Search results for: selective credit policy

Authors: Maliheh Raji, Hossein Abolghasemi, Jaber Safdari, Ali Kargari

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Dysprosium is a rare earth element which is essential for many growing high-technology applications. Dysprosium along with neodymium plays a significant role in different applications such as metal halide lamps, permanent magnets, and nuclear reactor control rods preparation. The purification and separation of rare earth elements are challenging because of their similar chemical and physical properties. Among the various methods, membrane processes provide many advantages over the conventional separation processes such as ion exchange and solvent extraction. In this work, selective extraction and separation of dysprosium from aqueous solutions containing an equimolar mixture of dysprosium and neodymium by emulsion liquid membrane (ELM) was investigated. The organic membrane phase of the ELM was a nanofluid consisting of multiwalled carbon nanotubes (MWCNT), Span80 as surfactant, Cyanex 272 as carrier, kerosene as base fluid, and nitric acid solution as internal aqueous phase. Factors affecting separation of dysprosium such as carrier concentration, MWCNT concentration, feed phase pH and stripping phase concentration were analyzed using Taguchi method. Optimal experimental condition was obtained using analysis of variance (ANOVA) after 10 min extraction. Based on the results, using MWCNT nanofluid in ELM process leads to increase the extraction due to higher stability of membrane and mass transfer enhancement and separation factor of 6 for dysprosium over neodymium can be achieved under the optimum conditions. Additionally, demulsification process was successfully performed and the membrane phase reused effectively in the optimum condition.

Keywords: emulsion liquid membrane, MWCNT nanofluid, separation, Taguchi method

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Authors: H. H. Lee, D. Y. Kim, S. W. Lee, J. H. Kim, J. H. Kim, W. Z. Oh, S. J. Choi

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In recent years, carbon nanotubes (CNTs) have been widely employed as a sorbent for the removal of various metal ions from water due to their unique properties such as large surface area, light mass density, high porous and hollow structure, and strong interaction between the pollutant molecules and CNTs. To apply CNTs to the sorption of Cs+ from aqueous solutions, they must first be functionalized to increase their hydrophilicity and therefore, enhance their applicability to the sorption of polar and relatively low-molecular-weight species. The objective of this study is to investigate the preparation of magnetically separable multi-walled carbon nanotubes (MWCNTs-m) as a sorbents for the removal of Cs+ from aqueous solutions. The MWCNTs-m was prepared using pristine MWCNTs and iron precursor Fe(acac)3. For the selective removal of Cs+ from aqueous solutions, the MWCNTs-m was functionalized with zinc hexacyanoferrate (MWCNTs-m-ZnFC). The physicochemical properties of the synthesized sorbents were characterized with various techniques, including transmission electron microscopy (TEM), specific surface area analysis, Fourier transform-infrared (FT-IR) spectroscopy, and vibrating-sample magnetometer. The MWCNTs-m-ZnFC was found to be easily separated from aqueous solutions by using magnetic field. The MWCNTs-m-ZnFC exhibited a high capacity for sorbing Cs+ from aqueous solutions because of their strong affinity for Cs+ and specific surface area. The sorption ability of the MWCNTs-m-ZnFC for Cs+ was maintained even in the presence of co-existing ions (Na+). Considering these results, the CNT-m-ZnFCs have great potential for use as an effective sorbent for the selective removal of radioactive Cs+ ions from aqueous solutions.

Keywords: multi-walled carbon nanotubes, magnetic materials, cesium, zinc hexacyanoferrate, sorption

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Authors: Hans Tjio, Wee Meng Seng

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The interaction of contract and property has always been a concern in corporate and commercial law, where there are internal structures created that may not match the externally perceived image generated by the labels attached to those structures. We will focus, in particular, on the priority structures created by affirmative asset partitioning, which have increasingly come under challenge by those attempting to negotiate around them. The most prominent has been the AT1 bonds issued by Credit Suisse which were wiped out before its equity when the troubled bank was acquired by UBS. However, this should not have come as a surprise to those whose “bonds” had similarly been “redeemed” upon the occurrence of certain reference events in countries like Singapore, Hong Kong and Taiwan during their Minibond crisis linked to US sub-prime defaults. These were derivatives classified as debentures and sold as such. At the same time, we are again witnessing “liabilities” seemingly ranking higher up the balance sheet ladder, finding themselves lowered in events of default. We will examine the mechanisms holders of perpetual securities or preference shares have tried to use to protect themselves. This is happening against a backdrop that sees a rise in the strength of private credit and inter-creditor conflicts. The restructuring regime of the hybrid scheme in Singapore now, while adopting the absolute priority rule in Chapter 11 as the quid pro quo for creditor cramdown, does not apply to shareholders and so exempts them from cramdown. Complicating the picture further, shareholders are not exempted from cramdown in the Dutch scheme, but it adopts a relative priority rule. At the same time, the important UK Supreme Court decision in BTI 2014 LLC v Sequana [2022] UKSC 25 has held that directors’ duties to take account of creditor interests are activated only when a company is almost insolvent. All this has been complicated by digital assets created by businesses. Investors are quite happy to have them classified as property (like a thing) when it comes to their transferability, but then when the issuer defaults to have them seen as a claim on the business (as a choice in action), that puts them at the level of a creditor. But these hidden interests will not show themselves on an issuer’s balance sheet until it is too late to be considered and yet if accepted, may also prevent any meaningful restructuring.

Keywords: asset partitioning, creditor priority, restructuring, BTI v Sequana, digital assets

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Authors: Leila Jafari, Viliam Makis, G. B. Akram Khaleghei

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In this paper, we present a maintenance model of a two-unit series system with economic dependence. Unit#1, which is considered to be more expensive and more important, is subject to condition monitoring (CM) at equidistant, discrete time epochs and unit#2, which is not subject to CM, has a general lifetime distribution. The multivariate observation vectors obtained through condition monitoring carry partial information about the hidden state of unit#1, which can be in a healthy or a warning state while operating. Only the failure state is assumed to be observable for both units. The objective is to find an optimal opportunistic maintenance policy minimizing the long-run expected average cost per unit time. The problem is formulated and solved in the partially observable semi-Markov decision process framework. An effective computational algorithm for finding the optimal policy and the minimum average cost is developed and illustrated by a numerical example.

Keywords: condition-based maintenance, semi-Markov decision process, multivariate Bayesian control chart, partially observable system, two-unit system

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Authors: Mzamani Aaron Mabasa

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The research study examines the reality that the Language Services Directorate can be considered a language repository hub. The study postulates that multilingual education guided by language policy implementation can improve student performance and pass rate. Various documents in the form of style guides, glossaries and tutorial letters may be used to enable students to understand complex words, sentences, phrases and paragraphs when technical vocabularies are used. This paper addresses the way in which quality assurance can transform South African official languages, including Sign Language, as mandated by the Language Policy for Higher Education. The paper further emphasizes that Language Services is unique in the sense that it involves all South African officials as tools for student support and facilitation of learning. This is in line with the Constitution of the Republic of South Africa (1996) and the Unisa Language Policy of 2023, which declares the status, parity and esteem of these official languages regarding usage in formal function domains, namely education, economy, social and politics. The aim of this paper is to ensure that quality assurance is ultimately accomplished in terms of teaching and learning standards. Eventually, all South African languages can be used for official domains to achieve functional multilingualism. This paper furthermore points out that content analysis as a research instrument as far as a qualitative approach is concerned may be used as a data collection technique.

Keywords: repository, multilingualism, policy, education

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Authors: T. P. Muhammed Jamsheer

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This paper tries to explains some of differences between migrants and non-migrants households by taking ten indicators like land ownership, land distribution, lease in land, lease out land, demand of labour, supply of labour, land operational potential, holding of agriculture implements and livestock’s, irrigation potential of households and credit holding by the households of highly dry, drought affected, poverty stricken, multi caste and pluralistic sub castes village in very backward Mahabubnagar district of Andhra Pradesh. The paper is purely field work based research and conducted census survey of field work among the 298 households in highly dry village called Keppatta from Bhoothpur mandel. One of the main objectives of the paper is that, to find out the factors which differentiate migrants and non-migrants households and what are distress elements which forced the poor peasants migrants to outside the village. It concludes that among the migrants and non-migrants households and among the differences between the categories wise of both types of households, there are differences, except two indicators like lease in and lease out, all other indicators like land holding pattern, demand and supply of labour, land operation, irrigation potential, implements and livestock and credit facilities of migrants and non-migrants households shows that non-migrants have high share than the migrants households. This paper also showing the landed households are more migrants, means among the BC and FC households landed households are migrants while SC landless are more migrants which is contradictory to general/existing literatures conclusion that, landless are more migrant than landed households, here also showing that when the number of land in acres increases the share of SC is declining while the share of FC is increasing among the both migrants and non-migrants households. In the class wise SC households are more in distress situation than any other class and that might be leading to the highest share of migrants from the respective village. In the logistic econometric model to find out the relation between migration and other ten variables, the result shows that supply of labour, lease in of the land and size of the family are statically significantly related with migration and all other variables not significant relation with migration although the theoretical explanation shows the different results.

Keywords: class, migrants, non migrants, economic indicators, distress factors

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Authors: Sila K. Sari, Betty J.L. Laglbauer, Muhammad G. Salim, Irianies C. Gozali, Iqbal Herwata, Fahmi Fahmi, Selvia Oktaviyani, Isabel Ender, Sarah Lewis, Abraham Sianipar, Mark Erdmann

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Taking strides towards the sustainable use of marine stocks requires science-based management of target fish populations and reduction of bycatch in non-selective fisheries. Among elasmobranchs, mobulid rays are faced with high extinction risk due to intrinsic vulnerability to fishing and their conservation has been recognized as a strong priority both in Indonesia and worldwide. Despite their common vulnerabilities to fishing pressure due to slow growth, late maturation and low fecundity, only manta rays, but not devil rays, are protected in Indonesian waters. However, both manta and devil rays are captured in non-selective fisheries, in particular drift gillnets, since their habitat overlaps with fishing grounds for primary target species (e.g. marlin, swordfish and bullet tuna off the coast of Muncar). For this reason, mobulid populations are being heavily impacted, and while national-level protections are crucial to help conservation, they may not suffice alone to insure populations sustainability. In order to assess the potential of applying live-release management measures to conserve mobulids captured as bycatch in drift gillnets, we deployed pop-up survival archival transmitters to assess post-release mortality in Indonesian mobulid rays. We also assessed which fishing practices, in particular, soak duration, affected post-release mortality in order to draw relevant conclusions for management.

Keywords: Mobulid, Devil ray, Manta ray, Bycatch

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Authors: Zahid Ahmad, Samia Yousaf

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The main purpose of this study is to evaluate and assess the financial position, operating performance, and recent outlook of the companies. This study investigates the impact of capital structure, dividend policy and sustainability on the value of firms of textile spinning sector of Pakistan which is listed on Pakistan stock exchange. The panel data technique has been applied to this group of textile sector which is textile spinning. This study covers the last ten years of time period. All the data related to the variables have been collected from the annual reports and financial statements of the textile sector firms. There are differently related determinants to measure the capital structure which are fixed assets turnover ratio, debt ratio, equity ratio, debt to equity ratio, assets tangibility, and shareholder’s equity. Dividend policy is being measured by two determinants which are earning per share (EPS) and dividend payout ratio. Sustainability is being measured by three suitable factors which are sales growth, gross profit margin ratio and firm size. These are three independent variables and their determinants of this study. Value of firm is measured through the return on asset (ROA). Capital structure is at the top of the list among all the three variables. According to the results of this research work, somewhere all the three variables generates positive and significant effect on the firm’s performance and its growth.

Keywords: capital structure, dividend policy, panel data, sustainability

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Authors: Ellen Holtmaat

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With an ever increasing influence of international organizations (IOs) on national policies and with the expectation that IOs are the transmission belts of world ideologies it is interesting to see to what extent IOs express a specific ideology and what determines the dominance of this ideology. This thesis looks at the OECD as IO and higher education as a field of policy. Evidence is found that the OECD promotes neoliberal developments in higher education and that its position is influenced by business, dominant countries and the dominant beliefs that are carried by the people working for the OECD that form an epistemic community. These results can possibly be extrapolated to other IOs.

Keywords: higher education, international organizations, neoliberal, OECD

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Authors: Shari S. C. Shang, Lynn S. L. Chiu

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In the digital payment market, some consumers use only one payment wallet while many others play multi-homing with a variety of payment services. With the diffusion of new payment systems, we examined the determinants of the adoption of multi-homing behavior. This study aims to understand how a digital payment provider dynamically expands business touch points with cross-business strategies to enrich the digital ecosystem and avoid the trap of multi-homing in customers. By synthesizing platform ecosystem literature, we constructed a two-dimensional research framework with one determinant of user digital behavior from offline to online intentions and the other determinant of digital payment touch points from convenient accessibility to cross-business platforms. To explore on a broader scale, we selected 12 digital payments from 5 countries of UK, US, Japan, Korea, and Taiwan. With the interplays of user digital behaviors and payment touch points, we group the study cases into four types: (1) Channel Initiated: users originated from retailers with high access to in-store shopping with face-to-face guidance for payment adoption. Providers offer rewards for customer loyalty and secure the retailer’s efficient cash flow management. (2) Social Media Dependent: users usually are digital natives with high access to social media or the internet who shop and pay digitally. Providers might not own physical or online shops but are licensed to aggregate money flows through virtual ecosystems. (3) Early Life Engagement: digital banks race to capture the next generation from popularity to profitability. This type of payment aimed to give children a taste of financial freedom while letting parents track their spending. Providers are to capitalize on the digital payment and e-commerce boom and hold on to new customers into adulthood. (4) Traditional Banking: plastic credit cards are purposely designed as a control group to track the evolvement of business strategies in digital payments. Traditional credit card users may follow the bank’s digital strategy to land on different types of digital wallets or mostly keep using plastic credit cards. This research analyzed business growth models and inter-firms’ coopetition strategies of the selected cases. Results of the multiple case analysis reveal that channel initiated payments bundled rewards with retailer’s business discount for recurring purchases. They also extended other financial services, such as insurance, to fulfill customers’ new demands. Contrastively, social media dependent payments developed new usages and new value creation, such as P2P money transfer through network effects among the virtual social ties, while early life engagements offer virtual banking products to children who are digital natives but overlooked by incumbents. It has disrupted the banking business domains in preparation for the metaverse economy. Lastly, the control group of traditional plastic credit cards has gradually converted to a BaaS (banking as a service) model depending on customers’ preferences. The multi-homing behavior is not avoidable in digital payment competitions. Payment providers may encounter multiple waves of a multi-homing threat after a short period of success. A dynamic cross-business collaboration strategy should be explored to continuously evolve the digital ecosystems and allow users for a broader shopping experience and continual usage.

Keywords: digital payment, digital ecosystems, multihoming users, cross business strategy, user digital behavior intentions

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Authors: Rosni Lakandri

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With the development of science and technology, there has been a complete transformation in the domain of information technology. Particularly after the Second World War and Cold War period, the role of media and communication technology in shaping the political, economic, socio-cultural proceedings across the world has been tremendous. It performs as a channel between the governing bodies of the state and the general masses. As we have seen the international community constantly talking about the onset of Asian Century, India and China happens to be the major player in this. Both have the civilization history, both are neighboring countries, both are witnessing a huge economic growth and, important of all, both are considered the rising powers of Asia. Not negating the fact that both countries have gone to war with each other in 1962 and the common people and even the policy makers of both the sides view each other till now from this prism. A huge contribution to this perception of people goes to the media coverage of both sides, even if there are spaces of cooperation which they share, the negative impacts of media has tended to influence the people’s opinion and government’s perception about each other. Therefore, analysis of media’s impression in both the countries becomes important in order to know their effect on the larger implications of foreign policy towards each other. It is usually said that media not only acts as the information provider but also acts as ombudsman to the government. They provide a kind of check and balance to the governments in taking proper decisions for the people of the country but in attempting to answer this hypothesis we have to analyze does the media really helps in shaping the political landscape of any country? Therefore, this study rests on the following questions; 1.How do China and India depict each other through their respective News media? 2.How much and what influences they make on the policy making process of each country? How do they shape the public opinion in both the countries? In order to address these enquiries, the study employs both primary and secondary sources available, and in generating data and other statistical information, primary sources like reports, government documents, and cartography, agreements between the governments have been used. Secondary sources like books, articles and other writings collected from various sources and opinion from visual media sources like news clippings, videos in this topic are also included as a source of on ground information as this study is not based on field study. As the findings suggest in case of China and India, media has certainly affected people’s knowledge about the political and diplomatic issues at the same time has affected the foreign policy making of both the countries. They have considerable impact on the foreign policy formulation and we can say there is some mediatization happening in foreign policy issues in both the countries.

Keywords: China, foreign policy, India, media, public opinion

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Authors: Yuanxia Zheng, Min Zhong, Cong Xin, Guoxiong Liu, Liqi Zhu

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Trust is a critical foundation of social interaction and development, playing a significant role in the physical and mental well-being of children, as well as their social participation. Previous research has demonstrated that young children do not blindly trust others but make selective trust judgments based on available information. The characteristics of speakers can influence children’s trust judgments. According to Mayer et al.’s model of trust, these characteristics of speakers, including ability, benevolence, and integrity, can influence children’s trust judgments. While previous research has focused primarily on the effects of ability and benevolence, there has been relatively little attention paid to integrity, which refers to individuals’ adherence to promises, fairness, and justice. This study focuses specifically on how keeping/breaking promises affects young children’s trust judgments. The paradigm of selective trust was employed in two experiments. A sample size of 100 children was required for an effect size of w = 0.30，α = 0.05，1-β = 0.85, using G*Power 3.1. This study employed a 2×2 within-subjects design to investigate the effects of moral valence of promises (within-subjects factor: moral vs. immoral promises), and fulfilment of promises (within-subjects factor: kept vs. broken promises) on children’s trust judgments (divided into declarative and promising contexts). In Experiment 1 adapted binary choice paradigms, presenting 118 preschoolers (62 girls, Mean age = 4.99 years, SD = 0.78) with four conflict scenarios involving the keeping or breaking moral/immoral promises, in order to investigate children’s trust judgments. Experiment 2 utilized single choice paradigms, in which 112 preschoolers (57 girls, Mean age = 4.94 years, SD = 0.80) were presented four stories to examine their level of trust. The results of Experiment 1 showed that preschoolers selectively trusted both promisors who kept moral promises and those who broke immoral promises, as well as their assertions and new promises. Additionally, the 5.5-6.5-year-old children are more likely to trust both promisors who keep moral promises and those who break immoral promises more than the 3.5- 4.5-year-old children. Moreover, preschoolers are more likely to make accurate trust judgments towards promisor who kept moral promise compared to those who broke immoral promises. The results of Experiment 2 showed significant differences of preschoolers’ trust degree: kept moral promise > broke immoral promise > broke moral promise ≈ kept immoral promise. This study is the first to investigate the development of trust judgement in moral promise among preschoolers aged 3.5-6.5. The results show that preschoolers can consider both valence and fulfilment of promises when making trust judgments. Furthermore, as preschoolers mature, they become more inclined to trust promisors who keep moral promises and those who break immoral promises. Additionally, the study reveals that preschoolers have the highest level of trust in promisors who kept moral promises, followed by those who broke immoral promises. Promisors who broke moral promises and those who kept immoral promises are trusted the least. These findings contribute valuable insights to our understanding of moral promises and trust judgment.

Keywords: promise, trust, moral judgement, preschoolers

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Authors: Karim Ahmed

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The purpose of this study was to investigate how factoring the impact of natural disasters beyond flooding would affect managed retreat policy eligibility in the United States. For the study design, a correlation analysis method compared weighted measures of flooding and other natural disasters (e.g., wildfires, tornadoes, heatwaves, etc.) to CBSA Populated areas, the prevalence of cropland, and relative poverty on a county level. The study found that the vast majority of CBSAs eligible for managed retreat programs under a policy inclusive of non-flooding events would have already been covered by flood-only managed retreat policies. However, it is noteworthy that a majority of those counties that are not covered by a flood-only managed retreat policy have high rates of poverty and are either heavily populated and/or agriculturally active. The correlation is particularly strong between counties that are subject to multiple natural hazards and those that have both high rates of relative poverty and cropland prevalence. There is currently no managed retreat policy for agricultural land in the United States despite the environmental implications and food supply chain vulnerabilities related to at-risk cropland. The findings of this study suggest both that such a policy should be created and, when it is, that special attention should be paid to non-flood natural disasters affecting agricultural areas. These findings also reveal that, while current flood-based policies in the United States serve many areas that do need access to managed retreat funding and implementation, other vulnerable areas are overlooked by this approach. These areas are often deeply impoverished and are therefore particularly vulnerable to natural disaster; if and when those disasters do occur, these areas are often less financially prepared to recover or retreat from the disaster’s advance and, due to the limitations of the current policies discussed above, are less able to take the precautionary measures necessary to mitigate their risk.

Keywords: flood, hazard, land use, managed retreat, wildfire

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Authors: O. Fatemi

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Considering growing building construction industry in developing countries and sustainable development concept, as well as the importance of taking care of the future generations, codifying buildings scoring system based on environmental criteria, has always been a subject for discussion. The existing systems cannot be used for all the regions due to several reasons, including but not limited to variety in regional variables. In this article, the most important common LEED (Leadership in Energy and Environmental Design) and BREEAM (Building Research Establishment Environmental Assessment Method) common and Global environmental scoring systems, used in UK, USA, and Japan, respectively, have been discussed and compared with a special focus on CASBEE (Comprehensive Assessment System for Built Environment Efficiency), to credit assigning field (weighing and scores systems) as well as sustainable development criteria in each system. Then, converging and distinct fields of the foregoing systems are examined considering National Iranian Building Code. Furthermore, the common credits in the said systems not mentioned in National Iranian Building Code have been identified. These credits, which are generally included in well-known fundamental principles in sustainable development, may be considered as offered options for the Iranian building environmental scoring system. It is suggested that one of the globally and commonly accepted systems is chosen considering national priorities in order to offer an effective method for buildings environmental scoring, and then, a part of credits is added and/or removed, or a certain credit score is changed, and eventually, a new scoring system with a new title is developed for the country. Evidently, building construction industry highly affects the environment, economy, efficiency, and health of the relevant occupants. Considering the growing trend of cities and construction, achieving building scoring systems based on environmental criteria has always been a matter of discussion. The existing systems cannot be used for all the regions due to several reasons, including but not limited to variety in regional variables.

Keywords: scoring system, sustainability assessment, water efficiency, national Iranian building code

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Authors: Kirill Neverov

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In the paper is considered issues of civic participation in context of changing political landscape of Argentina. Last two years, this South American country faced a drastic change of political course. Pro-peronist, left-oriented administration of Christina Fernandez de Kirchner were replaced by right of center Mauricio Macri's one. The study is focused on inclusive policy in conditions of political transformations. We use network analysis to figure out which actors are involved in participation and to describe connections between them. As a resuflt, we plan to receive map of transactions which form inclusive policy in Argentina.

Keywords: civic participation, Argentina, political transformation, network analysis

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Authors: Nompumelelo P. Mathebula, Roger A. Sheldon, Daniel P. Pienaar, Moira L. Bode

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The preparation of enantiopure Morita-Baylis-Hillman (MBH) adducts remains a challenge in organic chemistry. MBH adducts are highly functionalised compounds which act as key intermediates in the preparation of compounds of medicinal importance. MBH adducts are prepared in racemic form by reacting various aldehydes and activated alkenes in the presence of DABCO. Enantiopure MBH adducts can be obtained by employing Enzymatic kinetic resolution (EKR). This technique has been successfully demonstrated in our group, amongst others, using lipases in either hydrolysis or transesterification reactions. As these methods only allow 50% of each enantiomer to be obtained, our interest grew in exploring other enzymatic methods for the synthesis of enantiopure MBH adducts where, theoretically, 100% of the desired enantiomer could be obtained.Dehydrogenase enzymes can be employed on prochiral substrates to obtain optically pure compounds by reducing carbon-carbon double bonds or carbonyl groups of ketones. Ketoreductases have been used historically to obtain enantiopure secondary alcohols on an industrial scale. Ketoreductases are NAD(P)H-dependent enzymes and thus require nicotinamide as a cofactor. This project focuses on employing ketoreductase enzymes to selectively reduce ketones derived from Morita-Baylis-Hillman (MBH) adducts in order to obtain these adducts in enantiopure form.Results obtained from this study will be reported. Good enantioselectivity was observed using a range of different ketoreductases, however, reactions were complicated by the formation of an unexpected by-product, which was characterised employing single crystal x-ray crystallography techniques. Methods to minimise by-product formation are currently being investigated.

Keywords: ketoreductase, morita-baylis-hillman, selective reduction, x-ray crystallography

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Authors: Mengna Hu

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This paper examines the impact of an anti-speculation tax policy on the trading activities and home price movements in the housing market in Hong Kong. The study focuses on the secondary residential property market where transactions dominate. The policy intervention substantially raised the transaction cost to speculators as well as genuine homeowners who dispose their homes within a certain period. Through the demonstration of structural breaks, our empirical results show that the rise in transaction cost effectively reduced speculative trading activities. However, it accelerated price increase in the small-sized segment by vastly demotivating existing homeowners from trading up to better homes, causing congestion in the lower-end market where the demand from first-time buyers is still strong. Apart from that, by employing regime switching approach, we further show that the unintended consequences are likely to be persistent due to this policy together with other strengthened cooling measures.

Keywords: transaction costs, housing market, structural breaks, regime switching

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Authors: Alam Zeb, Glen W. Armstrong, Muhammad Qasim

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Loss of forest cover is one of the most important land cover changes and has been of great concern to policy makers. This study quantified forest cover changes over pre logging ban (1973-1993) and post logging ban (1993-2015) to examine the role of geophysical factors and spatial attributes of land in the two periods. We show that despite a complete ban on green felling, forest cover decreased by 28% and mostly converted to rangeland. Nevertheless, the logging ban was completely effective in controlling agriculture expansion. The binary logistic regression revealed that the south facing aspects at low elevation witnessed more deforestation in the pre-ban period compared to post-ban. Opposite to deforestation, forest degradation was more prominent on the northern aspects at higher elevation during the policy period. Agriculture expansion was widespread in the low elevation flat areas with gentle slope, while during the policy period agriculture contraction in the form of regeneration was observed on the low elevation areas of north facing slopes. All proximity variables, except distance to administrative boundary, showed a similar trend across the two periods and were important explanatory variables in understanding forest and agriculture expansion. The changes in determinants of forest and agriculture expansion and contraction over the two periods might be attributed to the influence of policy and a general decrease in resource availability.

Keywords: forest conservation , wood harvesting ban, logistic regression, deforestation, forest degradation, agriculture expansion, Chitral, Pakistan

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Authors: Michael Huber, Maximilian J. Poller, Jens Tochtermann, Wolfgang Korth, Andreas Jess, Jakob Albert

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Aside from the desulfurisation, the denitrogenation of fuels is of great importance to minimize the environmental impact of transport emissions. The oxidative reaction pathway of organic nitrogen in the catalytic oxidative denitrogenation could be successfully elucidated. This is the first time such a pathway could be traced in detail in non-microbial systems. It was found that the organic nitrogen is first oxidized to nitrate, which is subsequently reduced to molecular nitrogen via nitrous oxide. Hereby, the organic substrate serves as a reducing agent. The discovery of this pathway is an important milestone for the further development of fuel denitrogenation technologies. The United Nations aims to counteract global warming with Net Zero Emissions (NZE) commitments; however, it is not yet foreseeable when crude oil-based fuels will become obsolete. In 2021, more than 50 million barrels per day (mb/d) were consumed for the transport sector alone. Above all, heteroatoms such as sulfur or nitrogen produce SO₂ and NOx during combustion in the engines, which is not only harmful to the climate but also to health. Therefore, in refineries, these heteroatoms are removed by hy-drotreating to produce clean fuels. However, this catalytic reaction is inhibited by the basic, nitrogenous reactants (e.g., quinoline) as well as by NH3. The ion pair of the nitrogen atom forms strong pi-bonds to the active sites of the hydrotreating catalyst, which dimin-ishes its activity. To maximize the desulfurization and denitrogenation effectiveness in comparison to just extraction and adsorption, selective oxidation is typically combined with either extraction or selective adsorption. The selective oxidation produces more polar compounds that can be removed from the non-polar oil in a separate step. The extraction step can also be carried out in parallel to the oxidation reaction, as a result of in situ separation of the oxidation products (ECODS; extractive catalytic oxidative desulfurization). In this process, H8PV5Mo7O40 (HPA-5) is employed as a homogeneous polyoxometalate (POM) catalyst in an aqueous phase, whereas the sulfur containing fuel components are oxidized after diffusion from the organic fuel phase into the aqueous catalyst phase, to form highly polar products such as H₂SO₄ and carboxylic acids, which are thereby extracted from the organic fuel phase and accumulate in the aqueous phase. In contrast to the inhibiting properties of the basic nitrogen compounds in hydrotreating, the oxidative desulfurization improves with simultaneous denitrification in this system (ECODN; extractive catalytic oxidative denitrogenation). The reaction pathway of ECODS has already been well studied. In contrast, the oxidation of nitrogen compounds in ECODN is not yet well understood and requires more detailed investigations.

Keywords: oxidative reaction pathway, denitrogenation of fuels, molecular catalysis, polyoxometalate

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Authors: Bakari Mohammed

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Sports performance and achievements have been the avenue through which great nations of the world exhibit their supremacy over others through sports development strategy. Effective sports development, therefore, requires variables like sports policy, sports funding, sports programme, sports facilities and sponsorship. The extent to what these variables are met shall no doubt affects the effectiveness of any sports development. Two distinguishing features of the Nigerian sports system are its central organization and its employment for specific socio-political objectives, it is against this backdrop that this paper will x-ray the politicization of sports which parallels sports development in the enhanced role of sports and in contrast with developed nations system and management.

Keywords: sport development, sport policy, personnel, program, facilities, funding, sponsorship

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Authors: Beril Tuğrul

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Electrical energy is the most important form of energy and electrical power plants have highest impact factor in energy policy. This study is in relation with evaluation of various power plants including fossil fuels, nuclear and renewable energy based power plants. The power plants evaluated with regard to their overall impact that considered for establishing of the plants. Both positive and negative impacts of power plant operation are compared view of different arguments. Then calculate the impact factor by using variation linear extrapolation for each argument. With this study, power plants assessed with the different point of view and clarified objectively.

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Authors: Ikram Metalsi

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English as a Medium of Instruction known as (EMI) is expanding rapidly in the world. A growing volume of research has been dedicated to investigating its implementation. However, considerably less attention has been given to understanding EMI in a context where its implementation has been discussed but not yet put into practice. One such context is Algeria, where talks about a possible implementation of EMI have been going on for some time. The present study examines the current discourses and university lecturers’ attitudes towards the potential implementation of EMI as well as investigating the current implicit and explicit language policies in scientific courses in Algerian state universities. The focus is specifically on Engineering departments, as this field has gained worldwide importance in EMI research (Macaro et al. 2018), and, traditionally, French has been the MOI for Engineering in Algerian universities. Using the ROADMAPPING framework (Dafouz and Smit 2016) and the mixed method research approach, the present work explores the language in education policy (LEP) and planning situation in Algeria, the current media of instruction as well as the status and use of the English language in the scientific courses of the tertiary sector. Finally, the current study explores the perceived challenges and benefits of the implementation of EMI programmes from teachers’ perspectives with a particular focus on agency and how this potential policy implementation and teachers’ perceptions of agency around it may reflexively influence their professional identity.

Keywords: media of instruction, language in education policy, lecturers attitudes, teacher agency, professional identity

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Authors: Omolade Adeleke, Jonathan Olusegun Famoroti

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This study empirically examined the monetary policy and economic growth in the classical cycles in 8 member countries of the West African Economic and Monetary Union (WAEMU), using the Markov switching model for the Two-phase Regime, covering the period 1980Q1 to 2020Q4. Our estimates suggest that these countries demonstrate to have similar business cycles, and the economies stay more in an expansion regime than a recession regime. The result further shows that the union has an average duration period of 3.1 and 15.9 quarters for contraction and expansion periods, respectively. The business cycle duration, on average, suggests 19 quarters, varying from country to country. Therefore, the formulation of policies that can enhance aggregate demand by member countries in the union is an antidote for recession and is necessary to drive the economy into equilibrium. Also, a low-interest rate and reduced inflation rate would ginger long-run economic growth.

Keywords: monetary policy, business cycle, economic growth, Markov switching

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Authors: Migena Mana, Ahmed Khalid Syed, Abdul Malik, Nikhil Cherian

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In recent years, advancements in deep learning enabled researchers to tackle the problem of self-driving cars. Car companies use huge datasets to train their deep learning models to make autonomous cars a reality. However, this approach has certain drawbacks in that the state space of possible actions for a car is so huge that there cannot be a dataset for every possible road scenario. To overcome this problem, the concept of reinforcement learning (RL) is being investigated in this research. Since the problem of autonomous driving can be modeled in a simulation, it lends itself naturally to the domain of reinforcement learning. The advantage of this approach is that we can model different and complex road scenarios in a simulation without having to deploy in the real world. The autonomous agent can learn to drive by finding the optimal policy. This learned model can then be easily deployed in a real-world setting. In this project, we focus on three RL algorithms: Q-learning, Deep Deterministic Policy Gradient (DDPG), and Proximal Policy Optimization (PPO). To model the environment, we have used TORCS (The Open Racing Car Simulator), which provides us with a strong foundation to test our model. The inputs to the algorithms are the sensor data provided by the simulator such as velocity, distance from side pavement, etc. The outcome of this research project is a comparative analysis of these algorithms. Based on the comparison, the PPO algorithm gives the best results. When using PPO algorithm, the reward is greater, and the acceleration, steering angle and braking are more stable compared to the other algorithms, which means that the agent learns to drive in a better and more efficient way in this case. Additionally, we have come up with a dataset taken from the training of the agent with DDPG and PPO algorithms. It contains all the steps of the agent during one full training in the form: (all input values, acceleration, steering angle, break, loss, reward). This study can serve as a base for further complex road scenarios. Furthermore, it can be enlarged in the field of computer vision, using the images to find the best policy.

Keywords: autonomous driving, DDPG (deep deterministic policy gradient), PPO (proximal policy optimization), reinforcement learning

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Authors: Jameelah Omolara Yaqub

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One of the main reasons for the existence of central bank is that it is believed that central banks have some influence on private sector decisions which will enable the Central Bank to achieve some of its objectives especially that of stable price and economic growth. By the assumption of the New Keynesian theory that prices are fully flexible in the short run, the central bank can temporarily influence real interest rate and, therefore, have an effect on real output in addition to nominal prices. There is, therefore, the need for the Central Bank to monitor, respond to, and influence private sector decisions appropriately. This thus shows that the Central Bank and the private sector will both affect and be affected by each other implying considerable interdependence between the sectors. The interdependence may be simultaneous or not depending on the level of information, readily available and how sensitive prices are to agents’ expectations about the future. The aim of this paper is, therefore, to determine whether the interdependence between asset prices and monetary policy are simultaneous or not and how important is this relationship. Studies on the effects of monetary policy have largely used VAR models to identify the interdependence but most have found small effects of interaction. Some earlier studies have ignored the possibility of simultaneous interdependence while those that have allowed for simultaneous interdependence used data from developed economies only. This study, therefore, extends the literature by using data from a developing economy where information might not be readily available to influence agents’ expectation. In this study, the direction of relationship among variables of interest will be tested by carrying out the Granger causality test. Thereafter, the interaction between asset prices and monetary policy in Nigeria will be tested. Asset prices will be represented by the NSE index as well as real estate prices while monetary policy will be represented by money supply and the MPR respectively. The VAR model will be used to analyse the relationship between the variables in order to take account of potential simultaneity of interdependence. The study will cover the period between 1980 and 2014 due to data availability. It is believed that the outcome of the research will guide monetary policymakers especially the CBN to effectively influence the private sector decisions and thereby achieve its objectives of price stability and economic growth.

Keywords: asset prices, granger causality, monetary policy rate, Nigeria

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Authors: Favour Makuochukwu Orji, Yingkui Zhao

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A myriad of environmental issues face the Nigerian industrial region, resulting from; oil and gas production, mining, manufacturing and domestic wastes. Amidst these, much effort has been directed by stakeholders in the Nigerian oil producing regions, because of the impacts of the region on the wider Nigerian economy. Research to date has suggested that collaborative environmental management could be an effective approach in managing environmental issues; but little attention has been given to the roles and practices of stakeholders in effecting a collaborative environmental management framework for the Nigerian oil-producing region. This paper produces a framework to expand and deepen knowledge relating to stakeholders aspects of collaborative roles in managing environmental issues in the Nigeria oil-producing region. The knowledge is derived from analysis of stakeholders’ practices – studied through multiple case studies using document analysis. Selected documents of key stakeholders – Nigerian government agencies, multi-national oil companies and host communities, were analyzed. Open and selective coding was employed manually during document analysis of data collected from the offices and websites of the stakeholders. The findings showed that the stakeholders have a range of roles, practices, interests, drivers and barriers regarding their collaborative roles in managing environmental issues. While they have interests for efficient resource use, compliance to standards, sharing of responsibilities, generating of new solutions, and shared objectives; there is evidence of major barriers which includes resource allocation, disjointed policy and regulation, ineffective monitoring, diverse socio- economic interests, lack of stakeholders’ commitment and limited knowledge sharing. However, host communities hold deep concerns over the collaborative roles of stakeholders for economic interests, particularly, where government agencies and multi-national oil companies are involved. With these barriers and concerns, a genuine stakeholders’ collaboration is found to be limited, and as a result, optimal environmental management practices and policies have not been successfully implemented in the Nigeria oil-producing region. A framework is produced that describes practices that characterize collaborative environmental management might be employed to satisfy the stakeholders’ interests. The framework recommends critical factors, based on the findings, which may guide a collaborative environmental management in the oil producing regions. The recommendations are designed to re-define the practices of stakeholders in managing environmental issues in the oil producing regions, not as something wholly new, but as an approach essential for implementing a sustainable environmental policy. This research outcome may clarify areas for future research as well as to contribute to industry guidance in the area of collaborative environmental management.

Keywords: collaborative environmental management framework, case studies, document analysis, multinational oil companies, Nigerian oil producing regions, Nigerian government agencies, stakeholders analysis

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Authors: Karun K. Karki

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Globalization has intensified the transnational movement of people, mainly from the Global South to the Global North. In this context of transnationalism, migration is framed within the national interests required for economic prosperity. More specifically, the competition for the ‘best and the brightest of highly educated immigrants from around the world can be perceived as evidence that countries in the North are competing in the knowledge-based global economy. Canada is not an exception. Since the early 1970s, Canada has successfully admitted, on average, 200,000 to 280,000 immigrants annually for permanent residency, primarily for economic development, family reunification and humanitarian affairs. Among these three components, economic class immigrants are the highest priority in its immigration policy. Although Canada admits highly qualified immigrant professionals with the expectation of easily integrating them, many highly skilled immigrants are marginalized in the labour market due to a myriad of layered structural and institutional barriers that prevent them from working in the professions for which they were trained in their country of origin. More than 67% of highly skilled immigrants are more likely to be in jobs for which they are formally overqualified. The deteriorating employment situation of highly educated immigrants, particularly the immigrants of racialized groups, needs analytical scrutiny of the immigration policy of Canada. In this paper, author examine how the historical legacy of colonialism still continues in Canada’s immigration policymaking and how this legacy has impacted developing countries in the global South. Author argue that the Canadian immigration policy is based on the notion of exploiting/dominating smaller countries and immigrants from these countries. Such colonial policies have systematically ‘Othered’ immigrants based on their race, ethnicity, gender, culture, and linguistic characteristics. Recommendations are made to revisit contemporary immigration and settlement policies to effectively integrate immigrants into Canadian society.

Keywords: colonialism, Canadian immigration policy, racialized immigrants, skilled immigrants

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Authors: Jane Osei, Kerry Brown, Mehran Nejati

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Numerous studies have established that solar energy is the second most prevalent form of alternative renewable energy globally, particularly in regions with abundant sunlight. The adoption and ongoing sustainability of solar technology are pivotal for the transition to renewable energy sources. However, the literature indicates that some countries, especially in the developing world, may impede this transition. Despite various policy initiatives aimed at supporting the adoption of solar technology, the long-term effectiveness of these policies remains uncertain. This study investigates the current policy drivers influencing the success or failure of solar energy technology adoption and sustainability. It employs a qualitative review approach to compare strategies for implementing the net-metering policy incentive in both developing and developed countries, identifying successful and unsuccessful strategies and drawing conclusions on the lessons learned. The study's findings reveal that the effective implementation of net metering depends on regional variations in solar radiation and differing levels of electricity demand across regions. Further, the study found that the implementation of net metering has faced challenges in some countries due to regulatory barriers and bottlenecks that hinder private sector involvement and business sustainability. Economic stability also significantly impacts net metering implementation. This study concludes that governments should strive to balance benefit-sharing to attract more private-sector investment in solar technology while ensuring the viability of government energy regulatory bodies.

Keywords: solar energy technology, adoption, sustainability, net-metering

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Authors: A. Beril Tugrul

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Demand on production and thereby the global need of energy is growing continuously. Each country has different trends on energy demand and supply according to their geopolitical and geographical locations, underground reserves, weather conditions and level of industrialization. Conventional energy resources such as oil, gas and coal –in other words fossil resources- remain dominant on primary energy supply in spite of causing of environmental problems. Energy supply and demand securities are essential within the energy importing and exporting countries. This concept affected all sectors, but especially impressed on political aspects of the countries and also global economic views.

Keywords: energy policy, energy economics, energy strategy, global trends, petro-dollar recycling

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Authors: A. Newman-Tancredi, R. Depoortère, P. Gruca, E. Litwa, M. Lason, M. Papp

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The N-methyl-D-aspartic acid (NMDA) receptor antagonist, ketamine, can elicit rapid-acting antidepressant (RAAD) effects in treatment-resistant patients, but it requires parenteral co-administration with a classical antidepressant under medical supervision. In addition, ketamine can also produce serious side effects that limit its long-term use, and there is much interest in identifying RAADs based on ketamine’s mechanism of action but with safer profiles. Ketamine elicits GABAergic interneuron inhibition, glutamatergic neuron stimulation, and, notably, activation of serotonin 5-HT1A receptors in the prefrontal cortex (PFC). Direct activation of the latter receptor subpopulation with selective ‘biased agonists’ may therefore be a promising strategy to identify novel RAADs and, consistent with this hypothesis, the prototypical cortical biased agonist, NLX-101, exhibited robust RAAD-like activity in the chronic mild stress model of depression (CMS). The present study compared the effects of a novel, selective 5-HT1A receptor-biased agonist, NLX-204, with those of ketamine and NLX-101. Materials and methods: CMS procedure was conducted on Wistar rats; drugs were administered either intraperitoneally (i.p.) or by bilateral intracortical microinjection. Ketamine: 10 mg/kg i.p. or 10 µg/side in PFC; NLX-204 and NLX-101: 0.08 and 0.16 mg/kg i.p. or 16 µg/side in PFC. In addition, interaction studies were carried out with systemic NLX-204 or NLX-101 (each at 0.16 mg/kg i.p.) in combination with intracortical WAY-100635 (selective 5-HT1A receptor antagonist; 2 µg/side) or muscimol (GABA-A receptor agonist, 12.5 ng/side). Anhedonia was assessed by CMS-induced decrease in sucrose solution consumption; anxiety-like behavior was assessed using the Elevated Plus Maze (EPM), and cognitive impairment was assessed by the Novel Object Recognition (NOR) test. Results: A single administration of NLX-204 was sufficient to reverse the CMS-induced deficit in sucrose consumption, similarly to ketamine and NLX-101. NLX-204 also reduced CMS-induced anxiety in the EPM and abolished CMS-induced NOR deficits. These effects were maintained (EPM and NOR) or enhanced (sucrose consumption) over a subsequent 2-week period of treatment. The anti-anhedonic response of the drugs was also maintained for several weeks Following treatment discontinuation, suggesting that they had sustained effects on neuronal networks. A single PFC administration of NLX-204 reversed deficient sucrose consumption, similarly to ketamine and NLX-101. Moreover, the anti-anhedonic activities of systemic NLX-204 and NLX 101 were abolished by coadministration with intracortical WAY-100635 or muscimol. Conclusions: (i) The antidepressant-like activity of NLX-204 in the rat CMS model was as rapid as that of ketamine or NLX-101, supporting targeting cortical 5-HT1A receptors with selective, biased agonists to achieve RAAD effects. (ii)The anti-anhedonic activity of systemic NLX-204 was mimicked by local administration of the compound in the PFC, confirming the involvement of cortical circuits in its RAAD-like effects. (iii) Notably, the effects of systemic NLX-204 and NLX-101 were abolished by PFC administration of muscimol, indicating that they act by (indirectly) eliciting a reduction in cortical GABAergic neurotransmission. This is consistent with ketamine’s mechanism of action and suggests that there are converging NMDA and 5-HT1A receptor signaling cascades in PFC underlying the RAAD-like activities of ketamine and NLX-204. Acknowledgements: The study was financially supported by NCN grant no. 2019/35/B/NZ7/00787.

Keywords: depression, ketamine, serotonin, 5-HT1A receptor, chronic mild stress

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