Search results for: stock options

Authors: Uyen Tran Tu

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The decision on capital structure is one of the most important and sophisticated decisions in financial management in order to improve firm performance. This article would study the two-way impact between capital structure and firm performance. The study use EVIEWS 6.0 software to determine a two-way relationship between the capital structure and firm performance based on two-stage regression (2SLS - Two-Stage Least Squares). The findings are: capital structure has the opposite effect on the business efficiency and vice versa, factors that effect on business efficiency include Size and Opportunities. Factors effects on the capital structure are size; liquidity. These factors also affect the ratio of capital structure (total debt/ total asset) of companies. In particular, liquidity has the opposite effect; and the size of the business has the same impact. The results of the study are in line with the theory and empirical studies presented, and the results of the study are unchanged for all three years 2015-2017.

Keywords: capital structure, firm performance, factors, two-way relationship

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Authors: Vithaya Intaraphimol

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This research investigates the effect of financial accounting information and non-financial accounting reports on corporate credibility via strength of board of directors and market environment volatility as moderating effect. Data in this research is collected by questionnaire form non-financial companies listed on the Stock Exchange of Thailand. Multiple regression statistic technique is chosen for analyzing the data. The empirical results find that firms with greater financial accounting information reports and non-financial accounting information reports will gain greater corporate credibility. Therefore, the corporate reporting has the value for the firms. Moreover, the strength of board of directors will positively moderate the financial and non-financial accounting information reports and corporate credibility relationship. Whereas, market environment volatility will negatively moderate the financial and nonfinancial accounting information reports and corporate credibility relationship.

Keywords: corporate credibility, financial and non-financial reports, firms performance, economics

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Authors: Reskino Resky

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This research purposes to create a model to detecting financial statement fraud. This research examines the variable of fraud triangle and auditor industry specialization with financial statement fraud. This research used sample of company which is listed in Indonesian Stock Exchange that have sanctions and cases by Financial Services Authority in 2011-2013. The number of company that were became in this research were 30 fraud company and 30 non-fraud company. The method of determining the sample is by using purposive sampling method with judgement sampling, while the data processing methods used by researcher are mann-whitney u and discriminants analysis. This research have two from five variable that can be process with discriminant analysis. The result shows the financial targets can be detect financial statement fraud, while financial stability can’t be detect financial statement fraud.

Keywords: fraud triangle analysis, financial targets, financial stability, auditor industry specialization, financial statement fraud

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Authors: Jasmin H. Kwon , Thomas M. Brinthaupt

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There is a general lack of consumer behavior research on seasonal shopping events. Studying these kinds of events is interesting and important for several reasons. First, global shopping opportunities have implications for cross-cultural shopping events and effects on seasonal events in other countries. Second, seasonal shopping events are subject to economic conditions and may wane in popularity, especially with e-commerce options. Third, retailers can expand the success of their seasonal shopping events by taking advantage of cross-cultural opportunities. Fourth, it is interesting to consider how consumers from other countries might take advantage of different countries’ seasonal shopping events. Many countries have seasonal shopping events such as Black Friday. Research on these kinds of events can lead to the identification of cross-cultural similarities and differences in consumer behavior. We compared shopping motivations of college students who did (n=36) and did not (n=81) shop on Cyber Monday. The results showed that the groups did not differ significantly on any of the shopping motivation subscales. The Cyber Monday shoppers reported being significantly more likely to agree than disagree that their online shopping experience was enjoyable and exciting. They were more likely to disagree than agree that their experience was overwhelming. In addition, they agreed that they shopped only for deals, purchased the exact items they wanted, and thought that their efforts were worth it. Finally, they intended to shop again at next year’s Cyber Monday. It appears that there are many positive aspects to online seasonal shopping, independent of one’s typical shopping motivations. Different countries have seasonal events similar to the Black Friday and Cyber Monday shopping holiday (e.g., Boxing Day, Fukubukuro, China’s Singles Day). In Korea, there is increasing interest in taking advantage of U.S. Black Friday and Cyber Monday opportunities. Government officials are interested in adapting the U.S. holiday to Korean retailers, essentially recreating the Black Friday/Cyber Monday holiday there. Similarly, the Japanese Fukubukuro ('Lucky Bag') holiday is being adapted by other countries such as Korea and the U.S. International shipping support companies are also emerging that help customers to identify and receive products from other countries. U.S. department stores also provide free shipping on international orders for certain items. As these structural changes are occurring and new options for global shopping emerge, the need to understand the role of shoppers’ motivations becomes even more important. For example, the Cyber Monday results are particularly relevant to the new landscape with e-commerce and cross-cultural opportunities, since many of these events involve e-commerce. Within today’s global market, physical location of a retail store is no longer a limitation to growing one’s market share. From a consumer perspective, it is important to investigate how shopping motivations are related to e-commerce seasonal events. From a retail perspective, understanding the shopping motivations of international customers would help retailers to expand and better tailor their seasonal shopping events beyond the boundaries of their own countries. From a collaborative perspective, research on this topic can include interdisciplinary researchers, including those from fashion merchandising, marketing, retailing, and psychology.

Keywords: Black Friday, cross-cultural research, Cyber Monday, seasonal shopping behavior

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Authors: Anahita Aris

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Geometry always plays a key role in natural structures, which can be a source of inspiration for architects and urban designers to create spaces. By understanding formative principles in nature, a variety of options can be provided that lead to freedom of formation. The main purpose of this paper is to analyze the geometrical order found in pomegranate to find formative principles explaining its complex structure. The point is how spherical arils of pomegranate pressed together inside the fruit and filled the space as they expand in the growing process, which made a self-organized system leads to the formation of each of the arils are unique in size, topology and shape. The main challenge of this paper would be using advanced architectural modeling techniques to discover these principles.

Keywords: advanced modeling techniques, architectural modeling, computational design, the geometry of natural formation, geometrical analysis, the natural order of pomegranate, voronoi diagrams

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Authors: Rafenomananjara Tsinjo Nirina, Tomoo Sekito, Andrianaivoravelona Jaconnet Oliva

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Manufacturing a composite material from post-consumer bottles is an interesting outlet since Madagascar is still facing the challenges of managing plastic waste on the one hand and appropriate waste treatment facilities are not yet developed on the other hand. New waste management options are needed to divert End-Of-Life (EOL) soft plastic wastes from landfills and incineration. Waste polyethylene terephthalate (PET) bottles might be considered as a valuable resource and recovered into polymer concrete. The methodology is easy to implement and appropriate to the local context in Madagascar. This approach will contribute to the production of ecological building materials that might be profitable for the environment and the construction sector. This work aims to study the feasibility of using the post-consumer PET bottles as an alternative binding agent instead of the conventional Portland cement and water. Then, the mechanical and physical properties of the materials were evaluated.

Keywords: PET recycling, polymer concrete, ecological building materials, pollution mitigation

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Authors: Deeksha Arora

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The study aims to explore the applicability of the widely used asset pricing models, namely, Capital Asset Pricing Model (CAPM) and the Fama-French Four Factor Model in the Indian equity market. The study will be based on the companies that form part of the Nifty Fifty Index for a period of five years: 2011 to 2016. The asset pricing model is examined by forming portfolios on the basis of three variables – market capitalization (size effect), book-to-market equity ratio (value effect) and profitability. The study provides a basis to test the presence of the Fama-French Four factor model in Indian stock market. This study may provide a basis for future research in the generalized asset pricing model comprising of multiple risk factors.

Keywords: book to market equity, Fama French four factor model, market capitalization, profitability, size effect, value effect

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Authors: Rudra P. Pradhan

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This paper examines the Granger causal nexus between financial development and energy consumption in the group of 35 Financial Action Task Force (FATF) Countries over the period 1988-2012. The study uses two financial development indicators such as private sector credit and stock market capitalization and seven energy consumption indicators such as coal, oil, gas, electricity, hydro-electrical, nuclear and biomass. Using panel cointegration tests, the study finds that financial development and energy consumption are cointegrated, indicating the presence of a long-run relationship between the two. Using a panel vector error correction model (VECM), the study detects both bidirectional and unidirectional causality between financial development and energy consumption. The variation of this causality is due to the use of different proxies for both financial development and energy consumption. The policy implication of this study is that economic policies should recognize the differences in the financial development-energy consumption nexus in order to maintain sustainable development in the selected 35 FATF countries.

Keywords: energy consumption, financial development, FATF countries, Panel VECM

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Authors: N. Webb, A. Buchanan

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Digital and virtual heritage is often associated with the recreation of lost artefacts and architecture; however, we can also investigate works that were not completed, using digital tools and techniques. Here we explore physical evidence of a fourteenth-century Gothic vault located in the north transept of St Mary’s church in Nantwich, Cheshire, using existing springer stones that are built into the walls as a starting point. Digital surveying tools are used to document the architecture, followed by an analysis process to hypothesise and simulate possible design solutions, had the vault been completed. A number of options, both two-dimensionally and three-dimensionally, are discussed based on comparison with examples of other contemporary vaults, thus adding another specimen to the corpus of vault designs. Dissemination methods such as digital models and 3D prints are also explored as possible resources for demonstrating what the finished vault might have looked like for heritage interpretation and other purposes.

Keywords: digital simulation, heritage interpretation, medieval vaults, virtual heritage, 3d scanning

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Authors: Raj Kumari Bahl, Sotirios Sabanis

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In this paper, we are concerned with the valuation of the first Catastrophic Mortality Bond that was launched in the market namely the Swiss Re Mortality Bond 2003. This bond encapsulates the behavior of a well-defined mortality index to generate payoffs for the bondholders. Pricing this bond is a challenging task. We adapt the payoff of the terminal principal of the bond in terms of the payoff of an Asian put option and present an approach to derive model-independent bounds exploiting comonotonic theory. We invoke Jensen’s inequality for the computation of lower bounds and employ Lagrange optimization technique to achieve the upper bound. The success of these bounds is based on the availability of compatible European mortality options in the market. We carry out Monte Carlo simulations to estimate the bond price and illustrate the strength of these bounds across a variety of models. The fact that our bounds are model-independent is a crucial breakthrough in the pricing of catastrophic mortality bonds.

Keywords: mortality bond, Swiss Re Bond, mortality index, comonotonicity

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Authors: Rohita Gupta, G. S. Brah, R. Verma, C. S. Mukhopadhayay

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Although chicken strains show differences in susceptibility to a number of diseases, the underlying immunological basis is yet to be elucidated. In the present study, heterophils were subjected to LPS stimulation and total RNA extraction, further differential gene expression was studied in broiler, layer and indigenous Aseel strain by Real Time RT-PCR at different time periods before and after induction. The expression of the 14 AvBDs and chTLR 1, 2, 3, 4, 5, 7, 15 and 21 was detectable in heterophils. The expression level of most of the AvBDs significantly increased (P<0.05) 3 hours post in vitro lipopolysaccharide challenge. Higher expression level and stronger activation of most AvBDs, NFkB-1 and IRF-3 in heterophils was observed, with the stimulation of LPS in layer compared to broiler, and in Aseel compared to both layer and broiler. This investigation will allow more refined interpretation of immuno-genetic basis of the variable disease resistance/susceptibility in divergent stock of chicken including indigenous breed. Moreover this study will be helpful in formulation of strategy for isolation of antimicrobial peptides from heterophils.

Keywords: differential expression, heterophils, cytokines, defensin, TLR

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Authors: Pedro Mauricio Acosta, Carlos Andrés Caro

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This research presents the regionalization of IDF curves for the department of Boyacá, Colombia, which comprises 16 towns, including the provincial capital, Tunja. For regionalization adjustment parameters (U and alpha) of the IDF curves stations referred to in the studied area were used. Similar regionalization is used by the interpolation of intensities. In the case of regionalization by parameters found by the construction of the curves intensity, duration and frequency estimation methods using ordinary moments and maximum likelihood. Regionalization and interpolation of data were performed with the assistance of Arcgis software. Within the development of the project the best choice to provide a level of reliability such as to determine which of the options and ways to regionalize is best sought. The resulting isolines maps were made in the case of regionalization intensities, each map is associated with a different return period and duration in order to build IDF curves in the studied area. In the case of the regionalization maps parameters associated with each parameter were performed last.

Keywords: intensity duration, frequency curves, regionalization, hydrology

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Authors: Mehmood Faisal

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In this globalization era, the supply chain management has acquired strategic importance in diverse business environments. In the current highly competitive business environment, the success of any business considerably depends on the efficiency of the supply chain. The importance of petroleum industry cannot be avoided in the global market; however, supply chain management in the petroleum industry is facing various challenges, particularly in the logistics area. These logistical challenges have a main influence on the cost of crude oil; therefore, the opportunities to save cost in logistics still do exist. The large oil producing companies are undertaking future contracts through 'swaps or options' practice that saves their millions of dollars. The objective of this paper is to throw light on the supply chain challenges and opportunities in the oil industry and on swap practices which are widely employed by large oil producing companies around the world, such as Chevron Corporation, Saudi Arabian Oil Company, BP and Exxon Mobil.

Keywords: logistics, oil industry, swap practice, supply chain management

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Authors: Mohammad A. R. S. Almutairi

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This study will provide the introduction that constitutes the problem cornerstone of legal disputes of disclosure and transparency under Kuwaiti Capital market authority Law No. 7 of 2010. It also will discuss the reasons for the emergence of corporate governance and its purposes in the Capital Market Authority Law in Kuwait. In addition, it will show the legal disputes resulting from the unclear concept of disclosure and interest and will discuss the main reasons in support of the possible solution. In addition, this study will argue why the Capital Market Authority Law in Kuwait needs a clear concept and a straight structure of disclosure under section 100. This study will demonstrate why a clear disclosure is led to a better application of the law. This study will demonstrate the fairness in applying the law regarding the punishment against individual, companies and securities market. Furthermore, it will discuss added confidence between investors and the stock market with a clear concept under section 100. Finally, it will summarize arises problem and possible solution.

Keywords: corporate governors, disclosure, transparency, fairness

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Authors: Hirreche Baghdad Mohamed

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One of the main texts in popular culture in Algeria is a symbolic and imaginary tale, through which the author was able to derive from the world and popular cultural stock and symbolic capital elements that enabled him to create a synthesis between a number of imaginary and real events. Thanks to the level of spirituality that the author was experiencing, he was able to go deep in order to redraw the boundaries of human life in view of its existence and status (life experiences, its end, and its fate). It is a text that is consistent with religious values and has a philosophical depth. This poem can be shared in official and unofficial meetings, during feasts, and during popular celebrations, such as circumcision ceremonies, marriage, and condolences. It has also the ability to draw attention and appeal to the listener and let him travel into the imaginary world. It is the text related to the story of "Ras b’nadem", or "the head of a man", or rather, a "human skull", for which only a few academic studies have been devoted, and there are two copies of it, one attributed to Lakhdar Ibn Khalouf as a matter of suspicion, while the other is attributed to Qadour Ibn Ashour Al-Zarhouni.

Keywords: ras B’Nadam, ras al mahna, lakhdar ibn khalouf, qadour ibn ashour, sufism, melhoun poetry, resistance poetry

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Authors: Cameron Wilson, Megan Hanrahan, Katie Brittain, Riona McArdle, Alison Keogh, Lynn Rochester

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Background: The loss of mobility and functional dependence is a significant marker in the progression of neurodegenerative diseases such as Parkinson’s Disease (PD). Pharmacological, surgical, and therapeutic treatments are available that can help in the management and amelioration of PD symptoms; however, these only prolong more severe symptoms. Accordingly, ensuring people with PD can maintain independence and a healthy wellbeing are essential in establishing an effective treatment option for those afflicted. Existing literature reviews have examined experiences in engaging with PD treatment options and the impact of PD on independence and wellbeing. Although, the literature fails to explore the influence of treatment options on independence and wellbeing and therefore misses what people value in their treatment. This review is the first that synthesises the impact of mobility-related treatments on independence and wellbeing in people with PD and their carers, offering recommendations to clinical practice and provides a conceptual framework (in development) for future research and practice. Objectives: To explore the impact of mobility-related treatment (both pharmacological and non-pharmacological) on the independence and wellbeing of people with PD and their carers. To propose a conceptual framework to patients, carers and clinicians which captures the qualities people with PD value as part of their treatment. Methods: We performed a critical interpretive synthesis of qualitative evidence, searching six databases for reports that explored the impact of mobility-related treatments (both drug and non-pharmacological) on independence and wellbeing in Parkinson’s Disease. The types of treatments included medication (Levodopa and Amantadine), dance classes, Deep-Brain Stimulation, aquatic therapies, physical rehabilitation, balance training and foetal transplantation. Data was extracted, and quality was assessed using an adapted version of the NICE Quality Appraisal Tool Appendix H before being synthesised according to the critical interpretive synthesis framework and meta-ethnography process. Results: From 2301 records, 28 were eligible. Experiences and impact of treatment pathway on independence and wellbeing was similar across all types of treatments and are described by five inter-related themes: (i) desire to maintain independence, (ii) treatment as a social experience during and after, (iii) medication to strengthen emotional health, (iv) recognising physical capacity and (v) emphasising the personal journey of Parkinson’s treatments. Conclusion: There is a complex and inter-related experience and effect of PD treatments common across all types of treatment. The proposed conceptual framework (in development) provides patients, carers, and clinicians recommendations to personalise the delivery of PD treatment, thereby potentially improving adherence and effectiveness. This work is vital to disseminate as PD treatment transitions from subjective and clinically captured assessments to a more personalised process supplemented using wearable technology.

Keywords: parkinson's disease, medication, treatment, dance, review, healthcare, delivery, levodopa, social, emotional, psychological, personalised healthcare

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Authors: Sisi Xia, Dezhuan Tao, Junyan Yang, Weiting Xiong

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Under the background of Chinese urbanization changing from incremental development to stock development, the completion of urban public service facilities is essential to urban spatial quality. As public services facilities is a huge and complicated system, clarifying the various types of internal rules associated with the land market price is key to optimizing spatial layout. This paper takes Wuxi City as a representative sample location and establishes the digital analysis platform using urban price and several high-precision big data acquisition methods. On this basis, it analyzes the coupling relationship between different public service categories and land price, summarizing the coupling patterns of urban public facilities distribution and urban land price fluctuations. Finally, the internal mechanism within each of the two elements is explored, providing the reference of the optimum layout of urban planning and public service facilities.

Keywords: public service facilities, land price, urban spatial morphology, big data

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Authors: Mohamed Jaditager, Julie Lovisa, Nagaratnam Sivakugan

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The Port of Townsville conducts regular annual maintenance dredging to maintain depths of its harbor basin and approach channels for the navigational safety of the vessels against the natural accumulation of marine sediments. In addition to the regular maintenance dredging, the port undertakes emergency dredging in cases where large quantities of sediments are mobilized and deposited in port waters by cyclone or major flood events. The maintenance dredging material derived from the port may be disposed at sea or on land in accordance with relevant state and commonwealth regulations. For the land disposal, the dredged mud slurry is hydraulically placed into containment ponds and left to undergo sedimentation and self-weight consolidation to form fill material for land reclamation. This paper provides an overview of the maintenance dredging at the Port of Townsville and emphasis on maintenance dredging requirements, sediment quality, bathymetry, dredging methods used, and dredged material disposal options.

Keywords: consolidation, dredged material, maintenance dredging, marine sediments, sedimentation

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Authors: M. Rodionov, Z. Dedovets

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The article analyses the composition and structure of the motivationally oriented methodological system of teaching mathematics (purpose, content, methods, forms, and means of teaching), viewed through the prism of the student as the subject of the learning process. Particular attention is paid to the problem of methods of teaching mathematics, which are represented in the form of an ordered triad of attributes corresponding to the selected characteristics. A systematic analysis of possible options and their methodological interpretation enriched existing ideas about known methods and technologies of training, and significantly expanded their nomenclature by including previously unstudied combinations of characteristics. In addition, examples outlined in this article illustrate the possibilities of enhancing the motivational capacity of a particular method or technology in the real learning practice of teaching mathematics through more free goal-setting and varying the conditions of the problem situations. The authors recommend the implementation of different strategies according to their characteristics in teaching and learning mathematics in secondary schools.

Keywords: education, methodological system, the teaching of mathematics, students motivation

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Authors: Chanida Tangjai Benchalak Muangmeesri, Dechrit Maneetham

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Collection of marine garbage in the modern world, where technology is vital to existence. Consequently, technology can assist in reducing the duplicate labor in the subject of collecting trash in the water that must be done the same way repeatedly owing to the consequence of suffering an emerging disease or COVID-19. This is due to the rapid advancement of technology. As a result, solid trash and plastic garbage are increasing. Agricultural gardens, canals, ponds, and water basins are all sources of water. Building boat-like instruments for rubbish collection in the water will be done this time. It has two control options, boat control via remote control and boat control via an Internet of Things system. A solar panel with a power output of 40 watts powers the system being able to store so accurate and precise waste collection, allowing for thorough water cleaning. The primary goals are to keep the water's surface clean and assess its quality to support the aquatic ecology.

Keywords: automatic boat, water treatment, cleaning machine, iot

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Authors: Raif Parlakkaya, Umran Kahraman, Huseyin Cetin

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Internet financial reporting and corporate governance issues are in the focus of academic and professional studies due to their attributed importance by stakeholders of corporations. Major aim of this study is to reveal the relationship between internet financial reporting which is held as dependent variable and some indicators of corporate governance such as the ratio of managerial ownership, blockholder ownership, number of independent members in the board of directors, frequency of meetings by audit committee and education level of audit committee members which are held as independent variables. Main purpose is to reveal the effect of corporate governance on the voluntary efforts of Internet Financial reporting. The scope of the research is limited to the Turkish Corporations listed in Borsa Istanbul (Istanbul Stock Exchange) and findings which are generated by means of SPSS software are revealed in results section and interpreted in conclusions.

Keywords: audit committee, corporate governance, internet financial reporting, managerial ownership

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Authors: Md Al Masum Bhuiyan, Maria C. Mariani, Osei K. Tweneboah

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In the present work, we develop a technique for estimating the volatility of financial time series by using stochastic differential equation. Taking the daily closing prices from developed and emergent stock markets as the basis, we argue that the incorporation of stochastic volatility into the time-varying parameter estimation significantly improves the forecasting performance via Maximum Likelihood Estimation. While using the technique, we see the long-memory behavior of data sets and one-step-ahead-predicted log-volatility with ±2 standard errors despite the variation of the observed noise from a Normal mixture distribution, because the financial data studied is not fully Gaussian. Also, the Ornstein-Uhlenbeck process followed in this work simulates well the financial time series, which aligns our estimation algorithm with large data sets due to the fact that this algorithm has good convergence properties.

Keywords: financial time series, maximum likelihood estimation, Ornstein-Uhlenbeck type models, stochastic volatility model

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Authors: Nikki Berrange, Gizelle Willows

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Business rescue has become increasingly popular since its inclusion in the Companies Act of South Africa in May 2011. The Alternate Exchange (AltX) of the Johannesburg Stock Exchange has experienced a marked increase in the number of companies entering business rescue. This study sampled twenty companies listed on the AltX to determine whether Altman’s Z-score model for emerging markets (ZEM) or Taffler’s Z-score model is a more accurate model in predicting financial distress for small to medium size companies in South Africa. The study was performed over three different time horizons; one, two and three years prior to the event of financial distress, in order to determine how many companies each model predicted would be unlikely to succeed as well as the predictive ability and accuracy of the respective models. The study found that Taffler’s Z-score model had a greater ability at predicting financial distress from all three-time horizons.

Keywords: Altman’s ZEM-score, Altman’s Z-score, AltX, business rescue, Taffler’s Z-score

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Authors: Merve Sogancioglu, Esra Yel, Ferda Tartar, Nihan Canan Iskender

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Waste polyethylene (PE) is classified as waste low density polyethylene (LDPE) and waste high density polyethylene (HDPE) according to their densities. Pyrolysis of plastic waste may have an important role in dealing with the enormous amounts of plastic waste produced all over the world, by decreasing their negative impact on the environment. This waste may be converted into economically valuable hydrocarbons, which can be used both as fuels and as feed stock in the petrochemical industry. End product yields and properties depend on the plastic waste composition. Pyrolytic biochar is one of the most important products of waste plastics pyrolysis. In this study, HDPE and LDPE plastic wastes were co-pyrolyzed together with waste olive pomace. Pyrolysis runs were performed at temperature 700°C with heating rates of 5°C/min. Higher pyrolysis oil and gas yields were observed by the using waste olive pomace. The biochar yields of HDPE- olive pomace and LDPEolive pomace were 6.37% and 7.26% respectively for 50% olive pomace doses. The calorific value of HDPE-olive pomace and LDPE-olive pomace of pyrolysis oil were 8350 and 8495 kCal.

Keywords: biochar, co-pyrolysis, waste plastic, waste olive pomace

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Authors: Rodrigo Arnaldo Scarpel

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Trend following is a widely accepted investment strategy that adopts a rule-based trading mechanism that rather than striving to predict market direction or on information gathering to decide when to buy and when to sell a stock. Thus, in trend following one must respond to market’s movements that has recently happen and what is currently happening, rather than on what will happen. Optimally, in trend following strategy, is to catch a bull market at its early stage, ride the trend, and liquidate the position at the first evidence of the subsequent bear market. For applying the trend following strategy one needs to find the trend and identify trade signals. In order to avoid false signals, i.e., identify fluctuations of short, mid and long terms and to separate noise from real changes in the trend, most academic works rely on moving averages and other technical analysis indicators, such as the moving average convergence divergence (MACD) and the relative strength index (RSI) to uncover intelligible stock trading rules following trend following strategy philosophy. Recently, some works has applied machine learning techniques for trade rules discovery. In those works, the process of rule construction is based on evolutionary learning which aims to adapt the rules to the current environment and searches for the global optimum rules in the search space. In this work, instead of focusing on the usage of machine learning techniques for creating trading rules, a time series trend classification employing a semi-supervised approach was used to early identify both the beginning and the end of upward and downward trends. Such classification model can be employed to identify trade signals and the decision-making procedure is that if an up-trend (down-trend) is identified, a buy (sell) signal is generated. Semi-supervised learning is used for model training when only part of the data is labeled and Semi-supervised classification aims to train a classifier from both the labeled and unlabeled data, such that it is better than the supervised classifier trained only on the labeled data. For illustrating the proposed approach, it was employed daily trade information, including the open, high, low and closing values and volume from January 1, 2000 to December 31, 2022, of the São Paulo Exchange Composite index (IBOVESPA). Through this time period it was visually identified consistent changes in price, upwards or downwards, for assigning labels and leaving the rest of the days (when there is not a consistent change in price) unlabeled. For training the classification model, a pseudo-label semi-supervised learning strategy was used employing different technical analysis indicators. In this learning strategy, the core is to use unlabeled data to generate a pseudo-label for supervised training. For evaluating the achieved results, it was considered the annualized return and excess return, the Sortino and the Sharpe indicators. Through the evaluated time period, the obtained results were very consistent and can be considered promising for generating the intended trading signals.

Keywords: evolutionary learning, semi-supervised classification, time series data, trading signals generation

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Authors: Roberta Pecoraro, Elena Maria Scalisi

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Engineered Nanoparticles (ENPs) and Nanomaterials (ENMs) concern an active research area and a sector in full expansion. They have physical-chemical characteristics and small size that improve their performance compared to common materials. Due to the increase in their production and their subsequent release into the environment, new strategies are emerging to assess risk of nanomaterials. NPs can be released into the environment through aquatic systems by human activities and exert toxicity on living organisms. We evaluated the potential toxic effect of cerium oxide (CeO2) nanoparticles because it’s used in different fields due to its peculiar properties. In order to assess nanoparticles toxicity, Fish Embryo Toxicity (FET) test was performed. Powders of CeO2 NPs supplied by the CNR-IMM of Catania are indicated as CeO2 type 1 (as-prepared) and CeO2 type 2 (modified), while CeO2 type 3 (commercial) is supplied by Sigma-Aldrich. Starting from a stock solution (0.001g/10 ml dilution water) of each type of CeO2 NPs, the other concentration solutions were obtained adding 1 ml of the stock solution to 9 ml of dilution water, leading to three different solutions of concentration (10-4, 10-5, 10-6 g/ml). All the solutions have been sonicated to avoid natural tendency of NPs to aggregate and sediment. FET test was performed according to the OECD guidelines for testing chemicals using our internal protocol procedure. A number of eight selected fertilized eggs were placed in each becher filled with 5 ml of each concentration of the three types of CeO2 NPs; control samples were incubated only with dilution water. Replication was performed for each concentration. During the exposure period, we observed four endpoints (embryo coagulation, lack of formation of somites, failure to lift the yolk bag, no heartbeat) by a stereomicroscope every 24 hours. Immunohistochemical analysis on treated larvae was performed to evaluate the expression of metallothioneins (MTs), Heat Shock Proteins 70 (HSP70) and 7-ethoxyresorufin-O-diethylase (EROD). Our results have not shown evident alterations on embryonic development because all embryos completed the development and the hatching of the eggs, started around the 48th hour after exposure, took place within the last observation at 72 hours. A good reactivity, both in the embryos and in the newly hatched larvae, was found. The presence of heartbeat has also been observed in embryos with reduced mobility confirming their viability. A higher expression of EROD biomarker was observed in the larvae exposed to the three types of CeO2, showing a clear difference with the control. A weak positivity was found for MTs biomarker in treated larvae as well as in the control. HSP70 are expressed homogeneously in all the type of nanoparticles tested but not too much greater than control. Our results are in agreement with other studies in the literature, in which the exposure of Danio rerio larvae to other metal oxide nanoparticles does not show adverse effects on survival and hatching time. Further studies are necessary to clarify the role of these NPs and also to solve conflicting opinions.

Keywords: Danio rerio, endpoints, fish embryo toxicity test, metallic nanoparticles

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Authors: Omar Juhmani

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This paper examines the relation between internal corporate governance and the level of corporate compliance with mandatory IFRS disclosure requirements. The internal corporate governance is measured by board and audit committee characteristics. Using data from Bahrain Stock Exchange, the results show that board independence is positively and significantly associated with level of compliance with IFRS disclosure requirements. This suggests that internal corporate governance mechanisms are effective in the financial reporting practices by increasing the level of compliance with IFRS disclosures. Also, the results of the regression analyses indicate that two of the control variables; company size and audit firm size are significantly positively associated with the level of corporate compliance with mandatory IFRS disclosure requirements in Bahrain.

Keywords: Bahrain, board and audit committee characteristics, compliance, disclosure, IFRS

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Authors: Emna Abid, Linda Chebbi, Yosra Mabrouk, Amel Labidi, Lamia Mansour

Abstract:

Werner syndrome (WS) is a rare genetic disorder inherited in an autosomal recessive pattern characterized by accelerated aging. While extensive research has been conducted on its systemic manifestations, the specific dental implications of WS remain poorly understood. The medical history and the oral health status of two patients diagnosed with WS were detailed. Our findings revealed a high prevalence of dental problems in both patients, including periodontitis, xerostomia, and temporomandibular joint disorders. This article aims to investigate the dental challenges faced by individuals with WS as well as the prosthetic options envisaged through two clinical cases contributing to a deeper understanding of the dental implications of WS and to choose the appropriate prosthetic solution in this population. Future research should focus on larger scale studies and clinical trials to validate these proposed strategies.

Keywords: adult progeria, clinical symptoms, oral manifestations, dental care, prosthetic management

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Authors: Dimitrios J. Dimitriou, Maria F. Sartzetaki

Abstract:

Different transportation modes have key operational advantages and disadvantages, providing a variety of different transport options to users and passengers. This paper reviews key variables for the competition between air transport and other transport modes. The aim of this paper is to review the competition between air transport and other transport modes, providing results in terms of perceived cost for the users, for destinations high competitiveness for all transport modes. The competitor analysis variables include the cost and time outputs for each transport option, highlighting the level of competitiveness on high demanded Origin-Destination corridors. The case study presents the output of a such analysis for the OD corridor in Greece that connects the Capital city (Athens) with the second largest city (Thessaloniki) and the different transport modes have been considered (air, train, road). Conventional wisdom is to present an easy to handle tool for planners, managers and decision makers towards pricing policy effectiveness and demand attractiveness, appropriate to use for other similar cases.

Keywords: competitor analysis, transport economics, transport generalized cost, quantitative modelling

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Authors: S. M. Islam, Wasi Uddin, Nazmun Nahar

Abstract:

Dhaka, the capital of Bangladesh, faces two contrasting problems; excess of water during monsoon season and scarcity of water during dry season. The first problem occurs due to rapid urbanization and mismanagement of rainwater whereas the second problem is related to climate change and increasing urban population. Inadequate drainage system also worsens the overall water management scenario in Dhaka city. Dhaka has a population density of 115,000 people per square miles. This results in a 2.5 billion liter water demand every day, 87% of which is fulfilled by groundwater. Over dependency on groundwater has resulted in more than 200 feet drop in the last 50 years and continues to decline at a rate of 9 feet per year. Considering the gravity of the problem, it is high time that practitioners, academicians and policymakers consider different water management practices and look into their cumulative impacts at different scales. The present study assesses different rainwater management options for North South University of Bangladesh and recommends the most feasible and sustainable rainwater management measure. North South University currently accommodates over 20,000 students, faculty members, and administrative staffs. To fulfill the water demand, there are two deep tube wells, which bring up approximately 150,000 liter of water every hour. The annual water demand is approximately 103 million liters. Dhaka receives approximately 1800 mm of rainfall every year. For the current study, two academic buildings and one administrative building consist of 4924 square meters of rooftop area was selected as catchment area. Both rainwater harvesting and groundwater recharge options were analyzed separately. It was estimated that by rainwater harvesting, annually a total of 7.2 million liters of water can be reused which is approximately 7% of the total annual water usage. In the monsoon, rainwater harvesting fulfills 12.2% of the monthly water demand. The approximate cost of the rainwater harvesting system is estimated to be 940975 bdt (USD 11500). For direct groundwater recharge, a system comprises of one de-siltation tank, two recharge tanks and one siltation tank were designed that requires approximately 532788 bdt (USD 6500). The payback period is approximately 7 years and 4 months for the groundwater recharge system whereas the payback period for rainwater harvesting option is approximately 12 years and 4 months. Based on the cost-benefit analysis, the present study finds the groundwater recharge system to be most suitable for North South University. The present study also demonstrates that if only one institution like North South University can add up a substantial amount of water to the aquifer, bringing other institutions in the network has the potential to create significant cumulative impact on replenishing the declining groundwater level of Dhaka city. As an additional benefit, it also prevents large amount of water being discharged into the storm sewers which results in severe flooding in Dhaka city during monsoon.

Keywords: Dhaka, groundwater, harvesting, rainwater, recharge

Procedia PDF Downloads 106