Search results for: financial studies system

Authors: Nishi Malhotra

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Art has developed as a mode of investment and saving. Art and culture of any nation is the source of foreign direct investment (FDI) generation and growth development. Several intermediaries and skill-building organizations thrive on at and culture for their earnings. Indian art market has grown to Rs. 2000 Crores. Art establishment houses access to privileged information is the main reason for arbitrariness and volatility in the market. The commercialization of art and development of the markets with refinement in the taste of the customers have led to the development of art as an investment avenue. Investors keen on investing in these products can do so, and earnings from art are taxable too, like any other capital asset. This research paper is aimed at exploring the role of art and culture as an investment avenue in India and reasons for increasing volatilities in the art market. Based on an extensive literature review and secondary research, a benchmarking study has been conducted to capture the growth of the art as an investment avenue. These studies indicate that during the financial crisis of 2008-10, the art emerged as an alternative investment avenue. The paper aims at discussing the financial engineering of various art funds and instruments. Based on secondary data available from Sotheby’s, Christies, Bonham, there is a positive correlation between strategic diversification and increasing return in the Art market. Similarly, digitization has led to disintermediation in the art markets and also helped to increase the market base. The data clearly enumerates the growing interest of the Indian investor towards art as an investment option. Much like any other broad asset class, art market too thrives on excess returns provided by diversification. Many financial intermediaries and art funds have emerged, to offer valuable investment planning advisory to a genuine investor. This paper clearly highlights the increasing returns of strategic diversification and its impact on reducing volatility in the art markets. Moreover, with coming up of e-auctions and websites, investors are able to analyse art more objectively. Digitization and commercialization of art have definitely helped in reducing volatility in world art markets.

Keywords: art, investment avenue, diversification, digitization

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Authors: S. Sadallah

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In this paper, dynamic programming is used to determine the optimal management of financial resources in company. Solution of the problem by consider into simpler substructures is constructed. The optimal management of internal capital of company are simulated. The tools applied in this development are based on graph theory. The software of given problems is built by using greedy algorithm. The obtained model and program maintenance enable us to define the optimal version of management of proper financial flows by using visual diagram on each level of investment.

Keywords: management, software, optimal, greedy algorithm, graph-diagram

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Authors: Malik Imtiaz Ahmad

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The prime sources of Islamic Law or Shariah are Quran and Sunnah and is applied to the personal and public affairs of Muslims. Islamic law is deemed to be divine and furnishes a complete code of conduct based upon universal values to build honesty, trust, righteousness, piety, charity, and social justice. The primary focus of this paper was to examine the development of Islamic jurisprudence (Fiqh) over time and its relevance to the field of Islamic finance. This encompassed a comprehensive analysis of the historical context, key legal principles, and their application in contemporary financial systems adhering to Islamic principles. This study aimed to elucidate the deep-rooted connection between Islamic law and finance, offering valuable insights for practitioners and policymakers in the Islamic finance sector. Understanding the historical context and legal underpinnings is crucial for ensuring the compliance and ethicality of modern financial systems adhering to Islamic principles. Fintech solutions are developing fields to accelerate the digitalization of Islamic finance products and services for the harmonization of global investors' mandate. Through this study, we focus on institutional governance that will improve Sharia compliance, efficiency, transparency in decision-making, and Islamic finance's contribution to humanity through the SDGs program. The research paper employed an extensive literature review, historical analysis, examination of legal principles, and case studies to trace the evolution of Islamic law and its contemporary application in Islamic finance, providing a concise yet comprehensive understanding of this intricate relationship. Through these research methodologies, the aim was to provide a comprehensive and insightful exploration of the historical evolution of Islamic law and its relevance to contemporary Islamic finance, thereby contributing to a deeper understanding of this unique and growing sector of the global financial industry.

Keywords: sharia, sequencing Islamic jurisprudence, Islamic congruent marketing, social development goals of Islamic finance

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Authors: Yosra Mefteh Rekik

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A computational agent-based model of financial markets stresses interactions and dynamics among a very diverse set of traders. The growing body of research in this area relies heavily on computational tools which by-pass the restrictions of an analytical method. The main goal of this research is to understand how the stock market operates and behaves how to invest in the stock market and to study traders’ behavior within the context of the artificial stock markets populated by heterogeneous agents. All agents are characterized by adaptive learning behavior represented by the Artificial Neuron Networks. By using agent-based simulations on artificial market, we show that the existence of heterogeneous agents can explain the price dynamics in the financial market. We investigate the relation between market diversity and market efficiency. Our empirical findings demonstrate that greater market heterogeneity play key roles in market efficiency.

Keywords: agent-based modeling, artificial stock market, heterogeneous expectations, financial stylized facts, computational finance

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Authors: D. Gvozdikov

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The purpose of this study is an attempt to describe an online action as a system that combines disjointed events and behavioral chains into a whole. The research focuses on patterns of naturally-formed chains of actions united by an orientation towards the online environment. A key characteristic of the system of online action is that it acts as an attractor for separate actions and chains of behavioral repertoire accumulating time and efforts made by users. The article demonstrates how the chains of online-offline actions are combined into a single pattern due to a simple identifiable mechanism, a positive feedback system. Using methods of digital ethnography and analyzing the content of the Instagram application and media blogs, the research reveals how through the positive feedback mechanism the entire system of online action acquires stability and can expand involving new spheres of human activity.

Keywords: digital anthropology, internet studies, systems theory, social media

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Authors: Sepideh Khavarinezhad, Paolo Pietro Biancone

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This paper sheds light on how gender entrepreneurship is influenced by economic freedom in OECD countries. Our study empirically explores the interaction of financial institutions and its effect of both motivations on total entrepreneurial activities (TEA) of women and men in these countries and to discuss the differences between women and men in this field, which is always a hot topic in entrepreneurship. Employing a dynamic method, we conducted panel data analysis in the time frame from 2012-2015. In this regard, we evaluate the relationship between the Index of Economic Freedoms and its three years, and both indicators of Global Entrepreneurship Monitor (GEM) on supportive financial institutions. We investigate that economic liberalization tends to persuade men and women entrepreneurs to start their businesses or to reduce motivation entrepreneurship. In particular, our paper demonstrates that motivation entrepreneurship seems to benefit from government support and fade barriers in legal structure in business, while we expect to confirm that free trade and economic freedom stimulate the entrepreneur’s motivation and their participation to start own business.

Keywords: economic freedom, gender entrepreneurship, financial institutions, OECD countries

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Authors: Leila Maleki, Ezatollah Ahmadi

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Neuroplasticity or the flexibility of the neural system is the ability of the brain to adapt to the lack or deterioration of sense and the capability of the neural system to modify itself through changing shape and function. Not only have studies revealed that neuroplasticity does not end in childhood, but also they have proven that it continues till the end of life and is not limited to the neural system and covers the cognitive system as well. In the field of cognition, neuroplasticity is defined as the ability to change old thoughts according to new conditions and the individuals' differences in using various styles of cognitive regulation inducing several social, emotional and cognitive outcomes. On the other hand, complexities of daily life necessitates cognitive neuroplasticity in order to adapt to different circumstances. The present paper attempts to discuss and define major theories and principles of neuroplasticity and elaborate on nature or nurture.

Keywords: neuroplasticity, cognitive plasticity, plasticity theories, plasticity mechanisms

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Authors: Leila Maleki, Ezatollah Ahmadi

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Neuroplasticity or the flexibility of the neural system is the ability of the brain to adapt to the lack or deterioration of sense and the capability of the neural system to modify itself through changing shape and function. Not only have studies revealed that neuroplasticity does not end in childhood, but also they have proven that it continues till the end of life and is not limited to the neural system and covers the cognitive system as well. In the field of cognition, neuroplasticity is defined as the ability to change old thoughts according to new conditions and the individuals' differences in using various styles of cognitive regulation inducing several social, emotional and cognitive outcomes. On the other hand, complexities of daily life necessitates cognitive neuroplasticity in order to adapt to different circumstances. The. present paper attempts to discuss and define major theories and principles of neuroplasticity and elaborate on nature or nurture.

Keywords: neuroplasticity, cognitive plasticity, plasticity theories, plasticity mechanisms

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Authors: Mais Khader, Xingjie Wei

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This research sheds light on female entrepreneurs by providing new insights on the survival predictions of companies led by females in the UK. This study aims to build a predictive machine learning model of the survival of female-led & co-led small & medium enterprises (SMEs) in the UK over the period 2000-2020. The predictive model built utilised a combination of financial and non-financial features related to both companies and their directors to predict SMEs' survival. These features were studied in terms of their contribution to the resultant predictive model. Five machine learning models are used in the modelling: Decision tree, AdaBoost, Naïve Bayes, Logistic regression and SVM. The AdaBoost model had the highest performance of the five models, with an accuracy of 73% and an AUC of 80%. The results show high feature importance in predicting companies' survival for company size, management experience, financial performance, industry, region, and females' percentage in management.

Keywords: company survival, entrepreneurship, females, machine learning, SMEs

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Authors: Maria Luz Macasinag

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This study aims to determine and to examine critically successful family-owned higher educational institutions towards identifying the attributes and practices that may likely have led to their success. This research is confined to private, non-sectarian, family-owned higher institutions of learning that have been operating for more than fifty years, had only one founder and had at least two transitions in terms of generation. The criteria for selecting family-owned universities to be part of the cases under investigation include institutions (1) with increasing enrollment over the past five years, with level III accreditation status, (3) with good performance in the Board examinations in most of its programs and (4) with high employability of graduates. The study uses the multiple case study method. A model based on the cross-case analysis of the attributes and practices of all the case studies of successful family- owned higher institutions of learning is the output. The paper provides insights to current and future school owners and administrators in the management of their institutions for competitiveness, sustainability and advancement. This research encourages the evaluation of how the ideas that may lead to the success of schools owned by families in developing a sense of community, a reciprocal relationship among colleagues, the students and other stakeholders will result to the attainment of the vision and mission of the school. The study is beneficial to entrepreneurs and to business students whose know-how may provide insights that would be helpful in guiding prospective school owners. The commission on higher education and the Department of Education stand to benefit from this academic paper for the guidance that they provide to family-owned educational institutions. Banks and other financial institutions may find valuable ideas from this academic paper for the purpose of providing financial assistance to colleges and universities that are family-owned. Researchers in the field of educational management and administration may be able to extract from this study related topics for future research.

Keywords: administration practices, attributes, family-owned schools, success factors

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Authors: Mirjana Dragas, Marli Gonan Bozac, Morena Paulisic

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Corporate social responsibility (CSR) is a balance between strategic and financial goals of companies, as well as social needs. The integration of competitive strategy and CSR in food and beverage industry has allowed companies to find new sources of competitive advantage. The paper discusses the fact that socially responsible companies encourage co-operation with socially responsible suppliers in order to strengthen market competitiveness. In addition to the descriptive interpretation of the results obtained by a questionnaire, factor analysis was used, while principal components analysis was applied as a factor extraction method. The research results based on two multiple regression analyses show that: (1) selecting the CSR supplier explains a statistically significant part of the variance of the results on the scale of financial aspects of competitiveness (as much as 44.7% of the explained variance); and (2) selecting the CSR supplier is a significant predictor of non-financial aspects of competitiveness (explains 43.9% of the variance of the results on the scale of non-financial aspects of competitiveness). A successful competitive strategy must ultimately support the growth strategy. This implies an analytical approach to finding factors that influence competitiveness through socially sustainable solutions and satisfactory top management decisions.

Keywords: competitiveness, corporate social responsibility, food and beverage industry, supply chain decision making

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Authors: Paolo Guzzini, Emad Samuel M. Ebeid

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Bridges and Railways are critical infrastructures. Ensuring safety for transports using such assets is a primary goal as it directly impacts the lives of people. By the way, improving safety could require increased investments in O&M, and therefore optimizing resource usage for asset maintenance becomes crucial. Drones4Safety (D4S), a European project funded under the H2020 Research and Innovation Action (RIA) program, aims to increase the safety of the European civil transport by building a system that relies on 3 main pillars: • Drones operating autonomously in swarm mode; • Drones able to recharge themselves using inductive phenomena produced by transmission lines in the nearby of bridges and railways assets to be inspected; • Data acquired that are analyzed with AI-empowered algorithms for defect detection This paper describes the business model behind this disruptive project. The Business Model is structured in 2 parts: • The first part is focused on the design of the business model Canvas, to explain the value provided by the Drone4safety project; • The second part aims at defining a detailed financial analysis, with the target of calculating the IRR (Internal Return rate) and the NPV (Net Present Value) of the investment in a 7 years plan (2 years to run the project + 5 years post-implementation). As to the financial analysis 2 different points of view are assumed: • Point of view of the Drones4safety company in charge of designing, producing, and selling the new system; • Point of view of the Utility company that will adopt the new system in its O&M practices; Assuming the point of view of the Drones4safety company 3 scenarios were considered: • Selling the drones > revenues will be produced by the drones’ sales; • Renting the drones > revenues will be produced by the rental of the drones (with a time-based model); • Selling the data acquisition service > revenues will be produced by the sales of pictures acquired by drones; Assuming the point of view of a utility adopting the D4S system, a 4th scenario was analyzed taking into account the decremental costs related to the change of operation and maintenance practices. The paper will show, for both companies, what are the key parameters affecting most of the business model and which are the sustainable scenarios.

Keywords: a swarm of drones, AI, bridges, railways, drones4safety company, utility companies

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Authors: Nela Milosevic, Sladjana Barjaktarovic Rakocevic, Sladjana Benkovic, Nemanja Milanovic

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Nowadays, performance measurement systems play a key role in evaluating the strategic performances of an organization. On the other hand, there has been a shift towards the Balanced Scorecard (BSC), which has been recognized as a valuable managerial approach. The main goal of this paper is to analyze the main performances of Serbian banks measured at the branches level, through the usage of the Balanced Scorecard framework. Although an extensive number of practitioners have an interest in the Balanced Scorecard approach, little empirical research has been conducted on the implementation of its concept in the service sector like banks, especially within developing countries. From the beginning of August till the end of September 2015, authors have been conducting in-depth interviews among a number of experts from the most successful banks in Serbia. The results show that the non-financial measures, especially, customer oriented indicators and product/ service oriented indicators, seem to be very important factors for improving not only the financial situation within the bank, but also overall business performances. Additionally, the findings prove that there is the cause-effect relationship between non-financial and financial dimensions of the Balanced Scorecard. Having in mind that the banks are still using outdated performance evaluation systems, such as annual, quarterly and monthly reports, we hope that this paper will contribute to the knowledge of how banks in Serbia may apply the Balanced Scorecard approach to evaluate their performance on the most efficient and effective way.

Keywords: balanced scorecard approach, bank management, performance measurement systems, strategic performances

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Authors: Yan Li

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Purpose: There is a lack of suitable recommendation systems to assist engineering teaching. The existing traditional engineering pedagogies lack learning interests for postgraduate students. The knowledge graph-based recommender system aims to enhance postgraduate students’ programming skills, with a focus on programming courses. Design/methodology/approach: The case study will be used as a major research method, and the two case studies will be taken in both two teaching styles of the universities (Zhejiang University and the University of Nottingham Ningbo China), followed by the interviews. Quantitative and qualitative research methods will be combined in this study. Research limitations/implications: The case studies were only focused on two teaching styles universities, which is not comprehensive enough. The subject was limited to postgraduate students. Originality/value: The study collected and analyzed the data from two teaching styles of universities’ perspectives. It explored the challenges of Engineering education and tried to seek potential enhancement.

Keywords: knowledge graph and recommender system, engineering pedagogy, programming skills, postgraduate students

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Authors: Dariush Jafari, S. Mostafa Nowee

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In this study a ternary system containing sodium chloride as solute, water as primary solvent and ethanol as the antisolvent was considered to investigate the application of artificial neural network (ANN) in prediction of sodium solubility in the mixture of water as the solvent and ethanol as the antisolvent. The system was previously studied using by Extended UNIQUAC model by the authors of this study. The comparison between the results of the two models shows an excellent agreement between them (R2=0.99), and also approves the capability of ANN to predict the thermodynamic behavior of ternary electrolyte systems which are difficult to model.

Keywords: thermodynamic modeling, ANN, solubility, ternary electrolyte system

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Authors: Data Collete Bob-Manuel

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In light of global financial crisis in 2007-2008 various factors including board diversity, succession planning and board evaluation have been identified as essential ingredients in ensuring board effectiveness. The composition and structure of the board is of outmost importance in assessing a board’s ability and success in achieving its objectives. Following the corporate frauds and accounting scandals such as Enron, WorldCom, Parmalat, Oceanic Bank Nigeria and AfriBank Nigeria, there has been a notable amount of research about the effectiveness of the board of directors in the corporate governance of firms. The need to have an effective board cannot be over emphasized as it results in a more stable and thriving company. There has been an overarching need in the business world for a more diverse workforce and board of directors. Big corporations like Texaco, Ford Motors and DuPont have stated how diversity at every level of the workforce including the board of directors has been cited as a vital element for a company to succeed. Developed countries are also seeking for companies to have a more diverse board. For instance Norway has implemented a 60:40 board ratio to all companies. In West Africa, particularly Nigeria, the topic of diversity has received little attention as most studies conducted have focused on the gender aspect of diversity, which results found to have a negative impact on firm performance. This paper seeks to examine four variables of diversity; age, ethnicity, gender and skills to weigh the positive or negative impact the variables have on firm performance, based on evidence from the Nigerian Financial sector. Information used for this study will be gathered from financial statements and annual reports so as to enable the researcher to reflect on past years to know what is being done differently today. The findings of this study will help the researcher to develop a working definition for ethnicity with regards to the West African context where the issue of “tribe” is a sensitive topic.

Keywords: Board of Directors, Board Diversity, Firm Performance, Nigeria

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Authors: Dimitrios J. Dimitriou, Maria F. Sartzetaki, Anastasia Kalamakidou

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Transport infrastructure assets are key components of the national asset portfolio. The decision to invest in a new infrastructure in transports could take from a few years to some decades. This is mainly because of the need to reserve and spent many capitals, the long payback period, the number of the stakeholders involved in the decision process and –many times- the investment and business risks are high. Decision makers and stakeholders need to define the framework and the outputs of the decision process taking into account the project characteristics, the business uncertainties, and the different expectations. Therefore, the decision assessment framework is an essential challenge linked with the key decision factors meet the stakeholder expectations highlighting project trade-offs, financial risks, business uncertainties and market limitations. This paper examines the decision process for new transport infrastructure projects in cross-border regions, where a wide range of stakeholders with different expectation is involved. According to a consequences analysis systemic approach, the relationship of transport infrastructure development, economic system development and stakeholder expectation is analysed. Adopting the on system of system methodological approach, the decision making the framework, variables, inputs and outputs are defined, highlighting the key shareholder’s role and expectations. The application provides the methodology outputs presenting the proposed decision framework for a strategic railway project in north Greece deals with the upgrade of the existing railway corridor connecting Greece, Turkey, and Bulgaria.

Keywords: system of system decision making, managing decisions for transport projects, decision support framework, defining decision process

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Authors: Muhammad Fezan Afzal, Imran Khan, Salma Imtiaz

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The need for human verification and identification requires from centuries for authentication. Since it is being used in big institutes like financial, government and crime departments, a continued struggle is important to make this system more efficient to prevent security breaches. Therefore, multiple devices are used to authenticate the biometric for each individual. A large number of devices are required to cover a large number of users. As the number of devices increases, cost will automatically increase. Furthermore, it is time-consuming for biometrics due to the devices being insufficient and are not available at every door. In this paper, we propose the framework and algorithm where the mobile of each individual can also perform the biometric authentication of attendance and security. Every mobile has a biometric authentication system that is used in different mobile applications for security purposes. Therefore, each individual can use the biometric system mobile without moving from one place to another. Moreover, by using the biometrics mobile, the cost of biometric systems can be removed that are mostly deployed in different organizations for the attendance of students, employees and for other security purposes.

Keywords: fingerprint, fingerprint authentication, mobile verification, mobile biometric verification, mobile fingerprint sensor

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Authors: Ilgoun Kim, Jongpil Jeong

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Recently, a connected industrial parks (CIPs) architecture using new technologies such as RFID, cloud computing, CPS, Big Data, 5G 5G, IIOT, VR-AR, and ventral AI algorithms based on IoT has been proposed. This researcher noted the vehicle junction problem (VJP) as a more specific detail of the CIPs architectural models. The VJP noted by this researcher includes 'efficient AI physical connection challenges for vehicles' through ventilation, 'financial and financial issues with complex vehicle physical connections,' and 'welfare and working conditions of the performing personnel involved in complex vehicle physical connections.' In this paper, we propose a public solution architecture for the 'electronic financial problem of complex vehicle physical connections' as a detailed task during the vehicle junction problem (VJP). The researcher sought solutions to businesses, consumers, and Korean social problems through technological advancement. We studied how the beneficiaries of technological development can benefit from technological development with many consumers in Korean society and many small and small Korean company managers, not some specific companies. In order to more specifically implement the connected industrial parks (CIPs) architecture using the new technology, we noted the vehicle junction problem (VJP) within the smart factory industrial complex and noted the process of achieving the vehicle junction problem performance among several electronic processes. This researcher proposes a more detailed, integrated public finance enterprise architecture among the overall CIPs architectures. The main details of the public integrated financial enterprise architecture were largely organized into four main categories: 'business', 'data', 'technique', and 'finance'.

Keywords: enterprise architecture, IT Finance, smart logistics, CIPs

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Authors: Sunil Sangwan, Narayan Chandra Nayak

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Over the last few decades, Indian banking system has achieved remarkable growth in its credit volume. However, one of the most disturbing facts about this growth is the uneven distribution of financial services across regions. Having witnessed limited success from all the earlier efforts towards financial inclusion targeting the rural poor and the underprivileged, provision of microfinance, of late, has emerged as a supplementary mechanism. There are two prominent modes of microfinance distribution in India namely Bank-SHG linkage (SBLP) and private Microfinance Institutions (MFIs). Ironically, such efforts also seem to have failed to achieve the desired targets as the microfinance services have witnessed skewed distribution across the states of the country. This study attempts to make a comparative analysis of the geographical skew of the SBLP and MFI in India and examine the factors influencing their regional distribution. The results indicate that microfinance services are largely concentrated in the southern region, accounting for about 50% of all microfinance clients and 49% of all microfinance loan portfolios. This is distantly followed by an eastern region where client outreach is close to 25% only. The north-eastern, northern, central, and western regions lag far behind in microfinance sectors, accounting for only 4%, 4%, 10%, and 7 % client outreach respectively. The penetration of SHGs is equally skewed, with the southern region accounting for 46% of client outreach and 70% of loan portfolios followed by an eastern region with 21% of client outreach and 13% of the loan portfolio. Contrarily, north-eastern, northern, central, western and eastern regions account for 5%, 5%, 10%, and 13% of client outreach and 3%, 3%, 7%, and 4% of loan portfolios respectively. The study examines the impact of literacy rate, rural poverty, population density, primary sector share, non-farm activities, loan default behavior and bank penetration on the microfinance penetration. The study is limited to 17 major states of the country over the period 2008-2014. The results of the GMM estimation indicate the significant positive impact of literacy rate, non-farm activities and population density on microfinance penetration across the states, while the rise in loan default seems to deter it. Rural poverty shows the significant negative impact on the spread of SBLP, while it has a positive impact on MFI penetration, hence indicating the policy of exclusion being adhered to by the formal financial system especially towards the poor. However, MFIs seem to be working as substitute mechanisms to banks to fill the gap. The findings of the study are a pointer towards enhancing financial literacy, non-farm activities, rural bank penetration and containing loan default for achieving greater microfinance prevalence.

Keywords: bank penetration, literacy rate, microfinance, primary sector share, rural non-farm activities, rural poverty

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Authors: Gebremeskel Hagos Gebremedhin, Feng Chong, Heyan Huang

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Software system is the combination of architecture and organized components to accomplish a specific function or set of functions. A good software architecture facilitates application system development, promotes achievement of functional requirements, and supports system reconfiguration. We describe three studies demonstrating the utility of our architecture in the subdomain of mobile office robots and identify software engineering principles embodied in the architecture. The main aim of this paper is to analyze prove architecture design and automatic re-architecting using machine learning. Intelligence software architecture and automatic re-architecting process is reorganizing in to more suitable one of the software organizational structure system using the user access dataset for creating relationship among the components of the system. The 3-step approach of data mining was used to analyze effective recovery, transformation and implantation with the use of clustering algorithm. Therefore, automatic re-architecting without changing the source code is possible to solve the software complexity problem and system software reuse.

Keywords: intelligence, software architecture, re-architecting, software reuse, High level design

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Authors: Lucia Carrion Gordon, Maria Gabriela Lopez Yanez

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This project focuses on heritage concepts and their importance in every evolving and changing Digital Era where system solutions have to be sustainable, efficient and suitable to the basic needs. The prototype has to cover the principal requirements for the case studies. How to preserve the sociological ideas of dances in Ecuador like ‘La Bomba’ is the best example and challenge to preserve the intangible data. The same idea is applicable with books and music. The History and how to keep it, is the principal mission of Heritage Preservation. The dance of La Bomba is rooted on a specific movement system whose main part is the sideward hip movement. La Bomba´s movement system is the surface manifestation of a whole system of knowledge whose principal characteristics are the historical relation of Chote˜nos with their land and their families.

Keywords: digital preservation, heritage, IT management, data, metadata, ontology, serendipity

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Authors: Jihene Jebeniani

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We proposed an approach combining both the techniques of experimental economy and the flexibility of discrete choice models in order to test the loss aversion. Our main objective was to test the loss aversion of the Cumulative Prospect Theory (CPT). We developed an experimental laboratory in the context of the financial investments that aimed to analyze the attitude towards the risk of the investors. The study uses the lotteries and is basing on econometric modeling. The estimated model was the ordered probit.

Keywords: risk aversion, behavioral finance, experimental economic, lotteries, cumulative prospect theory

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Authors: Chanhoe Kang, Changhyun Lee, Seock-Hee Jun, Yeong-Tae Oh

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Offshore floating structure under the various environmental conditions maintains a fixed position by mooring system. Environmental conditions, vessel motions and mooring loads are applied to mooring lines as the dynamic tension. Because global responses of mooring system in deep water are specified as wave frequency and low frequency response, they should be calculated from the time-domain analysis due to non-linear dynamic characteristics. To take into account all mooring loads, environmental conditions, added mass and damping terms at each time step, a lot of computation time and capacities are required. Thus, under the premise that reliable fatigue damage could be derived through reasonable analysis method, it is necessary to reduce the analysis cases through the sensitivity studies and appropriate assumptions. In this paper, effects in fatigue are studied for spread mooring system connected with oil FPSO which is positioned in deep water of West Africa offshore. The target FPSO with two Mbbls storage has 16 spread mooring lines (4 bundles x 4 lines). The various sensitivity studies are performed for environmental loads, type of responses, vessel offsets, mooring position, loading conditions and riser behavior. Each parameter applied to the sensitivity studies is investigated from the effects of fatigue damage through fatigue analysis. Based on the sensitivity studies, the following results are presented: Wave loads are more dominant in terms of fatigue than other environment conditions. Wave frequency response causes the higher fatigue damage than low frequency response. The larger vessel offset increases the mean tension and so it results in the increased fatigue damage. The external line of each bundle shows the highest fatigue damage by the governed vessel pitch motion due to swell wave conditions. Among three kinds of loading conditions, ballast condition has the highest fatigue damage due to higher tension. The riser damping occurred by riser behavior tends to reduce the fatigue damage. The various analysis results obtained from these sensitivity studies can be used for a simplified fatigue analysis of spread mooring line as the reference.

Keywords: mooring system, fatigue analysis, time domain, non-linear dynamic characteristics

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Authors: Bita Mashayekhi, Marjan Fayyazi, Parisa Sefati

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Audit quality is a popular topic in accounting and auditing research because recent decades’ financial crises reduce the reliability of financial reports to public investors and cause significant doubt about the audit profession. Therefore, doing research to identify effective factors in improving audit quality is necessary for bringing back public investors’ trust to financial statements as well as audit reports. In this study, we explore the relationship between audit rotation and audit quality. For this purpose, we employ the Duff (2009) model of audit quality to measure audit quality and use a questionnaire survey of 27 audit service quality attributes. Our results show that there is a negative relationship between auditor’s rotation and audit quality as we consider the auditor’s reputation, capability, assurance, experience, and responsiveness as surrogates for audit quality. There is no evidence for verifying a same relationship when we use the auditor’s independence and expertise for measuring audit quality.

Keywords: audit quality, auditor’s rotation, reputation, capability, assurance, experience, responsiveness, independence, expertise

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Authors: Paolo Biancone, Silvana Secinaro, Davide Calandra

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This study explores the integration of Islamic finance principles with environmental, social, and governance (ESG) criteria, focusing on the contribution of Islamic financial instruments to achieving sustainable development goals (SDGs). Through a systematic literature review (SLR) and bibliometric analysis of 66 documents from 2019 to 2024, the research addresses critical gaps by examining the alignment between Islamic finance and ESG, identifying emerging trends, and assessing operational challenges and opportunities. Findings indicate that Islamic finance, mainly through instruments such as green sukuk and Islamic microfinance, demonstrates substantial alignment with ESG objectives, anchored in its ethical principles of risk-sharing, fairness, and avoidance of harmful investments. Nevertheless, scalability and regulatory structures pose significant challenges to broader ESG adoption within Islamic finance. This study offers theoretical and practical implications, proposing that Islamic finance provides a solid framework to address sustainability shortcomings in conventional finance. Furthermore, it highlights future research directions, emphasizing the need for empirical studies on the long-term impact of Islamic financial products on sustainability outcomes and exploring the role of fintech in ESG integration.

Keywords: Islamic finance, ESG, SDGs, bibliometric analysis, Shariah-compliant investments

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Authors: Riccardo Bonazzi, Michaël Poli, Abeba Nigussie Turi

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This paper presents an applied research of a new module for the financial administration and management industry, Personalizable and Automated Checklists Integrator, Overseeing Legal Investigations (PACIOLI). It aims at designing the business model of the trust company of the future. By identifying the key stakeholders, we draw a general business process design of the industry. The business model focuses on disintermediating the traditional form of business through the new technological solutions of a software company based in Switzerland and hence creating a new interactive platform. The key stakeholders of this interactive platform are identified as IT experts, legal experts, and the New Edge Trust Company (NATC). The mechanism we design and propose has a great importance in improving the efficiency of the financial business administration and management industry, and it also helps to foster the provision of high value added services in the sector.

Keywords: new edge trust company, business model design, automated checklists, financial technology

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Authors: Dimitrios J. Dimitriou, Maria F. Sartzetaki

Abstract:

Transport infrastructure assets are key components of the national asset portfolio. The decision to invest in a new infrastructure in transports could take from a few years to some decades. This is mainly because of the need to reserve and spent many capitals, the long payback period, the number of the stakeholders involved in decision process and –many times- the investment and business risks are high. Therefore, the decision assessment framework is an essential challenge linked with the key decision factors meet the stakeholder expectations highlighting project trade-offs, financial risks, business uncertainties and market limitations. This paper examines the decision process for new transport infrastructure projects in cross border regions, where a wide range of stakeholders with different expectation is involved. According to a consequences analysis systemic approach, the relationship of transport infrastructure development, economic system development and stakeholder expectation is analyzed. Adopting the on system of system methodological approach, the decision making framework, variables, inputs and outputs are defined, highlighting the key shareholder’s role and expectations. The application provides the methodology outputs presenting the proposed decision framework for a strategic railway project in north Greece deals with the upgrade of the existing railway corridor connecting Greece, Turkey and Bulgaria.

Keywords: decision making, system of system, cross-border, infrastructure project

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Authors: Ahmad Abdul-Razzak Aboudi Al-Issa

Abstract:

Thermal is the main important aspect in any hydraulic system since it is affected on the hydraulic system performance. Therefore must be simulated the hydraulic system -that was designed- in this aspect before constructing it. In this study, an existed expert system was using to simulate the thermal aspect of a designed hydraulic system that will be used in an industrial field. The expert system which is used in this study is (Hydraulic System Calculations), and its symbol (HSC). HSC had been designed and coded in an interactive program userfriendly named (Microsoft Visual Basic 2010).

Keywords: fluid power, hydraulic system, thermal and hydrodynamic, expert system

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Authors: Ila Gupta

Abstract:

The government hospitals in India by and large lack the necessary aesthetic therapeutic components, both in their interior and exterior space designs. These components especially in terms of color application are important to the emotional as well as physical well being of the patients and other participants of the space. The preliminary survey of few government hospitals in Uttarakhand, India, reveals that the government health care industry provides a wide scope for intervention. All most all of the spaces do not adhere to a proper therapeutic color scheme which directly helps the well-being of their patients and workers. The paper aims to conduct a survey and come up with recommendations in this regard. The government hospitals also lack a proper signage system which allows the space to be more user-friendly. The hospital spaces in totality also have scope for improvement in terms of space/landscape design which enhances the work environment in an efficient and positive way. This study will thus enable to come up with feasible recommendations for healthcare and built environment as well as retrofitting the existing spaces. The objective of the paper is mainly on few case studies. The present ambience in many government hospitals generally lacks a welcoming ambience. It is proposed to select one or two government hospitals and demonstrate application of appropriate and self-sustainable color schemes, placement of artifacts, changes in outdoor and indoor space design to bring about a change that is conducive for cognitive healing. Exterior changes to existing and old hospital buildings in depressed historic areas signify financial investment and change, and have the potential to play a significant role in both urban preservation and revitalization. Changes to exterior architectural colors are perhaps the most visible signifier of such revitalization, as the use of color changes as a tool in façade and interior improvement programs. The present project will provide its recommendations on the basis of case studies done in the Indian Public Health Care system. Furthermore, the recommendations will be in accordance with the extended study conducted in Indian Ayurvedic, Yogic texts as well as Vastu texts, which provides knowledge about built environments and healing properties of color.

Keywords: color, environment, facade, architectural color history, interior improvement programs, community development, district/government hospitals

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