Search results for: night markets

Authors: Magid Maatallah

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The problem is, investment management in modern conditions boils down to risk management which is very underdeveloped in Islamic financial theory and practice. Add to this the fact that, in Islamic perception, this is one of the areas of conventional finance in need of drastic reforms. This need was recently underlined by the story of Long Term Capital Management (LTCM ), ( told by Roger Lowenstein in his book, When Genius Failed, Random House, 2000 ). So we face a double challenge, to develop Islamic techniques of risk management and to see that these new techniques are free from the ills with which conventional methods are suffering. This is different from the challenge faced in the middle of twentieth century, to develop a method of financial intermediation free of interest.Risk was always there, especially in business. But industrialization brought risks unknown in trade and agriculture. Industrial production often involves long periods of time .The longer the period of production the more the uncertainty. The scope of the market has expanded to cover the whole world, introducing new kinds of risk. More than a thousand years ago, when Islamic laws were being written, the nature and scope of risk and uncertainty was different. However, something can still be learnt which, in combination with the modern experience, should enable us to realize the Shariah objectives of justice, fairness and efficiency.

Keywords: financial markets, Islamic framework, risk management, investment

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Authors: Juanee Cilliers

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Urban citizens have come to expect more from their cities, demanding optimal conditions for business creativity and professional development, along with efficient, sustainable transportation and energy systems that feed robust economic development and healthy job markets. Urban public spaces are an important part of the urban environment, creating the framework for public life and quality thereof. The transformation of space into successful public places are crucial in this regard as planning must safeguard flexibility towards future changes, whilst simultaneously be capable of acting on short-term demands in order to address the complexity of public spaces within urban areas. This research evaluated two case studies of different cities in Belgium which successfully transformed spaces into lively public places. The transformation was illustrated and evaluated by means of visual analyses and space usage analyses of the original and redesigned space, along with the experience and value that the redesign brought to the area. Selected design elements were identified and evaluated based on the role in the transformation process, in an attempt to draw conclusions with regards to theory-practice relevance and to guide the transformation of space to place of (similar) public spaces.

Keywords: space, place, transformation, case studies

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Authors: Damiano Omari, Topirian Kerempe, Dibo Sama, Walter Wafula, Sharon Chepkoech, Chrispine Juma, Gilbert Kirui, Simon Mburu, Susan Keino

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The One Health concept was officially adopted by the international organizations and scholarly bodies in 1984. It aims at combining human, animal and environmental components to address global health challenges. Using collaborative efforts optimal health to people, animals, and the environment can be achieved. One health approach plays a significant approach role in prevention and control of zoonosis diseases. It has also been noted that 75% of new emerging human infectious diseases are zoonotic. In Kenya, one health has been embraced and strongly advocated for by One Health East and Central Africa (OHCEA). It was inaugurated on 17th of October 2010 at a historic meeting facilitated by USAID with participants from 7 public health schools, seven faculties of veterinary medicine in Eastern Africa and 2 American universities (Tufts and University of Minnesota) in addition to respond project staff. The study was conducted in Loitoktok Sub County, specifically in the Amboseli Ecosystem. The Amboseli ecosystem covers an area of 5,700 square kilometers and stretches between Mt. Kilimanjaro, Chyulu Hills, Tsavo West National park and the Kenya/Tanzania border. The area is arid to semi-arid and is more suitable for pastoralism with a high potential for conservation of wildlife and tourism enterprises. The ecosystem consists of the Amboseli National Park, which is surrounded by six group ranches which include Kimana, Olgulului, Selengei, Mbirikani, Kuku and Rombo in Loitoktok District. The Manyatta of study was Osiram Cultural Manyatta in Mbirikani group ranch. Apart from visiting the Manyatta, we also visited the sub-county hospital, slaughter slab, forest service, Kimana market, and the Amboseli National Park. The aim of the study was to identify the one health issues facing the community. This was done by a conducting a community needs assessment and prioritization. Different methods were used in data collection for the qualitative and numerical data. They include among others; key informant interviews and focus group discussions. We also guided the community members in drawing their Resource Map this helped identify the major resources in their land and also help them identify some of the issues they were facing. Matrix piling, root cause analysis, and force field analysis tools were used to establish the one health related priority issues facing community members. Skits were also used to present to the community interventions to the major one health issues. Some of the prioritized needs among the community were water scarcity and inadequate markets for their beadwork. The group intervened on the various needs of the Manyatta. For water scarcity, we educated the community on water harvesting methods using gutters as well as proper storage by the use of tanks and earth dams. The community was also encouraged to recycle and conserve water. To improve markets; we educated the community to upload their products online, a page was opened for them and uploading the photos was demonstrated to them. They were also encouraged to be innovative to attract more clients.

Keywords: Amboseli ecosystem, community interventions, community needs assessment and prioritization, one health issues

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Authors: Ying Yu, Wen-Chi Kuo, Tung-Jung Sung

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The Product-Service System (PSS) has received widespread attention due to the increasing global competition in manufacturing and service markets. Today’s smart products and services are driven by Internet of things (IoT) technologies which will promote the transformation from traditional PSS to smart PSS. Although the smart PSS has some of technological achievements in businesses, it often ignores the real demands of target users when using products and services. Therefore, designers should know and learn the User Experience (UX) of smart products, services and systems. However, both of academia and industry still lack relevant development experience of smart PSS since it is an emerging field. In doing so, this is a case study of Xiaomi’s Chunmi, the largest IoT platform in the world, and addresses the two major issues: (1) why Chunmi should develop smart PSS strategies with UX; and (2) how Chunmi could successfully implement the strategic objectives of smart PSS through the design. The case study results indicated that: (1) the smart PSS can distinguish competitors by their unique UX which is difficult to duplicate; (2) early user engagement is crucial for the success of smart PSS; and (3) interaction, expectation, and enjoyment can be treated as a three-dimensional evaluation of UX design for smart PSS innovation. In conclusion, the smart PSS can gain competitive advantages through good UX design in the market.

Keywords: design, smart PSS, user experience, user engagement

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Authors: Richard Madanda, Paul Isaac Musasizi, Sandy Stevens Tickodri-Togboa, Doreen Orishaba, Victor Tumwine

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New vehicle concepts targeting specific geographical markets are designed to satisfy a unique set of road and load requirements. The KIIRA-EV SMACK (KES) hybrid vehicle is designed in Uganda for the East African market. The engine and generator added to the KES electric power train serve both as the range extender and the power assist. In this paper, the design consideration taken to achieve the proper management of the on-board power from the batteries and engine-generator based on the specific drive cycle are presented. To harness the fuel- efficiency benefits of the power train, a specific control philosophy operating the engine and generator at the most efficient speed- torque and speed-power regions is presented. By using a suitable model developed in MATLAB using Simulink and Stateflow, preliminary results show that the steady-state response of the vehicle for a particular hypothetical drive cycle mimicking the expected drive conditions in the city and highway traffic is sufficient.

Keywords: control strategy, drive cycle, hybrid vehicle, simulation

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Authors: Ezgi Avci-Surucu, Doganbey Akgul

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Turkey’s energy reforms has achieved energy security through a variety of interlinked measures including electricity, gas, renewable energy and energy efficiency legislation; the establishment of an energy sector regulatory authority; energy price reform; the creation of a functional electricity market; restructuring of state-owned energy enterprises; and private sector participation through privatization and new investment. However, current strategies, namely; “Electricity Sector Reform and Privatization Strategy” and “Electricity Market and Supply Security Strategy” has been criticized for various aspects. The present paper analyzes the implementation of the aforementioned strategies in the framework of generation scheduling, transmission constraints, bidding structure and general aspects; and argues the deficiencies of current strategies which decelerates power investments and creates uncertainties. We conclude by policy suggestions to eliminate these deficiencies in terms of price and risk management, infrastructure, customer focused regulations and systematic market development.

Keywords: electricity markets, risk management, regulations, balancing and settlement, bilateral trading, generation scheduling, bidding structure

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Authors: Asrat M.Belachew, Tiago Pereira, Institute of Mathematics, Computer Sciences, Avenida Trabalhador São Carlense, 400, São Carlos, 13566-590, Brazil

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Infectious diseases are among the most prominent threats to human beings. They cause morbidity and mortality to an individual and collapse the social, economic, and political systems of the whole world collectively. Mathematical models are fundamental tools and provide a comprehensive understanding of how infectious diseases spread and designing the control strategy to mitigate infectious diseases from the host population. Modeling the spread of infectious diseases using a compartmental model of inhomogeneous populations is good in terms of complexity. However, in the real world, there is a situation that accounts for heterogeneity, such as ages, locations, and contact patterns of the population which are ignored in a homogeneous setting. In this work, we study how classical an SEIR infectious disease spreading of the compartmental model can be extended by incorporating the mobility of population between heterogeneous cities during an outbreak of infectious disease. We have formulated an SEIR multi-cities epidemic spreading model using a system of 4k ordinary differential equations to describe the disease transmission dynamics in k-cities during the day and night. We have shownthat the model is epidemiologically (i.e., variables have biological interpretation) and mathematically (i.e., a unique bounded solution exists all the time) well-posed. We constructed the next-generation matrix (NGM) for the model and calculated the basic reproduction number R0for SEIR-epidemic spreading model with cities mobility. R0of the disease depends on the spectral radius mobility operator, and it is a threshold between asymptotic stability of the disease-free equilibrium and disease persistence. Using the eigenvalue perturbation theorem, we showed that sending a fraction of the population between cities decreases the reproduction number of diseases in interconnected cities. As a result, disease transmissiondecreases in the population.

Keywords: SEIR-model, mathematical model, city mobility, epidemic spreading

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Authors: Bisi S. Olawoyin

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This study attempts an exploration into behavioural finance in which the traditional assumptions of expected utility maximization with rational investors in efficient markets are dropped. It reviews prior research and evidence about how psychological biases affect investors behaviour and stock selection. This study examined the relationship between demographic variables and financial behaviour biases among public sector retirees who invested in the Nigerian Stock Exchange prior to their retirement. By using questionnaire survey method, a total of 214 valid convenient samples were collected in order to determine how specific demographic and psychological trait affect stock selection between dividend paying and non-dividend paying stocks. Descriptive statistics and OLS were used to analyse the results. Findings showed that most of the retirees prefer dividend paying stocks in few years preceding their retirement but still hold on to their non-dividend paying stock on retirement. A significant difference also exists between senior and junior retirees in preference for non-dividend paying stocks. These findings are consistent with the clientele theories of dividend.

Keywords: behavioural finance, clientele theories, dividend paying stocks, stock selection

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Authors: Guessabi Fatiha

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Nowadays, there is no sphere of human life that does not use Information and Communication Technologies (ICTs) in practice. This type of development grew widely in the last years of the 20th century and impacted many fields such as education, health, financing, job markets, communication, governments, industrial productivity, etc. Recently, in higher education, the use of ICTs has been essential and significant during the Covid19 pandemic. Thanks to technology, although the universities in Algeria were locked down during the period of covid19, learning was easily continued, and students were collaborating, communicating, socializing, and learning at a distance. Therefore, ICT tools are required in translation courses to enhance and improve translation teaching. This research explores the use of ICT in teaching and learning translation. The research comes along with a theoretical framework; the literature review is produced to highlight some essential ICT concepts and translation teaching. In order to achieve the study objective, a questionnaire is distributed to the third-year English LMD students at Tahri Mohamed University, and an interview is addressed to the translation teacher. The results and discussion obtained from this investigation confirmed the hypothesis and revealed that the use of ICT is essential in translation courses and it improves translation teaching. Hence, by using ICT in the classroom, the students become more active, and the teachers of translation become knowledge facilitators and leaders.

Keywords: COVID19, ICT, learning, students, teaching, TMU, translation

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Authors: B. G. Oguntuase, M. O. Olofinsae

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This study was carried out to assess the contribution of bush meat to Edo people’s livelihood and the consequence of utilization on conservation. Five markets were selected in Ovia Southwest local government area of Edo State, twenty bush meat sellers were selected from each market. Direct observations were made to document the composition of wild animals under sale in the study area. A total of one hundred questionnaires were administered to the respondents. The questionnaires were all retrieved and analyzed using descriptive analysis. The results show that thirteen animal species are being traded in the area. The price for the animal species (whole animal) ranged from N200 to N9,520. Respondents reported that there is a decline in the animal population over time. Between 64% and 95% of the respondents acknowledged population decline in seven of the thirteen animal species available for sale compared to what it used to be some ten years ago. Sales of wild animal species could be regarded as a profitable business in the rural community, supporting livelihood of the community, but could have devastating effect on conservation as already observed in this study if harvesting of wild animals is not regulated on controlled or sustainable basis.

Keywords: conservation, economic benefits, hunting, population, wild animals

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Authors: Chakrit Chotamonsak

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This study was analyzed changes in temperature and precipitation extremes in northern Thailand for the period 1981-2011.The study includes an analysis of the average and trends of changes in temperature and precipitation using 22 climate indices, related to the intensity, frequency and duration of extreme climate events. The results showed that the averaged trend of maximum, minimum and mean temperature is likely to increase over the study area in rate of 0.5, 0.9 and 0.7 °C in last 30 years. Changes in temperature at nighttime, then rising at a rate higher daytime is resulting to decline of diurnal temperature range throughout the area. Trend of changes in average precipitation during the year 1981-2011 is expected to increase at an average rate of 21%. The intensity of extreme temperature events is increasing almost all station. In particular, the changes of the night were unusually hot has intensified throughout the region. In some provinces such as Chiang Mai and Lampang are likely be faced with the severity of hot days and hot nights in increasing rate. Frequency of extreme temperature events are likely to increase each station, especially hot days, and hot nights are increasing at a rate of 2.38 and 3.58 days per decade. Changes in the cold days and cold nights are declining at a rate of 0.82 and 3.03 days per decade. The duration of extreme temperature events is expected to increase the events hot in every station. An average of 17.8 days per decade for the number of consecutive cold winter nights likely shortens the rate of 2.90 days per decade. The analysis of the precipitation indices reveals the intensity of extreme precipitation is increasing almost across the region. The intensify expressed the heavy rain in one day (Rx1day) and very heavy rain accumulated in 5 days (RX5day) which is likely to increase, and very heavy rainfall is likely to increase in intensity. Frequency of extreme precipitation events is likely to increase over the station. The average frequency of heavy precipitation events increased xxx days per decade. The duration of extreme precipitation events, such as the consecutive dry days are likely to reduce the numbers almost all station while the consecutive wet days tends to increase and decrease at different numbers in different areas.

Keywords: climate extreme, temperature extreme, precipitation extreme, Northern Thailand

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Authors: Sana Mohammad Jafar, Hossaini Seyahi Zohreh

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Infections and food intoxication caused by microbial contamination of food is of major issues in different countries, and diseases caused by the consumption of contaminated food included a large percentage of the country's health problems. Since traditional cheese for cultural reasons, good taste and smell in many parts of the area still has the important place in people's food basket, transmission of pathogenic bacteria could be at risk human health through the consumption of this food. In this study selected randomly 100 samples of 250 grams of traditional cheeses supplied in the city Behbahan market and adjacent to the ice was transferred to the laboratory and microbiological tests were performed immediately. According to the results, from 100 samples tested traditional cheese, 94 samples (94% of samples) were contaminated with coliforms, which of this number 75 samples (75% of samples) the contamination rate was higher than the limit (more than 100 cfu/g). Of the total samples, 36 samples (36% of samples) were contaminated with fecal coliform which of this number 30 samples (30% of samples) were contaminated with Escherichia.coli bacteria. Based on the results of agglutination test,no samples was found positive as pathogenic Escherichia.coli.

Keywords: determination, traditional cheese, Behbahan, Escherichia coli

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Authors: Abderrazek Ben Maatoug, Ibrahim Fatnassi, Wassim Ben Ayed

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In this paper we investigate the issue of market risk quantification for Middle East and North Africa (MENA) Islamic market equity. We use Value-at-Risk (VaR) as a measure of potential risk in Islamic stock market, for long and short position, based on Riskmetrics model and the conditional parametric ARCH class model volatility with normal, student and skewed student distribution. The sample consist of daily data for the 2006-2014 of 11 Islamic stock markets indices. We conduct Kupiec and Engle and Manganelli tests to evaluate the performance for each model. The main finding of our empirical results show that (i) the superior performance of VaR models based on the Student and skewed Student distribution, for the significance level of α=1% , for all Islamic stock market indices, and for both long and short trading positions (ii) Risk Metrics model, and VaR model based on conditional volatility with normal distribution provides the best accurate VaR estimations for both long and short trading positions for a significance level of α=5%.

Keywords: value-at-risk, risk management, islamic finance, GARCH models

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Authors: Haymanot Gebre-Amlak, Selamawit Gebre-Amlak

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Since its original declaration in the 18th century, Karl Marx and Friedrich Engels's Communist Manifesto has become one of the most influential political tracts. Socialism is a political path that leads towards communism by fostering a cooperative economy through the creation of cooperative enterprises, common ownership, state ownership, or shared equity. The ultimate objective of communism is to bring everyone working toward the same collective goal of a healthy, happy, and free society. The European establishment of 19-century colonial rule over the continent of Africa reinforced inflows of European investment and forced a profound change in the operation of labor and land markets. The colonial era and forced labor schemes in Africa lasted for several decades. When exiting from colonialism, these African countries were attracted to socialism’s ideology to bridge the social gap and freedom to their society. In this paper, we compare a pre and post socialist ideology and the impact in various African countries. We analyse the different aspects, which led to inconsistent outcomes. Our finding indicates that while they have some facets in common, each African country had a unique interpretation and influence from the socialist ideology.

Keywords: African politics, socialism in Africa, African history, Africa

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Authors: Yosra Mefteh Rekik, Younes Boujelbene

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We introduce in this paper a new conceptual model representing the stock market dynamics. This model is essentially based on cognitive behavior of the intelligence investors. In order to validate our model, we build an artificial stock market simulation based on agent-oriented methodologies. The proposed simulator is composed of market supervisor agent essentially responsible for executing transactions via an order book and various kinds of investor agents depending to their profile. The purpose of this simulation is to understand the influence of psychological character of an investor and its neighborhood on its decision-making and their impact on the market in terms of price fluctuations. Therefore, the difficulty of the prediction is due to several features: the complexity, the non-linearity and the dynamism of the financial market system, as well as the investor psychology. The Artificial Neural Networks learning mechanism take on the role of traders, who from their futures return expectations and place orders based on their expectations. The results of intensive analysis indicate that the existence of agents having heterogeneous beliefs and preferences has provided a better understanding of price dynamics in the financial market.

Keywords: artificial intelligence methods, artificial stock market, behavioral modeling, multi-agent based simulation

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Authors: Yu-Chen Wei, Yang-Cheng Lu, I-Chi Lin

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This study examines the impacts of news sentiment and press freedom on abnormal returns during the earnings announcement in greater China including the Shanghai, Shenzhen and Taiwan stock markets. The news sentiment ratio is calculated by using the content analysis of semantic orientation. The empirical results show that news released prior to the event date may decrease the cumulative abnormal returns prior to the earnings announcement regardless of whether it is released in China or Taiwan. By contrast, companies with optimistic financial news may increase the cumulative abnormal returns during the announcement date. Furthermore, the difference in terms of press freedom is considered in greater China to compare the impact of press freedom on abnormal returns. The findings show that, the freer the press is, the more negatively significant will be the impact of news on the abnormal returns, which means that the press freedom may decrease the ability of the news to impact the abnormal returns. The intuition is that investors may receive alternative news related to each company in the market with greater press freedom, which proves the efficiency of the market and reduces the possible excess returns.

Keywords: news, press freedom, Greater China, earnings announcement, abnormal returns

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Authors: Muhittin Fatih Demirhan, Sibel Alapala Demirhan

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Agriculture, is also regarded as the primary activity area in all economies. When international comparisons are made Turkey has comparative advantages in agricultural potential. However, it is diffi cult to say that Turkey's agricultural productivity and use of technology is well developed in terms of sufficieny. Turkey, in terms of agricultural production, is one of the rare self-sufficient countries, but for supplying excessive demand of its domesticproduction to foreign markets to obtain the necessary income it is rather insufficient. On the basis of wrong policies implemented during the crisis and found that bottlenecks in agriculture and animal husbandry or agriculture policies of the IMF and World Bank are imposed on countries like Turkey. The IMF and the World Bank, the reduction of support in the agricultural and livestock Turkey, is known to put pressure for the abolition. Under these circumstances, our farmers, livestock producers and breeders of, not a chance to compete in the same market with EU producers. Animal products that capture the productivity levels of developed countries, seems to be our chance to compete with the quality and hygiene criteria. Thus, the discussion of the issue must be raised as for the sector's contribution to the economy in terms of further increasing production of the existing potential in mobilization.

Keywords: agricultural development, animal production, competition, economic crisis, food supply

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Authors: Dongqi Sun, Juan Tao, Yingying Wu

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This paper reexamines the appropriateness of contrarian trades as a proxy of informed trades, using high frequency Chinese stock data. Employing this measure for 5 minute intervals, a U-shaped intraday pattern of probability of informed trades (PIN) is found for the CSI300 stocks, which is consistent with previous findings for other markets. However, while dividing the trades into different sizes, a reversed U-shaped PIN from large-sized trades, opposed to the U-shaped pattern for small- and medium-sized trades, is observed. Drawing from the mixed evidence with different trade sizes, the price impact of trades is further investigated. By examining the relationship between trade imbalances and unexpected returns, larges-sized trades are found to have significant price impact. This implies that in those intervals with large trades, it is non-contrarian trades that are more likely to be informed trades. Taking account of the price impact of large-sized trades, non-contrarian trades are used to proxy for informed trading in those intervals with large trades, and contrarian trades are still used to measure informed trading in other intervals. A stronger U-shaped PIN is demonstrated from this modification. Auto-correlation and information advantage tests for robustness also support the modified informed trading measure.

Keywords: contrarian trades, informed trading, price impact, trade imbalance

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Authors: Covadonga Mallada Fernández

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Economic development and globalization of international markets have created a favourable atmosphere for the emergence of new forms of crime such as money laundering or financing of terrorism, which may contribute to destabilized and damage economic systems. In particular, money laundering have acquired great importance since the 11S attacks, what has caused on the one hand, the establishment and development of preventive measures and, on the other hand, a progressive hardening of penal measures. Since then, the regulations imposed to fight against money laundering have been viewed as key components also in the fight against terrorist financing. Terrorism, at the beginning, was a “national” crime connected with internal problems of the State (for instance the RAF in Germany or ETA in Spain) but in the last 20 years has started to be an international problem that is connected with the defence and security of the States. Therefore, the new strategic concept for the defense and security of NATO has a comprehensive list of security threats to the Alliance, such as terrorism, international instability, money laundering or attacks on cyberspace, among others. With this new concept, money laundering and terrorism has become a priority in the national defense. In this work we will analyze the methods to combat these new threats to the national security. We will study the preventive legislations to combat money laundering and financing of terrorism, the UIF that exchange information between States, and the hawala-Banking.

Keywords: control of financial flows, money laundering, terrorism, financing of terrorism

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Authors: Peng Yew Wong

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House prices in the Australian capital cities were at record levels subsequent to Global Financial Crisis (GFC) 2008 and many believed that foreign investors, especially the Chinese investors, were the main reason for the Australian capital cities’ house prices escalation. This research conducted an Australian cross border semi-structured interviews in Shanghai, China to uncover historical evidence and emerging trend supporting the existence of a significant relationship between overseas investors and residential housing markets performance in Australia subsequent to the GFC 2008. Some unique investment strategies of private investors from China which emphasised on non-capitalist factors such as early education were identified, alongside with some insights on the significant China government policies that have incentivised the cross border investments from China. It is believed that this understanding will assist policy makers to effectively manage the overheated Australian residential property market without compromising the steady flow of FREI.

Keywords: Australian housing market, residential property, foreign real estate investment, education, China investor

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Authors: Ahmed Rashad Harb Riad Ismail

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The purpose of this research is to study the potential of Dynamic Pricing if deployed by mobile operators and analyse its effects from both operators and consumers side. Furthermore, to conclude, throughout the research study, the recommended conditions for successful Dynamic Pricing deployment, recommended factors identifying the type of markets where Dynamic Pricing can be effective, and proposal for a Dynamic Pricing stakeholders’ framework were presented. Currently, the mobile telecommunications industry is witnessing a dramatic growth rate in the data consumption, being fostered mainly by higher data speed technology as the 4G LTE and by the smart devices penetration rates. However, operators’ revenue from data services lags behind and is decupled from this data consumption growth. Pricing strategy is a key factor affecting this ecosystem. Since the introduction of the 4G LTE technology will increase the pace of data growth in multiples, consequently, if pricing strategies remain constant, then the revenue and usage gap will grow wider, risking the sustainability of the ecosystem. Therefore, this research study is focused on Dynamic Pricing for 4G LTE data services, researching the drivers, benefits and challenges of 4G LTE Dynamic Pricing and the feasibility of its deployment in practice from different perspectives including operators, regulators, consumers, and telecommunications equipment manufacturers point of views.

Keywords: LTE, dynamic pricing, EPC, research

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Authors: Zubier Arfan, Paul Johnson

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The electronification of financial markets and the rise of algorithmic trading has sparked a lot of interest from the mathematical community, for the market making-problem in particular. The research presented in this short paper solves the classic stochastic control problem in order to derive the strategy for a market-maker. It also shows how to calibrate and simulate the strategy with real limit order book data for back-testing. The ambiguity of limit-order priority in back-testing is dealt with by considering optimistic and pessimistic priority scenarios. The model, although it does outperform a naive strategy, assumes constant volatility, therefore, is not best suited to the LOB data. The Heston model is introduced to describe the price and variance process of the asset. The Trader's constant absolute risk aversion utility function is optimised by numerically solving a 3-dimensional Hamilton-Jacobi-Bellman partial differential equation to find the optimal limit order quotes. The results show that the stochastic volatility market-making model is more suitable for a risk-averse trader and is also less sensitive to calibration error than the constant volatility model.

Keywords: market-making, market-microsctrucure, stochastic volatility, quantitative trading

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Authors: Dishant Shahi, Aradhya Shandilya, Nand Kumar

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We study here the impact of the black component referred to as X component in the text on Real estate transactions. The X component involved not only acts as friction in transaction but also leads to dysfunctionality in the capital market of real estate. The effect of the component is presented by using a model of economy which seeks resemblance with that of India involving property deals. The rigidities which hinder smooth transactions in property or land deals are depicted and their impact on the economy as a whole has been modelled. The effect of subprime crisis (2007) on Indian housing capital market and the role which the X component played during it, is also included in one of the sections. In the entire text, we have utilised 4 Quadrant graphs to study supply and demand causalities involved in commercial real estate. At the end we have included the impact of demonetisation as a move to counter the problem of overvaluation in the property assets arising due to the X component. The case of Demonetisation which has been the latest move by the Indian Government to control huge amount of black money in circulation has been included along with its impact on the housing and rent as well as the capital market.

Keywords: X-component, 4Q graph, real estate, capital markets, demonetisation, consumer sentiments

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Authors: R. L. P. De Lima, F. C. B. Boogaard, R. E. De Graaf-Van Dinther

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Blue-green algae blooms (cyanobacteria) is currently a relevant ecological problem that is being addressed by most water authorities in the Netherlands. These can affect recreation areas by originating unpleasant smells and toxins that can poison humans and animals (e.g. fish, ducks, dogs). Contamination events usually take place during summer months, and their frequency is increasing with climate change. Traditional monitoring of this bacteria is expensive, labor-intensive and provides only limited (point sampling) information about the spatial distribution of algae concentrations. Recently, a novel handheld sensor allowed water authorities to quicken their algae surveying and alarm systems. This study converted the mentioned algae sensor into a mobile platform, by combining it with an underwater remotely operated vehicle (also equipped with other sensors and cameras). This provides a spatial visualization (mapping) of algae concentrations variations within the area covered with the drone, and also in depth. Measurements took place in different locations in the Netherlands: i) lake with thick silt layers at the bottom, very eutrophic former bottom of the sea and frequent / intense mowing regime; ii) outlet of waste water into large reservoir; iii) urban canal system. Results allowed to identify probable dominant causes of blooms (i), provide recommendations for the placement of an outlet, day-night differences in algae behavior (ii), or the highlight / pinpoint higher algae concentration areas (iii). Although further research is still needed to fully characterize these processes and to optimize the measuring tool (underwater drone developments / improvements), the method here presented can already provide valuable information about algae behavior and spatial / temporal variability and shows potential as an efficient monitoring system.

Keywords: blue-green algae, cyanobacteria, underwater drones / ROV / AUV, water quality monitoring

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Authors: Qura-tul-aain Khair

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Purpose- The purpose of this paper is to empirically examining the strength of association of responsive market orientation and proactive market orientation with new product performance and exploring the possible moderating role of organizational learning based on contingency theory. Design/methodology/approach- Data for this study was collected from FMCG manufacturing industry and services industry, where customers are in contact frequently and responses are recorded on continuous basis. Sample was collected through convenience sampling. The data collected from different marketing department and sales personnel were analysed using SPSS 16 version. Findings- The paper finds that responsive market orientation is more strongly associated with new product performance. The moderator, organizational learning, plays it significant role on the relationship between responsive market orientation and new product performance. Research limitations/implications- this paper has taken sample from just FMCG industry and service industry, more work can be done regarding how different-markets require different market orientation behaviours. Originality/value- This paper will be useful for foreign business looking for investing and expanding in Pakistan, they can find opportunity to get sustained competitive advantage through exploring the proactive side of market orientation and importance of organizational learning.

Keywords: organizational learning, proactive market orientation, responsive market orientation, new product performance

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Authors: Marco Barassi, Nicola Spagnolo

Abstract:

This paper uses a DCC-GARCH model framework to examine mean and volatility spillovers (i.e. causality in mean and variance) dynamics between financial centers and the stock market indexes of the BRICS countries. In addition, tests for changes in the transmission mechanism are carried out by first testing for structural breaks and then setting a dummy variable to control for the 2008 financial crises. We use weekly data for nine countries, four financial centers (Germany, Japan, UK and USA) and the five BRICS countries (Brazil, Russia, India, China and South Africa). Furthermore, we control for monetary policy using domestic interest rates (90-day Treasury Bill interest rate) over the period 03/1/1990 - 04/2/2014, for a total of 1204 observations. Results show that the 2008 financial crises changed the causality dynamics for most of the countries considered. The same pattern can also be observed in conditional correlation showing a shift upward following the turbulence associated to the 2008 crises. The magnitude of these effects suggests a leading role played by the financial centers in effecting Brazil and South Africa, whereas Russia, India and China show a higher degree of resilience.

Keywords: financial crises, DCC-GARCH model, volatility spillovers, economics

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Authors: Maruf Ariyo Raheem, Patrick Oseloka Ezepue

Abstract:

This research aimed at determining most appropriate heteroskedastic model to predicting volatility of 10 major Nigerian banks: Access, United Bank for Africa (UBA), Guaranty Trust, Skye, Diamond, Fidelity, Sterling, Union, ETI and Zenith banks using daily closing stock prices of each of the banks from 2004 to 2014. The models employed include ARCH (1), GARCH (1, 1), EGARCH (1, 1) and TARCH (1, 1). The results show that all the banks returns are highly leptokurtic, significantly skewed and thus non-normal across the four periods except for Fidelity bank during financial crises; findings similar to those of other global markets. There is also strong evidence for the presence of heteroscedasticity, and that volatility persistence during crisis is higher than before the crisis across the 10 banks, with that of UBA taking the lead, about 11 times higher during the crisis. Findings further revealed that Asymmetric GARCH models became dominant especially during financial crises and post crises when the second reforms were introduced into the banking industry by the Central Bank of Nigeria (CBN). Generally, one could say that Nigerian banks returns are volatility persistent during and after the crises, and characterised by leverage effects of negative and positive shocks during these periods

Keywords: global financial crisis, leverage effect, persistence, volatility clustering

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Authors: Cem Isik Dogru, Salih Tekin, Kursad Derinkuyu

Abstract:

Electric vehicle (EV) carsharing is an alternative method to tackle urban transportation problems. This method can be applied by several options. One of the options is the one-way carsharing, which allow an EV to be taken at a designated location and leaving it on another specified location customer desires. Although it may increase users’ satisfaction, the issues, namely, demand dissatisfaction, relocation of EVs and charging schedules, must be dealt with. Also, excessive electricity has to be stored in batteries of EVs. To cope with aforementioned issues, two-step mixed integer programming (MIP) model is proposed. In first step, the integer programming model is used to determine amount of electricity to be sold to the grid in terms of time periods for extra profit. Determined amounts are provided from the batteries of EVs. Also, this step works in day-ahead electricity markets with forecast of periodical electricity prices. In second step, other MIP model optimizes daily operations of one-way carsharing: charging-discharging schedules, relocation of EVs to serve more demand and renting to maximize the profit of EV fleet owner. Due to complexity of the models, heuristic methods are introduced to attain a feasible solution and different price information scenarios are compared.

Keywords: electric vehicles, forecasting, mixed integer programming, one-way carsharing

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Authors: Tiberiu Socaciu, Tudor Colomeischi, Eugenia Iancu

Abstract:

Business failure affects in various proportions shareholders, managers, lenders (banks), suppliers, customers, the financial community, government and society as a whole. In the era in which we have telecommunications networks, exists an interdependence of markets, the effect of a failure of a company is relatively instant. To effectively manage risk exposure is thus require sophisticated support systems, supported by analytical tools to measure, monitor, manage and control operational risks that may arise. As we know, bankruptcy is a phenomenon that managers do not want no matter what stage of life is the company they direct / lead. In the analysis made by us, by the nature of economic models that are reviewed (Altman, Conan-Holder etc.), estimating the risk of bankruptcy of a company corresponds to some extent with its own business cycle tracing of the company. Various models for predicting bankruptcy take into account direct / indirect aspects such as market position, company growth trend, competition structure, characteristics and customer retention, organization and distribution, location etc. From the perspective of our research we will now review the economic models known in theory and practice for estimating the risk of bankruptcy; such models are based on indicators drawn from major accounting firms.

Keywords: Anglo-Saxon models, continental models, national models, statistical models

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Authors: J. Gochermann

Abstract:

German energy market is under historical change. Turning-off the nuclear power plants and intensive subsidization of the renewable energies causes a paradigm change from big central energy production and distribution to more local structures, bringing the energy production near to the consumption. The formerly big energy market with only a few big energy plants and grid operating companies is changing into a disperse market with growing numbers of small and medium size companies (SME) generating new value-added products and services. This change in then energy market, in Germany called the “Energiewende”, inverts also the previous innovation system. Big power plants and large grids required also big operating companies. Innovations in the energy market focused mainly on big projects and complex energy technologies. Innovation in the new energy market structure is much more dispersed. Increasing number of SME is now able to develop energy production and storage technologies, smart technologies to control the grids, and numerous new energy related services. Innovation is now regional distributed, which is a remarkable problem for the old big energy companies. The paper will explain the change in the German energy market and the paradigm change as well as the consequences for the innovation structure in the German energy market. It will show examples how SME participate from this change and how innovation systems, as well for the big companies and for SME, can be adapted.

Keywords: changing energy markets, disperse innovation, new value-added products and services, SME

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