Search results for: financial numbers game

Authors: Montoya C.A., Erina J., Erina I.

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The purpose of this research is to assess the performance and impact of CSR on business in the banking sector in Australia by applying the financial indicators of 20 ASX banks for the period from 2016-2017. The authors carried out CSR assessment in several stages of research: 1) gathering the nonfinancial and financial indicators of 20 ASX listed banks (available were only 16) from the annual reports of Australian banks for 2016 and 2017; 2) calculation of bank performance indicators using such financial indicators as return on assets (ROA), return on equity (ROE), efficiency ratio and net interest margin; 3) analysis of financial data using cross-sectional regression and answers to the research questions. Based on the obtained research results, the authors obtained answers to the initially raised research questions and came to a conclusion that Q1 - Insignificant positive coefficient result - slight positive relationship between CSR disclosure and business performance 2016; Q2 - Insignificant negative coefficient result - slight negative relationship between CSR disclosure and business performance 2017; Q3 - Insignificant positive coefficient result - slight positive relationship between CSR disclosure and business performance.

Keywords: Australia, banks, business performance, CSR

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Authors: Yi-Hsiang Pan, Ching-Hsiang Chen, Wei-Ting Hsu

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The purpose of this study was to compare the learning effects of the sports education model (SEM) to those of the traditional teaching model (TTM) in physical education classes in terms of students learning motivation, action control, learning strategies, and learning performance. A quasi-experimental design was utilized in this study, and participants included two physical educators and four classes with a total of 94 students in grades 5 and 6 of elementary schools. Two classes implemented the SEM (n=47, male=24, female=23; age=11.89, SD=0.78) and two classes implemented the TTM (n=47, male=25, female=22, age=11.77; SD=0.66). Data were collected from these participants using a self-report questionnaire (including a learning motivation scale, action control scale, and learning strategy scale) and a game performance assessment instrument, and multivariate analysis of covariance was used to conduct statistical analysis. The findings of the study revealed that the SEM was significantly better than the TTM in promoting students learning motivation, action control, learning strategies, and game performance. It was concluded that the SEM could promote the mechanics of students self-regulated learning process, and thereby improve students movement performance.

Keywords: self-regulated learning theory, learning process, curriculum model, physical education

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Authors: Seoi Lee, Dongjoo Chin, Heewon Kim

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Gamification refers to a technique that applies game elements to non-gaming elements, such as education and exercise, to make people more engaged in these behaviors. The purpose of this study was to identify effective elements in gamification for changing human behaviors. In order to accomplish this purpose, a survey based on learning theory was developed, especially for assessing antecedents and consequences of behaviors, and 8 popular and 8 unpopular games were selected for comparison. A total of 407 adult males and females were recruited via crowdsourcing Internet marketplace and completed the survey, which consisted of 19 questions for antecedent and 14 questions for consequences. Results showed no significant differences in consequence questions between popular and unpopular games. For antecedent questions, popular games are superior to unpopular games in character customization, play type selection, a sense of belonging, patch update cycle, and influence or dominance. This study is significant in that it reveals the elements of gamification based on learning theory. Future studies need to empirically validate whether these factors affect behavioral change.

Keywords: gamification, learning theory, antecedent, consequence, behavior change, behaviorism

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Authors: Rukhsana Shaheen, Tahira Ifraq

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Interest based transactions led the advent of Islamic banking. In order to provide an alternative to Interest based banking, financial transactions found in classical books of fiqh were employed. Musharakah, Mudarabah, Murabahah Salam, Ijara, and some other modes were adopted. These modes were modified so that they can be adopted for banking and satisfy the needs of customers. Since the inception of Islamic banking, these modes are being used and with the passage of time, are being molded and experimented with to cater different kinds of customers and requirements. Human efforts cannot be errorless. These modes too bear legal defects which need an in-depth scrutiny and refinement. The aim of this paper is to dig the basis and rulings of these modes in classical books of fiqh and analyze its modification and adoption in Islamic banking and the legal defects that these modes are bearing. Paper will prove itself fruitful by providing remedies for the legal defects.

Keywords: financial instruments, legal defects, remedies, Islamic banking

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Authors: Liming Chen, Baoxin Xu, Zhaoyun Ding, Bin Liu, Xianqiang Zhu

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In the era of big data, public investors are faced with more complicated information related to investment decisions than ever before. To survive in the fierce competition, it has become increasingly urgent for investors to combine multi-source knowledge and evaluate the companies’ true value efficiently. For this, a rule-based ontology reasoning method is proposed to support steel companies’ value assessment. Considering the delay in financial disclosure and based on cost-benefit analysis, this paper introduces the supply chain enterprises financial analysis and constructs the ontology model used to value the value of steel company. In addition, domain knowledge is formally expressed with the help of Web Ontology Language (OWL) language and SWRL (Semantic Web Rule Language) rules. Finally, a case study on a steel company in China proved the effectiveness of the method we proposed.

Keywords: financial ontology, steel company, supply chain, ontology reasoning

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Authors: Alicja Reuben, Amira Annabi

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In this paper, we explore the relationship between the selection of valuation techniques by investment banks and the banks’ risk perceptions and performance in the context of the theory of performativity. We use inferential statistics to study these relationships by building a unique dataset based on the disclosure of 12 investment banks’ 2012-2015 annual financial statements. Moreover, we create two constructs, namely intensity of use and risk perception. We measure the intensity of use as a frequency metric of how often a particular bank adopts valuation techniques for a particular asset or liability. We measure risk perception based on disclosed ranges of values for unobservable inputs. Our results are twofold: we find a significant negative correlation between (1) intensity of use and investment bank performance and (2) intensity of use and risk perception. These results indicate that a performative process takes place, and the valuation techniques are enacting their environment.

Keywords: language, linguistics, performativity, financial techniques

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Authors: Agni Stylianou-Georgiou, Eliza Pitri

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This study is a design narrative that discusses researchers’ new learning based on changes made in pedagogies and learning opportunities in the context of a Cognitive Psychology and an Art History undergraduate course. The purpose of this study was to investigate how to encourage creative problem-based play in tertiary education engaging instructors and student-teachers in designing educational games. Course instructors modified content to encourage flexible thinking during game design problem-solving. Qualitative analyses of data sources indicated that Thinking Birds’ questions could encourage flexible thinking as instructors engaged in creative problem-based play. However, student-teachers demonstrated weakness in adopting flexible thinking during game design problem solving. Further studies of student-teachers’ shifting perspectives during different instructional design tasks would provide insights for developing the Thinking Birds’ questions as tools for creative problem solving.

Keywords: creative problem-based play, educational games, flexible thinking, tertiary education

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Authors: Bahram Soltani, Louai Ghazieh

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Following the high profile financial scandals of 2007-2008, corporate management has been faced with strong pressures resulting from more regulatory requirements, as well as the increasing expectations of various groups of stakeholders. The responsibility acquired a big importance in front of this financial crisis. This responsibility requires more transparency and communication, inside the company with the collaborators and outside of the company with the society, while companies try to improve the degree of control and to authorize managers to realize the objectives of the company. The objective of this paper is to present the concept of the responsibility generally and the various types of manager’s responsibility in private individual within the company, as well as the explanatory theories of this responsibility through the various perspectives such as: economic, political, social and behavioral. This study should have academic and practical contributions particularly for regulators seeking to improve the companies’ practices and organizational functioning within capital market economy.

Keywords: manager, accountability, corporate performance, financial crisis, behavior

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Authors: Shan Li, Qiuwen Ma

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Integrated project delivery (IPD) is a project delivery method distinguished by a shared risk/rewards mechanism and multiparty agreement. IPD has drawn increasingly attention from construction industry because of its efficiency of solving adversarial problems and reliability to deliver high-performing buildings. However, some evidence showed that some project participants obtained less profit from IPD projects than the typical projects. They attributed it to the unfair IPD sharing mechanism, which resulted in additional time and cost of negotiation on the sharing fractions among project participants. The study is aimed to investigate the reward distribution by constructing a principal-agent model. Based on cooperative game theory, it is examined how to distribute the shared project rewards between client and non-client parties, and identify the sharing fractions among non-client parties. It is found that at least half of the project savings should be allocated to the non-client parties to motivate them to create more project value. Second, the client should raise his sharing fractions when the integration among project participants is efficient. In addition, the client should allocate higher sharing fractions to the non-client party who is more able. This study can help the IPD project participants make fair and motivated sharing mechanisms.

Keywords: cooperative game theory, IPD, principal agent model, sharing mechanism

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Authors: Ndagi Salihu

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Corporate governance mechanisms are the control measures for ensuring that all the interests groups are equally represented and management are working towards wealth creation in the interest of all. Therefore, there are many empirical studies during the last three decades on corporate governance and firm performance. However, little is known about the effects of family ownership on the relationship between corporate governance and firm performance, especially in the developing economy like Nigeria. This limit our understanding of the unique governance dynamics of family ownership with regards firm performance. This study examined the impact of family ownership on the relationship between governance mechanisms and financial performance of publicly listed companies in Nigeria. The study adopted quantitative research methodology using correlational ex-post factor design and secondary data from annual reports and accounts of a sample of 23 listed companies for a period of 5 years (2014-2018). The explanatory variables are the board size, board composition, board financial expertise, and board audit committee attributes. Financial performance is proxy by Return on Assets (ROA) and Return on Equity (ROE). Multiple panel regression technique of data analysis was employed in the analysis, and the study found that family ownership has a significant positive effect on the relationships between corporate governance mechanisms and financial performance of publicly listed firms in Nigeria. This finding is the same for both the ROA and ROE. However, the findings indicate that board size, board financial expertise, and board audit committee attributes have a significant positive impact on the ROA and ROE of the sample firms after the moderation. Moreover, board composition has significant positive effect on financial performance of the sample listed firms in terms of ROA and ROE. The study concludes that the use of family ownership in the control of firms in Nigeria could improve performance by reducing the opportunistic actions managers as well as agency problems. The study recommends that publicly listed companies in Nigeria should allow significant family ownership of equities and participation in management.

Keywords: profitability, board characteristics, agency theory, stakeholders

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Authors: Muhammad Shujaat Saleem, Imamuddin

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In reply to the argument made by the non-believers of Makkah “Sale is similar to riba”, Almighty Allah ordered “Sale is permissible while riba is impermissible”. The main intent of the study was to clarify the fallacy prevailing among the Muslims that in practical terms the product of Murabaha which is being offered by the Islamic banks is similar to that of conventional interest based business loan. However, specific objective was to ascertain the degree of financial efficiency on the basis of fund/loan utilization for intended purpose of Murabaha financing vis-à-vis conventional interest based business loan. The study employed survey strategy to collect primary data through structured close ended questionnaires from the sample of 98 Murabaha officers and 178 loan officers out of the whole population of 5 Islamic and 10 conventional banks respectively. Quantitative and qualitative techniques were used to analyze the data and the same is tabulated by use of frequency tables. The study found that the financial efficiency of Murabaha financing is more than that of conventional interest based business loan by 28% as Murabaha funds of Islamic banks are utilized for its intended purpose to the extent of 97% on average, compared to 69% of business loan offered by conventional banks.

Keywords: financial efficiency, murabaha funds, loan amount, intended purpose

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Authors: Mehmet Ekici

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The objective of this research is to investigate the effect of pouring temperature on the microstructure of the cast iron. The pattern was designed with 300 mm of width, and the thickness variations are 1.25 mm and poured at five different temperatures; 1300, 1325, 1350, 1375 and 1400°C. Several cast irons, prepared with different chemical compositions and microstructures (three lamellar and three spheroidal structures) have been examined by extensive mechanical testing and optical microscopy. The fluidity of spheroidal and lamellar graphite in cast iron increases with the pouring temperature. The numbers of nodules were decreased by increasing pouring temperature for spheroidal structures. Whereas, the numbers of flakes of lamellar structures changed by both pouring temperature and chemical composition. In general, with increasing pouring temperature, the amount of pearlite in the internal structure of both lamellar and spheroidal graphite cast iron materials were increased.

Keywords: spheroidal graphite cast iron, lamellar graphite in cast iron, pouring temperature, tensile test and impact test

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Authors: Benjamin Bae

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This study investigates the relationship between the adoption of International Financial Reporting Standards (IFRS) and the performance of banks in a number of Middle East countries. We examine whether performance levels and audit qualities play any role in adopting the International Financial Reporting Standards (IFRS) in Middle East banks. This study hypothesizes that, in general, banks with high performance and audit quality measures tend to adopt the IFRS than low-performing banks, as the adoption of a new standard takes lots of time and expenses, which could be an additional burden to them. The results show that three hypotheses are strongly supported whereas the cultural factor hypothesis is not. Banks with high ROA and ROE tend to adopt IFRS than low-performing banks. Big banks are also more likely to adopt IFRS than small or medium-sized banks. Contrary to the hypothesis, the Islamic bank status as a cultural factor has some positive impact on the adoption of the banks in the region. Overall, this research adds to our understanding of the bank’s performance. First, evidence on the relationship between the adoption of IFRS and the bank’s performance should be useful to investors. Second, the findings of this study provide financial statement users with useful information about the bank’s performance measures.

Keywords: IFRS, financial performance, audit quality, culture, firm size

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Authors: Te-Jen Chang, Ping-Sheng Huang, Shan-Ten Cheng, Chih-Lin Lin, I-Hui Pan, Tsung- Hsien Lin

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RSA system is a great contribution for the encryption and the decryption. It is based on the modular exponentiation. We call this system as “a large of numbers for calculation”. The operation of a large of numbers is a very heavy burden for CPU. For increasing the computational speed, in addition to improve these algorithms, such as the binary method, the sliding window method, the addition chain method, and so on, the cluster computer can be used to advance computational speed. The cluster system is composed of the computers which are installed the MPICH2 in laboratory. The parallel procedures of the modular exponentiation can be processed by combining the sliding window method with the addition chain method. It will significantly reduce the computational time of the modular exponentiation whose digits are more than 512 bits and even more than 1024 bits.

Keywords: cluster system, modular exponentiation, sliding window, addition chain

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Authors: Maria Reznakova, Michala Strnadova, Lukas Reznak

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The global financial crisis that erupted in 2008 is associated mainly with the debt crisis. It quickly spread globally through financial markets, international banks and trade links, and affected many economic sectors. Measured by the index of the year-on-year change in GDP and industrial production, the consequences of the global financial crisis manifested themselves with some delay also in the Czech economy. This can be considered a result of the overwhelming export orientation of Czech industrial enterprises. These events offer an important opportunity to study how financial and macroeconomic instability affects corporate performance. Corporate performance factors have long been given considerable attention. It is therefore reasonable to ask whether the findings published in the past are also valid in the times of economic instability and subsequent recession. The decisive factor in effective corporate performance measurement is the existence of an appropriate system of indicators that are able to assess progress in achieving corporate goals. Performance measures may be based on non-financial as well as on financial information. In this paper, financial indicators are used in combination with other characteristics, such as the firm size and ownership structure. Financial performance is evaluated based on traditional performance indicators, namely, return on equity and return on assets, supplemented with indebtedness and current liquidity indices. As investments are a very important factor in corporate performance, their trends and importance were also investigated by looking at the ratio of investments to previous year’s sales and the rate of reinvested earnings. In addition to traditional financial performance indicators, the Economic Value Added was also used. Data used in the research were obtained from a questionnaire survey administered in industrial enterprises in the Czech Republic and from AMADEUS (Analyse Major Database from European Sources), from which accounting data of companies were obtained. Respondents were members of the companies’ senior management. Research results unequivocally confirmed that corporate performance dropped significantly in the 2010-2012 period, which can be considered a result of the global financial crisis and a subsequent economic recession. It was reflected mainly in the decreasing values of profitability indicators and the Economic Value Added. Although the total year-on-year indebtedness declined, intercompany indebtedness increased. This can be considered a result of impeded access of companies to bank loans due to the credit crunch. Comparison of the results obtained with the conclusions of previous research on a similar topic showed that the assumption that firms under foreign control achieved higher performance during the period investigated was not confirmed.

Keywords: corporate performance, foreign control, intercompany indebtedness, ratio of investment

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Authors: Zain Ul Abideen

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The study examines the potentially dark and bright parts of behavioral biases in investors’ investment decisions in the Pakistani equity market. These biases, directly and indirectly, play a comprehensive role in controlling and deciding the investor’s investment decisions. Stock market anomalies are used as a mediator, while financial literacy is used as a moderator to check the mentioned relationship. The sample consisted of investors who have trading experience of more than two years in the stock market. The result indicates that calendar anomalies do not mediate between overconfidence bias and investment decisions. However, the study investigates the mediating role of fundamental and technical anomalies between overconfidence bias and investment decisions. Furthermore, calendar anomalies play a significant role between the disposition effect and investment decisions. Calendar anomalies also mediate between herding bias and investment decisions. Financial literacy significantly moderates between behavioral biases and stock market anomalies. This research would be beneficial for individual and professional investors in their investment decisions. They should be financially literate, consequently less biased and have no market anomalies. Investors in emerging and developed economies can make optimal decisions in their respective stock markets.

Keywords: behavioral biases, financial literacy, stock market anomalies, investment decision

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Authors: Rahmoune Abdelhaq

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Systemic risk is a key concern for central banks charged with safeguarding overall financial stability. In this work, we investigate how systemic risk is affected by the structure of the financial system. We construct banking systems that are composed of a number of banks that are connected by interbank linkages. We then vary the key parameters that define the structure of the financial system — including its level of capitalization, the degree to which banks are connected, the size of interbank exposures and the degree of concentration of the system — and analyses the influence of these parameters on the likelihood of contagious (knock-on) defaults. First, we find that the better-capitalized banks are, the more resilient is the banking system against contagious defaults and this effect is non-linear. Second, the effect of the degree of connectivity is non-monotonic, that is, initially a small increase in connectivity increases the contagion effect; but after a certain threshold value, connectivity improves the ability of a banking system to absorb shocks. Third, the size of interbank liabilities tends to increase the risk of knock-on default, even if banks hold capital against such exposures. Fourth, more concentrated banking systems are shown to be prone to larger systemic risk, all else equal. In an extension to the main analysis, we study how liquidity effects interact with banking structure to produce a greater chance of systemic breakdown. We finally consider how the risk of contagion might depend on the degree of asymmetry (tier) inherent in the structure of the banking system. A number of our results have important implications for public policy, which this paper also draws out. This paper also discusses why bank risk management is needed to get the optimal one.

Keywords: financial stability, contagion, liquidity risk, optimal risk

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Authors: Fatemeh Fahimifar, Rouhollah Nazari, Seyed Mohammad Reza Hosseini

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Achieving an adaptable rate of economic growth has always been at the forefront of Iran development programs. In order to increase welfare level of the people in the society, all economic and social indices should be improved which is possible just in case of country's economic development and growth. While developing countries has realized the gap between developed countries and developing countries in today's world, a massive movement has been emerged in less developed countries to eliminate this economic gap. Hence this study investigates the effect of financial development, foreign direct investment and intellectual property on Iran's economic growth and taking into account other variables on economic growth such as impact of the share of foreign direct investment on GDP, government consumptive expenditure share of GDP has been paid. Period used in this study is related to the years 1974 to 2009. Also, in this research we have used Generalized Method of Moments (GMM) to examine relationship between variables. The results of this study indicate a meaningful and negative impact of financial development, the share of government consumptive expenditure to GDP and similarly, the initial GDP on economic growth. Also, the degree of economy openness, foreign direct investment and intellectual property has a meaningful positive impact on economic growth.

Keywords: financial development, FDI, intellectual property, economic growth, Iran

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Authors: Michael Nthabiseng Moeti, Makhulu Relebogile Langa, Joey Jansen van Vuuren

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This paper examines the utilization of personal electronic devices like laptops, tablets, and smartphones for professional duties within a financial organization. This phenomenon is known as bring your own device (BYOD). BYOD accords employees the freedom to use their personal devices to access corporate resources from anywhere in the world with Internet access. BYOD arrangements introduce significant security risks for both organizations and users. These setups change the threat landscape for enterprises and demand unique security strategies, as conventional tools tailored for safeguarding managed devices fall short in adequately protecting enterprise assets without active user cooperation. This paper applies protection motivation theory (PMT) to highlight behavioral risks from BYOD users that may impact the security of financial institutions. Thematic analysis was applied to gain a comprehensive understanding of how users perceive this phenomenon. These findings demonstrates that the existence of a security policy does not ensure that all employees will take measures to protect their personal devices. Active promotion of BYOD security policies is crucial for financial institution employees and management. This paper developed a BYOD security model which is useful for understanding compliant behaviors. Given that BYOD security is becoming a major concern across financial sector, it is important. The paper recommends that future research could expand the number of universities from which data is collected.

Keywords: BYOD, information security, protection motivation theory, security risks, thematic analysis

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Authors: Mimi Hafizah Abdullah, Hanani Farhah Harun, Nik Ruzni Nik Idris

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With the implied volatility as an important factor in financial decision-making, in particular in option pricing valuation, and also the given fact that the pricing biases of Leland option pricing models and the implied volatility structure for the options are related, this study considers examining the implied adjusted volatility smile patterns and term structures in the S&P/ASX 200 index options using the different Leland option pricing models. The examination of the implied adjusted volatility smiles and term structures in the Australian index options market covers the global financial crisis in the mid-2007. The implied adjusted volatility was found to escalate approximately triple the rate prior the crisis.

Keywords: implied adjusted volatility, financial crisis, Leland option pricing models, Australian index options

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Authors: Fatemeh Khalili Varnamkhasti

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Natural administration has outside impacts such that companies regularly respect natural input as a fetched with no clear advantage. In this manner, in case natural security can bring financial benefits, showing that natural security and financial interface are in concordance, companies will effectively fulfill their obligation to ensure the environment. Contamination is, for the most part, related to the squandering of assets, misplaced vitality, and crude materials not completely utilized. Contamination avoidance and clean innovation, as inner organizational hones, can offer assistance to play down taken toll and to develop economic aptitudes for the long run, whereas outside organizational hones (item stewardship and maintainability vision) can offer assistance to coordinated partner sees into trade operations and to define future commerce directions. Taken together, these practices can drive shareholder esteem while at the same time contributing to a more feasible world. On the off chance that the company's budgetary execution is nice, it'll draw in financial specialists to contribute and progress the company's execution. In this way, budgetary execution is additionally the determinant of the progression of a company. This can be because the monetary back gotten by the company gets to be the premise for the running of trade forms in the future. Moreover, A green picture can assist firms in pulling in more clients by influencing shopper choices and moving forward with buyer brand dependability. Numerous shoppers need to purchase items from ecologically inviting firms, in spite of the fact that there are, of course, a few who will not pay premium costs for green items.

Keywords: environmental activities, financial performanance, advantage, clients

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Authors: Vladimir Viktorov, M. Readul Mahmud, Carmen Visconte

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Numerical simulation were carried out to study the mixing of miscible liquid at different inlets volume ratio (1 to 3) within two existing mixers namely Chain, Tear-drop and one new “C-H” mixer. The new passive C-H micromixer is developed based on split and recombine principles, combining the operation concepts of known Chain mixer and H mixer. The mixing performances of the three micromixers were predicted by a preliminary numerical analysis of the flow patterns inside the channel in terms of the segregation or distribution of path lines. Afterward, the efficiency and the pressure drop were investigated numerically, taking into account species transport. All numerical calculations were computed at a wide range of Reynolds number from 1 to 100. Among the presented three micromixers, tear-drop provides fairly good efficiency except in the middle range of Re numbers but has high-pressure drop. In addition, inlets flow ratio has a significant influence on efficiency, especially at the Re number range of 10 to 50, Moreover maximum increase of efficiency is almost 10% when inlets flow ratio is increased by 1. Chain mixer presents relatively low mixing efficiency at low and middle range of Re numbers (5≤Re≤50) but has reasonable pressure drop. Furthermore, Chain mixer shows almost no dependence on inlets flow ratio. Whereas, C-H mixer poses excellent mixing efficiency (more than 93%) for all range of Re numbers and causes the lowest pressure drop, On top of that efficiency has slight dependency on inlets flow ratio. In addition, C-H mixer shows respectively about three and two times lower pressure drop than Tear-drop and Chain mixers.

Keywords: CFD, micromixing, passive micromixer, SAR

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Authors: Irina Bondarenko, Olga Vandina

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The theory of evolutionary economics is the basis for preparation and application of methods forming the stock market infrastructure development concept. The authors believe that the basis for the process of formation and development of the stock market model infrastructure in Russia is the theory of large systems. This theory considers the financial market infrastructure as a whole on the basis of macroeconomic approach with the further definition of its aims and objectives. Evaluation of the prospects for interaction of securities market institutions will enable identifying the problems associated with the development of this system. The interaction of elements of the stock market infrastructure allows to reduce the costs and time of transactions, thereby freeing up resources of market participants for more efficient operation. Thus, methodology of the transaction analysis allows to determine the financial infrastructure as a set of specialized institutions that form a modern quasi-stable system. The financial infrastructure, based on international standards, should include trading systems, regulatory and supervisory bodies, rating agencies, settlement, clearing and depository organizations. Distribution of financial assets, reducing the magnitude of transaction costs, increased transparency of the market are promising tasks in the solution for questions of services level and quality increase provided by institutions of the securities market financial infrastructure. In order to improve the efficiency of the regulatory system, it is necessary to provide "standards" for all market participants. The development of a clear regulation for the barrier to the stock market entry and exit, provision of conditions for the development and implementation of new laws regulating the activities of participants in the securities market, as well as formulation of proposals aimed at minimizing risks and costs, will enable the achievement of positive results. The latter will be manifested in increasing the level of market participant security and, accordingly, the attractiveness of this market for investors and issuers.

Keywords: institutional infrastructure, financial assets, regulatory system, stock market, transparency of the market

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Authors: Michael Wendland

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This paper presents a framework to teach a methodical design approach by the help of using a mixture of game-based learning, design challenges and competitions as forms of direct assessment. In today’s world, developing products is more complex than ever. Conflicting goals of product cost and quality with limited time as well as post-pandemic part shortages increase the difficulty. Common design approaches for mechatronic products mitigate some of these effects by helping the users with their methodical framework. Due to the inherent complexity of these products, the number of involved resources and the comprehensive design processes, students very rarely have enough time or motivation to experience a complete approach in one semester course. But, for students to be successful in the industrial world, it is crucial to know these methodical frameworks and to gain first-hand experience. Therefore, it is necessary to teach these design approaches in a real-world setting and keep the motivation high as well as learning to manage upcoming problems. This is achieved by using a game-based approach and a set of design challenges that are given to the students. In order to mimic industrial collaboration, they work in teams of up to six participants and are given the main development target to design a remote-controlled robot that can manipulate a specified object. By setting this clear goal without a given solution path, a constricted time-frame and limited maximal cost, the students are subjected to similar boundary conditions as in the real world. They must follow the methodical approach steps by specifying requirements, conceptualizing their ideas, drafting, designing, manufacturing and building a prototype using rapid prototyping. At the end of the course, the prototypes will be entered into a contest against the other teams. The complete design process is accompanied by theoretical input via lectures which is immediately transferred by the students to their own design problem in practical sessions. To increase motivation in these sessions, a playful learning approach has been chosen, i.e. designing the first concepts is supported by using lego construction kits. After each challenge, mandatory online quizzes help to deepen the acquired knowledge of the students and badges are awarded to those who complete a quiz, resulting in higher motivation and a level-up on a fictional leaderboard. The final contest is held in presence and involves all teams with their functional prototypes that now need to contest against each other. Prices for the best mechanical design, the most innovative approach and for the winner of the robotic contest are awarded. Each robot design gets evaluated with regards to the specified requirements and partial grades are derived from the results. This paper concludes with a critical review of the proposed framework, the game-based approach for the designed prototypes, the reality of the boundary conditions, the problems that occurred during the design and manufacturing process, the experiences and feedback of the students and the effectiveness of their collaboration as well as a discussion of the potential transfer to other educational areas.

Keywords: design challenges, game-based learning, playful learning, methodical framework, mechatronics, student assessment, constructive alignment

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Authors: Michael Gidey Gebru

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Most of Data Envelopment Analysis models operate in a static environment with input and output parameters that are chosen by deterministic data. However, due to ambiguity brought on shifting market conditions, input and output data are not always precisely gathered in real-world scenarios. Fuzzy numbers can be used to address this kind of ambiguity in input and output data. Therefore, this work aims to expand crisp Data Envelopment Analysis into Data Envelopment Analysis with fuzzy environment. In this study, the input and output data are regarded as fuzzy triangular numbers. Then, the Data Envelopment Analysis model with fuzzy environment is solved using a multi-objective method to gauge the Decision Making Units' efficiency. Finally, the developed Data Envelopment Analysis model is illustrated with an application on real data 50 educational institutions.

Keywords: efficiency, Data Envelopment Analysis, fuzzy, higher education, input, output

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Authors: Moise Alin Ionuț Cornel

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In a pilot lesson of prevention of consumption drugs in a classroom of teenager`s where the school want them to know how to manage their thoughts and emotions to protect themself an to be strong in an possible environment of drugs consumption. At this classroom was applied the RAIN(Recognize, Accept, Investigation,Non-identify) spiritual method and the balance model from positive and transcultural psychotherapy (PPT) in a manner of a game play for them to understand the methods in an individual experience. The balance model from PPT with his 4 parts and used in 3 ways, and the RAIN spiritual method was used to see how the teenager`s can bring clarity about theirs individual self and how they spend the time and energy in the daily life. The 3 ways of how they can used this model was explained like a analogy with the 3 periods of the SAKURA (Japanese cherry) flourish (kaika, mankai and chiru). The teenager`s received a new perspective and in the same time new tools from the spiritual point of view combined with the psychotherapeutic point of view to manage their thoughts, emotions, time and energy in the form of a psychoeducational game to be able to prevent the use of drugs.

Keywords: addiction, drugs consumption prevention education, psychotherapy, Self, Spirituality, teenagers

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Authors: Veena Easvaradoss, Ebenezer Joseph, Sumathi Chandrasekaran, Sweta Jain, Aparna Anna Mathai, Senta Christy

Abstract:

Working memory refers to a cognitive processing space where information is received, managed, transformed, and briefly stored. It is an operational process of transforming information for the execution of cognitive tasks in different and new ways. Many class room activities require children to remember information and mentally manipulate it. While the impact of chess training on intelligence and academic performance has been unequivocally established, its impact on working memory needs to be studied. This study, funded by the Cognitive Science Research Initiative, Department of Science & Technology, Government of India, analyzed the effect of one-year chess training on the working memory of children. A pretest–posttest with control group design was used, with 52 children in the experimental group and 50 children in the control group. The sample was selected from children studying in school (grades 3 to 9), which included both the genders. The experimental group underwent weekly chess training for one year, while the control group was involved in extracurricular activities. Working memory was measured by two subtests of WISC-IV INDIA. The Digit Span Subtest involves recalling a list of numbers of increasing length presented orally in forward and in reverse order, and the Letter–Number Sequencing Subtest involves rearranging jumbled alphabets and numbers presented orally following a given rule. Both tasks require the child to receive and briefly store information, manipulate it, and present it in a changed format. The Children were trained using Winning Moves curriculum, audio- visual learning method, hands-on- chess training and recording the games using score sheets, analyze their mistakes, thereby increasing their Meta-Analytical abilities. They were also trained in Opening theory, Checkmating techniques, End-game theory and Tactical principles. Pre equivalence of means was established. Analysis revealed that the experimental group had significant gains in working memory compared to the control group. The present study clearly establishes a link between chess training and working memory. The transfer of chess training to the improvement of working memory could be attributed to the fact that while playing chess, children evaluate positions, visualize new positions in their mind, analyze the pros and cons of each move, and choose moves based on the information stored in their mind. If working-memory’s capacity could be expanded or made to function more efficiently, it could result in the improvement of executive functions as well as the scholastic performance of the child.

Keywords: chess training, cognitive development, executive functions, school children, working memory

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Authors: Wafaa Salah, Mostafa A. Salama, Jane Doe

Abstract:

Recently, the corporate social performance (CSP) is not less important than the corporate financial performance (CFP). Debate still exists about the nature of the relationship between the CSP and CFP, whether it is a positive, negative or a neutral correlation. The objective of this study is to explore the relationship between corporate social responsibility (CSR) reports and CFP. The study uses the accounting-based and market-based quantitative measures to quantify the financial performance of seven organizations listed on the Egyptian Stock Exchange in 2007-2014. Then uses the information retrieval technologies to quantify the contribution of each of the three dimensions of the corporate social responsibility report (environmental, social and economic). Finally, the correlation between these two sets of variables is viewed together in a model to detect the correlations between them. This model is applied on seven firms that generate social responsibility reports. The results show a positive correlation between the Earnings per share (market based measure) and the economical dimension in the CSR report. On the other hand, total assets and property, plant and equipment (accounting-based measure) are positively correlated to the environmental and social dimensions of the CSR reports. While there is not any significant relationship between ROA, ROE, Operating income and corporate social responsibility. This study contributes to the literature by providing more clarification of the relationship between CFP and the isolated CSR activities in a developing country.

Keywords: financial, social, machine learning, corporate social performance, corporate social responsibility

Procedia PDF Downloads 311

Authors: Yongsheng Guo, Mengyu Lu

Abstract:

This study investigates how Chinese SMEs manage financial risks in financing from customers from the perspectives of ethics and national culture. A grounded theory approach is adopted to identify the causal conditions, actions/interactions, and consequences. 32 interviews were conducted, and systematic coding methods were used to identify themes and categories. This study found that Chinese ethical principles, including integrity, friendship, and reciprocity, and cultural traits, including collectivism, acquaintance society, and long-term orientation, provide conditions for financing from customers. The SMEs establish trust-based relationships with customers through personal communications and social networks and reduce financial risk through diversification, frequent operations, and enterprise reputations. Both customers and SMEs can get benefits like financial resources and customer experiences. This study creates a theoretical framework that connects the causal conditions, processes, and outcomes, providing a deeper understanding of financing from customers. A resource and process capability theory of SMEs and a customer capital and customer value model are proposed to connect accounting and finance concepts. Suggestions are proposed for the authorities as more guidance and regulations are needed for this informal finance.

Keywords: CRM, culture, ethics, SME, risk management

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Authors: Edlira Donefski, Tina Donefski, Lorenc Ekonomi

Abstract:

Edgeworth Approximation, Bootstrap, and Monte Carlo Simulations have considerable impacts on achieving certain results related to different problems taken into study. In our paper, we have treated a financial case related to the effect that has the components of a cash-flow of one of the most successful businesses in the world, as the financial activity, operational activity, and investment activity to the cash and cash equivalents at the end of the three-months period. To have a better view of this case, we have created a vector autoregression model, and after that, we have generated the impulse responses in the terms of asymptotic analysis (Edgeworth Approximation), Monte Carlo Simulations, and residual bootstrap based on the standard errors of every series created. The generated results consisted of the common tendencies for the three methods applied that consequently verified the advantage of the three methods in the optimization of the model that contains many variants.

Keywords: autoregression, bootstrap, edgeworth expansion, Monte Carlo method

Procedia PDF Downloads 153