Search results for: financial capacity

Authors: Farhad Reyazat, Richard Werner

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This paper contributes to the existent literature by developing a framework that explains how to monitor potential threats to banking sector stability. The study explores structural vulnerabilities at the country level, but also look at bilateral exposures within a network context. The study contributes in analysing of the European banking systemic risk at aggregated level, which integrates the characteristics of bank size, and interconnectedness relative to the size of the economy which ultimate risk belong to, taking to account the concentration ratio of the banking industry within the whole economy. The nature of the systemic risk depends on the interplay of the network topology with the nature of financial transactions over the network, assets and buffer stemming from bank size, correlations, and the nature of the shocks to the financial system. The study’s results illustrate the contribution of banks’ size, size of economy and concentration of counterparty exposures to a given country’s banks in explaining its systemic importance, how much the banking network depends on a few traditional hubs activities and the changes of this dependencies over the last 9 years. The role of few of traditional hubs such as Swiss banks and British Banks and also Irish banks- where the financial sector is fairly new and grew strongly between 1990s till 2008- take the fourth position on 2014 reducing the relative size since 2006 where they had the first position. In-degree concentration index analysis in the study shows concentration index of banking network was not changed since financial crisis 2007-8. In-degree concentration index on first quarter of 2014 indicates that US, UK and Germany together, getting over 70% of the network exposures. The result of comparing the in-degree concentration index with 2007-4Q, shows the same group having over 70% of the network exposure, however the UK getting more important role in the hub and the market share of US and Germany are slightly diminished.

Keywords: systemic risk, counterparty risk, financial stability, interconnectedness, banking concentration, european banks risk, network effect on systemic risk, concentration risk

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Authors: Israel Becerril Rosales, Manuel González De La Rosa, Gerardo Villa Sánchez

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In this work, the effects that produce not having a good inventory management is analyzed, in addition of the way that how it affects the storage costs. The research began conducting the historical analysis about stored products, its storage capacity, and distribution. The results were not optimal, since in all its raw materials (RM) have overstocking, the warehouse capacity is only used by 61%, does not have a specific place for each of its RM, causing that the delivery times increases and makes difficult a cyclical inventory. These shortcomings allowed to view and select as design alternatives the inventory ABC, so that depending on the consumption of each RM would be redistributed by using economic amount requested. Also, the Delphi method to ensure the practical applicability of the proposed tool was used, taking in account comments and suggestions of the involved experts, as well as the compliance of NOM-059-SSA1-2015 good manufacturing practices of drug. With the actions implemented, the utilization rate drops of 61% to 32% capacity, it shows that the warehouse was not designed properly due to there is not an industrial engineering area.

Keywords: lead time, improve delivery, storage costs, inventory management

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Authors: Fu Jinyu, Lin Jinguan

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This paper introduces a novel approach that unifies two types of models: one is the continuous-time jump-diffusion used to model high-frequency data, and the other is discrete-time GQARCH employed to model low-frequency financial data by embedding the discrete GQARCH structure with jumps in the instantaneous volatility process. This model is named “GQARCH-It\^{o} -Jumps mode.” We adopt the realized range-based threshold estimation for high-frequency financial data rather than the realized return-based volatility estimators, which entail the loss of intra-day information of the price movement. Meanwhile, a quasi-likelihood function for the low-frequency GQARCH structure with jumps is developed for the parametric estimate. The asymptotic theories are mainly established for the proposed estimators in the case of finite activity jumps. Moreover, simulation studies are implemented to check the finite sample performance of the proposed methodology. Specifically, it is demonstrated that how our proposed approaches can be practically used on some financial data.

Keywords: It\^{o} process, GQARCH, leverage effects, threshold, realized range-based volatility estimator, quasi-maximum likelihood estimate

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Authors: Maulana Ayoub Ali, Pradeep Kulshrestha

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Laws of any given secular state have a huge contribution in the growth of the Islamic banking system because the system uses conventional laws to govern its activities. Therefore, the former should be ready to accommodate the latter in order to make the Islamic banking system work properly without affecting the current conventional banking system and therefore without affecting its system. Islamic financial rules have been practiced since the birth of Islam. Following the recent world economic challenges in the financial sector, a quick rebirth of the contemporary Islamic ethical banking system took place. The coming of the Islamic banking system is due to various reasons including but not limited to the failure of the interest based economy in solving financial problems around the globe. Therefore, the Islamic banking system has been adopted as an alternative banking system in order to recover the highly damaged global financial sector. But the Islamic banking system has been facing a number of challenges which hinder its smooth operation in different parts of the world. It has not been the aim of this paper to discuss other challenges rather than the legal ones, but the same was partly discussed when it was justified that it was proper to do so. Generally, there are so many things which have been discovered in the course of writing this paper. The most important part is the issue of the regulatory and supervisory framework for the Islamic banking system in Tanzania and in other nations is considered to be a crucial part for the development of the Islamic banking industry. This paper analyses what has been observed in the study on that area and recommends for necessary actions to be taken on board in a bid to make Islamic banking system reach its climax of serving the larger community by providing ethical, equitable, affordable, interest-free and society cantered banking system around the globe.

Keywords: Islamic banking, interest free banking, ethical banking, legal framework

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Authors: Seyed Abolhasan Naeini, Javad Shamsi Soosahab

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The use of geosynthetic reinforcement within the footing soils is a very effective and useful method to avoid the construction of costly deep foundations. This study investigated the use of geosynthetics for soil improvement based on numerical modeling using FELA software. Pressure settlement behavior and bearing capacity ratio of foundation on geogrid reinforced sand is investigated and the effect of different parameters like as number of geogrid layers and vertical distance between elements in three different relative density soil is studied. The effects of geometrical parameters of reinforcement layers were studied for determining the optimal values to reach to maximum bearing capacity. The results indicated that the optimum range of the distance ratio between the reinforcement layers was achieved at 0.5 to 0.6 and after number of geogrid layers of 4, no significant effect on increasing the bearing capacity of footing on reinforced sandy with geogrid

Keywords: geogrid, reinforced sand, FELA software, distance ratio, number of geogrid layers

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Authors: Miroslav Čulík, Petr Gurný

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This paper is aimed at the financial assessment of the hard coal mining in a given region by real option methodology application. Hard coal mining in this mine makes net loss for the owner during the last years due to the long-term unfavourable mining conditions and significant drop in the coal prices during the last years. Management is going to shut down the operation and abandon the project to reduce the loss of the company. The goal is to assess whether the shutting down the operation is the only and correct solution of the problem. Due to the uncertainty in the future hard coal price evolution, the production might be again restarted if the price raises enough to cover the cost of the production. For the assessment, real option methodology is applied, which captures two important aspect of the financial decision-making: risk and flexibility. The paper is structured as follows: first, current state is described and problem is analysed. Next, methodology of real options is described. At last, project is evaluated by applying real option methodology. The results are commented and recommendations are provided.

Keywords: real option, investment, option to abandon, option to shut down and restart, risk, flexibility

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Authors: C. Yaddaden, M. Berouaken, L. Talbi, K. Ayouz, M. Ayat, A. Cheriet, F. Boudeffar, A. Manseri, N. Gabouze

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Lithium-ion batteries (LIBs) are widely used in various electronic devices due to their high energy density. However, the performance of the anode material in LIBs is crucial for enhancing the battery's overall efficiency. This research focuses on developing a new anode material by modifying silicon nanostructures, specifically porous silicon nanowires (PSiNWs) and porous silicon nanoparticles (NPSiP), with silver nanoparticles (Ag) to improve the performance of LIBs. The aim of this research is to investigate the potential application of PSiNWs/Ag and NPSiP/Ag as anodes in LIBs and evaluate their performance in terms of specific capacity and Coulombic efficiency. The research methodology involves the preparation of PSiNWs and NPSiP using metal-assisted chemical etching and electrochemical etching techniques, respectively. The Ag nanoparticles are introduced onto the nanostructures through electrodissolution of the porous film and ultrasonic treatment. Galvanostatic charge/discharge measurements are conducted between 1 and 0.01 V to evaluate the specific capacity and Coulombic efficiency of both PSiNWs/Ag and NPSiP/Ag electrodes. The specific capacity of the PSiNWs/Ag electrode is approximately 1800 mA h g-1, with a Coulombic efficiency of 98.8% at the first charge/discharge cycle. On the other hand, the NPSiP/Ag electrode exhibits a specific capacity of 2600 mAh g-1. Both electrodes show a slight increase in capacity retention after 80 cycles, attributed to the high porosity and surface area of the nanostructures and the stabilization of the solid electrolyte interphase (SEI). This research highlights the potential of using modified silicon nanostructures as anodes for LIBs, which can pave the way for the development of more efficient lithium-ion batteries.

Keywords: porous silicon nanowires, silicon nanoparticles, lithium-ion batteries, galvanostatic charge/discharge

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Authors: Farzad Danaei, Yilmaz Akkaya

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In many civil engineering applications, especially in the construction of large concrete structures, the early age behavior of concrete has shown to be a crucial problem. The uneven rise in temperature within the concrete in these constructions is the fundamental issue for quality control. Therefore, developing accurate and fast temperature prediction models is essential. The thermal properties of concrete fluctuate over time as it hardens, but taking into account all of these fluctuations makes numerical models more complex. Experimental measurement of the thermal properties at the laboratory conditions also can not accurately predict the variance of these properties at site conditions. Therefore, specific heat capacity and the heat conductivity coefficient are two variables that are considered constant values in many of the models previously recommended. The proposed equations demonstrate that these two quantities are linearly decreasing as cement hydrates, and their value are related to the degree of hydration. The effects of changing the thermal conductivity and specific heat capacity values on the maximum temperature and the time it takes for concrete to reach that temperature are examined in this study using numerical sensibility analysis, and the results are compared to models that take a fixed value for these two thermal properties. The current study is conducted in 7 different mix designs of concrete with varying amounts of supplementary cementitious materials (fly ash and ground granulated blast furnace slag). It is concluded that the maximum temperature will not change as a result of the constant conductivity coefficient, but variable specific heat capacity must be taken into account, also about duration when a concrete's central node reaches its max value again variable specific heat capacity can have a considerable effect on the final result. Also, the usage of GGBFS has more influence compared to fly ash.

Keywords: early-age concrete, mass concrete, specific heat capacity, thermal conductivity coefficient

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Authors: Cleopatra Gittens

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It has been recognized that some social security and national insurance systems in the Eastern Caribbean are experiencing ageing populations and economic and other crises that will present a financial challenge of being unable to pay pension benefits in fifteen to twenty years. This has implications for the fiscal and economic positions of the countries themselves. Hence, organizations would need to address the issue urgently. The study adds to the body of knowledge on social security systems and social security reforms in small island developing states (SIDS). It also makes recommendations for the types of reforms that social security systems in other SIDS can implement given their special circumstances. Secondary research is used to gather financial and other related information on three social security schemes in the Eastern Caribbean. Actuarial and financial reports and other documents of the social security systems are analysed to obtain financial and static data on each of the schemes. The findings show that the three schemes studied are experiencing steady increases in benefit expenditure versus contributions and increasing pensioner to insured ratios. The schemes will deplete their reserves between 2038 and 2050. Two of the schemes have increased their retirement age while the other has not embarked on any reforms. One scheme has made changes to its contribution percentages. Due to their small size, small populations and other unique circumstances, the social security schemes in the identified territories are not likely to be able to take advantage of all of the reform initiatives that the developed world embarked on when faced with similar problems. These schemes will need to make incremental changes that align with the timeframes recommended by the actuarial studies.

Keywords: benefits, pension, small island developing states, social security reform

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Authors: Gabriel Cucato, Marilia Correia, Wagner Domingues, Aline Palmeira, Paulo Longano, Nelson Wolosker, Raphael Ritti-Dias

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Women with peripheral arterial disease (PAD) present lower walking capacity in comparison with men. However, whether cardiovascular regulation is also different between genders is unknown. Thus, the aim of this study was to compare walking capacity and cardiovascular regulation between men and women with PAD. A total of 23 women (66±7 yrs) and 31 men (64±9 yrs) were recruited. Patients performed a 6-minute test and the onset claudication distance and total walking distance were measured. Additionally, cardiovascular regulation was assessed by arterial stiffness (pulse wave velocity and augmentation index) and heart rate variability (frequency domain). Independent T test or Mann-Whitney U test were performed. In comparison with men, women present lower onset claudication distance (108±66m vs. 143±50m; P=0.032) and total walking distance (286±83m vs. 361±91 m, P=0.007). Regarding cardiovascular regulation, there were no differences in heart rate variability SDNN (72±160ms vs. 32±22ms, P=0.587); RMSSD (75±209 vs. 25±22ms, P=0.726); pNN50 (11±17ms vs. 8±14ms, P=0.836) in women and men, respectively. Moreover, there were no difference in augmentation index (39±10% vs. 34±11%, P=0.103); pulse pressure (59±17mmHg vs. 56±19mmHg, P=0.593) and pulse wave velocity (8.6±2.6m\s vs. 9.0±2.7m/s, P=0.580). In conclusion, women have impaired walking capacity compared to men. However, sex differences were not observed on cardiovascular regulation in patients with PAD.

Keywords: exercise, intermittent claudication, cardiovascular load, arterial stiffness

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Authors: Robel Wondimu Alemayehu, Sihwa Jung, Manwoo Park, Young K. Ju

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Following the aftermath of the 1994 Northridge earthquake, intensive research on beam to column connections is conducted, leading to the current design basis. The current design codes require the use of either a prequalified connection or a connection that passes the requirements of large-scale cyclic qualification test prior to use in intermediate or special moment frames. The second alternative is expensive both in terms of money and time. On the other hand, the maximum beam depth in most of the prequalified connections is limited to 900mm due to the reduced rotation capacity of deeper beams. However, for long span beams the need to use deeper beams may arise. In this study, a beam to column connection detail suitable for deep beams is presented. The connection detail comprises of thicker-tapered beam flange adjacent to the beam to column connection. Within the thicker-tapered flange region, two reduced beam sections are provided with the objective of forming two plastic hinges within the tapered-thicker flange region. In addition, the length, width, and thickness of the tapered-thicker flange region are proportioned in such a way that a third plastic hinge forms at the end of the tapered-thicker flange region. As a result, the total rotation demand is distributed over three plastic zones. Making it suitable for deeper beams that have lower rotation capacity at one plastic hinge. The effectiveness of this connection detail is studied through finite element analysis. For the study, a beam that has a depth of 1200mm is used. Additionally, comparison with welded unreinforced flange-welded web (WUF-W) moment connection and reduced beam section moment connection is made. The results show that the rotation capacity of a WUF-W moment connection is increased from 2.0% to 2.2% by applying the proposed moment connection detail. Furthermore, the maximum moment capacity, energy dissipation capacity and stiffness of the WUF-W moment connection is increased up to 58%, 49%, and 32% respectively. In contrast, applying the reduced beam section detail to the same WUF-W moment connection reduced the rotation capacity from 2.0% to 1.50% plus the maximum moment capacity and stiffness of the connection is reduced by 22% and 6% respectively. The proposed connection develops three plastic hinge regions as intended and it shows improved performance compared to both WUF-W moment connection and reduced beam section moment connection. Moreover, the achieved rotation capacity satisfies the minimum required for use in intermediate moment frames.

Keywords: connections, finite element analysis, seismic design, steel intermediate moment frame

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Authors: L. Maiza, A. Cantagrel, M. Forestier, G. Laucoin, T. Regali

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Evaluation of High Frequency Trading (HFT) impact on financial markets is very important for traders who use market analysis to detect winning transaction opportunity. Analysis of HFT data on tobacco commodity market is discussed here and interesting linear relationship has been shown between trading frequency and difference between averaged trading prices above and below considered trading frequency. This may open new perspectives on markets data understanding and could provide possible interpretation of Adam Smith invisible hand.

Keywords: financial market, high frequency trading, analysis, impacts, Adam Smith invisible hand

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Authors: Ki-Yong Oh, Eunji Kwak, Due Su Son, Siheon Jung

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A pouch type of 10 Ah LiFePO₄ battery cell is characterized with two mechanical responses: swelling and bulk force. Both responses vary upon the state of charge significantly, whereas voltage shows flat responses, suggesting that mechanical responses can become a sensitive gauge to characterize microstructure transformation of a battery cell. The derivative of swelling s with respect to capacity Q, (ds/dQ) and the derivative of force F with respect to capacity Q, (dF/dQ) more clearly identify phase transitions of cathode and anode electrodes in the overall charge process than the derivative of voltage V with respect to capacity Q, (dV/dQ). Especially, the force versus swelling curves over the state of charge clearly elucidates three different stiffness over the state of charge oriented from phase transitions: the α-phase, the β-phase, and the metastable solid-solution phase. The observation from mechanical responses suggests that macro-scale mechanical responses of a battery cell are directly correlated to microscopic transformation of a battery cell.

Keywords: force response, LiFePO₄ battery, strain response, stress response, swelling response

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Authors: Duncan K. Espenshade

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Scholars have established expectations regarding how the political and economic interests of a country's people and elites can influence its migration policies. Most of the scholarship exploring the adoption of migration policies focuses on the developed world, focusing on the cultural, political, and economic influences that drive restrictive policies in developed countries. However, despite the scholarly focus on migration policies in developed countries, most internationally displaced people reside in developing countries. Furthermore, while the political and economic factors that influence migration policy in developed countries are likely at play in developing states, developing states also face unique hurdles to policy formation not present in developed states. Namely, this article explores how state capacity, or in this context, a state's de facto ability to restrict or absorb migration inflows, influences the adoption of migration policies in developing countries. Using Cox-Proportional hazard models and recently introduced data on asylum policies in developing countries, this research finds that having a greater ability to restrict migration flows is associated with a reduced likelihood of adopting liberal asylum policies. Future extensions of this project will explore the adoption of asylum policies as a two-stage process, in which the available decision set of political actors is first constrained by a state's restrictive and absorptive capacity in the first stage, with the political, economic, and cultural factors influencing the policy adopted in the second stage.

Keywords: state capacity, international relations, foreign policy, migration

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Authors: Yosra Mefteh Rekik, Younes Boujelbene

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

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

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Authors: Meysam Saidi

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While the specific externalities and required regulatory measures in relation to Islamic banking are fairly uncertain, the business is growing across the world. Unofficial data indicate that the Islamic Finance market is growing with annual rate of 15% and it has reached 1.3 $ trillion size. This trend is associated with inherent systematic connection of Islamic financial institutions to other entities and different sectors of economies. Islamic banking has been subject of market development policies in major economies, most notably the UK. This trend highlights the need for identification of distinct risk features of Islamic banking and crafting customized regulatory measures. So far there has not been a significant systemic crisis in this market which can be attributed to its distinct nature. However, the significant growth and spread of its products worldwide necessitate an in depth study of its nature for customized congruent regulatory measures. In the post financial crisis era some market analysis and reports suggested that the Islamic banks fairly weathered the crisis. As far as heavily blamed conventional financial products such as subprime mortgage backed securities and speculative credit default swaps were concerned the immunity claim can be considered true, as Islamic financial institutions were not directly exposed to such products. Nevertheless, similar to the experience of the conventional banking industry, it can be only a matter of time for Islamic banks to face failures that can be specific to the nature of their business. Using the experience of conventional banking regulations and identifying those peculiarities of Islamic banking that need customized regulatory approach can aid to prevent major failures. Frank Knight has stated that “We perceive the world before we react to it, and we react not to what we perceive, but always to what we infer”. The debate over congruent Islamic banking regulations might not be an exception to Frank Knight’s statement but I will try to base my discussion on concrete evidences. This paper first analyzes both theoretical and actual features of Islamic banking in order to ascertain to its peculiarities in terms of market stability and other externalities. Next, the paper discusses distinct features of Islamic financial transactions and banking which might require customized regulatory measures. Finally, the paper explores how a more transparent path for the Islamic banking regulations can be drawn.

Keywords: Islamic banking, regulation, risks, capital requirements, customer protection, financial stability

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Authors: Christoph Schuler, Oriana Ponta

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Public Financial Management (PFM) reforms are promoted by various international organizations such as the International Monetary Fund (IMF) or the World Bank, local development banks and the donor country community to strengthen governance and accountability in developing countries across the world. Reform efforts undertaken are often systematically measured against international best practice by the application of standardized analytical instruments such as the Public Expenditure and Financial Accountability Framework (PEFA) or the Poverty Reduction Action Plan (PARP). While those instruments analyze direct achievements of PFM reforms, the long-term benefits of such reforms for society remain untapped. This gives rise to the question why the concept of impact evaluation with its experimental or quasi-experimental settings in the form of randomized control trials has rarely been applied in the context of PFM reforms. To close this gap, this study provides examples where the concept of impact evaluation can be applied to PFM reforms and thereby shifting the focus from outcome towards a long-term impact. As it is a new approach, this study does not attempt to conduct a fully flagged impact evaluation of a certain PFM reform. However, it will outline, as a form of pre-test the applicability of the impact evaluation methodology in this context, for example, by more closely analyzing the commonly used indicators (for example within PEFA or PARP). This would mean to scrutinize these indicators as to how they were designed and how they are related to the long-term impact, they should be producing. The analysis of PFM reform indicators and their relation to long-term impacts should provide practitioners and scholars alike with new insights on how to strengthen the accountability of public service delivery through successful and sustainable PFM reforms.

Keywords: accountability, impact evaluation, PFM reforms, public financial management

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Authors: Renaud Gaucher

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Research on happiness has developed significantly in the past fifty years and economics and the political science are starting to be influenced by advances in the field. Until recently, finance has stayed outside this movement. The goal of our research is to integrate finance into this movement conceptually. We explain the why, the what and the how of the finance of happiness. We then study the relationship between corporate finance and happiness. We discuss the optimization of the relationship between the financial performance of a firm and the happiness at work of its employees, and the reduction of financial risk by developing goods that foster the happiness of their users. Finally we look at the development of happiness investment funds, that is investment funds founded on happiness research, and the best ways to share risks and earnings to build a happier society.

Keywords: finance, happiness, investment fund, risk

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Authors: Marc S. Paolella, Pawel Polak

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The paper proposes a framework for large-scale portfolio optimization which accounts for all the major stylized facts of multivariate financial returns, including volatility clustering, dynamics in the dependency structure, asymmetry, heavy tails, and non-ellipticity. It introduces a so-called risk fear portfolio strategy which combines portfolio optimization with active risk monitoring. The former selects optimal portfolio weights. The latter, independently, initiates market exit in case of excessive risks. The strategy agrees with the stylized fact of stock market major sell-offs during the initial stage of market downturns. The advantages of the new framework are illustrated with an extensive empirical study. It leads to superior multivariate density and Value-at-Risk forecasting, and better portfolio performance. The proposed risk fear portfolio strategy outperforms various competing types of optimal portfolios, even in the presence of conservative transaction costs and frequent rebalancing. The risk monitoring of the optimal portfolio can serve as an early warning system against large market risks. In particular, the new strategy avoids all the losses during the 2008 financial crisis, and it profits from the subsequent market recovery.

Keywords: comfort, financial crises, portfolio optimization, risk monitoring

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Authors: Paulette Henry

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If Caribbean Universities wish to remain sustainable in the global education market they must meet the new demands of the 21st Centuries learners. This means preparing the teaching and learning environment with the human and material and resources so that the University can blossom out into the entrepreneurial University. The entrepreneurial University prepares the learner to become a global citizen, one who is innovative and a critical thinker and has the competencies to create jobs. Entrepreneurship education provides more equitable access to university education building capacity for the local and global economy. The entrepreneurial thinking, the mindset, must therefore be among academic and support staff as well as students. In developing countries where resources are scarce, Universities are grappling with a myriad of financial and non-financial issues. These include increasing costs, Union demands for increased remuneration for staff and reduced subvention from governments which has become the norm. In addition, there is the political pressure against increasing tuition fees and the perceptions on the moral responsibilities of universities in national development. The question is how do small universities carve out their niche, meet both political and consumer demands for a high quality, low lost education, fulfil their development mandate and still remain not only viable but competitive. Themes which are central to this discourse on the transitions necessary for the entrepreneurial university are leadership, governance and staff well-being. This paper therefore presents a case study of a Caribbean University to show how transformational leadership and the change management framework propels change towards an entrepreneurial institution seeking to have a competitive advantage despite its low resourced context. Important to this discourse are the transformational approaches used by the University to prepare staff to move from their traditional psyche to embracing an entrepreneurial mindset whilst equipping students within the same mode to become work ready and creative global citizens. Using the mixed methods approach, opinions were garnered from both members of the University community as well as external stakeholder groups on their perception of the role of the University in the business arena and as a primary stakeholder in national development. One of the critical concepts emanating from the discourse was the need to change the mindset of the those in university governance as well as how national stakeholders engage the university. This paper shows how multiple non-financial factors can contribute to change. A combination of transformational and servant leadership, strengthened institutional structures and developing new ones, rebuilding institutional trust and pride have been among the strategies employed within the change management framework. The university is no longer limited by borders but through international linkages has transcended into a transnational stakeholder.

Keywords: competitiveness, context, entrepreneurial, leadership

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Authors: Adji Achmad Rinaldo Fernandes

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The research was conducted to apply semiparametric SEM modeling to the timeliness of paying credit. Semiparametric SEM is structural modeling in which two combined approaches of parametric and nonparametric approaches are used. The analysis method in this research is semiparametric SEM with a nonparametric approach using a truncated spline. The data in the study were obtained through questionnaires distributed to Bank X mortgage debtors and are confidential. The study used 3 variables consisting of one exogenous variable, one intervening endogenous variable, and one endogenous variable. The results showed that (1) the effect of capacity and willingness to pay variables on timeliness of payment is significant, (2) modeling the capacity variable on willingness to pay also produces a significant estimate, (3) the effect of the capacity variable on the timeliness of payment variable is not influenced by the willingness to pay variable as an intervening variable, (4) the R^2 value of 0.763 or 76.33% indicates that the model has good predictive relevance.

Keywords: structural equation modeling semiparametric, credit bank, accuracy of payment time, willingness to pay

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Authors: Pius Babuna

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Sustainable water use is important for the existence of the human race. Water resources carrying capacity (WRCC) measures the sustainability of water use; however, the calculation and optimization of WRCC remain challenging. This study used a mathematical model (the Logistics Growth of Water Resources -LGWR) and a linear objective function to model water sustainability. We tested the validity of the models using data from Ghana. Total freshwater resources, water withdrawal, and population data were used in MATLAB. The results show that the WRCC remains sustainable until the year 2132 ±18, when half of the total annual water resources will be used. The optimized water treatment cost suggests that Ghana currently wastes GHȼ 1115.782± 50 cedis (~$182.21± 50) per water treatment plant per month or ~ 0.67 million gallons of water in an avoidable loss. Adopting an optimized water treatment scheme and a watershed management approach will help sustain the WRCC.

Keywords: water resources carrying capacity, smart water management, optimization, sustainable water use, water withdrawal

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Authors: H. Shokouhmand, A. Ghanami

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Heat pipe is simple heat transfer device which combines the conduction and phase change phenomena to control the heat transfer without any need for external power source. At hot surface of heat pipe, the liquid phase absorbs heat and changes to vapor phase. The vapor phase flows to condenser region and with the loss of heat changes to liquid phase. Due to gravitational force the liquid phase flows to evaporator section.In HVAC systems the working fluid is chosen based on the operating temperature. The heat pipe has significant capability to reduce the humidity in HVAC systems. Each HVAC system which uses heater, humidifier or dryer is a suitable nominate for the utilization of heat pipes. Generally heat pipes have three main sections: condenser, adiabatic region and evaporator.Performance investigation and optimization of heat pipes operation in order to increase their efficiency is crucial. In present article, a parametric study is performed to improve the heat pipe performance. Therefore, the heat capacity of heat pipe with respect to geometrical and confining parameters is investigated. For the better observation of heat pipe operation in HVAC systems, a CFD simulation in Eulerian- Eulerian multiphase approach is also performed. The results show that heat pipe heat transfer capacity is higher for water as working fluid with the operating temperature of 340 K. It is also observed that the vertical orientation of heat pipe enhances it’s heat transfer capacity.

Keywords: heat pipe, HVAC system, grooved heat pipe, heat pipe limits

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Authors: Joseph Uche Azubike, Evelyn Ngozi Agbasi, M. I. Ogbonna

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The audit committee of the board of directors could no longer handle the enterprise's risks. Therefore, a risk management committee was created to control them. Thus, this study examined how enterprise risk management committee characteristics affected Nigerian exchange-listed banks' financial performance from 2013 to 2022. The study's hypotheses and three objectives were to determine how enterprise risk management committee size, composition, and gender diversity affect Nigerian banks' performance. An ex-post facto study design collected secondary data from bank annual reports. We used descriptive statistics, correlation analysis, and Ordinary least square regression to analyze panel data. Enterprise risk management committee size and composition had both negative and no significant effect on bank financial performance in Nigeria, whereas enterprise risk committee gender diversity has a 10% favorable effect. The report advises that adding more women with relevant knowledge to the risk committee to boost performance and allowing women to be at the lead of such risk management could improve bank performance in Nigeria since they are noted to be thorough in their tasks.

Keywords: bank, committee, enterprise, management, performance, risk

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Authors: Makduma Zahan Badhan, M. Abdul Matin

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A study has been undertaken to develop a fluvial stage-discharge rating curve for Jamuna River. Past Cross-sectional survey of Jamuna River reach within Sirajgonj and Tangail has been analyzed. The analysis includes the estimation of discharge carrying capacity, possible maximum scour depth and sediment transport capacity of the selected reaches. To predict the discharge and sediment carrying capacity, stream flow data which include cross-sectional area, top width, water surface slope and median diameter of the bed material of selected stations have been collected and some are calculated from reduced level data. A well-known resistance equation has been adopted and modified to a simple form in order to be used in the present analysis. The modified resistance equation has been used to calculate the mean velocity through the channel sections. In addition, a sediment transport equation has been applied for the prediction of transport capacity of the various sections. Results show that the existing drainage sections of Jamuna channel reach under study have adequate carrying capacity under existing bank-full conditions, but these reaches are subject to bed erosion even in low flow situations. Regarding sediment transport rate, it can be estimated that the channel flow has a relatively high range of bed material concentration. Finally, stage­ discharge curves for various sections have been developed. Based on stage-discharge rating data of various sections, water surface profile and sediment-rating curve of Jamuna River have been developed and also the flooding conditions have been analyzed from predicted water surface profile.

Keywords: discharge rating, flow profile, fluvial, sediment rating

Procedia PDF Downloads 185

Authors: Jaballah Jamil

Abstract:

KLD (Peter Kinder, Steve Lydenberg and Amy Domini) research & analytics is an independent intermediary of social performance information that adopts an investor-pay model. KLD rating agency does not have an explicit monitoring on the rated firm which suggests that KLD ratings may not include private informations. Moreover, the incapacity of KLD to predict accurately the extra-financial rating of Enron casts doubt on the reliability of KLD ratings. Therefore, we first investigate whether KLD ratings affect investors' perception by studying the effect of KLD rating changes on firms' financial performances. Second, we study the impact of the Enron scandal on investors' perception of KLD rating changes by comparing the effect of KLD rating changes on firms' financial performances before and after the failure of Enron. We propose an empirical study that relates a number of equally-weighted portfolios returns, excess stock returns and book-to-market ratio to different dimensions of KLD social responsibility ratings. We first find that over the last two decades KLD rating changes influence significantly and negatively stock returns and book-to-market ratio of rated firms. This finding suggests that a raise in corporate social responsibility rating lowers the firm's risk. Second, to assess the Enron scandal's effect on the perception of KLD ratings, we compare the effect of KLD rating changes before and after the Enron scandal. We find that after the Enron scandal this significant effect disappears. This finding supports the view that the Enron scandal annihilates the KLD's effect on Socially Responsible Investors. Therefore, our findings may question results of recent studies that use KLD ratings as a proxy for Corporate Social Responsibility behavior.

Keywords: KLD social rating agency, investors' perception, investment decision, financial performance

Procedia PDF Downloads 442

Authors: Cristian Pauna

Abstract:

Trading the financial markets is a widespread activity today. A large number of investors, companies, public of private funds are buying and selling every day in order to make profit. Algorithmic trading is the prevalent method to make the trade decisions after the electronic trading release. The orders are sent almost instantly by computers using mathematical models. This paper will present a price prediction methodology based on a multi-dimensional neural network. Using the Fisher transform, the neural network will be instructed for a low-latency auto-adaptive process in order to predict the price evolution for the next period of time. The model is designed especially for algorithmic trading and uses the real-time price series. It was found that the characteristics of the Fisher function applied at the nodes scale level can generate reliable trading signals using the neural network methodology. After real time tests it was found that this method can be applied in any timeframe to trade the financial markets. The paper will also include the steps to implement the presented methodology into an automated trading system. Real trading results will be displayed and analyzed in order to qualify the model. As conclusion, the compared results will reveal that the neural network methodology applied together with the Fisher transform at the nodes level can generate a good price prediction and can build reliable trading signals for algorithmic trading.

Keywords: algorithmic trading, automated trading systems, financial markets, high-frequency trading, neural network

Procedia PDF Downloads 164

Authors: Tapas Karmaker

Abstract:

Centuries ago, we came to know about ‘Golden Ratio’ also known as Golden Angle. The idea of this research is based on this theme. Researcher perceives ‘The Golden Ratio’ in terms of harmony, meaning that every single item in the universe follows a harmonic behavior. In case of human being, brain responses easily and quickly to this harmony to help memorization. In this theory, harmony means a link. This study has been carried out on a segment of school students and a segment of common people for a period of three years from 2003 to 2006. The research in this respect intended to determine the impact of harmony in the brain of these people. It has been found that students and common people can increase their memorization capacity as much as 70 times more by applying this method. This method works faster and better between age of 8 and 30 years. This result was achieved through tests to assess memorizing capacity by using tools like words, rhymes, texts, math and drawings. The research concludes that this harmonic method can be applied for improving the capacity of learning languages, for the better quality of lifestyle, or any other terms of life as well as in professional activity.

Keywords: language, education, golden brain, learning, teaching

Procedia PDF Downloads 205

Authors: Badrane Nohayla, Bamousse Zineb

Abstract:

Financial crises, exchange rate volatility, fluctuations in commodity prices, increased competitive pressures, and environmental issues are all threats that businesses face. In light of these diverse challenges, proactive, agile, and innovative cash management becomes an indispensable financial shield, allowing companies to thrive despite the adverse conditions of the global environment. In the same spirit, uncertainty, turbulence, volatility, and competitiveness continue to disrupt economic environments, compelling companies to swiftly master innovative breakthroughs that provide added value. In such a context, innovation emerges as a catalytic vector for performance, aiming to reduce costs, strengthen growth, and ultimately ensure the sustainability of Moroccan companies in the national arena. Moreover, innovation in treasury management promises to be one of the key pillars of financial stability, enabling companies to navigate the tumultuous waters of a globalized environment. Therefore, the objective of this study is to better understand the impact of innovative treasury management on cost optimization and, by extension, performance improvement. To elucidate this relationship, we conducted an exploratory qualitative study with 20 large Moroccan companies operating in the Casablanca-Settat region. The results highlight that innovation at the heart of treasury management is a guarantee of sustainability against the risks of failure and stands as a true pivot of the performance of Moroccan companies, an important parameter of their financial balance and a catalytic vector of their growth in the national economic landscape. In this regard, the present study aims to explore the extent to which innovation at the core of the treasury function serves as an indispensable tool for boosting performance while optimising costs in large Moroccan companies.

Keywords: innovative cash management, artificial intelligence, financial performance, risk management, cost savings

Procedia PDF Downloads 33

Authors: Heesu Kim

Abstract:

This paper determines the varieties of state roles played in East Asia’s telecommunication market, regarding broadband industry. Technological capacity and the relationship between state and market affect the varieties of state role. In explaining the state’s engagement in the market, technology has always been considered as a necessary and sufficient condition. However technology variable has been useful in only explaining the extent of state’s involvement. This paper contributes by bringing in the political-economic factor, which is the relationship between state and market. This factor aids in distinguishing the varieties of state role played in emerging industries. Interaction between these two variables distinguishes 4 types of state roles played in the broadband industry. These roles are distinguished and characterized by the intensity of state’s intervention and the existence of technological capacity. This paper classifies four types of state role through the case of Singapore, China, Taiwan and Korea’s broadband industrial policy.

Keywords: East Asia, entrpreneurial state, industrial policy, regulatory state, technological capacity

Procedia PDF Downloads 177