Search results for: stock returns

Authors: Nabil Mekaoui, Nacer Jabour, Abdelhamid Allaoui, Abderahim Oulidi

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The reliability of several insurance indexes of the seismic risk is evaluated and compared for an efficient seismic risk coverage of buildings in Morocco, thus, reducing the basic risk. A large database of earthquake ground motions is established from recent seismic events in Morocco and synthetic ground motions compatible with the design spectrum in order to conduct nonlinear time history analyses on three building models representative of the building stock in Morocco. The uninhabitability index is evaluated based on the simulated damage index, then correlated with preselected insurance indexes. Interestingly, the commonly used peak ground acceleration index showed poor correlation when compared with other indexes, such as spectral accelerations at low periods. Recommendations on the choice of suitable insurance indexes are formulated for efficient seismic risk coverage in Morocco.

Keywords: catastrophe modeling, damage, earthquake, reinsurance, seismic hazard, trigger index, vulnerability

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Authors: Danijela Tuljak-Suban, Valter Suban

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Food as perishable goods represents a specific and sensitive part in the supply chain theory, since changing of its physical or chemical characteristics considerably influences the approach to stock management. The most delicate phase of this process is transportation, where it becomes difficult to ensure stability conditions that limit the deterioration, since the value of the deterioration rate could be easily influenced by the transportation mode. Fuzzy definition of variables allows taking into account these variations. Furthermore an appropriate choice of the defuzzification method permits to adapt results, as much as possible, to real conditions. In the article will be applied the those methods to the relationship between the deterioration rate of perishable goods and transportation by ship, with the aim: (a) to minimize the total costs function, defined as the sum of the ordering cost, holding cost, disposing cost and transportation costs, and (b) to improve supply chain sustainability by reducing the environmental impact and waste disposal costs.

Keywords: perishable goods, fuzzy reasoning, transport by ship, supply chain sustainability

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Authors: Sélima Baccar, Ephraim Clark

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This paper can be considered as a new perspective to analyse credit spreads. A comprehensive empirical analysis of conditional variance of credit spreads indices is performed using various GARCH models. Based on a comparison between traditional and asymmetric GARCH models with alternative functional forms of the conditional density, we intend to identify what macroeconomic and financial factors have driven daily changes in the US Dollar credit spreads in the period from January 2011 through January 2013. The results provide a strong interdependence between credit spreads and the explanatory factors related to the conditions of interest rates, the state of the stock market, the bond market liquidity and the exchange risk. The empirical findings support the use of asymmetric GARCH models. The AGARCH and GJR models outperform the traditional GARCH in credit spreads modelling. We show, also, that the leptokurtic Student-t assumption is better than the Gaussian distribution and improves the quality of the estimates, whatever the rating or maturity.

Keywords: corporate bonds, default risk, credit spreads, asymmetric garch models, student-t distribution

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Authors: Mahmoud Hassan, Walid Oueslati, Damien Rousseliere

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This paper explores the channels through which energy taxes may affect economic growth, using a simultaneous equations model for a balanced panel data of 31 OECD countries over the 1994–2013 period. The empirical results reveal a negative impact of energy taxes on physical investment in the short and long term. This impact is negatively sensitive to the existence and level of public debt. Additionally, the results show that energy taxes have an indirect effect on human capital through their impact on polluting emissions. The taxes on energy products are able to reduce both the flux and the stock of polluting emissions that have a negative impact on human capital skills in the short and long term. Finally, we found that energy taxes could encourage eco-innovation in the short and long term.

Keywords: energy taxes, economic growth, public debt, simultaneous equations model, multiple imputation

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Authors: Ashiqul Amin Khan, Mohsin Ul Amin Khan

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The aim of this research is to find the relationship between good governance and shareholder wealth maximisation. The concept of good governance has become more objective in nature over time through various regulations, professionalisation, and practices. This has led to a number of methods for scoring and ranking corporate governance practices. Since shareholder wealth maximisation remains the key corporate goal for managers and governors alike, the effect of good governance in increasing the value of corporations is commented to be an important aspect. In measuring the value relevance of good governance, statistical measures of various yields of listed companies in the UK have been used in this research. Yields reflect required returns on investments from different investment tenets. Historical yields, calculated using historical fundamental data of such companies, reflect expected yields to a great extent. These yields, in turn, reflect the expected risk premium and growth associated with the stocks of the companies. Using fundamental data, the yields have been adjusted to reflect the risk premium required by the investors along various value paradigms. Good governance should naturally lead to lower required risk premium since good corporate governance provided assurance to the investors in terms of sustainability of future performance and desired financial conduct. This, in turn, increases the wealth of stockholders. The findings of this research confirm such nature of the relationship between good governance and value of the company in the long run.

Keywords: corporate governance, good governance practices, short-termism, shareholder value relevance, wealth maximisation, yield

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Authors: Tina Vuko, Marija Maretić, Marko Čular

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The aim of this study is to analyze the role and effectiveness of internal mechanism (audit committee) of corporate governance on credit institutions performance in Croatia. Based on research objective, sample of 78 credit institutions listed on Zagreb Stock Exchange, from 2007 to 2012, has been collected and efficiency index of audit committee (EIAC) has been created. Based on the sample and created EIAC, conclusions are as follows: audit committees of credit institutions have medium efficiency, based on EIAC measurement; there is a significant difference in audit committee effectiveness, in observed period; there is no positive relationship between audit committee effectiveness and credit institution performance; there is a significant difference between level of audit committee effectiveness and audit firm type. Future research should contain increased number of elements in EIAC creation and increased sample, for all obligators who need to establish audit committee.

Keywords: corporate governance, audit committee, financial institutions, efficiency index of audit committee

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Authors: Tariq Aziz, Suresh Kumar, Vikesh Kumar, Sheraz Mustafa, Jhanzeb Marwat

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The paper provides an updated version of volatility spillover among the equity markets of South Asian countries, including Pakistan, India, Srilanka, and Bangladesh. The analysis uses both symmetric and asymmetric Generalized Autoregressive Conditional Heteroscedasticity models to investigate volatility persistence and leverage effect. The bivariate EGARCH model is used to test for volatility transmission between two equity markets. Weekly data for the period February 2013 to August 2019 is used for empirical analysis. The findings indicate that the leverage effect exists in the equity markets of all the countries except Bangladesh. The volatility spillover from the equity market of Bangladesh to all other countries is negative and significant whereas the volatility of the equity market of Sri-Lanka does influence the volatility of any other country’s equity market. Indian equity market influence only the volatility of the Sri-Lankan equity market; and there is bidirectional volatility spillover between the equity markets of Pakistan and Bangladesh. The findings are important for policy-makers and international investors.

Keywords: volatility spillover, volatility persistence, garch, egarch

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Authors: Farheen Akram

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Research and Development (R&D) is the most crucial element of the firm’s survival in a competitive business environment. R&D is a long-term investment; therefore, executives having the power to make the investment decisions may be pessimistic when their compensation is closely linked with short-term firm performance. Thus, the current study investigates the impact of board composition and executives’ compensation (cash or short-term benefits and LTIs) on R&D spending using a sample of 85 S&P/100 firms listed on the Australian Stock Exchange (ASX) in 2017. SmartPLS (v.3.2.7) was used to evaluate the proposed model of current research. The empirical findings of this study indicate that board composition has a significant and positive effect on R&D spending. While, as expected, executive cash compensation has negative and Long-Term-Incentives (LTIs) has a positive impact on R&D spending. Based on current findings, the study suggested that myopic behavior of CEOs and top management towards long-term value creation investment like R&D can be controlled by using long-term compensation rewards.

Keywords: cash compensation, LTIs, board composition, R&D spending

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Authors: Corinna Barraco, Ornella Salimbene

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This research involves the Ethiopian locality of Jeldi (North Africa), an area particularly affected by water shortage and in which the pumping and treatment of drinking water are extremely sensitive issues. The study aims to develop and apply low-cost tools for the design of solar water pumping and water purification systems in a not developed country. Consequently, two technical tools have been implemented in Excel i) Solar photovoltaic Pumping (Spv-P) ii) Water treatment (Wt). The Spv-P tool was applied to the existing well (depth 110 [m], dynamic water level 90 [m], static water level 53 [m], well yield 0.1728 [m³h⁻¹]) in the Jeldi area, where estimated water demand is about 50 [m3d-1]. Through the application of the tool, it was designed the water extraction system of the well, obtaining the number of pumps and solar panels necessary for water pumping from the well of Jeldi. Instead, the second tool Wt has been applied in the subsequent phase of extracted water treatment. According to the chemical-physical parameters of the water, Wt returns as output the type of purification treatment(s) necessary to potable the extracted water. In the case of the well of Jeldi, the tool identified a high criticality regarding the turbidity parameter (12 [NTU] vs 5 [NTU]), and a medium criticality regarding the exceeding limits of sodium concentration (234 [mg/L Na⁺] vs 200 [mg/L Na⁺]) and ammonia (0.64 [mg/L NH³-N] vs 0.5 [mg/L NH³-N]). To complete these tools, two specific manuals are provided for the users. The joint use of the two tools would help reduce problems related to access to water resources compared to the current situation and represents a simplified solution for the design of pumping systems and analysis of purification treatments to be performed in undeveloped countries.

Keywords: drinking water, Ethiopia, treatments, water pumping

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Authors: Andreas Schweiger, Matthias Gnigler, Elisabeth Wieder, Michael Grobbauer

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Especially in the alpine region, available areas for new residential development are limited. One possible solution is to exploit the potential of existing settlements. Urban redensification, especially the addition of floors to existing buildings, requires efficient, lightweight constructions with short construction times. This topic is being addressed in the five-year Alpine Building Centre. The focus of this cooperation between Salzburg University of Applied Sciences and RSA GH Studio iSPACE is on transdisciplinary research in the fields of building and energy technology, building envelopes and geoinformation, as well as the transfer of research results to industry. One development objective is a system of wood panel system construction with a high degree of prefabrication to optimize the construction quality, the construction time and the applicability for small and medium-sized enterprises. The system serves as a reliable working basis for mastering the complex building task of redensification. The technical solution is the development of an open system in timber frame and solid wood construction, which is suitable for a maximum two-story addition of residential buildings. The applicability of the system is mainly influenced by the existing building stock. Therefore, timber frame and solid timber construction are combined where necessary to bridge large spans of the existing structure while keeping the dead weight as low as possible. Escape routes are usually constructed in reinforced concrete and are located outside the system boundary. Thus, within the framework of the legal and normative requirements of timber construction, a hybrid construction method for redensification created. Component structure, load-bearing structure and detail constructions are developed in accordance with the relevant requirements. The results are directly applicable in individual cases, with the exception of the required verifications. In order to verify the practical suitability of the developed system, stakeholder workshops are held on the one hand, and the system is applied in the planning of a two-storey extension on the other hand. A company-independent construction standard offers the possibility of cooperation and bundling of capacities in order to be able to handle larger construction volumes in collaboration with several companies. Numerous further developments can take place on the basis of the system, which is under open license. The construction system will support planners and contractors from design to execution. In this context, open means publicly published and freely usable and modifiable for own use as long as the authorship and deviations are mentioned. The companies are provided with a system manual, which contains the system description and an application manual. This manual will facilitate the selection of the correct component cross-sections for the specific construction projects by means of all component and detail specifications. This presentation highlights the initial situation, the motivation, the approach, but especially the technical solution as well as the possibilities for the application. After an explanation of the objectives and working methods, the component and detail specifications are presented as work results and their application.

Keywords: redensification, SME, urban development, wood building system

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Authors: Sukhwinder K. Bhullar, M. B. G. Jun

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The developments in biomedical industry have demanded the development of biocompatible, high performance materials to meet higher engineering specifications. The general requirements of such materials are to provide a combination of high stiffness and strength with significant weight savings, resistance to corrosion, chemical resistance, low maintenance, and reduced costs. Auxetic materials which come under the category of smart materials offer huge potential through measured enhancements in mechanical properties. Unique deformation mechanism, providing cushioning on indentation, automatically adjustable with its strength and thickness in response to forces and having memory returns to its neutral state on dissipation of stresses make them good candidate in biomedical industry. As simple extension and compression of tissues is of fundamental importance in biomechanics, therefore, to study the elastic behaviour of auxetic soft tissues implant is targeted in this paper. Therefore development and characterization of auxetic soft tissue implant is studied in this paper. This represents a real life configuration where soft tissue such as meniscus in knee replacement, ligaments and tendons often are taken as transversely isotropic. Further, as composition of alternating polydisperse blocks of soft and stiff segments combined with excellent biocompatibility make polyurethanes one of the most promising synthetic biomaterials. Hence selecting auxetic polyurathylene foam functional characterization is performed and compared with conventional polyurathylene foam.

Keywords: auxetic materials, deformation mechanism, enhanced mechanical properties, soft tissues

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Authors: Vertika Goswami, Gargi Sharma

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The rapid evolution of fintech has led to the rise of robo-advisor platforms that utilize artificial intelligence (AI) and machine learning to offer personalized investment solutions efficiently and cost-effectively. This research paper conducts a comprehensive sentiment analysis of investor experiences with these platforms, employing natural language processing (NLP) and sentiment classification techniques. The study investigates investor perceptions, engagement, and satisfaction, identifying key drivers of positive sentiment such as clear communication, low fees, consistent returns, and robust security. Conversely, negative sentiment is linked to issues like inconsistent performance, hidden fees, poor customer support, and a lack of transparency. The analysis reveals that addressing these pain points—through improved transparency, enhanced customer service, and ongoing technological advancements—can significantly boost investor trust and satisfaction. This paper contributes valuable insights into the fields of behavioral finance and fintech innovation, offering actionable recommendations for stakeholders, practitioners, and policymakers. Future research should explore the long-term impact of these factors on investor loyalty, the role of emerging technologies, and the effects of ethical investment choices and regulatory compliance on investor sentiment.

Keywords: artificial intelligence in finance, automated investment, financial technology, investor satisfaction, investor sentiment, robo-advisors, sentimental analysis

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Authors: Maulana Ayoub Ali

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“Both Socialist as well as the capitalist in the economic systems have proven their failure to ensure economic justice that serves to benefit all in the society, both the rich and the poor. In particular, capitalism is currently causing a terrifying scenario by making the rich richer and the poor poorer” . In this paper, the author looks at the level of exploitation which is taking place to small and middle entrepreneurs (SME’s), government and private employees as well as large investors in East African countries who depends on interest-based loans which undermines their lives every day due to heavy monthly returns. Numbers of families have been evicted from their family premises and SME’s properties have been attached in the courts due to failure to return their loans timely. In fact, there are a lot of issues which have taken place on the ground which badly affected number of families socially and most importantly economically due to engagement in interest-based loans offered by commercial banks in East Africa. This paper looks on the alternative ways of eliminating interest-based loans to better lives of devastated Africans who are almost “dying” of heavy debts generated through higher interest loans. Reaching to that particular root the author has visited various literatures in a bid to deeply investigate and find out the best alternative mode of enabling African SME’s, businessmen and employees to benefit from the interest-free loans. The question is whether interest-free loans can be a long term solution towards poverty alleviation in East Africa generally and Tanzania in particular.

Keywords: interest-free loans, SME’s, financial institutions, poverty, east Africa

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Authors: Yasir Ramadhan

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This study aims to investigate tax avoidance practices when a financial crisis occurs due to the effects of the COVID-19 pandemic. This study also finds out how the influence of independent commissioners and external auditors on tax avoidance practices during the COVID-19 pandemic. Tax avoidance practices are measured by the current ETR. The role of the independent board of commissioners is measured by the proportion of independent commissioners in the composition of the board of commissioners, while the external auditor is measured by audit quality. In this study, there were 342 observations of companies listed on the Indonesia Stock Exchange from 2019 to 2020. This study used the difference-in-differences (DiD) method in data analysis. The results of this study indicate that companies do tax avoidance during the COVID-19 pandemic. Meanwhile, independent commissioners and qualified audits are not proven to be able to negate tax avoidance practices during the COVID-19 Pandemic. These results also show that a higher proportion of independent commissioners and audit quality are not sufficient for countries with low levels of auditor litigation and investor protection and weak regulatory frameworks.

Keywords: audit, commissioner, tax avoidance, COVID-19 pandemic

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Authors: Charles Kwaku Oppong

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The research linked urban expansion resulting from urbanization with changing morphology processes happening in peri-urban communities. Two villages of Kumasi City peri-urban were used as a case study. Appropriate analytical framework and methodology (literature review and empirical evidence) were employed to ensure that all pertinent issues of peri-urban interface are brought to light. It was discovered from the study that since peri-urban livelihood is linked with assets base; it has been found that stock of asset, as well as transformation processes, were major factors in the shaping of livelihoods strategies. For that reason, success or failure of household livelihoods was seen to relate to the kind of livelihood strategy employed. With efforts to mitigate for livelihoods failure due to peri-urban development, households' recourse to remittances, land disposal, and other means as an alternative livelihood approach. The study calls for local government policy interventions in regulating peri-urban transformation process and providing safety nets for the vulnerable.

Keywords: urban expansion, peri-urban interface, livelihoods, asset

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Authors: Gizem İntepe, Eti Mizrahi

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Investment and financing decisions are influenced by various economic features. Detailed analysis should be conducted in order to make decisions not only by companies but also by governments. Such analysis can be conducted either at the company level or on a sectoral basis to reduce risks and to maximize profits. Sectoral disaggregation caused by seasonality effects, subventions, data advantages or disadvantages may appear in sectors behaving parallel to BIST (Borsa Istanbul stock exchange) Index. Proposed logistic indices could serve market needs as a decision parameter in sectoral basis and also helps forecasting activities in import export volume changes. Also it is an indicator of logistic activity, which is also a sign of economic mobility at the national level. Publicly available data from “Ministry of Transport, Maritime Affairs and Communications” and “Turkish Statistical Institute” is utilized to obtain five logistics indices namely as; exLogistic, imLogistic, fLogistic, dLogistic and cLogistic index. Then, efficiency and reliability of these indices are tested.

Keywords: economic activity, export trade data, import trade data, logistics indices

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Authors: Miranda Enesi, Helena Grillo Mukli

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The English word-stock is extremely rich in synonyms which can be largely accounted for by the abundant borrowing. Translation problems encountered by translators in general are usually ‘transfer problems’. They face more difficulties in the interpretation of meaning from the source language text than lexical differences between languages. The aim of the study is to inspect the various strategies used in translating from English into Albanian specific words in the ‘A Farwell to arms’ novel. For this purpose, examples translated from English into Albanian were examined. The Albanian equivalents have shown that various strategies were used in order to overcome the problem of rendering words and expressions into the target language. Employed strategies were synonymy, modulation, transposition, calque and word for word translation. In addition, this paper shows that the strategy of translating using synonymy is mostly used. In this paper, an attempt is made to examine the nature of contextual synonymy in order to investigate its problematic nature regarding translation. Types of synonymy are analyzed and then examples from English and Albanian versions are provided to examine the overlap between them.

Keywords: equivalence, literal translation, paraphrasing, transfer problems, synonymy

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Authors: Nellija Titova

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Latvia, Lithuania, and Estonia, as Baltic Countries, have gone throughout transformational changes since 90s leading to the high level of economic development. As countries departing Soviet Union with industrialization policy moved to service economies, the issues of intangibles, human capital, structural capital, and innovation capital have gained impetus. Following the growing demand of practitioners and later academia, intellectual capital as a discipline, which appeared in 90s, became fundamental nowadays. Aim of the paper is to analyze the Baltic companies entering stock markets at Nasdaq Baltic from the perspective of Intellectual Capital. Methodology of the research is based on a longitudinal analysis of the companies using composite ratios of Intellectual Capital and Business performance in the period 2012-2019. Data for 2020 as COVID year) were excluded from the analysis. Findings allow concluding there is a pattern of influence and companies clearly experience the systemic impact of IC on business performance, identifying also time effect investing in intangibles.

Keywords: intellectual capital, impact analysis, longitudinal effect, composite ratios

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Authors: Devina Aprilia Gunawan, Tasya Aspiranti, Inugrah Ratia Pratiwi

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This research aims to classify the mining sector companies based on Altman’s Z-score model, and providing an analysis based on the Altman’s Z-score model’s financial ratios to provide a picture about the financial condition in mining sector companies in Indonesia and their viability in the future, and to find out the partial and simultaneous impact of each of the financial ratio variables in the Altman’s Z-score model, namely (WC/TA), (RE/TA), (EBIT/TA), (MVE/TL), and (S/TA), toward the financial condition represented by the Z-score itself. Among 38 mining sector companies listed in Indonesia Stock Exchange (IDX), 28 companies are selected as research sample according to the purposive sampling criteria.The results of this research showed that during 3 years research period at 2010-2012, the amount of the companies that was predicted to be healthy in each year was less than half of the total sample companies and not even reach up to 50%. The multiple regression analysis result showed that all of the research hypotheses are accepted, which means that (WC/TA), (RE/TA), (EBIT/TA), (MVE/TL), and (S/TA), both partially and simultaneously had an impact towards company’s financial condition.

Keywords: Altman’s Z-score model, financial condition, mining companies, Indonesia

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Authors: H. N. Anjanayappa, S. Benakappa, A. T. Ramachandra Naik, P. Nayana, D. P. Rajesh

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Fishes of the family Priacanthidae, popularly called big eye or bulls eye. Priacanthus hamrur is an important deep-water inhabitant of great commercial value. High percentage of landings of Priancanthids used as raw material for surimi, sausage and other fishery by-products. Presently, it has great demand in Singapore Thailand, Taiwan, Hong Kong and other countries. For the maturation studies, samples were collected from commercial landing centre, Mangalore. Studies on reproductive biology showed that Priacanthus hamrur spawns twice in a year, the spawning season extending from March to May and October to November. Based on the percentage occurrence of mature fishes in various size group it was inferred that male attained maturity at smaller size than female. This study will enable us to understand the spawning periodicity, cyclic morphological changes in male, female gonads and also it helps to improve stock size by enforcing fishing ban in particular season by assessing spawning periodicity.

Keywords: breeding biology, Mangalore, morphological changes, Priacanthus hamrur

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Authors: Adamu Danlami Ahmed

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Inventory management is the determinant of effective and efficient work for any manager. This study looked at the relationship between inventory management and financial performance. The population of the study comprises all conglomerate quoted companies in the Nigerian Stock Exchange market as at 31^st December 2010. The scope of the study covered the period from 2010 to 2014. Descriptive, Pearson correlation and multiple regressions are used to analyze the data. It was found that inventory management is significantly related to the profitability of the company. This entails that an efficient management of the inventory cycle will enhance the profitability of the company. Also, lack of proper management of it will hinder the financial performance of organizations. Based on the results, it was recommended that a conglomerate company should try to see that inventories are kept to a minimum, as well as make sure the proper checks are maintained to make sure only needed inventories are in the store. As well as to keep track of the movement of goods, in order to avoid unnecessary delay of finished and work in progress (WIP) goods in the store and warehouse.

Keywords: finished goods, work in progress, financial performance, inventory

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Authors: Maria Elisa B. Manuel

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The Philippine housing sector is bracing challenges with the massive housing backlog and the adamant cycle of relocation, resettlement and returns to the cities of informal settler families due to the vast inaccessibility of necessities and opportunities in the past off-city housing projects. Bistekville 2 has been established as a model socialized housing project by utilizing government partnerships with private developers and individuals in the first in-city and onsite resettlement effort in the country. The study looked into the resilience of the residents to idiosyncratic economic shocks by analyzing their vulnerabilities, assets and coping strategies. The study formulated an economic resilience framework to identify how these factors that interact to build the household’s capacity to positively adapt to sudden expenses in their households. The framework is supplemented with a scale that presents the proximity of the household to resilience by identifying through its indicators whether the households are in the level of subsistence, coping, adaptive or transformative. Survey interviews were conducted with 91 households from Bistekville 2 on the components that have been identified by the framework that was processed with qualitative and quantitative processes. The study has found that the households are highly vulnerable due to their family composition and other conditions such as unhealthy loans, inconsistent amortization payment. Along with their high vulnerability, the households have inadequate strategies to anticipate shocks and primarily react to the shock. This has led to the conclusion that the households do not reflect resilience to idiosyncratic economic shocks and are still at the level of coping.

Keywords: idiosyncratic economic shocks, socialized housing, economic resilience, economic vulnerability, adaptive capacity

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Authors: Cupian

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The expansion of Islamic banking industry seems to emphasize the banking competition in Indonesia where conventional and Islamic banks coexist. In addition, the 2007/2008 global financial crisis and deregulation have the effect on competitive conditions in Islamic banking market. In this context, this study aims at investigating competitive conditions and market power of Islamic banks in Indonesia using firm level data over the period 2006-2013. The study also attempts to identify the factors that represent the power of banking market to better study the degree of competition in this banking industry. Using samples of 27 Islamic commercial banks, the study uses a variety of structural and non-structural measures related to the traditional approach and the new empirical approach of the industrial organization (NEIO). The methodology is based on the set of measures of the competition and market power. The first measure is a set of concentration ratios (CR4) and Herfindahl-Hirschman index (HHI).The second measures are the Panzar and Ross H-statistic and the Lerner index based on econometric estimations with the aim of evaluating the market structure and measuring its power in terms of price setting. The results of the competition analysis suggest that the Islamic banking markets in Indonesia cannot be characterized by the bipolar cases of either perfect competition or monopoly over 2006-2013. That is, banks earned their revenues operating under conditions of monopolistic competition in that period. Overall, Islamic banks in Indonesia operate in a relatively less competitive environment or in high market power. It is also indicated that Islamic bank that hope to achieve higher returns should operate in the competitive environment.

Keywords: bank competition, islamic banks, market structure, profitability

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Authors: Guillaume Craveur

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The work presented here shows a study on several parameters identified as influencing dwell times for trains. Three kinds of rolling stocks are studied for this project and the parameters presented are the number of passengers, the allocation of passengers, their priorities, the platform station height, the door width and the train design. In order to make this study, a lot of records have been done in several stations in Paris (France). Then, in order to study these parameters, numerical simulations are completed. The goal is to quantify the impact of each parameter on the dwelling times. For example, this study highlights the impact of platform height and the presence of steps between the platform and the train. Three types of station platforms are concerned by this study : ‘optimum’ station platform which is 920 mm high, standard station platform which is 550 mm high, and high station platform which is 1150 mm high and different kinds of steps exist in order to fill these gaps. To conclude, this study shows the impact of these parameters on dwell times and their impact in function of the size of population.

Keywords: dwell times, numerical tools, rolling stock, platforms

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Authors: K. B. Rajanna, P. Nayana, H. N. Anjanayappa, N. Chethan

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The ‘fringed - lipped’ peninsula carp Labeo fimbriatus is a potential and an abundant fish species in rivers and reservoirs of peninsular India. It contributes a part of the inland fish production and also plays a role in the rural economy in major carp deficient regions of India. The fish is locally called as ‘Kemmeenu’ in Karnataka. Month wise samples were collected from the Vanivilasa Sagar Reservoir fish landing centre and fishing villages around the reservoir. Present investigation on the reproductive biology showed the occurrence of ripe gonads more during October, November, December and January. Thus it is concluded that spawning season coinciding with monsoon season and the size at maturity was found to be 36 and 37 cm total length (M and F). This study will throw light on reproductive biology of fish for captive brood stock development, breeding and rearing of Labeo fimbriatus. Since this fish is commercial important the study would help to take up hatchery production.

Keywords: inland, maturity, peninsula carp, reservoir

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Authors: Faheem Ur Rehman, Muhammad Khalil Khan, Miao Qing

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This study investigated the asymmetric links and portfolio strategies between green bonds and the markets of three different cryptocurrencies, i.e., green, Islamic, and conventional, using data from January 1, 2018, to April 8, 2022, and employing asymmetric TVP-VAR model to quantify risk spillovers in the network analysis. In addition, we use the minimum variance, minimum correlation, and minimum connectedness methodologies to assess the portfolio implications. The results of the asymmetric dynamic connectedness index (TCI) model show that by adopting cryptocurrencies for digital finance, risk spillovers are found to be reduced. The findings of net directional connectedness demonstrate that during the study period, green bonds consistently get return spillovers from all other network variables. Positive return spillovers are bigger in magnitude than negative ones. These results imply that the influence of the green bond market on the cryptocurrency markets is decreasing. Positive return spillovers generate higher connectedness values for (HG, BNB, and TRX) coins and persistent net recipients in the specific network. On the other hand, Cardano and ADA coins are persistent net transmitters in the system. XLM and MIOTA's responsibilities shift over time, and there is evidence of asymmetry when both positive and negative returns are considered. According to the pairwise portfolio weights, BNB vs. BTC has the largest portfolio weights in the system, followed by BNB vs. Ethereum, suggesting the best investment strategies in the network.

Keywords: asymmetric TVP-VAR, global sustainable index, cryptocurrency, portfolios

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Authors: J. S. Dhillon, K. K. Dhaliwal

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In almost all the digital filtering applications the digital infinite impulse response (IIR) filters are preferred over finite impulse response (FIR) filters because they provide much better performance, less computational cost and have smaller memory requirements for similar magnitude specifications. However, the digital IIR filters are generally multimodal with respect to the filter coefficients and therefore, reliable methods that can provide global optimal solutions are required. The artificial bee colony (ABC) algorithm is one such recently introduced meta-heuristic optimization algorithm. But in some cases it shows insufficiency while searching the solution space resulting in a weak exchange of information and hence is not able to return better solutions. To overcome this deficiency, the opposition based learning strategy is incorporated in ABC and hence a modified version called oppositional artificial bee colony (OABC) algorithm is proposed in this paper. Duplication of members is avoided during the run which also augments the exploration ability. The developed algorithm is then applied for the design of optimal and stable digital IIR filter structure where design of low-pass (LP) and high-pass (HP) filters is carried out. Fuzzy theory is applied to achieve maximize satisfaction of minimum magnitude error and stability constraints. To check the effectiveness of OABC, the results are compared with some well established filter design techniques and it is observed that in most cases OABC returns better or atleast comparable results.

Keywords: digital infinite impulse response filter, artificial bee colony optimization, opposition based learning, digital filter design, multi-parameter optimization

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Authors: Anita Kéri

Abstract:

Higher education marketing has been a widely researched field in recent years. Due to the increasing competition among higher education institutions worldwide, it has become crucial to target foreign students with effective marketing tools. Online marketing tools became central to attracting, retaining, and satisfying the needs of foreign students. Therefore, the aim of the current study is to reveal how the online marketing tools of a Hungarian university are perceived visually by its first-year foreign students, with special emphasis on the university webpage content. Eye-camera tracking and retrospective think-aloud interviews were used to measure visual perceptions. Results show that freshmen students remember those online marketing content more that has familiar content on them. Pictures of real-life students and their experiences attract students’ attention more, and they also remember information on these webpage elements more, compared to designs with stock photos. This research is novel in the sense that it uses eye-camera tracking in the field of higher education marketing, thereby providing insight into the perception of online higher education marketing for foreign students.

Keywords: higher education, marketing, eye-camera, visual perceptions

Procedia PDF Downloads 100

Authors: Mohamed Deyab

Abstract:

The global lubricant additives market size was USD 14.35 billion in 2015. The industry is characterized by increasing additive usage in base oil blending for longer service life and performance. These additives improve the viscosity of oil, act as detergents, defoamers, antioxidants, and antiwear agents. Since additives play a significant role in base oil blending and subsequent formulations as they are critical materials in improving specification and performance of oils. Herein, we report on the synthesis and characterization of three imidazolium derivatives and their application as antioxidants, detergents and antiwear agents. The molecular structure and characterizations of these ionic liquids were confirmed by elemental analysis, FTIR, X-Ray Diffraction (XRD) and 1HNMR spectroscopy. Thermo gravimetric analysis (TGA), is used to study the degradation and thermal stability of the studied base stock samples. It was found that all the prepared ionic liquids additives have excellent power of dispersion and detergency. The ionic liquids as additives to engine oil reduced the friction (38%) and wear volume (76%) of steel balls. The obtained results show that the ionic liquids have an oxidation inhibitor up to 95%.

Keywords: reused lubricating oil, waste, petroleum, ionic liquids

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Authors: Mohammed Abaoli Abafogi, Sinem Satiroglu, M. Misir

Abstract:

The current study has addressed the effect of Hazelnut (Corylus avellana) agroforestry on carbon sequestration. Eight sample plots were collected from Hazelnut (Corylus avellana) agroforestry using random sampling method. The diameter of all trees in each plot with ≥ 2cm at 1.3m DBH was measured by using a calliper. Average diameter, aboveground biomass, and carbon stock were calculated for each plot. Comparative data for natural forestland was used for C was taken from KTU, and the soil C was converted from the biomass conversion equation. Biomass carbon was significantly higher in the Natural forest (68.02Mgha⁻¹) than in the Hazelnut agroforestry (16.89Mgha⁻¹). SOC in Hazelnut agroforestry, Natural forest, and arable agricultural land were 7.70, 385.85, and 0.00 Mgha⁻¹ respectively. Biomass C, on average accounts for only 0.00% of the total C in arable agriculture, and 11.02% for the Hazelnut agroforestry while 88.05% for Natural forest. The result shows that the conversion of arable crop field to Hazelnut agroforestry can sequester a large amount of C in the soil as well as in the biomass than Arable agricultural lands.

Keywords: arable agriculture, biomass carbon, carbon sequestration, hazelnut (Corylus avellana) agroforestry, soil organic carbon

Procedia PDF Downloads 306