Search results for: financial capacity

Authors: Hussain Ali Bekhet, Tuan Ab. Rashid Bin Tuan Abdullah, Tahira Yasmin

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The strong relationship between energy consumption and economic growth is widely recognised. Most countries’ energy demand declined during the economic depression known as the Global Financial Crisis (GFC) of 2008–2009. The objective of the current study is to investigate the energy consumption and performance of Malaysia’s manufacturing sectors during the GFC. We applied the output multiplier approach, which is based on the input-output model. Two input-output tables of Malaysia covering 2005 and 2010 were used. The results indicate significant changes in the output multipliers of the manufacturing sectors between 2005 and 2010. Moreover, the energy-to-manufacturing sectors’ output multipliers also decreased during the GFC due to a decline in export-oriented industries during the crisis. The increasing importance of the manufacturing sector to the development of Malaysian trade resulted in a noticeable decrease in the consumption of each energy sector’s output, especially the electricity and gas sector. Based on the research findings, the Malaysian government released several policy implementations in the form of stimulus packages to enhance these sectors’ performance and generally improve the Malaysian economy.

Keywords: global financial crisis, input-output model, manufacturing, output multipliers, energy, Malaysia

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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 showed 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: Aghoutane Basma, Naama Amal, Talbi Hayat, El Manfalouti Hanae, Kartah Badreddine

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Aromatic and medicinal plants are used by man for different needs, including food and medicinal needs for their biological properties attributed mainly to phenolic compounds and for their antioxidant capacity. In our study, the aim is to compare three extraction solvents by evaluating the contents of phenolic compounds, the contents of flavonoids, and the antioxidant activities of extracts from different methods of extracting the aerial part of an endemic medicinal plant from Morocco. This activity was also confirmed by three methods (2,2-diphenyl-1-picrylhydrazyl (DPPH), antioxidant reducing power of iron (FRAP), and total antioxidant capacity (CAT)). The results showed that this plant is rich in polyphenols and flavonoids, as well as it has a very important antioxidant capacity in whatever the solvent or the extraction method. This suggests the importance of using extracts from this plant as a new natural source of food additives and potent antioxidants in the food industry.

Keywords: endemic plant of Morocco, phenolic compound, solvent, extraction technique, antioxidant activity

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Authors: Hamidreza Heidari, Abdollah Malmir Nasab

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In this paper, the energy equations of a two-link flexible manipulator were extracted using the Euler-Bernoulli beam hypotheses. Applying Assumed mode and considering some finite degrees of freedom, we could obtain dynamic motions of each manipulator using Euler-Lagrange equations. Using its claws, the robots can carry a certain load with the ached control of vibrations for robot flexible links during the travelling path using the piezoceramics transducer; dynamic load carrying capacity increase. The traveling path of flexible robot claw has been taken from that of equivalent rigid manipulator and coupled; therefore to avoid the role of Euler-Bernoulli beam assumptions and linear strains, material and physical characteristics selection of robot cause deflection of link ends not exceed 5% of link length. To do so, the maximum load carrying capacity of robot is calculated at the horizontal plan. The increasing of robot load carrying capacity with vibration control is 53%.

Keywords: flexible link, DLCC, active control vibration, assumed mode method

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Authors: Reza Rezaeipour Honarmandzad

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This paper introduces an aircraft cable fault detection and location method in light of TFDR keeping in mind the end goal to recognize the intermittent faults adequately and to adapt to the serial and after-connector issues being hard to be distinguished in time domain reflection. In this strategy, the correlation function of reflected and reference signal is used to recognize and find the airplane fault as per the qualities of reflected and reference signal in time-frequency domain, so the hit rate of distinguishing and finding intermittent faults can be enhanced adequately. In the work process, the reflected signal is interfered by the noise and false caution happens frequently, so the threshold de-noising technique in light of wavelet decomposition is used to diminish the noise interference and lessen the shortcoming alert rate. At that point the time-frequency cross connection capacity of the reference signal and the reflected signal based on Wigner-Ville appropriation is figured so as to find the issue position. Finally, LabVIEW is connected to execute operation and control interface, the primary capacity of which is to connect and control MATLAB and LABSQL. Using the solid computing capacity and the bottomless capacity library of MATLAB, the signal processing turn to be effortlessly acknowledged, in addition LabVIEW help the framework to be more dependable and upgraded effectively.

Keywords: aircraft cable, fault location, TFDR, LabVIEW

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Authors: Seo Soo-Yeon, Kim Sang-Ku, Noh Sang-Hyun, Lee Ji-Eun, Kim Seol-Ki, Lim Jong-Wook

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This paper presents a test result to find the structural capacity of Hollow-Precast Concrete (HPC) column with Head-Splice Sleeve (HSS) for the connection of bars under horizontal cyclic load. Two Half-scaled HPC column specimens were made with the consideration of construction process in site. The difference between the HPC specimens is the location of HSS for bar connection. The location of the first one is on the bottom slab or foundation while the other is above the bottom slab or foundation. Reinforced concrete (RC) column was also made for the comparison. In order to evaluate the hysteretic behavior of the specimens, horizontal cyclic load was applied to the top of specimen under constant axial load. From the test, it is confirmed that the HPC columns with HSS have enough structural capacity that can be emulated to RC column. This means that the HPC column with HSS can be used in the moment resisting frame system.

Keywords: structural capacity, hollow-precast concrete column, head-splice sleeve, horizontal cyclic load

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Authors: Nihal Chandratilaka Matara Arachchige, Nishantha Sampath Punichihewa

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Intellectual property (IP) assets are the ‘crown-jewels’ of innovation-driven businesses in the knowledge-based economy. In that sense, IP rights such as patents, trademarks and copyrights afford enormous economic opportunities to an enterprise, especially Small and Medium Enterprise (SME). As can be gleaned from the latest statistics, the domestic industries in Sri Lanka are predominantly represented by SMEs. Undeniably, in terms of economic contribution, the SME sector is considered to be the backbone of the country’s ‘real economy’. However, the SME sector in Sri Lanka faces number of challenges. One of the nearly-insurmountable-hurdles for small businesses is the access to credit facilities, due to the lack of collateral. In the eyes of law, the collateral is something pledged as security for repayment in the event of default. Even though the intellectual property rights are used as collateral in order to facilitate obtaining credit for businesses in number of Asian jurisdictions, financial institutions in Sri Lanka are extremely reluctant to accept IP rights as collateral for granting financial resources to SMEs. Against this backdrop, this research investigates from a legal perspective reasons for not accepting IP rights as collateral when granting loans for SMEs. Drawing emerging examples from other jurisdiction, it further examines the inadequacies of existing legal framework in relation to the use of IP rights as collateral. The methodology followed in this paper is qualitative research. Empirical research and analysis concerning the core research question are carried out by conducting in-depth interviews with stakeholders, including leading financial institutions in Sri Lanka.

Keywords: intellectual property assets, SMEs, collaterals financial facilities, credits

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Authors: Md Fazlul Kader, Soo Young Shin

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In this paper, we consider a cognitive relay network (CRN) in which the primary receiver (PR) is protected by peak transmit power $\bar{P}_{ST}$ and/or peak interference power Q constraints. In addition, the interference effect from the primary transmitter (PT) is considered to show its impact on the performance of the CRN. We investigate the outage probability (OP) and outage capacity (OC) of the CRN by deriving closed-form expressions over Rayleigh fading channel. Results show that both the OP and OC improve by increasing the cooperative relay nodes as well as when the PT is far away from the SR.

Keywords: cognitive relay, outage, interference limited, decode-and-forward (DF)

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Authors: Amira Kaddour

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To curb the problem of liquidity in times of financial crises, two cases arise; the Bailout or Bailin, two opposite choices that elicit the analysis of their effect on moral hazard. This paper attempts to empirically analyze the effect of these two types of events on the behavior of investors. For this end, we use the Emerging Market Bonds Index (EMBI-JP Morgan), and its excess of return, to detect the change in the risk premia through a Markov switching model. The results showed the transition to two types of regime and an effect on moral hazard; Bailout is an incentive of moral hazard, Bailin effectiveness remains subject of credibility.

Keywords: Bailout, Bailin, Moral hazard, financial crisis, Markov switching

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Authors: Ugbede Onalo, Mohd Lizam, Ahmad Kaseri, Otache Innocent

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Giving the paucity of studies on IFRS adoption and quality of banks accounting quality, particularly in emerging economies, this study is motivated to investigate whether the Nigeria decision to adopt IFRS beginning from 1 January 2012 is associated with high quality accounting measures. Consistent with prior literatures, this study measure quality of financial statement information using earnings measurement, timeliness of loss recognition and value relevance. A total of twenty Nigeria banks covering a period of six years (2008-2013) divided equally into three years each (2008, 2009, 2010) pre adoption period and (2011, 2012, 2013) post adoption period were investigated. Following prior studies eight models were in all employed to investigate earnings management, timeliness of loss recognition and value relevance of Nigeria bank accounting quality for the different reporting regimes. Results suggest that IFRS adoption is associated with minimal earnings management, timely recognition of losses and high value relevance of accounting information. Summarily, IFRS adoption engenders higher quality of banks financial statement information compared to local GAAP. Hence, this study recommends the global adoption of IFRS and that Nigeria banks should embrace good corporate governance practices.

Keywords: IFRS, SAS, quality of accounting information, earnings measurement, discretionary accruals, non-discretionary accruals, total accruals, Jones model, timeliness of loss recognition, value relevance

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Authors: Saad Bin Nasir

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The research will examine the role of corporate governance (CG) practices on firm’s financial performance. Population of this research will be manufacture sector of Pakistan. For the purposes of measurement of impact of corporate governance practices such as board size, board independence, ceo/chairman duality, will take as independent variables and for the measurement of firm’s performance return on assets and return on equity will take as dependent variables. Panel data regression model will be used to estimate the impact of CG on firm performance.

Keywords: corporate governance, board size, board independence, leadership

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Authors: N. Perko, N. Kavran, M. Bukljas, I. Berbic

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This paper is a result of implemented research on proposed introduced methodology for nautical ports capacity planning by introducing a multi-criteria approach of defined criteria and impacts at the Adriatic Sea. The purpose was analysing the determinants -characteristics of infrastructure and services of nautical ports capacity allocated, especially nowadays due to COVID-19 pandemic, as crucial for the successful operation of nautical ports. Giving the importance of the defined priorities for short-term and long-term planning is essential not only in terms of the development of nautical tourism but also in terms of developing the maritime system, but unfortunately, this is not always carried out. Evaluation of the use of resources should follow from a detailed analysis of all aspects of resources bearing in mind that nautical tourism used resources in a sustainable manner and generate effects in the tourism and maritime sectors. Consequently, the identified multiplier effect of nautical tourism, which should be defined and quantified in detail, should be one of the major competitive products on the Croatian Adriatic and the Mediterranean. Research of nautical tourism is necessary to quantify the effects and required planning system development. In the future, the greatest threat to the long-term sustainable development of nautical tourism can be its further uncontrolled or unlimited and undirected development, especially under pressure markedly higher demand than supply for new moorings in the Mediterranean. Results of this implemented research are applicable to nautical ports management and decision-makers of maritime transport system development. This paper will present implemented research and obtained result-developed methodology for nautical port capacity planning -port capacity planning multi-criteria decision-making. A proposed methodological approach of multi-criteria capacity planning includes four criteria (spatial - transport, cost - infrastructure, ecological and organizational criteria, and additional services). The importance of the criteria and sub-criteria is evaluated and carried out as the basis for sensitivity analysis of the importance of the criteria and sub-criteria. Based on the analysis of the identified and quantified importance of certain criteria and sub-criteria, as well as sensitivity analysis and analysis of changes of the quantified importance, scientific and applicable results will be presented. These obtained results have practical applicability by management of nautical ports in the planning of increasing capacity and further development and for the adaptation of existing nautical ports. Obtained research is applicable and replicable in other seas, and results are especially important and useful in this COVID-19 pandemic challenging maritime development framework.

Keywords: Adriatic Sea, capacity, infrastructures, maritime system, methodology, nautical ports, nautical tourism, service

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Authors: Julien Benomar

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The World Bank report published in April 2023 called “Migrants, Refugees and Society” allows us to first distinguish migrants in search of economic opportunities and refugees that flee a situation of danger and choose their destination based on their immediate need for safety. Amongst those two categories, the report distinguished people having professional skills adapted to the labor market of the host country and those who have not. Out of that distinction of four categories, we choose to focus our research on refugees that do not have professional skills adapted to the labor market of the host country. Given that refugees generally have no recourse to public assistance schemes and cannot count on the support of their entourage or support network, we propose to examine the extent to which external assistance, such as international humanitarian action, is likely to accompany refugees' transition to financial empowerment through entrepreneurship. To this end, we propose to carry out a case study structured in three stages: (i) an exchange with a Non-Governmental Organisation (NGO) active in supporting refugee populations from Congo and Burundi to Rwanda, enabling us to (i.i) define together a financial empowerment income, and (i. ii) learn about the content of the support measures taken for the beneficiaries of the humanitarian project; (ii) monitor the population of 118 beneficiaries, including 73 refugees and 45 Rwandans (reference population); (iii) conduct a participatory analysis to identify the level of performance of the project and areas for improvement. The case study thus involved the staff of an international NGO active in helping refugees from Rwanda since 2015 and the staff of a Luxembourg NGO that has been funding this economic aid project through entrepreneurship since 2021. The case study thus involved the staff of an international NGO active in helping refugees from Rwanda since 2015 and the staff of a Luxembourg NGO, which has been funding this economic aid through an entrepreneurship project since 2021, and took place over a 48-day period between April and May 2023. The main results are of two types: (i) the need to associate indicators for monitoring the impact of the project on the indirect beneficiaries of the project (refugee community) and (ii) the identification of success factors making it possible to bring concrete and relevant responses to the constraints encountered. The first result thus made it possible to identify the following indicators: Indicator of community potential ((jobs, training or mentoring) promoted by the activity of the entrepreneur), Indicator of social contribution (tax paid by the entrepreneur), Indicator of resilience (savings and loan capacity generated, and finally impact on social cohesion. The second result made it possible to identify that among the 7 success factors tested, the sector of activity chosen and the level of experience in the sector of the future activity are those that stand out the most clearly.

Keywords: entrepreuneurship, refugees, financial empowerment, international aid

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Authors: Stanley Fore

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The case study company is one of the leading newsprint companies in South Africa. The company has achieved this status through operational expansion, diversification and investing in cutting-edge technology. They have a reputation for the highest quality and personalised service that transcends borders and industries. The company offers a wide variety of small and large scales printing services. The company is faced with the challenge of significant waste production during normal operations. The company generates 1200 kg of plastic waste and 60 – 70 tonnes of paper waste per month. The company operates a waste management process currently, whereby waste paper is sold, at low cost, to recycling firms for further processing. Having considered the quantity of waste being generated, the company has embarked on a venture to find a more profitable solution to its current waste production. As waste management and recycling is not the company’s core business, the aim of the venture is to implement a secondary profitable waste process business. The venture will be expedited as a strategic project. This research aims to estimate the financial feasibility of a selected solution as well as the impact of non-financial considerations thereof. The financial feasibility is analysed using metrics such as Payback period; internal rate of return and net present value.

Keywords: waste, printing industry, up-cycling, management

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Authors: Hussein Yousif Aziz

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This paper discussed the design and analysis of bridge foundation subjected to load of train with three codes, namely AASHTO code, British Standard BS Code 8004 (1986), and Chinese code (TB10002.5-2005).The study focused on the design and analysis of bridge’s foundation manually with the three codes and found which code is better for design and controls the problem of high settlement due to the applied loads. The results showed the Chinese codes are costly that the number of reinforcement bars in the pile cap and piles is more than those with AASHTO code and BS code with the same dimensions. Settlement of the bridge was calculated depending on the data collected from the project site. The vertical ultimate bearing capacity of single pile for three codes is also discussed. Other analyses by using the two-dimensional Plaxis program and other programs like SAP2000 14, PROKON many parameters are calculated. The maximum values of the vertical displacement are close to the calculated ones. The results indicate that the AASHTO code is economics and safer in the bearing capacity of single pile. The purpose of this project is to study out the pier on the basis of the design of the pile foundation. There is a 32m simply supported beam of box section on top of the structure. The pier of bridge is round-type. The main component of the design is to calculate pile foundation and the settlement. According to the related data, we choose 1.0m in diameter bored pile of 48m. The pile is laid out in the rectangular pile cap. The dimension of the cap is 12m 9 m. Because of the interaction factors of pile groups, the load-bearing capacity of simple pile must be checked, the punching resistance of pile cap, the shearing strength of pile cap, and the part in bending of pile cap, all of them are very important to the structure stability. Also, checking soft sub-bearing capacity is necessary under the pile foundation. This project provides a deeper analysis and comparison about pile foundation design schemes. Firstly, here are brief instructions of the construction situation about the Bridge. With the actual construction geological features and the upper load on the Bridge, this paper analyzes the bearing capacity and settlement of single pile. In the paper the Equivalent Pier Method is used to calculate and analyze settlements of the piles.

Keywords: pile foundation, settlement, bearing capacity, civil engineering

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Authors: Gultekin Gurcay

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It is known that the most crucial influence of the psychological, social and emotional factors that affect any human behavior is to corrupt the rational decision making mechanism of the individuals and cause them to display irrational behaviors. In this regard, the social context of human beings influences the rationality of our decisions, and people tend to display different behaviors when they were alone compared to when they were surrounded by others. At this point, the interaction and interdependence of the behavioral finance and economics with the area of social psychology comes, where intentions and the behaviors of the individuals are being analyzed in the actual or implied presence of others comes into prominence. Within the context of this study, the prevalent theories of behavioral finance, which are The Prospect Theory, The Utility Theory Given Uncertainty and the Five Axioms of Choice under Uncertainty, Veblen’s Hidden Utility Theory, and the concept of ‘Overreaction’ has been examined and demonstrated; and the meaning, existence and validity of these theories together with the social context has been assessed. Finally, in this study the behavior of the individuals in financial crisis situations where the majority of the society is being affected from the same negative conditions at the same time has been analyzed, by taking into account how individual behavior will change according to the presence of the others.

Keywords: conditional variance coefficient, financial crisis, garch model, stock market

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Authors: Thi Nguyet Hang Nguyen, Kang Hai Tan

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Precast/prestressed concrete hollow core (PCHC) slabs, especially ones with depth more than 300 mm, are susceptible to web-shear failure. The reasons lie on the fact that the production process of PCHC slabs, i.e., the extrusion method (the most common method to cast PCHC slabs nowadays), does not allow them to contain any shear reinforcement. Moreover, due to the presence of the longitudinal voids, cross sections of PCHC slabs are reduced. Therefore, the shear capacity of the slabs depends solely on the tensile strength of concrete which is relatively low. Given that shear is a major concern in using hollow-core slabs, this paper investigates the possibility of adopting steel fibers in PCHC slabs produced by the extrusion method to enhance the shear capacity of the slabs. Three full-scale PCHC slabs with and without hooked-steel fibers were cast and tested until failure. Three different volumetric fiber contents of 0, 0.51 and 0.89% were investigated. The test results showed that there were substantial increases in shear capacity and ductility with the use of hooked-steel fibers. Ultimate shear strength increased with fiber content. In addition, while the specimen without steel fibers and the one with the steel-fiber volume fraction of 0.51% failed in web-shear mode, the specimen with the higher fiber content (0.89%) collapsed in flexural-shear mode. However, as the hooked-steel fibers with the fiber content of 0.89% were used, difficulties in concrete consolidation were observed while concrete was being cast. This could lead to a lower ultimate shear capacity due to a poorer bond between the concrete and the steel fibers.

Keywords: hollow-core slabs, shear strength, steel fibers, web-shear failure

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Authors: Arjun S.

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This study examines the impact of corporate governance on financial performance of Indian banks during five years (from 2010 to 2015). Based on 218 observations, a quantitative method of data analysis was employed to investigate the relevance of corporate governance mechanisms. The first finding reveals a significant and negative impact of board size on the performance of Indian banks. The research also finds a significant and negative relationship between CEO duality and bank performance. Finally, the correlation results reveal that there is a significant and negative correlation of Bank size and bank performance.

Keywords: Indian banks, financial performance, corporate governance, banksize

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Authors: Naveed Ghani, Samreen Javed

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In today’s heterogeneous network environment, there is a growing demand for distrust clients to jointly execute secure network to prevent from malicious attacks as the defining task of propagating malicious code is to locate new targets to attack. Residual risk is always there no matter what solutions are implemented or whet so ever security methodology or standards being adapted. Security is the first and crucial phase in the field of Computer Science. The main aim of the Computer Security is gathering of information with secure network. No one need wonder what all that malware is trying to do: It's trying to steal money through data theft, bank transfers, stolen passwords, or swiped identities. From there, with the help of our survey we learn about the importance of white listing, antimalware programs, security patches, log files, honey pots, and more used in banks for financial data protection but there’s also a need of implementing the IPV6 tunneling with Crypto data transformation according to the requirements of new technology to prevent the organization from new Malware attacks and crafting of its own messages and sending them to the target. In this paper the writer has given the idea of implementing IPV6 Tunneling Secessions on private data transmission from financial organizations whose secrecy needed to be safeguarded.

Keywords: network worms, malware infection propagating malicious code, virus, security, VPN

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Authors: Dona Primasari

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This study examines the antecedent variables of Government Financial Acccounting System (SAKD) implementation and its consequence. The antecedent variables are: decentralization of decision making, adaptation, and the manager support. The consequences are satisfaction and performance officer. This research represents the empirical test which used convenience sampling technics in data collection. The data were collected from 167 officers of local government in the Regional Coordinating Agency for Development of Cross County/City Region III Central Java Province. Data analysis used Structural Equation Model (SEM) with the AMOS 18.0 program. The result of hypothesis examination indicates that six raised hypothesis are accepted and two hypothesis are rejected.

Keywords: decentralization of decision making, adaptation officer, manager support, implementation of Government Accounting Financial System (SAKD), satisfaction and performance officer

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Authors: Ahmad Alqatan

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Purpose: The purpose of this study is to analyze how the adoption of cloud accounting systems influences the governance practices and performance of boards of directors in MENA countries. The research aims to identify the benefits and challenges associated with cloud accounting and its role in improving board efficiency and oversight. Methodology: This research employs a mixed-method approach, combining quantitative surveys and qualitative interviews with board members and financial officers from a diverse range of companies in the MENA region. The quantitative data is analyzed to determine patterns and correlations, while qualitative insights provide a deeper understanding of the contextual factors influencing cloud accounting adoption and its impacts. Findings: The findings indicate that cloud accounting significantly enhances the decision-making capabilities of boards by providing real-time financial information and facilitating better communication among board members. Companies using cloud accounting reports improved financial oversight and more timely and accurate financial reporting. However, the research also identifies challenges such as cybersecurity concerns, resistance to change, and the need for ongoing training and support. Practical Implications: The study suggests that MENA companies can benefit from investing in cloud accounting technologies to improve board governance and strategic decision-making. It highlights the importance of addressing cybersecurity issues and providing adequate training for board members to maximize the advantages of cloud accounting. Originality: This research contributes to the limited literature on cloud accounting in the MENA region, offering valuable insights for policymakers, business leaders, and academics. It underscores the transformative potential of cloud accounting for enhancing board performance and corporate governance in emerging markets.

Keywords: cloud accounting, board of directors, MENA region, corporate governance, financial transparency, real-time data, decision-making, cybersecurity, technology adoption

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Authors: Parisa Golbayani, Dan Wang, Ionut¸ Florescu

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In this work we implement machine learning techniques to financial statement reports in order to asses company’s credit rating. Specifically, the work analyzes the performance of four neural network architectures (MLP, CNN, CNN2D, LSTM) in predicting corporate credit rating as issued by Standard and Poor’s. The paper focuses on companies from the energy, financial, and healthcare sectors in the US. The goal of this analysis is to improve application of machine learning algorithms to credit assessment. To accomplish this, the study investigates three questions. First, we investigate if the algorithms perform better when using a selected subset of important features or whether better performance is obtained by allowing the algorithms to select features themselves. Second, we address the temporal aspect inherent in financial data and study whether it is important for the results obtained by a machine learning algorithm. Third, we aim to answer if one of the four particular neural network architectures considered consistently outperforms the others, and if so under which conditions. This work frames the problem as several case studies to answer these questions and analyze the results using ANOVA and multiple comparison testing procedures.

Keywords: convolutional neural network, long short term memory, multilayer perceptron, credit rating

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Authors: Concepcion Gonzalez-Concepcion, Maria Candelaria Gil-Fariña, Celina Pestano-Gabino

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We analyze six relevant economic and financial variables for the period 2000M1-2015M3 in the context of the Spanish economy: a financial index (IBEX35), a commodity (Crude Oil Price in euros), a foreign exchange index (EUR/USD), a bond (Spanish 10-Year Bond), the Spanish National Debt and the Consumer Price Index. The goal of this paper is to analyze the main relations between them by computing the Wavelet Power Spectrum and the Cross Wavelet Coherency associated with Morlet wavelets. By using a special toolbox in MATLAB, we focus our interest on the period variable. We decompose the time-frequency effects and improve the interpretation of the results by non-expert users in the theory of wavelets. The empirical evidence shows certain instability periods and reveals various changes and breaks in the causality relationships for sample data. These variables were individually analyzed with Daubechies Wavelets to visualize high-frequency variance, seasonality, and trend. The results are included in Proceeding 20th International Academic Conference, 2015, International Institute of Social and Economic Sciences (IISES), Madrid.

Keywords: economic and financial variables, Spain, time-frequency domain, wavelet coherency

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Authors: Sabrina Mortet

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The economic crisis, which struck the world economy in mid-2008, had an impact on migration in Europe, especially the employment situation of migrant workers. That’s why migrants tended to be the first to lose their jobs during the crisis, victims of the rule "last–in, first-out”. In the same context, the economic recession which affected the migration flows, immigration level has slowed while emigration has increased in some European countries. Since people go where jobs are, we will try to speak about the mobility of migrants after the crisis by focusing on return migration to see if migrants in the period of recession prefer going home or staying in the host country; and we will take Spain as a case of study, because it had attracted an extraordinarily high inflows of migration and it is one of the EU country which was hardly affected by the financial crisis.

Keywords: economic crisis, international migration, mobility, return migration, employement

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Authors: Sanja Šurdonja, Aleksandra Deluka-Tibljaš, Mirna Klobučar, Irena Ištoka Otković

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Roundabouts are a common choice in the case of reconstruction of an intersection, whether it is to improve the capacity of the intersection or traffic safety, especially in urban conditions. The regulation for the design of roundabouts is often related to driving culture, the tradition of using this type of intersection, etc. Individual values in the regulation are usually recommended in a wide range (this is the case in Croatian regulation), and the final design of a roundabout largely depends on the designer's experience and his/her choice of design elements. Therefore, before-after analyses are a good way to monitor the performance of roundabouts and possibly improve the recommendations of the regulation. This paper presents a comprehensive before-after analysis of a roundabout on the country road network near Rijeka, Croatia. The analysis is based on a thorough collection of traffic data (operating speeds and traffic load) and design elements data, both before and after the reconstruction into a roundabout. At the chosen location, the roundabout solution aimed to improve capacity and traffic safety. Therefore, the paper analyzed the collected data to see if the roundabout achieved the expected effect. A traffic microsimulation model (VISSIM) of the roundabout was created based on the real collected data, and the influence of the increase of traffic load and different traffic structures, as well as of the selected design elements on the capacity of the roundabout, were analyzed. Also, through the analysis of operating speeds and potential conflicts by application of the Surrogate Safety Assessment Model (SSAM), the traffic safety effect of the roundabout was analyzed. The results of this research show the practical value of before-after analysis as an indicator of roundabout effectiveness at a specific location. The application of a microsimulation model provides a practical method for analyzing intersection functionality from a capacity and safety perspective in present and changed traffic and design conditions.

Keywords: before-after analysis, operating speed, capacity, design.

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Authors: Dana J. Abed, Mu'tasim S. Abdel-Jaber, Nasim K. Shatarat

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In this paper, an experimental study on twelve square columns was conducted to investigate the influence of cross-sectional size on axial compressive capacity of carbon fiber reinforced polymers (CFRP) wrapped square reinforced concrete (RC) short columns subjected to eccentric loadings. The columns were divided into three groups with three cross sections (200×200×1200, 250×250×1500 and 300×300×1800 mm). Each group was tested under two different eccentricities: 10% and 20% of the width of samples measured from the center of the column cross section. Four columns were developed in each arrangement. Two columns in each category were left unwrapped as control samples, and two were wrapped with one layer CFRP perpendicular to the specimen surface. In general; CFRP sheets has enhanced the performance of the strengthened columns compared to the control columns. It was noticed that the percentage of compressive capacity enhancement was decreased by increasing the cross-sectional size, and increasing loading eccentricity generally leads to reduced load bearing capacity in columns. In the same group specimens, when the eccentricity increased the percentage of enhancement in load carrying capacity was increased. The study concludes that the optimum use of the CFRP sheets for axial strength enhancement is for smaller cross-section columns under higher eccentricities.

Keywords: CFRP, columns, eccentric loading, cross-sectional

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Authors: Tan Swee Liang

Abstract:

This paper estimates bank and stock market efficiency associations with real per capita GDP growth by examining panel-data across three different regions using Panel-Corrected Standard Errors (PCSE) regression developed by Beck and Katz (1995). Data from five economies in ASEAN (Singapore, Malaysia, Thailand, Philippines, and Indonesia), five economies in Asia (Japan, China, Hong Kong SAR, South Korea, and India) and seven economies in OECD (Australia, Canada, Denmark, Norway, Sweden, United Kingdom U.K., and United States U.S.), between 1990 and 2017 are used. Empirical findings suggest one, for Asia-5 high bank net interest margin means greater bank profitability, hence spurring economic growth. Two, for OECD-7 low bank overhead costs (as a share of total assets) may reflect weak competition and weak investment in providing superior banking services, hence dampening economic growth. Three, stock market turnover ratio has negative association with OECD-7 economic growth, but a positive association with Asia-5, which suggest the relationship between liquidity and growth is ambiguous. Lastly, for ASEAN-5 high bank overhead costs (as a share of total assets) may suggest expenses have not been channelled efficiently to income generating activities. One practical implication of the findings is that policy makers should take necessary measures toward financial liberalisation policies that boost growth through the efficiency channel, so that funds are efficiently allocated through the financial system between financial and real sectors.

Keywords: financial development, banking system, capital markets, economic growth

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Authors: Minghua Chen, Rui Wang

Abstract:

This paper addresses the impact of foreign ownership on the risk-taking behavior of banks. Using bank-level panel data of more than 1,300 commercial banks in 32 emerging economies during 2000-2013, we find that foreign owned banks take on more risk than their domestic counterparts. We further examine several factors that may potentially contribute to foreign banks’ differentiated riskiness from four perspectives, namely, foreign banks’ informational disadvantages, agency problems, the contagious effect of parent banks’ financial conditions and the disparity between home and host markets. We find supportive evidence that these factors play a significant role in affecting foreign banks’ risk-taking.

Keywords: bank risk-taking, emerging economies, financial liberalization, foreign banks

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Authors: Ali A. Al-Jazaairry, Tahsin T. Sabbagh

Abstract:

The stability of a single model pile located adjacent to a continuous cavity was studied. This paper is an attempt to understand the behaviour of axially loaded single pile embedded in clayey soil with the presences of cavities. The performance of piles located in such soils was studied analytically. A verification analysis was carried out on available studies to assess the ability of analytical model to correctly interpret the system behaviour. The study was adopted by finite element program (PLAXIS). The study included many cases; in each case, there is a critical value in which the presence of cavities has shown minimum effect on the pile performance. Figures including the load carrying capacity of pile with the affecting factors are presented. These figures provide beneficial information for pile design constructed close to underground cavities. It was concluded that the load carrying capacity of the pile is reduced by the presence of the cavity within the soil mass. This reduction varies according to the size and location of cavity.

Keywords: axial load, cavity, clay, pile, ultimate capacity

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Authors: Márcia Aparecida Teixeira

Abstract:

Sports, in particular football, boosts considerably the financial market of a certain locality, be it city or even a country. The financial transactions involving this medium stand out from other existing businesses, such as small industries. Strategically, social networks are inserted in this sporting environment, in order to promote and attract new fans of this modality. The present study analyzes the use of social networks in Sports Marketing with a focus on football. For the object of this study, it was chosen a specific club, the Club Atlético Mineiro, a Brazilian club of great national notoriety. The social networks on focus will be: Facebook, Twitter, and Instagram. It will be analyzed the content and frequency of the posts, reception of the target public in relation to the content made available and its feedback.

Keywords: social network, sport, strategy, marketing

Procedia PDF Downloads 386