Search results for: European refugee crisis
2220 Cash Flow Optimization on Synthetic CDOs
Authors: Timothée Bligny, Clément Codron, Antoine Estruch, Nicolas Girodet, Clément Ginet
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Collateralized Debt Obligations are not as widely used nowadays as they were before 2007 Subprime crisis. Nonetheless there remains an enthralling challenge to optimize cash flows associated with synthetic CDOs. A Gaussian-based model is used here in which default correlation and unconditional probabilities of default are highlighted. Then numerous simulations are performed based on this model for different scenarios in order to evaluate the associated cash flows given a specific number of defaults at different periods of time. Cash flows are not solely calculated on a single bought or sold tranche but rather on a combination of bought and sold tranches. With some assumptions, the simplex algorithm gives a way to find the maximum cash flow according to correlation of defaults and maturities. The used Gaussian model is not realistic in crisis situations. Besides present system does not handle buying or selling a portion of a tranche but only the whole tranche. However the work provides the investor with relevant elements on how to know what and when to buy and sell.Keywords: synthetic collateralized debt obligation (CDO), credit default swap (CDS), cash flow optimization, probability of default, default correlation, strategies, simulation, simplex
Procedia PDF Downloads 2712219 Japanese and Europe Legal Frameworks on Data Protection and Cybersecurity: Asymmetries from a Comparative Perspective
Authors: S. Fantin
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This study is the result of the legal research on cybersecurity and data protection within the EUNITY (Cybersecurity and Privacy Dialogue between Europe and Japan) project, aimed at fostering the dialogue between the European Union and Japan. Based on the research undertaken therein, the author offers an outline of the main asymmetries in the laws governing such fields in the two regions. The research is a comparative analysis of the two legal frameworks, taking into account specific provisions, ratio legis and policy initiatives. Recent doctrine was taken into account, too, as well as empirical interviews with EU and Japanese stakeholders and project partners. With respect to the protection of personal data, the European Union has recently reformed its legal framework with a package which includes a regulation (General Data Protection Regulation), and a directive (Directive 680 on personal data processing in the law enforcement domain). In turn, the Japanese law under scrutiny for this study has been the Act on Protection of Personal Information. Based on a comparative analysis, some asymmetries arise. The main ones refer to the definition of personal information and the scope of the two frameworks. Furthermore, the rights of the data subjects are differently articulated in the two regions, while the nature of sanctions take two opposite approaches. Regarding the cybersecurity framework, the situation looks similarly misaligned. Japan’s main text of reference is the Basic Cybersecurity Act, while the European Union has a more fragmented legal structure (to name a few, Network and Information Security Directive, Critical Infrastructure Directive and Directive on the Attacks at Information Systems). On an relevant note, unlike a more industry-oriented European approach, the concept of cyber hygiene seems to be neatly embedded in the Japanese legal framework, with a number of provisions that alleviate operators’ liability by turning such a burden into a set of recommendations to be primarily observed by citizens. With respect to the reasons to fill such normative gaps, these are mostly grounded on three basis. Firstly, the cross-border nature of cybercrime brings to consider both magnitude of the issue and its regulatory stance globally. Secondly, empirical findings from the EUNITY project showed how recent data breaches and cyber-attacks had shared implications between Europe and Japan. Thirdly, the geopolitical context is currently going through the direction of bringing the two regions to significant agreements from a trade standpoint, but also from a data protection perspective (with an imminent signature by both parts of a so-called ‘Adequacy Decision’). The research conducted in this study reveals two asymmetric legal frameworks on cyber security and data protection. With a view to the future challenges presented by the strengthening of the collaboration between the two regions and the trans-national fashion of cybercrime, it is urged that solutions are found to fill in such gaps, in order to allow European Union and Japan to wisely increment their partnership.Keywords: cybersecurity, data protection, European Union, Japan
Procedia PDF Downloads 1212218 Application of Design Thinking for Technology Transfer of Remotely Piloted Aircraft Systems for the Creative Industry
Authors: V. Santamarina Campos, M. de Miguel Molina, B. de Miguel Molina, M. Á. Carabal Montagud
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With this contribution, we want to show a successful example of the application of the Design Thinking methodology, in the European project 'Technology transfer of Remotely Piloted Aircraft Systems (RPAS) for the creative industry'. The use of this methodology has allowed us to design and build a drone, based on the real needs of prospective users. It has demonstrated that this is a powerful tool for generating innovative ideas in the field of robotics, by focusing its effectiveness on understanding and solving real user needs. In this way, with the support of an interdisciplinary team, comprised of creatives, engineers and economists, together with the collaboration of prospective users from three European countries, a non-linear work dynamic has been created. This teamwork has generated a sense of appreciation towards the creative industries, through continuously adaptive, inventive, and playful collaboration and communication, which has facilitated the development of prototypes. These have been designed to enable filming and photography in interior spaces, within 13 sectors of European creative industries: Advertising, Architecture, Fashion, Film, Antiques and Museums, Music, Photography, Televison, Performing Arts, Publishing, Arts and Crafts, Design and Software. Furthermore, it has married the real needs of the creative industries, with what is technologically and commercially viable. As a result, a product of great value has been obtained, which offers new business opportunities for small companies across this sector.Keywords: design thinking, design for effectiveness, methodology, active toolkit, storyboards, PAR, focus group, innovation, RPAS, indoor drone, aerial film, creative industry, end users, stakeholder
Procedia PDF Downloads 2002217 Elements of a Culture of Quality in the Implementation of Quality Assurance Systems of Countries in the European Higher Education Area
Authors: Laura Mion
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The implementation of quality management systems in higher education in different countries is determined by national regulatory choices and supranational indications (such as the European Standard Guidelines for Quality Assurance). The effective functioning and transformative capacity of these quality management systems largely depend on the organizational context in which they are applied and, more specifically, on the culture of quality developed in single universities or in single countries. The University's concept of quality culture integrates the structural dimension of QA (quality management manuals, process definitions, tools) with the value dimension of an organization (principles, skills, and attitudes). Within the EHEA (European Higher Education Area), countries such as Portugal, the Netherlands, the UK, and Norway demonstrate a greater integration of QA principles in the various organizational levels and areas of competence of university institutions or have greater experience in implementation or scientific and political debate on the matter. Therefore, the study, through an integrative literature review, of the quality management systems of these countries is aimed at determining a framework of the culture of quality, helpful in defining the elements which, both in structural-organizational terms and in terms of values and skills and attitudes, have proved to be factors of success in the effective implementation of quality assurance systems in universities and in the countries considered in the research. In order for a QA system to effectively aim for continuous improvement in a complex and dynamic context such as the university one, it must embrace a holistic vision of quality from an integrative perspective, focusing on the objective of transforming the reality being evaluated.Keywords: higher education, quality assurance, quality culture, Portugal, Norway, Netherlands, United Kingdom
Procedia PDF Downloads 712216 Marketing Parameters on Consumer's Perceptions of Farmed Sea Bass in Greece
Authors: Sophia Anastasiou, Cosmas Nathanailides, Fotini Kakali, Kostas Karipoglou
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Wild fish are considered as testier and in fish restaurants are offered at twice the price of farmed fish. Several chemical and structural differences can affect the consumer's attitudes for farmed fish. The structure and chemical composition of fish muscle is also important for the performance of farmed fish during handling, storage and processing. In the present work we present the chemical and sensory parameters which are used as indicators of fish flesh quality and we investigated the perceptions of consumers for farmed sea bass and the organoleptic differences between samples of wild and farmed sea bass. A questionnaire was distributed to a group of various ages that were regular consumers of sea bass. The questionnaire included a survey on the perceptions on taste and appearance differences between wild and farmed sea bass. A significant percentage (>40%) of the participants stated their perception of superior taste of wild sea bass versus the farmed fish. The participants took part in an organoleptic assessment of wild and farmed sea bass prepared and cooked by a local fish restaurant. Portions were evaluated for intensity of sensorial attributes from 1 (low intensity) to 5 (high intensity). The results indicate that contrary to the assessor's perception, farmed sea bass scored better in al organoleptic parameters assessed with marked superiority in texture and taste over the wild sea bass. This research has been co-financed by the European Union (European Social Fund – ESF) and Greek national funds through the Operational Program "Education and Lifelong Learning" of the National Strategic Reference Framework (NSRF) - Research Funding Program: ARCHIMEDES III. Investing in knowledge society through the European Social Fund.Keywords: fish marketing, farmed fish, seafood quality, wild fish
Procedia PDF Downloads 4002215 Influence of the Financial Crisis on the Month and the Trading Month Effects: Evidence from the Athens Stock Exchange
Authors: Aristeidis Samitas, Evangelos Vasileiou
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The aim of this study is to examine the month and the trading month effect under changing financial trends. We choose the Greek stock market to implement our assumption because there are clear and long term periods of financial growth and recession. Daily financial data from Athens Exchange General Index for the period 2002-2012 are considered. The paper employs several linear and non-linear models, although the TGARCH asymmetry model best fits in this sample and for this reason we mainly present the TGARCH results. Empirical results show that changing economic and financial conditions influences the calendar effects. Especially, the trading month effect totally changes in each fortnight according to the financial trend. On the other hand, in Greece the January effect exists during the growth periods, although it does not exist when the financial trend changes. The findings are helpful to anybody who invest and deals with the Greek stock market. Moreover, they may pave the way for an alternative calendar anomalies research approach, so it may be useful to investors who take into account these anomalies when they draw their investment strategy.Keywords: month effect, trading month effect, economic cycles, crisis
Procedia PDF Downloads 4152214 Determinants of Quality of Life Among Refugees Aging Out of Place
Authors: Jonix Owino
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Aging Out of Place refers to the physical and emotional experience of growing older in a foreign or unfamiliar environment. Refugees flee their home countries and migrate to foreign countries such as the United States for safety. The emotional and psychological distress experienced by refugees who are compelled to leave their home countries can compromise their ability to adapt to new countries, thereby affecting their well-being. In particular, implications of immigration may be felt more acutely in later life stages, especially when life-long attachments have been made in the country of origin. However, aging studies in the United States have failed to conceptualize refugee aging experiences, more so for refugees who entered the country as adults. Specifically, little is known about the quality of life among aging refugees. Research studies on whether the quality of life varies among refugees by sociodemographic factors are limited. Research studies examining the role of social connectedness in aging refugees’ quality of life are also sparse. As such, the present study seeks to investigate the sociodemographic (i.e., age, sex, country of origin, and length of residence) and social connection factors associated with quality of life among aging refugees. The study consisted of a total of 108 participants from ages 50 years and above. The refugees represented in the study were from Bhutan, Burundi, and Somalia and were recruited from an upper Midwestern region of the United States. The participants completed an in-depth survey assessing social factors and well-being. Hierarchical regression was used for analysis. The results showed that females, older individuals, and refugees who were from Africa reported lower quality of life. Length of residence was not associated with quality of life. Furthermore, when controlling for sociodemographic factors, greater social integration was significantly associated with a higher quality of life, whereas lower loneliness was significantly associated with a higher quality of life. The results also indicated a significant interaction between loneliness and sex in predicting quality of life. This suggests that greater loneliness was associated with reduced quality of life for female refugees but not males. The present study highlights cultural variations within refugee groups which is important in determining how host communities can best support aging refugees’ well-being and develop social programs that can effectively cater to issues of aging among refugees.Keywords: aging refugees, quality of life, social integration, migration and integration
Procedia PDF Downloads 992213 Civil-Military Relations in Turkey, Europe, and Middle East
Authors: Dorsa Bakhshandehgeyazdi
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This article tries to comprehend the change of Turkish common military relations in an analogical viewpoint. The investigation is taking into account two criteria: institutional / legitimate systems and political oversight of the military's self-sufficiency. Examination of European furthermore, Middle Eastern common military relations models to the Turkish ideal model discloses grave contrasts in the middle of Turkish and Middle Eastern common military relations. The Turkish model in change for not less than 10 years is closer to the European show in both lawful and political perspectives. However, the article underscores that Turkish common military relations are still in change and despite the fact that the EU increase procedure has continuously democratized the legitimate arrangement of the nation, law based combining obliges further advances in the political area. A the result, stabilization in Turkey depends not just on withdrawing of the military from the political domain, additionally on the best possible civilization of the administration in hypothesis and practice.Keywords: Turkish common military, institutional, legitimate systems, political oversight, middle Eastern common military
Procedia PDF Downloads 4682212 The Impacts of Cultural Event on Networking: Liverpool's Cultural Sector in the Aftermath of 2008
Authors: Yi-De Liu
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The aim of this paper is to discuss how the construct of networking and social capital can be used to understand the effect events can have on the cultural sector. Based on case study, this research sought the views of those working in the cultural sector on Liverpool’s year as the European Capital of Culture (ECOC). Methodologically, this study involves literature review to prompt theoretical sensitivity, the collection of primary data via online survey (n= 42) and follow-up telephone interviews (n= 8) to explore the emerging findings in more detail. The findings point to a number of ways in which the ECOC constitutes a boost for networking and its effects on city’s cultural sector, including organisational learning, aspiration and leadership. The contributions of this study are two-fold: (1) Evaluating the long-term effects on network formation in the cultural sector following major event; (2) conceptualising the impact assessment of organisational social capital for future ECOC or similar events.Keywords: network, social capital, cultural impact, european capital of culture
Procedia PDF Downloads 2032211 Econophysics: The Use of Entropy Measures in Finance
Authors: Muhammad Sheraz, Vasile Preda, Silvia Dedu
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Concepts of econophysics are usually used to solve problems related to uncertainty and nonlinear dynamics. In the theory of option pricing the risk neutral probabilities play very important role. The application of entropy in finance can be regarded as the extension of both information entropy and the probability entropy. It can be an important tool in various financial methods such as measure of risk, portfolio selection, option pricing and asset pricing. Gulko applied Entropy Pricing Theory (EPT) for pricing stock options and introduced an alternative framework of Black-Scholes model for pricing European stock option. In this article, we present solutions to maximum entropy problems based on Tsallis, Weighted-Tsallis, Kaniadakis, Weighted-Kaniadakies entropies, to obtain risk-neutral densities. We have also obtained the value of European call and put in this framework.Keywords: option pricing, Black-Scholes model, Tsallis entropy, Kaniadakis entropy, weighted entropy, risk-neutral density
Procedia PDF Downloads 3022210 Connecting Teachers in a Web-Based Professional Development Community in Crisis Time: A Knowledge Building Approach
Authors: Wei Zhao
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The pandemic crisis disrupted normal classroom practices so that the constraints of the traditional practice became apparent. This turns out to be new opportunities for technology-based learning and teaching. However, how the technology supports the preschool teachers go through this sudden crisis and how preschool teachers conceived of the use of technology, appropriate and design technological artifacts as a mediator of knowledge construction in order to suit young children’s literacy level are rarely explored. This study addresses these issues by looking at the influence of a web-supported teacher community on changes/shifts in preschool teachers’ epistemological beliefs and practices. This teachers’ professional development community was formulated before the pandemic time and developed virtually throughout the home-based learning caused by Covid-19. It served as a virtual and asynchronous community for those teachers to collaboratively plan for and conduct online lessons using the knowledge-building approach for the purpose of sustaining children’s learning curiosity and opening up new learning opportunities during the lock-down period. The knowledge-building approach helps to increase teachers’ collective responsibility to collaboratively work on shared educational goals in the teacher community and awareness of noticing new ideas or innovations in their classroom. Based on the data collected across five months during and after the lock-down period and the activity theory, results show a dynamic interplay between the evolution of the community culture, the growth of teacher community and teachers’ identity transformation and professional development. Technology is useful in this regard not only because it transforms the geographical distance and new gathering guidelines after the outbreak of pandemic into new ways of communal communication and collaboration. More importantly, while teachers selected, monitored and adapted the technology, it acts as a catalyst for changes in teachers’ old teaching practices and epistemological dispositions.Keywords: activity theory, changes in epistemology and practice, knowledge building, web-based teachers’ professional development community
Procedia PDF Downloads 1802209 Does Supervisory Board Composition Influence Sustainability Reporting Quality?
Authors: Patrick Velte
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Sustainability reporting has become a central element of modern corporate governance practice. This paper is the first to recognize supervisory board independence, sustainable expertise and gender diversity in two European two tier countries and their impact on sustainability reporting quality. For a sample of 188 German and Austrian companies which are listed at the Prime Standard of the Frankfurt and Vienna Stock Exchange for the business years 2012-2013, descriptive findings show that CSR reporting quality is still low in both countries. Furthermore, multiple regressions state that independent and female members in the supervisory board do have a positive impact on CSR reporting quality in Germany and Austria. However, the existence of sustainable experts in the supervisory board both in Germany and Austria shows a positive but insignificant impact. Our findings suggest that the current European corporate governance regulations can be a useful instrument to increase the quality of modern CSR reporting for the stakeholders.Keywords: sustainability reporting, corporate governance, gender diversity, board independence
Procedia PDF Downloads 3972208 Corporate Social Responsibility a Comparison between European and Latin American Companies
Authors: Eva Wagner, Lucely Vargas
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Corporate Social Responsibility (CSR) plays an important role in (large-scale) enterprises’ business strategy in developed and emerging countries. This article approaches CSR in international comparison by examining the CSR reporting of 116 leading companies in Austria, Germany, Colombia and Chile from 2006 to 2010. We have used an independently developed scoring model which analyzes reported CSR-activities using seven dimensions to efficiently assess CSR. The study reveals that there are significant differences in CSR-commitment among countries and regions: German companies, as expected, lead most of the investigated CSR dimensions revealing stronger commitment to CSR than their Austrian, Colombian and Chilean counterparts. Even if Latin American companies lag behind their European counterparts, they exhibit high CSR-performance in the social dimension: corporate giving and philanthropic activities are firmly anchored in the tradition of Latin American companies. This indicates that particular CSR-emphases reflect the political and social circumstances of each individual country.Keywords: corporate social responsibility, corporate social performance, international comparison
Procedia PDF Downloads 3142207 Moderating and Mediating Effects of Business Model Innovation Barriers during Crises: A Structural Equation Model Tested on German Chemical Start-Ups
Authors: Sarah Mueller-Saegebrecht, André Brendler
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Business model innovation (BMI) as an intentional change of an existing business model (BM) or the design of a new BM is essential to a firm's development in dynamic markets. The relevance of BMI is also evident in the ongoing COVID-19 pandemic, in which start-ups, in particular, are affected by limited access to resources. However, first studies also show that they react faster to the pandemic than established firms. A strategy to successfully handle such threatening dynamic changes represents BMI. Entrepreneurship literature shows how and when firms should utilize BMI in times of crisis and which barriers one can expect during the BMI process. Nevertheless, research merging BMI barriers and crises is still underexplored. Specifically, further knowledge about antecedents and the effect of moderators on the BMI process is necessary for advancing BMI research. The addressed research gap of this study is two-folded: First, foundations to the subject on how different crises impact BM change intention exist, yet their analysis lacks the inclusion of barriers. Especially, entrepreneurship literature lacks knowledge about the individual perception of BMI barriers, which is essential to predict managerial reactions. Moreover, internal BMI barriers have been the focal point of current research, while external BMI barriers remain virtually understudied. Second, to date, BMI research is based on qualitative methodologies. Thus, a lack of quantitative work can specify and confirm these qualitative findings. By focusing on the crisis context, this study contributes to BMI literature by offering a first quantitative attempt to embed BMI barriers into a structural equation model. It measures managers' perception of BMI development and implementation barriers in the BMI process, asking the following research question: How does a manager's perception of BMI barriers influence BMI development and implementation in times of crisis? Two distinct research streams in economic literature explain how individuals react when perceiving a threat. "Prospect Theory" claims that managers demonstrate risk-seeking tendencies when facing a potential loss, and opposing "Threat-Rigidity Theory" suggests that managers demonstrate risk-averse behavior when facing a potential loss. This study quantitively tests which theory can best predict managers' BM reaction to a perceived crisis. Out of three in-depth interviews in the German chemical industry, 60 past BMIs were identified. The participating start-up managers gave insights into their start-up's strategic and operational functioning. After, each interviewee described crises that had already affected their BM. The participants explained how they conducted BMI to overcome these crises, which development and implementation barriers they faced, and how severe they perceived them, assessed on a 5-point Likert scale. In contrast to current research, results reveal that a higher perceived threat level of a crisis harms BM experimentation. Managers seem to conduct less BMI in times of crisis, whereby BMI development barriers dampen this relation. The structural equation model unveils a mediating role of BMI implementation barriers on the link between the intention to change a BM and the concrete BMI implementation. In conclusion, this study confirms the threat-rigidity theory.Keywords: barrier perception, business model innovation, business model innovation barriers, crises, prospect theory, start-ups, structural equation model, threat-rigidity theory
Procedia PDF Downloads 942206 Walking across the Government of Egypt: A Single Country Comparative Study of the Past and Current Condition of the Government of Egypt
Authors: Homyr L. Garcia, Jr., Anne Margaret A. Rendon, Carla Michaela B. Taguinod
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Nothing is constant in this world but change. This is the reality wherein a lot of people fail to recognize and maybe, it is because of the fact that some see things that are happening with little value or no value at all until it’s gone. For the past years, Egypt was known for its stable government. It was able to withstand a lot of problems and crisis which challenged their country in ways which can never be imagined. In the present time, it seems like in just a snap of a finger, the said stability vanished and it was immediately replaced by a crisis which resulted to a failure in some parts of their government. In addition, this problem continued to worsen and the current situation of Egypt is just a reflection or a result of it. On the other hand, as the researchers continued to study the reasons why the government of Egypt is unstable, they concluded that there might be a possibility that they will be able to produce ways in which their country could be helped or improved. The instability of the government of Egypt is the product of combining all the problems which affects the lives of the people. Some of the reasons that the researchers found are the following: 1) unending doubts of the people regarding the ruling capacity of elected presidents, 2) removal of President Mohamed Morsi in position, 3) economic crisis, 4) a lot of protests and revolution happened, 5) resignation of the long term President Hosni Mubarak and 6) the office of the President is most likely available only to the chosen successor. Also, according to previous researches, there are two plausible scenarios for the instability of Egypt: 1) a military intervention specifically the Supreme Council of the Armed Forces or SCAF, resulting from a contested succession and 2) an Islamist push for political power which highlights the claim that religion is a hindrance towards the development of their country and government. From the eight possible reasons, the researchers decided that they will be focusing on economic crisis since the instability is more clearly seen in the country’s economy which directly affects the people and the government itself. In addition, they made a hypothesis which states that stable economy is a prerequisite towards a stable government. If they will be able to show how this claim is true by using the Social Autopsy Research Design for the qualitative method and Pearson’s correlation coefficient for the quantitative method, the researchers might be able to produce a proposal on how Egypt can stabilize their government and avoid such problems. Also, the hypothesis will be based from the Rational Action Theory which is a theory for understanding and modeling social and economy as well as individual behavior.Keywords: Pearson’s correlation coefficient, rational action theory, social autopsy research design, supreme council of the armed forces (SCAF)
Procedia PDF Downloads 4082205 Learning-by-Heart vs. Learning by Thinking: Fostering Thinking in Foreign Language Learning A Comparison of Two Approaches
Authors: Danijela Vranješ, Nataša Vukajlović
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Turning to learner-centered teaching instead of the teacher-centered approach brought a whole new perspective into the process of teaching and learning and set a new goal for improving the educational process itself. However, recently a tremendous decline in students’ performance on various standardized tests can be observed, above all on the PISA-test. The learner-centeredness on its own is not enough anymore: the students’ ability to think is deteriorating. Especially in foreign language learning, one can encounter a lot of learning by heart: whether it is grammar or vocabulary, teachers often seem to judge the students’ success merely on how well they can recall a specific word, phrase, or grammar rule, but they rarely aim to foster their ability to think. Convinced that foreign language teaching can do both, this research aims to discover how two different approaches to teaching foreign language foster the students’ ability to think as well as to what degree they help students get to the state-determined level of foreign language at the end of the semester as defined in the Common European Framework. For this purpose, two different curricula were developed: one is a traditional, learner-centered foreign language curriculum that aims at teaching the four competences as defined in the Common European Framework and serves as a control variable, whereas the second one has been enriched with various thinking routines and aims at teaching the foreign language as a means to communicate ideas and thoughts rather than reducing it to the four competences. Moreover, two types of tests were created for each approach, each based on the content taught during the semester. One aims to test the students’ competences as defined in the CER, and the other aims to test the ability of students to draw on the knowledge gained and come to their own conclusions based on the content taught during the semester. As it is an ongoing study, the results are yet to be interpreted.Keywords: common european framework of reference, foreign language learning, foreign language teaching, testing and assignment
Procedia PDF Downloads 1042204 Optimal Hedging of a Portfolio of European Options in an Extended Binomial Model under Proportional Transaction Costs
Authors: Norm Josephy, Lucy Kimball, Victoria Steblovskaya
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Hedging of a portfolio of European options under proportional transaction costs is considered. Our discrete time financial market model extends the binomial market model with transaction costs to the case where the underlying stock price ratios are distributed over a bounded interval rather than over a two-point set. An optimal hedging strategy is chosen from a set of admissible non-self-financing hedging strategies. Our approach to optimal hedging of a portfolio of options is based on theoretical foundation that includes determination of a no-arbitrage option price interval as well as on properties of the non-self-financing strategies and their residuals. A computational algorithm for optimizing an investor relevant criterion over the set of admissible non-self-financing hedging strategies is developed. Applicability of our approach is demonstrated using both simulated data and real market data.Keywords: extended binomial model, non-self-financing hedging, optimization, proportional transaction costs
Procedia PDF Downloads 2512203 Investigating of the Fuel Consumption in Construction Machinery and Ways to Reduce Fuel Consumption
Authors: Reza Bahboodian
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One of the most important factors in the use of construction machinery is the fuel consumption cost of this equipment. The use of diesel engines in off-road vehicles is an important source of nitrogen oxides and particulate matter. Emissions of nitrogen oxides and particulate matter 10 in off-road vehicles (construction and mining) may be high. Due to the high cost of fuel, it is necessary to minimize fuel consumption. Factors affecting the fuel consumption of these cars are very diverse. Climate changes such as changes in pressure, temperature, humidity, fuel type selection, type of gearbox used in the car are effective in fuel consumption and pollution, and engine efficiency. In this paper, methods for reducing fuel consumption and pollutants by considering valid European and European standards are examined based on new methods such as hybridization, optimal gear change, adding hydrogen to diesel fuel, determining optimal working fluids, and using oxidation catalysts.Keywords: improve fuel consumption, construction machinery, pollutant reduction, determining the optimal working cycle
Procedia PDF Downloads 1592202 Long-Term Modal Changes in International Traffic - Example of the Polish Eastern Border
Authors: Tomasz Komornicki
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The possibilities of cross-border traffic depend on the degree of permeability of a given border as well as the state of the existing transport infrastructure. The aim of this paper is to identify the impact of economic transformation, EU accession, and infrastructure development on modal shifts in border traffic through the Polish eastern boundary. In the 1980s railway was still the main mode of cross-border transport in Poland. At the beginning of the 1990s, the role of the road and rail transborder passenger traffic was similar, but since 1993, the role of rail was decreasing. The general decline in rail infrastructure in Poland continued uninterruptedly until accession to the European Union. The slow opposite trend can be observed later as a result of the inflow of European funds. In the countries neighbouring Poland from the east, these processes took place with some delay, and the loss of railway position was not so drastic. Therefore, cross-border railway connections have been maintained for quite a long time since the break-up of the USSR. However, finally, cross-border rail transport proved to be completely inflexible in relation to both economic, geopolitical, and transport transformations. It has been shown that the current modal split of the passenger border traffic was shaped by the following factors: a) closure of many transborder railway lines, especially local ones; b) the signing of an agreement on minor border traffic with Ukraine; c) rapidly growing number of citizens of Ukraine working in Poland (unofficial transportation of workers by car directly to their workplaces in Poland); d) the emergence of low-cost air connections between Ukraine and Poland and the growing role of air transport in the Russia-Poland relationship. The summary points to the possibility of a renewed increase in the importance of rail transport on the eastern border of the European Union.Keywords: modal change, border, rail transport, Poland
Procedia PDF Downloads 1992201 Displaced People in International Marriage Law: Choice of Law and the 1951 Convention Relating to the Status of Refugees
Authors: Rorick Daniel Tovar Galvan
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The 1951 Convention relating to the status of refugees contains a conflict of law rule for the determination of the applicable law to marriage. The wording of this provision leaves much to be desired as it uses the domicile and the residence of the spouses as single main and subsidiary connecting factors. In cases where couples live in different countries, the law applicable to the case is unclear. The same problem arises when refugees are married to individuals outside of the convention’s scope of application. Different interpretations of this legal provision have arisen to solve this problem. Courts in a number of European countries apply the so-called modification doctrine: states should apply their domestic private international rules in all cases involving refugees. Courts shall, however, replace the national connecting factor by the domicile or residence in situations where nationality is used to determine the applicable law. The internal conflict of law rule will then be slightly modified in order to be applied according to the convention. However, this approach excludes these people from using their national law if they so desire. As nationality is, in all cases, replaced by domicile or residence as connecting factor, refugees are automatically deprived of the possibility to choose this law in jurisdictions that include the party autonomy in international marriage law. This contribution aims to shed light on the international legal framework applicable to marriages celebrated by refugees and the unnecessary restrictions to the exercise of the party autonomy these individuals are subjected to. The interest is motivated by the increasing number of displaced people, the significant number of states party to the Refugee Convention – approximately 150 – and the fact that more and more countries allow choice of law agreements in marriage law. Based on a study of German, Spanish and Swiss case law, the current practices in Europe, as well as some incoherencies derived from the current interpretation of the convention, will be discussed. The main objective is showing that there is neither an economic nor a legal basis to deny refugees the right to choose the law of their country of origin in those jurisdictions providing for this possibility to other foreigners. Quite the contrary, after analyzing other provisions contained in the conventions, this restriction would mean a contravention of other obligations included in the text.Keywords: choice of law, conflict of laws, international marriage law, refugees
Procedia PDF Downloads 1452200 Britain and the EU Referendum: Arguments over East European Welfare Benefit Tourism
Authors: James Moir
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This paper considers the political controversy in Britain, both pre- and post-EU referendum, concerning claims over welfare benefit tourism and immigration in the UK. These claims were seen to be a significant reason for the vote for Brexit despite evidence to the contrary that benefit tourism was not, and is not, implicated in the migration of East Europeans to the UK. Populist rhetoric is analysed alongside studies that contradict such views. These contentious issues are examined with respect to the agenda set by the United Kingdom Independence Party (UKIP) concerning anti-EU and anti-immigrant sentiment and the notion of cultural differences as the basis for supporting Brexit. The paper also examines the paradoxical claim that East European migrants are taking British jobs and driving down wages. Taken together, it is argued that these two kinds of claims effectively contribute to anti-immigration discourse based on the logic of economics, but also at the same time conceal more irrational fears of adapting to change through the inclusion of others. Such fears are considered as being founded upon a challenge to the stability of totems of national life and identity.Keywords: benefits, Brexit, immigration, tourism, welfare
Procedia PDF Downloads 3782199 Perspective and Challenge of Tidal Power in Bangladesh
Authors: Md. Alamgir Hossain, Md. Zakir Hossain, Md. Atiqur Rahman
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Tidal power can play a vital role in integrating as new source of renewable energy to the off-grid power connection in isolated areas, namely Sandwip, in Bangladesh. It can reduce the present energy crisis and improve the social, environmental and economic perspective of Bangladesh. Tidal energy is becoming popular around the world due to its own facilities. The development of any country largely depends on energy sector improvement. Lack of energy sector is because of hampering progress of any country development, and the energy sector will be stable by only depend on sustainable energy sources. Renewable energy having environmental friendly is the only sustainable solution of secure energy system. Bangladesh has a huge potential of tidal power at different locations, but effective measures on this issue have not been considered sincerely. This paper summarizes the current energy scenario, and Bangladesh can produce power approximately 53.19 MW across the country to reduce the growing energy demand utilizing tidal energy as well as it is shown that Sandwip is highly potential place to produce tidal power, which is estimated approximately 16.49 MW by investing only US $10.37 million. Besides this, cost management for tidal power plant has been also discussed.Keywords: sustainable energy, tidal power, cost analysis, power demand, gas crisis
Procedia PDF Downloads 4922198 Methodological Approach for Historical Building Retrofit Based on Energy and Cost Analysis in the Different Climatic Zones
Authors: Selin Guleroglu, Ilker Kahraman, E. Selahattin Umdu
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In today’s world, the building sector has a significant impact on primary energy consumption and CO₂ emissions. While new buildings must have high energy performance as indicated by the Energy Performance Directive in Buildings (EPBD), published by the European Union (EU), the energy performance of the existing buildings must also be enhanced with cost-efficient methods. Turkey has a high historical building density similar to south European countries, and the high energy consumption is the main contributor in the energy consumptioın of Turkey, which is rather higher than European counterparts. Historic buildings spread around Turkey for four main climate zones covering very similar climate characteristics to both the north and south European countries. The case study building is determined as the most common building type in Turkey. This study aims to investigate energy retrofit measures covering but not limited to passive and active measures to improve the energy performance of the historical buildings located in different climatic zones within the limits of preservation of the historical value of the building as a crucial constraint. Passive measures include wall, window, and roof construction elements, and active measures HVAC systems in retrofit scenarios. The proposed methodology can help to reach up to 30% energy saving based on primary energy consumption. DesignBuilder, an energy simulation tool, is used to determine the energy performance of buildings with suggested retrofit measures, and the Net Present Value (NPV) method is used for cost analysis of them. Finally, the most efficient energy retrofit measures for all buildings are determined by analyzing primary energy consumption and the cost performance of them. Results show that heat insulation, glazing type, and HVAC system has an important role in energy saving. Also, it found that these parameters have a different positive or negative effect on building energy consumption in different climate zones. For instance, low e glazing has a positive impact on the energy performance of the building in the first zone, while it has a negative effect on the building in the forth zone. Another important result is applying heat insulation has minimum impact on building energy performance compared to other zones.Keywords: energy performance, climatic zones, historic building, energy retrofit measures, NPV
Procedia PDF Downloads 1702197 Comparing Energy Labelling of Buildings in Spain
Authors: Carolina Aparicio-Fernández, Alejandro Vilar Abad, Mar Cañada Soriano, Jose-Luis Vivancos
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The building sector is responsible for 40% of the total energy consumption in the European Union (EU). Thus, implementation of strategies for quantifying and reducing buildings energy consumption is indispensable for reaching the EU’s carbon neutrality and energy efficiency goals. Each Member State has transposed the European Directives according to its own peculiarities: existing technical legislation, constructive solutions, climatic zones, etc. Therefore, in accordance with the Energy Performance of Buildings Directive, Member States have developed different Energy Performance Certificate schemes, using proposed energy simulation software-tool for each national or regional area. Energy Performance Certificates provide a powerful and comprehensive information to predict, analyze and improve the energy demand of new and existing buildings. Energy simulation software and databases allow a better understanding of the current constructive reality of the European building stock. However, Energy Performance Certificates still have to face several issues to consider them as a reliable and global source of information since different calculation tools are used that do not allow the connection between them. In this document, TRNSYS (TRaNsient System Simulation program) software is used to calculate the energy demand of a building, and it is compared with the energy labeling obtained with Spanish Official software-tools. We demonstrate the possibility of using not official software-tools to calculate the Energy Performance Certificate. Thus, this approach could be used throughout the EU and compare the results in all possible cases proposed by the EU Member States. To implement the simulations, an isolated single-family house with different construction solutions is considered. The results are obtained for every climatic zone of the Spanish Technical Building Code.Keywords: energy demand, energy performance certificate EPBD, trnsys, buildings
Procedia PDF Downloads 1232196 Life Cycle Assessment of Todays and Future Electricity Grid Mixes of EU27
Authors: Johannes Gantner, Michael Held, Rafael Horn, Matthias Fischer
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At the United Nations Climate Change Conference 2015 a global agreement on the reduction of climate change was achieved stating CO₂ reduction targets for all countries. For instance, the EU targets a reduction of 40 percent in emissions by 2030 compared to 1990. In order to achieve this ambitious goal, the environmental performance of the different European electricity grid mixes is crucial. First, the electricity directly needed for everyone’s daily life (e.g. heating, plug load, mobility) and therefore a reduction of the environmental impacts of the electricity grid mix reduces the overall environmental impacts of a country. Secondly, the manufacturing of every product depends on electricity. Thereby a reduction of the environmental impacts of the electricity mix results in a further decrease of environmental impacts of every product. As a result, the implementation of the two-degree goal highly depends on the decarbonization of the European electricity mixes. Currently the production of electricity in the EU27 is based on fossil fuels and therefore bears a high GWP impact per kWh. Due to the importance of the environmental impacts of the electricity mix, not only today but also in future, within the European research projects, CommONEnergy and Senskin, time-dynamic Life Cycle Assessment models for all EU27 countries were set up. As a methodology, a combination of scenario modeling and life cycle assessment according to ISO14040 and ISO14044 was conducted. Based on EU27 trends regarding energy, transport, and buildings, the different national electricity mixes were investigated taking into account future changes such as amount of electricity generated in the country, change in electricity carriers, COP of the power plants and distribution losses, imports and exports. As results, time-dynamic environmental profiles for the electricity mixes of each country and for Europe overall were set up. Thereby for each European country, the decarbonization strategies of the electricity mix are critically investigated in order to identify decisions, that can lead to negative environmental effects, for instance on the reduction of the global warming of the electricity mix. For example, the withdrawal of the nuclear energy program in Germany and at the same time compensation of the missing energy by non-renewable energy carriers like lignite and natural gas is resulting in an increase in global warming potential of electricity grid mix. Just after two years this increase countervailed by the higher share of renewable energy carriers such as wind power and photovoltaic. Finally, as an outlook a first qualitative picture is provided, illustrating from environmental perspective, which country has the highest potential for low-carbon electricity production and therefore how investments in a connected European electricity grid could decrease the environmental impacts of the electricity mix in Europe.Keywords: electricity grid mixes, EU27 countries, environmental impacts, future trends, life cycle assessment, scenario analysis
Procedia PDF Downloads 1852195 A Mixed Methods Research Design for the Development of the Xenia Higher Education Institutions' Inclusiveness Index
Authors: Achilles Kameas, Eleni Georgakakou, Anna Lisa Amodeo, Aideen Quilty, Aisling Malone, Roberta Albertazzi, Moises Carmona, Concetta Esposito, Ruben David Fernandez Carrasco, Carmela Ferrara, Francesco Garzillo, Mojca Pusnik, Maria Cristina Scarano
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While researchers, especially in academia, study and research the phenomena of inclusion of sexual minority and gender marginalized groups, seldom the European Higher Education Institutions (HEI) act on lowering the cultural and educational barriers to their proactive inclusion. The challenge in European HEIs is that gender, and sexual orientation discrimination remains an issue not adequately addressed. Following a mixed methods research design of quantitative and qualitative research techniques and tools, which is applied in five (5) European countries (Italy, Greece, Ireland, Slovenia, and Spain) and that combines desk research, evaluation, and weighting processes for a Matrix-based on Objective indicators and Survey for students and staff of the HEI to gauge the perception of inclusiveness in the HEI context, XENIA HEI Inclusiveness Index is an instrument that will allow universities to gauge and assess their inclusiveness in the domain of discrimination and exclusion based on gender identity and sexual orientation. The index will allow capturing the depth and reach of policies, programmes, and initiatives of HEIs in tackling the phenomena and dynamics of exclusion of LGBT+ (lesbian, gay, bisexual, trans, and other marginalized groups on the basis of gender and sexual identity) and cisgender women exposed to the risk of discrimination.Keywords: gender identity, higher education, LGBT+ rights, XENIA inclusiveness index
Procedia PDF Downloads 1612194 A Negotiation Model for Understanding the Role of International Law in Foreign Policy Crises
Authors: William Casto
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Studies that consider the actual impact of international law upon foreign affairs crises are flawed by an unrealistic model of decision making. The common, unexamined assumption is that a nation has a unitary executive or ruler who considers a wide variety of considerations, including international law, in attempting to resolve a crisis. To the extent that negotiation theory is considered, the focus is on negotiations between or among nations. The unsettling result is a shallow focus that concentrates on each country’s public posturing about international law. The country-to-country model ignores governments’ internal negotiations that lead to their formal position in a crisis. The model for foreign policy crises needs to be supplemented to include a model of internal negotiations. Important foreign policy decisions come from groups within a government committee, advisers, etc. Within these groups, participants may have differing agendas and resort to international law to bolster their positions. To understand the influence of international law in international crises, these internal negotiations must be considered. These negotiations are crucial to creating a foreign policy agenda or recommendations. External negotiations between the two nations are significant, but the internal negotiations provide a better understanding of the actual influence of international law upon international crises. Discovering the details of specific internal negotiations is quite difficult but not necessarily impossible. The present proposal will use a specific crisis to illustrate the role of international law. In 1861 during the American Civil War, a United States navy captain stopped a British mail ship and removed two ambassadors of the rebelling southern states. The result was what is commonly called the Trent Affair. In the wake of the captain’s unauthorized and rash action, Great Britain seriously considered going to war against the United States. A detailed analysis of the Trent Affair is possible using the available and extensive internal British correspondence and memoranda to reach an understanding of the effect of international law upon decision making. The extensive trove of internal British documents is particularly valuable because in 1861, the only effective means of communication was face-to-face or through letters. Telephones did not exist, and travel by horse and carriage was tedious. The British documents tell us how individual participants viewed the process. We can approach an accurate understanding of what actually happened as the British government strove to resolve the crisis. For example, British law officers initially concluded that the American captain’s rash act was permissible under international law. Later, the law officers revised their opinion. A model of internal negotiation is particularly valuable because it strips away nations’ public posturing about disputed international law principles. In internal decision making, there is room for meaningful debate over the relevant principles. This fluid debate tells how international law is used to develop a hard, public bargaining position. The Trent Affair indicates that international law had an actual influence upon the crisis and that law was not mere window dressing for the government’s public position.Keywords: foreign affairs crises, negotiation, international law, Trent affair
Procedia PDF Downloads 1272193 The Impact of the EU Competition Law on the Asian Systems
Authors: Maria Casoria
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Throughout the last decade developing countries have been undergoing substantial reforms to promote the establishment of competition regimes, as consequence of the trade liberalization and the spread of a ‘competition awareness movement’ across the globe. The legislative trend affected the whole Asia. Notwithstanding the existence of extensive joint ventures, cartels and other collusive business relationships in this geographical area, almost all the countries have already passed or are committed to enforce specific laws in the field. The study dwells into legal solutions adopted in the five sub-regions in which the continent is commonly divided –i.e. Central, East, South, Southeast, and Western Asia- and, using a comparative methodology, shed lights on the main differences and similarities in place. The final outcome of the analysis is that, despite the undeniable divergences of approach, what links together the legislation in force in the region is the unveiled influence exercised by the European Union competition regulation. Consequently, in order to properly evaluate the deterrence of the rule of law in the sector concerned, it is fundamental to scrutinize the major role played by the EU and its policy for the evolution of pro-competitive practices in the continent.Keywords: Asia, competition law, differences and similarities, European union, influences
Procedia PDF Downloads 2732192 The Impact of Implementing European Quality Labeling System on the Supply Chain Performance of Food Industry: An Empirical Study of the Egyptian Traditional Food Sector
Authors: Nourhan A. Saad, Sara Elgazzar, Gehan Saleh
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The food industry nowadays is becoming customer-oriented and needs faster response time to deal with food incidents. There is a deep need for good traceability systems to help the supply chain (SC) partners to minimize production and distribution of unsafe or poor quality products, which in turn will enhance the food SC performance. The current food labeling systems implemented in developing countries cannot guarantee that food is authentic, safe and of good quality. Therefore, the use of origin labels, mainly the geographical indications (GIs), allows SC partners to define quality standards and defend their products' reputation. According to our knowledge there are no studies discussed the use of GIs in developing countries. This research represents a research schema about the implementation of European quality labeling system in developing countries and its impact on enhancing SC performance. An empirical study was conducted on the Egyptian traditional food sector based on a sample of seven restaurants implementing the Med-diet labeling system. First, in-depth interviews were carried out to analyze the Egyptian traditional food SC. Then, a framework was developed to link the European quality labeling system and SC performance. Finally, a structured survey was conducted based on the applied framework to investigate the impact of Med-diet labeling system on the SC performance. The research provides an applied framework linking Med-diet quality labeling system to SC performance of traditional food sector in developing countries generally and especially in the Egyptian traditional food sector. The framework can be used as a SC performance management tool to increase the effectiveness and efficiency of food industry's SC performance.Keywords: food supply chain, med-diet labeling system, quality labeling system, supply chain performance
Procedia PDF Downloads 3112191 Ethnicism and Nigeria's National Development Crisis
Authors: A. E. Agbogu
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While scholars have predicted that identity politics (or what is euphemistically referred to as ethnic politics in Nigeria) were a dying phenomenon in other parts of the world, in Nigeria, it has remained the basis of political activity and has indeed become not only the unwritten law of all calculations in the political firmament of the country but also the ultimo ratio. We intend in the paper that follows to explore the reason for this unhealthy development. The paper seeks to offer explanations for the paradoxical reality of the upsurge of ethnic politics in Nigeria when in fact, the phenomenon is apparently on a downward spiral elsewhere in the world, particularly in countries that are at par with Nigeria in terms of national development. The paper is descriptive and qualitative and has relied on available data for its source of materials. Among other things, the paper locates identity politics as a tool in the hands of a national elite that has not transcended the limitations imposes by the shackles of the parsonian particularistic polar attributes which have tended to fixate their weltanschauung or world view on attachments that are unpardonably primordial. In the event, ethnicity becomes a veritable instrument not only for cheap sectional mobilization but also a means for seeking access to the so-called national cake. It is recommended that a way out of this socio-politico malady is the creation of a political arrangement that conduces to the gravitational tendency which will lead to the transfer of loyalties away from the extant ethno-nationalities to the centre.Keywords: ethnicism, development, crisis, identity politics
Procedia PDF Downloads 282