Search results for: behavioral finance anomalies

Authors: Hy Dang, Bo Mei

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The development of machine learning methods and techniques has opened doors for investigation in many areas such as medicines, economics, finance, etc. One active research area involving machine learning is stock market prediction. This research paper tries to consider multiple techniques and methods for stock movement prediction using historical price or price factors. The paper explores the effectiveness of some deep learning frameworks for forecasting stock. Moreover, an architecture (TimeStock) is proposed which takes the representation of time into account apart from the price information itself. Our model achieves a promising result that shows a potential approach for the stock movement prediction problem.

Keywords: classification, machine learning, time representation, stock prediction

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Authors: Kiana Keshavarz, Carmen Jaca, María J. Álvarez

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The shift to a circular economy necessitates a substantial change in consumer behavior, a complex and unpredictable actor that proves challenging to guide toward sustainability. This systematic literature review addresses the pivotal role that consumers play in propelling a circular economy, emphasizing the critical gap between positive attitudes and responsible actions. In this review, we utilized two prominent databases, Scopus and Web of Science, during the months of July and August 2023. A comprehensive screening process considered 467 articles, ultimately including 115 in the study for detailed analysis. Recognizing the transformative potential of consumer behavior, the study examines three key phases of consumer interaction with products —pre-purchasing decision, careful usage, and post-use management—identifying consumer-centric strategies that boost sustainability in each phase. Contrary to the prevailing emphasis on post-management strategies in society, the synthesis highlights the profound impact of strategies enacted during the pre-purchasing decision phase. In the investigation of the persistent attitude-behavior gap, factors influencing this gap and impeding consumers from engaging in sustainable actions are identified based on behavioral theories. Subsequently, strategies aimed at diminishing barriers and boosting motivators, as outlined in the literature, are presented. Recognizing the transformative potential of consumer behavior, the study underscores the pivotal roles of policymakers, businesses, and governments in fostering a more sustainable future. Ultimately, there is a call for further research to enhance the depth of analysis. This could be achieved through a more focused approach, such as narrowing the scope to a specific industry or applying a specific behavioral theory.

Keywords: circular economy, consumer behavior, sustainability, attitude-behavior gap, systematic literature review

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Authors: Birendra Kumar Jha, Mingma L. Sherpa, Binod Kumar Dahal

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Background: The metabolic syndrome is emerging as a major public health concern in the world. Urbanization, surplus energy uptake, compounded by decreased physical activities, and increasing obesity are the major factors contributing to the epidemic of metabolic syndrome worldwide. However, prevalence of metabolic syndrome and its risk factors are little studied in Terai region of Nepal. The objectives of this research were to estimate the prevalence and to identify the risk factors of metabolic syndrome among adults in Terai region of Nepal. Method: We used a community based cross sectional study design. A total of 225 adults (age: 18 to 80 years) were selected from three district of Terai region of Nepal using cluster sampling by camp approach. IDF criteria (central obesity with any two of following four factors: triglycerides ≥ 150 mg/dl or specific treatment for lipid abnormality, reduced HDL, raised blood pressure and raised fasting plasma glucose or previously diagnosed type 2 diabetes) were used to assess metabolic syndrome. Interview, physical and clinical examination, measurement of fasting blood glucose and lipid profile were conducted for all participants. Chi-square test and multivariable logistic regression were employed to explore the risk factors of metabolic syndrome. Result: The overall prevalence of metabolic syndrome was 70.7%. Hypertension, increased fasting blood sugar, increased triglycerides and decreased HDL were observed in 50.7%, 32.4%, 41.8% and 79.1% of the subjects respectively. Socio-economic and behavioral risk factors significantly associated with metabolic syndrome were gender male (OR=2.56, 955 CI: 1.42-4.63; p=0.002), in service or retired from service (OR=3.72, 95% CI: 1.72-8.03; p=0.001) and smoking (OR= 4.10, 95% CI: 1.19-14.07; p=0.016). Conclusion: Higher prevalence of Metabolic syndrome along with presence of behavioral risk factors in Terai region of Nepal likely suggest lack of awareness and health promotion activities for metabolic syndrome and indicate the need to promote public health programs in this region to maintain quality of life.

Keywords: metabolic syndrome, Nepal, prevalence, risk factors, Terai

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Authors: Sofia Serra-Dawa

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Adult relationships accrue on a variety of past social experiences, intentions, and emotions that might predispose and influence the approach to and construction of subsequent relationships. The Adult Attachment Theory (AAT) proposes four types of adult attachment, where attachment is built over two dimensions of anxiety and avoidance: secure, anxious-preoccupied, dismissive-avoidant, and fearful-avoidant. The AAT has been studied in multiple settings such as personal and therapeutic relationships, educational settings, sexual orientation, health, and religion. In music scholarship, the AAT has been used to frame class learning of student singers and study the relational behavior between voice teachers and students. Building on this study, the present inquiry studies how attachment types might characterize learning relationships of music students (in the Western Conservatory tradition), and whether particular instrumental experiences might correlate to given attachment styles. Given certain behavioral cohesive features of established traditions of instrumental playing and performance modes, it is hypothesized that student musicians will display specific characteristics correlated to instrumental traditions, demonstrating clear tendency of attachment style, which in turn has implications on subsequent professional interactions. This study is informed by the methodological framework of Adult Attachment Scale-R (Collins and Read, 1990), which was particularly chosen given its non-invasive questions and classificatory validation. It is further hypothesized that the analytical comparison of musicians’ profiles has the potential to serve as the baseline for other comparative behavioral observation studies [this component is expected to be verified and completed well before the conference meeting]. This research may have implications for practitioners concerned with matching and improving musical teaching and learning relationships and in (professional and amateur) long-term musical settings.

Keywords: adult attachment, music education, musicians attachment profile, musicians relationships

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Authors: Dagim Dessalegn Haile

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This study investigated the interaction between the drivers' socio-demographic background information (age, gender, and driving experience) and the risky events score in the i-DREAMS platform. Further, the relationship between the participants' background driving behavior and the i-DREAMS platform behavioral output scores of risky events was also investigated. The i-DREAMS acronym stands for Smart Driver and Road Environment Assessment and Monitoring System. It is a European Union Horizon 2020 funded project consisting of 13 partners, researchers, and industry partners from 8 countries. A total of 25 Belgian car drivers (16 male and nine female) were considered for analysis. Drivers' ages were categorized into ages 18-25, 26-45, 46-65, and 65 and older. Drivers' driving experience was also categorized into four groups: 1-15, 16-30, 31-45, and 46-60 years. Drivers are classified into two clusters based on the recorded score for risky events during phase 1 (baseline) using risky events; acceleration, deceleration, speeding, tailgating, overtaking, and lane discipline. Agglomerative hierarchical clustering using SPSS shows Cluster 1 drivers are safer drivers, and Cluster 2 drivers are identified as risky drivers. The analysis result indicated no significant relationship between age groups, gender, and experience groups except for risky events like acceleration, tailgating, and overtaking in a few phases. This is mainly because the fewer participants create less variability of socio-demographic background groups. Repeated measure ANOVA shows that cluster 2 drivers improved more than cluster 1 drivers for tailgating, lane discipline, and speeding events. A positive relationship between background drivers' behavior and i-DREAMS platform behavioral output scores is observed. It implies that car drivers who in the questionnaire data indicate committing more risky driving behavior demonstrate more risky driver behavior in the i-DREAMS observed driving data.

Keywords: i-dreams, car drivers, socio-demographic background, risky events

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Authors: Muhammad Abdullahi Mago

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Islamic Banking began in Nigeria last three years and the sector has shown the sign of bright future for the sector and the Nigerian economy, within this very short time it is important to know the perception of the customers particularly learned or educated individuals for immediate evaluation and adjustment. This study investigates into the perception, awareness and attitudes of the academicians in the most populous state/place in Nigeria with more than 90% muslims, and the results has shown a relatively low levels results in all the variables of the study.The study recommends aggressive marketing strategy for the Banks operating within the sector.

Keywords: Islamic Banking Products, Islamic Financial Products, academicians, Islamic finance industry, perception, awareness and attitude

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Authors: Sharon Cayzer-Haller, Shir Ginosar-Yaari, Ariel Knafo-Noam

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The 21st century emerged as the digital century, and it is marked by a wide range of technological developments and changes, followed by potential changes in human communication skills. This technological revolution has changed human means of communication in many different ways: children and adolescents are spending much of their time in front of screens, participating in all sorts of online activities (even more so since the outbreak of COVID-19). The current study focuses on the role of values in adolescents' online bystanders' behavior. Values are cognitive, abstract representations of desirable goals that motivate behavior, and we hypothesized finding significant associations between specific values and differential online bystanders' feelings and behavior. Data was collected through online questionnaires that measured the participants' values, using Schwartz's short version of the Portrait Values Questionnaire (Schwartz, 2012). Participants’ online behavior was assessed in a questionnaire addressing reactions to situations of cyber shaming and cyberbullying, and specifically positive feelings and pro-social behavior (e.g., more supportive reactions) toward the victims, as opposed to different offensive behavioral reactions (such as laughing at the victim or ignoring the situation). Participants were recruited with a commercial research panel company, and 308 Israeli adolescents' values and online behavior were examined (mean age 15.2). As hypothesized, results show significant associations between self-transcendence values (universalism and benevolence) and conservation values (conformity, tradition, and security). These two groups of values were positively correlated with pro-social bystanders' feelings and behavior. On the opposite side of the values scale, the value of power was negatively associated with the participants' pro-social behavior, and positively associated with offensive behavioral reactions. Further research is needed, but we conclude that values serve as crucial guiding factors in directing adolescents' online feelings and behavior.

Keywords: adolescents, values, cyberbullying, online behavior, power

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Authors: Pratap Chandra Pati, Prabina Rajib, Parama Barai

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The traditional finance theory neglects the role of sentiment factor in asset pricing. However, the behavioral approach to asset-pricing based on noise trader model and limit to arbitrage includes investor sentiment as a priced risk factor in the assist pricing model. Investor sentiment affects stock more that are vulnerable to speculation, hard to value and risky to arbitrage. It includes small stocks, high volatility stocks, growth stocks, distressed stocks, young stocks and non-dividend-paying stocks. Since the introduction of Chicago Board Options Exchange (CBOE) volatility index (VIX) in 1993, it is used as a measure of future volatility in the stock market and also as a measure of investor sentiment. CBOE VIX index, in particular, is often referred to as the ‘investors’ fear gauge’ by public media and prior literature. The upward spikes in the volatility index are associated with bouts of market turmoil and uncertainty. High levels of the volatility index indicate fear, anxiety and pessimistic expectations of investors about the stock market. On the contrary, low levels of the volatility index reflect confident and optimistic attitude of investors. Based on the above discussions, we investigate whether market-wide fear levels measured volatility index is priced factor in the standard asset pricing model for the Indian stock market. First, we investigate the performance and validity of Fama and French three-factor model and Carhart four-factor model in the Indian stock market. Second, we explore whether India volatility index as a proxy for fearful market-based sentiment indicators affect the cross section of stock returns after controlling for well-established risk factors such as market excess return, size, book-to-market, and momentum. Asset pricing tests are performed using monthly data on CNX 500 index constituent stocks listed on the National stock exchange of India Limited (NSE) over the sample period that extends from January 2008 to March 2017. To examine whether India volatility index, as an indicator of fear sentiment, is a priced risk factor, changes in India VIX is included as an explanatory variable in the Fama-French three-factor model as well as Carhart four-factor model. For the empirical testing, we use three different sets of test portfolios used as the dependent variable in the in asset pricing regressions. The first portfolio set is the 4x4 sorts on the size and B/M ratio. The second portfolio set is the 4x4 sort on the size and sensitivity beta of change in IVIX. The third portfolio set is the 2x3x2 independent triple-sorting on size, B/M and sensitivity beta of change in IVIX. We find evidence that size, value and momentum factors continue to exist in Indian stock market. However, VIX index does not constitute a priced risk factor in the cross-section of returns. The inseparability of volatility and jump risk in the VIX is a possible explanation of the current findings in the study.

Keywords: India VIX, Fama-French model, Carhart four-factor model, asset pricing

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Authors: Khayra Zerrouki, Noureddine Djebli, Esra Eroglu, Afife Mat, Ozhan Gul

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Neurodegenerative diseases of the human brain comprise a variety of disorders that affect an increasing percentage of the population. Alzheimer’s disease (AD) is a complex, multifactorial, heterogeneous mental illness, which is characterized by an age-dependent loss of memory and an impairment of multiple cognitive functions, but this 10 last years it concerns the population most and most young. Hypericum perforatum has traditionally been used as an external anti-inflammatory and healing remedy for the treatment of swellings, wounds and burns, diseases of the alimentary tract and psychological disorders. It is currently of great interest due to new and important therapeutic applications. In this study, the chemical composition of methanolic extract of Hypericum perforatum (HPM) was analysed by using high performance liquid chromatography – diode array detector (HPLC-DAD). The in vitro antioxidant activity of HPM was evaluated by using several antioxidant tests. HSM exhibits inhibitory capacity against posphatidylcholine liposome peroxidation, induced with iron and ascorbic acid, scavenge DPPH and superoxide radicals and act as reductants. The cytotoxic activity of HSM was also determined by using MTT cell viability assay on HeLa and NRK-52E cell lines. The in vivo activity studies in Swiss mice were determined by using behavioral, memory tests and histological study. According to tests results HPM that may be relevant to the treatment of cognitive disorders. The results of chemical analysis showed a hight level of hyperforin and quercitin that had an important antioxidant activity proved in vitro with the DPPH, anti LPO and SOD; this antioxidant activity was confirmed in vivo after the non-toxic results by means of improvement in behavioral and memory than the reducing shrunken in pyramidal cells of mice brains.

Keywords: AlCl3, alzheimer, mice, neuroprotective, neurotoxicity, phytotherapy

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Authors: Zhiwei Zhong, Xiaofei Li, Deli Wang

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Ecosystem engineering is a powerful force shaping community structure and ecosystem function. Yet, very little is known about the mechanisms by which engineers affect vital ecosystem processes like trophic interactions. Here, we examine the potential for a herbivore ecosystem engineer, domestic sheep, to affect trophic interactions between the web-building spider Argiope bruennichi, its grasshopper prey Euchorthippus spp., and the grasshoppers’ host plant Leymus chinensis. By integrating small- and large-scale field experiments, we demonstrate that: 1) moderate sheep grazing changed the structure of plant communities by suppressing strongly interacting forbs within a grassland matrix; 2) this change in plant community structure drove interaction modifications between the grasshoppers and their grass host plants and between grasshoppers and their spider predators, and 3) these interaction modifications were entirely mediated by plasticity in grasshopper behavior. Overall, ecosystem engineering by sheep grazing strengthened bottom-up effects and weakened top-down effects via trait-mediated interactions, resulting in a nearly two-fold increase in grasshopper densities. Interestingly, the grasshopper behavioral shifts which reduced spider per capita predation rates in the microcosms did not translate to reduced spider predation rates at the larger system scale because increased grasshopper densities offset behavioral effects at larger scales. Our findings demonstrate that 1) ecosystem engineering can strongly alter trophic interactions, 2) such effects can be driven by cryptic trait-mediated interactions, and 3) the relative importance of trait- versus density effects as measured by microcosm experiments may not reflect the importance of these processes at realistic ecological scales due to scale-dependent interactions.

Keywords: bottom-up effects, ecosystem engineering, trait-mediated indirect effects, top-down effects

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Authors: Fiona S. Motswaiso, Kengo Nakamura, Takeshi Komai

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Heavy metals may occur naturally in rocks and soils, but elevated quantities of them are being gradually released into the environment by anthropogenic activities such as mining. In order to address issues of heavy metal water and soil pollution, a distinction needs to be made between natural and anthropogenic anomalies. The current study aims at characterizing the spatial distribution of trace elements and evaluate site-specific geochemical background concentrations of trace elements in the mine soils examined, and also to discriminate between lithogenic and anthropogenic sources of enrichment around a copper-nickel mining town in Selibe-Phikwe, Botswana. A total of 20 Soil samples, 11 river sediment, and 9 river water samples were collected from an area of 625m² within the precincts of the mine and the smelter. The concentrations of metals (Cu, Ni, Pb, Zn, Cr, Ni, Mn, As, Pb, and Co) were determined by using an ICP-MS after digestion with aqua regia. Major elements were also determined using ED-XRF. Water pH and EC were measured on site and recorded while soil pH and EC were also determined in the laboratory after performing water elution tests. The highest Cu and Ni concentrations in soil are 593mg/kg and 453mg/kg respectively, which is 3 times higher than the crustal composition values and 2 times higher than the South African minimum allowable levels of heavy metals in soils. The level of copper contamination was higher than that of nickel and other contaminants. Water pH levels ranged from basic (9) to very acidic (3) in areas closer to the mine/smelter. There is high variation in heavy metal concentration, eg. Cu suggesting that some sites depict regional natural background concentrations while other depict anthropogenic sources.

Keywords: contamination, geochemical baseline, heavy metals, soils

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Authors: Ananya Govindarajan

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Tetrahymena thermophila is a single-cell, eukaryotic organism that belongs to the Protozoa Kingdom. Tetrahymena thermophila is often used in signal transduction pathway studies because of its ability to model sensory input and the effects of environmental conditions such as chemicals and temperature. The recently discovered G37 chemorepellent receptor showed increased responsiveness to all chemorepellents. Investigating the mutant G37 Tetrahymena gene in various test solutions, including ferric chloride, ferrous sulfate, hydrogen peroxide, tetrazolium blue, potassium chloride, and dithiothreitol were performed to determine the role of oxidants and reducing agents with the mutant and wild-type cells (CU427) to assess the role of the receptor. Behavioral assays and recordings processed by ImageJ indicated that ferric chloride, hydrogen peroxide, and tetrazolium blue yielded little to no chemorepellent responses from G37 cells (<20% ARs). CU427 cells were over-responsive based on the mean percent of cells (>50% ARs). Reducing agents elicited chemorepellent responses from both G37 and CU427, in addition to potassium chloride. Cell responses were classified as over-responsive (>50% ARs). Dithiothreitol yielded unexpected results as G37 (37.0% ARs) and CU427 (38.1% ARs) had relatively similar responses and were only responsive and not over-responsive to the reducing agent test chemical solution. Ultimately, this indicates that the G37 receptor is more interactive with molecules that are reducing agents or non-oxidant compounds; G37 may be unable to sense and respond to oxidants effectively, further elucidating the pathways of the G37 strain and nature of this receptor. Results also indicate that the CSF most likely contained an oxidant, like ferric chloride. This research can be further applied to neuronal influences and how specific compounds may affect human neurons individually and their excitability as the responses model action potentials and membrane potential.

Keywords: tetrahymena thermophila, signal transduction, chemosensory, oxidant, reducing agent

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Authors: Kushaal Selvarajah, Geetha Annavi, Mohd Noor Hisham Mohd Nadzir

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Sambar deer (Rusa unicolor) was uplisted from Least Concern to Vulnerable by the International Union for Conservation of Nature Red list in 2015 due to drastic population decline in the wild throughout its geographical range. Sambar deer is a valued prey for the highly endangered species such as the Malayan tiger. Ex-situ conservation efforts, i.e., captive breeding, initiated by local government to boost sambar deer numbers in captivity and to reintroduce into the wild to support a higher number of tigers, consistent with the goal of our National Tiger Conservation Action Plan. The reproductive success of sambar deer and their welfare management practices in captivity are important components for effective captive breeding programs. However, there is a lack of study carried out on sambar deer in recent years and their behavior in captivity. Three captive sites (Zoo Negara, Zoo Taiping, and Sungkai Conservation Centre) were selected and observed for an average of 40 days each site (6 hours/day). A Generalized Linear Model (GLM) was used to determine the correlation between social behavior and extrinsic parameters. A comparison between all three captive sites showed the strongest correlation in behavioral variability, followed by a time of observation. This proves that there is a difference between in behavioral consistency and frequency between herds across captive sites rising to the possibility of external factors that are influential. Time of day of observation also had significant influence on certain extrinsic parameters being skewed to morning observations and this could be due to an adaptive behavior to the feeding time in the captive sites being in the morning which caused the deer to be resting towards the afternoon. Extensive study need to be done on sambar deer to pinpoint the specifics and better understanding of these possible influential factors in their behavior.

Keywords: behaviour ecology, captivity, ex-situ conservation, husbandry

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Authors: Yu-Chi Liao, Nai-Wen Guo, Chun‑Hung Lee, Yung-Chin Lu, Cheng-Hung Ko

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Objective: The incidence of behavioral addictions, especially substance use disorders (SUDs), is gradually be taken seriously with various physical health problems. Mindfulness-based relapse prevention (MBRP) is a treatment option for promoting long-term health behavior change in recent years. MBRP is a structured protocol that integrates formal meditation practices with the cognitive-behavioral approach of relapse prevention treatment by teaching participants not to engage in reappraisal or savoring techniques. However, considering SUDs as a complex brain disease, questionnaires and symptom evaluation are not sufficient to evaluate the effect of MBRP. Neurophysiological biomarkers such as quantitative electroencephalogram (QEEG) may improve accurately represent the curative effects. This study attempted to find out the neurophysiological indicator of MBRP in various severity SUD involuntary clients. Participants and Methods: Thirteen participants (all males) completed 8-week mindfulness-based treatment provided by trained, licensed clinical psychologists. The behavioral data were from the Severity of Dependence Scale (SDS) and Negative Mood Regulation Scale (NMR) before and afterMBRP treatment. The QEEG data were simultaneously recorded with executive attention tasks, called comprehensive nonverbal attention test(CNAT). The two-way repeated-measures (treatment * severity) ANOVA and independent t-test were used for statistical analysis. Results: Thirteen participants regrouped into high substance dependence (HS) and low substance dependence (LS) by SDS cut-off. The HS group showed more SDS total score and lower gamma wave in the Go/No Go task of CNAT at pretest. Both groups showed the main effect that they had a lower frontal theta/beta ratio (TBR) during the simple reaction time task of CNAT. The main effect showed that the delay errors of CNAT were lower after MBRP. There was no other difference in CNAT between groups. However, after MBRP, compared to LS, the HS group have resonant progress in improving SDS and NMR scores. The neurophysiological index, the frontal TBR of the HS during the Go/No Go task of CNATdecreased than that of the LS group. Otherwise, the LS group’s gamma wave was a significant reduction on the Go/No Go task of CNAT. Conclusion: The QEEG data supports the MBRP can restore the prefrontal function of involuntary addicts and lower their errors in executive attention tasks. However, the improvement of MBRPfor the addict with high addiction severity is significantly more than that with low severity, including QEEG’s indicators and negative emotion regulation. Future directions include investigating the reasons for differences in efficacy among different severity of the addiction.

Keywords: mindfulness, involuntary clients, QEEG, emotion regulation

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Authors: Gaurav Kumar Sinha

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In an era marked by increasing concerns about energy sustainability, this research endeavors to address the pressing challenge of energy consumption in buildings and industries. This study delves into the transformative potential of AWS services in optimizing energy efficiency. The research is founded on the recognition that effective management of energy consumption is imperative for both environmental conservation and economic viability. Buildings and industries account for a substantial portion of global energy use, making it crucial to develop advanced techniques for analysis and reduction. This study sets out to explore the integration of AWS services with big data analytics to provide innovative solutions for energy consumption analysis. Leveraging AWS's cloud computing capabilities, scalable infrastructure, and data analytics tools, the research aims to develop efficient methods for collecting, processing, and analyzing energy data from diverse sources. The core focus is on creating predictive models and real-time monitoring systems that enable proactive energy management. By harnessing AWS's machine learning and data analytics capabilities, the research seeks to identify patterns, anomalies, and optimization opportunities within energy consumption data. Furthermore, this study aims to propose actionable recommendations for reducing energy consumption in buildings and industries. By combining AWS services with metrics-driven insights, the research strives to facilitate the implementation of energy-efficient practices, ultimately leading to reduced carbon emissions and cost savings. The integration of AWS services not only enhances the analytical capabilities but also offers scalable solutions that can be customized for different building and industrial contexts. The research also recognizes the potential for AWS-powered solutions to promote sustainable practices and support environmental stewardship.

Keywords: energy consumption analysis, big data analytics, AWS services, energy efficiency

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Authors: Lawrence Ngalim

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The paucity of entrepreneurial finance in Sub-Saharan Africa (SSA) can plausibly be tied to her comparatively less-developed capital markets, which potentially hurts entrepreneurial activities. The high rate of informality in SSA worsens information asymmetry, which restricts the supply of funds in a heavily bank-led environment. In this paper, we ask whether the adoption of recent technological improvements in delivering financial services, such as crowdfunding, assists the financially excluded within Africa. Secondly, we investigate the individual determinants of crowdfunding, such as income, level of education, demographics, culture/trust, and the effects of crowdfunding on households’ usage of formal financial services. The paper discusses the long-term policy implications of this particular type of fintech in achieving financial inclusion within the regional bloc and its advantage for Africa-Agenda-2063.

Keywords: fintech, banks, entrepreneurship, regional integration

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Authors: Abul Shamsuddin

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The Islamic stock market indices are constructed by screening out stocks that are incompatible with Islam’s prohibition of interest and certain lines of business. This study examines the effects of Islamic screening on the risk-return characteristics of Islamic vis-a-vis mainstream equity portfolios. We use data on Dow Jones Islamic market indices and FTSE Global Islamic indices over 1993-2013. We observe that Islamic equity indices outperform their mainstream counterparts in both raw and risk-adjusted returns. In addition, Islamic equity indices are more resilient to turbulence in international markets than that of their mainstream counterparts. The findings are robust across a variety of portfolio performance measures.

Keywords: Dow Jones Islamic market index, FTSE global Islamic index, ethical investment, finance

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Authors: Ahmed A. Sedik, Doaa Mahmoud Shuaib

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Brain injury is a cause of disability and death worldwide. Potassium dichromate (PD) is an environmental contaminant widely recognized as teratogenic, carcinogenic, and mutagenic towards animals and humans. The aim of the present study was to investigate the possible neuroprotective effects of tangeretin (TNG) on PD-induced brain injury in rats. Forty male adult Wistar rats were randomly and blindly allocated into four groups (8 rats /group). The first group received saline intranasally (i.n.). The second group received a single dose of PD (2 mg/kg, i.n.). The third group received TNG (50 mg/kg; orally) for 14 days, followed by i.n. of PD on the last day of the experiment. Four groups received TNG (100 mg/kg; orally) for 14 days, followed by i.n. of PD on the last day of the experiment. 18- hours after the final treatment, behavioral parameters, neuro-biochemical indices, FTIR analysis, and histopathological studies were evaluated. Results of the present study revealed that rats intoxicated with PD promoted oxidative stress and inflammation via an increase in MDA and a decrease in Nrf2 signaling pathway and GSH levels with an increase in brain contents of TNF-α, IL-10, and NF-kβ and reduced AKT levels in brain homogenates. Treatment with TNG (100 mg/kg; orally) ameliorated behavioral, cholinergic activities and oxidative stress, decreased the elevated levels of pro-inflammatory mediators; TNF-α, IL-10, and NF-κβ elevated AKT pathway with corrected FTIR spectra with a decrease in brain content of chromium residues detected by atomic absorption spectrometry. Also, TNG administration restored the morphological changes as degenerated neurons and necrosis associated with PD intoxication. Additionally, TNG decreased Caspase-3 expression in the brain of PD rats. TNG plays a crucial role in AKT/Nrf2 pathway that is responsible for their antioxidant, anti-inflammatory effects, and apoptotic pathway against PD-induced brain injury in rats.

Keywords: tangeretin, potassium dichromate, brain injury, AKT/Nrf2 signaling pathway, FTIR, atomic absorption spectrometry

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Authors: Aisha Khodijah Kholib Jati, Suharni Mohamad, Azlan Husin, Wan Suriana Wan Ab Rahman

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Introduction: Toxoplasmosis is caused by an obligate intracellular parasite, Toxoplasma gondii (T. gondii). It is commonly asymptomatic in normal individual, but it can be fatal to immunocompromised patients as it can lead to severe complications such as encephalitis, chorioetinitis and myocarditis. Objective: The aim of the study was to determine the seroprevalence of toxoplasmosis and its association with socio-demographic and behavioral characteristics among hemato-oncology patients in Hospital USM. Methods: In this cross-sectional study, 56 hemato-oncology patients were screened for immunoglobulin M (IgM) antibodies, immunoglobulin G (IgG) antibodies, and IgG avidity of T. gondii by using ELISA Kit (BioRad, USA). For anti-T. gondii IgG antibody, titer ≥ 9 IU/ml was considered as recent infection, while for IgM, ratio ≥ 1.00 was considered as reactive for the anti-T. gondii IgM antibodies. Low avidity index is considered as recent infection within 20 weeks while high avidity considered as past infection. T. gondii exposure, socio-demographic and behavioral characteristics was assessed by a questionnaire and interview. Results: A total of 28 (50.0%) hemato-oncology patients were seropositive for T. gondii antibodies. Out of that total, 27 (48.21%) patients were IgG+/IgM- and one patient (1.79%) was IgG+/IgM+ with high avidity index. Univariate analysis showed that age, gender, ethnicity, marital status, educational level, employment status, stem cell transplant, blood transfusion, close contact with cats, water supply, and consumption of undercooked meat were not significantly associated with Toxoplasma seropositivity rate. Discussion: The seropositivity rate of IgG anti-T. gondii was high among hemato-oncology patients in Hospital USM. With impaired immune system, these patients might have a severe consequence if the infection reactivated. Therefore, screening for anti-T. gondii may be considered in the future. Moreover, health programme towards healthy food and good hygiene practice need to be implemented.

Keywords: immunocompromised, seroprevalence, socio-demographic, toxoplasmosis

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Authors: M. P. Dandekar, A. P. Bharne, P. T. Borkar, D. M. Kokare, N. K. Subhedar

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Ethanol ingestion by the mother ensue adverse consequences for her offspring. Herein, we examine the behavioral phenotype and neural substrate of the offspring of the mother on ethanol. Female rats were fed with ethanol-containing liquid diet from 8 days prior of conception and continued till 25 days post-parturition to coincide with weaning. Behavioral changes associated with anxiety, depression and learning and memory were assessed in the offspring, after they attained adulthood (day 85), using elevated plus maze (EPM), forced swim (FST) and novel object recognition tests (NORT), respectively. The offspring of the alcoholic mother, compared to those of the pair-fed mother, spent significantly more time in closed arms of EPM and showed more immobility time in FST. Offspring at the age of 25 and 85 days failed to discriminate between novel versus familiar object in NORT, thus reflecting anxiogenic, depressive and amnesic phenotypes. Neuropeptide cocaine- and amphetamine-regulated transcript peptide (CART) is known to be involved in central effects of ethanol and hence selected for the current study. Twenty-five days old pups of the alcoholic mother showed significant augmentation in CART-immunoreactivity in the cells of Edinger-Westphal (EW) nucleus and lateral hypothalamus. However, a significant decrease in CART-immunoreactivity was seen in nucleus accumbens shell (AcbSh), lateral part of bed nucleus of the stria terminalis (BNSTl), locus coeruleus (LC), hippocampus (CA1, CA2 and CA3), and arcuate nucleus (ARC) of the pups and/or adults offspring. While no change in the CART-immunoreactive fibers of AcbSh and BNSTl, CA2 and CA3 was noticed in the 25 days old pups, the CART-immunoreactive cells in EW and paraventricular nucleus (PVN), and fibers in the central nucleus of amygdala of 85 days old offspring remained unaffected. We suggest that the endogenous CART system in these discrete areas, among other factors, may be a causal to the abnormalities in the next generation of an alcoholic mother.

Keywords: anxiety, depression, CART, ethanol, immunocytochemistry

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Authors: Uyanga Jadamba

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Globalisation of the world economy has necessitated the development and implementation of a comparable and understandable reporting language suitable for use by all reporting entities. The International Accounting Standard Board (IASB) provides an international reporting language that lets all users understand the financial information of their business and potentially allows them to have access to finance at an international level. The study is based on logistic regression analysis to investigate the factors for the adoption of theInternational Financial Reporting Standard for Small and Medium sized Entities (IFRS for SMEs). The study started with a list of 217 countries from World Bank data. Due to the lack of availability of data, the final sample consisted of 136 countries, including 60 countries that have adopted the IFRS for SMEs and 76 countries that have not adopted it yet. As a result, the study included a period from 2010 to 2020 and obtained 1360 observations. The findings confirm that the adoption of the IFRS for SMEs is significantly related to the existence of national reporting standards, law enforcement quality, common law (legal system), and extent of disclosure. It means that the likelihood of adoption of the IFRS for SMEs decreases if the country already has a national reporting standard for SMEs, which suggests that implementation and transitional costs are relatively high in order to change the reporting standards. The result further suggests that the new standard adoption is easier in countries with constructive law enforcement and effective application of laws. The finding also shows that the adoption increases if countries have a common law system which suggests that efficient reportingregulations are more widespread in these countries. Countries with a high extent of disclosing their financial information are more likely to adopt the standard than others. The findings lastly show that the audit qualityand primary education levelhave no significant impact on the adoption.One possible explanation for this could be that accounting professionalsfrom in developing countries lacked complete knowledge of the international reporting standards even though there was a requirement to comply with them. The study contributes to the literature by providing factors that impact the adoption of the IFRS for SMEs. It helps policymakers to better understand and apply the standard to improve the transparency of financial statements. The benefit of adopting the IFRS for SMEs is significant due to the relaxed and tailored reporting requirements for SMEs, reduced burden on professionals to comply with the standard, and provided transparent financial information to gain access to finance.The results of the study are useful toemerging economies where SMEs are dominant in the economy in informing its evaluation of the adoption of the IFRS for SMEs.

Keywords: IFRS for SMEs, international financial reporting standard, adoption, institutional factors

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Authors: Godwin Chigozie Okpara, William Chimee Nwaoha

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The paper set out to stress on how financial inclusion index could be calculated and also investigated the impact of inclusive finance on inclusive growth in an emerging economy. In the light of these objectives, chi-wins method was used to calculate indexes of financial inclusion while co-integration and error correction model were used for evaluation of the impact of financial inclusion on inclusive growth. The result of the analysis revealed that financial inclusion while having a long-run relationship with GDP growth is an insignificant function of the growth of the economy. The speed of adjustment is correctly signed and significant. On the basis of these results, the researchers called for tireless efforts of government and banking sector in promoting financial inclusion in developing countries.

Keywords: chi-wins index, co-integration, error correction model, financial inclusion

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Authors: Carla Palencia-Aguilar

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Calculations of Net Carbon Balance can be obtained by means of Net Biome Productivity (NBP), Net Ecosystem Productivity (NEP), and Net Primary Production (NPP). The latter is an important component of the biosphere carbon cycle and is easily obtained data from MODIS MOD17A3HGF; however, the results are only available yearly. To overcome data availability, bands 33 to 36 from MODIS MYD021KM (obtained on a daily basis) were analyzed and compared with NPP data from the years 2000 to 2021 in 7 sites where surface mining takes place in the Colombian territory. Coal, Gold, Iron, and Limestone were the minerals of interest. Scales and Units as well as thermal anomalies, were considered for net carbon balance per location. The NPP time series from the satellite images were filtered by using two Matlab filters: First order and Discrete Transfer. After filtering the NPP time series, comparing the graph results from the satellite’s image value, and running a linear regression, the results showed R2 from 0,72 to 0,85. To establish comparable units among NPP and bands 33 to 36, the Greenhouse Gas Equivalencies Calculator by EPA was used. The comparison was established in two ways: one by the sum of all the data per point per year and the other by the average of 46 weeks and finding the percentage that the value represented with respect to NPP. The former underestimated the total CO2 emissions. The results also showed that coal and gold mining in the last 22 years had less CO2 emissions than limestone, with an average per year of 143 kton CO2 eq for gold, 152 kton CO2 eq for coal, and 287 kton CO2 eq for iron. Limestone emissions varied from 206 to 441 kton CO2 eq. The maximum emission values from unfiltered data correspond to 165 kton CO2 eq. for gold, 188 kton CO2 eq. for coal, and 310 kton CO2 eq. for iron and limestone, varying from 231 to 490 kton CO2 eq. If the most pollutant limestone site improves its production technology, limestone could count with a maximum of 318 kton CO2 eq emissions per year, a value very similar respect to iron. The importance of gathering data is to establish benchmarks in order to attain 2050’s zero emissions goal.

Keywords: carbon dioxide, NPP, MODIS, MINING

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Authors: A. Šapkauskienė, A. Mačerinskienė, R. Andrulienė, R. Bruzgė, S. Masteika, K. Driaunys

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The COVID-19 pandemic has affected not only world markets and economies but also the daily lives of customers and their payment habits. The pandemic has accelerated the digital transformation, so the role of technology will become even more important post-COVID. Although the popularity of cryptocurrencies has reached unprecedented heights, there are still obstacles, such as a lack of consumer experience and distrust of these technologies, so exploring the role of cryptocurrency and blockchain in the context of international travel becomes extremely important. Research on tourists’ intentions to use cryptocurrencies for payment purposes is limited due to the small number of research studies. To fill this research gap, an exploratory study based on the analysis of survey data was conducted. The purpose of the research is to explore how the behavior of tourists has changed making their financial transactions when paying for the tourism services in order to determine the intention to pay in cryptocurrencies. Behavioral intention can be examined as a dependent variable that is useful for the study of the acceptance of blockchain as cutting-edge technology. Therefore, this study examines the intention of travelers to use cryptocurrencies in electronic payments for tourism services. Several studies have shown that the intention to accept payments in a cryptocurrency is affected by the perceived usefulness of these payments and the perceived ease of use. The findings deepen our understanding of the readiness of service users to apply for blockchain-based payment in the tourism sector. The tourism industry has to focus not only on the technology but on consumers who can use cryptocurrencies, creating new possibilities and increasing business competitiveness. Based on research results, suggestions are made to guide future research on the use of cryptocurrencies by tourists in the tourism industry. Therefore, in line with the rapid expansion of virtual currency users, market capitalization, and payment in cryptographic currencies, it is necessary to explore the possibilities of implementing a blockchain-based system aiming to promote the use of services in the tourism sector as the most affected by the pandemic.

Keywords: behavioral intention, blockchain-based payment, cryptocurrency, tourism

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Authors: Jerome Joshi

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

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

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Authors: Galina Portnova, Kseniya Gladun

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In our EEG experiment participated 27 children with ASD with the average age of 6.13 years and the average score for CARS 32.41 and 25 healthy children (of 6.35 years). Six types of musical stimulation were presented, included Gluck, Javier-Naida, Kenny G, Chopin and other classic musical compositions. Children with autism showed orientation reaction to the music and give behavioral responses to different types of music, some of them might assess stimulation by scales. The participants were instructed to remain calm. Brain electrical activity was recorded using a 19-channel EEG recording device, 'Encephalan' (Russia, Taganrog). EEG epochs lasting 150 s were analyzed using EEGLab plugin for MatLab (Mathwork Inc.). For EEG analysis we used Fast Fourier Transform (FFT), analyzed Peak alpha frequency (PAF), correlation dimension D2 and Stability of rhythms. To express the dynamics of desynchronizing of different rhythms we've calculated the envelope of the EEG signal, using the whole frequency range and a set of small narrowband filters using Hilbert transformation. Our data showed that healthy children showed similar EEG spectral changes during musical stimulation as well as described the feelings induced by musical fragments. The exception was the ‘Chopin. Prelude’ fragment (no.6). This musical fragment induced different subjective feeling, behavioral reactions and EEG spectral changes in children with ASD and healthy children. The correlation dimension D2 was significantly lower in autists compared to healthy children during musical stimulation. Hilbert envelope frequency was reduced in all group of subjects during musical compositions 1,3,5,6 compositions compared to the background. During musical fragments 2 and 4 (terrible) lower Hilbert envelope frequency was observed only in children with ASD and correlated with the severity of the disease. Alfa peak frequency was lower compared to the background during this musical composition in healthy children and conversely higher in children with ASD.

Keywords: electroencephalogram (EEG), emotional perception, ASD, musical perception, childhood Autism rating scale (CARS)

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Authors: Chidiebere C. Agoha, Chukwuebuka N. Onwubuariri, Collins U.amasike, Tochukwu I. Mgbeojedo, Joy O. Njoku, Lawson J. Osaki, Ifeyinwa J. Ofoh, Francis B. Akiang, Dominic N. Anuforo

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In order to interpret the airborne magnetic data and evaluate the approximate location, depth, and geometry of the magnetic sources within Obudu area using the standard Euler deconvolution method, very high-resolution aeromagnetic data over the area was acquired, processed digitally and analyzed using Oasis Montaj 8.5 software. Data analysis and enhancement techniques, including reduction to the equator, horizontal derivative, first and second vertical derivatives, upward continuation and regional-residual separation, were carried out for the purpose of detailed data Interpretation. Standard Euler deconvolution for structural indices of 0, 1, 2, and 3 was also carried out and respective maps were obtained using the Euler deconvolution algorithm. Results show that the total magnetic intensity ranges from -122.9nT to 147.0nT, regional intensity varies between -106.9nT to 137.0nT, while residual intensity ranges between -51.5nT to 44.9nT clearly indicating the masking effect of deep-seated structures over surface and shallow subsurface magnetic materials. Results also indicated that the positive residual anomalies have an NE-SW orientation, which coincides with the trend of major geologic structures in the area. Euler deconvolution for all the considered structural indices has depth to magnetic sources ranging from the surface to more than 2000m. Interpretation of the various structural indices revealed the locations and depths of the source bodies and the existence of geologic models, including sills, dykes, pipes, and spherical structures. This area is characterized by intrusive and very shallow basement materials and represents an excellent prospect for solid mineral exploration and development.

Keywords: Euler deconvolution, horizontal derivative, Obudu, structural indices

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Authors: Mabel Usunobun Olanipekun, Henry Ogbemudia Omoregbee

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Anomalies such as water pipeline and hydraulic or petrochemical pipeline network leakages and bursts have significant implications for economic conditions and the environment. In order to ensure pipeline systems are reliable, they must be efficiently controlled. Wireless Sensor Networks (WSNs) have become a powerful network with critical infrastructure monitoring systems for water, oil and gas pipelines. The loss of water, oil and gas is inevitable and is strongly linked to financial costs and environmental problems, and its avoidance often leads to saving of economic resources. Substantial repair costs and the loss of precious natural resources are part of the financial impact of leaking pipes. Pipeline systems experts have implemented various methodologies in recent decades to identify and locate leakages in water, oil and gas supply networks. These methodologies include, among others, the use of acoustic sensors, measurements, abrupt statistical analysis etc. The issue of leak quantification is to estimate, given some observations about that network, the size and location of one or more leaks in a water pipeline network. In detecting background leakage, however, there is a greater uncertainty in using these methodologies since their output is not so reliable. In this work, we are presenting a scalable concept and simulation where a pressure-driven model (PDM) was used to determine water pipeline leakage in a system network. These pressure data were collected with the use of acoustic sensors located at various node points after a predetermined distance apart. We were able to determine with the use of correlation difference to determine the leakage point locally introduced at a predetermined point between two consecutive nodes, causing a substantial pressure difference between in a pipeline network. After de-noising the signal from the sensors at the nodes, we successfully obtained the exact point where we introduced the local leakage using the correlation difference model we developed.

Keywords: leakage detection, acoustic signals, pipeline network, correlation, wireless sensor networks (WSNs)

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Authors: Patrick M. Stanton, William R. McCumber

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Using a large dataset of more than 2,400 individual microfinance institutions (MFIs) from 120 countries from 1999 to 2016, this study finds that nearly half of the international MFIs operate as for-profit institutions. Formal institutions (business regulatory environment, property rights, social protection, and a developed financial sector) impact the likelihood of MFIs being for-profit across countries. Cultural differences across countries (power distance, individualism, masculinity, and indulgence) seem to be a factor in the legal status of the MFI (non-profit or for-profit). MFIs in countries with stronger formal institutions, a greater degree of power distance, and a higher degree of collectivism experience better financial and social performance.

Keywords: Hofstede cultural dimensions, international finance, microfinance institutions, non-profite

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Authors: S. A. El-Marasy, S. A. El Awdan, R. M. Abd-Elsalam

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This study aimed to investigate the possible neuroprotective effect of chrysin on thioacetamide (TAA)-induced hepatic encephalopathy in rats. Also, the effect of chrysin on motor impairment, cognitive deficits, oxidative stress, neuroinflammation, apoptosis and histopathological damage was assessed. Male Wistar rats were randomly allocated into five groups. The first group received the vehicle (distilled water) for 21 days and is considered as normal group. While the second one received intraperitoneal dose of TAA (200 mg/kg) at three alternative days during the third week of the experiment to induce HE and is considered as control group. The other three groups were orally administered chrysin for 21 days (25, 50, 100 mg/kg) and starting from day 17; rats received intraperitoneal dose of TAA (200 mg/kg) at three alternative days. Then behavioral, biochemical, histopathological and immunohistochemical analyses were assessed. Then behavioral, biochemical, histopathological and immunohistochemical analyses were assessed. Chrysin reversed TAA-induced motor coordination in rotarod test, cognitive deficits in object recognition test (ORT) and attenuated serum ammonia, hepatic liver enzymes, reduced malondialdehyde (MDA), elevated reduced glutathione (GSH), reduced nuclear factor kappa B (NF-κB), tumor necrosis factor-alpha (TNF-α) and Interleukin-6 (IL-6) brain contents. Chrysin administration also reduced Toll-4 receptor (TLR-4) gene expression, caspase-3 protein expression, hepatic necrosis and astrocyte swelling. This study depicts that chrysin exerted neuroprotective effect in TAA-induced HE rats, evidenced by improvement of cognitive deficits, motor incoordination and histopathological changes such as astrocyte swelling and vacuolization; hallmarks in HE, via reducing hyperammonemia, ameliorating hepatic function, in addition to its anti-oxidant, inactivation of TLR-4/NF-κB inflammatory pathway, and anti-apoptotic effects.

Keywords: chrysin, hepatic encephalopathy, oxidative stress, rats, thioacetamide, TLR4/NF-κB pathway

Procedia PDF Downloads 149