been discovered in this study, the majority of the contractors gaining entrance in the market will find it difficult to develop and grow a competitive and sustainable construction organization in South Africa.

Keywords: basic business-forces, medium scale contractors, South Africa, sustainable organisations

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Authors: Abdallah Q. Bataineh

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The electronics market in Jordan is facing extraordinary expectations from consumers, whose opinions are progressively more essential and have effective power on the overall marketing strategy preparation and execution by electronics agents. This research aimed to explore the effect of price volatile, follow-up, maintenance and warranty policy on distributor’s retention. Focus group, in-depth interviews, and self-administered questionnaire were held with a total sample of 50 electronics distribution stores who have a direct contact and purchase frequently from electronic agencies. By using descriptive statistics and multiple regression tests, the main findings of this research is that there is an impact of price volatile, follow-up, maintenance and warranty policy on distributor’s retention, and the key predictor variable was price volatile. Thus, the researcher recommended flat rate pricing strategy to ensure that all distributors will sell the product on the same pricing base, regardless of the generated margin by each one of them. Moreover, conclusion and future research were also discussed.

Keywords: distributors retention, follow-up, maintenance, price volatile, warranty policy

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Authors: Huynh Viet Khai, Mitsuyasu Yabe

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The study investigated the economic value of biodiversity attributes that could provide policy-makers reliable information to estimate welfare losses due to biodiversity reductions and analyse the trade-off between biodiversity and economics. In order to obtain the non-market benefits of biodiversity conservation, an indirect utility function and willingness to pay for biodiversity attributes were applied using the approach of choice modelling with the analysis of conditional logit model. The study found that Mekong Delta residents accepted their willingness to pay for VND 913 monthly for a one percent increase in healthy vegetation, VND 360 for an additional mammal species and VND 2,440 to avoid the welfare losses of 100 local farmers.

Keywords: choice modelling, genetic resources, wetland conservation, marginal willingness to pay

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Authors: Hoang Thi Quynh, Shima Kazuto

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Organic farming is gaining interest in Vietnam. However, organic fertilizer production is not sufficiently regulated, resulting in unknown quality. This study investigated characteristics of so-called organic fertilizers in the Vietnam’s market and their mineralization in soil-plant system. We collected 15 commercial products (11 domestic and 4 imported) which labelled 'organic fertilizer' in the market to analyze nutrients composition. A 20 day-incubation experiment was carried on with 80 g sandy-textured soil, amended with the fertilizer at a rate of 109.4 mgN.kg⁻¹soil in 150 mL glass bottle at 25℃. We categorized them according to nutrients content and mineralization rate, and then selected 8 samples for cultivation experiment. The experiment was conducted by growing Komatsuna (Brassica campestris) in sandy-textured soil using an automatic watering apparatus in a greenhouse. The fertilizers were applied to the top one-third of the soil stratum at a rate of 200 mgN.kg⁻¹ soil. Our study also analyzed material flow of coffee husk compost in Central Highland of Vietnam. Total N, P, K, Ca, Mg and C: N ratio varied greatly cross the domestic products, whereas they were quite similar among the imported materials. The proportion of inorganic-N to T-N of domestic products was higher than 25% in 8 of 11 samples. These indicate that N concentration increased dramatically in most domestic products compared with their raw materials. Additionally, most domestic products contained less P, and their proportions of Truog-P to T-P were greatly different. These imply that some manufactures were interested in adjusting P concentration, but some ones were not. Furthermore, the compost was made by mixing with chemical substances to increase nutrients content (N, P), and also added construction surplus soil to gain weight before packing product to sell in the market as 'organic fertilizer'. There was a negative correlation between C:N ratio and mineralization rate of the fertilizers. There was a significant difference in N efficiency among the fertilizer treatments. N efficiency of most domestic products was higher than chemical fertilizer and imported organic fertilizers. These results suggest regulations on organic fertilizers production needed to support organic farming that is based on internationally accepted standards in Vietnam.

Keywords: inorganic N, mineralization, N efficiency, so-called organic fertilizers, Vietnam’s market

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Authors: Tamanna Rimi

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A large body of literature has discussed the determinants of migration decision. However, the potential role of individual risk attitudes on migration decision has so far been overlooked. The research on migration literature has studied how the expected income differential influences migration flows for a risk neutral individual. However, migration takes place when there is no expected income differential or even the variability of income appears as lower than in the current location. This migration puzzle motivates a recent trend in the literature that analyzes how attitudes towards risk influence the decision to migrate. However, the significance of risk attitudes on migration decision has been addressed mostly in a theoretical perspective in the mainstream migration literature. The efficient outcome of labor market and overall economy are largely influenced by migration in many countries. Therefore, attitudes towards risk as a determinant of migration should get more attention in empirical studies. To author’s best knowledge, this is the first study that has examined the relationship between relative risk aversion and migration decision in US market. This paper considers movement across United States as a means of migration. In addition, this paper also explores the network effect due to the increasing size of one’s own ethnic group to a source location on the migration decision and how attitudes towards risk vary with network effect. Two ethnic groups (i.e. Asian and Hispanic) have been considered in this regard. For the empirical estimation, this paper uses two sources of data: 1) U.S. census data for social, economic, and health research, 2010 (IPUMPS) and 2) University of Michigan Health and Retirement Study, 2010 (HRS). In order to measure relative risk aversion, this study uses the ‘Two Sample Two-Stage Instrumental Variable (TS2SIV)’ technique. This is a similar method of Angrist (1990) and Angrist and Kruegers’ (1992) ‘Two Sample Instrumental Variable (TSIV)’ technique. Using a probit model, the empirical investigation yields the following results: (i) risk attitude has a significantly large impact on migration decision where more risk averse people are less likely to migrate; (ii) the impact of risk attitude on migration varies by other demographic characteristics such as age and sex; (iii) people with higher concentration of same ethnic households living in a particular place are expected to migrate less from their current place; (iv) the risk attitudes on migration vary with network effect. The overall findings of this paper relating risk attitude, migration decision and network effect can be a significant contribution addressing the gap between migration theory and empirical study in migration literature.

Keywords: migration, network effect, risk attitude, U.S. market

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Authors: Dina H. Gabr, Mona A. El Bannan

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With growing worldwide concern for global warming, green finance has become the fuel that pushes the world to act in combating and mitigating climate change. Coupled with adopting the Paris Agreement and the United Nations Sustainable Development Goals, Green finance became a vital tool in creating a pathway to sustainable development, as it connects the financial world with environmental and societal benefits. This paper provides a comprehensive review of the concepts and definitions of green finance and the importance of 'green' impact investments today. The core challenge in combating climate change is reducing and controlling Greenhouse gas emissions; therefore, this study explores the solutions green finance provides putting emphasis on the use of renewable energy, which is necessary for enhancing the transition to the green economy. With increasing attention to the concept of green finance, multiple forms of green investments and financial tools have come to fruition; the most prominent are green bonds. The rise of green bonds, a debt market to finance climate solutions, provide a promising mechanism for sustainable finance. Following the review, this paper compiles a comprehensive green bond dataset, presenting a statistical study of the evolution of the green bonds market from its first appearance in 2006 until 2021.

Keywords: climate change, GHG emissions, green bonds, green finance, sustainable finance

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Authors: Sohanur Rahman, Elisabeth Sinnewe, Larelle (Ellie) Chapple, Sarah Osborne

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Greater political attention to global climate change exposes firms to a higher level of political uncertainty, which can lead to adverse capital market consequences. However, a higher level of discourse on environment-specific political risk (EPR) between management and investors can mitigate information asymmetry, followed by less stock price crash risk. This study examines whether EPR discourse in discourse in the earnings conference calls (ECC) reduces firm-level stock price crash risk in the US market. This research also explores if adverse disclosures via media channels further moderates the association between EPR on crash risk. Employing a dataset of 28,933 firm-year observations from 2002 to 2020, the empirical analysis reveals that EPR discourse in ECC reduces future stock price crash risk. However, adverse disclosures via media channels can offset the favourable effect of EPR discourse on crash risk. The results are robust to the potential endogeneity concern in a quasi-natural experiment setting.

Keywords: earnings conference calls, environment, environment-specific political risk discourse, environmental disclosures, information asymmetry, reputation risk, stock price crash risk

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Authors: Parth Shah

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The author examines the recent trend where business organizations are significantly reducing their developmental cycle times to stay competitive in today’s global marketspace. The author proposes a rapid systems engineering framework to address late design changes and allow for flexibility (i.e. to react to unexpected or late changes and its impacts) during the product development cycle using a Systems Engineering approach. A System Engineering approach is crucial in today’s product development to deliver complex products into the marketplace. Design changes can occur due to shortened timelines and also based on initial consumer feedback once a product or service is in the marketplace. The ability to react to change and address customer expectations in a responsive and cost-efficient manner is crucial for any organization to succeed. Past literature, research, and methods such as concurrent development, simultaneous engineering, knowledge management, component sharing, rapid product integration, tailored systems engineering processes, and studies on reducing product development cycles all suggest a research gap exist in specifically addressing late design changes due to the shortening of life cycle environments in increasingly competitive markets. The author’s research suggests that 1) product development cycles time scales are now measured in months instead of years, 2) more and more products have interdepended systems and environments that are fast-paced and resource critical, 3) product obsolesce is higher and more organizations are releasing products and services frequently, and 4) increasingly competitive markets are leading to customization based on consumer feedback. The author will quantify effectiveness with respect to success factors such as time-to-market, return-of-investment, life cycle time and flexibility in late design changes by complexity of product or service, number of late changes and ability to react and reduce late design changes.

Keywords: product development, rapid systems engineering, scalability, systems engineering, systems integration, systems life cycle

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Authors: Duduku Krishnaiah, S. M. Anisuzzaman, Kumaran Govindaraj, Chiam Chel Ken, Zykamilia Kamin

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Pure essential oil is highly demanded in the market since most of the so-called pure essential oils in the market contains alcohol. This is because of the usage of alcohol in separating oil and water mixture. Removal of pure essential oil from water without using any chemical solvent has become a challenging issue. Adsorbents generally have the properties of separating hydrophobic oil from hydrophilic mixture. Polypropylen nanofiber is a thermoplastic polymer which is produced from propylene. It was used as an adsorbent in this study. Based on the research, it was found that the polypropylene nanofiber was able to adsorb peppermint oil from the aqueous solution over a wide range of concentration. Based on scanning electron microscope (SEM), nanofiber has very small nano diameter fiber size in average before the adsorption and larger scaled average diameter of fibers after adsorption which indicates that smaller diameter of nanofiber enhances the adsorption process. The adsorption capacity of peppermint oil increases as the initial concentration of peppermint oil and amount of polypropylene nanofiber used increases. The maximum adsorption capacity of polypropylene nanofiber was found to be 689.5 mg/g at (T= 30°C). Moreover, the adsorption capacity of peppermint oil decreases as the temperature of solution increases. The equilibrium data of polypropylene nanofiber is best represented by Freundlich isotherm with the maximum adsorption capacity of 689.5 mg/g. The adsorption kinetics of polypropylene nanofiber was best represented by pseudo-second order model.

Keywords: nanofiber, adsorption, peppermint essential oil, isotherms, adsorption kinetics

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Authors: Anudeep Appe, Bhanu Poluparthi, Lakshmi Kasivajjula, Udai Mv, Sobha Bagadi, Punya Modi, Aditya Singh, Hemanth Gunupudi, Spenser Troiano, Jeff Paul, Justin Stovall, Justin Yamamoto

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The necessity of data-driven decisions in healthcare strategy formulation is rapidly increasing. A reliable framework which helps identify factors impacting a healthcare provider facility or a hospital (from here on termed as facility) market share is of key importance. This pilot study aims at developing a data-driven machine learning-regression framework which aids strategists in formulating key decisions to improve the facility’s market share which in turn impacts in improving the quality of healthcare services. The US (United States) healthcare business is chosen for the study, and the data spanning 60 key facilities in Washington State and about 3 years of historical data is considered. In the current analysis, market share is termed as the ratio of the facility’s encounters to the total encounters among the group of potential competitor facilities. The current study proposes a two-pronged approach of competitor identification and regression approach to evaluate and predict market share, respectively. Leveraged model agnostic technique, SHAP, to quantify the relative importance of features impacting the market share. Typical techniques in literature to quantify the degree of competitiveness among facilities use an empirical method to calculate a competitive factor to interpret the severity of competition. The proposed method identifies a pool of competitors, develops Directed Acyclic Graphs (DAGs) and feature level word vectors, and evaluates the key connected components at the facility level. This technique is robust since its data-driven, which minimizes the bias from empirical techniques. The DAGs factor in partial correlations at various segregations and key demographics of facilities along with a placeholder to factor in various business rules (for ex. quantifying the patient exchanges, provider references, and sister facilities). Identified are the multiple groups of competitors among facilities. Leveraging the competitors' identified developed and fine-tuned Random Forest Regression model to predict the market share. To identify key drivers of market share at an overall level, permutation feature importance of the attributes was calculated. For relative quantification of features at a facility level, incorporated SHAP (SHapley Additive exPlanations), a model agnostic explainer. This helped to identify and rank the attributes at each facility which impacts the market share. This approach proposes an amalgamation of the two popular and efficient modeling practices, viz., machine learning with graphs and tree-based regression techniques to reduce the bias. With these, we helped to drive strategic business decisions.

Keywords: competition, DAGs, facility, healthcare, machine learning, market share, random forest, SHAP

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Authors: Mohamed Zaher Bouaziz

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Our study examines the Ohlson Model, which links a company's market value to its equity and net earnings, in the context of the evolution of the Canadian accounting model, characterized by more extensive use of fair value and a broader measure of performance after IFRS adoption. Our hypothesis is that if equity is reported at its fair value, this valuation is closely linked to market capitalization, so the weight of earnings weakens or even disappears in the Ohlson Model. Drawing on Canada's adoption of the International Financial Reporting Standards (IFRS), our results support our hypothesis that equity appears to include most of the relevant information for investors, while earnings have become less important. However, the predictive power of earnings does not disappear.

Keywords: fair value accounting, Ohlson model, IFRS adoption, value-relevance of equity and earnings

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Authors: Cheng-yu Hsieh, Bo Zhang, Ahmed Hambaba

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Stock market prediction has long been an area of interest for both expert analysts and investors, driven by its complexity and the noisy, volatile conditions it operates under. This research examines the efficacy of combining the Patch Time Series Transformer (PatchTST) with wavelet transforms, specifically focusing on Haar and Daubechies wavelets, in forecasting the adjusted closing price of the S&P 500 index for the following day. By comparing the performance of the augmented PatchTST models with traditional predictive models such as Recurrent Neural Networks (RNNs), Convolutional Neural Networks (CNNs), Long Short-Term Memory (LSTM) networks, and Transformers, this study highlights significant enhancements in prediction accuracy. The integration of the Daubechies wavelet with PatchTST notably excels, surpassing other configurations and conventional models in terms of Mean Absolute Error (MAE) and Mean Squared Error (MSE). The success of the PatchTST model paired with Daubechies wavelet is attributed to its superior capability in extracting detailed signal information and eliminating irrelevant noise, thus proving to be an effective approach for financial time series forecasting.

Keywords: deep learning, financial forecasting, stock market prediction, patch time series transformer, wavelet transform

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Authors: Min Wang, Sergey Utev

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The lessons from the 2007-09 global financial crisis have driven scientific research, which considers the design of new methodologies and financial models in the global market. The quantum mechanics approach was introduced in the unpredictable stock market modeling. One famous quantum tool is Feynman path integral method, which was used to model insurance risk by Tamturk and Utev and adapted to formalize the path-dependent option pricing by Hao and Utev. The research is based on the path-dependent calculation method, which is motivated by the Feynman path integral method. The path calculation can be studied in two ways, one way is to label, and the other is computational. Labeling is a part of the representation of objects, and generating functions can provide many different ways of representing share price paths. In this paper, the recent works on graphical theoretical construction of individual share price path via matroid is presented. Firstly, a study is done on the knowledge of matroid, relationship between lattice path matroid and Tutte polynomials and ways to connect points in the lattice path matroid and Tutte polynomials is suggested. Secondly, It is found that a general binary tree can be validly constructed from a connected lattice path matroid rather than general lattice path matroid. Lastly, it is suggested that there is a way to represent share price paths via a general binary tree, and an algorithm is developed to construct share price paths from general binary trees. A relationship is also provided between lattice integer points and Tutte polynomials of a transversal matroid. Use this way of connection together with the algorithm, a share price path can be constructed from a given connected lattice path matroid.

Keywords: combinatorial construction, graphical representation, matroid, path calculation, share price, Tutte polynomial

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Authors: Ved Kulkarni, Karthik Kini

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

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

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Authors: Mian Jiang, Zhenyi Wu

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We have incorporated green components into existing analytical chemistry curriculum with the aims to present a more environment benign approach in both teaching laboratory and undergraduate research. These include the use of cheap, sustainable, and market-available material; minimized waste disposal, replacement of non-aqueous media; and scale-down in sample/reagent consumption. Model incorporations have covered topics in quantitative chemistry as well as instrumental analysis, lower division as well as upper level, and research in traditional titration, spectroscopy, electrochemical analysis, and chromatography. The green embedding has made chemistry more daily life relevance, and application focus. Our approach has the potential to expand into all STEM fields to make renewable, high-impact education experience for undergraduate students.

Keywords: green analytical chemistry, pencil lead, mercury, renewable

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Authors: Tchapo Tchaga Sophia, Cai Chun

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This study measures the efficiency level of corporate governance to improve the quality level of value relevance in the resolution of market value efficiency increase issues, transparency problems, risk frauds, agency problems, investors' confidence, and decision-making issues using IFRS and Corporate Governance Acts (CGA). The final sample of this study contains 3660 firms from ten countries' stock markets from 2010 to 2020. Based on the efficiency market theory and the positive accounting theory, this paper uses multiple econometrical methods (DID method, multivariate and univariate regression methods) and models (Ohlson model and compliance index model) regression to see the incidence results of corporate governance mechanisms on the value relevance level under the influence of IFRS and corporate governance regulations act framework in Africa's stock exchanges for non-financial firms. The results on value relevance show that the corporate governance system, strengthened by the adoption of IFRS and enforcement of new corporate governance regulations, produces better financial statement information when its compliance level is high. And that is both value-relevant and comparable to results in more developed markets. Similar positive and significant results were obtained when predicting future book value per share and earnings per share through the determination of stock price and stock return. The findings of this study have important implications for regulators, academics, investors, and other users regarding the effects of IFRS and the Corporate Governance Act (CGA) on the relationship between corporate governance and accounting information relevance in the African stock market. The contributions of this paper are also based on the uniqueness of the data used in this study. The unique data is from Africa, and not all existing findings provide evidence for Africa and of the DID method used to examine the relationship between corporate governance and value relevance on African stock exchanges.

Keywords: corporate governance value, market efficiency value, value relevance, African stock market, stock return-stock price

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Authors: Darrol Stanley, Levan Efremidze, Jannie Rossouw

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We investigate the predictability of the USD/ZAR (South African Rand) exchange rate with sample entropy analytics for the period of 2004-2015. We calculate sample entropy based on the daily data of the exchange rate and conduct empirical implementation of several market timing rules based on these entropy signals. The dynamic investment portfolio based on entropy signals produces better risk adjusted performance than a buy and hold strategy. The returns are estimated on the portfolio values in U.S. dollars. These results are preliminary and do not yet account for reasonable transactions costs, although these are very small in currency markets.

Keywords: currency trading, entropy, market timing, risk factor model

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Authors: Michael Salib, Samer Ezeldin, Ahmed Waly

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There are numerous challenges and problems facing the construction industry in several countries in the Middle East, as a result of numerous economic and political effects. As an example in Egypt, several construction companies have shut down and left the market since 2016. The closure of these companies occurred, as they did not respond with the suitable techniques and strategies that will enable them to survive during this economic turmoil period. A research is conducted in order to identify adequate strategies to be implemented by the Egyptian contractors that could allow them survive and keep competing during such economic hardship period. Two different techniques were used in order to identify these startegies. First, a deep research were conducted on the companies located in countries that suffered similar economic harship to identify the strategies they used in order to survive. Second, interviews were conducted with experts in the construction field in order to list the effective strategies they used that allowed them to survive. Moreover, at the end of each interview, the experts were asked to rate the applicability of the previously identified strategies used in the foreign countries, then the efficiency of each strategy if used in Egypt. A framework model is developed in order to assist the construction companies in choosing the suitable techniques to their company size, through identifying the top ranked strategies and techniques that should be adopted by the company based on the parameters given to the model. In order to verify this framework, the financial statements of two leading companies in the Egyptian construction market were studied. The first Contractor has applied nearly all the top ranked strategies identified in this paper, while the other contractor has applied only few of the identified top ranked strategies. Finally, another expert interviews were conducted in order to validate the framework. These experts were asked to test the model and rate through a questionnaire its applicability and effectiveness.

Keywords: construction management, economic hardship, recession, survive

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Authors: Tomas Linas Šepetys

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In online content-sharing service platforms, the ability of creators to restrict illicit use of audiovisual creative works has effectively been abolished, largely due to specific infrastructure where a huge volume of copyrighted audiovisual content can be made available to the public. The European Union legislator has attempted to strengthen the positions of creators in the realm of online content-sharing services. Article 17 of the new Digital Single Market Directive considers online content-sharing service providers to carry out acts of communication to the public of any creative content uploaded to their platforms by users and posits requirements to obtain licensing agreements. While such regulation intends to assert authors‘ ability to effectively control the dissemination of their creative works, it also creates threats of parody content overblocking through automated content monitoring. Such potentially paradoxical outcome of the efforts of the EU legislator to deliver economic safeguards for the creators in the online content-sharing service platforms leads to presume lack of informity on legislator‘s part regarding creative works‘ economic exploitation opportunities provided to creators in the online content-sharing infrastructure. Analysis conducted in this scientific research discloses that the aforementioned irregularities of parody and other creative content dissemination are caused by EU legislators‘ lack of assessment of value extraction conditions for parody creators in the online content-sharing service platforms. Historical and modeling research method application reveals the existence of two creative content dissemination models and their unique mechanisms of commercial value creation. Obligations to obtain licenses and liability over creative content uploaded to their platforms by users set in Article 17 of the Digital Single Market Directive represent technological replication of the proprietary dissemination model where the creator is able to restrict access to creative content apart from licensed retail channels. The online content-sharing service platforms represent an open dissemination model where the economic potential of creative content is based on the infrastructure of unrestricted access by users and partnership with advertising services offered by the platform. Balanced modeling of proprietary dissemination models in such infrastructure requires not only automated content monitoring measures but also additional regulatory monitoring solutions to separate parody and other types of creative content. An example of the Digital Single Market Directive proves that regulation can dictate not only the technological establishment of a proprietary dissemination model but also a partial reduction of the open dissemination model and cause a disbalance between the economic interests of creators relying on such models. The results of this scientific research conclude an informative role of the creative works dissemination model in the EU copyright law modernization process. A thorough understanding of the commercial prospects of the open dissemination model intrinsic to the online content-sharing service platform structure requires and encourages EU legislators to regulate safeguards for parody content dissemination. Implementing such safeguards would result in a common application of proprietary and open dissemination models in the online content-sharing service platforms and balanced protection of creators‘ economic interests explicitly based on those creative content dissemination models.

Keywords: copyright law, creative works dissemination model, digital single market directive, online content-sharing services

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Authors: Bedilu Tafesse

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Conservation of crop genetic resources presents a challenge of identifying specific determinants driving maintenance of diversity at farm and agroecosystems. The objectives of this study were to identify socioeconomic, market and agroecological determinants of farmers’ maintenance of wheat diversity at the household level and derive implications for policies in designing on-farm conservation programs. We assess wheat diversity at farm level using household survey data. A household decision making model is conceptualized using microeconomic theory to assess and identify factors influencing on-farm rice diversity. The model is then tested econometrically by using various factors affecting farmers’ variety choice and diversity decisions. The findings show that household-specific socioeconomic, agroecological and market factors are important in determining on-farm wheat diversity. The significant variables in explaining richness and evenness of wheat diversity include distance to the nearest market, subsistence ratio, modern variety sold, land types and adult labour working in agriculture. The statistical signs of the factors determining wheat diversity are consistent in explaining the richness, dominance and evenness among rice varieties. Finally, the study implies that the cost-effective means of promoting and sustaining on-farm conservation programmes is to target them in market isolated geographic locations of high crop diversity where farm households have more heterogeneity of agroecological conditions and more active family adult labour working on-farm.

Keywords: diversity indices, dominance, evenness, on-farm conservation, wheat diversity, richness

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Authors: Hanee Ryu

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The supporting policies for renewable energy have been designed to deploy renewable energy technology targeting domestic market. The government encourages market creation through obligations such as FIT or RPS on an energy supplier. With these policy measures, the securing vast market needs to induce technology development. Furthermore, it is crucial that ensuring developing market can make the environment nurture the renewable energy industry. Overseas expansion to countries being in demand is essential under immature domestic market. Extending its business abroad can make the domestic company get the knowledge through learning-by-doing. Besides, operation in the countries to be rich in renewable resources such as weather conditions helps to develop proven track record required for verifying technologies. This paper figures out the factor to hamper the global market entry and build up the strategies to overcome difficulties. Survey conducted renewable energy company having overseas experiences at least once. Based on the survey we check the obstacle against exporting home goods and services. As a result, securing funds is salient fact to proceed to business. It is difficult that only private bank or investment agencies participate in the project under uncertainty which renewable energy development project bears inherently. These uncertainties need public fund such as ODA to encourage private sectors to start a business. Furthermore, international organizations such as IRENA or multilateral development banks as WBG play a role to guarantee the investment including risk insurance against uncertainty. It can also manage excavation business cooperating with developing countries and supplement inadequate government funding involved. With survey results strategies to obtain the order, the international organization places are categorized according to the type of getting a contract. This paper suggests 3 types approaching to the international organization project (going through international competitive bidding, using ODA and project financing) and specifies the role of government to support the domestic firms with running out of funds. Under renewable energy industry environment where hard to being created as a spontaneous market, government policy approach needs to motivate the actors to get into the business. It is one of the good strategies that countries with the low demand of renewable energies participate in the project international agencies order in the developing countries having abundant resources. This provides crucial guidance for the formulation of renewable energy development policy and planning with consideration of business opportunities and funding.

Keywords: exporting strategies, multilateral development banks, promoting in developing countries, renewable energy technologies

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Authors: Ľubomír Šooš, Peter Križan, Juraj Beniak, Miloš Matúš

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The success of introducing a new product on the market is the new principle of production, or progressive design, improved efficiency or high quality of manufactured products. Proportionally with the growth of interest in press-biofuels - pellets or briquettes, is also growing interest in the new design better, more efficiently machines produce pellets, briquettes or granules completely new shapes. Our department has for years dedicated to the development of new highly productive designs pressing machines and new optimized press-biofuels. In this field, we have more than 40 national and international patents. The aim of paper is description of the introduction of a new principle pelleting mill and the description of his process of research, development, manufacturing and testing to deployment into production.

Keywords: compacting process, pellets mill, design, new conception, press-biofuels, patent, waste

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Authors: Yorgos Darlas

Abstract:

This original research aims at creating a wine tourism experience specially designed for Thessaloniki, based on retsina, a traditional Greek wine produced continuously since 5400 BC. Wine is a staple of the Greek dinner table, and this is particularly true for Thessaloniki, a city with a rich culinary tradition member of the UNESCO Creative Cities Network for gastronomy. Our methodology is based on historical and folklore research in order to shed light on the history and culture around the production and enjoyment of wine. In addition, we use quantitative and qualitative market research with the aim of recording modern habits and trends related to wine enjoyment. The above research has revealed the habits, rules, and rituals of the people of Thessaloniki, demonstrating the close link between the city’s culinary heritage and retsina. Thanks to this close link, the people of the city have a strong emotional bond with retsina, always ready to share a relevant story loaded with memories. Based on the findings of the research, our aim is to create a new wine tourism product for Thessaloniki based on storytelling. This wine tourism experience will provide visitors with the opportunity to discover the city through the personal stories of locals. At the same time, they will be acquainted with the history and the culture of retsina by visiting landmarks associated with its production and consumption and discovering the city’s multifaceted gastronomic heritage through pairings with retsina.

Keywords: retsina, Thessaloniki, wine tourism, marketing, storytelling

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Authors: Alexandra Papagianni, George Filis, Panagiotis Papadopoulos

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The liberalization of the energy market and the increasing penetration of fluctuating renewables (e.g., wind and solar power) have heightened the importance of the spot market for ensuring efficient electricity supply. This is further emphasized by the EU’s goal of achieving net-zero emissions by 2050. The day-ahead market (DAM) plays a key role in European energy trading, accounting for 80-90% of spot transactions and providing critical insights for next-day pricing. Therefore, short-term electricity price forecasting (EPF) within the DAM is crucial for market participants to make informed decisions and improve their market positioning. Existing literature highlights out-of-sample performance as a key factor in assessing EPF accuracy, with influencing factors such as predictors, forecast horizon, model selection, and strategy. Several studies indicate that electricity demand is a primary price determinant, while renewable energy sources (RES) like wind and solar significantly impact price dynamics, often lowering prices. Additionally, incorporating data from neighboring countries, due to market coupling, further improves forecast accuracy. Most studies predict up to 24 steps ahead using hourly data, while some extend forecasts using higher-frequency data (e.g., half-hourly or quarter-hourly). Short-term EPF methods fall into two main categories: statistical and computational intelligence (CI) methods, with hybrid models combining both. While many studies use advanced statistical methods, particularly through different versions of traditional AR-type models, others apply computational techniques such as artificial neural networks (ANNs) and support vector machines (SVMs). Recent research combines multiple methods to enhance forecasting performance. Despite extensive research on EPF accuracy, a gap remains in understanding how forecasting strategy affects prediction outcomes. While iterated strategies are commonly used, they are often chosen without justification. This paper contributes by examining whether the choice of forecasting strategy impacts the quality of day-ahead price predictions, especially for multi-step forecasts. We evaluate both iterated and direct methods, exploring alternative ways of conducting iterated forecasts on benchmark and state-of-the-art forecasting frameworks. The goal is to assess whether these factors should be considered by end-users to improve forecast quality. We focus on the Greek DAM using data from July 1, 2021, to March 31, 2022. This period is chosen due to significant price volatility in Greece, driven by its dependence on natural gas and limited interconnection capacity with larger European grids. The analysis covers two phases: pre-conflict (January 1, 2022, to February 23, 2022) and post-conflict (February 24, 2022, to March 31, 2022), following the Russian-Ukraine conflict that initiated an energy crisis. We use the mean absolute percentage error (MAPE) and symmetric mean absolute percentage error (sMAPE) for evaluation, as well as the Direction of Change (DoC) measure to assess the accuracy of price movement predictions. Our findings suggest that forecasters need to apply all strategies across different horizons and models. Different strategies may be required for different horizons to optimize both accuracy and directional predictions, ensuring more reliable forecasts.

Keywords: short-term electricity price forecast, forecast strategies, forecast horizons, recursive strategy, direct strategy

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