Search results for: asset liability modelling

Authors: Sinchan Ghosh, Fahad Al Basir, Santanu Ray, Sabyasachi Bhattacharya

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The cooperatively breeding birds have two major ranks for the sexually mature birds. The breeders mate and produce offspring while the non-breeding helpers increase the chick production rate through help in mate-finding and allo-parenting. However, the chicks also cooperate to raise their younger siblings through warming, defending and food sharing. Although, the existing literatures describes the evolution of allo-parenting in birds but do not differentiate the significance of allo-parenting in sexually immature and mature helpers separately. This study addresses the significance of both immature and mature helpers’ contribution to the total sustainable bird population in a breeding site using Blue-tailed bee-eater as a test-bed species. To serve this purpose, a mathematical model has been built considering each social status and chicks as separate but interactive compartments. Also, to observe the dynamics of each social status with changing prey abundance, a prey population has been introduced as an additional compartment. The model was analyzed for stability condition and was validated using field-data. A simulation experiment was then performed to observe the change in equilibria with a varying helping rate from both the helpers. The result from the simulation experiment suggest that the cooperative breeding population changes its population sizes significantly with a change in helping rate from the sexually immature helpers. On the other hand, the mature helpers do not contribute to the stability of the population equilibrium as much as the immature helpers.

Keywords: Blue-tailed bee eater, Altruism, Mathematical Ethology, Behavioural modelling

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Authors: Armando Luis Vieira, Carlos Costa, Arthur Araújo

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The tourism system is viewable as a network of relationships amongst business partners where the success of each actor will ultimately be determined by the success of the whole network. Especially since the publication of Gümmesson’s (1996) ‘theory of imaginary organisations’, which suggests that organisational effectiveness largely depends on managing relationships and sharing resources and activities, relationship quality (RQ) has been increasingly recognised as a main source of value creation and competitive advantage. However, there is still ambiguity around this topic, and managers and researchers have been recurrently reporting the need to better understand and capitalise on the quality of interactions with business partners. This research aims at testing an RQ model from a relational, imaginary organisation’s approach. Two mail surveys provide the perceptions of 725 hotel representatives about their business relationships with tour operators, and 1,224 corporate client representatives about their business relationships with hotels (21.9 % and 38.8 % response rate, respectively). The analysis contributes to enhance our understanding on the linkages between RQ and its determinants, and identifies the role of their dimensions. Structural equation modelling results highlight trust as the dominant dimension, the crucial role of commitment and satisfaction, and suggest customer orientation as complementary building block. Findings also emphasise problem solving behaviour and selling orientation as the most relevant dimensions of customer orientation. The comparison of the two ‘dyads’ deepens the discussion and enriches the suggested theoretical and managerial guidelines concerning the contribution of quality relationships to business performance.

Keywords: corporate clients, destination competitiveness, hotels, relationship quality, structural equations modelling, tour operators

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Authors: M. Moeinaddini, Z. Asadi-Shekari, Z. Sultan, M. Zaly Shah

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Happiness can be related to everything that can provide a feeling of satisfaction or pleasure. This study tries to consider the relationship between land use factors and feeling of happiness at the neighbourhood level. Land use variables (beautiful and attractive neighbourhood design, availability and quality of shopping centres, sufficient recreational spaces and facilities, and sufficient daily service centres) are used as independent variables and the happiness score is used as the dependent variable in this study. In addition to the land use variables, socio-economic factors (gender, race, marital status, employment status, education, and income) are also considered as independent variables. This study uses the Oxford happiness questionnaire to estimate happiness score of more than 300 people living in six neighbourhoods. The neighbourhoods are selected randomly from Skudai neighbourhoods in Johor, Malaysia. The land use data were obtained by adding related questions to the Oxford happiness questionnaire. The strength of the relationship in this study is found using generalised linear modelling (GLM). The findings of this research indicate that increase in happiness feeling is correlated with an increasing income, more beautiful and attractive neighbourhood design, sufficient shopping centres, recreational spaces, and daily service centres. The results show that all land use factors in this study have significant relationship with happiness but only income, among socio-economic factors, can affect happiness significantly. Therefore, land use factors can affect happiness in Skudai more than socio-economic factors.

Keywords: neighbourhood land use, neighbourhood design, happiness, socio-economic factors, generalised linear modelling

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Authors: Ummu Salma Al Azizah, Herri Mulyono, Anisa Mauliata Suryana

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The significance of corporate governance regarding to the agency problem have been transparent. This study examine the impact of corporate governance on the performance of Islamic banking in Indonesia. By using fixed effect model and added some control variable, the current study try to explore the correlation between the theoretical framework on corporate governance, such as agency theory and risk management theory. The bank performance (Return on Asset and Return on Equity) which are operational performance and financial performance. And Corporate governance based on Board size, CEO duality, Audit committee and Shariah supervisory board. The limitation of this study only focus on the Islamic banks performance from year 2015 to 2020. The study fill the gap in the literature by addressing the issue of corporate governance on Islamic banks performance in Indonesia.

Keywords: corporate governance, financial performance, islamic banks, listed companies, Indonesia

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Authors: Laura Angulo, Petra Salamon, Martin Banse, Frederic Storkamp

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Fisheries subsidies are focus on reduce management costs or deliver income benefits to fishers. In 2015, total fishery budgetary transfers in 31 OECD countries represented 35% of their total landing value. However, subsidies to fishing have adverse effects on trade and it has been claimed that they may contribute directly to overfishing. Therefore, this paper analyses to what extend fisheries subsidies may 1) influence capture production facing quotas and 2) affect price dynamics. The study uses the fish module in AGMEMOD (Agriculture Member States Modelling, details see Chantreuil et al. (2012)) which covers eight fish categories (cephalopods; crustaceans; demersal marine fish; pelagic marine fish; molluscs excl. cephalopods; other marine finfish species; freshwater and diadromous fish) for EU member states and other selected countries developed under the SUCCESS project. This model incorporates transfer payments directly linked to fisheries operational costs. As aquaculture and wild fishery are not included within the WTO Agreement on Agriculture, data on fisheries subsidies is obtained from the OECD Fisheries Support Estimates (FSE) database, which provides statistics on budgetary transfers to the fisheries sector. Since support has been moving from budgetary transfers to General Service Support Estimate the last years, subsidies in capture production may not present substantial effects. Nevertheless, they would still show the impact across countries and fish categories within the European Union.

Keywords: AGMEMOD, budgetary transfers, EU Member States, fish model, fisheries support estimate

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Authors: Rose Antony, Vivekanand B. Khanapuri, Karuna Jain

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Online groceries have transformed the way the supply chains are managed. These are facing numerous challenges in terms of product wastages, low margins, long breakeven to achieve and low market penetration to mention a few. The e-grocery chains need to overcome these challenges in order to survive the competition. The purpose of this paper is to carry out a structural analysis of the enablers in e-grocery chains by applying Interpretive Structural Modeling (ISM) and MICMAC analysis in the Indian context. The research design is descriptive-explanatory in nature. The enablers have been identified from the literature and through semi-structured interviews conducted among the managers having relevant experience in e-grocery supply chains. The experts have been contacted through professional/social networks by adopting a purposive snowball sampling technique. The interviews have been transcribed, and manual coding is carried using open and axial coding method. The key enablers are categorized into themes, and the contextual relationship between these and the performance measures is sought from the Industry veterans. Using ISM, the hierarchical model of the enablers is developed and MICMAC analysis identifies the driver and dependence powers. Based on the driver-dependence power the enablers are categorized into four clusters namely independent, autonomous, dependent and linkage. The analysis found that information technology (IT) and manpower training acts as key enablers towards reducing the lead time and enhancing the online service quality. Many of the enablers fall under the linkage cluster viz., frequent software updating, branding, the number of delivery boys, order processing, benchmarking, product freshness and customized applications for different stakeholders, depicting these as critical in online food/grocery supply chains. Considering the perishability nature of the product being handled, the impact of the enablers on the product quality is also identified. Hence, study aids as a tool to identify and prioritize the vital enablers in the e-grocery supply chain. The work is perhaps unique, which identifies the complex relationships among the supply chain enablers in fresh food for e-groceries and linking them to the performance measures. It contributes to the knowledge of supply chain management in general and e-retailing in particular. The approach focus on the fresh food supply chains in the Indian context and hence will be applicable in developing economies context, where supply chains are evolving.

Keywords: interpretive structural modelling (ISM), India, online grocery, retail operations, supply chain management

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Authors: Bartholomew Badar

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An NFT is a digital certificate with rights to own an asset, including various valuable digital goods such as art pieces, music items, collectibles, etc. The market for NFTs started developing in 2017 and has lately seen increased growth as crypto-currencies and the blockchain market continue to gain popularity. This study aims to understand potential uses for NFTs concerning the music industry and record labels. Independent artists struggle to distribute and sell their music without the help of a record label. The NFT marketplace could be a great tool to eliminate this problem. The research objective is to identify possibilities for independent artists to own their music rights and share value with an audience. We see a trend of new-school music artists trying to enter the music NFT market by creating visualizers, beats, cover art, etc. To analyze various existing music NFT assets and determine whether or not independent artists could monetize their music without a record label is the main focus of this scholarly paper.

Keywords: blockchain, crypto-currency, music, artist, NFT

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Authors: Selim M. Khan, Dustin D. Pearson, Tryggve Rönnqvist, Markus E. Nielsen, Joshua M. Taron, Aaron A. Goodarzi

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Accumulation of radioactive radon gas in indoor air poses a serious risk to human health by increasing the lifetime risk of lung cancer and is classified by IARC as a category one carcinogen. Radon exposure risks are a function of geologic, geographic, design, and human behavioural variables and can change over time. Using time series and deep machine learning modelling, we analyzed long-term radon test outcomes as a function of building metrics from 25,489 Canadian and 38,596 Swedish residential properties constructed between 1945 to 2020. While Canadian and Swedish properties built between 1970 and 1980 are comparable (96–103 Bq/m³), innate radon risks subsequently diverge, rising in Canada and falling in Sweden such that 21st Century Canadian houses show 467% greater average radon (131 Bq/m³) relative to Swedish equivalents (28 Bq/m³). These trends are consistent across housing types and regions within each country. The introduction of energy efficiency measures within Canadian and Swedish building codes coincided with opposing radon level trajectories in each nation. Deep machine learning modelling predicts that, without intervention, average Canadian residential radon levels will increase to 176 Bq/m³ by 2050, emphasizing the importance and urgency of future building code intervention to achieve systemic radon reduction in Canada.

Keywords: radon health risk, time-series, deep machine learning, lung cancer, Canada, Sweden

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Authors: Sonny Dewi Judiasih

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The principle of a marriage is to achieve a happy and eternity family based on the willing of the God. The family has a fundamental role in the society as a social individual and as a nuclear family consists of father, mother, and children. Thus, each family always would like to have children who will continue the family. However, not all family will be blessed with children and consequently, there is family without children. Therefore, the said the certain family will do any effort to fulfill the wish to have children. One of the ways is to adopt children. The implementation of child adoption is conducted by the family who does not have children but sometimes child adoption is conducted by a family who has already children. The implementation of child adoption is based on the interest of the welfare and the intellectual of the said child. Moreover, it should be based on the social liability of the individual in accordance with the developing of the traditional values as part of the nation culture. The child adoption is conducted for the welfare of the child demonstrates that a change on the basic motive (value) whereby in the past the child adoption is to fulfill the wish of foster parent (to have children in the family). Nowadays the purpose of child adoption is not merely for the interest of foster parent but in particular for the interest, welfare and the future of the child. The development of the society has caused the occurrence of changes of perspective in the society which lead to a need for new law. The court of justice has an impact of such changes. It is evidenced by the court order for child adoption in the legal framework of certainty of law. The changes of motives (value) of the child adoption in the society can be fully understood in the event that the society fully understand that the ultimate purpose of Indonesia nation is to achieve a justice and prosperity society, i.e., social welfare for all Indonesian people.

Keywords: child adoption, family law, legal protection, children

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Authors: Li Sheng

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Based on an extended post-Keynesian model, we find that the association between the savings rate and income inequality is negative if savers’ funds are borrowed by spending households for consumption but positive if savings are channeled to investing firms for production. A negative association, such as the one that exists in the U.S., hinges on an income illusion created by an asset bubble and cheap credit. Thus, financial globalization leads consumption and income inequality to diverge, and the divergence is more extreme if lower-income groups have higher debt ratios. A positive association, such as the one that exists in China, relates to liquidity constraints faced by consumers such that consumption inequality closely follows income inequality. Our results imply that income inequality must be reduced in both types of countries to increase savings in deficit economies with negative associations and to reduce savings in surplus economies with positive associations.

Keywords: savings rate, income inequality, financial globalization, global imbalances

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Authors: Begum Serim-Yildiz

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The aim of this study is to examine the role of parents' emotional and behavioral reactions on fears of children in the COVID-19 pandemic considering Rachman’s Three Pathways Theory. For this purpose, a phenomenological qualitative study was conducted. Thirteen participants living with their children were utilized through criterion and snowball sampling. In semi-structured interviews parents were asked about their own and their children’s beahavioral and emotional reactions in the COVID-19 pandemic, and they were expected to give detailed information about fears of their children before and in pandemic. Firstly, parents were asked about their behavioral and emotional reactions in the COVID-19 pandemic. As behavioral reactions, precautions taken by parents to protect the rest of the family from negative physical and emotional impact of the pandemic were mentioned, while emotional reactions were defined as acquisition of negative emotions like fear, anxiety, and worry. Secondly, parents were asked about their children’s behavioral and emotional reactions. Some of the parents talked about positive behavioral changes such as gaining self-control, while some others explained negative behavioral changes like increased time spent with technological tools. In the emotional changes section, all of the parents explained at least one negative emotion. All of the parents stated that their children had COVID-19 related fears. According to parents’ expressions, fears of children in pandemic were examined in two dimensions. Fears directly related to COVID-19 were fear of virus/microbes, illness or death of someone in family and death and fears. Fears indirectly related to COVID-19 were fear of going out, sleep alone at night, separation, touching stuff outside the home, and cold. Considering existing literature and based on the findings of this study, it can be concluded that children’s modelling experiences have impact on acquisition of negative emotions, especially fear, therefore, preventive interventions involving caregivers should be provided by mental health professionals working with children.

Keywords: children’s fears, COVID-19 pandemic, modelling experiences, parents’ reactions

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Authors: Khadijah Hasim, Achmad Fauzan Firdaus, Choirunnisa

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Waqf land which previously was idle assets can be built on top of a building that is a means for people to conduct business. Nadzir (waqf managers) lease of waqf lands it manages, the agreed rental fee, which is payable in the form of the building, not in cash. After standing building, the developer will lease to interested companies. Given the magnitude of the beginning funds needed, The company later issuing sukuk al-intifa on the trading floor. With this sukuk issuance, the company has sufficient capital to begin operations and pay obligations of the rental fee to the developer each year. Building that had stood trade area will be established (Micro, Small, Middle Entreprises) MSMEs. It is expected that through the sukuk al-intifa, can help to make waqf land previously unproductive due to lack of capital to be very beneficial and help awaken the people of Indonesian MSMEs

Keywords: Sukuk Al-Intifa, MSMEs, waqf land, underlying asset

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Authors: Jerome Joshi

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The paper presents the modelling of financial markets using the Stochastic Pi Calculus model. The Stochastic Pi Calculus model is mainly used for biological applications; however, the feature of this model promotes its use in financial markets, more prominently in high frequency trading. The trading system can be broadly classified into exchange, market makers or intermediary traders and fundamental traders. The exchange is where the action of the trade is executed, and the two types of traders act as market participants in the exchange. High frequency trading, with its complex networks and numerous market participants (intermediary and fundamental traders) poses a difficulty while modelling. It involves the participants to seek the advantage of complex trading algorithms and high execution speeds to carry out large volumes of trades. To earn profits from each trade, the trader must be at the top of the order book quite frequently by executing or processing multiple trades simultaneously. This would require highly automated systems as well as the right sentiment to outperform other traders. However, always being at the top of the book is also not best for the trader, since it was the reason for the outbreak of the ‘Hot – Potato Effect,’ which in turn demands for a better and more efficient model. The characteristics of the model should be such that it should be flexible and have diverse applications. Therefore, a model which has its application in a similar field characterized by such difficulty should be chosen. It should also be flexible in its simulation so that it can be further extended and adapted for future research as well as be equipped with certain tools so that it can be perfectly used in the field of finance. In this case, the Stochastic Pi Calculus model seems to be an ideal fit for financial applications, owing to its expertise in the field of biology. It is an extension of the original Pi Calculus model and acts as a solution and an alternative to the previously flawed algorithm, provided the application of this model is further extended. This model would focus on solving the problem which led to the ‘Flash Crash’ which is the ‘Hot –Potato Effect.’ The model consists of small sub-systems, which can be integrated to form a large system. It is designed in way such that the behavior of ‘noise traders’ is considered as a random process or noise in the system. While modelling, to get a better understanding of the problem, a broader picture is taken into consideration with the trader, the system, and the market participants. The paper goes on to explain trading in exchanges, types of traders, high frequency trading, ‘Flash Crash,’ ‘Hot-Potato Effect,’ evaluation of orders and time delay in further detail. For the future, there is a need to focus on the calibration of the module so that they would interact perfectly with other modules. This model, with its application extended, would provide a basis for researchers for further research in the field of finance and computing.

Keywords: concurrent computing, high frequency trading, financial markets, stochastic pi calculus

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Authors: Nijanthan Mohan, Rolf Gross, Fabian Theis

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The conventional method used in the construction industries often resulted in significant rework since most of the decisions were taken onsite under the pressure of project deadlines and also due to the improper information flow, which results in ineffective coordination. However, today’s architecture, engineering, and construction (AEC) stakeholders demand faster and accurate deliverables, efficient buildings, and smart processes, which turns out to be a tall order. Hence, the building information modelling (BIM) concept was developed as a solution to fulfill the above-mentioned necessities. Even though BIM is successfully implemented in most of the world, it is still in the early stages in Germany, since the stakeholders are sceptical of its reliability and efficiency. Due to the huge capital requirement, the small and medium-sized construction companies are still reluctant to implement BIM workflow in their projects. The purpose of this paper is to analyse the opportunities and obstacles to implementing BIM for prefabrication. Among all other advantages of BIM, pre-fabrication is chosen for this paper because it plays a vital role in creating an impact on time as well as cost factors of a construction project. The positive impact of prefabrication can be explicitly observed by the project stakeholders and participants, which enables the breakthrough of the skepticism factor among the small scale construction companies. The analysis consists of the development of a process workflow for implementing prefabrication in building construction, followed by a practical approach, which was executed with two case studies. The first case study represents on-site prefabrication, and the second was done for off-site prefabrication. It was planned in such a way that the first case study gives a first-hand experience for the workers at the site on the BIM model so that they can make much use of the created BIM model, which is a better representation compared to the traditional 2D plan. The main aim of the first case study is to create a belief in the implementation of BIM models, which was succeeded by the execution of offshore prefabrication in the second case study. Based on the case studies, the cost and time analysis was made, and it is inferred that the implementation of BIM for prefabrication can reduce construction time, ensures minimal or no wastes, better accuracy, less problem-solving at the construction site. It is also observed that this process requires more planning time, better communication, and coordination between different disciplines such as mechanical, electrical, plumbing, architecture, etc., which was the major obstacle for successful implementation. This paper was carried out in the perspective of small and medium-sized mechanical contracting companies for the private building sector in Germany.

Keywords: building information modelling, construction wastes, pre-fabrication, small and medium sized company

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Authors: Charles Kwaku Oppong

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This study examined the effects of the agricultural land grabbed for the Bui Dam project on the livelihoods assets of the affected people and its implication on food production. Both quantitative and qualitative data were collected through the use of focus group discussions, questionnaire administration, interview guide, and observations. It was found that the land grabbing incident in the study communities as a result of the Bui Dam construction has resulted in the improvements in the physical assets of the affected people. The findings also indicated that local food crop production and the quantity of fish catch have dwindled after the land grabs. Contrary to this, the local people’s access to the natural capital, particularly the local land for agricultural activities has been worsened. The study recommends alternative sustainable livelihood for the affected people by the local government.

Keywords: land grabbing, livelihood, asset, food production

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Authors: Mehdi Brahimi, Kamal Medjaher, Noureddine Zerhouni, Mohammed Leouatni

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The Prognostics and Health Management is a system engineering discipline which provides solutions and models to the implantation of a predictive maintenance. The approach is based on extracting useful information from monitoring data to assess the “health” state of an industrial equipment or an asset. In this paper, we examine multiple extracted features from Pantograph-Catenary contact force in order to select the most relevant ones to achieve a diagnostics function. The feature extraction methodology is based on simulation data generated thanks to a Pantograph-Catenary simulation software called INPAC and measurement data. The feature extraction method is based on both statistical and signal processing analyses. The feature selection method is based on statistical criteria.

Keywords: catenary/pantograph interaction, diagnostics, Prognostics and Health Management (PHM), quality of current collection

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Authors: Mohammad Jamalabadi, Noemi Zabari, Lukasz Bratasz

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Panel paintings -complex multi-layer structures consisting of wood support and a paint layer composed of a preparatory layer of gesso, paints, and varnishes- are among the category of cultural objects most vulnerable to relative humidity fluctuations and frequently found in museum collections. The current environmental specifications in museums have been derived using the criterion of crack initiation in an undamaged, usually new gesso layer laid on wood. In reality, historical paintings exhibit complex crack patterns called craquelures. The present paper analyses the structural response of a paint layer with a virtual network of rectangular cracks under environmental loadings using a three-dimensional model of a panel painting. Two modes of loading are considered -one induced by one-dimensional moisture response of wood support, termed the tangential loading, and the other isotropic induced by drying shrinkage of the gesso layer. The superposition of the two modes is also analysed. The modelling showed that minimum distances between cracks parallel to the wood grain depended on the gesso stiffness under the tangential loading. In spite of a non-zero Poisson’s ratio, gesso cracks perpendicular to the wood grain could not be generated by the moisture response of wood support. The isotropic drying shrinkage of gesso produced cracks that were almost evenly spaced in both directions. The modelling results were cross-checked with crack patterns obtained on a mock-up of a panel painting exposed to a number of extreme environmental variations in an environmental chamber.

Keywords: fracture saturation, surface cracking, paintings on wood, wood panels

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Authors: Saeed Vahedikamal, Ian Hepburn

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Microwave Kinetic Inductance Detectors (MKIDs) are considered as one of the most promising photon detectors of the future in many Astronomical applications such as exoplanet detections. The MKID advantages stem from their single photon sensitivity (ranging from UV to optical and near infrared), photon energy resolution and high temporal capability (~microseconds). There has been substantial progress in the development of these detectors and MKIDs with Megapixel arrays is now possible. The unique capability of recording an incident photon and its energy (or wavelength) while also registering its time of arrival to within a microsecond enables an array of MKIDs to produce a four-dimensional data block of x, y, z and t comprising x, y spatial, z axis per pixel spectral and t axis per pixel which is temporal. This offers the possibility that the spectrum and brightness variation for any detected piece of space debris as a function of time might offer a unique identifier or fingerprint. Such a fingerprint signal from any object identified in multiple detections by different observers has the potential to determine the orbital features of the object and be used for their tracking. Modelling performed so far shows that with a 20 cm telescope located at an Astronomical observatory (e.g. La Palma, Canary Islands) we could detect sub cm objects at GEO. By considering a Lambertian sphere with a 10 % reflectivity (albedo of the Moon) we anticipate the following for a GEO object: 10 cm object imaged in a 1 second image capture; 1.2 cm object for a 70 second image integration or 0.65 cm object for a 4 minute image integration. We present details of our modelling and the potential instrument for a dedicated GEO surveillance system.

Keywords: space debris, orbital debris, detection system, observation, microwave kinetic inductance detectors, MKID

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Authors: Nik Abdul Rahim Nik Abdul Ghani, Mat Noor Mat Zain, Ahmad Dahlan Salleh

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Ownership of asset is an important aspect in ensuring the validity of sale contract. Nevertheless, in Islamic finance, the issue of beneficial ownership as practiced in the current system is seriously debated among Shariah scholars. It has been argued as violating the real concept of ownership (milkiyyah) in Shariah law. This article aims at studying the status of beneficial ownership from the Shariah perspective. This study begins with examining the meaning of ownership and its attributes from the Islamic point of view and followed by the discussion on the origin of beneficial ownership from the legal perspective. The approach that is applied to clarify the concept of beneficial ownership is content analysis. Subsequently, this study explains some current applications of beneficial ownership in Islamic finance to be analyzed further from the Shariah aspect. The research finding suggests that beneficial ownership should be recognized as a real ownership due to the fact that Shariah allows the transfer of ownership after the execution of offer (ijab) and acceptance (qabul).

Keywords: beneficial ownership, ownership, Islamic finance, parameter

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Authors: Mai Nguyen-Phuong-Mai

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This paper incorporates insight from various models, studies and disciplines to construct a framework called the Inverted Pyramid Model. It is argued that such a framework has several advantages: (1) it reduces the shortcomings of the problem-focused approach that dominates the mainstream theories of cross-cultural management. With contributing insight from neuroscience, it suggests that training in business cross-cultural awareness should start with potential synergy emerged from differences instead of the traditional approach that focuses on the liability of foreigners and negative consequences of cultural distance. (2) The framework supports a dynamic and holistic way of analyzing cultural diversity by analyzing four major cultural units (global, national, organizational and group culture). (3) The framework emphasizes the role of individuals –an aspect of culture that is often ignored or regarded as a non-issue in the traditional approach. It is based on the notion that people don’t do business with a country, but work (in)directly with a unique person. And it is at this individual level that culture is made, personally, dynamically, and contextually. Insight from neuroscience provides significant evidence that a person can develop a multicultural mind, confirm and contradict, follow and reshape a culture, even when (s)he was previously an outsider to this culture. With this insight, the paper proposes a revision of the old adage (Think global – Act local) and change it into Think global – Plan local – Act individual.

Keywords: static–dynamic paradigm, cultural diversity, multicultural mind, neuroscience

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Authors: Laura V. Gonzalez, Juan B. Duarte, Luis A. Palacio

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Decision making can be conditioned by factors such as the environments, circumstances, behavioral biases, emotions, beliefs and preferences of the participants. The objective of this paper is to analyze the effect ‘amount of information’ and ‘number of options’, on the behavior of competitors under a bilateral negotiation context. For the above, it has been designed an experiment as a classroom game where they negotiate goods, under the condition that none of the players knows exactly the real value of the asset. The game is designed under the concept of zero-sum (non-cooperative game) and focuses on the fact that agents must anticipate the strategies of their opponent to improve their chances of winning in the negotiation. The empirical results show that, contrary to the traditional view of expected utility theory, players prefer to obtain low profits and losses, when faced with a higher expectation of losses, using sub-optimal strategies not in accordance with game theory.

Keywords: bilateral negotiation, classroom game, decision making, game theory

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Authors: Jia Liu

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This article explores the shifting nature of physician-patient relationship in mainland China. Specifically, it takes the physician-patient relationship during the barefoot doctor program in 1968-1978, the marketization of healthcare services in 1978-2002, and the healthcare reform in 2003-2020 as three typical historical periods, illustrating how the nature of the physician-patient relationship has changed over time in mainland China. Drawing on recent jurisprudential literature that emphasizes the roles and functions done by and through obligation rather than right, it explores how the obligations of physicians and patients along with the implementation of informed consent, marketization of the healthcare system, and the basic healthcare reform have affected their relationship. One key feature of this article is that it analyzes the ways in which commodification and decommodification of healthcare have defined and in many different ways have determined the expectations and practices of physicians and patients, which illustrates how the trust between physicians and patients threatens to collapse and the bond between the citizen and the state fails to be firmly established in the mainland Chinese healthcare context. It also pays special attention to the role played by law and legal institutions—for instance, the implementation of informed consent and the liability law—in being complicit in facilitating the decoupling of the practices of physicians and patients from their ethical senses of obligation and undermining the bond (the trust relationship) between them.

Keywords: healthcare, marketization, physician-patient relationship, sense of obligation

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Authors: Mohamed Gaafar, Evan Davies

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Many municipalities within Canada and abroad use chloramination to disinfect drinking water so as to avert the production of the disinfection by-products (DBPs) that result from conventional chlorination processes and their consequential public health risks. However, the long-lasting monochloramine disinfectant (NH2Cl) can pose a significant risk to the environment. As, it can be introduced into stormwater sewers, from different water uses, and thus freshwater sources. Little research has been undertaken to monitor and characterize the decay of NH2Cl and to study the parameters affecting its decomposition in stormwater networks. Therefore, the current study was intended to investigate this decay starting by building a stormwater model and validating its hydraulic and hydrologic computations, and then modelling water quality in the storm sewers and examining the effects of different parameters on chloramine decay. The presented work here is only the first stage of this study. The 30th Avenue basin in Southern Edmonton was chosen as a case study, because the well-developed basin has various land-use types including commercial, industrial, residential, parks and recreational. The City of Edmonton has already built a MIKE-URBAN stormwater model for modelling floods. Nevertheless, this model was built to the trunk level which means that only the main drainage features were presented. Additionally, this model was not calibrated and known to consistently compute pipe flows higher than the observed values; not to the benefit of studying water quality. So the first goal was to complete modelling and updating all stormwater network components. Then, available GIS Data was used to calculate different catchment properties such as slope, length and imperviousness. In order to calibrate and validate this model, data of two temporary pipe flow monitoring stations, collected during last summer, was used along with records of two other permanent stations available for eight consecutive summer seasons. The effect of various hydrological parameters on model results was investigated. It was found that model results were affected by the ratio of impervious areas. The catchment length was tested, however calculated, because it is approximate representation of the catchment shape. Surface roughness coefficients were calibrated using. Consequently, computed flows at the two temporary locations had correlation coefficients of values 0.846 and 0.815, where the lower value pertained to the larger attached catchment area. Other statistical measures, such as peak error of 0.65%, volume error of 5.6%, maximum positive and negative differences of 2.17 and -1.63 respectively, were all found in acceptable ranges.

Keywords: stormwater, urban drainage, simulation, validation, MIKE URBAN

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Authors: Xavier Bertrand, Alexandre Cayrel

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The early phase of an aircraft development is instrumental as it really drives the potential of a new concept. Any weakness in the high-level design (wing planform, moveable surfaces layout etc.) will be extremely difficult and expensive to recover later in the aircraft development process. Aerodynamic evaluation in this very early development phase is driven by two main criteria: a short lead-time to allow quick iterations of the geometrical design, and a high quality of the calculations to get an accurate & reliable assessment of the current status. These two criteria are usually quite contradictory. Actually, short lead time of a couple of hours from end-to-end can be obtained with very simple tools (semi-empirical methods for instance) although their accuracy is limited, whereas higher quality calculations require heavier/more complex tools, which obviously need more complex inputs as well, and a significantly longer lead time. At this point, the choice has to be done between accuracy and lead-time. A brand new approach has been developed within Airbus, aiming at obtaining quickly high quality evaluations of the aerodynamic of an aircraft. This methodology is based on a joint use of Surrogate Modelling and a lifting line code. The Surrogate Modelling is used to get the wing sections characteristics (e.g. lift coefficient vs. angle of attack), whatever the airfoil geometry, the status of the moveable surfaces (aileron/spoilers) or the high-lift devices deployment. From these characteristics, the lifting line code is used to get the 3D effects on the wing whatever the flow conditions (low/high Mach numbers etc.). This methodology has been applied successfully to a concept of medium range aircraft.

Keywords: aerodynamics, lifting line, surrogate model, CFD

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Authors: Farizy Yunaz, Catur Sasongko

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This research aims to provide the empirical evidence regarding cost stickiness behavior and its determinants on listed manufacturing companies. Hypothesis testing is performed using pooled least square method. The result concludes that there is cost stickiness behavior in selling, general and administrative costs. In term of determinants, firm-specific adjustment costs measured by asset intensity and employee intensity have significant positive impact on the level of cost stickiness. Meanwhile, earnings target and leverage have significant negative impact on the level of cost stickiness. However, the management empire building incentives measured by free cash flow has no significant positive impact.

Keywords: adjustment cost, cost behavior, cost stickiness, earnings target, leverage, management empire building incentive

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Authors: Maryam Hamlehdar, Guillermo A. Narsilio

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To enhance the feasibility of utilising geothermal hot sedimentary aquifers (HSAs) for clean hydrogen production, one approach is the implementation of solar-integrated geothermal energy systems. This detailed modelling study conducts a thermo-economic assessment of an advanced Organic Rankine Cycle (ORC)-based hydrogen production system that uses low-temperature geothermal reservoirs, with a specific focus on hot sedimentary aquifers (HSAs) over a 30-year period. In the proposed hybrid system, solar-thermal energy is used to raise the water temperature extracted from the geothermal production well. This temperature increase leads to a higher steam output, powering the turbine and subsequently enhancing the electricity output for running the electrolyser. Thermodynamic modeling of a parabolic trough solar (PTS) collector is developed and integrated with modeling for a geothermal-based configuration. This configuration includes a closed regenerator cycle (CRC), proton exchange membrane (PEM) electrolyser, and thermoelectric generator (TEG). Following this, the study investigates the impact of solar energy use on the temperature enhancement of the geothermal reservoir. It assesses the resulting consequences on the lifecycle performance of the hydrogen production system in comparison with a standalone geothermal system. The results indicate that, with the appropriate solar collector area, a combined solar-geothermal hydrogen production system outperforms a standalone geothermal system in both cost and rate of production. These findings underscore a solar-assisted geothermal hybrid system holds the potential to generate lower-cost hydrogen with enhanced efficiency, thereby boosting the appeal of numerous low to medium-temperature geothermal sources for hydrogen production.

Keywords: clean hydrogen production, integrated solar-geothermal, low-temperature geothermal energy, numerical modelling

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Authors: Piedad Lucia Bolivar Goez, Daniel Ignacio Garzon Luna, Maria Camila Balcero Angel, Sara Carolina Martinez Roman, Daniela Natalia Polo Rivas, Sandra Liliana Rocha Guitierrez

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This article provides a critical analysis on the conception of disorders of sexual development (DSDs) within the bioethics framework. By means of analytical thought, the objective is to approach topics such as the rediscovery of the body, the reinvention of sexuality and link them to the liability that health personnel have to inform people about the options they have to decide over their health and body. The medicalization of sexed bodies in both psychosocial and anatomo-morpho-physiological dimensions from a legal standpoint were analyzed. Its also explored the gender stereotypes established by society and the role of laws in guaranteeing the right of autonomy that takes on greater relevance in DSD. Through this analysis, it was concluded that despite intersexuality having been analyzed by Colombia’s Constitutional Court, that it is stated as a fair entity, the stigmatization by society has not allowed these individuals to belong to an egalitarian context in which everyone has the same opportunities of access to the goods and services that they need. This leads individuals to hide their identity and expression of genre in order to be accepted in a set of contexts. Thus creating a vulnerability that the health system must be able to identify and in which it is necessary to intervene at a biopsychosocial level, in order to guarantee the protection of the individual within an unquestionable frame of equality and solidarity.

Keywords: disorders of sex development, gender identity, sexuality, transgender persons

Procedia PDF Downloads 192

Authors: I. Inuaeyen, L. Phil, O. Eni

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Fossil fuels have been the main source of global energy for many decades, accounting for about 80% of global energy need. This is beginning to change however with increasing concern about greenhouse gas emissions which comes mostly from fossil fuel combustion. Greenhouse gases such as carbon dioxide are responsible for stimulating climate change. As a result, there has been shift towards more clean and renewable energy sources of energy as a strategy for stemming greenhouse gas emission into the atmosphere. The production of bio-products such as bio-fuel, bio-electricity, bio-chemicals, and bio-heat etc. using biomass materials in accordance with the bio-refinery concept holds a great potential for reducing high dependence on fossil fuel and their resources. The bio-refinery concept promotes efficient utilisation of biomass material for the simultaneous production of a variety of products in order to minimize or eliminate waste materials. This will ultimately reduce greenhouse gas emissions into the environment. In Nigeria, cassava solid waste from cassava processing facilities has been identified as a vital feedstock for bio-refinery process. Cassava is generally a staple food in Nigeria and one of the most widely cultivated foodstuff by farmers across Nigeria. As a result, there is an abundant supply of cassava waste in Nigeria. In this study, the aim is to explore opportunities for converting cassava waste to a range of bio-products such as butanol, ethanol, electricity, heat, methanol, furfural etc. using a combination of biochemical, thermochemical and chemical conversion routes. . The best process scenario will be identified through the evaluation of economic analysis, energy efficiency, life cycle analysis and social impact. The study will be carried out by developing a model representing different process options for cassava waste conversion to useful products. The model will be developed using Aspen Plus process simulation software. Process economic analysis will be done using Aspen Icarus software. So far, comprehensive survey of literature has been conducted. This includes studies on conversion of cassava solid waste to a variety of bio-products using different conversion techniques, cassava waste production in Nigeria, modelling and simulation of waste conversion to useful products among others. Also, statistical distribution of cassava solid waste production in Nigeria has been established and key literatures with useful parameters for developing different cassava waste conversion process has been identified. In the future work, detailed modelling of the different process scenarios will be carried out and the models validated using data from literature and demonstration plants. A techno-economic comparison of the various process scenarios will be carried out to identify the best scenario using process economics, life cycle analysis, energy efficiency and social impact as the performance indexes.

Keywords: bio-refinery, cassava waste, energy, process modelling

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Authors: Numair Ahmed Siddiqui, Abdul Hadi bin Abd Rahman, Chow Weng Sum, Wan Ismail Wan Yousif, Asif Zameer, Joel Ben-Awal

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Advances in data capturing from outcrop studies have made possible the acquisition of high-resolution digital data, offering improved and economical reservoir modelling methods. Terrestrial laser scanning utilizing LiDAR (Light detection and ranging) provides a new method to build outcrop based reservoir models, which provide a crucial piece of information to understand heterogeneities in sandstone facies with high-resolution images and data set. This study presents the detailed application of outcrop based sandstone facies connectivity model by acquiring information gathered from traditional fieldwork and processing detailed digital point-cloud data from LiDAR to develop an intermediate small-scale reservoir sandstone facies model of the Miocene Sandakan Formation, Sabah, East Malaysia. The software RiScan pro (v1.8.0) was used in digital data collection and post-processing with an accuracy of 0.01 m and point acquisition rate of up to 10,000 points per second. We provide an accurate and descriptive workflow to triangulate point-clouds of different sets of sandstone facies with well-marked top and bottom boundaries in conjunction with field sedimentology. This will provide highly accurate qualitative sandstone facies connectivity model which is a challenge to obtain from subsurface datasets (i.e., seismic and well data). Finally, by applying this workflow, we can build an outcrop based static connectivity model, which can be an analogue to subsurface reservoir studies.

Keywords: LiDAR, outcrop, high resolution, sandstone faceis, connectivity model

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Authors: Satinder Bhatia

Abstract:

Limited Liability Partnerships (LLPs) was a concept introduced in India in 2009. Ever since then, there has been a fierce growth in the number of organizations registered as LLPs outpacing the number of registrations as private companies. Among other benefits extended to LLPs, the audit being mandated only for LLPs having a turnover of at least Rs 40 lakhs or capital contribution of Rs 25 lakhs, has been a major attraction. This has resulted in only about 10 per cent of LLPs coming under mandatory audit. Even for such companies, the accounting standards to be followed in the preparation of financial statements have not been specified. The Revised Indian Accounting Standards (Revised IndAS) which are aligned with IFRS to a great extent, may apply to LLPs only under limited conditions. Thus, the veracity of even the audited financial statements of LLPs can be questioned. If in future, these LLPs would like to list on a stock exchange to raise capital, there can be serious hurdles if investors do not find the financial statements to be reliable and consistent. LLPs are generally governed by country-specific rules in the area of accounts and audit. Thus, such rules vary across UK, EU and the USA. Some countries have adopted the IFRS for SMEs and since LLPs can be referred to as SMEs; they would come under the ambit of these IFRS provisions. Besides, as the scope of audit widens to cover qualitative information in addition to quantitative data, audit of LLPs has now acquired a new meaning and a new urgency as demands for at least limited purpose audits are arising from different stakeholders including lenders, suppliers, customers and joint venture partners.

Keywords: audit disclosures, audit quality, guidance for SMEs, non-audit services

Procedia PDF Downloads 155