Search results for: stock investment analysis

Authors: Sergey Podluzhnyy

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One of the most important tasks of investment and pension fund management is building decision support system which helps to make right decision on corporate bond portfolio formation. Today there are several basic methods of bond portfolio management. They are duration management, immunization and convexity management. Identified methods have serious disadvantage: they do not take into account credit risk or insolvency risk of issuer. So, identified methods can be applied only for management and evaluation of high-quality sovereign bonds. Applying article proposes mathematical model for building an optimal in case of risk and yield corporate bond portfolio. Proposed model takes into account the default probability in formula of assessment of bonds which results to more correct evaluation of bonds prices. Moreover, applied model provides tools for visualization of the efficient frontier of corporate bonds portfolio taking into account the exposure to credit risk, which will increase the quality of the investment decisions of portfolio managers.

Keywords: corporate bond portfolio, default probability, effective boundary, portfolio optimization task

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Authors: Ahmed Bellakhdhar

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This paper aims to test the impact of various variables-namely, investment in physical capital, investment in human capital, openness to trade and foreign direct investments, and distance from the technology frontier-on economic growth in the Tunisian context during the period 1976-2010. Empirical results identify that the impact of human capital is significantly positive. This finding confirms the hypothesis that human capital is a main driver of economic performance through its role of improving the internal productive capacity and the absorption of foreign technology especially via foreign direct investments. The effect of FDI is significantly positive in all alternative regressions and the coefficient associated to physical capital variable is positive, but not significant overall. Concerning the import of technologically advanced equipments, our estimates show the absence of a significant direct impact on economic growth in Tunisia. Our empirical results also support the assumption of a non linear relationship between tax and growth and demonstrate the existence of an inverted-U curve between the two variables, in the spirit of the “Laffer curve”.

Keywords: Endogenous growth, Human capital, Technology transfer, Absorptive capacity

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Authors: Abdullahi Jibrin, Aishetu Abdulkadir

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The development of allometric models is crucial to accurate forest biomass/carbon stock assessment. The aim of this study was to develop a set of biomass prediction models that will enable the determination of total tree aboveground biomass for savannah woodland area in Niger State, Nigeria. Based on the data collected through biometric measurements of 1816 trees and destructive sampling of 36 trees, five species specific and one site specific models were developed. The sample size was distributed equally between the five most dominant species in the study site (Vitellaria paradoxa, Irvingia gabonensis, Parkia biglobosa, Anogeissus leiocarpus, Pterocarpus erinaceous). Firstly, the equations were developed for five individual species. Secondly these five species were mixed and were used to develop an allometric equation of mixed species. Overall, there was a strong positive relationship between total tree biomass and the stem diameter. The coefficient of determination (R2 values) ranging from 0.93 to 0.99 P < 0.001 were realised for the models; with considerable low standard error of the estimates (SEE) which confirms that the total tree above ground biomass has a significant relationship with the dbh. The F-test value for the biomass prediction models were also significant at p < 0.001 which indicates that the biomass prediction models are valid. This study recommends that for improved biomass estimates in the study site, the site specific biomass models should preferably be used instead of using generic models.

Keywords: allometriy, biomass, carbon stock , model, regression equation, woodland, inventory

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Authors: Ojo Johnson Adelakun

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This study explores the long-term relationships between manufacturing output (MO) and several economic determinants, interest rate (IR), inflation rate (INF), exchange rate (EX), credit to the private sector (CPSM), gross claims on the government sector (GCGS), using monthly data from March 1966 to December 2023. Employing advanced econometric techniques including Fully Modified Ordinary Least Squares (FMOLS), Dynamic Ordinary Least Squares (DOLS), and Canonical Cointegrating Regression (CCR), the analysis provides several key insights. The findings reveal a positive association between interest rates and manufacturing output, which diverges from traditional economic theory that predicts a negative correlation due to increased borrowing costs. This outcome is attributed to the financial resilience of large enterprises, allowing them to sustain investment in production despite higher interest rates. In addition, inflation demonstrates a positive relationship with manufacturing output, suggesting that stable inflation within target ranges creates a favourable environment for investment in productivity-enhancing technologies. Conversely, the exchange rate shows a negative relationship with manufacturing output, reflecting the adverse effects of currency depreciation on the cost of imported raw materials. The negative impact of CPSM underscores the importance of directing credit efficiently towards productive sectors rather than speculative ventures. Moreover, increased government borrowing appears to crowd out private sector credit, negatively affecting manufacturing output. Overall, the study highlights the need for a coordinated policy approach integrating monetary, fiscal, and financial sector strategies. Policymakers should account for the differential impacts of interest rates, inflation, exchange rates, and credit allocation on various sectors. Ensuring stable inflation, efficient credit distribution, and mitigating exchange rate volatility are critical for supporting manufacturing output and promoting sustainable economic growth. This research provides valuable insights into the economic dynamics influencing manufacturing output and offers policy recommendations tailored to South Africa’s economic context.

Keywords: domestic credit, government claims, financial variables, manufacturing output, financial analysis

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Authors: Sittampalam Manoharan, Gary Chai, Sanaul Chowdhury, Andrew Golding

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The primary objective of this paper is to present a simplified approach to develop the structural deterioration model using traffic speed deflectometer data for flexible pavements. Maintaining assets to meet functional performance is not economical or sustainable in the long terms, and it would end up needing much more investments for road agencies and extra costs for road users. Performance models have to be included for structural and functional predicting capabilities, in order to assess the needs, and the time frame of those needs. As such structural modelling plays a vital role in the prediction of pavement performance. A structural condition is important for the prediction of remaining life and overall health of a road network and also major influence on the valuation of road pavement. Therefore, the structural deterioration model is a critical input into pavement management system for predicting pavement rehabilitation needs accurately. The Traffic Speed Deflectometer (TSD) is a vehicle-mounted Doppler laser system that is capable of continuously measuring the structural bearing capacity of a pavement whilst moving at traffic speeds. The device’s high accuracy, high speed, and continuous deflection profiles are useful for network-level applications such as predicting road rehabilitations needs and remaining structural service life. The methodology adopted in this model by utilizing time series TSD maximum deflection (D0) data in conjunction with rutting, rutting progression, pavement age, subgrade strength and equivalent standard axle (ESA) data. Then, regression analyses were undertaken to establish a correlation equation of structural deterioration as a function of rutting, pavement age, seal age and equivalent standard axle (ESA). This study developed a simple structural deterioration model which will enable to incorporate available TSD structural data in pavement management system for developing network-level pavement investment strategies. Therefore, the available funding can be used effectively to minimize the whole –of- life cost of the road asset and also improve pavement performance. This study will contribute to narrowing the knowledge gap in structural data usage in network level investment analysis and provide a simple methodology to use structural data effectively in investment decision-making process for road agencies to manage aging road assets.

Keywords: adjusted structural number (SNP), maximum deflection (D0), equant standard axle (ESA), traffic speed deflectometer (TSD)

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Authors: Eman Hegazy, Stefan Anderberg, Joakim Krook

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Urban water infrastructure systems are central to functioning cities. For securing a continuous and efficient supply of the systems services, continuous investment, maintenance, and renewal are needed. Neglecting maintenance and renewal can lead to recurrent breakdown problems as systems age, which makes it more and more difficult to secure efficient long-term supply. Globally, many cities struggle with aging water infrastructure, often due to competing funding priorities. Investment in maintenance and renewal is not prioritized. The problem primarily stems from the challenge of reaping the benefits of investments promptly. The long-term benefits gained from investing in the renewal of water infrastructure may be achievable in the long run, resulting in the oversight of such investments. This leads to a build-up of "renewal debt" for future generations to inherit. Addressing this issue is difficult due to various contributing factors and the complex nature of the systems. The study aims to contribute to an increased understanding of the long-term management challenges of urban water infrastructure, the development of improved maintenance and renewal strategies through the examination of water infrastructure management, and the assessment of the adequacy of the maintenance and renewal in a case study, the city of Linköping, Sweden. Employing a multi-methods approach, this study utilized both qualitative and quantitative methods, including interviews, workshops, and data analysis. The findings of the study provided insights into the current status of the water and sewerage networks in Linkoping, highlighting the risks to ensuring reliable and sustainable water supply and discussing strategies for improving maintenance and renewal.

Keywords: case study, infrastructure management, renewal needs, Sweden, urban water infrastructure

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Authors: Armando Cartenì, Ilaria Henke

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Recently, the Italian government has approved a new law for public contracts and has been laying the groundwork for restarting a planning phase. The government has adopted the indications given by the European Commission regarding the estimation of the external costs within the Cost-Benefit Analysis, and has been approved the ‘Guidelines for assessment of Investment Projects’. In compliance with the new Italian law, the aim of this research was to perform a feasibility study applying quantitative methods regarding the revamping of an Italian tourist railway line. A Cost-Benefit Analysis was performed starting from the quantification of the passengers’ demand potentially interested in using the revamped rail services. The benefits due to the external costs reduction were also estimated (quantified) in terms of variations (with respect to the not project scenario): climate change, air pollution, noises, congestion, and accidents. Estimations results have been proposed in terms of the Measure of Effectiveness underlying a positive Net Present Value equal to about 27 million of Euros, an Internal Rate of Return much greater the discount rate, a benefit/cost ratio equal to 2 and a PayBack Period of 15 years.

Keywords: cost-benefit analysis, evaluation analysis, demand management, external cost, transport planning, quality

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Authors: Saeidreza Radpour, Md. Alam Mondal, Amit Kumar

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Market penetration of high energy efficiency technologies has key impacts on energy consumption and GHG mitigation. Also, it will be useful to manage the policies formulated by public or private organizations to achieve energy or environmental targets. Energy intensity in residential sector of Alberta was 148.8 GJ per household in 2012 which is 39% more than the average of Canada 106.6 GJ, it was the highest amount among the provinces on per household energy consumption. Energy intensity by appliances of Alberta was 15.3 GJ per household in 2012 which is 14% higher than average value of other provinces and territories in energy demand intensity by appliances in Canada. In this research, a framework has been developed to analyze the market penetration and market share of high energy efficiency technologies in residential sector. The overall methodology was based on development of data-intensive models’ estimation of the market penetration of the appliances in the residential sector over a time period. The developed models were a function of a number of macroeconomic and technical parameters. Developed mathematical equations were developed based on twenty-two years of historical data (1990-2011). The models were analyzed through a series of statistical tests. The market shares of high efficiency appliances were estimated based on the related variables such as capital and operating costs, discount rate, appliance’s life time, annual interest rate, incentives and maximum achievable efficiency in the period of 2015 to 2050. Results show that the market penetration of refrigerators is higher than that of other appliances. The stocks of refrigerators per household are anticipated to increase from 1.28 in 2012 to 1.314 and 1.328 in 2030 and 2050, respectively. Modelling results show that the market penetration rate of stand-alone freezers will decrease between 2012 and 2050. Freezer stock per household will decline from 0.634 in 2012 to 0.556 and 0.515 in 2030 and 2050, respectively. The stock of dishwashers per household is expected to increase from 0.761 in 2012 to 0.865 and 0.960 in 2030 and 2050, respectively. The increase in the market penetration rate of clothes washers and clothes dryers is nearly parallel. The stock of clothes washers and clothes dryers per household is expected to rise from 0.893 and 0.979 in 2012 to 0.960 and 1.0 in 2050, respectively. This proposed presentation will include detailed discussion on the modelling methodology and results.

Keywords: appliances efficiency improvement, energy star, market penetration, residential sector

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Authors: Katharina Fellnhofer

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The more information and knowledge that technology provides, the more important are profoundly human skills like intuition, the skill of using nonconscious information. As our world becomes more complex, shaken by crises, and characterized by uncertainty, time pressure, ambiguity, and rapidly changing conditions, intuition is increasingly recognized as a key human asset. However, due to methodological limitations of sample size or time frame or a lack of real-world or cross-cultural scope, precisely how to measure intuition when facing risks on a nonconscious level remains unclear. In light of the measurement challenge related to intuition’s nonconscious nature, a technique is introduced to measure intuition via hidden images as nonconscious additional information to trigger intuition. This technique has been tested in a within-subject fully online design with 62,721 real-world investment decisions made by 657 subjects in Europe and the United States. Bayesian models highlight the technique’s potential to measure skill at using nonconscious information for conscious decision making. Over the long term, solving the mysteries of intuition and mastering its use could be of immense value in personal and organizational decision-making contexts.

Keywords: cognition, intuition, investment decisions, methodology

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Authors: Caroline Lindlar, Eva Jakob

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Female entrepreneurs often face significant barriers in accessing funding due to biases from business angels, venture capitalists, and financial institutions, which tend to favor male entrepreneurs. These biases contribute to persistent funding disparities, with female entrepreneurs receiving less financial support than their male counterparts. The situation worsens when female entrepreneurs have prior experiences with venture failure, which diminishes their attractiveness to traditional investors. Venture failure, defined as the cessation of operations due to declining revenues, rising costs, or ownership changes, plays a substantial role in shaping funding opportunities. In response, female entrepreneurs frequently turn to alternative funding sources such as crowdlending, where gender biases are often reversed in favor of women, particularly when their ventures emphasize social value creation. While existing research highlights the positive impact of gender on crowdfunding success, it remains unclear how venture failure, known to negatively bias female entrepreneurs in traditional funding contexts, interacts with the positive effects of gender in crowdlending. This interaction is particularly relevant because crowdlending often involves non-professional funders who make repeated investment decisions under uncertainty, based on limited information and past experiences. Given that approximately one-third of ventures fail to deliver promised returns, the role of gender bias after failure in crowdlending is an important area of investigation. This study addresses How failure affects crowd funders’ gender bias in future funding decisions? Drawing on social role and role congruity theory, we posit that societal perceptions of women as more communal conflict with the agentic qualities traditionally associated with entrepreneurship. This incongruence may result in reduced confidence in the success of female entrepreneurs after failure, limiting their access to future funding. However, we also hypothesize that social framing may mitigate this bias by aligning perceptions of female entrepreneurs with traits such as warmth and caring, enhancing their appeal after failure. To test these assertions, it conducted a between-subject audio vignette experiment with 155 participants who listened to entrepreneur pitches manipulated by gender (male vs. female) and venture framing (social vs. commercial). Participants made initial investment decisions, received failure-related news about the venture, and then made subsequent investment decisions. Pre-tests with 159 participants ensured the validity and reliability of the experimental manipulations. Moreover, we did a metric conjoint analysis with 100 participants, and they had to decide between different crowdfunding campaigns based on the attributes of previous failure, gender, and venture mission. it findings reveal that failure activates gender biases in crowdlending. Female-led ventures receive significantly less funding after failure compared to male-led ventures, suggesting the positive bias toward female entrepreneurs in the pre-funding phase does not persist post-failure. Moreover, framing a venture as socially oriented exacerbates the negative effect of failure for female entrepreneurs, as they secure fewer funds after failure compared to male entrepreneurs leading similar social ventures. This indicates that role-congruent framing does not mitigate gender bias after failure. This study contributes to research on gender in entrepreneurship by exploring how failure impacts future funding for female entrepreneurs. It also expands social crowdfunding literature by examining social value framing and adds to the entrepreneurial failure literature by focusing on crowd funders’ post-failure behavior.

Keywords: gender bias, crowdfunding, investment failure, investment behavior, social entrepreneurship

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Authors: Eliane Abdo, Olivier Colot

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SMEs are always considered as a national priority due to their contribution to job creation, innovation and growth. Once the start-up phase is crossed with encouraging results, the company enters the phase of growth. In order to improve its competitiveness, maintain and increase its market share, the company is in the necessity even the obligation to develop its tangible and intangible investments. SMEs are generally closed companies with special and critical financial situation, limited resources and difficulty to access the capital markets; their shareholders are always living in a conflict between their independence and their need to increase capital that leads to the entry of new shareholder. The capital structure was always considered the core of research in corporate finance; moreover, the financial crisis and its repercussions on the credit’s availability, especially for SMEs make SME financing a hot topic. On the other hand, financial theories do not provide answers to capital structure’s questions; they offer tools and mode of financing that are more accessible to larger companies. Yet, SME’s capital structure can’t be independent of their governance structure. The classic financial theory supposes independence between the investment decision and the financing decision. Thus, investment determines the volume of funding, but not the split between internal or external funds. In this context, we find interesting to study the hypothesis that SMEs respond positively to the financial theories applied to large firms and to check if they are constrained by conventional solutions used by large companies. In this context, this research focuses on the analysis of the resource’s structure of SME in parallel with their investments’ structure, in order to highlight a link between their assets and liabilities structure. We founded our conceptual model based on two main theoretical frameworks: the Pecking order theory, and the Trade Off theory taking into consideration the SME’s characteristics. Our data were generated from DIANE database. Five hypotheses were tested via a panel regression to understand the type of dependence between the financing methods of 3,244 French SMEs and the development of their investment over a period of 10 years (2007-2016). The results show dependence between equity and internal financing in case of intangible investments development. Moreover, this type of business is constraint to financial debts since the guarantees provided are not sufficient to meet the banks' requirements. However, for tangible investments development, SMEs count sequentially on internal financing, bank borrowing, and new shares issuance or hybrid financing. This is compliant to the Pecking Order Theory. We, therefore, conclude that unlisted SMEs incur more financial debts to finance their tangible investments more than their intangible. However, they always prefer internal financing as a first choice. This seems to be confirmed by the assumption that the profitability of the company is negatively related to the increase of the financial debt. Thus, the Pecking Order Theory predictions seem to be the most plausible. Consequently, SMEs primarily rely on self-financing and then go, into debt as a priority to finance their financial deficit.

Keywords: capital structure, investments, life cycle, pecking order theory, trade off theory

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Authors: Sreto Boljevic

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In the absence of considerable investment in electricity generation, transmission and distribution network (DN) capacity, the demand for electrical energy will quickly strain the capacity of the existing electrical power network. With anticipated growth and proliferation of Electric vehicles (EVs) and Heat pump (HPs) identified the likelihood that the additional load from EV changing and the HPs operation will require capital investment in the DN. While an area-wide implementation of EVs and HPs will contribute to the decarbonization of the energy system, they represent new challenges for the existing low-voltage (LV) network. Distributed energy resources (DER), operating both as part of the DN and in the off-network mode, have been offered as a means to meet growing electricity demand while maintaining and ever-improving DN reliability, resiliency and power quality. DN planning has traditionally been done by forecasting future growth in demand and estimating peak load that the network should meet. However, new problems are arising. These problems are associated with a high degree of proliferation of EVs and HPs as load imposes on DN. In addition to that, the promotion of electricity generation from renewable energy sources (RES). High distributed generation (DG) penetration and a large increase in load proliferation at low-voltage DNs may have numerous impacts on DNs that create issues that include energy losses, voltage control, fault levels, reliability, resiliency and power quality. To mitigate negative impacts and at a same time enhance positive impacts regarding the new operational state of DN, CHP system integration can be seen as best action to postpone/reduce capital investment needed to facilitate promotion and maximize benefits of EVs, HPs and RES integration in low-voltage DN. The aim of this paper is to generate an algorithm by using an analytical approach. Algorithm implementation will provide a way for optimal placement of the CHP system in the DN in order to maximize the integration of RES and increase in proliferation of EVs and HPs.

Keywords: combined heat & power (CHP), distribution networks, EVs, HPs, RES

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Authors: Bozena Leven

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The middle-income trap (MIT) describes a situation faced by countries at a relatively mature stage of development that often poses an obstacle to sustainable long-term growth. MIT is characterized by declining factor productivity from the exhaustion of labor intensive, import and Foreign Direct Investment (FDI) based strategies when middle-income status is achieved. In this paper, we focus on MIT and Poland. In the past two decades, Poland experienced steady growth based largely on imported technologies and low-cost labor. Recently, that economic growth has slowed, prompting economists to ask whether Poland is experiencing MIT. To answer this question, we analyze changes in investment in Poland; specifically- its growth and composition – as well as savings, FDI, educational attainments of the labor force, development of new technologies and products, the role of imports, diversification of exports, and product complexity. We also examine the development of modern infrastructure, institutions (including legal environment) and demographic changes in Poland that support growth. Our findings indicate that certain factors consistent with MIT are gaining importance in Poland, and represent a challenge to that country’s future growth rate.

Keywords: engines of growth, factor productivity, middle income trap, sustainable development

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Authors: Peizhu Liu

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Dual language education, also known as immersion education, differs from traditional language programs that teach a second or foreign language as a subject. Instead, dual language programs adopt a content-based approach, using both a majority language (e.g., English, in the case of the United States) and a minority language (e.g., Spanish or Chinese) as a medium of instruction to teach math, science, and social studies. By granting each language of instruction equal status, dual language education seeks to educate not only meaningfully but equitably and to foster tolerance and appreciation of diversity, making it essential for immigrants, refugees, indigenous peoples, and other marginalized students. Despite the cognitive and academic benefits of dual language education, recent literature has revealed that English is disproportionately privileged across dual language programs. Scholars have expressed concerns about the unbalanced status of majority and minority languages in dual language education, as favoring English in this context may inadvertently reaffirm its dominance and moreover fail to serve the needs of children whose primary language is not English. Through a year-long study of a Chinese-English dual language program, the extensively disproportionate use of English has also been observed by the researcher. However, despite the fact that Chinese-English dual language programs are the second-most popular program type after Spanish in the United States, this issue remains underexplored in the existing literature on Chinese-English dual language education. In fact, the number of Chinese-English dual language programs being offered in the U.S. has grown rapidly, from 8 in 1988 to 331 as of 2023. Using Norton and Darvin's investment model theory, the current study investigates teachers' language use and investment in teaching Chinese and English in a Chinese-English dual language program at an urban public school in New York City. The program caters to a significant number of minority children from working-class families. Adopting an ethnographic and discourse analytic approach, this study seeks to understand language use dynamics in the program and how micro- and macro-factors, such as students' identity construction, parents' and teachers' language ideologies, and the capital associated with each language, influence teachers' investment in teaching Chinese and English. The research will help educators and policymakers understand the obstacles that stand in the way of the goal of dual language education—that is, the creation of a more inclusive classroom, which is achieved by regarding both languages of instruction as equally valuable resources. The implications for how to balance the use of the majority and minority languages will also be discussed.

Keywords: dual language education, bilingual education, language immersion education, content-based language teaching

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Authors: Olokode Enitan Aishat

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People can perform to the best of their abilities and produce the highest-quality work most effectively and efficiently with the aid of performance management tools. The performance, goal-setting, activation, monitoring, measurement, and evaluation aspects of hospitality operations are key. The hospitality industry, the investors, and management would become irrelevant without performance since the industry would no longer be viable. The goal of this study is to elucidate the quandary for both management and investor, which derives from an intrinsic perspective in which both parties seek to reach and exceed goals while maximizing returns on investment. The desire for achievement and a return on investment is a major conundrum for all parties concerned. It is envisaged that there would be returns on the investments and expenses made in maintaining hospitality facilities with human resources. Secondary research was used to develop the theoretical framework. A random sample of respondents from hotels employee and investors within the city of Abuja was used to collect data, which was then analyzed using SPSS. This study confirms the validity of simple and straightforward common misunderstandings and provides tried and tested strategies for understanding and working together as a team among managers and owners in a business, as this would guarantee a return for business owners and management.

Keywords: performance management, hospitality industry, conflict, alignment of key performance indicator

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Authors: Roman Asatryan

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The decision-making processes in Corporate Social Responsibility (CSR) among firms in general and airlines in particular have to do with the benefits that accrue through those investments. The crux of the matter is not whether to invest in CSR or not, but rather, how firms can quantify the benefits derived from such investments. This paper analyzes the cost benefit adjustment strategies for firms in the airline industry in their CSR strategy adoption and implementation. The adjustment strategies identified will enable firms in the airline industry to have a basis for determining the worth of such CSR investments. This paper discusses the cost and benefit analysis model in order to understand the ways airlines can reduce costs and increase returns on CSR, or balance the cost and benefits. The analysis from this study points to the fact that economic concepts especially the CBA are useful, though they are not without challenges. The challenge arises when it is problematic to express the real impact of the externality in monetary terms. The use of rational maximization of the gains may seem to be a rather optimistic goal mainly because of environmental variability, perceptual uncertainty, and imperfect knowledge about the potential externality. This paper concludes that the CBA model gives a basic understanding of the motivations for investing in intangible assets like CSR. Consequently, it sets the tone for formulating relevant hypothesis in empirical studies in investment in CSR in particular and other intangible assets in business operations.

Keywords: cost-benefit analysis, corporate social responsibility, airline industry

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Authors: Medani Prasad Rijal

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Forest itself is a factory as well as product. It supplies tangible and intangible goods and services. It supplies timber, fuel wood, fodder, grass leaf litter as well as non timber edible goods and medicinal and aromatic products additionally provides environmental services. These environmental services are of local, national or even global importance. In Nepal, more than 19 thousands community forests are providing environmental service in less economic benefit than actual efficiency. There is a risk of cost of management of those forest exceeds benefits and forests get converted to open access resources in future. Most of the environmental goods and services do not have markets which mean no prices at which they are available to the consumers, therefore the valuation of these services goods and services establishment of paying mechanism for such services and insure the benefit to community is more relevant in local as well as global scale. There are few examples of carbon trading in domestic level to meet the country wide emission goal. In this contest, the study aims to explore the public attitude towards carbon offsetting and their responsibility over service providers. This study helps in promotion of environment service awareness among general people, service provider and community forest. The research helps to unveil the carbon pool scenario in community forest and willingness to pay for carbon offsetting of people who are consuming more energy than general people and emitting relatively more carbon in atmosphere. The study has assessed the carbon pool status in two community forest and valuated carbon service from community forest through willingness to pay in Dharan municipality situated in eastern. In the study, in two community forests carbon pools were assessed following the guideline “Forest Carbon Inventory Guideline 2010” prescribed by Ministry of Forest and soil Conservation, Nepal. Final outcomes of analysis in intensively managed area of Hokse CF recorded as 103.58 tons C /ha with 6173.30 tons carbon stock. Similarly in Hariyali CF carbon density was recorded 251.72 mg C /ha. The total carbon stock of intensively managed blocks in Hariyali CF is 35839.62 tons carbon.

Keywords: carbon, offsetting, sequestration, valuation, willingness to pay

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Authors: Diego Adrian Cardenas Jorge, Gerardo Mirando Guisado, Alfredo Barrientos Padilla

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A system based on Affective Computing can detect and interpret human information like voice, facial expressions and body movement to detect emotions and execute a corresponding response. This data is important due to the fact that a person can communicate more effectively with emotions than can be possible with words. This information can be processed through technological components like Facial Recognition, Gait Recognition or Gesture Recognition. As of now, solutions proposed using this technology only consider one component at a given moment. This research investigation proposes two solutions based on Affective Computing taking into account more than one component for emotion detection. The proposals reflect the levels of dependency between hardware devices and software, as well as the interaction process between the system and the user which implies the development of scenarios where both proposals will be put to the test in a live environment. Both solutions are to be developed in code by software engineers to prove the feasibility. To validate the impact on society and business interest, interviews with stakeholders are conducted with an investment mind set where each solution is labeled on a scale of 1 through 5, being one a minimum possible investment and 5 the maximum.

Keywords: affective computing, emotions, emotion detection, face recognition, gait recognition

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Authors: Mohamed Deyab

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

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

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Authors: Prajwal Eachempati, Laurent Muzellec, Ashish Kumar Jha

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We use Facebook as a case study to investigate the complex relationship between the firm’s public discourse (and actions) surrounding data privacy and the performance of a business model based on monetizing user’s data. We do so by looking at the evolution of public discourse over time (2004–2021) and relate topics to revenue and stock market evolution Drawing from archival sources like Zuckerberg We use LDA topic modelling algorithm to reveal 19 topics regrouped in 6 major themes. We first show how, by using persuasive and convincing language that promises better protection of consumer data usage, but also emphasizes greater user control over their own data, the privacy issue is being reframed as one of greater user control and responsibility. Second, we aim to understand and put a value on the extent to which privacy disclosures have a potential impact on the financial performance of social media firms. There we found significant relationship between the topics pertaining to privacy and social media/technology, sentiment score and stock market prices. Revenue is found to be impacted by topics pertaining to politics and new product and service innovations while number of active users is not impacted by the topics unless moderated by external control variables like Return on Assets and Brand Equity.

Keywords: public discourses, data protection, social media, privacy, topic modeling, business models, financial performance

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Authors: A. J. Regan, F. J. Lidgey, M. Betteridge, P. Georgiou, C. Toumazou, K. Hayatleh, J. R. Dibble

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Our goal is development of an algorithm capable of predicting the directional trend of the Standard and Poor’s 500 index (S&P 500). Extensive research has been published attempting to predict different financial markets using historical data testing on an in-sample and trend basis, with many authors employing excessively complex mathematical techniques. In reviewing and evaluating these in-sample methodologies, it became evident that this approach was unable to achieve sufficiently reliable prediction performance for commercial exploitation. For these reasons, we moved to an out-of-sample strategy based on linear regression analysis of an extensive set of financial data correlated with historical closing prices of the S&P 500. We are pleased to report a directional trend accuracy of greater than 55% for tomorrow (t+1) in predicting the S&P 500.

Keywords: financial algorithm, GPU, S&P 500, stock market prediction

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Authors: Luyao Zhang, Tianyu Wu, Jiayi Li, Carlos-Gustavo Salas-Flores, Saad Lahrichi

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Recent advances in AI have made algorithmic trading a central role in finance. However, current research and applications are disconnected information islands. We propose a generally applicable pipeline for designing, programming, and evaluating algorithmic trading of stock and crypto tokens. Moreover, we provide comparative case studies for four conventional algorithms, including moving average crossover, volume-weighted average price, sentiment analysis, and statistical arbitrage. Our study offers a systematic way to program and compare different trading strategies. Moreover, we implement our algorithms by object-oriented programming in Python3, which serves as open-source software for future academic research and applications.

Keywords: algorithmic trading, AI for finance, fintech, machine learning, moving average crossover, volume weighted average price, sentiment analysis, statistical arbitrage, pair trading, object-oriented programming, python3

Procedia PDF Downloads 149

Authors: Emile Niringiyimana, LI Ji Qing, Giovanni Dushimimana, Virginie Umwere

Abstract:

The development and utilization of renewable energy (RE) can not only effectively reduce carbon dioxide (CO2) emissions, but also became a solution to electricity shortage mitigation in rural areas. Hybrid RE systems are promising ways to provide consistent and continuous power for isolated areas. This work investigated the prospect and cost effectiveness of hybrid system complementarity between a 100kW solar PV system and a small-scale 200kW hydropower station in the South of Rwanda. In order to establish the optimal size of a RE system with adequate sizing of system components, electricity demand, solar radiation, hydrology, climate data are utilized as system input. The average daily solar radiation in Rukarara is 5.6 kWh/m2 and average wind speed is 3.5 m/s. The ideal integrated RE system, according to Homer optimization, consists of 91.21kW PV, 146kW hydropower, 12 x 24V li-ion batteries with a 20kW converter. The method of enhancing such hybrid systems control, sizing and choice of components is to reduce the Net present cost (NPC) of the system, unmet load, the cost of energy and reduction of CO2. The power consumption varies according to dominant source of energy in the system by controlling the energy compensation depending on the generation capacity of each power source. The initial investment of the RE system is $977,689.25, and its operation and maintenance expenses is $142,769.39 over a 25-year period. Although the investment is very high, the targeted profits in future are huge, taking into consideration of high investment in rural electrification structure implementations, tied with an increase of electricity cost and the 5 years payback period. The study outcomes suggest that the standalone hybrid PV-Hydropower system is feasible with zero pollution in Rukara community.

Keywords: HOMER optimization, hybrid power system, renewable energy, NPC and solar pv systems

Procedia PDF Downloads 62

Authors: Koirala Abarodh, Maghaiya Ujjwal, Guragain Phani Raj

Abstract:

This analysis focuses on defining the spectrum evaluation model for telecom operators in terms of total cost of ownership (TCO). A quantitative approach for specific case analysis research methodology was used for identifying the results. Specific input parameters like target User experience, year on year traffic growth, capacity site limit per year, target additional spectrum type, bandwidth, spectrum efficiency, UE penetration have been used for the spectrum evaluation process and desired outputs in terms of the number of sites, capex in USD and required spectrum bandwidth have been calculated. Furthermore, this study gives a comparison of capex investment for target growth with and without addition spectrum. As a result, the combination of additional spectrum bands of 700 and 2600 MHz has a better evaluation in terms of TCO and performance. It is our recommendation to use these bands for expansion rather than expansion in the current 1800 and 2100 bands.

Keywords: spectrum, capex planning, case study methodology, TCO

Procedia PDF Downloads 65

Authors: Magid Maatallah

Abstract:

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

Procedia PDF Downloads 554

Authors: Robert Kimutai Tewo, Hilary Limo Rutto, Tumisang Seodigeng

Abstract:

The rheological and morphological properties of paraffin wax, linear low-density polyethylene (LLDPE), and poly (methyl methacrylate) (PMMA) microbeads formulations were prepared via an extrusion process. The blends were characterized by rheometry, scanning electron microscopy (SEM), and Fourier transform infrared (FTIR) spectroscopy. The results indicated that the viscosity of the blends increased as compared to that of neat wax. SEM confirmed that LLDPE alters the wax crystal habit at higher concentrations. The rheological experimental data fitted with predicted data using the modified Krieger and Dougherty expression. The SEM micrograph of wax/LLDPE/PMMA revealed a near-perfect spherical nature for the filler particles in the wax/EVA polymer matrix. The FT-IR spectra show the deformation vibrations stretch of a long-chain aliphatic hydrocarbon (C-H) and also the presence of carbonyls absorption group denoted by -C=O- stretch.

Keywords: investment casting pattern, paraffin wax, LLDPE, PMMA, rheological properties, modified Krieger and Dougherty expression

Procedia PDF Downloads 170

Authors: Maikasuwa Mohammed Abubakar, Okebiorun Ola, M. H. Sidi, Ala Ahmed Ladan, Ango Aabdullahi Kamba

Abstract:

The study examines the economic analysis of cassava value chain by farmers in Ilesa West Local Government Area of Osun State. Simple random sampling technique was used to collect data from 200 respondents from purposively selected wards in the L.G.A. The data collected were analyzed using budgetary analysis and value addition model. The result shows that an average total cost incurred by the input dealers was ₦9,062,127.74 while the average net profit realized was ₦1,038,102.40. Other actors such as producers, processors and marketers incurred an average total cost of ₦23,324.00, ₦130,177.00 and ₦523,755.00 per production season, respectively and the average net profit realized was ₦102,614.00 for cassava producers, ₦51,131.00 for cassava processors and ₦79,045.00 for cassava marketers during cassava production season. Further analysis shows the rate of investment for cassava input dealers was ₦0.1, for cassava producers was ₦4.4, for cassava processors were ₦0.40 and for cassava marketers was ₦0.20. This indicated that rate of return on cassava was higher in cassava production than in others corridors along the value chain of cassava. However, value added the cassava producers (₦102,536.16/season) was the highest when compared with value added by cassava processors (₦51,853.82/season) and cassava marketers (₦100,885.56/season).

Keywords: Cassava, value chain, Ilesa West, Nigeria

Procedia PDF Downloads 334

Authors: Ashkan Ebadi, Andrea Schiffauerova

Abstract:

Every year, a considerable amount of money is being invested on research, mainly in the form of funding allocated to universities and research institutes. To better distribute the available funds and to set the most proper R&D investment strategies for the future, evaluation of the productivity of the funded researchers and the impact of such funding is crucial. In this paper, using the data on 15 years of journal publications of the NSERC (Natural Sciences and Engineering research Council of Canada) funded researchers and by means of bibliometric analysis, the scientific development of the funded researchers and their scientific collaboration patterns will be investigated in the period of 1996-2010. According to the results it seems that there is a positive relation between the average level of funding and quantity and quality of the scientific output. In addition, whenever funding allocated to the researchers has increased, the number of co-authors per paper has also augmented. Hence, the increase in the level of funding may enable researchers to get involved in larger projects and/or scientific teams and increase their scientific output respectively.

Keywords: bibliometrics, collaboration, funding, productivity

Procedia PDF Downloads 288

Authors: Zhou Yingkun, Xu Guorui, Wei Siming, Huang Yongzhang

Abstract:

With the increasing of the penetration of renewable energy in power system, the whole inertia of the power system is declining, which will endanger the frequency stability of the power system. In order to enhance the inertia, virtual synchronous generator (VSG) has been proposed. In addition, the motor-generator pair (MGP) system is proposed to enhance grid inertia. Both of them need additional equipment to provide instantaneous energy, so the economic problem should be considered. In this paper, the basic working principle of MGP system and VSG are introduced firstly. Then, the technical characteristics and economic investment of MGP/VSG are compared by calculation and simulation. The results show that the MGP system can provide same inertia with less cost than VSG.

Keywords: high renewable energy penetration, inertia of power system, motor-generator pair (MGP) system, virtual synchronous generator (VSG), techno-economic analysis

Procedia PDF Downloads 455

Authors: Nawaporn Thongnut

Abstract:

The objective was to study the process and how to prepare the accounting of the Thai temples and to study the performance and quality in the accounting preparation of the temples in accordance with the regulation. The population was the accountants and individuals involved in the accounting preparation of 17 temples in the suburban Bangkok. The measurement used in this study was questionnaire. The statistics used in the analysis are the descriptive statistic. The data was presented in the form of percentage tables to describe the data on the demographic characteristics. The study found that temple wardens were responsible for the accounting and reporting of the temples. Abbots were to check the accuracy of the accounts in the monasteries. Mostly, there was no account auditing of the monasteries from the outside. The practice when receiving income for most of the monasteries had been keeping financial document in an orderly manner.

Keywords: corporate social responsibility, creating shared value, management accountant’s roles, stock exchange of Thailand

Procedia PDF Downloads 232