Search results for: sovereign bond markets

Authors: M. H. Brandtner-Hafner

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Adhesives have established themselves as an innovative joining technology in the wood industry. The strengths of adhesive bonding lie in the realization of lightweight designs, the avoidance of material weakening, and the joining of different types of materials. There is now a number of ways to positively influence the properties of bonded joints. One way is to add fiber fillers. This leads to an improvement in adhesion, structural integrity, and fracture toughness. In this study, the effectiveness of fiber-modified adhesives for bonding wooden joints is reviewed. A series of experimental tests were performed using the fracture analytical GF-principle to study the adhesive bonding safety and performance of the wood-adhesive interface. Two different construction adhesives based on epoxy and PUR were modified with different fiber materials and applied to bond wooden joints. The results show that bonding efficiency by adding fibrous materials to the bonding matrix leads to significant improvements in structural material properties.

Keywords: fiber-modified adhesives, bonding safety, wood-adhesive interfaces, fracture analysis

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Authors: Pandiyarajan Thangaraj, Mangalaraja Ramalinga Viswanathan, Karthikeyan Balasubramanian, Héctor D. Mansilla, José Ruiz, David Contreras

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We report a systematic study of structural and optical properties of Pr-doped ZnO nanostructures and PVA:Zn98Pr2O polymer matrix nanocomposites free standing films are performed. These particles are synthesized through simple wet chemical route and solution casting technique at room temperature, respectively. Structural studies carried out by X-ray diffraction method, confirms that the prepared pure ZnO and Pr-doped ZnO nanostructures are in hexagonal wurtzite structure and the microstrain is increased upon doping. TEM analysis reveals that the prepared materials are in the sheet-like nature. Absorption spectra show free excitonic absorption band at 370 nm and red shift for the Pr-doped ZnO nanostructures. The PVA:Zn98Pr2O composite film exhibits both free excitonic and PVA absorption bands at 282 nm. Fourier transform infrared spectral studies confirm the presence of A1 (TO) and E1 (TO) modes of Zn-O bond vibration and the formation of polymer composite materials.

Keywords: Pr doped ZnO, polymer nanocomposites, optical properties, free standing film

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Authors: Mohammad Hosein Panahi, Naser Yazdani

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we present a technical trading strategy that leverages the FinBERT language model and financial news analysis with a focus on news related to a subset of Nasdaq 100 stocks. Our approach surpasses the baseline Range Break-out strategy in the Bitcoin market, yielding a remarkable 24.8% increase in the win ratio for all Friday trades and an impressive 48.9% surge in short trades specifically on Fridays. Moreover, we conduct rigorous hypothesis testing to establish the statistical significance of these improvements. Our findings underscore considerable potential of our NLP-driven approach in enhancing trading strategies and achieving greater profitability within financial markets.

Keywords: quantitative finance, technical analysis, bitcoin market, NLP, language models, FinBERT, technical trading

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Authors: William Thomas Worster

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This paper will highlight the failure of international adjudication to prevent a state from evading an order of provisional measures by simply issuing a diplomatic assurance to the court. This practice changes the positions of the litigants as equals before a court, prevents the court from inquiring into the reliability of the political pledge as it would with assurances from a state to an individual, and diminishes the court’s ability to control its own proceedings in the face of concerns over sovereignty. Both the European Court of Human Rights (ECtHR) and International Court of Justice (ICJ) will entertain these kinds of unilateral pledges, but they consider them differently when the declaration is made between states or between a state and an individual, and when made directly to the court. In short, diplomatic assurances issued between states or to individuals are usually considered not to be legally binding and are essentially questions of fact, but unilateral assurances issued directly to an international court are questions of law, and usually legally binding. At the same time, orders for provisional measures are now understood also to be legally binding, yet international courts will sometimes permit a state to substitute an assurance in place of an order for provisional measures. This emerging practice has brought the nature of a state as a sovereign capable of creating legal obligations into the forum of adjudication where the parties should have equality of arms and permitted states to create legal obligations that escape inquiry into the reliability of the outcome. While most recent practice has occurred at the ICJ in state-to-state litigation, there is some practice potentially extending the practice to human rights courts. Especially where the litigants are factually unequal – a state and an individual – this practice is problematic since states could more easily overcome factual failings in their pledges and evade the control of the court. Consider, for example, the potential for evading non-refoulement obligations by extending the current diplomatic assurances practice from the state-to-state context to the state-to-court context. The dual nature of assurances, as both legal and factual instruments, should be considered as addressed to distinct questions, each with its own considerations, and that we need to be more demanding about their precise legal and factual effects.

Keywords: unilateral, diplomacy, assurances, undertakings, provisional measures, interim measures

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Authors: Rishabh Garg

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Traditionally, business parties build trust with a centralized operating mechanism, such as payment by letter of credit. However, the increase in cyber-attacks and malicious hacking has jeopardized business operations and finance practices. Emerging markets, owing to their higher banking risks and bigger presence of digital financing, are looking forward to technology-driven solutions, financial inclusion and innovative working paradigms. Blockchain has the potential to enhance transaction transparency and supply chain traceability. It has captured a vast landscape with 200 million crypto users worldwide. Fintech and blockchain products are popping up across brokerage, digital wallets, exchanges, post-trade clearance, settlement, middleware, infrastructure, and base protocols.

Keywords: blockchain, distributed ledger technology, decentralized applications, ethereum, smart contracts, trade finance

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Authors: Michal Štros, Eva Polanská, Šárka Pospíšilová

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HMGB1 is an architectural protein in chromatin, acting also as a signaling molecule outside the cell. Recent reports from several laboratories provided evidence that a number of both the intracellular and extracellular functions of HMGB1 may depend on redox-sensitive cysteine residues of the protein. MALDI-TOF analysis revealed that mild oxidization of HMGB1 resulted in a conformational change of the protein due to formation of an intramolecular disulphide bond by opposing Cys23 and Cys45 residues. We have demonstrated that redox state of HMGB1 could significantly modulate the ability of the protein to bind and bend DNA. We have also shown that reduced HMGB1 could easily displace histone H1 from DNA, while oxidized HMGB1 had limited capacity for H1 displacement. Using microscale thermophoresis (MST) we have further studied mechanism of HMGB1 interaction with histone H1 in free solution or when histone H1 was bound to DNA. Our MST analysis indicated that reduced HMGB1 exhibited in free solution > 1000 higher affinity of for H1 (KD ~ 4.5 nM) than oxidized HMGB1 (KD <10 M). Finally, we present a novel mechanism for the HMGB1-mediated modulation of histone H1 binding to DNA.

Keywords: HMGB1, histone H1, redox state, interaction, cross-linking, DNA bending, DNA end-joining, microscale thermophoresis

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Authors: Ihuarulam A. Ikenna

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In the past few decades, the field of chemistry education has grown tremendously and researches indicated that after traditional chemistry instruction students often lacked deep conceptual understanding and failed to integrate their ideas into coherent conceptual framework. For several concepts in chemistry, students at all levels have demonstrated difficulty in changing their initial perceptions. Their perceptions are most often wrong and do not agree with correct scientific concepts. This study explored the effectiveness of intervention discussion sections for a college general chemistry course designed to apply research on students preconceptions, knowledge integration and student explanation. Three interventions discussions lasting three hours on bond energy and spontaneity were done tested and intervention (treatment) students’ performances were compared with that of control group which did not use the experimental pedagogy. Results indicated that this instruction which was capable of identifying students' misconceptions, initial conceptions and integrating those ideas into class discussion led to enhanced conceptual understanding and better achievement for the experimental group.

Keywords: remedying, students’ misconceptions, learning, intervention discussion, learning model

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Authors: Samar Sheikhelsouk, Dina Abdel Qader, Nada Rizk

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The plan of the organization may impede its progress and creativity, especially in the framework of its work in independent environments and fast-shifting markets, unless the leaders and minds of the organization use a set of practices, tools, and techniques encapsulated in so-called “agile methods” or “lightweight” methods. Thus, this research paper examines the agile management approach as a flexible and dynamic approach and its relationship to the administrative ambidexterity at the Alexandria library. The sample of the study is the employees of the Alexandria library. The study is expected to provide both theoretical and practical implications. The current study will bridge the gap between agile management and administrative approaches in the literature. The study will lead managers to comprehend how the role of agile management in establishing administrative ambidexterity in the organization.

Keywords: agile management, administrative innovation, Alexandria library, Egypt

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Authors: Howard Chitimira

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In Australia, the market abuse prohibition is generally well accepted by the investing and non-investing public as well as by the government. This co-operative and co-ordinated approach on the part of all the relevant stakeholders has to date given rise to an increased awareness and commendable combating of market abuse activities in the Australian corporations, companies, and securities markets. It is against this background that this article seeks to comparatively explore the general enforcement approaches that are employed to combat market abuse (insider trading and market manipulation) activity in Australia and South Africa. In relation to this, the role of selected enforcement authorities and possible enforcement methods which may be learnt from both the Australian and South African experiences will be isolated where necessary for consideration by such authorities, especially, in the South African market abuse regulatory framework.

Keywords: insider trading, market abuse, market manipulation, regulation

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Authors: Manfred F. Maute, Olga Naumenko, Raymond T. Kong

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Using data from a nationally representative financial panel of Canadian households, this study develops a psychographic segmentation of the customers of a value-expressive credit card service and tests for effects on relational response differences. The variety of segments elicited by agglomerative and k means clustering and the familiar profiles of individual clusters suggest that the face validity of the psychographic segmentation was quite high. Segmentation had a significant effect on customer satisfaction and relationship depth. However, when socio-demographic characteristics like household size and income were accounted for in the psychographic segmentation, the effect on relational response differences was magnified threefold. Implications for the segmentation of financial services markets are considered.

Keywords: customer satisfaction, financial services, psychographics, response differences, segmentation

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Authors: Julio Aguirre, Yohnny Campana, Elmer Guerrero, Daniel De La Torre Ugarte

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A well-developed transportation network is a necessary condition for a country to derive full benefits from good trade and macroeconomic policies. Road infrastructure plays a key role in the economic development of rural areas of developing countries; where agriculture is the main economic activity. The ability to move agricultural production from the place of production to the market, and then to the place of consumption, greatly influence the economic value of farming activities, and of the resources involved in the production process, i.e., labor and land. Consequently, investment in transportation networks contributes to enhance or overcome the natural advantages or disadvantages that topography and location have imposed over the agricultural sector. This is of particular importance when dealing with countries, like Peru, with a great topographic diversity. The objective of this research is to estimate the impacts of road infrastructure on the performance of the agricultural sector. Specific variables of interest are changes in travel time, shifts of production for self-consumption to production for the market, changes in farmers income, and impacts on the diversification of the agricultural sector. In the study, a cross-section model with instrumental variables is the central methodological instrument. The data is obtained from agricultural and transport geo-referenced databases, and the instrumental variable specification utilized is based on the Kruskal algorithm. The results show that the expansion of road connectivity reduced farmers' travel time by an average of 3.1 hours and the proportion of output sold in the market increases by up to 40 percentage points. The increase in connectivity has an unexpected increase in the districts index of diversification of agricultural production. The results are robust to the inclusion of year and region fixed-effects, and to control for geography (i.e., slope and altitude), population variables, and mining activity. Other results are also very eloquent. For example, a clear positive impact can be seen in access to local markets, but this does not necessarily correlate with an increase in the production of the sector. This can be explained by the fact that agricultural development not only requires provision of roads but additional complementary infrastructure and investments intended to provide the necessary conditions so that producers can offer quality products (improved management practices, timely maintenance of irrigation infrastructure, transparent management of water rights, among other factors). Therefore, complementary public goods are needed to enhance the effects of roads on the welfare of the population, beyond enabling them to increase their access to markets.

Keywords: agriculture devolepment, market access, road connectivity, regional development

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Authors: Milan Podlena, Stepan Hysek, Jiri Prochazka, Martin Bohm, Jan Bomba

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Corner joints are the weakest part of windows, where the members are connected together. Since the dimensions of the windows started become bigger, the strength requirements for corner joints started to increase as well. Therefore, the aim of this study was to test the samples of corner joints of wooden windows. Moisture content of test specimens was stabilized in the climate chamber. After conditioning, test specimens were loaded in the laboratory conditions onto an universal testing machine and the failure load was measured. Data was recalculated by using goniometric, bending moment and stiffness equation to the stiffness coefficients and the bending moments were investigated. The results showed difference that was observed for the mortise with tenon joint and the dowel joint. This difference was explained by a varied adhesive bond area, which is related to the dimensions of dowels (diameter and length) as well. The bending moments and stiffness ware (except of type of corner joint) also affected by type of used adhesive, type of dowels and wood species.

Keywords: corner joint, wooden window, bending moment, stiffness

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Authors: İmran Ugur, Zulfiye Acar

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Trade marks are composed of figures, signs or symbols such as logos, colours and designs to be formed for service or products to be different from their counterparts. However, trade marks have nowadays a large meaning that defines its classical description. It has an understanding that pioneers novelties by forming the perception of quality, being emotional constituents and leading to links to their consumers. While entering different markets all over the world, Turkish trade marks are encountering a new type of consumers in Turkey migrating from different countries. Most of these new consumers meet Turkish trade marks for the first time. The present study was performed to investigate the perception of Turkish trade marks living in Konya. How these consumers look at the trade marks of clothes, food, beverages, GSM operators and whiteware appliances, and perceive these trade marks were tried to be determined. Which trade marks they chose according to their preferences, and the awareness of Turkish trade marks were evaluated in the study.

Keywords: brand, brand awareness, culture, trade marks

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Authors: Jul Endawati

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The composite element of 20 mm in thickness were manufactured using high volume fly ash, silica fume as alternative hydraulic binders and Portland cement Type II. Pine wood shavel as by product of local small wood working industries were used as the composite filler. The elements were given in situ wet and dry treatment for 9 months. Visually there is no fiber degradation as a result of the interaction of the environment. The assessment were done to the elements bending strength and dimensional properties. Increase in MoR after 180 days of exposure shown that mechanically this degradation is not seen yet. The increment of MoR (213%) compare to that of 28 days might be affected by the formation of calcium hydroxide (CH) or ettringite in the transition zone. The use of pozzolan showed also a delay or minimize degradation of composites while improving the pore structure, and minimize the mineralization of the fiber bond with the cement matrix. The water absorption is 4,22% at 180 days, 7,94% at 120 days and 12,38% at 28 days, in line with the 68% decrease in Thickness Swelling (TS). This unoccured degradation could also be affected by the presence of silica fume in the binder matrix. After 270 days of exposure under tropical condition, the flexural strength started to decrease.

Keywords: durability, fly ash, natural fibre, silica fume

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Authors: Ying Guo, Miaochan Li, David Yang, Xiao-Yan Li

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This paper examines the relevance of accounting information to stock prices at different periods using manufacturing companies listed in China’s Growth Enterprise Market (GEM). We find that both the average stock price at fiscal year-end and the average stock price one month after fiscal year-end are more relevant to the accounting information than the closing stock price four months after fiscal year-end. This implies that Chinese stock markets react before the public disclosure of accounting information, which may be due to information leak before official announcements. Our findings confirm that accounting information is relevant to stock prices for Chinese listed manufacturing companies, which is a critical question to answer for investors who have interest in Chinese companies.

Keywords: accounting information, response time, value relevance, stock price

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Authors: Hamed Saremi

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One of the challenges in manufacturing and service companies to provide a product or service is recognized Brand to consumers in target markets. They provide most of their processes under the same capacity. But the constant threat of devastating internal and external resources to prevent a rise Brands and more companies are recognizing the stages are bankrupt. This paper has tried to identify and analyze effective indicators of brand equity and focuses on indicators and presents a model of intelligent create a model to prevent possible damage. In this study identified indicators of brand equity based on literature study and according to expert opinions, set of indicators By techniques DEMATEL Then to used Multi-Step Adaptive Neural-Fuzzy Inference system (ANFIS) to design a multi-stage intelligent system for assessment of brand equity.

Keywords: anfis, dematel, brand, cosmetic product, brand value

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Authors: Valeri Arghutashvili, Mari Gogochuri

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Tourism industry development is one of the key priorities in Georgia, as it has positive influence on economic activities. Its contribution is very important for the different regions, as well as for the national economy. Benefits of the tourism industry include new jobs, service development, and increasing tax revenues, etc. The main aim of this research is to review and analyze the potential of the Georgian tourism industry with its long-term strategy and current challenges. To plan activities in a long-term development, it is required to evaluate several factors on the regional and on the national level. Factors include activities, transportation, services, lodging facilities, infrastructure and institutions. The major research contributions are practical estimates about regional tourism development which plays an important role in the integration process with global markets.

Keywords: regional tourism, tourism industry, tourism in Georgia, tourism benefits

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Authors: Dimitrios J. Dimitriou, Maria F. Sartzetaki

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Air Transport links markets and individuals, making regions more competitive and promoting social and economic development. The assessment of social contribution is the key objective of this paper, focusing on the definition of the components of social dimension and welfare metrics in the national scale. According to a top-down approach, the key dimensions that affect the social welfare are presented. Conventional wisdom is to provide estimations on added value to social issues caused by the air transport development and present the methodology framework for measuring the contribution of transport development in social value chain. Greece is the case study of this paper, providing results from the contribution of air transport infrastructures in national welfare. The application key findings are essential for managers and decision makers to support actions and plans towards economic recovery of an economy presenting strong seasonal characteristics (because of tourism) and suffering from recession.

Keywords: air transport, social coherence, resilient business development, socioeconomic impact

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Authors: Chisakan Papapankiad

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The purpose of this research was to study the level of satisfaction from the perspective of inbound tourists who visited Bangkok, Thailand during January to March of 2014. While the independent variables included gender, age, levels of education, occupation, and income, the dependent variables were ten reasons for their visiting Thailand. A quota sampling method was utilized to get 200 respondents with 50 percent male and 50 percent female respondents. The majority of respondents were between 30-40 years old. Most were married and had an undergraduate degree. The average income of the respondents was between $30,000-50,000 per year. The findings revealed the ranking levels of satisfaction by highest mean to lowest mean as follows: Thai food and beverage, nature-beach-mountain, spa-massage-beauty, malls-shopping places, souvenir and handcraft, festivals and activities, tradition markets, museum-art-history, night entertainment, and conference-expo. In addition, the overall means is 4.19 with 0.790 SD.

Keywords: inbound tourists, satisfaction, visiting, Thailand

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Authors: Yrfet Shkreli

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Despite all the wide research and literature on the subject, changing and challenging times often present themselves with new objectives, fluid politics and everlasting point of views. Much is said about the subject and the trend nowadays is watching every EU intervention as a form of neo colonialism or a form of establishing new markets. The paper will try to establish a new perspective on EU influences, policies and impacts analyzed from multidimensional point of view, not limiting itself on a narrow external dimension, focusing on a broader understanding of it diverse contribution to global governance and peace keeping. Tending to be critical, this paper, tend to fall out of extremes, nether holding a Eurocentric position, nor falling for cheap critic to the whole failures and impact of EU policies. The ambition is to show EU as a contributing factor while keeping in mind its nature as a multi layered actor and with not necessarily coinciding interests among its member states.

Keywords: European Union, global governance, globalization, normative power

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Authors: Akshita Bhardwaj

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Keratinase is an enzyme obtained from extracellular sources that is involved in biodegradation of keratin. It is a member of a group of proteases that can break down keratin into amino acids. Keratinases are produced only in the presence of substrate that contain keratin. It attacked the disulfide bond of substrate and involve in keratin degradation. Human hair, feathers, animal hard tissues, horns, claws, and hooves all contain keratin.. It exists in two form alpha keratin (found in soft tissues) and beta keratin (found in hard tissue). By taking part in the degradation of keratin, keratinases derived from microbial sources, often referred to as microbial keratinases, are important in the process of turning wastes containing keratin into products with added value. Chicken feathers contain high level of keratin protein content than other sources and became a suitable protein source. Keratinase production occurs at near alkaline pH and thermophilic temperatures. The bioprocessing of keratinous waste benefits greatly from the use of keratinases. Additionally, it lessens the issue caused by poultry excrement. The use of feather meal, along with keratinase, improves the digestion of proteins and amino acids.

Keywords: mili litre (ml), micro litre (Ul), TCA - trichloroacetic acid, OD - optical density

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Authors: Ioana Neamtu

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This paper investigates the potential for demand-side management for the system price in the Nordic electricity market and the price effects of introducing wind-power into the system. The model proposed accounts for the micro-structure of the Nordic electricity market by modeling each hour individually, while still accounting for the relationship between the hours within a day. This flexibility allows us to explore the differences between peak and shoulder demand hours. Preliminary results show potential for demand response management, as indicated by the price elasticity of demand as well as a small but statistically significant decrease in price, given by the wind power penetration. Moreover, our study shows that these effects are stronger during day-time and peak hours,compared to night-time and shoulder hours.

Keywords: structural model, GMM estimation, system of equations, electricity market

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Authors: Ghita Benayad

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Asset allocation, which affects the long-term profitability of portfolios by distributing assets to fulfill a range of investment objectives, is the cornerstone of investment management in the dynamic and complicated world of financial markets. This paper offers a technique for optimizing strategic asset allocation with the goal of improving portfolio performance by addressing the inherent complexity and uncertainty of the market through the use of Principal Component Analysis (PCA) in a multi-objective modeling framework. The study's first section starts with a critical evaluation of conventional asset allocation techniques, highlighting how poorly they are able to capture the intricate relationships between assets and the volatile nature of the market. In order to overcome these challenges, the project suggests a PCA-driven methodology that isolates important characteristics influencing asset returns by decreasing the dimensionality of the investment universe. This decrease provides a stronger basis for asset allocation decisions by facilitating a clearer understanding of market structures and behaviors. Using a multi-objective optimization model, the project builds on this foundation by taking into account a number of performance metrics at once, including risk minimization, return maximization, and the accomplishment of predetermined investment goals like regulatory compliance or sustainability standards. This model provides a more comprehensive understanding of investor preferences and portfolio performance in comparison to conventional single-objective optimization techniques. While applying the PCA-driven multi-objective optimization model to historical market data, aiming to construct portfolios better under different market situations. As compared to portfolios produced from conventional asset allocation methodologies, the results show that portfolios optimized using the proposed method display improved risk-adjusted returns, more resilience to market downturns, and better alignment with specified investment objectives. The study also looks at the implications of this PCA technique for portfolio management, including the prospect that it might give investors a more advanced framework for navigating financial markets. The findings suggest that by combining PCA with multi-objective optimization, investors may obtain a more strategic and informed asset allocation that is responsive to both market conditions and individual investment preferences. In conclusion, this capstone project improves the field of financial engineering by creating a sophisticated asset allocation optimization model that integrates PCA with multi-objective optimization. In addition to raising concerns about the condition of asset allocation today, the proposed method of portfolio management opens up new avenues for research and application in the area of investment techniques.

Keywords: asset allocation, portfolio optimization, principle component analysis, multi-objective modelling, financial market

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Authors: Marius Nygaard, Ona Flindall

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The Palisaden student housing project was completed in August 2013 and was, with its eight floors, Norway’s tallest timber building at the time of completion. It was the first time cross-laminated-timber (CLT) was utilized at this scale in Norway. The project was the result of a concerted effort by a newly formed management company to establish CLT as a sustainable and financially competitive alternative to conventional steel and concrete systems. The introduction of CLT onto the student housing market proved so successful that by 2017 more than 4000 individual student residences will have been built using the same model of development and construction. The aim of this paper is to identify the key factors that enabled this breakthrough for CLT. It is based on an in-depth study of a series of housing projects and the role of the management company who both instigated and enabled this shift of CLT from the margin to the mainstream. Specifically, it will look at how a new building system was integrated into a marketing strategy that identified a market potential within the existing structure of the construction industry and within the economic restrictions inherent to student housing in Norway. It will show how a key player established a project model that changed both the patterns of cooperation and the information basis for decisions. Based on qualitative semi-structured interviews with managers, contractors and the interdisciplinary teams of consultants (architects, structural engineers, acoustical experts etc.) this paper will trace the introduction, expansion and evolution of CLT-based building systems in the student housing market. It will show how the project management firm’s position in the value chain enabled them to function both as a liaison between contractor and client, and between contractor and producer. A position that allowed them to improve the flow of information. This ensured that CLT was handled on equal terms to other structural solutions in the project specifications, enabling realistic pricing and risk evaluation. Secondly, this paper will describe and discuss how the project management firm established and interacted with a growing network of contractors, architects and engineers to pool expertise and broaden the knowledge base across Norway’s regional markets. Finally, it will examine the role of the client, the building typology, and the industrial and technological factors in achieving this breakthrough for CLT in the construction industry. This paper gives an in-depth view of the progression of a single case rather than a broad description of the state of the art of large-scale timber building in Norway. However, this type of study may offer insights that are important to the understanding not only of specific markets but also of how new technologies should be introduced in big and well-established industries.

Keywords: cross-laminated-timber (CLT), industry breakthrough, student housing, timber market

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Authors: Nur Fareza Mustapha

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Solutions to policy problems need to be curated to the local context, taking into account the trajectory of the local development path to ensure its efficacy. For Kuala Lumpur, rapid urbanization and migration into the city for the past few decades have increased the demand for housing to accommodate a growing urban population. As a critical factor affecting housing affordability, land supply constraints have been attributed to intensifying market pressures, which grew in tandem with the demands of urban development, along with existing institutional constraints in the governance of land. While demand-side pressures are inevitable given the fixed supply of land, supply-side constraints in regulations distort markets and if addressed inappropriately, may lead to mistargeted policy interventions. Given Malaysia’s historical development, regulatory barriers for land may originate from the British colonial period, when many aspects of the current laws governing tenure were introduced and formalized, and henceforth, became engrained in the system. This research undertakes a postcolonial institutional analysis approach to uncover the causal mechanism driving the evolution of land tenure systems in post-colonial Kuala Lumpur. It seeks to determine the sources of these shifts, focusing on the incentives and bargaining positions of actors during periods of institutional flux/change. It aims to construct a conceptual framework to further this understanding and to elucidate how this historical trajectory affects current access to urban land markets for housing. Archival analysis is used to outline and analyse the evolution of land tenure systems in Kuala Lumpur while stakeholder interviews are used to analyse its impact on the current urban land market, with a particular focus on the provision of and access to affordable housing in the city. Preliminary findings indicate that many aspects of the laws governing tenure that were introduced and formalized during the British colonial period have endured until the present day. Customary rules of tenure were displaced by rules following a European tradition, which found legitimacy through a misguided interpretation of local laws regarding the ownership of land. Colonial notions of race and its binary view of native vs. non-natives have also persisted in the construction and implementation of current legislation regarding land tenure. More concrete findings from this study will generate a more nuanced understanding of the regulatory land supply constraints in Kuala Lumpur, taking into account both the long and short term spatial and temporal processes that affect how these rules are created, implemented and enforced.

Keywords: colonial discourse, historical institutionalism, housing, land policy, post-colonial city

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Authors: Nada Souissi, Mourad Mroua

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The main purpose of this study is to examine the interaction between financial asset volatility, economic factors and investor's behavioral indicators related to both the company's and the markets stocks for the period from January 2000 to January2020. Using multiple linear regression and Bayesian Networks modeling, results show a positive and negative relationship between investor's psychology index, economic factors and predicted stock market return. We reveal that the application of the Bayesian Discrete Network contributes to identify the different cause and effect relationships between all economic, financial variables and psychology index.

Keywords: Financial asset return predictability, Economic factors, Investor's psychology index, Bayesian approach, Probabilistic networks, Parametric learning

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Authors: Ali A. A. Alqarni, Gamal A. Mohamed, Hossam M. Abdallah, Sabrin R. M. Ibrahim

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Phytochemical investigation of the methanolic extract of aerial parts of Tagetes minuta L. (Family: Asteraceae) using different chromatographic techniques led to the isolation of five compounds; ecliptal (1), scopoletin (2), P-hydroxy benzoic acid (3), patuletin (4), and patuletin-7-O-β-D-glucopyranoside (5) (Figure 1). Their structures were established based on physical, chemical, and spectral data [Ultraviolet (UV), Proton ¹H, Carbon thirteen ¹³C, and Heteronuclear Multiple Bond Correlation (HMBC) NMR], as well as Electrospray Ionization Mass Spectroscopy (ESIMS) and comparison with literature data. Their cytotoxic activity was assessed towards human liver hepatocellular carcinoma (HepG2), human breast cancer (MCF-7), and human colon cancer (HCT116) cancer cell lines using sulphorhodamine B (SRB) assay. It is noteworthy that compound 1 demonstrated a significant cytotoxic potential towards HepG2, MCF7, and HCT116 cells with IC₅₀s ranging from 2.74 to 7.01 μM, compared to doxorubicin (IC₅₀ 0.18, 0.60, and 0.20 μM, respectively), whereas compounds 2, 4, and 5 showed moderate cytotoxic potential with IC50s ranging from 11.71 to 35.64 μM. However, 3 was inactive up to a concentration of 100 μM towards the three tested cancer cell lines.

Keywords: Asteraceae, cytotoxicity, metabolites, Tagetes minuta

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Authors: Nandini Paliwal

Abstract:

Since aviation industry is one of the fastest growing sectors of the world economy, states depend on the air transport industry to maintain or stimulate economic growth. It significantly promotes and contributes to the economic well-being of every nation as well as world in general. Because of the continuous and rapid growth in civil aviation, it is inevitably leading to congested skies, flight delays and most alarmingly, a decrease in the safety of air navigation facilities. Safety is one of the most important concerns of aviation industry that has been unanimously recognised across the whole world. The available capacity of the air navigation system is not sufficient for the demand that is being generated. It has been indicated by forecast that the current growth in air traffic has the potential of causing delays in 20% of flights by 2020 unless changes are brought in the current system. Therefore, a safe, orderly and expeditious air navigation system is needed at the national and global levels, which, requires the implementation of an air traffic management (hereinafter referred as ‘ATM’) system to ensure an optimum flow of air traffic by utilising and enhancing capabilities provided by technical advances. The objective of this paper is to analyse the applicability of national regulations in case of liability arising out of air traffic management services and whether the current legal regime is sufficient to cover multilateral agreements including the Single European Sky regulations. In doing so, the paper will examine the international framework mainly the Article 28 of the Chicago Convention and its relevant annexes to determine the responsibility of states for providing air navigation services. Then, the paper will discuss the difference between the concept of responsibility and liability under the air law regime and how states might claim sovereign immunity for the functions of air traffic management. Thereafter, the paper will focus on the cross border agreements including the bilateral and multilateral agreements. In the end, the paper will address the scheme of Single European Sky and the need for an international convention dealing with the liability of air navigation service providers. The paper will conclude with some suggestions for unification of the laws at an international level dealing with liability of air navigation service providers and the requirement of enhanced co-operation among states in order to keep pace with technological advances.

Keywords: air traffic management, safety, single European sky, co-operation

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Authors: Vaclav Heral

Abstract:

Ideas about the mechanism of heterogeneous catalytic hydrogenation are diverse. The Horiuti-Polanyi mechanism is most often referred to, based on the idea of a semi-hydrogenated state. In our opinion, it does not represent a satisfactory explanation of the hydrogenation mechanism, because, for example: (1) It neglects the fact that the bond of atomic hydrogen to the metal surface is strongly polarized, (2) It does not explain why a surface deprived of atomic hydrogen (by thermal desorption or by alkyne) loses isomerization capabilities, but hydrogenation capabilities remain preserved, (3) It was observed that during the hydrogenation of 1-alkenes, the reaction can be of the 0th order to hydrogen and to the alkene at the same time, which is excluded during the competitive adsorption of both reactants on the catalyst surface. We offer an alternative mechanism that satisfactorily explains many of the ambiguities: It is the idea of an independent course of olefin isomerization, catalyzed by acidic atomic hydrogen bonded on the surface of the catalyst, in addition to the hydrogenation itself, in which a two-layer complex appears on the surface of the catalyst: olefin bound to the surface and molecular hydrogen bound to it in the second layer. The rate-determining step of hydrogenation is the conversion of this complex into the final product. We believe that the Horiuti-Polanyi mechanism is flawed and we naturally think that our two-layer theory better describes the experimental findings.

Keywords: acidity of hydrogenation catalyst, Horiuti-Polanyi, hydrogenation, two-layer hydrogenation

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Authors: Derya Nizam

Abstract:

An alternative understanding of "localization" has gained significance as the ecological and social issues associated with the growing pressure of agricultural homogeneity and standardization become more apparent. Through an analysis of a case study on an alternative food networks in Turkey, this research seeks to critically examine the localization movement. The results indicate that the idea of localization helps to create new niche markets by creating place-based labels, but it also strengthens local identities through social networks that connect rural and urban areas. In that context, localization manifests as a commodification movement that appropriates local and cultural values to generate capitalist profit, as well as a grassroots movement that strengthens the resilience of local communities. This research addresses the potential of community development approaches in the democratization of global agro-food networks.

Keywords: community building, local food, alternative food movements, localization

Procedia PDF Downloads 79